10-Q/A

UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q/A

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

For the Period Ended September 30, 2018 

OR

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

Commission File Number 000-51274

FRONTIER FUNDS

FRONTIER DIVERSIFIED FUND;

FRONTIER MASTERS FUND;

FRONTIER LONG/SHORT COMMODITY FUND;

FRONTIER BALANCED FUND;

FRONTIER SELECT FUND;

FRONTIER WINTON FUND;

FRONTIER HERITAGE FUND

(Exact Name of Registrant as specified in its Charter)

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

c/o Frontier Fund Management LLC

25568 Genesee Trail Road

Golden, Colorado 80401

(Address of Principal Executive Offices)

(303) 454-5500 

(Registrant’s Telephone Number)

Securities to be registered pursuant to Section 12(b) of the Act: None 

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

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

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

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

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

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

Frontier Winton Fund Class 1, Class 1AP 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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files)    Yes  ☒    No  ☐

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

Large Accelerated Filer	☐	Accelerated Filer	☐
Non-Accelerated Filer	☒ (Do not check if a smaller reporting company)	Smaller reporting company	☐

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

EXPLANATORY NOTE

The purpose of this amendment to the form 10-Q for the quarter ended September 30, 2018 of Frontier Funds, as filed with the Securities and Exchange Commission on November 19, 2018, is to furnish corrections regarding the presentation within the Statement of Financial Condition for the Trust. Net Assets of the Trust did not change as a result of this correction.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
Item 1.	Series Financial Statements
	Statements of Financial Condition as of September 30, 2018 (Unaudited) and December 31, 2017	5
	Condensed Schedules of Investments as of September 30, 2018 (Unaudited) and December 31, 2017	8
	Statements of Operations for the three and nine months ended September 30, 2018 and 2017 (Unaudited)	14
	Statements of Changes in Owners’ Capital for the nine months ended September 30, 2018 (Unaudited)	20
	Statements of Cash Flows for the nine months ended September 30, 2018 and 2017 (Unaudited)	24
	Notes to Financial Statements (Unaudited)	27
	Trust Financial Statements (1)
	Consolidated Statements of Financial Condition as of September 30, 2018 (Unaudited) and December 31, 2017	64
	Consolidated Condensed Schedules of Investments as of September 30, 2018 (Unaudited) and December 31, 2017	65
	Consolidated Statements of Operations for the three and nine months ended September 30, 2018 and 2017 (Unaudited)	67
	Consolidated Statement of Changes in Owners’ Capital for the nine months ended September 30, 2018 (Unaudited)	69
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 and 2017 (Unaudited)	70
	Notes to Consolidated Financial Statements (Unaudited)	71
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	92
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	172
Item 4.	Controls and Procedures	177
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	178
Item 1A.	Risk Factors	178
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	178
Item 3.	Defaults Upon Senior Securities	178
Item 4.	Mine Safety Disclosures	178
Item 5.	Other Information	178
Item 6.	Exhibits	179
SIGNATURES		180

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

3

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 SEPTEMBER 30, 2018, AND THE MANAGING OWNER UNDERTAKES NO OBLIGATION TO UPDATE THIS INFORMATION.

4

PART I. FINANCIAL INFORMATION

ITEM  1. Series Financial Statements

The Series of Frontier Funds

Statements of Financial Condition

September 30, 2018 (unaudited) and December 31, 2017

	Frontier				Frontier				Frontier
	Diversified Fund				Masters Fund				Long/Short Commodity Fund
	9/30/2018		12/31/2017		9/30/2018		12/31/2017		9/30/2018		12/31/2017
ASSETS
Cash and cash equivalents	$	65,101	$	189,890	$	35,548	$	411,695	$	32,954	$	152,200
U.S. Treasury securities, at fair value		938,408		767,049		512,411		1,663,014		475,024		614,803
Incentive fees receivable		—		—		—		—		57,082		57,082
Swap contracts, at fair value		5,575,997		6,376,472		—		—		471,942		397,039
Investments in private investment companies, at fair value		11,859,099		14,501,510		5,466,265		8,407,168		1,948,076		3,018,571
Investments in unconsolidated trading companies, at fair value		1,146,091		2,225,210		969,945		1,501,142		99,860		121,510
Interest receivable		8,786		15,127		5,212		32,798		3,364		12,125
Other assets		—		—		—		2,973		48,679		5,122
Total Assets	$	19,593,482	$	24,075,258	$	6,989,381	$	12,018,790	$	3,136,981	$	4,378,452
LIABILITIES & CAPITAL
LIABILITIES
Owner redemptions payable	$	73,079	$	—	$	114,816	$	—	$	6,185	$	—
Incentive fees payable to Managing Owner		10,897		12,847		—		—		—		—
Management fees payable to Managing Owner		8,244		4,049		7,494		8,949		—		—
Interest payable to Managing Owner		—		—		—		—		44		103
Service fees payable to Managing Owner		4,552		3,614		2,625		3,570		66		172
Trading fees payable to Managing Owner		47,283		61,188		32,173		49,131		6,259		9,125
Advance on unrealized swap appreciation		2,500,000		2,500,000		—		—		115,000		115,000
Other liabilities		4,966		26,873		39,602		—		—		—
Total Liabilities		2,649,021		2,608,571		196,710		61,650		127,554		124,400
CAPITAL
Managing Owner - Class 2		3,056		3,361		54,571		87,344		6,284		11,999
Managing Owner - Class 2a		—		—		—		—		23,759		34,112
Managing Owner - Class 3		175,263		213,164		21,255		34,209		—		—
Managing Owner - Class 3a		—		—		—		—		1,453		1,759
Limited Owner - Class 1		1,740,332		2,332,222		2,102,479		2,913,542		—		—
Limited Owner - Class 1a		—		—		—		—		23,320		107,619
Limited Owner - Class 2		7,858,881		9,629,385		1,477,956		3,451,256		121,413		246,901
Limited Owner - Class 2a		—		—		—		—		259,051		408,532
Limited Owner - Class 3		7,166,929		9,288,555		3,136,410		5,470,789		2,010,934		2,472,994
Limited Owner - Class 3a		—		—		—		—		563,213		970,136
Total Owners’ Capital		16,944,461		21,466,687		6,792,671		11,957,140		3,009,427		4,254,052
Non-Controlling Interests		—		—		—		—		—		—
Total Capital		16,944,461		21,466,687		6,792,671		11,957,140		3,009,427		4,254,052
Total Liabilities and Capital	$	19,593,482	$	24,075,258	$	6,989,381	$	12,018,790	$	3,136,981	$	4,378,452
Units Outstanding
Class 1		16,661		20,035		21,629		25,393		N/A		N/A
Class 1a		N/A		N/A		N/A		N/A		353		1,323
Class 2		63,966		71,254		13,397		26,553		1,233		2,236
Class 2a		N/A		N/A		N/A		N/A		3,666		4,730
Class 3		64,138		75,601		29,515		44,254		18,512		20,354
Class 3a		N/A		N/A		N/A		N/A		6,978		9,918
Net Asset Value per Unit
Class 1	$	104.46	$	116.41	$	97.20	$	114.74		N/A		N/A
Class 1a		N/A		N/A		N/A		N/A	$	66.19	$	81.35
Class 2	$	122.91	$	135.19	$	114.39	$	133.27	$	103.54	$	115.81
Class 2a		N/A		N/A		N/A		N/A	$	77.15	$	93.59
Class 3	$	114.47	$	125.68	$	106.99	$	124.40	$	108.62	$	121.50
Class 3a		N/A		N/A		N/A		N/A	$	80.94	$	97.99

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

5

The Series of Frontier Funds

Statements of Financial Condition

September 30, 2018 (unaudited) and December 31, 2017

	Frontier Balanced Fund				Frontier Select Fund
	9/30/2018		12/31/2017		9/30/2018		12/31/2017
ASSETS
Cash and cash equivalents	$	105,108	$	164,332	$	22,923	$	114,973
U.S. Treasury securities, at fair value		1,515,106		663,808		330,422		464,427
Open trade equity, at fair value		—		178,552		—		—
Receivable from futures commission merchants		2,731,030		7,458,096		—		—
Swap contracts, at fair value		9,850,185		11,340,959		—		—
Investments in private investment companies, at fair value		24,170,470		30,501,895		3,443,015		5,579,229
Investments in unconsolidated trading companies, at fair value		2,144,814		3,178,176		607,771		670,863
Interest receivable		10,731		13,092		2,340		9,160
Due from Managing Owner		—		184,106		—		—
Other assets		—		—		17,218		—
Total Assets	$	40,527,444	$	53,683,016	$	4,423,689	$	6,838,652
LIABILITIES & CAPITAL
LIABILITIES
Open trade deficit, at fair value	$	23,444	$	—	$	—	$	—
Owner redemptions payable		108,038		76,772		10,437		—
Incentive fees payable to Managing Owner		—		40,189		—		—
Management fees payable to Managing Owner		23,019		11,465		—		—
Interest payable to Managing Owner		3,591		2,528		765		1,358
Service fees payable to Managing Owner		61,951		88,149		7,750		14,743
Trading fees payable to Managing Owner		108,152		140,868		8,530		14,898
Risk analysis fees payable		9,188		8,886		—		—
Advance on unrealized swap appreciation		4,926,555		4,926,555		—		—
Other liabilities		280,621		155,425		—		5,725
Total Liabilities		5,544,559		5,450,837		27,482		36,724
CAPITAL
Managing Owner - Class 2		126,379		147,888		48,594		70,295
Managing Owner - Class 2a		253,793		338,655		—		—
Limited Owner - Class 1		28,460,992		38,744,003		4,179,762		5,912,980
Limited Owner - Class 1AP		431,663		601,247		17,905		23,354
Limited Owner - Class 2		4,689,023		6,829,139		149,946		795,299
Limited Owner - Class 2a		114,354		191,276		—		—
Limited Owner - Class 3a		906,681		1,379,971		—		—
Total Owners’ Capital		34,982,885		48,232,179		4,396,207		6,801,928
Non-Controlling Interests		—		—		—		—
Total Capital		34,982,885		48,232,179		4,396,207		6,801,928
Total Liabilities and Capital	$	40,527,444	$	53,683,016	$	4,423,689	$	6,838,652
Units Outstanding
Class 1		237,546		284,956		55,426		65,502
Class 1AP		3,183		3,993		210		233
Class 2		26,326		34,386		1,751		6,521
Class 2a		2,323		3,015		N/A		N/A
Class 3a		5,741		7,877		N/A		N/A
Net Asset Value per Unit
Class 1	$	119.81	$	135.96	$	75.41	$	90.27
Class 1AP	$	135.63	$	150.56	$	85.45	$	100.02
Class 2	$	182.90	$	202.90	$	113.40	$	132.73
Class 2a	$	158.48	$	175.77		N/A		N/A
Class 3a	$	157.94	$	175.18		N/A		N/A

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

6

The Series of Frontier Funds

Statements of Financial Condition

September 30, 2018 (unaudited) and December 31, 2017

	Frontier Winton Fund				Frontier Heritage Fund
	9/30/2018		12/31/2017		9/30/2018		12/31/2017
ASSETS
Cash and cash equivalents	$	344,707	$	1,403,125	$	59,065	$	259,161
U.S. Treasury securities, at fair value		4,968,843		5,667,825		851,399		1,046,861
Swap contracts, at fair value		—		—		3,010,288		3,094,367
Investments in private investment companies, at fair value		—		—		2,095,258		2,772,993
Investments in unconsolidated trading companies, at fair value		5,010,792		7,987,575		910,059		1,546,974
Interest receivable		35,193		111,781		6,030		20,647
Receivable from related parties		—		58,146		—		—
Other assets		18,359		—		—		—
Total Assets	$	10,377,894	$	15,228,452	$	6,932,099	$	8,741,003
LIABILITIES & CAPITAL
LIABILITIES
Owner redemptions payable	$	7,649	$	—	$	924	$	—
Incentive fees payable to Managing Owner		—		—		—		—
Management fees payable to Managing Owner		34,474		53,039		6,370		13,471
Interest payable to Managing Owner		15,770		20,992		1,918		2,608
Service fees payable to Managing Owner		20,813		26,714		10,001		11,483
Trading fees payable to Managing Owner		23,696		43,573		11,980		15,703
Due to Managing Owner		—		152,219		—		—
Advance on unrealized swap appreciation		—		—		1,900,000		1,900,000
Other liabilities		—		82,265		14,563		16,038
Total Liabilities		102,402		378,802		1,945,756		1,959,303
CAPITAL
Managing Owner - Class 2		118,515		153,552		47,202		63,646
Limited Owner - Class 1		9,745,132		13,102,614		3,805,123		5,435,871
Limited Owner - Class 1AP		35,337		37,761		1,011		6,083
Limited Owner - Class 2		376,508		1,555,723		594,698		697,026
Total Owners’ Capital		10,275,492		14,849,650		4,448,034		6,202,626
Non-Controlling Interests		—		—		538,309		579,074
Total Capital		10,275,492		14,849,650		4,986,343		6,781,700
Total Liabilities and Capital	$	10,377,894	$	15,228,452	$	6,932,099	$	8,741,003
Units Outstanding
Class 1		66,740		82,367		37,636		44,855
Class 1AP		214		214		9		45
Class 2		2,401		7,895		4,187		4,233
Net Asset Value per Unit
Class 1	$	146.02	$	159.08	$	101.10	$	121.19
Class 1AP	$	165.51	$	176.44	$	114.58	$	134.28
Class 2	$	206.20	$	216.50	$	153.31	$	179.70

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

7

The Series of Frontier Funds

Condensed Schedule of Investments

September 30, 2018 (unaudited)

			Frontier					Frontier					Frontier
			Diversified Fund					Masters Fund					Long/Short Commodity Fund
			Fair		% of Total Capital			Fair		% of Total Capital			Fair		% of Total Capital
Description			Value		(Net Asset Value)			Value		(Net Asset Value)			Value		(Net Asset Value)
SWAPS (1)
		Frontier XXXV Diversified select swap (U.S.)	$	5,575,997		32.91	%	$	—		—		$	—		—
		Frontier XXXVII L/S select swap (U.S.)		—		—			—		—			471,942		15.68	%
		Total Swaps	$	5,575,997		32.91	%	$	—		—		$	471,942		15.68	%
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	$	1,476,849		8.72	%	$	1,337,703		19.69	%	$	427,126		14.19	%
		Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		1,252,158		7.39	%		—		—			—		—
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		1,815,491		10.71	%		—		—			—		—
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		1,502,795		8.87	%		—		—			—		—
		Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		2,014,288		11.89	%		—		—			—		—
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		343,205		2.03	%		—		—			—		—
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		381,970		2.25	%		—		—			—		—
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		2,966,027		17.50	%		2,466,918		36.32	%		788,388		26.20	%
		Galaxy Plus Fund - TT Feeder Fund (531) LLC		—		0.00	%		1,661,644		24.46	%		—		—
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		106,316		0.63	%		—		—			732,562		24.34	%
		Total Private Investment Companies	$	11,859,099		69.99	%	$	5,466,265		80.47	%	$	1,948,076		64.73	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	197,274		1.16	%	$	107,720		1.59	%	$	99,860		3.32	%
		Frontier Trading Company II, LLC		948,817		5.60	%		862,225		12.69	%		—		—
		Total Investment in Unconsolidated Trading Companies	$	1,146,091		6.76	%	$	969,945		14.28	%	$	99,860		3.32	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value					Fair Value					Fair Value
$	7,737,000	US Treasury Note 6.875% due 08/15/2025 (Cost $9,813,689)	$	938,408		5.54	%	$	512,411		7.54	%	$	475,024		15.78	%
			$	938,408		5.54	%	$	512,411		7.54	%	$	475,024		15.78	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	756,959				$	413,332				$	383,175
			$	756,959				$	413,332				$	383,175
Additional Disclosure on U.S. Treasury Securities			Cost					Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	960,135				$	524,275				$	486,023
			$	960,135				$	524,275				$	486,023

(1) See Note 4 to the Financial Statements.

(2) See Note 2 to the Financial Statements.

(3) See Note 5 to the Financial Statements.

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

8

The Series of Frontier Funds

Condensed Schedule of Investments

September 30, 2018 (unaudited)

			Frontier						Frontier
			Balanced Fund						Select Fund
			Fair			% of Total Capital			Fair		% of Total Capital
Description			Value			(Net Asset Value)			Value		(Net Asset Value)
LONG FUTURES CONTRACTS*
		Various agriculture futures contracts (Canada)	$	—			0.00	%	$	—		0.00	%
		Various agriculture futures contracts (Europe)		(2,512	)		-0.01	%		—		0.00	%
		Various agriculture futures contracts (U.S.)		1,580			0.00	%		—		0.00	%
		Various base metals futures contracts (U.S.)		3,613			0.01	%		—		0.00	%
		Various energy futures contracts (U.S.)		22,560			0.06	%		—		0.00	%
		Various interest rates futures contracts (Europe)		40,355			0.12	%		—		0.00	%
		Various stock index futures contracts (Europe)		(1,774	)		-0.01	%		—		0.00	%
		Various stock index futures contracts (Far East)		3,607			0.01	%		—		0.00	%
		Total Long Futures Contracts	$	67,429			0.20	%	$	—		0.00	%
SHORT FUTURES CONTRACTS*
		Various agriculture futures contracts (Canada)	$	22,220			0.06	%	$	—		—
		Various base metals futures contracts (U.S.)		(13,238	)		-0.04	%		—		0.00	%
		Various interest rates futures contracts (Canada)		7,731			0.02	%		—		0.00	%
		Various interest rates futures contracts (Far East)		1,761			0.01	%		—		0.00	%
		Various interest rates futures contracts (U.S.)		20,016			0.06	%		—		0.00	%
		Various precious metal futures contracts (U.S.)		3,945			0.01	%		—		0.00	%
		Various soft futures contracts (Far East)		1,101			0.00	%		—		0.00	%
		Various soft futures contracts (U.S.)		35,385			0.10	%		—		0.00	%
		Various stock index futures contracts (Africa)		1,590			0.00	%		—		0.00	%
		Total Short Futures Contracts	$	80,511			0.22	%	$	—		0.00	%
CURRENCY FORWARDS*
		Various currency forwards contracts (NA)	$	(171,384	)		-0.49	%	$	—		0.00	%
		Total Currency Forwards	$	(171,384	)		-0.49	%	$	—		0.00	%
		Total Open Trade Equity (Deficit)	$	(23,444	)		-0.07	%	$	—		0.00	%
SWAP (1)
		Frontier XXXIV Balanced select swap (U.S.)	$	9,850,185			28.16	%	$	—		—
		Total Swap	$	9,850,185			28.16	%	$	—		—
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	$	2,821,492			8.07	%		—		—
		Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		2,104,433			6.02	%		—		—
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		3,469,606			9.92	%		—		—
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		3,321,217			9.49	%		—		—
		Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		4,232,025			12.10	%		—		—
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		343,487			0.98	%		—		—
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,070,327			3.06	%		—		—
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		6,552,503			18.73	%		1,848,757		42.05	%
		Galaxy Plus Fund - TT Feeder Fund (531) LLC		—			0.00	%		1,594,258		36.26	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		255,381			0.73	%		—		—
		Total Private Investment Companies	$	24,170,471			69.09	%	$	3,443,015		78.32	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (3)
		Frontier Trading Company II, LLC	$	1,826,306			5.22	%	$	—		—
		Frontier Trading Company XXXVIII, LLC		318,508			0.91	%		69,462		1.58	%
		Frontier Trading Company XXXIX, LLC		—			—			538,309		12.24	%
		Total Investment in Unconsolidated Trading Companies	$	2,144,814			6.13	%	$	607,771		13.82	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value						Fair Value
$	7,737,000	US Treasury Note 6.875% due 08/15/2025 (Cost $9,813,689)		1,515,106			4.33	%		330,422		7.52	%
			$	1,515,106			4.33	%	$	330,422		7.52	%
Additional Disclosure on U.S. Treasury Securities			Face Value						Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	1,222,149					$	266,532
			$	1,222,149					$	266,532
Additional Disclosure on U.S. Treasury Securities			Cost						Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	1,550,186					$	338,072
			$	1,550,186					$	338,072

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

(1) See Note 4 to the Financial Statements.

(2) See Note 2 to the Financial Statements.

(3) See Note 5 to the Financial Statements.

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

9

The Series of Frontier Funds

Condensed Schedule of Investments

September 30, 2018 (unaudited)

			Frontier					Frontier
			Winton Fund					Heritage Fund
			Fair		% of Total Capital			Fair		% of Total Capital
Description			Value		(Net Asset Value)			Value		(Net Asset Value)
SWAP (1)
		Frontier Brevan Howard swap (U.S.)	$	—		—		$	3,010,288		60.37	%
		Total Swap	$	—		—		$	3,010,288		60.37	%
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	$	—		—		$	2,095,258		42.02	%
		Total Private Investment Companies	$	—		—		$	2,095,258		42.02	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (3)
		Frontier Trading Company II, LLC	$	3,966,234		38.60	%	$	731,077		14.66	%
		Frontier Trading Company XXXVIII, LLC		1,044,558		10.17	%		178,982		3.59	%
		Total Investment in Unconsolidated Trading Companies	$	5,010,792		48.77	%	$	910,059		18.25	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value					Fair Value
$	7,737,000	US Treasury Note 6.875% due 08/15/2025 (Cost $9,813,689)	$	4,968,843		48.36	%	$	851,399		17.07	%
			$	4,968,843		48.36	%	$	851,399		17.07	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	4,008,078				$	686,775
			$	4,008,078				$	686,775
Additional Disclosure on U.S. Treasury Securities			Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	5,083,887				$	871,112
			$	5,083,887				$	871,112

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

(1) See Note 4 to the Financial Statements.

(2) See Note 2 to the Financial Statements.

(3) See Note 5 to the Financial Statements.

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

10

The Series of Frontier Funds

Condensed Schedule of Investments

December 31, 2017

			Frontier					Frontier					Frontier
			Diversified Fund					Masters Fund					Long/Short Commodity Fund
			Fair		% of Total Capital			Fair		% of Total Capital			Fair		% of Total Capital
Description			Value		(Net Asset Value)			Value		(Net Asset Value)			Value		(Net Asset Value)
SWAPS (1)
		Frontier XXXV Diversified select swap (U.S.)	$	6,376,472		29.70	%	$	—		—		$	—		—
		Frontier XXXVII L/S select swap (U.S.)		—		—			—		—			397,039		9.33	%
		Total Swaps	$	6,376,472		29.70	%	$	—		—		$	397,039		9.33	%
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Chesapeake Feeder Fund (518)	$	484,742		2.26	%	$	967,528		8.09	%	$	322,105		7.57	%
		Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		1,447,461		6.74	%		1,588,149		13.28	%		576,154		13.54	%
		Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		1,253,230		5.84	%		—		—			—		—
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		1,713,788		7.98	%		—		—			—		—
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		2,203,960		10.27	%		—		—			—		—
		Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		2,067,025		9.63	%		—		—			—		—
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		379,664		1.77	%		—		—			—		—
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		479,522		2.23	%		—		—			—		—
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		4,343,060		20.23	%		3,203,382		26.79	%		1,024,222		24.08	%
		Galaxy Plus Fund - TT Feeder Fund (531) LLC		—		0.00	%		2,648,109		22.15	%		—		—
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		129,058		0.60	%		—		—			1,096,090		25.77	%
		Total Private Investment Companies	$	14,501,510		67.54	%	$	8,407,168		70.31	%	$	3,018,571		70.96	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	151,600		0.71	%	$	328,679		2.75	%	$	121,510		2.86	%
		Frontier Trading Company II, LLC		2,073,610		9.66	%		1,172,463		9.81	%		—		—
		Total Investment in Unconsolidated Trading Companies	$	2,225,210		10.37	%	$	1,501,142		12.55	%	$	121,510		2.86	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value					Fair Value					Fair Value
$	9,000,000	US Treasury Note 6.875% due 08/15/2025 (Cost $12,218,715)	$	767,049		3.57	%	$	1,663,014		13.91	%	$	614,803		14.45	%
			$	767,049		3.57	%	$	1,663,014		13.91	%	$	614,803		14.45	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	582,555				$	1,263,017				$	466,927
			$	582,555				$	1,263,017				$	466,927
Additional Disclosure on U.S. Treasury Securities			Cost					Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	774,221				$	1,678,562				$	620,551
			$	774,221				$	1,678,562				$	620,551

(1) See Note 4 to the Financial Statements.

(2) See Note 2 to the Financial Statements.

(3) See Note 5 to the Financial Statements.

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

11

The Series of Frontier Funds

Condensed Schedule of Investments

December 31, 2017

			Frontier						Frontier
			Balanced Fund						Select Fund
			Fair			% of Total Capital			Fair		% of Total Capital
Description			Value			(Net Asset Value)			Value		(Net Asset Value)
LONG FUTURES CONTRACTS*
		Various base metals futures contracts (U.S.)	$	61,371			0.13	%	$	—		0.00	%
		Various energy futures contracts (U.S.)		96,294			0.20	%		—		0.00	%
		Various interest rates futures contracts (Europe)		3,733			0.01	%		—		0.00	%
		Various interest rates futures contracts (Far East)		(1,776	)		0.00	%		—		0.00	%
		Various interest rates futures contracts (Oceanic)		(15,653	)		-0.03	%		—		0.00	%
		Various soft futures contract (U.S.)		31,613			0.07	%		—		0.00	%
		Various stock index futures contracts (Canada)		4,274			0.01	%		—		0.00	%
		Various stock index futures contracts (Europe)		(237	)		0.00	%		—		0.00	%
		Various stock index futures contracts (Far East)		5,757			0.01	%		—		0.00	%
		Various stock index futures contracts (Oceanic)		(1,525	)		0.00	%		—		0.00	%
		Various stock index futures contracts (U.S.)		604			0.00	%		—		0.00	%
		Total Long Futures Contracts	$	184,455			0.39	%	$	—		0.00	%
SHORT FUTURES CONTRACTS*
		Various base metals futures contracts (U.S.)	$	(66,901	)		-0.14	%	$	—		—
		Various currency futures contracts (U.S.)		40,897			0.08	%		—		0.00	%
		Various energy futures contracts (U.S.)		(28,561	)		-0.06	%		—		0.00	%
		Various interest rates futures contracts (Canada)		(5,167	)		-0.01	%		—		0.00	%
		Various interest rates futures contracts (Oceanic)		1,509			0.00	%		—		0.00	%
		Various precious metal futures contracts (U.S.)		(12,435	)		-0.03	%		—		0.00	%
		Various soft futures contract (U.S.)		18,277			0.04	%		—		0.00	%
		Various soft futures contracts (Europe)		12,909			0.03	%		—		0.00	%
		Total Short Futures Contracts	$	(39,472	)		-0.09	%	$	—		0.00	%
CURRENCY FORWARDS*
		Various currency forwards contracts (NA)	$	33,569			0.07	%	$	—		0.00	%
		Total Currency Forwards	$	33,569			0.07	%	$	—		0.00	%
		Total Open Trade Equity (Deficit)	$	178,552			0.37	%	$	—		0.00	%
SWAP (1)
		Frontier XXXIV Balanced select swap (U.S.)	$	11,340,959			23.51	%	$	—		—
		Total Swap	$	11,340,959			23.51	%	$	—		—
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	$	2,896,099			6.00	%	$	—		—
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,439,828			2.99	%		—		—
		Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		2,506,740			5.20	%		—		—
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		5,809,539			12.04	%		—		—
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		4,403,708			9.13	%		—		—
		Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		4,137,638			8.58	%		—		—
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		258,329			0.54	%		—		—
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		8,670,031			17.98	%		3,032,072		44.58	%
		Galaxy Plus Fund - TT Feeder Fund (531) LLC		—			0.00	%		2,547,157		37.45	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		379,983			0.79	%		—		—
		Total Private Investment Companies	$	30,501,895			63.23	%	$	5,579,229		82.02	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (3)
		Frontier Trading Company II, LLC	$	3,046,981			6.32	%	$	—		—
		Frontier Trading Company XXXVIII, LLC		131,195			0.27	%		91,790		1.35	%
		Frontier Trading Company XXXIX, LLC		—			—			579,073		8.51	%
		Total Investment in Unconsolidated Trading Companies	$	3,178,176			6.60	%	$	670,863		9.87	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value						Fair Value
$	9,000,000	US Treasury Note 6.875% due 08/15/2025 (Cost $12,218,715)		663,808			1.38	%		464,427		6.83	%
			$	663,808			1.38	%	$	464,427		6.83	%
Additional Disclosure on U.S. Treasury Securities			Face Value						Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	504,145					$	352,721
			$	504,145					$	352,721
Additional Disclosure on U.S. Treasury Securities			Cost						Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	670,014					$	468,769
			$	670,014					$	468,769

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

(1) See Note 4 to the Financial Statements.

(2) See Note 2 to the Financial Statements.

(3) See Note 5 to the Financial Statements.

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

12

The Series of Frontier Funds

Condensed Schedule of Investments

December 31, 2017

			Frontier					Frontier
			Winton Fund					Heritage Fund
			Fair		% of Total Capital			Fair		% of Total Capital
Description			Value		(Net Asset Value)			Value		(Net Asset Value)
SWAP (1)
		Frontier Brevan Howard swap (U.S.)	$	—		—		$	3,094,367		45.63	%
		Total Swap	$	—		—		$	3,094,367		45.63	%
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	$	—		—		$	2,772,993		40.89	%
		Total Private Investment Companies	$	—		—		$	2,772,993		40.89	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (3)
		Frontier Trading Company II, LLC	$	6,867,383		46.25	%	$	1,340,071		19.76	%
		Frontier Trading Company XXXVIII, LLC		1,120,192		7.54	%		206,903		3.05	%
		Total Investment in Unconsolidated Trading Companies	$	7,987,575		53.79	%	$	1,546,974		22.81	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value					Fair Value
$	9,000,000	US Treasury Note 6.875% due 08/15/2025 (Cost $12,218,715)	$	5,667,825		38.17	%	$	1,046,861		15.44	%
			$	5,667,825		38.17	%	$	1,046,861		15.44	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	4,304,570				$	795,065
			$	4,304,570				$	795,065
Additional Disclosure on U.S. Treasury Securities			Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	5,720,817				$	1,056,649
			$	5,720,817				$	1,056,649

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

(1) See Note 4 to the Financial Statements.

(2) See Note 2 to the Financial Statements.

(3) See Note 5 to the Financial Statements.

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

13

The Series of Frontier Funds

Statements of Operations

For the Three Months Ended September 30, 2018 and 2017

(Unaudited)

													Frontier Long/Short Commodity
	Frontier Diversified Fund						Frontier Masters Fund						Fund
	9/30/2018			9/30/2017			9/30/2018			9/30/2017			9/30/2018			9/30/2017
Investment income:
Interest - net	$	9,370		$	1,825		$	4,707		$	13,174		$	3,176		$	—
Total Income		9,370			1,825			4,707			13,174			3,176			—
Expenses:
Incentive Fees (rebate)		10,897			—			—			—			—			—
Management Fees		13,113			13,509			22,605			26,862			—			—
Service Fees - Class 1		14,432			24,584			11,605			19,585			334			1,867
Trading Fees		145,750			221,452			95,225			151,229			19,318			40,897
Other Fees		—			—			—			—			—			(2,428	)
Total Expenses		184,192			259,545			129,435			197,676			19,652			40,336
Investment (loss) - net		(174,822	)		(257,720	)		(124,728	)		(184,502	)		(16,476	)		(40,336	)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		(191,468	)		(581,919	)		(43,433	)		(284,393	)		(110,281	)		2,553
Net realized gain/(loss) on private investment companies		(25,826	)		475,572			11,891			152,190			(34,683	)		22,256
Net unrealized gain/(loss) on swap contracts		(213,803	)		145,433			—			—			39,017			50,384
Net realized gain/(loss) on U.S. Treasury securities		(11,658	)		—			(5,337	)		—			(4,663	)		—
Net unrealized gain/(loss) on U.S. Treasury securities		3,255			(3,031	)		27,844			(5,333	)		(2,297	)		(1,069	)
Change in fair value of investments in unconsolidated trading companies		36,144			32,229			(1,603	)		31,473			1,511			(1,334	)
Net gain/(loss) on investments		(403,356	)		68,284			(10,638	)		(106,063	)		(111,396	)		72,790
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(578,178	)		(189,436	)		(135,366	)		(290,565	)		(127,872	)		32,454
Less: Operations attributable to non-controlling interests		—			—			—			—			—			—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(578,178	)	$	(189,436	)	$	(135,366	)	$	(290,565	)	$	(127,872	)	$	32,454
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(3.84	)	$	(1.63	)	$	(2.13	)	$	(2.98	)		N/A			N/A
Class 1a		N/A			N/A			N/A			N/A		$	(4.59	)	$	(0.37	)
Class 2	$	(3.96	)	$	(1.32	)	$	(1.99	)	$	(2.95	)	$	(2.98	)	$	(0.03	)
Class 2a		N/A			N/A			N/A			N/A		$	(4.98	)	$	(0.03	)
Class 3	$	(3.62	)	$	(1.15	)	$	(1.78	)	$	(2.67	)	$	(3.13	)	$	(0.02	)
Class 3a		N/A			N/A			N/A			N/A		$	(5.17	)	$	0.03

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

14

The Series of the Frontier Funds

Statements of Operations

For the Three Months Ended September 30, 2018 and 2017

(Unaudited)

	Frontier Balanced Fund						Frontier Select Fund
	9/30/2018			9/30/2017			9/30/2018			9/30/2017
Investment income:
Interest - net	$	10,592		$	8,254		$	—		$	—
Total Income/(loss)		10,592			8,254			—			—
Expenses:
Management Fees		26,643			25,760			—			—
Risk analysis Fees		1,612			5,009			—			—
Service Fees - Class 1		222,302			323,572			32,149			46,479
Trading Fees		339,537			462,275			27,076			39,673
Total Expenses		590,094			816,616			59,225			86,152
Investment (loss) - net		(579,502	)		(808,362	)		(59,225	)		(86,152	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		13,124			82,008			—			—
Net unrealized gain/(loss) on private investment companies		(373,146	)		(727,964	)		163,993			(246,067	)
Net realized gain/(loss) on private investment companies		8,097			689,463			(61,092	)		(47,803	)
Net change in open trade equity/(deficit)		(63,530	)		(84,039	)		—			—
Net unrealized gain/(loss) on swap contracts		(620,424	)		356,572			—			—
Net realized gain/(loss) on U.S. Treasury securities		(18,391	)		—			(1,918	)		—
Net unrealized gain/(loss) on U.S. Treasury securities		421			(3,909	)		13,357			1,751
Trading commissions		(12,466	)		(8,224	)		—			—
Change in fair value of investments in unconsolidated trading companies		49,118			63,498			(16,945	)		45,390
Net gain/(loss) on investments		(1,017,197	)		367,405			97,395			(246,729	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(1,596,699	)		(440,957	)		38,170			(332,881	)
Less: Operations attributable to non-controlling interests		—			—			—			—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(1,596,699	)	$	(440,957	)	$	38,170		$	(332,881	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(5.40	)	$	(1.64	)	$	0.66		$	(4.33	)
Class 1AP	$	(5.05	)	$	(0.73	)	$	1.38		$	(4.02	)
Class 2	$	(6.82	)	$	(0.98	)	$	1.84		$	(5.45	)
Class 2a	$	(5.85	)	$	(0.79	)		N/A			N/A
Class 3a	$	(5.83	)	$	(0.80	)		N/A			N/A

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

15

The Series of the Frontier Funds

Statements of Operations

For the Three Months Ended September 30, 2018 and 2017

(Unaudited)

	Frontier Winton Fund						Frontier Heritage Fund
	9/30/2018			9/30/2017			9/30/2018			9/30/2017
Investment income:
Interest - net	$	—		$	19,732		$	—		$	—
Total Income		—			19,732			—			—
Expenses:
Management Fees		104,062			188,835			22,635			43,021
Risk analysis Fees		—			26,057			—			—
Service Fees - Class 1		76,839			99,725			29,343			40,954
Trading Fees		73,379			127,661			33,624			36,907
Total Expenses		254,280			442,278			85,602			120,882
Investment (loss) - net		(254,280	)		(422,546	)		(85,602	)		(120,882	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		—			(276,209	)		—			—
Net unrealized gain/(loss) on private investment companies		—			—			21,582			(120,769	)
Net realized gain/(loss) on private investment companies		—			—			(17,465	)		—
Net change in open trade equity/(deficit)		—			775,332			—			—
Net unrealized gain/(loss) on swap contracts		—			—			6,454			110,814
Net realized gain/(loss) on U.S. Treasury securities		(48,714	)		—			(7,717	)		—
Net unrealized gain/(loss) on U.S. Treasury securities		(41,503	)		(11,591	)		(1,094	)		238
Trading commissions		—			(15,820	)		—			—
Change in fair value of investments in unconsolidated trading companies		156,865			(31,155	)		20,832			36,791
Net gain/(loss) on investments		66,648			440,557			22,592			27,074
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(187,632	)		18,011			(63,010	)		(93,808	)
Less: Operations attributable to non-controlling interests		—			214,425			3,130			53,727
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(187,632	)	$	(196,414	)	$	(66,140	)	$	(147,535	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(2.64	)	$	(1.79	)	$	(1.58	)	$	(2.99	)
Class 1AP	$	(1.68	)	$	(0.76	)	$	(0.88	)	$	(2.39	)
Class 2	$	2.73		$	(0.96	)	$	(1.23	)	$	(3.21	)

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

16

The Series of Frontier Funds

Statements of Operations

For the Nine Months Ended September 30, 2018 and 2017

(Unaudited)

													Frontier Long/Short Commodity
	Frontier Diversified Fund						Frontier Masters Fund						Fund
	9/30/2018			9/30/2017			9/30/2018			9/30/2017			9/30/2018			9/30/2017
Investment income:
Interest - net	$	27,408		$	99,222		$	21,441		$	72,591		$	10,635		$	—
Total Income		27,408			99,222			21,441			72,591			10,635			—
Expenses:
Incentive Fees (rebate)		12,778			(63,508	)		—			—			—			(87,670	)
Management Fees		37,905			69,251			83,816			150,767			—			—
Service Fees - Class 1		45,236			110,769			39,503			72,519			1,398			12,838
Trading Fees		454,513			1,154,233			335,271			527,813			65,530			183,990
Other Fees		—			1,766			—			1,792			—			22,548
Total Expenses		550,432			1,272,511			458,590			752,891			66,928			131,706
Investment (loss) - net		(523,024	)		(1,173,289	)		(437,149	)		(680,300	)		(56,293	)		(131,706	)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		(1,717,819	)		(207,161	)		(1,253,590	)		(977,064	)		(274,347	)		(329,330	)
Net realized gain/(loss) on private investment companies		45,769			1,567,660			96,298			429,868			(186,723	)		(4,741	)
Net unrealized gain/(loss) on swap contracts		299,525			147,788			—			—			74,903			39,954
Net realized gain/(loss) on U.S. Treasury securities		(48,013	)		(354,609	)		(45,508	)		(286,742	)		(34,564	)		227,895
Net unrealized gain/(loss) on U.S. Treasury securities		(609	)		569,536			10,785			328,820			1,715			(212,189	)
Change in fair value of investments in unconsolidated trading companies		40,546			(311,775	)		(78,937	)		(366,569	)		(301	)		47,097
Net gain/(loss) on investments		(1,380,601	)		1,411,439			(1,270,952	)		(871,687	)		(419,317	)		(231,314	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(1,903,625	)		238,150			(1,708,101	)		(1,551,987	)		(475,610	)		(363,020	)
Less: Operations attributable to non-controlling interests		—			—			—			—			—			—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(1,903,625	)	$	238,150		$	(1,708,101	)	$	(1,551,987	)	$	(475,610	)	$	(363,020	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(11.95	)	$	(6.33	)	$	(17.54	)	$	(13.39	)		N/A			N/A
Class 1a		N/A			N/A			N/A			N/A		$	(15.16	)	$	(9.52	)
Class 2	$	(12.28	)	$	(5.64	)	$	(18.88	)	$	(13.83	)	$	(12.27	)	$	(13.24	)
Class 2a		N/A			N/A			N/A			N/A		$	(16.44	)	$	(10.31	)
Class 3	$	(11.21	)	$	(5.00	)	$	(17.41	)	$	(12.66	)	$	(12.88	)	$	(8.76	)
Class 3a		N/A			N/A			N/A			N/A		$	(17.05	)	$	(7.71	)

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

17

The Series of the Frontier Funds

Statements of Operations

For the Nine Months Ended September 30, 2018 and 2017

(Unaudited)

	Frontier Balanced Fund						Frontier Select Fund
	9/30/2018			9/30/2017			9/30/2018			9/30/2017
Investment income:
Interest - net	$	35,536		$	9,415		$	—		$	—
Total Income/(loss)		35,536			9,415			—			—
Expenses:
Incentive Fees (rebate)		145,134			—			—			—
Management Fees		69,545			102,297			—			102,047
Risk analysis Fees		5,141			12,566			—			6,829
Service Fees - Class 1		723,093			1,106,847			105,111			176,247
Trading Fees		1,068,482			1,625,446			92,779			137,940
Other Fees		—			190,804			—			(5,094	)
Total Expenses		2,011,395			3,037,960			197,890			417,969
Investment (loss) - net		(1,975,859	)		(3,028,545	)		(197,890	)		(417,969	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		(270,212	)		(569,161	)		—			(695,436	)
Net unrealized gain/(loss) on private investment companies		(3,522,386	)		(1,919,200	)		(797,340	)		(779,294	)
Net realized gain/(loss) on private investment companies		244,703			3,954,532			(1,526	)		(45,798	)
Net change in open trade equity/(deficit)		(141,192	)		(403,237	)		—			(145,848	)
Net unrealized gain/(loss) on swap contracts		509,226			420,488			—			—
Net realized gain/(loss) on U.S. Treasury securities		(63,298	)		(228,904	)		(14,456	)		(170,783	)
Net unrealized gain/(loss) on U.S. Treasury securities		(6,119	)		483,160			1,522			202,502
Trading commissions		(41,403	)		(51,477	)		—			(46,591	)
Change in fair value of investments in unconsolidated trading companies		105,602			(373,803	)		(53,962	)		(319,255	)
Net gain/(loss) on investments		(3,185,079	)		1,312,398			(865,762	)		(2,000,503	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(5,160,938	)		(1,716,147	)		(1,063,652	)		(2,418,472	)
Less: Operations attributable to non-controlling interests		—			—			—			(432,628	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(5,160,938	)	$	(1,716,147	)	$	(1,063,652	)	$	(1,985,844	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(16.15	)	$	(6.60	)	$	(14.86	)	$	(19.60	)
Class 1AP	$	(14.93	)	$	(3.99	)	$	(14.57	)	$	(19.28	)
Class 2	$	(20.00	)	$	(5.35	)	$	(19.32	)	$	(25.59	)
Class 2a	$	(17.29	)	$	(4.07	)		N/A			N/A
Class 3a	$	(17.24	)	$	(4.07	)		N/A			N/A

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

18

The Series of the Frontier Funds

Statements of Operations

For the Nine Months Ended September 30, 2018 and 2017

(Unaudited)

	Frontier Winton Fund						Frontier Heritage Fund
	9/30/2018			9/30/2017			9/30/2018			9/30/2017
Investment income:
Interest - net	$	—		$	19,732		$	—		$	—
Total Income		—			19,732			—			—
Expenses:
Incentive Fees (rebate)		—			(49,790	)		1,394			(4,603	)
Management Fees		366,404			677,921			92,509			160,879
Risk analysis Fees		—			96,830			—			—
Service Fees - Class 1		252,006			368,816			97,753			141,741
Trading Fees		236,657			431,025			112,771			146,164
Other		—			7,074			—			1,732
Total Expenses		855,067			1,531,876			304,427			445,913
Investment (loss) - net		(855,067	)		(1,512,144	)		(304,427	)		(445,913	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		—			1,053,217			—			—
Net unrealized gain/(loss) on private investment companies		—			—			(498,155	)		(120,769	)
Net realized gain/(loss) on private investment companies		—			—			(98,763	)		—
Net change in open trade equity/(deficit)		—			(1,630,449	)		—			—
Net unrealized gain/(loss) on swap contracts		—			—			(84,079	)		(513,913	)
Net realized gain/(loss) on U.S. Treasury securities		(253,908	)		(1,104,301	)		(40,316	)		(211,694	)
Net unrealized gain/(loss) on U.S. Treasury securities		11,126			1,194,837			2,583			291,328
Trading commissions		—			(44,385	)		—			—
Change in fair value of investments in unconsolidated trading companies		(95,896	)		(334,372	)		22,800			(170,930	)
Net gain/(loss) on investments		(338,678	)		(865,453	)		(695,930	)		(725,978	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(1,193,745	)		(2,377,597	)		(1,000,357	)		(1,171,891	)
Less: Operations attributable to non-controlling interests		—			(352,116	)		(40,765	)		(249,164	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(1,193,745	)	$	(2,025,481	)	$	(959,592	)	$	(922,727	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(13.06	)	$	(12.21	)	$	(20.10	)	$	(13.59	)
Class 1AP	$	(10.93	)	$	(9.67	)	$	(19.70	)	$	(12.05	)
Class 2	$	(10.30	)	$	(12.28	)	$	(26.39	)	$	(16.13	)

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

19

The Series of Frontier Funds

Statements of Changes in Owners’ Capital

For the Nine Months Ended September 30, 2018 (unaudited)

	Frontier Diversified Fund																				Frontier Masters Fund
	Class 1			Class 2			Class 2			Class 3			Class 3								Class 1			Class 2			Class 2			Class 3			Class 3
	Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Non- Controlling Interests		Total			Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Non- Controlling Interests		Total
Owners’ Capital, December 31, 2017	$	2,332,222		$	3,361		$	9,629,385		$	213,164		$	9,288,555		$	—	$	21,466,687		$	2,913,542		$	87,344		$	3,451,256		$	34,209		$	5,470,789			—	$	11,957,140
Sale of Units		—			—			—			—			—			—		—			—			—			—			—			—			—		—
Redemption of Units		(354,495	)		—			(933,695	)		(19,000	)		(1,311,411	)		—		(2,618,601	)		(299,860	)		(20,000	)		(1,457,163	)		(8,000	)		(1,671,345	)		—		(3,456,368	)
Transfer of Units In(Out)		—			—			—			—			—			—		—			(80,257	)		—			—			—			80,257			—		—
Capital resulting from operations attributable to controlling interests		(237,395	)		(305	)		(836,809	)		(18,901	)		(810,215	)		—		(1,903,625	)		(430,946	)		(12,773	)		(516,137	)		(4,954	)		(743,291	)		—		(1,708,101	)
Owners’ Capital, September 30, 2018	$	1,740,332		$	3,056		$	7,858,881		$	175,263		$	7,166,929		$	—	$	16,944,461		$	2,102,479		$	54,571		$	1,477,956		$	21,255		$	3,136,410		$	—	$	6,792,671
Owners’ Capital - Units, December 31, 2017		20,035			25			71,229			1,696			73,905								25,393			655			25,898			275			43,979
Sale of Units (including transfers)		—			—			—			—			—								—			—			—			—			—
Redemption of Units (including transfers)		(3,373	)		—			(7,287	)		(165	)		(11,299	)							(3,762	)		(178	)		(12,977	)		(76	)		(14,664	)
Owners’ Capital - Units, September 30, 2018		16,662			25			63,942			1,531			62,606								21,631			477			12,921			199			29,315
								(1	)					(1	)													(1	)					(1	)
Net asset value per unit at December 31, 2017		116.41						135.19						125.68							$	114.74					$	133.27					$	124.40
Change in net asset value per unit for the Nine months ended September 30, 2018		(11.95	)					(12.28	)					(11.21	)							(17.54	)					(18.88	)					(17.41	)
Net asset value per unit at September 30, 2018	$	104.46					$	122.91					$	114.47							$	97.20					$	114.39					$	106.99

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

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

20

The Series of Frontier Funds

Statements of Changes in Owners’ Capital

For the Nine Months Ended September 30, 2018 (unaudited)

	Frontier Long/Short Commodity Fund
	Class 2						Class 3			Class 1a			Class 2a						Class 3a
	Managing Owner			Limited Owners			Limited Owners			Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Non-Controlling Interests		Total
Owners’ Capital, December 31, 2017	$	11,999		$	246,901		$	2,472,994		$	107,619		$	34,112		$	408,532		$	1,759		$	970,136			—	$	4,254,052
Sale of Units		—			—			—			—			—			—			—			—			—		—
Redemption of Units		(4,500	)		(109,612	)		(215,389	)		(79,178	)		(4,501	)		(92,090	)		—			(263,745	)		—		(769,015	)
Transfer of Units In(Out)		—			—			—			—			—			—			—			—			—		—
Capital resulting from operations attributable to controlling interests		(1,215	)		(15,876	)		(246,671	)		(5,121	)		(5,852	)		(57,391	)		(306	)		(143,178	)		—		(475,610	)
Owners’ Capital, September 30, 2018	$	6,284		$	121,413		$	2,010,934		$	23,320		$	23,759		$	259,051		$	1,453		$	563,213		$	—	$	3,009,427
Owners’ Capital - Units, December 31, 2017		104			2,131			20,355			1,323			364			4,366			18			9,900
Sale of Units (including transfers)		—			—			—			—			—			—			—			—
Redemption of Units (including transfers)		(43	)		(959	)		(1,842	)		(970	)		(57	)		(1,007	)		—			(2,944	)
Owners’ Capital - Units, September 30, 2018		61			1,172			18,513			353			307			3,359			18			6,956
					(1	)											(1	)					(1	)
Net asset value per unit at December 31, 2017					115.81			121.50			81.35						93.59						97.99
Change in net asset value per unit for the Nine months ended September 30, 2018					(12.27	)		(12.88	)		(15.16	)					(16.44	)					(17.05	)
Net asset value per unit at September 30, 2018				$	103.54		$	108.62		$	66.19					$	77.15					$	80.94

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

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

21

The Series of Frontier Funds

Statements of Changes in Owners’ Capital

For the Nine Months Ended September 30, 2018 (unaudited)

	Frontier Balanced Fund
	Class 1			Class 1AP			Class 2						Class 2a						Class 3a
	Limited Owners			Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Limited Owners			Non-Controlling Interests		Total
Owners’ Capital, December 31, 2017	$	38,744,003		$	601,247		$	147,888		$	6,829,139		$	338,655		$	191,276		$	1,379,971			—	$	48,232,179
Sale of Units (including transfers)		—			—						—			—			—			—			—		—
Redemption of Units (including transfers)		(6,038,368	)		(111,300	)		(7,000	)		(1,507,640	)		(10,000	)		(65,968	)		(348,080	)		—		(8,088,356	)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(4,244,643	)		(58,284	)		(14,509	)		(632,476	)		(74,862	)		(10,954	)		(125,210	)		—		(5,160,938	)
Owners’ Capital, September 30, 2018	$	28,460,992		$	431,663		$	126,379		$	4,689,023		$	253,793		$	114,354		$	906,681		$	—	$	34,982,885
Owners’ Capital - Units, December 31, 2017		284,956			3,993			729			33,657			1,926			1,089			7,877
Sale of Units (including transfers)		—			—			—			—			—			—			—
Redemption of Units (including transfers)		(47,409	)		(810	)		(38	)		(8,022	)		(325	)		(367	)		(2,137	)
Owners’ Capital - Units, September 30, 2018		237,547			3,183			691			25,635			1,601			722			5,740
											(1	)					(1	)
Net asset value per unit at December 31, 2017		135.96			150.56						202.90						175.77			175.18
Change in net asset value per unit for the Nine months ended September 30, 2018		(16.15	)		(14.93	)					(20.00	)					(17.29	)		(17.24	)
Net asset value per unit at September 30, 2018	$	119.81		$	135.63					$	182.90					$	158.48		$	157.94

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

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

22

The Series of Frontier Funds

Statements of Changes in Owners’ Capital

For the Nine Months Ended September 30, 2018 (unaudited)

	Frontier Select Fund																	Frontier Winton Fund																	Frontier Heritage Fund
	Class 1			Class 1AP			Class 2											Class 1			Class 1AP			Class 2											Class 1			Class 1AP			Class 2
	Limited Owners			Limited Owners			Managing Owner			Limited Owners			Non-Controlling Interests		Total			Limited Owners			Limited Owners			Managing Owner			Limited Owners			Non- Controlling Interests		Total			Limited Owners			Limited Owners			Managing Owner			Limited Owners			Non-Controlling Interests			Total
Owners’ Capital, December 31, 2017	$	5,912,980		$	23,354		$	70,295		$	795,299		$	—	$	6,801,928		$	13,102,614		$	37,761		$	153,552		$	1,555,723		$	—	$	14,849,650		$	5,435,871		$	6,083		$	63,646		$	697,026		$	579,074		$	6,781,700
Sale of Units		—			—			—			—			—		—			—			—			—			—			—		—			—			—			—			—			—			—
Redemption of Units		(813,081	)		(3,144	)		(11,000	)		(514,844	)		—		(1,342,069	)		(2,251,329	)		—			(29,000	)		(1,100,084	)		—		(3,380,413	)		(783,919	)		(4,081	)		(7,000	)		—			—			(795,000	)
Operations attributable to non-controlling interests		—			—			—			—			—		—			—			—			—			—			—		—			—			—			—			—			(40,765	)		(40,765	)
Transfer of Units In(Out)		(1,232	)		1,232			—			—			—		—			—			—			—			—					—
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(918,905	)		(3,537	)		(10,701	)		(130,509	)		—		(1,063,652	)		(1,106,153	)		(2,424	)		(6,037	)		(79,131	)		—		(1,193,745	)		(846,829	)		(991	)		(9,444	)		(102,328	)		—			(959,592	)
Owners’ Capital, September 30, 2018	$	4,179,762		$	17,905		$	48,594		$	149,946		$	—	$	4,396,207		$	9,745,132		$	35,337			118,515		$	376,508		$	—	$	10,275,492		$	3,805,123		$	1,011		$	47,202		$	594,698		$	538,309		$	4,986,343
Owners’ Capital - Units, December 31, 2017		65,502			234			530			5,992								82,367			214			709			7,186								44,855			45			377			3,856
Sale of Units (including transfers)		—			—			—			—								—			—			—			—								—			—			—			—
Redemption of Units (including transfers)		(10,075	)		(24	)		(101	)		(4,670	)							(15,627	)		—			(145	)		(5,360	)							(7,219	)		(36	)		(46	)		—
Owners’ Capital - Units, September 30, 2018		55,427			210			429			1,322								66,740			214			564			1,826								37,636			9			331			3,856
											(1	)																(1	)																(1	)
Net asset value per unit at December 31, 2017		90.27			100.02						132.73								159.08			176.44						216.50							$	121.19		$	134.28					$	179.70
Change in net asset value per unit for the Nine months ended September 30, 2018		(14.86	)		(14.57	)					(19.32	)							(13.06	)		(10.93	)					(10.30	)							(20.10	)		(19.70	)					(26.39	)
Net asset value per unit at September 30, 2018	$	75.41		$	85.45					$	113.40							$	146.02		$	165.51					$	206.20							$	101.10		$	114.58					$	153.31

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

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

23

The Series of Frontier Funds

Statements of Cash Flows

For the Nine Months Ended September 30, 2018 and 2017

(Unaudited)

	Frontier Diversified Fund						Frontier Masters Fund						Frontier Long/Short Commodity Fund
	9/30/2018			9/30/2017			9/30/2018			9/30/2017			9/30/2018			9/30/2017
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	(1,903,625	)	$	238,150		$	(1,708,101	)	$	(1,551,987	)	$	(475,610	)	$	(363,020	)
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		(69,880	)		3,813,934			1,589,162			(317,619	)		(208,272	)		2,332,067
Net unrealized (gain)/loss on swap contracts		(299,525	)		(147,788	)					—			(74,903	)		(39,954	)
Net unrealized (gain)/loss on U.S. Treasury securities		609			(569,536	)		(10,785	)		(328,820	)		(1,715	)		212,189
Net realized (gain)/loss on U.S. Treasury securities		48,013			354,609			45,508			286,742			34,564			(227,895	)
Net unrealized (gain)/loss on private investment companies		1,717,819			207,161			1,253,590			977,064			274,347			329,330
Net realized (gain)/loss on private investment companies		(45,769	)		(1,567,660	)		(96,298	)		(429,868	)		186,723			4,741
(Purchases) sales of:
Sales of U.S. Treasury securities		1,665,387			2,785,190			1,553,660			3,016,330			1,189,411			(2,713,824	)
Purchase of U.S. Treasury securities		(1,841,423	)		—			(2,041,104	)		—			(887,337	)		—
U.S. Treasury interest and premium paid/amortized		25,935			27,016			14,162			29,147			13,128			(10,182	)
Purchase of Private Investment Companies		(3,430,348	)		(13,705,362	)		(2,928,656	)		(7,857,452	)		(1,081,849	)		(2,634,827	)
Reduction of collateral in Swap contracts		1,100,000			2,214,000						—			—			3,850,050
Sale of Private Investment Companies		4,400,709			37,197,835			4,712,267			5,461,344			1,691,274			5,356,545
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value		1,079,119			2,378,351			531,197			5,386,133			21,650			(82,293	)
Prepaid service fees - Class 1		—			—			—			—			—			—
Interest receivable		6,341			121,045			27,586			69,848			8,761			(2,671	)
Receivable from related parties		—			231,671			—			153,157			—			87,670
Other assets		—			(36,188	)		2,973			—			(43,557	)		—
Incentive fees payable to Managing Owner		(1,950	)		—			—			—			—			—
Management fees payable to Managing Owner		4,195			(23,496	)		(1,455	)		(50,174	)		—			—
Interest payable to Managing Owner		—			—			—			—			(59	)		9
Trading fees payable to Managing Owner		(13,905	)		(77,010	)		(16,958	)		(7,511	)		(2,866	)		(10,716	)
Service fees payable to Managing Owner		938			55,703			(945	)		9,598			(106	)		(1,970	)
Payables to related parties		—			—			—			—			—			(1,603,124	)
Other liabilities		(21,907	)		(19,674	)		39,602			(5,776	)		(0	)		(5,481	)
Net cash provided by (used in) operating activities		2,420,733			33,477,951			2,965,405			4,840,156			643,584			4,476,644
Cash Flows from Financing Activities:
Proceeds from sale of units		—			785,006			—			67,610			—			—
Payment for redemption of units		(2,618,601	)		(34,998,790	)		(3,456,368	)		(3,779,383	)		(769,015	)		(4,157,575	)
Change in owner redemptions payable		73,079			169,716			114,816			(131,842	)		6,185			67,290
Net cash provided by (used in) financing activities		(2,545,522	)		(34,044,068	)		(3,341,552	)		(3,843,615	)		(762,830	)		(4,090,285	)
Net increase (decrease) in cash and cash equivalents		(124,789	)		(566,117	)		(376,147	)		996,541			(119,246	)		386,359
Cash and cash equivalents, beginning of period		189,890			674,227			411,695			546,509			152,200			—
Cash and cash equivalents, end of period	$	65,101		$	108,110		$	35,548		$	1,543,050		$	32,954		$	386,359

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

24

The Series of Frontier Funds

Statements of Cash Flows

For the Nine Months Ended September 30, 2018 and 2017

(Unaudited)

	Frontier Balanced Fund						Frontier Select Fund
	9/30/2018			9/30/2017			9/30/2018			9/30/2017
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	(5,160,938	)	$	(1,716,147	)	$	(1,063,652	)	$	(2,418,472	)
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		201,996			397,395			—			686,022
Due from Managing Owner		184,106			—			—			—
Net change in ownership allocation of U.S. Treasury securities		53,128			7,943,201			509,154			821,516
Net unrealized (gain)/loss on swap contracts		(509,226	)		(420,488	)		—			—
Net unrealized (gain)/loss on U.S. Treasury securities		6,119			(483,160	)		(1,522	)		(202,502	)
Net realized (gain)/loss on U.S. Treasury securities		63,298			228,904			14,456			170,783
Net unrealized (gain)/loss on private investment companies		3,522,386			1,919,200			797,340			779,294
Net realized (gain)/loss on private investment companies		(244,703	)		(3,954,532	)		1,526			45,798
(Purchases) sales of:
Sales of U.S. Treasury securities		2,213,107			887,884			501,919			1,731,714
Purchases of U.S. Treasury securities		(3,228,823	)		—			(899,134	)		—
U.S. Treasury interest and premium paid/amortized		41,873			24,870			9,132			15,979
Purchase of Private Investment Companies		(6,751,508	)		(15,315,922	)		(2,471,707	)		(6,800,023	)
Sale of Private Investment Companies		9,805,250			30,906,344			3,809,055			1,034,717
Reduction of collateral in Swap contracts		2,000,000			7,514,000						—
Increase and/or decrease in:
Receivable from futures commission merchants		4,727,066			492,880			—			8,208,218
Change in control of ownership - trading companies		—			—			—			(3,675,188	)
Investments in unconsolidated trading companies, at fair value		1,033,362			3,213,364			63,092			3,361,211
Interest receivable		2,361			174,699			6,820			51,905
Receivable from related parties		(0	)		346,875			—			103,407
Other assets		(40,189	)		(85,207	)		(17,218	)		—
Incentive fees payable to Managing Owner		11,554			—			—			—
Management fees payable to Managing Owner		1,063			(12,438	)		—			(21,219	)
Interest payable to Managing Owner		(32,716	)		(18,335	)		(593	)		(2,644	)
Trading fees payable to Managing Owner		(26,198	)		(53,625	)		(6,368	)		(2,558	)
Service fees payable to Managing Owner		302			9,837			(6,993	)		(9,316	)
Risk analysis fees payable		—			8,276			—			(2,303	)
Other liabilities		125,196			(89,587	)		(5,725	)		(5,863	)
Net cash provided by (used in) operating activities		7,997,866			31,918,288			1,239,582			3,870,476
Cash Flows from Financing Activities:
Proceeds from sale of units		—			162,799			—			99,812
Payment for redemption of units		(8,088,356	)		(31,560,889	)		(1,342,069	)		(3,914,340	)
Change in owner redemptions payable		31,266			(496,370	)		10,437			(132,437	)
Net cash provided by (used in) financing activities		(8,057,090	)		(31,894,460	)		(1,335,704	)		(3,946,965	)
Net increase (decrease) in cash and cash equivalents		(59,224	)		23,828			(92,050	)		(76,489	)
Cash and cash equivalents, beginning of period		164,332			1,083,579			114,973			432,021
Cash and cash equivalents, end of period	$	105,108		$	1,107,407		$	22,923		$	355,532

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

25

The Series of Frontier Funds

Statements of Cash Flows

For the Nine Months Ended September 30, 2018 and 2017

(Unaudited)

	Frontier Winton Fund						Frontier Heritage Fund
	9/30/2018			9/30/2017			9/30/2018			9/30/2017
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	(1,193,745	)	$	(2,377,597	)	$	(1,000,357	)	$	(1,171,891	)
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		—			1,682,758			—			—
Net change in ownership allocation of U.S. Treasury securities		(1,817,543	)		(4,622,172	)		(54,774	)		635,669
Net unrealized (gain)/loss on swap contracts		—			—			84,079			513,913
Net unrealized (gain) loss on U.S. Treasury securities, at fair value		(11,126	)		(1,194,837	)		(2,583	)		(291,328	)
Net realized (gain) loss on U.S. Treasury securities, at fair value		253,908			1,104,301			40,316			211,694
Net unrealized gain/(loss) on private investment companies					—			498,155			120,769
Net realized gain/(loss) on private investment companies					—			98,763			—
(Purchases) sale of:
Sales of U.S. Treasury Securities		8,763,298			12,652,125			1,393,371			2,231,740
Purchases of U.S. Treasury Securities		(6,626,880	)		—			(1,204,398	)		—
U.S. Treasury interest and premium paid/amortized		137,325			119,303			23,530			22,396
Purchase of Private Investment Companies					—			(683,033	)		(2,306,940	)
Sale of Private Investment Companies					—			763,850			5,000,000
Increase and/or decrease in:
Receivable from futures commission merchants		—			4,110,059			—			—
Change in control of ownership of trading companies		—			(2,330,730	)		—			(2,424,186	)
Investments in unconsolidated trading companies, at fair value		2,976,783			2,563,419			636,915			1,418,793
Interest receivable		76,588			240,952			14,617			63,252
Receivable from related parties		58,146			551,508			—			131,430
Other assets		(18,359	)		—			0			(10,159	)
Management fees payable to Managing Owner		(18,565	)		(162,168	)		(7,101	)		(56,501	)
Interest payable to Managing Owner		(5,222	)		(30,730	)		(690	)		(5,244	)
Trading fees payable to Managing Owner		(19,877	)		(13,939	)		(3,723	)		(3,472	)
Service fees payable to Managing Owner		(5,901	)		9,638			(1,482	)		(2,721	)
Risk analysis fees payable					13,842			—			—
Payables to related parties		(152,219	)		—			—			—
Other liabilities		(82,266	)		110,418			(1,475	)		(18,085	)
Net cash provided by (used in) operating activities		2,314,346			12,426,150			593,981			4,059,129
Cash Flows from Financing Activities:
Proceeds from sale of units		—			283,970			—			34,436
Payment for redemption of units		(3,380,413	)		(7,243,617	)		(795,000	)		(3,664,806	)
Pending owner additions					—						—
Change in owner redemptions payable		7,649			(9,900	)		924			33,898
Net cash provided by (used in) financing activities		(3,372,764	)		(6,969,547	)		(794,076	)		(3,596,472	)
Net increase (decrease) in cash and cash equivalents		(1,058,418	)		5,456,603			(200,096	)		462,657
Cash and cash equivalents, beginning of period		1,403,125			1,628,208			259,161			382,499
Cash and cash equivalents, end of period	$	344,707		$	7,084,811		$	59,065		$	845,156

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

26

The Series of the Frontier Funds

Notes to Financial Statements (Unaudited)

1. Organization and Purpose

Frontier Funds (formerly Equinox Frontier Funds), which is referred to in this report as “the Trust”, was formed on August 8, 2003, as a Delaware statutory trust. The Trust is a multi-advisor commodity pool, as described in Commodity Futures Trading Commission (the “CFTC”) Regulation § 4.10(d)(2). The Trust has authority to issue separate series, or each, a Series, of units of beneficial interest (the “Units”) pursuant to the requirements of the Delaware Statutory Trust Act, as amended (the “Trust Act”). The assets of each Series are valued and accounted for separately from the assets of other Series. The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Trust is managed by Frontier Fund Management LLC (the “Managing Owner”). The Managing Owner was incorporated in Delaware in November, 2016. The Managing Owner has delegated its commodity pool operator (“CPO”) responsibilities to Wakefield Advisors LLC pursuant to the Commodity Pool Operator Delegation Agreement between the Managing Owner and Wakefield Advisors LLC, which has been registered with the CFTC as a commodity pool operator since January 7, 2013, and has been a member of the NFA since that date. Under the Commodity Pool Operator Delegation Agreement, Wakefield does not receive any fees or remuneration from the Managing Owner in connection with the performance of its obligations thereunder. The Commodity Pool Operator Delegation Agreement is effective until terminated by either the Managing Owner or Wakefield, or until Wakefield is no longer registered as a CPO (unless excluded or exempt from CPO registration under the Commodity Exchange Act, as amended (the “Commodity Exchange Act”)). The Managing Owner remains jointly and severally liable with Wakefield Advisors LLC for violations of the Commodity Exchange Act and CPO Regulations. However, Wakefield Advisors LLC will indemnify the Managing Owner from and against any and all loss, liability, damage, penalty, fine, cost and expense (including attorneys’, accountants’, experts’, and other professionals’ fees and expenses incurred in investigation or defense of any and all demands, claims, actions, suits, or arbitrations) actually and reasonably incurred by the Managing Owner, based upon, arising out of or from, or in any way in connection with, any act, activity, conduct, performance, omission, or non-performance by the Wakefield Advisors LLC of any of its functions as CPO or which violates the Commodity Exchange Act or CPO Regulations in connection with its functions as CPO.

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 amended from time to time (the “Trust Agreement”), unitholders in a Delaware statutory 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 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 to 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 Winton Fund and Frontier Heritage Fund, (each a “Series” and collectively, the “Series”). 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.

27

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 affiliated with the Managing Owner (“Trading Company” or “Trading Companies” or to an unaffiliated series limited liability company (“Galaxy Plus entities” or “Galaxy Plus entity”), each of which has one-year renewable contracts with its own independent trading advisor(s) (each a “Trading Advisor”) 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 vested in such Trading Company of Galaxy Plus entity. The assets of each Trading Company and Galaxy Plus entity will be segregated from the assets of the other Trading Companies and Galaxy Plus entities.

● 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 (or 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 Winton 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 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.

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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 September 30, 2018, the total Units outstanding were 144,766 for the Frontier Diversified Fund, 64,542 for the Frontier Masters Fund, 30,739 for the Frontier Long/Short Commodity Fund, 275,120 for the Frontier Balanced Fund, 57,387 for the Frontier Select Fund, 69,343 for the Frontier Winton Fund and 41,833 for the Frontier Heritage Fund.

As of September 30, 2018, the Trust, with respect to the Frontier Diversified Fund and Frontier Masters Fund, separates Units into three separate Classes—Class 1, Class 2, and Class 3. The Trust, with respect to the Frontier Select Fund, Frontier Winton Fund, and Frontier Heritage 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. On May 10, 2017, the interests Frontier Trading Company XV, LLC, which included exposure to Transtrend B.V.’s TT Enhanced Risk (USD) Program, were transferred to an individual Delaware limited liability company (“Master Fund”) in Galaxy Plus.  The Master Fund is sponsored and operated by Gemini Alternative Funds, LLC (“Sponsor”).  The Sponsor has contracted with the Trading Advisors to manage the portfolios of the Master Funds pursuant to the advisors’ respective program.  For those Series that invest in Galaxy Plus, approximately 30-70% of those Series assets are used to support the margin requirements of the Master Funds.  The remaining assets of the Series are split between investments in Trading Companies and a pooled cash management account that invests primarily in U.S. Treasury securities.  For those Series that do not invest in Galaxy Plus, their assets are split between investments in Trading Companies and investments in the pooled cash management account.

As of September 30, 2018, Frontier Winton Fund has invested a portion of its assets into two Trading Companies, and a single Trading Advisor manages 100% of the assets invested in each of these Trading Companies. Each of the remaining 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.

2. Significant Accounting Policies

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

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

Consolidation—The Series, through investing in the Trading Companies and Galaxy Plus, authorize certain Trading Advisors to place trades and manage assets at pre-determined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses and a risk analysis fee (for closed Series only), all of which is allocated to the Series, if consolidated by a Series. Galaxy Plus is a series of Delaware limited liability companies, sponsored by Gemini Alternative Funds, LLC, that create exposure to a variety of third party professional managed futures and foreign exchange advisors. Galaxy Plus is available to qualified high-net-worth individuals and institutional investors. Trading Companies in which a Series has a controlling and majority interest as calculated on that Series’ pro-rata net asset value in the Trading Company are consolidated by such Series. 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 net asset value 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 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.

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

Use of Estimates—The preparation of 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 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), Frontier Winton 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) 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 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 Trust deposits assets with a FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of September 30, 2018 included restricted cash for margin requirements of $1,450,731 for Frontier Trading Company I LLC and $4,306,571 for Frontier Trading Company II LLC.

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).

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

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

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

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

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

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

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Income Taxes—The Trust, with respect to the Series, applies the provisions of ASC 740 Income Taxes (“ASC 740”), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust, with respect to the Series’, financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Trust’s level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The Managing Owner has concluded there is no tax expense, interest or penalties to be recorded by the Trust, with respect to the Series. The 2014 through 2017 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 fee (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. Certain Series are also changed a risk analysis fee (for closed Series only) based on a percentage of nominal assets. Such fee is paid to a third party.

Incentive Fee (rebate)—The Managing Owner is allowed to share in the incentive fees earned by the Trading Advisors up to 10% of New Net Profits (as defined in the prospectus). If the Managing Owner’s share of the incentive fee exceeds 10% of new net profits during the period, then the Managing Owner is obligated to return any amount in excess. The returned amounts are recorded as Incentive Fee (Rebate) on the Statements of Operations.

Service Fees—The Trust may maintain each Series of Units in three to seven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of Frontier Diversified Fund, Frontier Masters Fund, and Frontier Long/Short Commodity Fund are charged a service fee of up to two percent (2.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to two percent (2.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to two percent (2.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. Investors who have purchased Class 1 or Class 1a Units of Frontier Balanced Fund, Frontier Heritage Fund, Frontier Select Fund, and Frontier Winton 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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These service fees are part of the offering costs of the Trust, which include registration and filing fees, legal and blue sky expenses, accounting and audit, printing, marketing support and other offering costs which are borne by the Managing Owner. With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Class 1 and Class 1a Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed for such payment by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk of the downside and enjoys the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months.

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

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

Subsequent Events—The 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.

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.

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

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

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

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. The 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. 

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The following table summarizes the instruments that comprise the Trust, with respect to the Series, financial asset portfolio, by Series, measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017 segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value. 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.

	Level 1			Level 2			Level 3		Total
September 30, 2018	Inputs			Inputs			Inputs		Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	1,169,987		$	(23,896	)	$	—	$	1,146,091
Swap Contracts		—			—			5,575,997		5,575,997
U.S. Treasury Securities		938,408			—			—		938,408
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		991,679			(21,734	)		—		969,945
U.S. Treasury Securities		512,411			—			—		512,411
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		99,860			—			—		99,860
Swap Contracts		—			—			471,942		471,942
U.S. Treasury Securities		475,024			—			—		475,024
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		2,190,822			(46,008	)		—		2,144,814
Open Trade Equity (Deficit)		(23,444	)		—			—		(23,444	)
Swap Contracts		—			—			9,850,185		9,850,185
U.S. Treasury Securities		1,515,106			—			—		1,515,106
Frontier Select Fund
Investment in Unconsolidated Trading Companies		69,462			—			538,309		607,771
U.S. Treasury Securities		330,422			—			—		330,422
Frontier Winton Fund
Investment in Unconsolidated Trading Companies		5,110,724			(99,932	)		—		5,010,792
U.S. Treasury Securities		4,968,843			—			—		4,968,843
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		928,475			(18,416	)		—		910,059
Swap Contracts		—			—			3,010,288		3,010,288
U.S. Treasury Securities		851,399			—			—		851,399

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							Total
December 31, 2017	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	2,152,721	$	55,593	$	—	$	2,208,314
Swap Contracts		—		—		6,376,472		6,376,472
U.S. Treasury Securities		767,049		—		—		767,049
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		1,460,743		31,450		—		1,492,193
U.S. Treasury Securities		1,663,014		—		—		1,663,014
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		121,510		—		—		121,510
Swap Contracts		—		—		397,039		397,039
U.S. Treasury Securities		614,803		—		—		614,803
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		3,072,933		81,725		—		3,154,658
Open Trade Equity (Deficit)		144,983		33,569		—		178,552
Swap Contracts		—		—		11,340,959		11,340,959
U.S. Treasury Securities		663,808		—		—		663,808
Frontier Select Fund
Investment in Unconsolidated Trading Companies		91,790		—		579,073		670,863
U.S. Treasury Securities		464,427		—		—		464,427
Frontier Winton Fund
Investment in Unconsolidated Trading Companies		7,750,343		184,193		—		7,934,536
U.S. Treasury Securities		5,667,825		—		—		5,667,825
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		1,500,688		35,943		—		1,536,631
Swap Contracts		—		—		3,094,367		3,094,367
U.S. Treasury Securities		1,046,861		—		—		1,046,861

The changes in Level 3 assets measured at fair value on a recurring basis are summarized in the following tables. Swap contract asset gains and losses (realized/unrealized) included in earnings are classified in “realized and unrealized gain (loss) on investments – net unrealized gain/(loss) on swap contracts” on the statements of operations. Investment in unconsolidated trading company asset gains and losses (realized/unrealized) included in earnings are classified in “Change in fair value of investments in unconsolidated trading companies.” During the nine months ended September 30, 2018, all identified Level 3 assets were components of the Frontier Diversified Fund, Frontier Long/Short Commodity Fund, Frontier Balanced Fund, Frontier Select Fund, and Frontier Heritage Fund.

36

For the Nine Months Ended September 30, 2018

Swaps

				Frontier Long/Short
	Frontier Balanced Fund			Commodity Fund
Balance of recurring Level 3 assets as of January 1, 2018	$	11,340,959		$	397,039
Total gains or losses (realized/unrealized):
Included in earnings-realized		—			—
Included in earnings-unrealized		509,226			74,903
Proceeds from collateral reduction		(2,000,000	)		—
Change in ownership allocation		—			—
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of September 30, 2018	$	9,850,185		$	471,942
	Frontier Diversified
	Fund			Frontier Heritage Fund
Balance of recurring Level 3 assets as of January 1, 2018	$	6,376,472		$	3,094,367
Total gains or losses (realized/unrealized):
Included in earnings-realized		—			—
Included in earnings-unrealized		299,525			(84,079	)
Proceeds from collateral reduction		(1,100,000	)		—
Change in ownership allocation		—			—
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of September 30, 2018	$	5,575,997		$	3,010,288

37

For the Year Ended December 31, 2017

Swaps

				Frontier Long/Short
	Frontier Balanced Fund			Commodity Fund
Balance of recurring Level 3 assets as of January 1, 2017	$	18,939,450		$	4,220,468
Total gains or losses (realized/unrealized):
Included in earnings-realized		—			—
Included in earnings-unrealized		(84,491	)		26,621
Proceeds from collateral reduction		(7,514,000	)		(3,850,050	)
Change in ownership allocation		—			—
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of December 31, 2017	$	11,340,959		$	397,039
	Frontier Diversified Fund			Frontier Heritage Fund
Balance of recurring Level 3 assets as of January 1, 2017	$	8,637,847		$	8,391,414
Total gains or losses (realized/unrealized):
Included in earnings-realized		—			—
Included in earnings-unrealized		(47,375	)		(297,047	)
Proceeds from collateral reduction		(2,214,000	)		(5,000,000	)
Change in ownership allocation		—			—
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of December 31, 2017	$	6,376,472		$	3,094,367
For the Nine Months Ended September 30, 2018
Investments in Unconsolidated Trading Companies:
	Frontier
	Select
	Fund
Balance of recurring Level 3 assets as of January 1, 2018	$	579,074
Change in fair value of investments in unconsolidated trading companies		(40,765	)
Purchases of investments of unconsolidated trading companies		—
Change in ownership allocation		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of September 30, 2018	$	538,309

38

Investments in Unconsolidated Trading Companies:

	Frontier Select Fund
Balance of recurring Level 3 assets as of January 1, 2017	$	3,147,279
Change in fair value of investments in unconsolidated trading companies		(144,019	)
Change in ownership allocation		(2,424,187	)
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2017	$	579,073

The Series of the Trust assess the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Series’ accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the nine months ended September 30, 2018, the Trust did not transfer any assets between Levels 1, 2 or 3.

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

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at September 30, 2018:

	Frontier Diversified		Frontier Long/Short		Frontier Balanced
	Fund		Commodity Fund		Fund		Frontier Heritage Fund
Swap Contracts	$	299,525	$	74,903	$	509,226	$	(84,079	)

	Frontier Select Fund
Investments in Unconsolidated Trading Companies	$	(40,765	)

39

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2017:

				Frontier Long/Short		Frontier Balanced			Frontier Heritage
	Frontier Diversified Fund			Commodity Fund		Fund			Fund
Swap Contracts	$	(47,375	)	$	26,621	$	(84,491	)	$	(297,047	)

	Frontier Select Fund
Investments in Unconsolidated Trading Companies	$	(144,019	)

4. Swap Contracts

In addition to authorizing Trading Advisors to manage pre-determined investment levels of futures, options 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 September 30, 2018, and December 31, 2017, approximately 10.8% and 10.2%, respectively, of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain swaps and is recorded as collateral within the swap fair value within the statement of financial condition. The cash held with the counterparty is not restricted.

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

To help to reduce counterparty risk on the Series, the Managing Owner has the right to reduce the Series’ exposure and remove cash from the Series’ total return swaps with Deutsche Bank AG. This cash holding shall be in excess of $250,000, and may not exceed 40% of the Index exposure in total. Index exposure is defined as the total notional amount plus any profit. The Series are charged interest on this cash holding and any amount removed will be offset against the final settlement value of the swap. As of September 30, 2018, the Frontier Balanced Fund, the Frontier Diversified Fund, the Frontier Long/Short Commodity Fund and Frontier Heritage Fund, have received from the swap counterparty $4,926,555, $2,500,000, $115,000 and $1,900,000, respectively. These amounts are shown on the Statements of Financial Conditions of the respective Series under advance on unrealized swap appreciation, which relates to the Trading Companies’ total return swaps with Deutsche Bank AG.

40

The Series have invested in the following swaps as of and for the nine months ended September 30, 2018:

			Frontier Long/Short	Frontier Heritage
	Frontier Balanced Fund	Frontier Diversified Fund	Commodity Fund	Fund
	Total Return Swap	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$11,735,292	$3,054,369	$653,610	$2,072,056
Termination Date	7/31/2023	7/31/2023	7/31/2023	3/27/2023
Cash Collateral	$86,000	$86,000	$29,950	$978,950
Swap Value	$9,764,185	$5,489,997	$441,992	$2,031,338
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0
Change in Unrealized Gain/(Loss)	$509,226	$299,525	$74,903	($84,079)
Fair Value as of September 30, 2018	$9,850,185	$5,575,997	$471,942	$3,010,288
Advance on swap appreciation	($4,926,555)	($2,500,000)	($115,000)	($1,900,000)

The Series have invested in the following swaps as of and for the year ended December 31, 2017:

			Frontier Long/Short Commodity
	Frontier Balanced Fund	Frontier Diversified Fund	Fund	Frontier Heritage Fund
	Total Return Swap	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$13,373,629	$4,651,155	$653,610	$2,072,056
Termination Date	8/2/2018	8/2/2018	8/7/2018	3/26/2018
Cash Collateral	$2,086,000	$1,186,000	$29,950	$982,500
Swap Value	$9,254,959	$5,190,472	$367,089	$2,111,867
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0
Change in Unrealized Gain/(Loss)	($84,491)	($47,375)	$26,621	($297,047)
Fair Value as of 12/31/2017	$11,340,959	$6,376,472	$397,039	$3,094,367
Advance on swap appreciation	($4,926,555)	($2,500,000)	($115,000)	($1,900,000)

5. Investments in Unconsolidated Trading Companies and Private Investment Companies

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

41

The following table summarizes each of the Series’ investments in unconsolidated Trading companies as of September 30, 2018 and December 31, 2017:

	As of September 30, 2018			As of December 31, 2017
	Percentage of			Percentage of
	Series Net			Series Net
	Assets Invested			Assets Invested
	in Unconsolidated			in Unconsolidated
	Trading Companies	Fair Value		Trading Companies	Fair Value
Series
Frontier Diversified Series —
Frontier Trading Companies II and XXXVIII	6.76%	$	1,146,091	10.37%	$	2,225,210
Frontier Masters Series —
Frontier Trading Companies II and XXXVIII	14.28%	$	969,945	12.55%	$	1,501,142
Frontier Long/Short Commodity Series —
Frontier Trading Company XXXVIII	3.32%	$	99,860	2.86%	$	121,510
Frontier Balanced Series —
Frontier Trading Companies II and XXXVIII	6.13%	$	2,144,814	6.59%	$	3,178,176
Frontier Select Series —
Frontier Trading Companies XXXVIII and XXXIX	13.82%	$	607,771	9.86%	$	670,863
Frontier Winton Fund
Frontier Trading Companies II and XXXVIII	48.77%	$	5,010,792	53.79%	$	7,987,575
Frontier Heritage Series —
Frontier Trading Companies II and XXXVIII	18.25%	$	910,059	22.66%	$	1,536,631

42

The following tables summarize each of the Series; equity in earnings from unconsolidated Trading and private investment companies for the three and nine months ended September 30, 2018 and 2017.

	Three Months Ended September 30, 2018												Three Months Ended September 2017
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Frontier Balanced Fund
Frontier Trading Company II, LLC	$	—		$	—		$	46,550		$	46,550		$	—		$	—		$	72,519		$	72,519
Frontier Trading Company XXXVIII, LLC		—			—			2,568			2,568			—			—			(9,021	)		(9,021	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(9,291	)		(65,905	)		96,559			21,363			(19,245	)		(56,867	)		153,322			77,210
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(12,879	)		39,369			(23,273	)		3,217			(18,045	)		41,460			2,070			25,485
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LL		(68,449	)		525,034			(732,131	)		(275,546	)		(80,645	)		809,976			(431,386	)		297,945
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(10,825	)		24,104			41,083			54,362			(37,146	)		(161,057	)		416,622			218,419
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			—			(4,884	)		(4,884	)		—			(63	)		(256,549	)		(256,612	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(38,176	)		(205,387	)		29,398			(214,165	)		(52,684	)		(693,062	)		690,348			(55,398	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(10,502	)		37,958			(5,938	)		21,518			(31,025	)		(185,578	)		(512	)		(217,115	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(6,575	)		(46,302	)		6,537			(46,340	)		(7,239	)		(14,512	)		2,826			(18,925	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(38,085	)		46,290			67,221			75,426			(87,162	)		(408,339	)		385,991			(109,510	)
Total	$	(194,782	)	$	355,161		$	(476,310	)	$	(315,931	)	$	(333,191	)	$	(668,042	)	$	1,026,230		$	24,997
Frontier Winton Fund
Frontier Trading Company II, LLC	$	—		$	—		$	2,568		$	2,568
Frontier Trading Company XXXVIII, LLC		—			—			154,297			154,297			—			—			(31,155	)		(31,155	)
Total	$	—		$	—		$	156,865		$	156,865		$	—		$	—		$	(31,155	)	$	(31,155	)
Frontier Frontier Select Fund
Frontier Trading Company XXXIX, LLC	$	—		$	—		$	3,227		$	3,227		$	—		$	—		$	53,727		$	53,727
Frontier Trading Company XXXVIII, LLC		—			—			(20,172	)		(20,172	)		—			—			(8,337	)		(8,337	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(21,700	)		91,839			25,085			95,224			(35,396	)		67,150			(116,095	)		(84,341	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(31,965	)		13,930			25,712			7,677			(209,529	)		(209,529	)
Total	$	(53,665	)	$	105,769		$	33,852		$	85,956		$	(35,396	)	$	67,150		$	(280,234	)	$	(248,480	)
Frontier Heritage Fund
Frontier Trading Company II, LLC	$	—		$	—		$	19,781		$	19,781		$	—		$	—		$	46,789		$	46,789
Frontier Trading Company XXXVIII, LLC		—			—			1,051			1,051			—			—			(9,998	)		(9,998	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(33,189	)		14,991			22,315			4,117		$	(29,980	)	$	51,752		$	(142,541	)		(120,769	)
Total	$	(33,189	)	$	14,991		$	43,147		$	24,949		$	(29,980	)	$	51,752		$	(105,750	)	$	(83,978	)
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	—		$	—		$	1,511		$	1,511		$	—		$	—		$	(1,334	)	$	(1,334	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			—			—			—			(5,111	)		10,011			(15,755	)		(10,855	)
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(19,658	)		84,795			(121,669	)		(56,532	)		(37,912	)		210,831			(102,127	)		70,792
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			—			(90,105	)		(90,105	)		—			(2,869	)		5,305			2,436
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(15,062	)		5,925			10,810			1,673			(30,671	)		(59,091	)		52,198			(37,564	)
Total	$	(34,720	)	$	90,720		$	(199,453	)	$	(143,453	)	$	(73,694	)	$	158,882		$	(61,713	)	$	23,475
Frontier Diversified Fund
Frontier Trading Company II, LLC	$	—		$	—		$	34,017		$	34,017		$	—		$	—		$	29,203		$	29,203
Frontier Trading Company XXXVIII, LLC		—			—			2,127			2,127			—			—			3,026			3,026
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(4,157	)		(23,653	)		34,404			6,594			(8,281	)		(26,711	)		65,961			30,969
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			—			—			—			(5,529	)		14,423			(32,526	)		(23,632	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(9,004	)		22,242			(13,179	)		59			(11,301	)		21,985			865			11,549
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(39,614	)		258,878			(358,841	)		(139,577	)		(41,460	)		371,152			(187,157	)		142,535
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(9,027	)		10,939			20,972			22,884			(15,109	)		(55,000	)		140,263			70,154
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			—			(2,350	)		(2,350	)		—			(15	)		(93,042	)		(93,057	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(20,929	)		(92,636	)		16,282			(97,283	)		(38,315	)		(410,394	)		402,029			(46,680	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(8,047	)		17,990			(2,619	)		7,324			(25,622	)		(105,994	)		(426	)		(132,042	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(7,511	)		(46,302	)		6,537			(47,276	)		(10,292	)		(25,052	)		26,393			(8,951	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(20,337	)		21,164			31,504			32,331			(58,330	)		(244,662	)		245,800			(57,192	)
Total	$	(118,626	)	$	168,622		$	(231,146	)	$	(181,150	)	$	(214,239	)	$	(460,268	)	$	600,389		$	(74,118	)
Frontier Masters Fund
Frontier Trading Company II, LLC	$	—		$	—		$	(4,703	)	$	(4,703	)	$	—		$	—		$	36,130		$	36,130
Frontier Trading Company XXXVIII, LLC		—			—			3,100			3,100			—			—			(4,657	)		(4,657	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			—			—			—			(11,827	)		27,230			(47,312	)		(31,909	)
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(51,154	)		235,343			(326,220	)		(142,031	)		(62,543	)		419,529			(214,880	)		142,106
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(32,744	)		17,636			26,253			11,145			(55,827	)		(139,604	)		81,403			(114,028	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(17,623	)		95,172			21,795			99,344			—			—			(128,372	)		(128,372	)
Total	$	(101,521	)	$	348,151		$	(279,775	)	$	(33,145	)	$	(130,197	)	$	307,155		$	(277,688	)	$	(100,730	)

43

	Nine Months Ended September 30, 2018												Nine Months Ended September 2017
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Frontier Balanced Fund
Frontier Trading Company II, LLC	$	—		$	—		$	114,510		$	114,510		$	(32,747	)	$	216,451		$	(342,327	)	$	(158,623	)
Frontier Trading Company XXXVIII, LLC		—			—			(8,908	)		(8,908	)		—			—			(215,180	)		(215,180	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(53,188	)		(277,921	)		103,487			(227,622	)		(64,009	)		(444,842	)		139,701			(369,150	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(44,264	)		(119,199	)		(22,162	)		(185,625	)		(68,404	)		189,463			(32,758	)		88,301
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LL		(296,953	)		894,510			(718,674	)		(121,117	)		(450,701	)		1,744,230			8,954			1,302,483
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(47,185	)		(114,597	)		51,845			(109,937	)		(134,386	)		896,859			(27,111	)		735,362
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(123	)		—			(8,469	)		(8,592	)		—			(63	)		(1,015,265	)		(1,015,328	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(111,704	)		(813,565	)		90,256			(835,013	)		(1,105,937	)		3,100,899			394,461			2,389,423
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(73,053	)		(34,735	)		6,431			(101,357	)		(175,559	)		207,540			217,419			249,400
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(20,503	)		(88,994	)		9,703			(99,794	)		(20,728	)		643,877			(818,574	)		(195,425	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(175,522	)		(1,567,177	)		154,073			(1,588,626	)		(217,096	)		(862,039	)		(70,599	)		(1,149,734	)
Total	$	(822,495	)	$	(2,121,678	)	$	(227,908	)	$	(3,172,081	)	$	(2,269,567	)	$	5,692,375		$	(1,761,279	)	$	1,661,529
Frontier Winton Fund
Frontier Trading Company II, LLC	$	—		$	—		$	(183,988	)	$	(183,988	)	$	—		$	—		$	—		$	—
Frontier Trading Company XXXVIII, LLC		—			—			88,092			88,092			—			—			(334,372	)		(334,372	)
Total	$	—		$	—		$	(95,896	)	$	(95,896	)	$	—		$	—		$	(334,372	)	$	(334,372	)
Frontier Frontier Select Fund
Frontier Trading Company XXXIX, LLC	$	—		$	—		$	(38,351	)	$	(38,351	)	$	—		$	—		$	(249,165	)	$	(249,163	)
Frontier Trading Company XXXVIII, LLC		—			—			(15,611	)		(15,611	)		—			—			(70,090	)		(70,092	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(83,404	)		(433,416	)		92,847			(423,973	)		(26,272	)		455,907			(1,076,952	)		(647,317	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(112,056	)		(80,517	)		(182,320	)		(374,893	)		(35,396	)		67,150			(209,529	)		(177,775	)
Total	$	(195,460	)	$	(513,933	)	$	(143,435	)	$	(852,828	)	$	(61,668	)	$	523,057		$	(1,605,736	)	$	(966,572	)
Frontier Heritage Fund
Frontier Trading Company II, LLC	$	—		$	—		$	26,444		$	26,444		$	(61,563	)	$	113,582		$	(118,339	)	$	(66,320	)
Frontier Trading Company XXXVIII, LLC		—			—			(3,644	)		(3,644	)		—			—			(104,610	)		(104,610	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(128,567	)		(535,418	)		67,067			(596,918	)	$	(29,980	)	$	51,752		$	(142,541	)		(120,769	)
Total	$	(128,567	)	$	(535,418	)	$	89,867		$	(574,118	)	$	(91,543	)	$	165,334		$	(365,490	)	$	(291,699	)
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	—		$	—		$	(301	)	$	(301	)	$	—		$	—		$	48,430		$	48,430
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			—			—			—			(49,244	)		(27,947	)		56,870			(20,321	)
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(75,198	)		191,295			(164,749	)		(48,652	)		(219,046	)		608,857			93,673			483,484
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(681	)		—			(145,612	)		(146,293	)		(570,790	)		(2,869	)		5,305			(568,354	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(59,678	)		(230,562	)		24,115			(266,125	)		(61,797	)		(61,934	)		(105,149	)		(228,880	)
Total	$	(135,557	)	$	(39,267	)	$	(286,547	)	$	(461,371	)	$	(900,877	)	$	516,107		$	99,129		$	(285,641	)
Frontier Diversified Fund
Frontier Trading Company II, LLC	$	—		$	—		$	40,239			40,239			(34,961	)		156,232			(215,541	)		(94,270	)
Frontier Trading Company XXXVIII, LLC		—			—			307			307			—			—			(217,505	)		(217,505	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(25,766	)		(94,474	)		36,713			(83,527	)		(47,202	)		(275,640	)		107,879			(214,963	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			—			—			—			(57,740	)		(282,402	)		368,874			28,732
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(28,732	)		(48,799	)		(12,067	)		(89,598	)		(48,192	)		115,185			(20,362	)		46,631
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(127,929	)		449,134			(404,314	)		(83,109	)		(372,907	)		1,308,793			157,823			1,093,709
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(28,612	)		(2,139	)		29,425			(1,326	)		(86,543	)		613,006			(32,023	)		494,440
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			(62	)		1,592			1,530			—			(15	)		(379,526	)		(379,541	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(62,615	)		(428,811	)		18,024			(473,402	)		(716,264	)		2,120,108			(618	)		1,403,226
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(45,287	)		(7,954	)		2,742			(50,499	)		(170,681	)		290,815			121,852			241,986
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(23,108	)		(89,102	)		9,703			(102,507	)		(65,209	)		1,793,033			(2,309,045	)		(581,221	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(92,781	)		(751,752	)		54,921			(789,612	)		(167,731	)		(525,880	)		(78,889	)		(772,500	)
Total	$	(434,830	)	$	(973,959	)	$	(222,715	)	$	(1,631,504	)	$	(1,767,430	)	$	5,313,235		$	(2,497,081	)	$	1,048,724
Frontier Masters Fund
Frontier Trading Company II, LLC	$	—		$	—		$	(99,255	)		(99,255	)		25,034			91,810			(254,854	)		(138,010	)
Frontier Trading Company XV, LLC		—			—			—			—			(82,918	)		78,115			(115,394	)		(120,197	)
Frontier Trading Company XXXVIII, LLC		—			—			20,318			20,318			—			—			(108,362	)		(108,362	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			(76,396	)		68,413			(7,983	)		(81,868	)		(54,404	)		103,126			(33,146	)
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(200,364	)		498,398			(429,904	)		(131,870	)		(287,707	)		937,794			43,617			693,704
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(132,925	)		(709,314	)		39,893			(802,346	)		(89,695	)		(176,476	)		(192,207	)		(458,378	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(64,811	)		7,178			(157,460	)		(215,093	)		—			—			(749,376	)		(749,376	)
Total	$	(398,100	)	$	(280,134	)	$	(557,995	)	$	(1,236,229	)	$	(517,154	)	$	876,839		$	(1,273,450	)	$	(913,765	)

44

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

	Redemptions	Redemptions	Liquidity
	Notice Period	Permitted	Restrictions
Frontier Diversified Fund
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	24 hours	Daily	None
Galaxy Plus Fund - LRR Feeder Fund (522) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Daily	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Daily	None
Option Trading
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC	24 hours	Daily	None
Frontier Masters Fund
Trend Following
Galaxy Plus Fund - TT Feeder Fund (531) LLC	24 hours	Weekly	None
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Frontier Long/Short Commodity Fund
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	24 hours	Daily	None
Galaxy Plus Fund - LRR Feeder Fund (522) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Frontier Balanced Fund
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC	24 hours	Daily	None
Galaxy Plus Fund - LRR Feeder Fund (522) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Daily	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Daily	None
Option Trading
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC	24 hours	Daily	None
Frontier Select Fund
Trend Following
Galaxy Plus Fund - TT Feeder Fund (531) LLC	24 hours	Weekly	None
Frontier Heritage Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Weekly	None

45

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 advisory fees or advisory 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 bases of the fees vary 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 Winton Fund, Frontier Long/Short Commodity Fund Class 1a, Class 2a and Class 3a and Frontier Masters Fund, 0.75% for Frontier Diversified Fund, 2.5% for the Frontier Heritage Fund and Frontier Select Fund, and 3.5% for the Frontier Long/Short Commodity Fund Class 2 and Class 3. The Managing Owner may pay all or a portion of such management fees to the Trading Advisor(s) and/or waive (up to the percentage specified) any such management fee to the extent any related management fee is paid by a trading company or estimated management fee is embedded in a swap or other derivative instrument. Any management fee embedded in a swap or other derivative instrument may be greater or less than the management fee that would otherwise be charged to the Series by the Managing Owner.

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

46

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

Incentive Fees— Some Series pay to the Managing Owner an incentive fee of a certain percentage of new net trading profits generated in the Trading Companies by such Series, monthly or quarterly. In addition, the Managing Owner receives a quarterly incentive fee of a certain percentage of new net trading profits generated in the Galaxy Plus entities that have been allocated to the Series. The incentive fees attributable to Galaxy Plus entities are included in unrealized gain/(loss) on private investment companies on the 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 Winton Fund, Frontier Heritage Fund, Frontier Select Fund, Frontier Long/Short Commodity Fund and Frontier Masters Fund. The Managing Owner may pay all or a portion of such incentive fees to the Trading Advisor(s) for such Series.

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

Service Fees—Investors who have purchased Class 1 or Class 1a Units of Frontier Diversified Fund, Frontier Masters Fund, and Frontier Long/Short Commodity Fund are charged a service fee of up to two percent (2.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to two percent (2.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to two percent (2.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then unamortized balance of the prepaid initial service fee. Investors who have purchased Class 1 or Class 1a Units of Frontier Balanced Fund, Frontier Heritage Fund, Frontier Select Fund, and Frontier Winton 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.

47

The following table summarizes fees earned by the Managing Owner for the three months and nine months ended September 30, 2018 and 2017:

Three Months Ended September 30, 2018

	Incentive Fees (rebate)		Management Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	10,897	$	13,113	$	14,432	$	145,750
Frontier Masters Fund		—		22,605		11,605		95,225
Frontier Long/Short Commodity Fund		—		—		334		19,318
Frontier Balanced Fund		—		26,643		222,302		339,537
Frontier Select Fund		—		—		32,149		27,076
Frontier Winton Fund		—		104,062		76,839		73,379
Frontier Heritage Fund		—		22,635		29,343		33,624

Three Months Ended September 30, 2017

	Incentive Fees (rebate)		Management Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	—	$	13,509	$	24,584	$	221,452
Frontier Masters Fund		—		26,862		19,585		151,229
Frontier Long/Short Commodity Fund		—		—		1,867		40,897
Frontier Balanced Fund		—		25,760		323,572		462,275
Frontier Select Fund		—		—		46,479		39,673
Frontier Winton Fund		—		188,835		99,725		127,661
Frontier Heritage Fund		—		43,021		40,954		36,907

Nine Months Ended September 30, 2018

	Incentive Fees (rebate)		Management Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	12,778	$	37,905	$	45,236	$	454,513
Frontier Masters Fund		—		83,816		39,503		335,271
Frontier Long/Short Commodity Fund		—		—		1,398		65,530
Frontier Balanced Fund		145,134		69,545		723,093		1,068,482
Frontier Select Fund		—		—		105,111		92,779
Frontier Winton Fund		—		366,404		252,006		236,657
Frontier Heritage Fund		1,394		92,509		97,753		112,771

Nine Months Ended September 30, 2017

	Incentive Fees (rebate)			Management Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	(63,508	)	$	69,251	$	110,769	$	1,154,233
Frontier Masters Fund		—			150,767		72,519		527,813
Frontier Long/Short Commodity Fund		(87,670	)		—		12,838		183,990
Frontier Balanced Fund		—			102,297		1,106,847		1,625,446
Frontier Select Fund		—			102,047		176,247		137,940
Frontier Winton Fund		(49,790	)		677,921		368,816		431,025

48

The following table summarizes fees payable to the Managing Owner as of September 30, 2018 and December 31, 2017.

As of September 30, 2018

	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	10,897	$	8,244	$	—	$	4,552	$	47,283
Frontier Masters Fund		—		7,494		—		2,625		32,173
Frontier Long/Short Commodity Fund		—		—		44		66		6,259
Frontier Balanced Fund		—		23,019		3,591		61,951		108,152
Frontier Select Fund		—		—		765		7,750		8,530
Frontier Winton Fund		—		34,474		15,770		20,813		23,696
Frontier Heritage Fund		—		6,370		1,918		10,001		11,980

As of December 31, 2017

	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	12,847	$	4,049	$	—	$	3,614	$	61,188
Frontier Masters Fund		—		8,949		—		3,570		49,131
Frontier Long/Short Commodity Fund		—		—		103		172		9,125
Frontier Balanced Fund		40,189		11,465		2,528		88,149		140,868
Frontier Select Fund		—		—		1,358		14,743		14,898
Frontier Winton Fund		—		53,039		20,992		26,714		43,573
Frontier Heritage Fund		—		13,471		2,608		11,483		15,703

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) 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 Winton 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) 100% of the interest is retained by the respective Series.

49

The following table outlines the interest paid by each Series to the Managing Owner and its ratio to average net assets for the three and nine months ended September 30, 2018 and 2017:

Three Months Ended

	September 30, 2018		September 30, 2017			September 30, 2018			September 30, 2017
	Gross Amount Paid to		Gross Amount Paid to			Ratio to Average Net			Ratio to Average
	the Managing Owner		the Managing Owner			Assets			Net Assets
Frontier Diversified Class 1	$	—	$	—			0.00	%		0.00	%
Frontier Diversified Class 2		—		—			0.00	%		0.00	%
Frontier Diversified Class 3		—		—			0.00	%		0.00	%
Frontier Masters Class 1		—		(314	)		0.00	%		-0.01	%
Frontier Masters Class 2		—		(333	)		0.00	%		-0.01	%
Frontier Masters Class 3		—		(543	)		0.00	%		-0.01	%
Frontier Long/Short Class 2		4		35			0.00	%		0.01	%
Frontier Long/Short Class 3		55		289			0.31	%		0.01	%
Frontier Long/Short Class 1a		—		—			0.00	%		0.00	%
Frontier Long/Short Class 2a		—		—			0.00	%		0.00	%
Frontier Long/Short Class 3a		—		—			0.00	%		0.00	%
Frontier Balanced Fund Class 1		4,688		9,154			0.02	%		0.02	%
Frontier Balanced Fund Class 1AP		85		123			0.02	%		0.02	%
Frontier Balanced Fund Class 2		848		2,046			0.02	%		0.02	%
Frontier Balanced Fund Class 2A		12		(77	)		0.00	%		-0.01	%
Frontier Balanced Fund Class 3A		31		(136	)		0.00	%		-0.01	%
Frontier Select Fund Class 1		228		4,708			0.00	%		0.08	%
Frontier Select Fund Class 1AP		1		17			0.00	%		0.08	%
Frontier Select Fund Class 2		20		686			0.00	%		0.08	%
Frontier Winton Class 1		5,024		28,693			0.27	%		0.22	%
Frontier Winton Class 1AP		18		74			0.00	%		0.22	%
Frontier Winton Class 2		310		23,095			0.00	%		0.22	%
Frontier Heritage Fund Class 1		412		7,622			0.02	%		0.14	%
Frontier Heritage Fund Class 1AP		—		8			0.00	%		0.15	%
Frontier Heritage Fund Class 2		68		1,297			0.00	%		0.14	%
Total	$	11,804	$	76,444

50

Nine Months Ended

	September 30, 2018		September 30, 2017			September 30, 2018			September 30, 2017
	Gross Amount Paid to		Gross Amount Paid to			Ratio to Average Net			Ratio to Average Net
	the Managing Owner		the Managing Owner			Assets			Assets
Frontier Diversified Class 1	$	—	$	(3,860	)		0.00	%		-0.10	%
Frontier Diversified Class 2		—		(19,555	)		0.00	%		-0.07	%
Frontier Diversified Class 3		—		(7,071	)		0.00	%		-0.06	%
Frontier Masters Class 1		—		(4,988	)		0.00	%		-0.12	%
Frontier Masters Class 2		—		(5,113	)		0.00	%		-0.11	%
Frontier Masters Class 3		—		(5,881	)		0.00	%		-0.09	%
Frontier Long/Short Class 2		41		167			0.00	%		0.03	%
Frontier Long/Short Class 3		543		1,566			2.71	%		0.04	%
Frontier Long/Short Class 1a		—		533			0.00	%		0.07	%
Frontier Long/Short Class 2a		—		233			0.00	%		0.03	%
Frontier Long/Short Class 3a		—		189			0.00	%		0.01	%
Frontier Balanced Fund Class 1		19,340		199,538			0.06	%		0.40	%
Frontier Balanced Fund Class 1AP		341		2,539			0.06	%		0.41	%
Frontier Balanced Fund Class 2		3,504		54,615			0.06	%		0.31	%
Frontier Balanced Fund Class 2A		51		494			0.01	%		0.09	%
Frontier Balanced Fund Class 3A		139		1,316			0.01	%		0.08	%
Frontier Select Fund Class 1		6,063		28,362			0.05	%		0.36	%
Frontier Select Fund Class 1AP		26		84			0.07	%		0.35	%
Frontier Select Fund Class 2		744		4,295			0.07	%		0.36	%
Frontier Winton Class 1		67,727		40,855			3.41	%		0.25	%
Frontier Winton Class 1AP		212		50			0.00	%		0.14	%
Frontier Winton Class 2		7,338		17,017			0.09	%		0.15	%
Frontier Heritage Fund Class 1		5,794		33,744			0.24	%		0.53	%
Frontier Heritage Fund Class 1AP		5		29			0.00	%		0.52	%
Frontier Heritage Fund Class 2		904		10,039			0.02	%		0.56	%
Total	$	112,772	$	349,196

51

7. Financial Highlights

The following information presents the financial highlights of the Trust, with respect to the Series, for the three and nine months ended September 30, 2018 and 2017.

	Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, June 30, 2018	$	108.30		$	126.87		$	118.09		$	99.33		$	116.38		$	108.77		$	70.78		$	106.52		$	82.13		$	111.75		$	86.11
Net operating results:
Interest income		0.06			0.07			0.06			0.07			0.08			0.07			0.07			0.11			0.08			0.11			0.08
Expenses		(1.83	)		(1.19	)		(1.11	)		(2.16	)		(1.91	)		(1.79	)		(1.15	)		(0.64	)		(0.48	)		(0.67	)		(0.50	)
Net gain/(loss) on investments, net of non-controlling interests		(2.07	)		(2.83	)		(2.57	)		(0.02	)		(0.15	)		(0.06	)		(3.50	)		(2.44	)		(4.58	)		(2.57	)		(4.75	)
Net income/(loss)		(3.84	)		(3.96	)		(3.62	)		(2.13	)		(1.99	)		(1.78	)		(4.59	)		(2.98	)		(4.98	)		(3.13	)		(5.17	)
Net asset value, September 30, 2018	$	104.46		$	122.91		$	114.47		$	97.20		$	114.39		$	106.99		$	66.19		$	103.54		$	77.15		$	108.62		$	80.94
Ratios to average net assets
Net investment income/(loss)		-6.52	%		-3.45	%		-3.45	%		-8.57	%		-6.38	%		-6.38	%		-6.44	%		-2.04	%		-2.04	%		-2.04	%		-2.04	%
Expenses before incentive fees (3)(4)		6.67	%		3.60	%		3.60	%		8.83	%		6.65	%		6.65	%		6.84	%		2.45	%		2.45	%		2.45	%		2.45	%
Expenses after incentive fees (3)(4)		6.73	%		3.66	%		3.66	%		8.83	%		6.65	%		6.65	%		6.84	%		2.45	%		2.45	%		2.45	%		2.45	%
Total return before incentive fees (2)		-3.48	%		-3.06	%		-3.00	%		-2.14	%		-1.71	%		-1.64	%		-6.48	%		-2.80	%		-6.06	%		-2.80	%		-6.00	%
Total return after incentive fees (2)		-3.55	%		-3.12	%		-3.07	%		-2.14	%		-1.71	%		-1.64	%		-6.48	%		-2.80	%		-6.06	%		-2.80	%		-6.00	%
	Frontier Balanced Fund																		Frontier Select Fund
	Class 1			Class 1AP			Class 2			Class 2a			Class 3a						Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2018	$	125.21		$	140.68		$	189.72		$	164.33		$	163.77					$	74.75		$	84.07		$	111.56
Net operating results:
Interest income		0.02			0.03			0.03			0.03			0.03						0.00			0.00			0.00
Expenses		(2.14	)		(1.38	)		(1.86	)		(1.61	)		(1.60	)					(1.01	)		(0.50	)		(0.67	)
Net gain/(loss) on investments, net of non-controlling interests		(3.30	)		(3.70	)		(5.00	)		(4.26	)		(4.26	)					1.67			1.88			2.51
Net income/(loss)		(5.40	)		(5.05	)		(6.82	)		(5.85	)		(5.83	)					0.66			1.38			1.84
Net asset value, September 30, 2018	$	119.81		$	135.63		$	182.90		$	158.48		$	157.94					$	75.41		$	85.45		$	113.40
Ratios to average net assets
Net investment income/(loss)		-6.89	%		-3.89	%		-3.89	%		-3.89	%		-3.89	%					-5.36	%		-2.36	%		-2.36	%
Expenses before incentive fees (3)(4)		7.01	%		4.01	%		4.01	%		4.01	%		4.01	%					5.36	%		2.36	%		2.36	%
Expenses after incentive fees (3)(4)		7.01	%		4.01	%		4.01	%		4.01	%		4.01	%					5.36	%		2.36	%		2.36	%
Total return before incentive fees (2)		-4.31	%		-3.59	%		-3.59	%		-3.56	%		-3.56	%					0.88	%		1.64	%		1.65	%
Total return after incentive fees (2)		-4.31	%		-3.59	%		-3.59	%		-3.56	%		-3.56	%					0.88	%		1.64	%		1.65	%
	Frontier Winton Fund									Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2018	$	148.66		$	167.19		$	203.47		$	102.68		$	115.46		$	154.54
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(3.55	)		(2.74	)		(3.63	)		(2.04	)		(1.43	)		(1.91	)
Net gain/(loss) on investments, net of non-controlling interests		0.91			1.06			6.36			0.46			0.55			0.68
Net income/(loss)		(2.64	)		(1.68	)		2.73			(1.58	)		(0.88	)		(1.23	)
Net asset value, September 30, 2018	$	146.02		$	165.51		$	206.20		$	101.10		$	114.58		$	153.31
Ratios to average net assets
Net investment income/(loss)		-9.49	%		-6.49	%		-6.49	%		-7.93	%		-4.93	%		-4.93	%
Expenses before incentive fees (3)(4)		9.49	%		6.49	%		6.49	%		7.93	%		4.93	%		4.93	%
Expenses after incentive fees (3)(4)		9.49	%		6.49	%		6.49	%		7.93	%		4.93	%		4.93	%
Total return before incentive fees (2)		-1.78	%		-1.00	%		1.34	%		-1.54	%		-0.76	%		-0.80	%
Total return after incentive fees (2)		-1.78	%		-1.00	%		1.34	%		-1.54	%		-0.76	%		-0.80	%

(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 mangement 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.

52

		Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
		Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2017		$	116.41		$	135.19		$	125.68		$	114.74		$	133.27		$	124.40		$	81.35		$	115.81		$	93.59		$	121.50		$	97.99
Net operating results:
Interest income			0.16			0.19			0.17			0.25			0.30			0.28			0.23			0.33			0.26			0.34			0.27
Expenses			(3.19	)		(3.72	)		(3.47	)		(5.44	)		(6.43	)		(5.97	)		(1.43	)		(2.06	)		(1.62	)		(2.15	)		(1.70	)
Net gain/(loss) on investments, net of non-controlling interests			(8.91	)		(8.74	)		(7.92	)		(12.35	)		(12.75	)		(11.72	)		(13.96	)		(10.54	)		(15.08	)		(11.08	)		(15.62	)
Net income/(loss)			(11.95	)		(12.28	)		(11.21	)		(17.54	)		(18.88	)		(17.41	)		(15.16	)		(12.27	)		(16.44	)		(12.88	)		(17.05	)
Net asset value, September 30, 2018		$	104.46		$	122.91		$	114.47		$	97.20		$	114.39		$	106.99		$	66.19		$	103.54		$	77.15		$	108.62		$	80.94
Ratios to average net assets
Net investment income/(loss)			-3.73	%		-3.73	%		-3.73	%		-6.92	%		-6.92	%		-6.92	%		-2.08	%		-2.08	%		-2.08	%		-2.08	%		-2.08	%
Expenses before incentive fees (3)(4)			3.86	%		3.86	%		3.86	%		7.26	%		7.26	%		7.26	%		2.47	%		2.47	%		2.47	%		2.47	%		2.47	%
Expenses after incentive fees (3)(4)			3.93	%		3.93	%		3.93	%		7.26	%		7.26	%		7.26	%		2.47	%		2.47	%		2.47	%		2.47	%		2.47	%
Total return before incentive fees (2)			-10.20	%		-9.01	%		-8.85	%		-15.29	%		-14.17	%		-14.00	%		-18.64	%		-10.59	%		-17.57	%		-10.60	%		-17.40	%
Total return after incentive fees (2)			-10.27	%		-9.08	%		-8.92	%		-15.29	%		-14.17	%		-14.00	%		-18.64	%		-10.59	%		-17.57	%		-10.60	%		-17.40	%
	Frontier Balanced Fund																			Frontier Select Fund
		Class 1			Class 1AP			Class 2			Class 2a			Class 3a						Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2017		$	135.96		$	150.56		$	202.90		$	175.77		$	175.18					$	90.27		$	100.02		$	132.73
Net operating results:
Interest income			0.10			0.11			0.15			0.13			0.13						0.00			0.00			0.00
Expenses			(6.82	)		(4.49	)		(6.06	)		(5.26	)		(5.24	)					(3.15	)		(1.56	)		(2.10	)
Net gain/(loss) on investments, net of non-controlling interests			(9.44	)		(10.55	)		(14.09	)		(12.16	)		(12.13	)					(11.71	)		(13.01	)		(17.22	)
Net income/(loss)			(16.15	)		(14.93	)		(20.00	)		(17.29	)		(17.24	)					(14.86	)		(14.57	)		(19.32	)
Net asset value, September 30, 2018		$	119.81		$	135.63		$	182.90		$	158.48		$	157.94					$	75.41		$	85.45		$	113.41
Ratios to average net assets
Net investment income/(loss)			-7.05	%		-4.05	%		-4.05	%		-4.05	%		-4.05	%					-5.37	%		-2.37	%		-2.37	%
Expenses before incentive fees (3)(4)			6.81	%		3.81	%		3.81	%		3.81	%		3.81	%					5.37	%		2.37	%		2.37	%
Expenses after incentive fees (3)(4)			7.17	%		4.17	%		4.17	%		4.17	%		4.17	%					5.37	%		2.37	%		2.37	%
Total return before incentive fees (2)			-11.52	%		-9.55	%		-9.50	%		-9.48	%		-9.48	%					-16.46	%		-14.57	%		-14.56	%
Total return after incentive fees (2)			-11.88	%		-9.92	%		-9.86	%		-9.84	%		-9.84	%					-16.46	%		-14.57	%		-14.56	%
	Frontier Winton Fund										Frontier Heritage Fund
		Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2017		$	159.08		$	176.44		$	216.50		$	121.19		$	134.28		$	179.70
Net operating results:
Interest income			0.00			0.00			0.00			0.00			0.00			0.00
Expenses			(10.70	)		(8.20	)		(10.43	)		(6.79	)		(5.00	)		(6.56	)
Net gain/(loss) on investments, net of non-controlling interests			(2.36	)		(2.73	)		0.13			(13.31	)		(14.70	)		(19.83	)
Net income/(loss)			(13.06	)		(10.93	)		(10.30	)		(20.10	)		(19.70	)		(26.39	)
Net asset value, September 30, 2018		$	146.02		$	165.51		$	206.20		$	101.09		$	114.58		$	153.31
Ratios to average net assets
Net investment income/(loss)			-9.52	%		-6.52	%		-6.52	%		-8.46	%		-5.47	%		-5.47	%
Expenses before incentive fees (3)(4)			9.52	%		6.52	%		6.52	%		8.44	%		5.44	%		5.44	%
Expenses after incentive fees (3)(4)			9.52	%		6.52	%		6.52	%		8.46	%		5.47	%		5.47	%
Total return before incentive fees (2)			-8.21	%		-6.19	%		-4.76	%		-16.56	%		-14.64	%		-14.66	%
Total return after incentive fees (2)			-8.21	%		-6.19	%		-4.76	%		-16.59	%		-14.67	%		-14.69	%

(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 mangement 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.

53

	Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, June 30, 2017	$	111.73		$	128.62		$	119.42		$	102.39		$	117.90		$	109.90		$	83.63		$	116.35		$	95.39		$	122.06		$	99.76
Net operating results:
Interest income		0.01			0.01			0.01			0.11			0.12			0.11			0.00			0.00			0.00			0.00			0.00
Expenses		(1.86	)		(1.22	)		(1.13	)		(2.03	)		(1.65	)		(1.54	)		(1.16	)		(0.87	)		(0.72	)		(0.91	)		(0.75	)
Net gain/(loss) on investments, net of non-controlling interests		0.22			(0.11	)		(0.03	)		(1.06	)		(1.42	)		(1.24	)		0.79			0.84			0.69			0.89			0.78
Net income/(loss)		(1.63	)		(1.32	)		(1.15	)		(2.98	)		(2.95	)		(2.67	)		(0.37	)		(0.03	)		(0.03	)		(0.02	)		0.03
Net asset value, September 30, 2017	$	110.10		$	127.30		$	118.27		$	99.41		$	114.95		$	107.23		$	83.26		$	116.32		$	95.36		$	122.04		$	99.79
Ratios to average net assets (3)
Net investment income/(loss)		-6.50	%		-3.69	%		-3.69	%		-7.26	%		-4.99	%		-4.99	%		-5.31	%		-2.87	%		-2.87	%		-2.87	%		-2.87	%
Expenses before incentive fees (rebate) (4)(5)		6.52	%		3.72	%		3.72	%		7.66	%		5.39	%		5.39	%		5.31	%		2.87	%		2.87	%		2.87	%		2.87	%
Expenses after incentive fees (rebate) (4)(5)		6.52	%		3.72	%		3.72	%		7.66	%		5.39	%		5.39	%		5.31	%		2.87	%		2.87	%		2.87	%		2.87	%
Total return before incentive fees (rebate) (2)		-1.46	%		-1.03	%		-0.96	%		-2.91	%		-2.50	%		-2.43	%		-0.44	%		-0.03	%		-0.03	%		-0.02	%		0.03	%
Total return after incentive fees (rebate) (2)		-1.46	%		-1.03	%		-0.96	%		-2.91	%		-2.50	%		-2.43	%		-0.44	%		-0.03	%		-0.03	%		-0.02	%		0.03	%
	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, June 30, 2017	$	129.84		$	141.71		$	190.62		$	165.77		$	165.22					$	78.79		$	85.90		$	114.11
Net operating results:
Interest income		0.02			0.02			0.03			0.03			0.03						0.00			0.00			0.00
Expenses		(2.20	)		(1.32	)		(1.77	)		(1.54	)		(1.54	)					(1.07	)		(0.50	)		(0.66	)
Net gain/(loss) on investments, net of non-controlling interests		0.54			0.57			0.76			0.72			0.71						(3.26	)		(3.52	)		(4.79	)
Net income/(loss)		(1.64	)		(0.73	)		(0.98	)		(0.79	)		(0.80	)					(4.33	)		(4.02	)		(5.45	)
Net asset value, September 30, 2017	$	128.20		$	140.98		$	189.64		$	164.98		$	164.42					$	74.46		$	81.88		$	108.66
Ratios to average net assets (3)
Net investment income/(loss)		-6.57	%		-3.57	%		-3.57	%		-3.57	%		-3.57	%					-5.24	%		-2.24	%		-2.24	%
Expenses before incentive fees (rebate) (4)(5)		6.63	%		3.63	%		3.63	%		3.63	%		3.63	%					5.24	%		2.24	%		2.24	%
Expenses after incentive fees (rebate) (4)(5)		6.63	%		3.63	%		3.63	%		3.63	%		3.63	%					5.24	%		2.24	%		2.24	%
Total return before incentive fees (rebate) (2)		-1.26	%		-0.52	%		-0.51	%		-0.48	%		-0.48	%					-5.50	%		-4.68	%		-4.78	%
Total return after incentive fees (rebate) (2)		-1.26	%		-0.52	%		-0.51	%		-0.48	%		-0.48	%					-5.50	%		-4.68	%		-4.78	%
	Frontier Winton Fund									Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2017	$	144.09		$	157.26		$	199.66		$	108.98		$	118.94		$	159.18
Net operating results:
Interest income		0.12			0.13			0.17			0.00			0.00			0.00
Expenses		(3.18	)		(2.28	)		(2.90	)		(2.23	)		(1.53	)		(2.05	)
Net gain/(loss) on investments, net of non-controlling interests		1.27			1.39			1.77			(0.76	)		(0.86	)		(1.16	)
Net income/(loss)		(1.79	)		(0.76	)		(0.96	)		(2.99	)		(2.39	)		(3.21	)
Net asset value, September 30, 2017	$	142.30		$	156.50		$	198.70		$	105.99		$	116.55		$	155.97
Ratios to average net assets (3)
Net investment income/(loss)		-8.38	%		-5.38	%		-5.38	%		-8.02	%		-5.02	%		-5.02	%
Expenses before incentive fees (rebate) (4)(5)		8.71	%		5.71	%		5.71	%		8.02	%		5.02	%		5.02	%
Expenses after incentive fees (rebate) (4)(5)		8.71	%		5.71	%		5.71	%		8.02	%		5.02	%		5.02	%
Total return before incentive fees (rebate) (2)		-1.24	%		-0.48	%		-0.48	%		-2.74	%		-2.01	%		-2.02	%
Total return after incentive fees (rebate) (2)		-1.24	%		-0.48	%		-0.48	%		-2.74	%		-2.01	%		-2.02	%

(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) Annualized with the exception of incentive fees.

(4) 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, refer to Note 6 of the Financial Statements.

(5) 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.

54

	Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2016	$	116.43		$	132.94		$	123.27		$	112.80		$	128.78		$	119.89		$	92.78		$	129.56		$	105.67		$	130.80		$	107.50
Net operating results:
Interest income		0.27			0.30			0.28			0.53			0.61			0.56			0.01			0.00			0.00			0.00			0.00
Expenses		(6.36	)		(3.56	)		(3.28	)		(6.82	)		(5.69	)		(5.27	)		(3.15	)		(2.19	)		(1.79	)		(2.22	)		(1.82	)
Net gain/(loss) on investments, net of non-controlling interests		(0.24	)		(2.38	)		(2.00	)		(7.10	)		(8.75	)		(7.95	)		(6.38	)		(11.05	)		(8.52	)		(6.54	)		(5.89	)
Net income/(loss)		(6.33	)		(5.64	)		(5.00	)		(13.39	)		(13.83	)		(12.66	)		(9.52	)		(13.24	)		(10.31	)		(8.76	)		(7.71	)
Net asset value, September 30, 2017	$	110.10		$	127.30		$	118.27		$	99.41		$	114.95		$	107.23		$	83.26		$	116.32		$	95.36		$	122.04		$	99.79
Ratios to average net assets (3)
Net investment income/(loss)		-7.02	%		-3.26	%		-3.26	%		-7.59	%		-5.33	%		-5.33	%		-4.92	%		-2.70	%		-2.70	%		-2.70	%		-2.70	%
Expenses before incentive fees (rebate) (4)(5)		7.46	%		3.70	%		3.70	%		8.23	%		5.97	%		5.97	%		6.17	%		3.95	%		3.95	%		3.95	%		3.95	%
Expenses after incentive fees (rebate) (4)(5)		7.32	%		3.56	%		3.56	%		8.23	%		5.97	%		5.97	%		4.92	%		2.70	%		2.70	%		2.70	%		2.70	%
Total return before incentive fees (rebate) (2)		-5.58	%		-4.39	%		-4.20	%		-11.87	%		-10.74	%		-10.56	%		-11.52	%		-11.47	%		-11.01	%		-7.95	%		-8.43	%
Total return after incentive fees (rebate) (2)		-5.44	%		-4.24	%		-4.06	%		-11.87	%		-10.74	%		-10.56	%		-10.26	%		-10.22	%		-9.76	%		-6.70	%		-7.17	%
	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, 2016	$	134.80		$	144.97		$	194.99		$	169.05		$	168.49					$	94.06		$	101.16		$	134.25
Net operating results:
Interest income		0.02			0.02			0.03			0.02			0.02						0.00			0.00			0.00
Expenses		(6.75	)		(4.06	)		(5.49	)		(4.75	)		(4.73	)					(4.24	)		(2.49	)		(3.32	)
Net gain/(loss) on investments, net of non-controlling interests		0.13			0.05			0.11			0.66			0.64						(15.36	)		(16.79	)		(22.27	)
Net income/(loss)		(6.60	)		(3.99	)		(5.35	)		(4.07	)		(4.07	)					(19.60	)		(19.28	)		(25.59	)
Net asset value, September 30, 2017	$	128.20		$	140.98		$	189.64		$	164.98		$	164.42					$	74.46		$	81.88		$	108.66
Ratios to average net assets (3)
Net investment income/(loss)		-6.66	%		-3.68	%		-3.68	%		-3.68	%		-3.68	%					-6.51	%		-3.54	%		-3.54	%
Expenses before incentive fees (rebate) (4)(5)		6.68	%		3.70	%		3.70	%		3.70	%		3.70	%					6.51	%		3.54	%		3.54	%
Expenses after incentive fees (rebate) (4)(5)		6.68	%		3.70	%		3.70	%		3.70	%		3.70	%					6.51	%		3.54	%		3.54	%
Total return before incentive fees (rebate) (2)		-4.90	%		-2.75	%		-2.74	%		-2.41	%		-2.42	%					-20.84	%		-19.06	%		-19.06	%
Total return after incentive fees (rebate) (2)		-4.90	%		-2.75	%		-2.74	%		-2.41	%		-2.42	%					-20.84	%		-19.06	%		-19.06	%
	Frontier Winton Fund									Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2016	$	154.51		$	166.17		$	210.98		$	119.58		$	128.60		$	172.10
Net operating results:
Interest income		0.11			0.12			0.15			0.00			0.00			0.00
Expenses		(9.63	)		(6.83	)		(8.66	)		(6.81	)		(4.62	)		(6.24	)
Net gain/(loss) on investments, net of non-controlling interests		(2.69	)		(2.96	)		(3.77	)		(6.78	)		(7.43	)		(9.89	)
Net income/(loss)		(12.21	)		(9.67	)		(12.28	)		(13.59	)		(12.05	)		(16.13	)
Net asset value, September 30, 2017	$	142.30		$	156.50		$	198.70		$	105.99		$	116.55		$	155.97
Ratios to average net assets (3)
Net investment income/(loss)		-8.55	%		-5.58	%		-5.58	%		-7.98	%		-5.01	%		-5.01	%
Expenses before incentive fees (rebate) (4)(5)		8.83	%		5.85	%		5.85	%		8.04	%		5.06	%		5.06	%
Expenses after incentive fees (rebate) (4)(5)		8.65	%		5.67	%		5.67	%		7.98	%		5.01	%		5.01	%
Total return before incentive fees (rebate) (2)		-8.08	%		-6.00	%		-6.00	%		-11.42	%		-9.43	%		-9.43	%
Total return after incentive fees (rebate) (2)		-7.90	%		-5.82	%		-5.82	%		-11.36	%		-9.37	%		-9.37	%

(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) Annualized with the exception of incentive fees.

(4) 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, refer to Note 6 of the Financial Statements.

(5) 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.

55

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 September 30, 2018 and December 31, 2017 is included in the Condensed Schedules of Investments. See Note 4 for further disclosure related to each Series’ position in swap contracts.

56

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

For the Three Months Ended September 30, 2018
Monthly average contracts
	Bought		Sold
Frontier Balanced Fund		231		231

For the Three Months Ended September 30, 2017
Monthly average contracts
	Bought		Sold
Frontier Balanced Fund		567		459
Frontier Winton Fund		1,849		1,477

For the Nine Months Ended September 30, 2018
Monthly average contracts
	Bought		Sold
Frontier Balanced Fund		1,753		1,749

For the Nine Months Ended September 30, 2017
Monthly average contracts
	Bought		Sold
Frontier Balanced Fund		1,195		1,121
Frontier Select Fund		4,690		4,675
Frontier Winton Fund		2,168		1,978

57

The following tables summarize the trading revenues for the three and nine months ended September 30, 2018 and 2017 by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2018

	Frontier Balanced
Type of contract	Fund
Metals	$	122,534
Currencies		8,349
Energies		(18,352	)
Agriculturals		(26,065	)
Interest rates		(64,465	)
Stock indices		(8,877	)
Realized trading income/(loss)(1)	$	13,124

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2017

	Frontier Balanced			Frontier Winton
Type of contract	Fund			Fund
Metals	$	(35,090	)	$	(380,449	)
Currencies		418,961			274,057
Energies		(37,022	)		(434,257	)
Agriculturals		(255,648	)		(307,146	)
Interest rates		26,520			(125,819	)
Stock indices		(35,713	)		697,405
Realized trading income/(loss)(1)	$	82,008		$	(276,209	)

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

Unrealized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2018

	Frontier Balanced
Type of contract	Fund
Metals	$	(10,838	)
Currencies		(83,636	)
Energies		6,294
Agriculturals		38,061
Interest rates		(24,837	)
Stock indices		11,426
Change in unrealized trading income/(loss)(1)	$	(63,530	)

Unrealized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2017

	Frontier Balanced			Frontier Winton
Type of contract	Fund			Fund
Metals	$	41,418		$	(5,368	)
Currencies		(257,141	)		(221,054	)
Energies		8,412			204,615
Agriculturals		59,883			204,560
Interest rates		31,989			(179,186	)
Stock indices		31,400			771,765
Change in unrealized trading income/(loss)(1)	$	(84,039	)	$	775,332

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

58

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2018

	Frontier Balanced
Type of contract	Fund
Metals	$	16,990
Currencies		(190,681	)
Energies		42,905
Agriculturals		24,718
Interest rates		(161,677	)
Stock indices		(2,467	)
Realized trading income/(loss)(1)	$	(270,212	)

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2017

	Frontier Balanced			Frontier Select			Frontier Winton
Type of contract	Fund			Fund			Fund
Metals	$	(112,630	)	$	(145,043	)	$	(1,442,763	)
Currencies		238,745			(126,402	)		(1,244,155	)
Energies		(868	)		(516,253	)		(1,721,544	)
Agriculturals		(509,639	)		27,824			399,406
Interest rates		(425,751	)		(768,438	)		(1,296,976	)
Stock indices		240,982			832,876			6,359,249
Realized trading income/(loss)(1)	$	(569,161	)	$	(695,436	)	$	1,053,217

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

Unrealized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2018

	Frontier Balanced
Type of contract	Fund
Metals	$	12,286
Currencies		(185,045	)
Energies		(45,174	)
Agriculturals		(5,025	)
Interest rates		87,216
Stock indices		(5,450	)
Change in unrealized trading income/(loss)(1)	$	(141,192	)

Unrealized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2017

	Frontier Balanced			Frontier Select			Frontier Winton
Type of contract	Fund			Fund			Fund
Metals	$	(110,251	)	$	(51,351	)	$	10,108
Currencies		(258,229	)		(370,286	)		(843,998	)
Energies		11,735			(146,125	)		28,571
Agriculturals		(96,789	)		108,409			(92,870	)
Interest rates		38,801			(296,328	)		(827,879	)
Stock indices		11,496			609,833			95,619
Change in unrealized trading income/(loss)(1)	$	(403,237	)	$	(145,848	)	$	(1,630,449	)

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

59

Certain financial instruments and derivative instruments are eligible for offset in the statements of financial condition under GAAP. The Series’ open trade equity/(deficit), options written, and receivables from futures commissions merchants (each, an “FCM”) are subject to master netting arrangements and collateral arrangements and meet the GAAP guidance to qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. The Series’ policy is to recognize amounts subject to master netting arrangements on a net basis on the 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 September 30, 2018 and December 31, 2017.

As of September 30, 2018

						Net Amounts
			Gross Amounts			Presented in the
	Gross Amounts of		offset in the			Statements of
	recognized		Statements of			Financial
	Derivative Assets		Financial			Condition
Frontier Balanced Fund
Open Trade Equity/(Deficit)	$	580,714	$	(604,158	)	$	(23,444	)
Swap Contracts		9,850,185		—			9,850,185
Frontier Diversified Fund
Swap Contracts	$	5,575,997	$	—		$	5,575,997
Frontier Long/Short Commodity Fund
Swap Contracts	$	471,942	$	—		$	471,942
Frontier Heritage Fund
Swap Contracts	$	3,010,288	$	—		$	3,010,288

60

As of December 31, 2017

						Net Amounts
			Gross Amounts			Presented in the
	Gross Amounts		offset in the			Statements of
	of recognized		Statements of			Financial
	Derivative Assets		Financial Condition			Condition
Frontier Balanced Fund
Open Trade Equity/(Deficit)	$	343,222	$	(164,670	)	$	178,552
Swap Contracts		11,340,959		—			11,340,959
Frontier Diversified Fund
Swap Contracts	$	6,376,472	$	—		$	6,376,472
Frontier Long/Short Commodity Fund
Swap Contracts	$	397,039	$	—		$	397,039
Frontier Heritage Fund
Swap Contracts	$	3,094,367	$	—		$	3,094,367

61

9. Trading Activities and Related Risks

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

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

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

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

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

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 or bad faith. 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 Morgan Stanley & Co. LLC of the referenced Series as allocated from the Trading Company. The Series have not recorded any liability for the guarantees in the accompanying financial statements as it expects any possibility of losses to be remote. The Series have not recorded any liability for the indemnifications in the accompanying financial statement, as it expects any possibility of losses to be remote.

62

11. Subsequent Events

From October 1, 2018 through November 19, 2018, Frontier Balanced Fund, Frontier Diversified Fund, Frontier Heritage Fund, Frontier Long/Short Commodity Fund, Frontier Masters Fund, Frontier Select Fund, and Frontier Winton Fund paid $1,602,003, $234,295, $181,043, $211,739, $435,911 $192,279 and $215,916, respectively, in redemptions.

63

Frontier Funds

Consolidated Statements of Financial Condition

September 30, 2018 (unaudited) and December 31, 2017

	9/30/18		12/31/17
ASSETS
Cash and cash equivalents	$	665,406	$	2,695,377
U.S. Treasury securities, at fair value		9,591,613		10,887,786
Receivable from futures commission merchants		10,714,941		20,584,602
Open trade equity, at fair value		346,726		1,568,414
Incentive fee receivable		57,082		57,082
Swap contracts, at fair value		18,908,412		21,208,838
Investments in private investment companies, at fair value		50,998,548		66,933,235
Interest receivable		71,656		214,730
Due from Managing Owner		—		31,887
Receivables from related party		—		58,146
Other assets		—		—
Total Assets	$	91,354,384	$	124,240,097
LIABILITIES & CAPITAL
LIABILITIES
Owner redemptions payable	$	321,128	$	76,773
Incentive fees payable to Managing Owner		10,897		53,036
Management fees payable to Managing Owner		79,601		90,972
Interest payable to Managing Owner		22,088		26,007
Trading fees payable to Managing Owner		238,073		334,485
Service fees payable to Managing Owner		107,758		148,445
Risk analysis fees payable		28,610		25,576
Advance on unrealized Swap Appreciation		9,441,555		9,441,555
Other liabilities		255,497		278,983
Total Liabilities		10,505,207		10,475,832
OWNERS CAPITAL
Managing Owner Units		880,124		1,159,984
Limited Owner Units		79,969,053		112,604,281
Total Owners Capital		80,849,177		113,764,265
Total Liabilities and Owners Capital	$	91,354,384	$	124,240,097

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

64

Frontier Funds

Consolidated Condensed Schedule of Investments

September 30, 2018 (unaudited)

			Fair			% of Total Capital
Description			Value			(Net Asset Value)
LONG FUTURES CONTRACTS *
		Various agriculture futures contracts (Canada)	$	(173	)		0.00	%
		Various agriculture futures contracts (Europe)		(2,265	)		0.00	%
		Various agriculture futures contracts (U.S.)		2,310			0.00	%
		Various base metals futures contracts (U.S.)		(85,792	)		-0.11	%
		Various currency futures contracts (Europe)		5,110			0.01	%
		Various currency futures contracts (Latin America)		35,880			0.04	%
		Various energy futures contracts (U.S.)		149,308			0.18	%
		Various interest rates futures contracts (Canada)		(3,340	)		0.00	%
		Various interest rates futures contracts (Europe)		(98,875	)		-0.12	%
		Various interest rates futures contracts (Far East)		(3,610	)		0.00	%
		Various interest rates futures contracts (Oceanic)		(11,160	)		-0.01	%
		Various interest rates futures contracts (U.S.)		(90,328	)		-0.11	%
		Various precious metal futures contracts (U.S.)		4,870			0.01	%
		Various soft futures contracts (U.S.)		(51,765	)		-0.06	%
		Various stock index futures contracts (Europe)		18,675			0.02	%
		Various stock index futures contracts (Far East)		37,635			0.05	%
		Various stock index futures contracts (Oceanic)		4,107			0.01	%
		Various stock index futures contracts (U.S.)		31,544			0.04	%
		Total Long Futures Contracts	$	(57,869	)		-0.05	%
SHORT FUTURES CONTRACTS *
		Various agriculture futures contracts (Canada)	$	84,444			0.10	%
		Various agriculture futures contracts (U.S.)		(38,870	)		-0.05	%
		Various base metals futures contracts (U.S.)		(13,753	)		-0.02	%
		Various currency futures contracts (Europe)		19,481			0.02	%
		Various currency futures contracts (Far East)		191,075			0.24	%
		Various currency futures contracts (Oceanic)		(34,915	)		-0.04	%
		Various energy futures contracts (U.S.)		(37,980	)		-0.05	%
		Various interest rates futures contracts (Canada)		7,731			0.01	%
		Various interest rates futures contracts (Europe)		25,411			0.03	%
		Various interest rates futures contracts (Far East)		1,761			0.00	%
		Various interest rates futures contracts (U.S.)		64,383			0.08	%
		Various precious metal futures contracts (U.S.)		162,150			0.20	%
		Various soft futures contracts (Far East)		1,101			0.00	%
		Various soft futures contracts (U.S.)		255,560			0.32	%
		Various stock index futures contracts (Africa)		2,471			0.00	%
		Various stock index futures contracts (Far East)		(1,465	)		0.00	%
		Various stock index futures contracts (U.S.)		14,481			0.02	%
		Total Short Futures Contracts	$	703,066			0.86	%
CURRENCY FORWARDS *
		Various currency forwards contracts (NA)	$	(298,471	)		-0.37	%
		Total Currency Forwards	$	(298,471	)		-0.37	%
		Total Open Trade Equity (Deficit)	$	346,726			0.44	%
SWAPS (1)
		Frontier Brevan Howard swap (U.S.)	$	3,010,288			3.72	%
		Frontier XXXIV Balanced select swap (U.S.)		9,850,185			12.18	%
		Frontier XXXV Diversified select swap (U.S.)		5,575,997			6.90	%
		Frontier XXXVII L/S select swap (U.S.)		471,942			0.58	%
		Total Swaps	$	18,908,412			23.38	%
PRIVATE INVESTMENT COMPANIES (2)
		Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		6,063,170			7.50	%
		Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		3,356,591			4.15	%
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		5,285,097			6.54	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		4,824,012			5.97	%
		Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		6,246,313			7.73	%
		Galaxy Plus Fund - Quest Fit Feeder Fund (517) LLC		2,016,365			2.49	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		686,691			0.85	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,452,297			1.80	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		16,717,851			20.68	%
		Galaxy Plus Fund - TT Feeder Fund (531) LLC		3,255,902			4.03	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		1,094,259			1.35	%
		Total Private Investment Companies	$	50,998,548			63.09	%
U.S. TREASURY SECURITIES
FACE VALUE			Fair Value			Fair Value
$	7,737,000	US Treasury Note 6.875% due 08/15/2025 (Cost $9,813,689)		9,591,613			11.86	%
		Total U.S. Treasury Securities	$	9,591,613			11.86	%

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

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

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

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

65

Frontier Funds

Consolidated Condensed Schedule of Investments

December 31, 2017

			Fair			% of Total Capital
Description			Value			(Net Asset Value)
LONG FUTURES CONTRACTS *
		Various base metals futures contracts (U.S.)	$	1,088,822			0.96	%
		Various currency futures contracts (Canada)		18,470			0.02	%
		Various currency futures contracts (Europe)		27,263			0.02	%
		Various currency futures contracts (Oceanic)		20,670			0.02	%
		Various currency futures contracts (U.S.)		(52,460	)		-0.05	%
		Various energy futures contracts (U.S.)		513,613			0.45	%
		Various energy futures contracts (Europe)		(11,873	)		-0.01	%
		Various interest rates futures contracts (Europe)		(118,226	)		-0.10	%
		Various interest rates futures contracts (Far East)		(4,756	)		0.00	%
		Various interest rates futures contracts (Oceanic)		(23,380	)		-0.02	%
		Various interest rates futures contracts (U.S.)		(25,875	)		-0.02	%
		Various precious metal futures contracts (U.S.)		18,190			0.02	%
		Various soft futures contract (Europe)		(372	)		0.00	%
		Various soft futures contract (U.S.)		55,621			0.05	%
		Various stock index futures contracts (Africa)		4,465			0.00	%
		Various stock index futures contracts (Canada)		5,605			0.00	%
		Various stock index futures contracts (Europe)		(104,638	)		-0.09	%
		Various stock index futures contracts (Far East)		96,403			0.08	%
		Various stock index futures contracts (Oceanic)		2,815			0.00	%
		Various stock index futures contracts (U.S.)		197,228			0.17	%
		Total Long Futures Contracts	$	1,707,585			1.50	%
SHORT FUTURES CONTRACTS *
		Various base metals futures contracts (U.S.)	$	(411,270	)		-0.36	%
		Various currency futures contracts (Europe)		(89,175	)		-0.08	%
		Various currency futures contracts (Far East)		(50,066	)		-0.04	%
		Various currency futures contracts (U.S.)		40,897			0.04	%
		Various energy futures contracts (U.S.)		(77,171	)		-0.07	%
		Various interest rates futures contracts (Canada)		(4,439	)		0.00	%
		Various interest rates futures contracts (Europe)		(6,824	)		-0.01	%
		Various interest rates futures contracts (Oceanic)		1,509			0.00	%
		Various interest rates futures contracts (U.S.)		104,111			0.09	%
		Various precious metal futures contracts (U.S.)		(153,585	)		-0.14	%
		Various soft futures contract (U.S.)		93,576			0.08	%
		Various soft futures contracts (Europe)		35,920			0.03	%
		Various stock index futures contracts (U.S.)		(45,128	)		-0.04	%
		Total Short Futures Contracts	$	(561,645	)		-0.50	%
CURRENCY FORWARDS *
		Various currency forwards contracts (NA)	$	422,474			0.37	%
		Total Currency Forwards	$	422,474			0.37	%
		Total Open Trade Equity (Deficit)	$	1,568,414			1.37	%
SWAPS (1)
		Frontier Brevan Howard swap (U.S.)	$	3,094,367			2.72	%
		Frontier XXXIV Balanced select swap (U.S.)		11,340,960			9.97	%
		Frontier XXXV Diversified select swap (U.S.)		6,376,472			5.60	%
		Frontier XXXVII L/S select swap (U.S.)		397,039			0.35	%
		Total Swaps	$	21,208,838			18.64	%
PRIVATE INVESTMENT COMPANIES (2)
		Galaxy Plus Fund - Chesapeake Feeder Fund (518)	$	1,774,375			1.56	%
		Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		6,507,863			5.72	%
		Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		3,759,970			3.31	%
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		7,523,327			6.61	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		6,607,668			5.81	%
		Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		6,204,663			5.45	%
		Galaxy Plus Fund - Quest Fit Feeder Fund (517) LLC		2,151,869			1.89	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		759,647			0.67	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,919,350			1.69	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		23,045,760			20.26	%
		Galaxy Plus Fund - TT Feeder Fund (531) LLC		5,195,266			4.57	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		1,483,477			1.30	%
		Total Private Investment Companies	$	66,933,235			58.84	%
U.S. TREASURY SECURITIES
FACE VALUE			Fair Value			Fair Value
$	8,269,000	US Treasury Note 6.875% due 08/15/2025 (Cost $10,985,078)		10,887,786			9.57	%
		Total U.S. Treasury Securities	$	10,887,786			9.57	%

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

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

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

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

66

Frontier Funds

Consolidated Statements of Operations

For the Three Months Ended September 30, 2018 and 2017 (unaudited)

	2018			2017
Investment income:
Interest - net	$	58,726		$	42,985
Total Income		58,726			42,985
Expenses:
Incentive Fees (rebate)		10,897			—
Management Fees		189,058			297,987
Risk analysis Fees		21,033			31,067
Service Fees - Class 1		387,003			556,766
Trading Fees		733,788			1,080,095
Other Fees		—			(2,428	)
Total Expenses		1,341,779			1,963,487
Investment income/(loss) - net		(1,283,053	)		(1,920,502	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		1,175,855			(194,202	)
Net unrealized gain/(loss) on private investment companies		(761,505	)		(2,049,818	)
Net realized gain/(loss) on private investment companies		(146,345	)		1,291,678
Net change in open trade equity/(deficit)		(713,117	)		691,294
Net unrealized gain/(loss) on swap contracts		(788,755	)		663,203
Net realized gain/(loss) on U.S. Treasury securities		(98,396	)		—
Net unrealized gain/(loss) on U.S. Treasury securities		(16	)		(22,945	)
Trading commissions		(23,960	)		(24,044	)
Net gain/(loss) on investments		(1,356,241	)		355,166
NET INCREASE/(DECREASE) IN OWNERS’ CAPITAL RESULTING FROM OPERATIONS	$	(2,639,294	)	$	(1,565,336	)

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

67

Frontier Funds

Consolidated Statements of Operations

For the Nine Months Ended September 30, 2018 and 2017 (unaudited)

	2018			2017
Investment income:
Interest - net	$	175,283		$	200,963
Total Income		175,283			200,963
Expenses:
Incentive Fees (rebate)		159,306			(205,571	)
Management Fees		650,179			1,263,162
Risk analysis Fees		64,753			116,226
Service Fees - Class 1		1,264,101			1,989,777
Trading Fees		2,366,003			4,206,610
Other Fees		—			220,622
Total Expenses		4,504,342			7,590,826
Investment income/(loss) - net		(4,329,059	)		(7,389,863	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		1,136,964			(211,381	)
Net unrealized gain/(loss) on private investment companies		(8,567,706	)		(5,325,203	)
Net realized gain/(loss) on private investment companies		277,090			6,098,199
Net change in open trade equity/(deficit)		(1,227,357	)		(2,179,533	)
Net unrealized gain/(loss) on swap contracts		799,575			94,319
Net realized gain/(loss) on U.S. Treasury securities		(500,063	)		(2,129,137	)
Net unrealized gain/(loss) on U.S. Treasury securities		21,003			2,857,993
Trading commissions		(75,709	)		(142,453	)
Net gain/(loss) on investments		(8,136,203	)		(937,196	)
NET INCREASE/(DECREASE) IN OWNERS’ CAPITAL RESULTING FROM OPERATIONS	$	(12,465,262	)	$	(8,327,059	)

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

68

Frontier Funds

Consolidated Statements of Changes in Owners’ Capital

For the Nine Months Ended September 30, 2018 (Unaudited)

	Managing			Limited
	Owner			Owners			Total
Owners’ Capital, December 31, 2017		1,159,984			112,604,281			113,764,265
Sale of Units (including transfers)		—			—			—
Redemption of Units (including transfers)		—			(20,449,826	)		(20,449,826	)
Payment made by Related Party		—			—			—
Net increase/(decrease) in Owners’ Capital resulting from operations		(279,860	)		(12,185,402	)		(12,465,262	)
Owners’ Capital, September 30, 2018	$	880,124		$	79,969,053		$	80,849,177

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

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

69

Frontier Funds

Consolidated Statements of Cash Flows

For the Nine Months Ended September 30, 2018 and 2017 (unaudited)

	2018			2017
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	(12,465,262	)	$	(8,327,059	)
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		1,221,688			2,766,175
Net change in ownership allocation of U.S. Treasury Securities		—
Net unrealized (gain)/loss on swap contracts		(799,574	)		(94,319	)
Net unrealized (gain)/loss on U.S. Treasury securities		(21,003	)		(2,857,993	)
Net realized (gain)/loss on U.S. Treasuries securities		500,063			2,129,137
Net unrealized (gain)/loss on private investment companies		8,567,706			5,325,203
Net realized (gain)/loss on private investment companies		(277,090	)		(6,098,199	)
(Purchases) sales of:
(Purchases) of U.S. Treasury securities		(16,729,100	)		—
Sales of U.S. Treasury securities		17,281,128			31,077,906
(Purchases) of Private Investment Companies		(20,597,103	)		(48,309,537	)
Sales of Private Investment Companies		28,241,174			87,612,483
Reduction of collateral in Swap contracts		3,100,000			18,578,050
U.S. Treasury interest and premium paid/amortized		265,085			348,378
Increase and/or decrease in:
Receivable from futures commission merchants		9,869,661			12,811,157
Interest receivable		143,074			719,026
Receivable from related parties		58,146			87,670
Other assets		(93,479	)		(8,974	)
Incentive fees payable to Managing Owner		(42,139	)		—
Management fees payable to Managing Owner		(11,371	)		(325,996	)
Interest payable to Managing Owner		(3,919	)		(56,946	)
Trading fees payable to Managing Owner		(96,412	)		(168,831	)
Service fees payable to Managing Owner		(40,687	)		70,771
Due from Managing Owner		31,887			—
Risk analysis fees payable		3,034			19,815
Payables to related parties		—			(85,078	)
Other liabilities		(23,486	)		(144,049	)
Net cash provided by operating activities		18,175,500			95,068,790
Cash Flows from Financing Activities:
Proceeds from sale of capital		—			1,433,633
Payment for redemption of capital		(20,449,826	)		(89,319,399	)
Redemptions payable		244,355			(499,642	)
Net cash used in financing activities		(20,205,471	)		(88,385,408	)
Net increase (decrease) in cash and cash equivalents		(2,029,971	)		6,683,382
Cash and cash equivalents, beginning of period		2,695,377			4,747,043
Cash and cash equivalents, end of period	$	665,406		$	11,430,425

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

70

Frontier Funds

Notes to Consolidated Financial Statements (Unaudited)

1. Organization and Purpose

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

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

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

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

The Trust, with respect to each Series:

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

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

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

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

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

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● 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 Winton Fund are charged a service fee of up to three percent (3.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to selling agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Frontier Diversified Fund, and Frontier Masters Fund or Class 2a Units of the Frontier Long/Short Commodity Fund sold until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series. Class 1AP was created as a sub-class of Class 1 and it has been presented separately because the fees applicable to it are different from those applicable to Class 1. Currently the service fee is not charged to Class 1AP investors. The Managing Owner may also pay selling agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such selling agents; and

● all payments made to selling agents who are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and their associated persons that constitute underwriting compensation will be subject to the limitations set forth in Rule 2310(b)(4)(B)(ii) (formerly Rule 2810(b)(4)(B)(ii)) of the Conduct Rules of FINRA (“Rule 2310”). An investor’s Class 1 Units or Class 2 Units of any Series, or Class 1a Units or Class 2a Units of the Frontier Long/Short Commodity Fund or Frontier Balanced Fund will be classified as Class 3 or Class 3a Units of such Series, as applicable, when the Managing Owner determines that the fee limitation set forth in Rule 2310 with respect to such Units has been reached or will be reached. The service fee limit applicable to each unit sold is reached upon the earlier of when (i) the aggregate initial and ongoing service fees received by the selling agent with respect to such unit equals 9% of the purchase price of such unit or (ii) the aggregate underwriting compensation (determined in accordance with FINRA Rule 2310) paid in respect of such unit totals 10% of the purchase price of such unit. No service fees are paid with respect to Class 3 or Class 3a Units. Units of any Class in a Series may be redeemed, in whole or in part, on a daily basis, at the then current NAV per Unit for such Series on the day of the week after the date the Managing Owner is in receipt of a redemption request for at least one (1) Business Day to be received by the Managing Owner prior to 4:00 PM in New York.

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

As of September 30, 2018, the Trust, with respect to the Frontier Diversified Fund and Frontier Masters Fund, separates Units into three separate Classes—Class 1, Class 2, and Class 3. The Trust, with respect to the Frontier Select Fund Frontier Winton Fund and Frontier Heritage Fund separates Units into a maximum of three separate Classes- Class 1, Class 2 and Class 1AP. The Trust, with respect to the Frontier Balanced Fund separates Units into a maximum of five separate Classes— Class 1, Class 1AP, Class 2, Class 2A and Class 3A. The Trust, with respect to the Frontier Long/Short Commodity Fund separates Units into a maximum of five separate Classes— Class 1A, Class 2A, Class 2, Class 3A and Class 3. Between April 15, 2016 and May 10, 2017, a portion of the interests in Frontier Trading Company I, LLC and all of the interests in Frontier Trading Company VII, LLC, Frontier Trading Company XV, LLC, and Frontier Trading Company XXIII LLC held by Frontier Diversified Fund, Frontier Masters Fund, Frontier Select Fund, Frontier Balanced Fund and Frontier Long/Short Commodity Fund were exchanged for equivalent interests in the Galaxy Plus Managed Account Platform (“Galaxy Plus”) which is an unaffiliated, third-party managed account platform. The assets of Frontier Trading Company I, LLC, which included exposure to Quantmetrics Capital Management LLP’s Multi-Strategy Program, Quantitative Investment Management, LLC’s Quantitative Global Program, Quest Partners LLC’s Quest Tracker Index Program, and Doherty Advisors LLC’s Relative Value Moderate Program, the assets of Frontier Trading Company VII, LLC, which included exposure to Emil van Essen LLC’s Multi-Strategy Program, Red Oak Commodity Advisors, Inc.’s Fundamental Diversified Program, Rosetta Capital Management, LLC’s Rosetta Trading Program, and Landmark Trading Company’s Landmark Program, the assets of Frontier Trading Company XV, LLC, which included exposure to Transtrend B.V.’s TT Enhanced Risk (USD) Program, and the assets of Frontier Trading Company XXIII, LLC which included exposure to Fort L.P.’s Global Contrarian Program have been transferred to individual Delaware limited liability companies (“Master Funds”) in Galaxy Plus. Each Master Fund is sponsored and operated by Gemini Alternative Funds, LLC (“Sponsor”). The Sponsor has contracted with the Trading Advisors to manage the portfolios of the Master Funds pursuant to the advisors’ respective program. For those Series that invest in Galaxy Plus, approximately 30-70% of those Series assets are used to support the margin requirements of the Master Funds. The remaining assets of the Series are split between investments in Trading Companies and a pooled cash management account that invests primarily in U.S. Treasury securities. For those Series that do not invest in Galaxy Plus, their assets are split between investments in Trading Companies and investments in the pooled cash management account.

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As of September 30, 2018, Frontier Winton Fund has invested a portion of its assets into two Trading Companies, and a single Trading Advisor manages 100% of the assets invested in each of these Trading Companies. Each of the remaining 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 or bad faith.

2. Significant Accounting Policies

The following are the significant accounting policies of the Trust.

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

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

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

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

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

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

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

Receivable from Futures Commission Merchants—The Trust deposits assets with a FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of September 30, 2018 included restricted cash for margin requirements of $1,450,731 for the Frontier Trading Company I LLC and $4,305,571 for Frontier Trading Company II LLC.

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.

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

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

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

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

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

Income Taxes—The Trust applies the provisions of ASC 740 Income Taxes (“ASC 740”), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust’s financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Trust’s level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The Managing Owner has concluded there is no tax expense, interest or penalties to be recorded by the Trust for the year ended December 31, 2017. The 2014 through 2017 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

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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, 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. Certain Series are also changed a risk analysis fee (for closed Series only) based on a percentage of nominal assets. Such fee is paid to a third party.

Incentive Fee (rebate)—The Managing Owner is allowed to share in the incentive fees earned by the Commodity Trading Advisors up to 10% of New Net Profits (as defined in the prospectus). If the Managing Owner’s share of the incentive fee exceeds 10% of new net profits during the period, then the Managing Owner is obligated to return any amount in excess. The returned amounts are recorded as Incentive Fee (Rebate) on the Statements of Operations.

Service Fees—The Trust may maintain each Series of Units in three to seven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of Frontier Diversified Fund, Frontier Masters Fund, and Frontier Long/Short Commodity Fund are charged a service fee of up to two percent (2.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to two percent (2.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to two percent (2.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. Investors who have purchased Class 1 or Class 1a Units of Frontier Balanced Fund, Frontier Heritage Fund, Frontier Select Fund, and Frontier Winton 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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These service fees are part of the offering costs of the Trust, which include registration and filing fees, legal and blue sky expenses, accounting and audit, printing, marketing support and other offering costs which are borne by the Managing Owner. With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Class 1 and Class 1a Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed for such payment by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk of the downside and enjoys the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months.

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

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

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

3. Fair Value Measurements

In connection with the valuation of investments the Trust applies 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.

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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. 

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. A 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 following table summarizes the instruments that comprise the Trust financial asset portfolio, by Series, measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017 segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value.

September 30, 2018	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Fair Value
Open Trade Equity (Deficit)	$	645,197	$	(298,471	)	$	—	$	346,726
Swap Contracts		—		—			18,908,412		18,908,412
U.S. Treasury Securities		9,591,613		—			—		9,591,613
								Total
December 31, 2017	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Fair Value
Open Trade Equity (Deficit)	$	1,145,940	$	422,474		$	—	$	1,568,414
Swap Contracts		—		—			21,208,838		21,208,838
U.S. Treasury Securities		10,887,786		—			—		10,887,786

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

Swaps

	For the Nine months ended September 30, 2018
Balance of recurring Level 3 assets as of January 1, 2018		21,208,838
Total gains or losses (realized/unrealized):
Included in earnings-realized		—
Included in earnings-unrealized		799,575
Proceeds from collateral reduction		(3,100,000	)
Purchase of investments		—
Sale of investments		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of September 30, 2018		18,908,412
	For the Year ended December 31, 2017
Balance of recurring Level 3 assets as of January 1, 2017	$	40,189,178
Total gains or losses (realized/unrealized):
Included in earnings-realized		—
Included in earnings-unrealized		(402,290	)
Proceeds from collateral reduction		(18,578,050	)
Purchase of investments		—
Sale of investments		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2017	$	21,208,838

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The Trust assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Trust’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the nine months ended September 30, 2018, the Trust did not transfer any assets between Levels 1, 2 and 3.

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at September 30, 2018:

Swap contracts $ 799,575

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2017:

Swap contracts $ (402,290)

4. Swaps Contracts

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

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

The Managing Owner follows a procedure in selecting well-established financial institutions which the Managing Owner, in its sole discretion, considers to be reputable, reliable, financially responsible and well established to act as swap counterparties. The procedure includes due diligence review of documentation on all new and existing financial institution counterparties prior to initiation of the relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owner’s minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. As of September 30, 2018 and December 31, 2017, approximately 1.46% or $1,180,900 and 3.80% or $4,284,450, respectively, of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain swaps and is recorded as Swap Contracts, at fair value on the Statements of Financial Condition of the Trust. This cash held with the counterparty is not restricted.

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.

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The Trust had invested in the following swap contracts as of and for the nine months ended September 30, 2018:

	XXXIV Balanced select swap	XXXV Diversified select swap	XXXVII L/S select swap	Brevan Howard
	Total Return Swap	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$11,735,292	$3,054,369	$653,610	$2,072,056
Termination Date	7/31/2023	7/31/2023	7/31/2023	3/27/2023
Cash Collateral	$86,000	$86,000	$29,950	$978,950
Swap Value	$9,764,185	$5,489,997	$441,992	$2,031,338
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0
Change in Unrealized Gain/(Loss)	$509,226	$299,525	$74,903	($84,079)
Fair Value as of September 30, 2018	$9,850,185	$5,575,997	$471,942	$3,010,288
Advance on swap appreciation	($4,926,555)	($2,500,000)	($115,000)	($1,900,000)

The Trust had invested in the following swap contracts as of and for the year ended December 31, 2017:

	XXXIV Balanced select swap	XXXV Diversified select swap	XXXVII L/S select swap	XXXIX Brevan Howard
	Total Return Swap	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$13,373,629	$4,651,155	$653,610	$2,072,056
Termination Date	8/2/2018	8/2/2018	8/7/2018	3/26/2018
Cash Collateral	$2,086,000	$1,186,000	$29,950	$982,500
Swap Value	$9,254,959	$5,190,472	$367,089	$2,111,867
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0
Change in Unrealized Gain/(Loss)	($84,491)	($47,375)	$26,621	($297,047)
Fair Value as of 12/31/2017	$11,340,959	$6,376,472	$397,039	$3,094,367
Advance on swap appreciation	($4,926,555)	($2,500,000)	($115,000)	($1,900,000)

5. Investments in Private Investment Companies

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

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

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The following table summarizes the Trust’s equity in earnings from each of the private investment companies during the three and nine months ended September 30, 2018 and 2017:

	Three Months Ended September 30, 2018												Three Months Ended September 30, 2017
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	(13,448	)	$	(89,558	)	$	130,963		$	27,957		$	(27,526	)	$	(83,578	)	$	219,283		$	108,179
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			—			—			—			(22,467	)		51,664			(95,593	)		(66,396	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(21,883	)		61,611			(36,452	)		3,276			(29,346	)		63,445			2,935			37,034
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(178,875	)		1,104,050			(1,538,861	)		(613,686	)		(222,560	)		1,811,488			(935,550	)		653,378
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(19,852	)		35,043			62,055			77,246			(52,255	)		(216,057	)		556,885			288,573
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			—			(97,339	)		(97,339	)		—			(2,947	)		(344,286	)		(347,233	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(59,105	)		(298,023	)		45,680			(311,448	)		(90,999	)		(1,103,456	)		1,092,377			(102,078	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(18,549	)		55,948			(8,557	)		28,842			(56,647	)		(291,572	)		(938	)		(349,157	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(14,086	)		(92,604	)		13,074			(93,616	)		(17,531	)		(39,564	)		29,219			(27,876	)
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC		—			—			(256,019	)		(256,019	)		—			—			(91,259	)		(91,259	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(39,323	)		187,011			46,880			194,568			—			—			(244,467	)		(244,467	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(171,382	)		119,936			183,815			132,369			(297,366	)		(732,794	)		413,322			(616,838	)
Total	$	(536,503	)	$	1,083,414		$	(1,454,761	)	$	(907,850	)	$	(816,697	)	$	(543,371	)	$	601,928		$	(758,140	)

	Nine Months Ended September 30, 2018												Nine Months Ended September 30, 2017
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	(81,572	)	$	(372,395	)	$	140,200		$	(313,767	)	$	(111,211	)	$	(720,482	)	$	247,580		$	(584,113	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			(76,396	)		68,413			(7,983	)		(188,852	)		(364,753	)		528,870			(24,735	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(72,912	)		(167,998	)		(34,229	)		(275,139	)		(116,596	)		304,648			(53,120	)		134,932
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(700,233	)		2,033,337			(1,717,641	)		(384,537	)		(1,330,361	)		4,599,674			304,067			3,573,380
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(73,829	)		(116,736	)		81,270			(109,295	)		(220,929	)		1,509,865			(59,134	)		1,229,802
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(804	)		(62	)		(152,150	)		(153,016	)		(570,790	)		(2,947	)		(1,389,486	)		(1,963,223	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(174,274	)		(1,242,377	)		108,280			(1,308,371	)		(1,822,201	)		5,221,007			393,843			3,792,649
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(118,457	)		(42,689	)		9,173			(151,973	)		(346,240	)		498,355			339,271			491,386
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(43,536	)		(175,750	)		19,406			(199,880	)		(85,937	)		2,436,910			(3,127,619	)		(776,646	)
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC		—			—			(329,083	)		(329,083	)		—			—			(795,707	)		(795,707	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(134,728	)		39,795			(286,272	)		(381,205	)		(26,272	)		455,907			(1,826,328	)		(1,396,693	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(715,002	)		(4,340,773	)		379,408			(4,676,367	)		(601,695	)		(1,507,427	)		(798,914	)		(2,908,036	)
Total	$	(2,115,347	)	$	(4,462,044	)	$	(1,713,225	)	$	(8,290,616	)	$	(5,421,084	)	$	12,430,757		$	(6,236,677	)	$	772,996

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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 - EvE STP Feeder Fund (516) LLC	24 hours	Daily	None
Galaxy Plus Fund - LRR Feeder Fund (522) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Daily	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Daily	None
Galaxy Plus Fund - QuestFIT Feeder Fund (535) Segregated Portfolio	24 hours	Daily	None
Galaxy Plus Fund - TT Feeder Fund (531) LLC	24 hours	Weekly	None
Option Trading
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC	24 hours	Daily	None

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 Winton Fund, Frontier Long/Short Commodity Fund Class 1a, Class 2a and Class 3a and Frontier Masters Fund, 0.75% for Frontier Diversified Fund, 2.5% for the Frontier Heritage Fund and Frontier Select Fund, and 3.5% for the Frontier Long/Short Commodity Fund Class 2 and Class 3. The Managing Owner may pay all or a portion of such management fees to the Trading Advisor(s) and/or waive (up to the percentage specified) any such management fee to the extent any related management fee is paid by a trading company or estimated management fee is embedded in a swap or other derivative instrument. Any management fee embedded in a swap or other derivative instrument may be greater or less than the management fee that would otherwise be charged to the Series by the Managing Owner.

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

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

Incentive Fees— Some Series pay to the Managing Owner an incentive fee of a certain percentage of new net trading profits generated in the Trading Companies by such Series, monthly or quarterly. In addition, the Managing Owner receives a quarterly incentive fee of a certain percentage of new net trading profits generated in the Galaxy Plus entities that have been allocated to the Series. The incentive fees attributable to Galaxy Plus entities are included in unrealized gain/(loss) on private investment companies on the 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 Winton Fund, Frontier Heritage Fund, Frontier Select Fund, Frontier Long/Short Commodity Fund and Frontier Masters Fund. The Managing Owner may pay all or a portion of such incentive fees to the Trading Advisor(s) for such Series. As of the date of this report, for a Series that has invested in a swap, the Managing Owner or Trading Advisor(s) do not receive any incentive fees directly from the Series for such swap, and instead the relevant Trading Advisor receives compensation via the fees embedded in the swap. As of September 30, 2018, the range of incentive fees as a percentage of net new trading profits on swaps embedded in (i) swaps owned by Frontier Diversified Fund was 20-25% per annum, (ii) swaps owned by Frontier Balanced Fund was 20-25% per annum, (iii) swaps owned by Frontier Long/Short Commodity Fund was 25% per annum, and (iv) swaps owned by Frontier Heritage Fund was 15% per annum, and the Managing Owner has waived the entire incentive fee due to it from those Series in respect of such Series’ investment in swaps.

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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.

As of September 30, 2018, the Trust had a payable to the Managing Owner in the amounts of $10,897, $79,601, $22,088, $107,758, and $238,073 for incentive fees, management fees, interest, service fees, and trading fees, respectively.

As of December 31, 2017, the Trust had a payable to the Managing Owner in the amounts of $53,036, $90,972, $26,007, $334,485 and $148,445 for incentive fees, management fees, interest, trading fees, and service fees, respectively.

For the three months ended September 30, 2018 the Trust paid the Managing Owner $10,897, $189,058, $387,003 and $733,788 for incentive fees, management fees, service fees, and trading fees, respectively.

For the three months ended September 30, 2017 the Trust paid the Managing Owner $0, $297,987, $556,766 and $1,080,095 for incentive fees, management fees, service fees, and trading fees, respectively.

For the nine months ended September 30, 2018 the Trust paid the Managing Owner $159,306, $650,179, $1,264,101 and $2,366,003 for incentive fees, management fees, service fees, and trading fees, respectively.

For the nine months ended September 30, 2017 the Trust paid the Managing Owner $(205,571), $1,263,162, $1,989,777 and $4,206,610 for incentive fees, management fees, service fees, and trading fees, respectively.

With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed therefore by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk and enjoys the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months. For the three months ended September 30, 2018 and 2017, amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees were $0 and $0, respectively.

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), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Winton 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) 100% of the interest is retained by the respective Series. During the nine months ended September 30, 2018 and 2017, the Trust received $124,430 and paid $349,196, respectively, of such interest income from/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 and nine months ended September 30, 2018 and 2017. This data has been derived from the information presented in the consolidated financial statements.

Three months ended

	2018			2017
Ratios to average net assets (1)
Net investment gain/(loss) (1)		-6.10	%		-5.76	%
Expenses before incentive fees (3)		6.37	%		5.89	%
Expenses after incentive fees (3)		6.38	%		5.89	%
Total return before incentive fees (2)		-3.17	%		-1.18	%
Total return after incentive fees (2)		-3.18	%		-1.18	%

Nine months ended

	2018			2017
Ratios to average net assets (1)
Net investment gain/(loss) (1)		-6.07	%		-5.73	%
Expenses before incentive fees (3)		6.15	%		6.01	%
Expenses after incentive fees (3)		6.32	%		5.89	%
Total return before incentive fees (2)		-13.04	%		-4.92	%
Total return after incentive fees (2)		-13.20	%		-4.80	%

(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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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 September 30, 2018 and December 31, 2017 is included in the Consolidated Condensed Schedules of Investments. See Note 4 for further disclosure related to the Trust’s positions in swap contracts.

For the three months ended September 30, 2018 and September 30, 2017, the monthly average of forwards, options and futures contracts bought was approximately 764 and 2,416, respectively and sold was approximately 544 and 1,936, respectively.

For the nine months ended September 30, 2018 and September 30, 2017, the monthly average of forwards, options and futures contracts bought was approximately 2,819 and 8,053, respectively and sold was approximately 2,375 and 7,774, respectively.

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The following tables summarize the trading revenues for the three and nine months ended September 30, 2018 and 2017 by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2018

Type of contract

Metals	$	234,519
Currencies		520,493
Energies		(25,579	)
Agriculturals		198,513
Interest rates		(298,384	)
Stock indices		546,293
Realized trading income/(loss)(1)	$	1,175,855

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2017

Type of contract

Metals	$	(415,539	)
Currencies		693,018
Energies		(471,279	)
Agriculturals		(562,795	)
Interest rates		(99,299	)
Stock indices		661,692
Realized trading income/(loss)(1)	$	(194,202	)

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

Unrealized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2018

Type of contract

Metals	$	(235,504	)
Currencies		(538,221	)
Energies		60,010
Agriculturals		(160,030	)
Interest rates		84,141
Stock indices		76,487
Change in unrealized trading income/(loss)(1)	$	(713,117	)

Unrealized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2017

Type of contract

Metals	$	36,050
Currencies		(478,195	)
Energies		213,027
Agriculturals		264,443
Interest rates		(147,197	)
Stock indices		803,166
Change in unrealized trading income/(loss)(1)	$	691,294

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

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Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2018

Type of contract

Metals	$	1,012,647
Currencies		(985,268	)
Energies		1,048,526
Agriculturals		287,301
Interest rates		1,723
Stock indices		(227,965	)
Realized trading income/(loss)(1)	$	1,136,964

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2017

Type of contract

Metals	$	(1,700,436	)
Currencies		(1,131,814	)
Energies		(2,238,664	)
Agriculturals		(82,409	)
Interest rates		(2,491,165	)
Stock indices		7,433,107
Realized trading income/(loss)(1)	$	(211,381	)

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

Unrealized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2018

Type of contract

Metals	$	(474,681	)
Currencies		(425,578	)
Energies		(313,242	)
Agriculturals		65,596
Interest rates		(30,149	)
Stock indices		(49,303	)
Change in unrealized trading income/(loss)(1)	$	(1,227,357	)

Unrealized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2017

Type of contract

Metals	$	(151,493	)
Currencies		(1,472,515	)
Energies		(105,818	)
Agriculturals		(81,250	)
Interest rates		(1,085,406	)
Stock indices		716,949
Change in unrealized trading income/(loss)(1)	$	(2,179,533	)

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

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

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 September 30, 2018 and December 31, 2017:

As of September 30, 2018

						Net Amounts
			Gross Amounts			Presented in the
	Gross Amounts of		offset in the			Statements of
	recognized		Statements of			Financial
	Derivative Assets		Financial			Condition
Open Trade Equity/(Deficit)	$	1,593,779	$	(1,247,053	)	$	346,726
Swap Contracts		18,908,412		—			18,908,412

As of December 31, 2017

						Net Amounts
			Gross Amounts			Presented in the
			offset in the			Consolidated
	Gross Amounts		Consolidated			Statements of
	of recognized		Statements of			Financial
	Derivative Assets		Financial Condition			Condition
Open Trade Equity/(Deficit)	$	2,758,014	$	(1,189,600	)	$	1,568,414
Swap Contracts		21,208,838		—			21,208,838

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.

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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.

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 Morgan Stanley & Co. LLC. The Trust has not recorded any liability for the guarantees in the accompanying financial statements as it expects any possibility of losses to be remote. The Trust has not recorded any liability for the indemnifications in the accompanying financial statements as it expects any possibility of losses to be remote.

11. Subsequent Events

From October 1, 2018 through November 19, 2018, the Trust paid $3,073,186 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 2017 Annual Report on Form 10-K for the year ended December 31, 2017.

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 vested in such Trading Company or Gemini Plus entity. The assets of each Trading Company and Galaxy Plus entity will be segregated from the assets of each other Trading Company and Galaxy Plus entity. The Trust has an investment objective of increasing the value of the Units over the long term (capital appreciation), while controlling risk and volatility; further, to offer exposure to the investment programs of individual Trading Advisors and to specific instruments (currencies). For additional overview of the Trust’s structure and business activities, see Item 1.

All management fees, incentive fees, service fees, risk analysis fee (for closed Series only) and trading fees of the Trust are paid to the Managing Owner. It is the responsibility of the Managing Owner to pay all Trading Advisor management and incentive fees, selling agent service fees and all other operating expenses and continuing offering costs of the Trust. Only management fees and incentive fees related to assets allocated through Trading Companies are included in expense on the Statement of Operations. The Series are all charged management and incentive fees on the assets allocated through the Galaxy Plus entities. Those fees are included in unrealized gain/(loss) on private investment companies on the Statements of Operations. As of the date of this report, for a Series that has invested in a swap, the Managing Owner or Trading Advisor(s) do not receive any incentive fees directly from the Series for such swap, and instead the relevant Trading Advisor receives compensation via the fees embedded in the swap. In each case, the embedded incentive fee was accrued based on the net new trading profits of the swap. The Series are also charged management and incentive fees on assets allocated to swaps. Such fees are embedded in the fair value of the swap and are included in net unrealized gain (loss) on swap contracts on the Statements of Operations. Embedded in the swap fair value is management and incentive fees being paid to Trading Advisors. As of September 30, 2018, the management fees and range of incentive fees by Trading Company were as follows:

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

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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)

Critical Accounting Policies and Estimates

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

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

Investment Transactions and Valuation

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

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

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

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

Selection and Replacement of Trading Advisors

The Managing Owner is responsible for the selection, retention and termination of the trading advisors and reference programs on behalf of each Series. The actual allocation among trading advisors for each Series will vary based upon the relative trading performance of the trading advisors and/or reference programs, and the Managing Owner may otherwise vary such percentages from time to time in its sole discretion. The Managing Owner will adjust its allocations and rebalance the portfolio of any Series among trading advisors to maintain weightings that it believes will most likely achieve capital growth within the investment guidelines of the relevant Series.

The Managing Owner utilizes certain quantitative and qualitative analysis in connection with the identification, evaluation and selection of the trading advisors. The Managing Owner’s proprietary and commercial analytical software programs and comprehensive trading advisor database provide the quantitative basis for the trading advisor selection, portfolio implementation process, and ongoing risk management, monitoring, and review.

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The Managing Owner’s research department is continually refining ways to assimilate vast amounts of trading advisor performance data and due-diligence information. The proprietary and commercial database of alternative investment programs is always increasing. Research team members regularly interact with trading advisors throughout the due diligence and monitoring process. Only those programs that have met strict quantitative and qualitative review are considered as potential managers of client assets. Following is a summary of the quantitative and qualitative analysis:

Quantitative Analysis

The Managing Owner’s analytical software system applies a variety of statistical measures towards the evaluation of current and historical advisor performance data. Statistical measures include but are not limited to: (1) risk/reward analysis, (2) time window analysis, (3) risk analysis, (4) correlation analysis, (5) statistical overlays and (6) performance cycle analysis.

Qualitative Analysis

Although quantitative analysis statistically identifies the top performing trading advisors, qualitative analysis plays a major role in the trading advisor evaluation and final selection process. Each trading advisor in the Managing Owner’s top decile universe initially undergoes extensive qualitative review by the Managing Owner’s research department, as well as continual monitoring. This analysis generally includes, but is not limited to: (1) preliminary information and due diligence, (2) background review, (3) extensive due diligence questionnaires and (4) written review and periodic updates. This information allows a thorough review of each trading advisor’s trading philosophy, trading systems and corporate structure.

Multi-Manager Approach

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

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

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

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As of September 30, 2018, the allocation of the assets of each applicable Series of the Trust between the Trading Advisors was as follows:

				Frontier
	Frontier			Long/Short			Frontier			Frontier						Frontier			Frontier
	Diversified			Commodity			Masters			Balanced			Frontier			Winton			Heritage
Advisor	Fund			Fund			Fund			Fund			Select Fund			Fund			Fund
Aspect Capital Limited		3	%		—			—			4	%		—			—			—
Beach Horizon		—			—			—			4	%		—			—			—
BH-DG Systematic Trading LLP		—			—			—			—			25	%		—			20	%
Crabel Capital Partners, LLPC		5	%		—			—			4	%		—			—			—
Doherty		5	%		—			—			4	%		—			—			—
Emil Van Essen, LLC		12	%		22	%		28	%		10	%		—			—			—
Fort, L.P.		13	%		—			—			10	%		—			—			—
H2O Asset Management		12	%		—			—			15	%		—			—			—
J E Moody & Company		—			15	%		—			—			—			—			—
Landmark		1	%		7	%		—			1	%		—			—			—
Quantitative Investment Management, LLC		13	%		—			—			13	%		—			—			—
Quantmetrics Capital Management LLP		10	%		—			—			10	%		—			—			—
Quest Partners LLC		3	%		—			—			1	%		—			—			—
Red Oak Commodity Advisors, Inc.		—			10	%		—			—			—			—			—
Rosetta Capital Management, LLC		—			22	%		—			—			—			—			—
Transtrend B.V.		—			—			14	%		—			30	%		—			—
Welton Investment Partners LLC		13	%		22	%		29	%		13	%		46	%		—			40	%
Winton Capital Management Ltd.		12	%		—			29	%		10	%		—			100	%		40	%

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 September 30, 2018, cash deposited at the clearing brokers was $11,472,343 for the Trust. The clearing brokers are expected to credit each Trading Company with approximately 80%-100% of the interest earned on its average net assets on deposit with the clearing brokers each month. Currently, with the Federal Funds target rate at 2.00% to 2.25%, this amount is estimated to be 2.00%. In an attempt to increase interest income earned, the Managing Owner also may invest the non-margin assets in U.S. government securities which include any security issued or guaranteed as to principal or interest by the U.S., or by a person controlled by or supervised by and acting as an instrumentality of the government of the U.S. pursuant to authority granted by Congress or any certificate of deposit for any of the foregoing, including U.S. treasury bonds, U.S. treasury bills and issues of agencies of the U.S. government, and certain cash items such as money market funds and time deposits. Aggregate interest income from all sources, including assets held at clearing brokers, of up to 2.00% (annualized) is paid to the Managing Owner by the Frontier Balanced Fund (Class 1 and Class 2 only), Frontier Winton Fund, Frontier Select Fund, and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (Class 1a, Class 2a, Class 3a only), Frontier Masters Fund and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 20% of the total interest allocated to the Series was paid to the Managing Owner from January 1, 2017 through April 28, 2017; thereafter 100% of the interest is retained by the respective Series. The amount reflected in the financial statements for the Trust and Series are disclosed on a net basis. Due to some classes not exceeding the 2% paid to the Managing Owner, amounts earned by those classes may be zero.

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Approximately 10% to 30% of the Trust’s assets are expected to be committed as required margin for futures contracts and forwards and options trading and held by the respective broker, although the amount committed may vary significantly. Such assets are maintained in the form of cash or U.S. treasury bills in segregated accounts with the futures broker pursuant to the Commodity Exchange Act and regulations there under. Approximately 2% to 6% of the Trust’s assets are expected to be deposited with over-the-counter counterparties in order to initiate and maintain forward and swap contracts. Such assets are not held in segregation or otherwise regulated under the Commodity Exchange Act, unless such over-the-counter counterparty is registered as a futures commission merchant. These assets are held either in U.S. government securities or short-term time deposits with U.S.-regulated bank affiliates of the over-the-counter counterparties. The remaining approximately 64% to 88% of the Trust’s assets will normally be invested in cash equivalents and short-term investments, such as money market funds and time deposits and held by the clearing broker, the over-the-counter counterparties and by U.S. federally chartered banks. As of September 30, 2018, total cash and cash equivalents held at banking institutions were $65,101 for the Frontier Diversified Fund, $35,548 for the Frontier Masters Fund, $32,954 for the Frontier Long/Short Commodity Fund, $105,108 for the Frontier Balanced Fund, $22,923 for the Frontier Select Fund, $344,707 for the Frontier Winton Fund, and $59,065 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 September 30, 2018, the Trust was able to pay all redemptions.

Off-Balance Sheet Risk

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

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

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

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

Disclosure of Contractual Obligations

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

Results of Operations

Series Returns and Other Information

The returns for each Series and Class of Units for the three months ended September 30, 2018 and 2017, 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 September 30, 2018 and 2017. 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 September 30, 2018 Compared to Three Months Ended September 30, 2017.

Frontier Diversified Fund

The Frontier Diversified Fund— Class 1 NAV lost 3.55% and lost 1.46%, respectively, for the three months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Diversified Fund—Class 2 NAV lost 3.12% and lost 1.03%, respectively for the three months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Diversified Fund—Class 3 NAV lost 3.07% and lost 0.96%, respectively for the three months ended September 30, 2018 and 2017.

For the three months ended September 30, 2018, the Frontier Diversified Fund recorded net loss on investments of $403,356, net investment loss of $174,822, and total expenses of $184,192 resulting in a net decrease in Owners’ capital from operations of $578,178. For the three months ended September 30, 2017, the Frontier Diversified Fund recorded net gain on investments of $68,284 net investment loss of $257,720, net investment income of $1,825 and total expenses of $259,545 resulting in a net decrease in Owners’ capital from operations of $189,436.

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Please see additional discussion under “Nine Months Ended September 30, 2018 Compared to Nine Months Ended September 30, 2017 –Frontier Diversified Fund.”

Frontier Masters Fund

The Frontier Masters Fund—Class 1 NAV lost 2.14% and lost 2.91% for the three months ended September 30, 2018 and 2017 net of fees and expenses; the Frontier Masters Fund —Class 2 NAV lost 1.71% and lost 2.50% for the three months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Masters Fund—Class 3 NAV lost 1.64% and lost 2.43% for the three months ended September 30, 2018 and 2017, net of fees and expenses.

For the three months ended September 30, 2018, the Frontier Masters Fund recorded net loss on investments of $10,638, net investment loss of $124,728, and total expenses of $129,435, resulting in a net decrease in Owners’ capital from operations of $135,366. For the three months ended September 30, 2017, the Frontier Masters Fund recorded net loss on investments of $106,063, net investment loss of $184,502, and total expenses of $197,676, resulting in a net decrease in Owners’ capital from operations of $290,565.

Please see additional discussion under “Nine Months Ended September 30, 2018 Compared to Nine Months Ended September 30, 2017— Frontier Masters Fund.”

Frontier Long/Short Commodity Fund

The Frontier Long/Short Commodity Fund—Class 2 NAV lost 2.80% and lost 0.03%, respectively, for the three months ended September 30, 2018 and 2017 net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 3 NAV lost 2.80% and lost 0.02% respectively for the three months ended September 30, 2018 and 2017 net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 1a NAV lost 6.48% and lost 0.44% respectively, for the three months ended September 30, 2018 and 2017 net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 2a NAV lost 6.06% and lost 0.03% respectively, for the three months ended September 30, 2018 and 2017 net of fees and expenses; the Frontier Long/Short Commodity Fund Class 3a NAV lost 6.00% and lost 0.03%, respectively, for the three months ended September 30, 2018 and 2017, net of fees and expenses.

For the three months ended September 30, 2018, the Frontier Long/Short Commodity Fund recorded net loss on investments of $111,396, net investment loss of $16,476, and total expenses of $19,652, resulting in a net decrease in Owners’ capital from operations of $127,872. For the three months ended September 30, 2017, the Frontier Long/Short Commodity Fund recorded net gain on investments of $72,790, net investment loss of $40,336, and total expenses of $40,336, resulting in a net increase in Owners’ capital from operations of $32,454.

Please see additional discussion under “Nine Months Ended September 30, 2018 Compared to Nine Months Ended September 30, 2017 – Frontier Long/Short Commodity Fund.”

Frontier Balanced Fund

The Frontier Balanced Fund—Class 1 NAV lost 4.31% and lost 1.26%, respectively, for the three months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Balanced Fund —Class 2 NAV lost 3.59% and lost 0.51%, respectively, for the three months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Balanced Fund —Class 2a NAV lost 3.56% and lost 0.48%, respectively, for the three months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Balanced Fund —Class 3a NAV lost 3.56% and lost 0.48%, respectively, for the three months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Balanced Fund —Class 1AP NAV lost 3.59% and lost 0.52% for the three months ended September 30, 2018 and 2017, net of fees and expenses.

For the three months ended September 30, 2018, the Frontier Balanced Fund recorded net loss on investments of $1,017,197 net investment loss of $579,502, and total expenses of $590,094, resulting in a net decrease in Owners’ capital from operations of $1,596,699. For the three months ended September 30, 2017, the Frontier Balanced Fund recorded net gain on investments of $367,405 net investment loss of $808,362, and total expenses of $816,616, resulting in a net decrease in Owners’ capital from operations of $440,957.

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Please see additional discussion under “Nine Months Ended September 30, 2018 Compared to Nine Months Ended September 30, 2017 – Frontier Balanced Fund.”

Frontier Select Fund

The Frontier Select Fund—Class 1 NAV gained 0.88% and lost 5.50%, respectively, for the three months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Select Fund —Class 2 NAV gained 1.65% and lost 4.78% respectively for the three months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Select Fund —Class 1AP NAV gained 1.64% and lost 4.68%, respectively, for the three months ended September 30, 2018 and 2017.

For the three months ended September 30, 2018, the Frontier Select Fund recorded net gain on investments of $97,395, net investment loss of $59,225 and total expenses of $59,225, resulting in a net increase in Owners’ capital from operations of $38,170. For the three months ended September 30, 2017, the Frontier Select Fund recorded net loss on investments of $246,729, net investment loss of $86,152 and total expenses of $86,152, resulting in a net decrease in Owners’ capital from operations of $332,881.

Please see additional discussion under “Nine Months Ended September 30, 2018 Compared to Nine Months Ended September 30, 2017 – Frontier Select Fund.”

Frontier Winton Fund

The Frontier Winton Fund—Class 1 NAV lost 1.78% and lost 1.24%, respectively, for the three months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Winton Fund —Class 2 NAV gained 1.34% and lost 0.48%, respectively, for the three months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Winton Fund —Class 1AP NAV lost 1.00% and lost 4.11%, respectively, for the three months ended September 30, 2018 and 2017.

For the three months ended September 30, 2018, the Frontier Winton Fund recorded net gain on investments of $66,648, net investment loss of $254,280, and total expenses of $254,280, resulting in a net decrease in Owners’ capital from operations of $187,632. For the three months ended September 30, 2017, the Frontier Winton Fund recorded net gain on investments of $440,557, net investment loss of $422,546, and total expenses of $442,278 resulting in a net decrease in Owners’ capital from operations of $196,414, after non-controlling interests of $214,425.

Please see additional discussion under “Nine Months Ended September 30, 2018 Compared to Nine Months Ended September 30, 2017 – Frontier Winton Fund.”

Frontier Heritage Fund

The Frontier Heritage Fund—Class 1 NAV lost 1.54% and lost 2.74%, respectively, for the three months ended September 30, 2018 and 2017 net of fees and expenses; the Frontier Heritage Fund —Class 2 NAV lost 0.80% and lost 2.02%, respectively for the three months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Heritage Fund —Class 1AP NAV lost 0.76% and lost 2.01%, respectively, for the three months ended September 30, 2018 and 2017.

For the three months ended September 30, 2018, the Frontier Heritage Fund recorded net gain on investments of $22,592, net investment loss of $85,602, and total expenses of $85,602, resulting in a net decrease in Owners’ capital from operations of $66,140, after non-controlling interests of $3,130 For the three months ended September 30, 2017, the Frontier Heritage Fund recorded net gain on investments of $27,074, net investment loss of $120,882, and total expenses of $120,882, resulting in a net decrease in Owners’ capital from operations of $147,535, after non-controlling interests of $53,727.

100

Please see additional discussion under “Nine Months Ended September 30, 2018 Compared to Nine Months Ended September 30, 2017 – Frontier Heritage Fund.”

Nine months ended September 30, 2018 Compared to Nine Months Ended September 30, 2017.

Frontier Diversified Fund

2018

The Frontier Diversified Fund— Class 1 NAV lost 10.27% and lost 5.44%, respectively, for the nine months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Diversified Fund—Class 2 NAV lost 9.08% and lost 4.24%, respectively for the nine months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Diversified Fund—Class 3 NAV lost 8.92% and lost 4.06%, respectively for the nine months ended September 30, 2018 and 2017.

For the nine months ended September 30, 2018, the Frontier Diversified Fund recorded net loss on investments of $1,380,601 net investment loss of $523,024, and total expenses of $550,432 resulting in a net decrease in Owners’ capital from operations of $1,903,625. The NAV per Unit, Class 1, decreased from $116.41 at December 31, 2017 to $104.46 as of September 30, 2018. The NAV per Unit, Class 2, decreased from $135.19 at December 31, 2017 to $122.91 as of September 30, 2018. The NAV per Unit, Class 3 decreased from $125.68 at December 31, 2017 to $114.47 as of September 30, 2018. Total Class 1 subscriptions and redemptions for the period were $0 and $354,495, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $933,695, respectively. Total Class 3 subscriptions and redemptions for the period were $0 and $1,330,409, respectively. Ending capital at September 30, 2018 was $1,740,332 for Class 1, $7,861,937 for Class 2 and $7,342,192 for Class 3. Ending capital at December 31, 2017 was $2,332,222 for Class 1, $9,632,746 for Class 2 and $9,501,719 for Class 3.

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

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106

Two sectors traded in the Frontier Diversified Fund were profitable in Q3 2018 and two were profitable YTD. Metals and Currencies were profitable for Q3 2018 while Energies, Interest Rates, Agriculturals and Stock Indices finished negative for the quarter. Currencies and Energies were profitable for YTD while Interest Rates, Metals, Agriculturals and Stock Indices finished negative YTD.

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

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

107

2017

The Frontier Diversified Fund— Class 1 NAV lost 5.44% and gained 0.23%, respectively, for the nine months ended September 30, 2017 and 2016, net of fees and expenses; the Frontier Diversified Fund—Class 2 NAV lost 4.24% and gained 1.57%, respectively for the nine months ended September 30, 2017 and 2016, net of fees and expenses; the Frontier Diversified Fund—Class 3 NAV lost 4.06% and gained 1.76%, respectively for the nine months ended September 30, 2017 and 2016.

For the nine months ended September 30, 2017, the Frontier Diversified Fund recorded net gain on investments of $1,411,439 net investment loss of $1,173,289, and total expenses of $1,272,511 resulting in a net increase in Owners’ capital from operations of $238,150. The NAV per Unit, Class 1, decreased from $116.43 at December 31, 2016 to $110.10 as of September 30, 2017. The NAV per Unit, Class 2, decreased from $132.94 at December 31, 2016 to $127.30 as of September 30, 2017. The NAV per Unit, Class 3 decreased from $123.27 at December 31, 2016 to $118.27 as of September 30, 2017. Total Class 1 subscriptions and redemptions for the period were $3,063 and $1,652,836 respectively. Total Class 2 subscriptions and redemptions for the period were $599,571 and $30,047,952, respectively. Total Class 3 subscriptions and redemptions for the period were $1,357,356 and $4,472,986, respectively. Ending capital at September 30, 2017 was $3,352,300 for Class 1, $9,547,801 for Class 2 and $9,595,656 for Class 3. Ending capital at December 31, 2016 was $5,189,420 for Class 1, $38,231,581 for Class 2 and $13,050,390 for Class 3.

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

108

Two of the six sectors traded in the Frontier Diversified Fund were profitable in Q3 2017 and two of the six were profitable YTD. Energies and Stock Indices were profitable for Q3 2017 while Metals, Currencies, Agriculturals and Interest Rates finished negative for the quarter. Energies and Stock Indices were profitable for YTD while Metals, Currencies, Agriculturals and Interest Rates finished negative YTD

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

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

109

Frontier Masters Fund

2018

The Frontier Masters Fund—Class 1 NAV lost 15.29% and lost 9.23%, respectively, for the nine months ended September 30, 2018 and 2017 net of fees and expenses; the Frontier Masters Fund —Class 2 NAV lost 14.17%, and lost 8.45%, respectively for the nine months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Masters Fund—Class 3 NAV lost 14.00% and lost 8.33%, respectively, for the nine months ended September 30, 2018 and 2017, net of fees and expenses.

For the nine months ended September 30, 2018, the Frontier Masters Fund recorded net loss on investments of $1,270,952, net investment loss of $437,149, and total expenses of $458,590, resulting in a net decrease in Owners’ capital from operations of $1,708,101. The NAV per Unit, Class 1, decreased from $114.74 at December 31, 2017 to $97.20 as of September 30, 2018. The NAV per Unit, Class 2, decreased from $133.27 at December 31, 2017 to $114.39 as of September 30, 2018. The NAV per Unit, Class 3, decreased from $124.40 at December 31, 2017 to $106.99 as of September 30, 2018. Total Class 1 subscriptions and redemptions for the period were $0 and $299,860, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $1,477,167, respectively. Total Class 3 subscriptions and redemptions for the period were $0 and $1,679,341, respectively. Ending capital at September 30, 2018 was $2,102,479 for Class 1, $1,532,527 for Class 2 and $3,157,665 for Class 3. Ending capital at December 31, 2017 was $2,913,542 for Class 1, $3,538,600 for Class 2 and $5,504,998 for Class 3.

110

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

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Four of the six sectors traded in the Frontier Masters Fund were profitable in Q3 2018 and one of the six was profitable YTD. Agriculturals, Metals, Currencies and Stock Indices were profitable for Q3 2018 while Energies and Interest Rates finished negative for the quarter. Energies were profitable YTD while Metals, Currencies, Agriculturals, Interest Rates and Stock Indices finished negative YTD.

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

116

2017

The Frontier Masters Fund—Class 1 NAV lost 11.87% and gained 5.47%, respectively, for the nine months ended September 30, 2017 and 2016 net of fees and expenses; the Frontier Masters Fund —Class 2 NAV lost 10.74%, and gained 6.87% respectively, for the nine months ended September 30, 2017 and 2016, net of fees and expenses; the Frontier Masters Fund—Class 3 NAV lost 10.56% and gained 7.08%, respectively, for the nine months ended September 30, 2017 and 2016, net of fees and expenses.

For the nine months ended September 30, 2017, the Frontier Masters Fund recorded net loss on investments of $871,687 net investment loss of $680,300, and total expenses of $752,891, resulting in a net decrease in Owners’ capital from operations of $1,551,987. The NAV per Unit, Class 1, decreased from $112.80 at December 31, 2016 to $99.41 as of September 30, 2017. The NAV per Unit, Class 2, decreased from $128.78 at December 31, 2016 to $114.95 as of September 30, 2017. The NAV per Unit, Class 3, decreased from $119.89 at December 31, 2016 to $107.23 as of September 30, 2017. Total Class 1 subscriptions and redemptions for the period were $2,610 and $1,976,359, respectively. Total Class 2 subscriptions and redemptions for the period were $65,000 and $2,102,200, respectively. Total Class 3 subscriptions and redemptions for the period were $1,571,804 and $1,272,628, respectively. Ending capital at September 30, 2017 was $2,949,731 for Class 1, $3,194,222 for Class 2 and $5,761,594 for Class 3. Ending capital at December 31, 2016 was $5,361,626 for Class 1, $5,657,562 for Class 2 and $6,150,119 for Class 3.

117

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

Three of the six sectors traded in the Frontier Masters Fund were profitable in Q3 2017 and two of the six were profitable YTD. Metals, Energies and Stock Indices were profitable for Q3 2017 while Currencies, Agriculturals and Interest Rates finished negative for the quarter. Energies and Stock Indices were profitable for YTD while Metals, Currencies, Agriculturals and Interest Rates finished negative YTD

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

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

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Frontier Long/Short Commodity Fund

2018

The Frontier Long/Short Commodity Fund—Class 2 NAV lost 10.59% and lost 10.20%, respectively, for the nine months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 3 NAV lost 10.60% and lost 6.70% respectively for the nine months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 1a NAV lost 18.64% and lost 10.26% respectively, for the nine months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 2a NAV lost 17.57% and lost 9.76% respectively, for the nine months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Long/Short Commodity Fund Class 3a NAV lost 17.40% and lost 7.17%, respectively, for the nine months ended September 30, 2018 and 2017, net of fees and expenses.

For the nine months ended September 30, 2018, the Frontier Long/Short Commodity Fund recorded net loss on investments of $419,317, net investment loss of $56,293, and total expenses of $66,928, resulting in a net decrease in Owners’ capital from operations of $475,610. The NAV per Unit, Class 2, decreased from $115.81 at December 31, 2017 to $103.54 as of September 30, 2018. The NAV per Unit, Class 3, decreased from $115.81 at December 31, 2017 to $108.62 as of September 30, 2018. The NAV per Unit, Class 1a, decreased from $81.35 at December 31, 2017 to $66.19 as of September 30, 2018. The NAV per Unit, Class 2a, decreased from $93.59 at December 31, 2017 to $77.15 as of September 30, 2018. The NAV per Unit, Class 3a, decreased from $97.99 at December 31, 2017 to $80.94 as of September 30, 2018. Total Class 2 redemptions for the period were $114,112. Total Class 3 redemptions for the period were $215,389. Total Class 1a redemptions were $79,178. Class 2a redemptions for the period were $96,591. Class 3a subscriptions and redemptions for the period were $0 and $263,745 respectively. Ending capital at September 30, 2018 was $127,697 for Class 2, $2,010,934 for Class 3, $23,320 for Class 1a, $282,810 for Class 2a and $564,666 for Class 3a. Ending capital at December 31, 2017 was $258,900 for Class 2, $2,472,994 for Class 3, $107,619 for Class 1a, $442,644 for Class 2a and $971,895 for Class 3a.

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

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None of the seven sectors traded in the Frontier Long/Short Commodity Fund were profitable in Q3 2018 and None of the seven were profitable YTD. Energies, Base Metals, Grains, Meats, Precious Metals, Softs and Financials finished negative for the quarter. Energies, Base Metals, Grains, Meats, Precious Metals Softs and Financials finished negative YTD.

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

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

129

2017

The Frontier Long/Short Commodity Fund—Class 2 NAV lost 10.22% and lost 4.95%, respectively, for the nine months ended September 30, 2017 and 2016, net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 3 NAV lost 6.70% and lost 4.06% respectively for the nine months ended September 30, 2017 and 2016, net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 1a NAV lost 10.26% and lost 5.30% respectively, for the nine months ended September 30, 2017 and 2016, net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 2a NAV lost 9.76% and lost 4.16% respectively, for the nine months ended September 30, 2017 and 2016, net of fees and expenses; the Frontier Long/Short Commodity Fund Class 3a NAV lost 7.17% and lost 3.17%, respectively, for the nine months ended September 30, 2017 and 2016, net of fees and expenses.

For the nine months ended September 30, 2017, the Frontier Long/Short Commodity Fund recorded net loss on investments of $231,314, net investment loss of $131,706, and total expenses of $131,706, resulting in a net decrease in Owners’ capital from operations of $363,020. The NAV per Unit, Class 2, decreased from $129.56 at December 31, 2016 to $116.32 as of September 30, 2017. The NAV per Unit, Class 3, decreased from $130.80 at December 31, 2016 to $122.04 as of September 30, 2017. The NAV per Unit, Class 1a, decreased from $92.78 at December 31, 2016 to $83.26 as of September 30, 2017. The NAV per Unit, Class 2a, decreased from $105.67 at December 31, 2016 to $95.36 as of September 30, 2017. The NAV per Unit, Class 3a, decreased from $107.50 at December 31, 2016 to $99.79 as of September 30, 2017. Total Class 2 redemptions for the period were $460,379. Total Class 3 redemptions for the period were $1,665,875. Total Class 1a redemptions were $1,783,854. Class 2a redemptions for the period were $450,732. Class 3a subscriptions and redemptions for the period were $1,051,248 and $847,983 respectively. Ending capital at September 30, 2017 was $323,267 for Class 2, $2,558,912 for Class 3, $130,409 for Class 1a, $467,824 for Class 2a and $1,264,520 for Class 3a. Ending capital at December 31, 2016 was $808,363 for Class 2, $4,405,863 for Class 3, $1,913,595 for Class 1a, $963,195 for Class 2a and $1,174,511 for Class 3a.

130

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.

131

Four of the seven sectors traded in the Frontier Long/Short Commodity Fund was profitable in Q3 2017 and three of the seven were profitable YTD. Base Metal, Energies and Precious Metals were profitable for Q3 2017 while Grains, Softs and Financials finished negative for the quarter. Energies, Meats and Precious Metals was profitable for YTD while Base Metals, Grains, Softs and Financials finished negative YTD

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

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

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Frontier Balanced Fund

2018

The Frontier Balanced Fund—Class 1 NAV lost 11.88% and lost 4.90%, respectively, for the nine months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Balanced Fund —Class 2 NAV lost 9.86% and lost 2.74%, respectively, for the nine months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Balanced Fund —Class 2a NAV lost 9.84% and lost 2.14%, respectively, for the nine months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Balanced Fund —Class 3a NAV lost 9.84% and 2.41%, respectively, for the nine months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Balanced Fund —Class 1AP NAV lost 9.92% and lost 2.25% for the nine months ended September 30, 2018 and 2017, net of fees and expenses. 

For the nine months ended September 30, 2018, the Frontier Balanced Fund recorded net loss on investments of $3,185,079 net investment loss of $1,975,859, and total expenses of $2,011,395, resulting in a net decrease in Owners’ capital from operations of $5,160,938. The NAV per Unit, Class 1, decreased from $135.96 at December 31, 2017 to $119.81 as of September 30, 2018. The NAV per Unit, Class 1AP, decreased from $150.56 at December 31, 2017 to $135.63 as of September 30, 2018. The NAV per Unit, Class 2, decreased from $202.90 at December 31, 2017 to $182.90 as of September 30, 2018. The NAV per Unit, Class 2a, decreased from $175.77 at December 31, 2017 to $158.48 as of September 30, 2018. The NAV per Unit, Class 3a, decreased from $175.18 at December 31, 2017 to $157.94 as of September 30, 2018. Total Class 1 subscriptions and redemptions for the period were $0 and $6,038,368 respectively. Total Class 1AP redemptions for the period were $111,300. Total Class 2 subscriptions and redemptions for the period were $0 and $1,514,640, respectively. Total Class 2a subscriptions and redemptions for the period were $0 and $75,968, respectively. Total Class 3a redemptions for the period were $348,080. Ending capital at September 30, 2018 was $28,460,992 for Class 1, $431,663 for Class 1AP, $4,815,402 for Class 2, $368,147 for Class 2a, and $906,681 for Class 3a. Ending capital at December 31, 2017 was $38,744,003 for Class 1, $601,247 for Class 1AP, $6,977,027 for Class 2, $529,931 for Class 2a and $1,379,971 for Class 3a.

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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 Commodities sectors.

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Two of the six sectors traded in the Frontier Balanced Fund were profitable in Q3 2018 and two of the six were profitable YTD. Metals and Agriculturals were profitable for Q3 2018 while Currencies and Energies were profitable YTD. Energies, Interest Rates, Currencies and Stock Indices were negative for the quarter, while Agriculturals, Interest Rates, Metals and Stock Indices finished negative YTD.

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

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

143

2017

The Frontier Balanced Fund—Class 1 NAV lost 4.90% and gained 1.94%, respectively, for the nine months ended September 30, 2017 and 2016, net of fees and expenses; the Frontier Balanced Fund —Class 2 NAV lost 2.74% and gained 4.28%, respectively, for the nine months ended September 30, 2017 and 2016, net of fees and expenses; the Frontier Balanced Fund —Class 2a NAV lost 2.41% and gained 4.82%, respectively, for the nine months ended September 30, 2017 and 2016, net of fees and expenses; the Frontier Balanced Fund —Class 3a NAV lost 2.41% and gained 4.82%, respectively, for the nine months ended September 30, 2017 and 2016, net of fees and expenses; the Frontier Balanced Fund —Class 1AP NAV lost 2.75% and gained 4.28% for the nine months ended September 30, 2017 and 2016, net of fees and expenses.

 For the nine months ended September 30, 2017, the Frontier Balanced Fund recorded net gain on investments of $1,312,398 net investment loss of $3,028,545, and total expenses of $3,037,960, resulting in a net decrease in Owners’ capital from operations of $1,716,147. The NAV per Unit, Class 1, decreased from $134.80 at December 31, 2016 to $128.20 as of September 30, 2017. The NAV per Unit, Class 1AP, decreased from $144.97 at December 31, 2016 to $140.98 as of September 30, 2017. The NAV per Unit, Class 2, decreased from $194.99 at December 31, 2016 to $189.64 as of September 30, 2017. The NAV per Unit, Class 2a, decreased from $169.05 at December 31, 2016 to $164.98 as of September 30, 2017. The NAV per Unit, Class 3a, decreased from $168.49 at December 31, 2016 to $164.42 as of September 30, 2017. Total Class 1 subscriptions and redemptions for the period were $34,027 and $15,765,084 respectively. Total Class 1AP redemptions for the period were $92,739. Total Class 2 subscriptions and redemptions for the period were $4,937 and $15,256,156, respectively. Total Class 2a subscriptions and redemptions for the period were $123,835 and $122,954, respectively. Total Class 3a redemptions for the period were $323,956. Ending capital at September 30, 2017 was $39,265,876 for Class 1, $570,654 for Class 1AP, $7,448,454 for Class 2, $501,231 for Class 2a, and $1,398,919 for Class 3a. Ending capital at December 31, 2016 was $56,955,371 for Class 1, $677,181 for Class 1AP, $22,401,557 for Class 2, $516,256 for Class 2a and $1,749,006 for Class 3a.

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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 Commodities sectors. 

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Two of the six sectors traded in the Frontier Balanced Fund were profitable in Q3 2017 and one of the six was profitable YTD. Energies and Stock Indices were profitable for Q3 2016 while Metals, Currencies, Agriculturals and Interest Rates finished negative for the quarter. Stock Indices were profitable YTD while Currencies, Energies, Agriculturals and Interest Rates finished negative YTD.

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

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

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Frontier Select Fund

2018

The Frontier Select Fund—Class 1 NAV lost 16.46% and lost 20.84%, respectively, for the nine months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Select Fund —Class 2 NAV lost 14.56% and lost 19.06% respectively for the nine months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Select Fund —Class 1AP NAV lost 14.57% and 19.06%, respectively, for the nine months ended September 30, 2018 and 2017. 

For the nine months ended September 30, 2018, the Frontier Select Fund recorded net loss on investments of $865,762, net investment loss of $197,890, and total expenses of $197,890, resulting in a net decrease in Owners’ capital from operations of $1,063,652. The NAV per Unit, Class 1, decreased from $90.27 at December 31, 2017 to $75.41 as of September 30, 2018. The NAV per Unit, Class 1AP, decreased from $100.02 at December 31, 2017 to $85.45 as of September 30, 2018. The NAV per Unit, Class 2, decreased from $132.73 at December 31, 2017 to $113.40 as of September 30, 2018. Total Class 1 subscriptions and redemptions for the period were $0 and $813,081 respectively. Total Class 1AP redemptions for the period were $3,144. Total Class 2 subscriptions and redemptions for the period were $0 and $525,844, respectively. Ending capital at September 30, 2018 was $4,179,762 for Class 1, $17,905 for Class 1AP and $198,540 for Class 2. Ending capital at December 31, 2017 was $5,912,980 for Class 1, $23,354 for Class 1AP and $865,594 for Class 2.

147

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

148

149

150

151

152

Four of the six sectors traded in the Frontier Select Fund were profitable in Q3 2018 and two of the six were profitable YTD. Metals, Currencies, Agriculturals and Stock Indices were positive while Energies and Interest Rates were negative for the quarter. Energies and Interest Rates were profitable YTD while Metals, Currencies Agriculturals and Stock Indices finished negative YTD.

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

153

2017

The Frontier Select Fund—Class 1 NAV lost 20.84% and gained 6.54%, respectively, for the nine months ended September 30, 2017 and 2016, net of fees and expenses; the Frontier Select Fund —Class 2 NAV lost 19.06% and gained 8.98% respectively for the nine months ended September 30, 2017 and 2016, net of fees and expenses; the Frontier Select Fund —Class 1AP NAV lost 19.06% and gained 8.98%, respectively, for the nine months ended September 30, 2017 and 2016.

For the nine months ended September 30, 2017, the Frontier Select Fund recorded net loss on investments of $2,000,503, net investment loss of $417,969, and total expenses of $417,969, resulting in a net decrease in Owners’ capital from operations of $1,985,844, after non-controlling interests of $432,628. The NAV per Unit, Class 1, decreased from $94.06 at December 31, 2016 to $74.46 as of September 30, 2017. The NAV per Unit, Class 1AP, decreased from $101.16 at December 31, 2016 to $81.88 as of September 30, 2017. The NAV per Unit, Class 2, decreased from $134.25 at December 31, 2016 to $108.66 as of September, 2017. Total Class 1 subscriptions and redemptions for the period were $1,467 and $3,380,914 respectively. Total Class 1AP redemptions for the period were $6,074. Total Class 2 subscriptions and redemptions for the period were $98,345 and $527,352, respectively. Ending capital at September 30, 2017 was $5,422,744 for Class 1, $19,118 for Class 1AP and $739,805 for Class 2. Ending capital at December 31, 2016 was $10,540,702 for Class 1, $29,897 for Class 1AP and $1,411,440 for Class 2.

154

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

155

Three of the six sectors traded in the Frontier Select Fund were profitable in Q3 2017 and one of the six were profitable YTD. Metals, Energies and Stock Indices were positive while Currencies, Agriculturals and Interest Rates were negative for the quarter. Stock Indices were profitable YTD while Metals, Currencies, Energies, Agriculturals and Interest Rates finished negative YTD.

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

156

Frontier Winton Fund

2018

The Frontier Winton Fund—Class 1 NAV lost 8.21% and lost 7.90%, respectively, for the nine months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Winton Fund —Class 2 NAV lost 4.76% and lost 5.82%, respectively, for the nine months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Winton Fund —Class 1AP NAV lost 6.19% and lost 5.82%, respectively, for the nine months ended September 30, 2018 and 2017.

For the nine months ended September 30, 2018, the Frontier Winton Fund recorded net loss on investments of $338,678, net investment loss of $855,067, and total expenses of $855,067, resulting in a net decrease in Owners’ capital from operations of $1,193,745. The NAV per Unit, Class 1, decreased from $159.08 at December 31, 2017 to $146.02 as of September 30, 2018. The NAV per Unit, Class 1AP, decreased from $176.44 at December 31, 2017 to $165.51 as of September 30, 2018. The NAV per Unit, Class 2, decreased from $216.50 at December 31, 2017 to $206.20 as of September 30, 2018. Total Class 1 subscriptions and redemptions for the period were $0 and $2,251,329, respectively. There were no subscriptions or redemptions for Class 1AP. Total Class 2 subscriptions and redemptions for the period were $0 and $1,129,083, respectively. Ending capital at September 30, 2018 was $9,745,132 for Class 1, $35,337 for Class 1AP, and $495,023 for Class 2. Ending capital at December 31, 2017 was $13,102,614 for Class 1, $37,761 for Class 1AP and $1,709,275 for Class 2.

157

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

158

159

One of the six sectors traded in the Frontier Winton Fund was profitable in Q3 2018 and two of the six were profitable YTD. Agriculturals were positive while Currencies, Metals, Energies, Interest Rates and Stock Indices were negative for the quarter. Energies and Agriculturals are positive YTD while Metals, Currencies, Interest Rates and Stock Indices were negative YTD.

160

2017

The Frontier Winton Fund—Class 1 NAV lost 7.90% and lost 0.58%, respectively, for the nine months ended September 30, 2017 and 2016, net of fees and expenses; the Frontier Winton Fund —Class 2 NAV lost 5.82% and gained 1.70%, respectively, for the nine months ended September 30, 2017 and 2016, net of fees and expenses; the Frontier Winton Fund —Class 1AP NAV lost 5.82% and gained 1.70%, respectively, for the nine months ended September 30, 2017 and 2016.

For the nine months ended September 30, 2017, the Frontier Winton Fund recorded net loss on investments of $865,453, net investment loss of $1,512,144, and total expenses of $1,531,876, resulting in a net decrease in Owners’ capital from operations of $2,025,481, after non-controlling interests of $352,116. The NAV per Unit, Class 1, decreased from $154.51 at December 31, 2016 to $142.30 as of September 30, 2017. The NAV per Unit, Class 1AP decreased from $166.17 at December 31, 2016 to $156.50 as of September 30, 2017. Class 2, decreased from $210.98 at December 31, 2016 to $198.70 as of September 30, 2017. Total Class 1 subscriptions and redemptions for the period were $16,141 and $6,612,116 respectively. There were no subscriptions or redemptions for Class 1AP. Total Class 2 subscriptions and redemptions for the period were $267,829 and $631,501, respectively. Ending capital at September 30, 2017 was $12,330,314 for Class 1, $33,413 for Class 1AP, and $10,417,671 for Class 2. Ending capital at December 31, 2016 was $20,248,935 for Class 1, $35,478 for Class 1AP and $11,446,113 for Class 2.

161

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

One of the six sectors traded in the Frontier Winton Fund was profitable in Q3 2017 and one was positive YTD.. Stock Indices were positive while Metals, Currencies, Energies, Agriculturals and Interest Rates were negative for the quarter. Stock Indices are positive YTD while Metals, Currencies, Energies, Agriculturals and Interest Rates are negative YTD.

162

Frontier Heritage Fund

2018

The Frontier Heritage Fund—Class 1 NAV lost 16.59% and lost 11.36%, respectively, for the nine months ended September 30, 2018 and 2017 net of fees and expenses; the Frontier Heritage Fund —Class 2 NAV lost 14.69% and lost 9.37%, respectively for the nine months ended September 30, 2018 and 2017, net of fees and expenses; the Frontier Heritage Fund —Class 1AP NAV lost 14.67% and lost 9.37%, respectively, for the nine months ended September 30, 2018 and 2017. 

For the nine months ended September 30, 2018, the Frontier Heritage Fund recorded net loss on investments of $695,930, net investment loss of $304,427, and total expenses of $304,427, resulting in a net decrease in Owners’ capital from operations of $959,592, after non-controlling interests of $40,765. The NAV per Unit, Class 1, decreased from $121.19 at December 31, 2017 to $101.10 as of September 30, 2018. The NAV per Unit, Class 1AP, decreased from $134.28 at December 31, 2017 to $114.58 as of September 30, 2018. The NAV per Unit, Class 2, decreased from $179.70 at December 31, 2017 to $153.31 as of September 30, 2018. Total Class 1 subscriptions and redemptions for the period were $0 and $783,919, respectively. Total Class 1AP redemptions were 4,081. Total Class 2 subscriptions and redemptions for the period were $0 and $7,000, respectively. Ending capital at September 30, 2018 was $3,805,123 for Class 1, $1,011 for Class 1AP and $641,900 for Class 2. Ending capital at December 31, 2017 was $5,435,871 for Class 1, $6,083 for Class 1AP and $760,672 for Class 2.

163

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

164

165

166

167

168

Three of the six sectors traded in the Frontier Heritage Fund were profitable in Q3 2018 and one of the six was profitable YTD. Currencies, Agriculturals and Interest Rates were positive while Energies, Metals and Stock Indices were negative for the quarter. Currencies were profitable YTD while Metals, Agriculturals, Energies and Interest Rates finished negative YTD.

In terms of major CTA performance, Winton was positive for Q3 while Welton and Brevan Howard were both negative for the quarter and Welton, Brevan Howard and Winton were negative YTD.

169

2017

The Frontier Heritage Fund—Class 1 NAV lost 11.36% and gained 0.30%, respectively, for the nine months ended September 30, 2017 and 2016 net of fees and expenses; the Frontier Heritage Fund —Class 2 NAV lost 9.37% and gained 2.60%, respectively for the nine months ended September 2017 and 2016, net of fees and expenses; the Frontier Heritage Fund —Class 1AP NAV lost 9.37% and gained 2.60%, respectively, for the nine months ended September 30, 2017 and 2016.

For the nine months ended September 30, 2017, the Frontier Heritage Fund recorded net loss on investments of $725,978, net investment loss $445,913, and total expenses of $445,913, resulting in a net decrease in Owners’ capital from operations of $922,727, after non-controlling interests of $249,164. The NAV per Unit, Class 1, decreased from $119.58 at December 31, 2016 to $105.99 as of September 30, 2017. The NAV per Unit, Class 1AP, decreased from $128.60 at December 31, 2016 to $116.55 as of September 30, 2017. The NAV per Unit, Class 2, decreased from $172.10 at December 31, 2016 to $155.97 as of September 30, 2017. Total Class 1 subscriptions and redemptions for the period were $9,861 and $1,808,099, respectively. There were no subscriptions or redemptions for Class 1AP. Total Class 2 subscriptions and redemptions for the period were $24,575 and $1,856,707, respectively. Ending capital at September 30, 2017 was $4,964,672 for Class 1, $5,280 for Class 1AP and $734,224 for Class 2. Ending capital at December 31, 2016 was $7,507,072 for Class 1, $5,826 for Class 1AP and $2,744,375 for Class 2.

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

170

Two of the six sectors traded in the Frontier Heritage Fund were profitable in Q3 2017 and one of the six was profitable YTD. Energies and Stock Indices were positive while Metals, Currencies, Agriculturals and Interest Rates were negative for the quarter. Stock Indices were profitable YTD while Metals, Currencies, Energies, Agriculturals and Interest Rates finished negative YTD.

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

171

ITEM  3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

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

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

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

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

Quantitative Market Risk 

Trading Risk

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

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

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.

172

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 September 30, 2018 and December 31, 2017. All open position trading risk exposures of the Series have been included in calculating the figures set forth below.

DOMESTIC EXPOSURE
Frontier Diversified Fund:
	September 30, 2018					December 31, 2017
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	5,722,256		33.77	%	$	6,395,053		29.79	%
Currencies		161,794		0.95	%		63,093		0.29	%
Stock Indices		174		0.00	%		34,558		0.16	%
Metals		52,302		0.31	%		218,878		1.02	%
Agriculturals/Softs		29,337		0.17	%		14,196		0.07	%
Energy		13,940		0.08	%		66,604		0.31	%
Total:	$	5,979,803		35.29	%	$	6,792,381		31.64	%
Frontier Long/Short Commodity Fund:
	September 30, 2018					December 31, 2017
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	402,975		13.39	%	$	397,039		9.33	%
Currencies		—		0.00	%		—		0.00	%
Stock Indices		—		0.00	%		—		0.00	%
Metals		—		0.00	%		—		0.00	%
Agriculturals/Softs		—		0.00	%		—		0.00	%
Energy		—		0.00	%		—		0.00	%
Total:	$	402,975		13.39	%	$	397,039		9.33	%
Frontier Masters Fund:
	September 30, 2018					December 31, 2017
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	16,772		0.25	%	$	10,512		0.09	%
Currencies		147,028		2.16	%		35,692		0.30	%
Stock Indices		158		0.00	%		19,550		0.16	%
Metals		47,528		0.70	%		123,822		1.04	%
Agriculturals/Softs		26,660		0.39	%		8,031		0.07	%
Energy		12,668		0.19	%		37,679		0.32	%
Total:	$	250,814		3.69	%	$	235,286		3.38	%
Frontier Balanced Fund:
	September 30, 2018					December 31, 2017
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	10,421,896		29.79	%	$	11,368,274		23.64	%
Currencies		1,382,093		3.95	%		167,215		0.35	%
Stock Indices		20,350		0.06	%		51,406		0.11	%
Metals		112,015		0.32	%		462,467		0.96	%
Agriculturals/Softs		71,287		0.20	%		70,758		0.15	%
Energy		49,393		0.14	%		222,766		0.46	%
Total:	$	12,057,034		34.47	%	$	12,342,887		25.67	%
Frontier Select Fund:
	September 30, 2018					December 31, 2017
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	981,739		22.33	%	$	1,500,264		22.06	%
Currencies		—		0.00	%		—		0.00	%
Stock Indices		—		0.00	%		—		0.00	%
Metals		—		0.00	%		—		0.00	%
Agriculturals/Softs		—		0.00	%		—		0.00	%
Energy		—		0.00	%		—		0.00	%
Total:	$	981,739		22.33	%	$	1,500,264		22.06	%
Frontier Winton Fund:
	September 30, 2018					December 31, 2017
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	77,151		0.75	%	$	61,564		0.41	%
Currencies		676,328		6.58	%		209,040		1.40	%
Stock Indices		727		0.01	%		114,498		0.77	%
Metals		218,630		2.13	%		725,189		4.85	%
Agriculturals/Softs		122,636		1.19	%		47,034		0.31	%
Energy		58,273		0.57	%		220,673		1.48	%
Total:	$	1,153,745		11.23	%	$	1,377,999		9.22	%
Frontier Heritage Fund:
	September 30, 2018					December 31, 2017
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	1,057,366		21.21	%	$	1,606,116		23.68	%
Currencies		124,664		2.50	%		40,791		0.60	%
Stock Indices		134		0.00	%		22,343		0.33	%
Metals		40,299		0.81	%		141,511		2.09	%
Agriculturals/Softs		22,605		0.45	%		9,178		0.14	%
Energy		10,741		0.22	%		43,061		0.63	%
Total:	$	1,255,809		25.18	%	$	1,863,001		27.47	%

173

FOREIGN EXPOSURE
Frontier Diversified Fund
	September 30, 2018					December 31, 2017
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	17,411		0.10	%	$	20,044		0.09	%
Currencies		582		0.00	%		29,397		0.14	%
Stock Indices		6,362		0.04	%		29,331		0.14	%
Metals		—		0.00	%		—		0.00	%
Agriculturals/Softs		5,267		0.03	%		3,343		0.02	%
Total:	$	30,111		0.18	%	$	83,811		0.39	%
Frontier Long/Short Commodity Fund
	September 30, 2018					December 31, 2017
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	—		0.00	%	$	—		0.00	%
Currencies		—		0.00	%		—		0.00	%
Stock Indices		—		0.00	%		—		0.00	%
Metals		—		0.00	%		—		0.00	%
Agriculturals/Softs		—		0.00	%		—		0.00	%
Total:	$	—		0.00	%	$	—		0.00	%
Frontier Masters Fund
	September 30, 2018					December 31, 2017
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	15,822		0.23	%	$	11,339		0.09	%
Currencies		529		0.01	%		16,630		0.14	%
Stock Indices		5,782		0.09	%		16,593		0.14	%
Metals		—		0.00	%		—		0.00	%
Agriculturals/Softs		4,787		0.07	%		1,891		0.02	%
Energy		444		0.01	%		960		0.01	%
Total:	$	27,363		0.40	%	$	47,413		0.40	%
Frontier Balanced Fund:
	September 30, 2018					December 31, 2017
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	73,868		0.21	%	$	57,304		0.12	%
Currencies		1,120		0.00	%		43,214		0.09	%
Stock Indices		37,881		0.11	%		54,910		0.11	%
Metals		—		0.00	%		—		0.00	%
Agriculturals/Softs		16,596		0.05	%		17,823		0.04	%
Energy		940		0.00	%		2,495		0.01	%
Total:	$	130,405		0.37	%	$	175,746		0.37	%
Frontier Select Fund:
	September 30, 2018					December 31, 2017
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	—		0.00	%	$	—		0.00	%
Currencies		—		0.00	%		—		0.00	%
Stock Indices		—		0.00	%		—		0.00	%
Metals		—		0.00	%		—		0.00	%
Agriculturals/Softs		—		0.00	%		—		0.00	%
Energy		—		0.00	%		—		0.00	%
Total:	$	—		0.00	%	$	—		0.00	%
Frontier Winton Fund:
	September 30, 2018					December 31, 2017
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	72,781		0.71	%	$	66,410		0.44	%
Currencies		2,432		0.02	%		97,397		0.65	%
Stock Indices		26,596		0.26	%		97,179		0.65	%
Metals		—		0.00	%		—		0.00	%
Agriculturals/Softs		22,018		0.21	%		11,075		0.07	%
Energy		2,043		0.02	%		5,623		0.04	%
Total:	$	125,868		1.22	%	$	277,684		1.86	%
Frontier Heritage Fund:
	September 30, 2018					December 31, 2017
	VALUE		% OF TOTAL			VALUE		% OF TOTAL
	AT RISK		CAPITALIZATION			AT RISK		CAPITALIZATION
MARKET SECTOR
Interest Rates	$	13,415		0.27	%	$	12,959		0.19	%
Currencies		448		0.01	%		19,006		0.28	%
Stock Indices		4,902		0.10	%		18,963		0.28	%
Metals		—		0.00	%		—		0.00	%
Agriculturals/Softs		4,058		0.08	%		2,161		0.03	%
Energy		376		0.01	%		1,097		0.02	%
Total:	$	23,201		0.47	%	$	54,186		0.80	%

174

Material Limitations on Value at Risk as an Assessment of Market Risk

The face value of the market sector instruments held on behalf of the Series is typically many times the applicable maintenance margin requirement, which generally ranges between approximately 1% and 10% of contract face value, as well as many times the capitalization of the Series. The magnitude of each Series’ open positions creates a risk of ruin not typically found in most other investment vehicles. Because of the size of their positions, certain market conditions, although unusual, but historically recurring from time to time, could cause a Series to incur severe losses over a short period of time. The value at risk table above, as well as the past performance of the Series, gives no indication of this risk of severe losses.

Non-Trading Risk

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

Qualitative Market Risk

The following are the primary trading risk exposures of the Series of the Trust as of September 30, 2018, 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 Winton 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.

175

Stock Indices

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

Metals

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

Agriculturals/Softs

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

Energy

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

Other Trading Risks

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

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

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

176

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

Cyber Risks and Security

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

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

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

Qualitative Disclosures Regarding Means of Managing Risk Exposure

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

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 September 30, 2018 (the “Evaluation Date”). Any control system, no matter how well designed and operated, can provide only reasonable (not absolute) assurance that its objectives will be met. Furthermore, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Based upon 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.

177

Changes in Internal Control Over Financial Reporting

There were no changes in the Trust’s internal control over financial reporting for the quarter ended September 30, 2018.

Scope of Exhibit 31 Certifications

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

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

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

ITEM  1A. RISK FACTORS.

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

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

The following table provides information regarding the sale of unregistered Units by the Trust for the nine months ended September 30, 2018. 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

178

ITEM  6. EXHIBITS.

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

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

179

SIGNATURES

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

	Frontier Funds
	(Registrant)
Date: November 19, 2018	By:	/s/ PATRICK J. KANE
		Patrick J. Kane
		Chairman, Chief Financial Officer, Chief Accounting Officer and Managing Member of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

180

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: November 19, 2018	By:	/s/ PATRICK J. KANE
		Patrick J. Kane
		Chairman, Chief Financial Officer, Chief Accounting Officer and Managing Member of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

181

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: November 19, 2018	By:	/s/ PATRICK J. KANE
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

182

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 Winton Fund,
	a Series of Frontier Funds
	(Registrant)
Date: November 19, 2018	By:	/s/ PATRICK J. KANE
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

183

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: November 19, 2018	By:	/s/ PATRICK J. KANE
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

184

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: November 19, 2018	By:	/s/ PATRICK J. KANE
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

185

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: November 19, 2018	By:	/s/ PATRICK J. KANE
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

186

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: November 19, 2018	By:	/s/ PATRICK J. KANE
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

187

EX-31.1

FRONTIER FUNDS

Exhibit 31.1

CERTIFICATION PURSUANT TO 

18 U.S.C.§1350,

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.

November 19, 2018
	/s/ Patrick J. Kane
	Patrick J. Kane
	Chairman, Chief Financial Officer, Chief Accounting Officer and Managing Member of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

EX-32.1

FRONTIER FUNDS

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 September 30, 2018, 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, Chief Financial Officer, Chief Accounting Officer and Managing Member of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

November 19, 2018

EX-32.2

FRONTIER FUNDS

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 September 30, 2018, 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, as amended; 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, Chief Financial Officer, Chief Accounting Officer and Managing Member of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

November 19, 2018

EX-32.3

FRONTIER FUNDS

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 September 30, 2018, 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, as amended; 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, Chief Financial Officer, Chief Accounting Officer and Managing Member of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

November 19, 2018

EX-32.4

FRONTIER FUNDS

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 September 30, 2018, 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, as amended; 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, Chief Financial Officer, Chief Accounting Officer and Managing Member of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

November 19, 2018

EX-32.5

FRONTIER FUNDS

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 Winton Fund, a Series of Frontier Funds on Form 10-Q for the period ended September 30, 2018, 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, as amended; and

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

/s/ PATRICK J. KANE

Patrick J. Kane

Chairman, Chief Financial Officer, Chief Accounting Officer and Managing Member of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

November 19, 2018

EX-32.6

FRONTIER FUNDS

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 September 30, 2018, 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, as amended; 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, Chief Financial Officer, Chief Accounting Officer and Managing Member of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

November 19, 2018

EX-32.7

FRONTIER FUNDS

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 September 30, 2018, 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, as amended; 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, Chief Financial Officer, Chief Accounting Officer and Managing Member of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

November 19, 2018

EX-32.8

FRONTIER FUNDS

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 September 30, 2018, 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, as amended; 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, Chief Financial Officer, Chief Accounting Officer and Managing Member of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

November 19, 2018

XML

Document and Entity Information	9 Months Ended
	Sep. 30, 2018 shares
Document And Entity Information
Entity Registrant Name	Frontier Funds
Entity Central Index Key	0001261379
Document Type	10-Q/A
Document Period End Date	Sep. 30, 2018
Amendment Flag	true
Amendment Description	The purpose of this amendment to the form 10-Q for the quarter ended September 30, 2018 of Frontier Funds, as filed with the Securities and Exchange Commission on November 19, 2018, is to furnish corrections regarding the presentation within the Statement of Financial Condition for the Trust. Net Assets of the Trust did not change as a result of this correction.
Current Fiscal Year End Date	--12-31
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2018
Entity Emerging Growth Company	true
Entity Small Business	false
Entity Ex Transition Period	false

XML

Statements of Financial Condition (Unaudited) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 665,406	$ 2,695,377
U.S. Treasury securities, at fair value	9,591,613	10,887,786
Receivable from futures commission merchants	10,714,941	20,584,602
Incentive fees receivable	57,082	57,082
Open trade equity, at fair value	346,726	1,568,414
Swap contracts, at fair value	18,908,412	21,208,838
Investments in private investment companies, at fair value	50,998,548	66,933,235
Interest receivable	71,656	214,730
Due from Managing Owner		31,887
Receivable from related parties		58,146
Total Assets	91,354,384	124,240,097
LIABILITIES
Owner redemptions payable	321,128	76,773
Incentive fees payable to Managing Owner	10,897	53,036
Management fees payable to Managing Owner	79,601	90,972
Interest payable to Managing Owner	22,088	26,007
Service fees payable to Managing Owner	107,758	148,445
Trading fees payable to Managing Owner	238,073	334,485
Risk analysis fees payable	28,610	25,576
Advance on unrealized Swap Appreciation	9,441,555	9,441,555
Other liabilities	255,497	278,983
Total Liabilities	10,505,207	10,475,832
Managing Owner Units	880,124	1,159,984
Limited Owner Units	79,969,053	112,604,281
Total Owners' Capital	80,849,177	113,764,265
Total Capital	80,849,177	113,764,265
Total Liabilities and Capital	91,354,384	124,240,097
Equinox Frontier Diversified Fund [Member]
ASSETS
Cash and cash equivalents	65,101	189,890
U.S. Treasury securities, at fair value	938,408	767,049
Swap contracts, at fair value	5,575,997	6,376,472
Investments in private investment companies, at fair value	11,859,099	14,501,510
Investments in unconsolidated trading companies, at fair value	1,146,091	2,225,210
Interest receivable	8,786	15,127
Total Assets	19,593,482	24,075,258
LIABILITIES
Owner redemptions payable	73,079
Incentive fees payable to Managing Owner	10,897	12,847
Management fees payable to Managing Owner	8,244	4,049
Service fees payable to Managing Owner	4,552	3,614
Trading fees payable to Managing Owner	47,283	61,188
Advance on unrealized Swap Appreciation	2,500,000	2,500,000
Other liabilities	4,966	26,873
Total Liabilities	2,649,021	2,608,571
Total Owners' Capital	16,944,461	21,466,687
Total Capital	16,944,461	21,466,687
Total Liabilities and Capital	19,593,482	24,075,258
Equinox Frontier Diversified Fund [Member] | Class 1 [Member]
LIABILITIES
Limited Owner Units	$ 1,740,332	$ 2,332,222
Units Outstanding	16,661	20,035
Net Asset Value per Unit	$ 104.46	$ 116.41
Equinox Frontier Diversified Fund [Member] | Class 2 [Member]
LIABILITIES
Managing Owner Units	$ 3,056	$ 3,361
Limited Owner Units	$ 7,858,881	$ 9,629,385
Units Outstanding	63,966	71,254
Net Asset Value per Unit	$ 122.91	$ 135.19
Equinox Frontier Diversified Fund [Member] | Class 3 [Member]
LIABILITIES
Managing Owner Units	$ 175,263	$ 213,164
Limited Owner Units	$ 7,166,929	$ 9,288,555
Units Outstanding	64,138	75,601
Net Asset Value per Unit	$ 114.47	$ 125.68
Equinox Frontier Masters Fund [Member]
ASSETS
Cash and cash equivalents	$ 35,548	$ 411,695
U.S. Treasury securities, at fair value	512,411	1,663,014
Investments in private investment companies, at fair value	5,466,265	8,407,168
Investments in unconsolidated trading companies, at fair value	969,945	1,501,142
Interest receivable	5,212	32,798
Other assets		2,973
Total Assets	6,989,381	12,018,790
LIABILITIES
Owner redemptions payable	114,816
Management fees payable to Managing Owner	7,494	8,949
Service fees payable to Managing Owner	2,625	3,570
Trading fees payable to Managing Owner	32,173	49,131
Other liabilities	39,602
Total Liabilities	196,710	61,650
Total Owners' Capital	6,792,671	11,957,140
Total Capital	6,792,671	11,957,140
Total Liabilities and Capital	6,989,381	12,018,790
Equinox Frontier Masters Fund [Member] | Class 1 [Member]
LIABILITIES
Limited Owner Units	$ 2,102,479	$ 2,913,542
Units Outstanding	21,629	25,393
Net Asset Value per Unit	$ 97.20	$ 114.74
Equinox Frontier Masters Fund [Member] | Class 2 [Member]
LIABILITIES
Managing Owner Units	$ 54,571	$ 87,344
Limited Owner Units	$ 1,477,956	$ 3,451,256
Units Outstanding	13,397	26,553
Net Asset Value per Unit	$ 114.39	$ 133.27
Equinox Frontier Masters Fund [Member] | Class 3 [Member]
LIABILITIES
Managing Owner Units	$ 21,255	$ 34,209
Limited Owner Units	$ 3,136,410	$ 5,470,789
Units Outstanding	29,515	44,254
Net Asset Value per Unit	$ 106.99	$ 124.40
Equinox Frontier Long/Short Commodity Fund [Member]
ASSETS
Cash and cash equivalents	$ 32,954	$ 152,200
U.S. Treasury securities, at fair value	475,024	614,803
Incentive fees receivable	57,082	57,082
Swap contracts, at fair value	471,942	397,039
Investments in private investment companies, at fair value	1,948,076	3,018,571
Investments in unconsolidated trading companies, at fair value	99,860	121,510
Interest receivable	3,364	12,125
Other assets	48,679	5,122
Total Assets	3,136,981	4,378,452
LIABILITIES
Owner redemptions payable	6,185
Interest payable to Managing Owner	44	103
Service fees payable to Managing Owner	66	172
Trading fees payable to Managing Owner	6,259	9,125
Advance on unrealized Swap Appreciation	115,000	115,000
Total Liabilities	127,554	124,400
Total Owners' Capital	3,009,427	4,254,052
Total Capital	3,009,427	4,254,052
Total Liabilities and Capital	3,136,981	4,378,452
Equinox Frontier Long/Short Commodity Fund [Member] | Class 2 [Member]
LIABILITIES
Managing Owner Units	6,284	11,999
Limited Owner Units	$ 121,413	$ 246,901
Units Outstanding	1,233	2,236
Net Asset Value per Unit	$ 103.54	$ 115.81
Equinox Frontier Long/Short Commodity Fund [Member] | Class 3 [Member]
LIABILITIES
Limited Owner Units	$ 2,010,934	$ 2,472,994
Units Outstanding	18,512	20,354
Net Asset Value per Unit	$ 108.62	$ 121.50
Equinox Frontier Long/Short Commodity Fund [Member] | Class 1A [Member]
LIABILITIES
Limited Owner Units	$ 23,320	$ 107,619
Units Outstanding	353	1,323
Net Asset Value per Unit	$ 66.19	$ 81.35
Equinox Frontier Long/Short Commodity Fund [Member] | Class 2A [Member]
LIABILITIES
Managing Owner Units	$ 23,759	$ 34,112
Limited Owner Units	$ 259,051	$ 408,532
Units Outstanding	3,666	4,730
Net Asset Value per Unit	$ 77.15	$ 93.59
Equinox Frontier Long/Short Commodity Fund [Member] | Class 3A [Member]
LIABILITIES
Managing Owner Units	$ 1,453	$ 1,759
Limited Owner Units	$ 563,213	$ 970,136
Units Outstanding	6,978	9,918
Net Asset Value per Unit	$ 80.94	$ 97.99
Equinox Frontier Balanced Fund [Member]
ASSETS
Cash and cash equivalents	$ 105,108	$ 164,332
U.S. Treasury securities, at fair value	1,515,106	663,808
Receivable from futures commission merchants	2,731,030	7,458,096
Open trade equity, at fair value		178,552
Swap contracts, at fair value	9,850,185	11,340,959
Investments in private investment companies, at fair value	24,170,470	30,501,895
Investments in unconsolidated trading companies, at fair value	2,144,814	3,178,176
Interest receivable	10,731	13,092
Due from Managing Owner		184,106
Total Assets	40,527,444	53,683,016
LIABILITIES
Open trade deficit, at fair value	23,444
Owner redemptions payable	108,038	76,772
Incentive fees payable to Managing Owner		40,189
Management fees payable to Managing Owner	23,019	11,465
Interest payable to Managing Owner	3,591	2,528
Service fees payable to Managing Owner	61,951	88,149
Trading fees payable to Managing Owner	108,152	140,868
Risk analysis fees payable	9,188	8,886
Advance on unrealized Swap Appreciation	4,926,555	4,926,555
Other liabilities	280,621	155,425
Total Liabilities	5,544,559	5,450,837
Total Owners' Capital	34,982,885	48,232,179
Total Capital	34,982,885	48,232,179
Total Liabilities and Capital	40,527,444	53,683,016
Equinox Frontier Balanced Fund [Member] | Class 1 [Member]
LIABILITIES
Limited Owner Units	$ 28,460,992	$ 38,744,003
Units Outstanding	237,546	284,956
Net Asset Value per Unit	$ 119.81	$ 135.96
Equinox Frontier Balanced Fund [Member] | Class 2 [Member]
LIABILITIES
Managing Owner Units	$ 126,379	$ 147,888
Limited Owner Units	$ 4,689,023	$ 6,829,139
Units Outstanding	26,326	34,386
Net Asset Value per Unit	$ 182.90	$ 202.90
Equinox Frontier Balanced Fund [Member] | Class 2A [Member]
LIABILITIES
Managing Owner Units	$ 253,793	$ 338,655
Limited Owner Units	$ 114,354	$ 191,276
Units Outstanding	2,323	3,015
Net Asset Value per Unit	$ 158.48	$ 175.77
Equinox Frontier Balanced Fund [Member] | Class 3A [Member]
LIABILITIES
Limited Owner Units	$ 906,681	$ 1,379,971
Units Outstanding	5,741	7,877
Net Asset Value per Unit	$ 157.94	$ 175.18
Equinox Frontier Balanced Fund [Member] | Class 1AP [Member]
LIABILITIES
Limited Owner Units	$ 431,663	$ 601,247
Units Outstanding	3,183	3,993
Net Asset Value per Unit	$ 135.63	$ 150.56
Equinox Frontier Select Fund [Member]
ASSETS
Cash and cash equivalents	$ 22,923	$ 114,973
U.S. Treasury securities, at fair value	330,422	464,427
Investments in private investment companies, at fair value	3,443,015	5,579,229
Investments in unconsolidated trading companies, at fair value	607,771	670,863
Interest receivable	2,340	9,160
Other assets	17,218
Total Assets	4,423,689	6,838,652
LIABILITIES
Owner redemptions payable	10,437
Interest payable to Managing Owner	765	1,358
Service fees payable to Managing Owner	7,750	14,743
Trading fees payable to Managing Owner	8,530	14,898
Other liabilities		5,725
Total Liabilities	27,482	36,724
Total Owners' Capital	4,396,207	6,801,928
Total Capital	4,396,207	6,801,928
Total Liabilities and Capital	4,423,689	6,838,652
Equinox Frontier Select Fund [Member] | Class 1 [Member]
LIABILITIES
Limited Owner Units	$ 4,179,762	$ 5,912,980
Units Outstanding	55,426	65,502
Net Asset Value per Unit	$ 75.41	$ 90.27
Equinox Frontier Select Fund [Member] | Class 2 [Member]
LIABILITIES
Managing Owner Units	$ 48,594	$ 70,295
Limited Owner Units	$ 149,946	$ 795,299
Units Outstanding	1,751	6,521
Net Asset Value per Unit	$ 113.40	$ 132.73
Equinox Frontier Select Fund [Member] | Class 1AP [Member]
LIABILITIES
Limited Owner Units	$ 17,905	$ 23,354
Units Outstanding	210	233
Net Asset Value per Unit	$ 85.45	$ 100.02
Equinox Frontier Winton Fund [Member]
ASSETS
Cash and cash equivalents	$ 344,707	$ 1,403,125
U.S. Treasury securities, at fair value	4,968,843	5,667,825
Investments in unconsolidated trading companies, at fair value	5,010,792	7,987,575
Interest receivable	35,193	111,781
Receivable from related parties		58,146
Other assets	18,359
Total Assets	10,377,894	15,228,452
LIABILITIES
Owner redemptions payable	7,649
Management fees payable to Managing Owner	34,474	53,039
Interest payable to Managing Owner	15,770	20,992
Service fees payable to Managing Owner	20,813	26,714
Trading fees payable to Managing Owner	23,696	43,573
Due to Managing Owner		152,219
Other liabilities		82,265
Total Liabilities	102,402	378,802
Total Owners' Capital	10,275,492	14,849,650
Total Capital	10,275,492	14,849,650
Total Liabilities and Capital	10,377,894	15,228,452
Equinox Frontier Winton Fund [Member] | Class 1 [Member]
LIABILITIES
Limited Owner Units	$ 9,745,132	$ 13,102,614
Units Outstanding	66,740	82,367
Net Asset Value per Unit	$ 146.02	$ 159.08
Equinox Frontier Winton Fund [Member] | Class 2 [Member]
LIABILITIES
Managing Owner Units	$ 118,515	$ 153,552
Limited Owner Units	$ 376,508	$ 1,555,723
Units Outstanding	2,401	7,895
Net Asset Value per Unit	$ 206.20	$ 216.50
Equinox Frontier Winton Fund [Member] | Class 1AP [Member]
LIABILITIES
Limited Owner Units	$ 35,337	$ 37,761
Units Outstanding	214	214
Net Asset Value per Unit	$ 165.51	$ 176.44
Equinox Frontier Heritage Fund [Member]
ASSETS
Cash and cash equivalents	$ 59,065	$ 259,161
U.S. Treasury securities, at fair value	851,399	1,046,861
Swap contracts, at fair value	3,010,288	3,094,367
Investments in private investment companies, at fair value	2,095,258	2,772,993
Investments in unconsolidated trading companies, at fair value	910,059	1,546,974
Interest receivable	6,030	20,647
Total Assets	6,932,099	8,741,003
LIABILITIES
Owner redemptions payable	924
Management fees payable to Managing Owner	6,370	13,471
Interest payable to Managing Owner	1,918	2,608
Service fees payable to Managing Owner	10,001	11,483
Trading fees payable to Managing Owner	11,980	15,703
Advance on unrealized Swap Appreciation	1,900,000	1,900,000
Other liabilities	14,563	16,038
Total Liabilities	1,945,756	1,959,303
Total Owners' Capital	4,448,034	6,202,626
Non-Controlling Interests	538,309	579,074
Total Capital	4,986,343	6,781,700
Total Liabilities and Capital	6,932,099	8,741,003
Equinox Frontier Heritage Fund [Member] | Class 1 [Member]
LIABILITIES
Limited Owner Units	$ 3,805,123	$ 5,435,871
Units Outstanding	37,636	44,855
Net Asset Value per Unit	$ 101.10	$ 121.19
Equinox Frontier Heritage Fund [Member] | Class 2 [Member]
LIABILITIES
Managing Owner Units	$ 47,202	$ 63,646
Limited Owner Units	$ 594,698	$ 697,026
Units Outstanding	4,187	4,233
Net Asset Value per Unit	$ 153.31	$ 179.70
Equinox Frontier Heritage Fund [Member] | Class 1AP [Member]
LIABILITIES
Limited Owner Units	$ 1,011	$ 6,083
Units Outstanding	9	45
Net Asset Value per Unit	$ 114.58	$ 134.28

XML

Schedule - Condensed Schedule of Investments (Unaudited) - USD ($)		Sep. 30, 2018		Dec. 31, 2017
Swap [Member]
Investment Owned, Fair Value		$ 18,908,412	[1]	$ 21,208,838
Investment Owned, % of Total Capital (Net Asset Value)		23.38%	[1]	18.64%
Swap [Member] | Frontier XXXV Diversified Select Swap (U.S.) [Member]
Investment Owned, Fair Value		$ 5,575,997	[1]	$ 6,376,472
Investment Owned, % of Total Capital (Net Asset Value)		6.90%	[1]	5.60%
Swap [Member] | Frontier XXXVII L/S Select Swap (U.S.) [Member]
Investment Owned, Fair Value		$ 471,942	[1]	$ 397,039
Investment Owned, % of Total Capital (Net Asset Value)		0.58%	[1]	0.35%
Swap [Member] | Frontier XXXIV Balanced Select Swap (U.S.) [Member]
Investment Owned, Fair Value		$ 9,850,185	[1]	$ 11,340,960
Investment Owned, % of Total Capital (Net Asset Value)		12.18%	[1]	9.97%
Swap [Member] | Frontier Brevan Howard Swap (U.S.) [Member]
Investment Owned, Fair Value		$ 3,010,288	[1]	$ 3,094,367
Investment Owned, % of Total Capital (Net Asset Value)		3.72%	[1]	2.72%
Private Investment Companies [Member]
Investment Owned, Fair Value	[2]	$ 50,998,548		$ 66,933,235
Investment Owned, % of Total Capital (Net Asset Value)	[2]	63.09%		58.84%
Private Investment Companies [Member] | Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC [Member]
Investment Owned, Fair Value	[2]	$ 6,063,170		$ 6,507,863
Investment Owned, % of Total Capital (Net Asset Value)	[2]	7.50%		5.72%
Private Investment Companies [Member] | Galaxy Plus Fund - Doherty Feeder Fund (528) LLC [Member]
Investment Owned, Fair Value	[2]	$ 3,356,591		$ 3,759,970
Investment Owned, % of Total Capital (Net Asset Value)	[2]	4.15%		3.31%
Private Investment Companies [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Investment Owned, Fair Value	[2]	$ 5,285,097		$ 7,523,327
Investment Owned, % of Total Capital (Net Asset Value)	[2]	6.54%		6.61%
Private Investment Companies [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Investment Owned, Fair Value	[2]	$ 4,824,012		$ 6,607,668
Investment Owned, % of Total Capital (Net Asset Value)	[2]	5.97%		5.81%
Private Investment Companies [Member] | Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC [Member]
Investment Owned, Fair Value	[2]	$ 6,246,313		$ 6,204,663
Investment Owned, % of Total Capital (Net Asset Value)	[2]	7.73%		5.45%
Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Investment Owned, Fair Value	[2]	$ 1,452,297		$ 1,919,350
Investment Owned, % of Total Capital (Net Asset Value)	[2]	1.80%		1.69%
Private Investment Companies [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Investment Owned, Fair Value	[2]	$ 686,691		$ 759,647
Investment Owned, % of Total Capital (Net Asset Value)	[2]	0.85%		0.67%
Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Investment Owned, Fair Value	[2]	$ 16,717,851		$ 23,045,760
Investment Owned, % of Total Capital (Net Asset Value)	[2]	20.68%		20.26%
Private Investment Companies [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Investment Owned, Fair Value	[2]	$ 1,094,259		$ 1,483,477
Investment Owned, % of Total Capital (Net Asset Value)	[2]	1.35%		1.30%
Private Investment Companies [Member] | Galaxy Plus Fund - Chesapeake Feeder Fund (518) [Member]
Investment Owned, Fair Value	[2]			$ 1,774,375
Investment Owned, % of Total Capital (Net Asset Value)	[2]			1.56%
Private Investment Companies [Member] | Galaxy Plus Fund - TT Feeder Fund (531) LLC [Member]
Investment Owned, Fair Value	[2]	$ 3,255,902		$ 5,195,266
Investment Owned, % of Total Capital (Net Asset Value)	[2]	4.03%		4.57%
Private Investment Companies [Member] | Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC [Member]
Investment Owned, Fair Value	[2]	$ 2,016,365		$ 2,151,869
Investment Owned, % of Total Capital (Net Asset Value)	[2]	2.49%		1.89%
US Treasury Securities [Member]
Investment Owned, Fair Value		$ 9,591,613		$ 10,887,786
Investment Owned, % of Total Capital (Net Asset Value)		11.86%		9.57%
US Treasury Securities [Member] | US Treasury Note Six Point Eight Seven Five Percent [Member]
Investment Owned, Fair Value		$ 9,591,613		$ 10,887,786
Investment Owned, % of Total Capital (Net Asset Value)		11.86%		9.57%
Investment Owned, Underlying Face Amount, at Market Value		$ 7,737,000		$ 8,269,000
Long Futures Contracts [Member]
Investment Owned, Fair Value	[3]	$ (57,869)		$ 1,707,585
Investment Owned, % of Total Capital (Net Asset Value)	[3]	(0.05%)		1.50%
Long Futures Contracts [Member] | Various agriculture futures contracts (Europe) [Member]
Investment Owned, Fair Value	[3]	$ (2,265)
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.00%
Long Futures Contracts [Member] | Various agriculture futures contracts (U.S.) [Member]
Investment Owned, Fair Value	[3]	$ 2,310
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.00%
Long Futures Contracts [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[3]	$ (85,792)		$ 1,088,822
Investment Owned, % of Total Capital (Net Asset Value)	[3]	(0.11%)		0.96%
Long Futures Contracts [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[3]	$ 149,308		$ 513,613
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.18%		0.45%
Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, Fair Value	[3]	$ (98,875)		$ (118,226)
Investment Owned, % of Total Capital (Net Asset Value)	[3]	(0.12%)		(0.10%)
Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Europe) [Member]
Investment Owned, Fair Value	[3]	$ 18,675		$ (104,638)
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.02%		(0.09%)
Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, Fair Value	[3]	$ 37,635		$ 96,403
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.05%		0.08%
Long Futures Contracts [Member] | Various agriculture futures contracts (Canada) [Member]
Investment Owned, Fair Value	[3]	$ (173)
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.00%
Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Canada) [Member]
Investment Owned, Fair Value	[3]	$ (3,340)
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.00%
Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, Fair Value	[3]	$ (3,610)		$ (4,756)
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.00%		0.00%
Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[3]	$ (90,328)		$ (25,875)
Investment Owned, % of Total Capital (Net Asset Value)	[3]	(0.11%)		(0.02%)
Long Futures Contracts [Member] | Various Precious Metal Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[3]	$ 4,870		$ 18,190
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.01%		0.02%
Long Futures Contracts [Member] | Various Soft Futures Contract (U.S.) [Member]
Investment Owned, Fair Value	[3]	$ (51,765)		$ 55,621
Investment Owned, % of Total Capital (Net Asset Value)	[3]	(0.06%)		0.05%
Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Africa) [Member]
Investment Owned, Fair Value	[3]			$ 4,465
Investment Owned, % of Total Capital (Net Asset Value)	[3]			0.00%
Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Oceanic) [Member]
Investment Owned, Fair Value	[3]	$ (11,160)		$ (23,380)
Investment Owned, % of Total Capital (Net Asset Value)	[3]	(0.01%)		(0.02%)
Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Canada) [Member]
Investment Owned, Fair Value	[3]			$ 5,605
Investment Owned, % of Total Capital (Net Asset Value)	[3]			0.00%
Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Oceanic) [Member]
Investment Owned, Fair Value	[3]	$ 4,107		$ 2,815
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.01%		0.00%
Long Futures Contracts [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[3]	$ 31,544		$ 197,228
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.04%		0.17%
Long Futures Contracts [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[3]			$ (52,460)
Investment Owned, % of Total Capital (Net Asset Value)	[3]			(0.05%)
Long Futures Contracts [Member] | Various Soft Futures Contract (Europe) [Member]
Investment Owned, Fair Value	[3]			$ (372)
Investment Owned, % of Total Capital (Net Asset Value)	[3]			0.00%
Long Futures Contracts [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, Fair Value	[3]	$ 5,110		$ 27,263
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.01%		0.02%
Long Futures Contracts [Member] | Various currency futures contracts (Latin America) [Member]
Investment Owned, Fair Value	[3]	$ 35,880
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.04%
Long Futures Contracts [Member] | Various Currency Futures Contracts (Oceanic) [Member]
Investment Owned, Fair Value	[3]			$ 20,670
Investment Owned, % of Total Capital (Net Asset Value)	[3]			0.02%
Long Futures Contracts [Member] | Various Currency Futures Contracts (Canada) [Member]
Investment Owned, Fair Value	[3]			$ 18,470
Investment Owned, % of Total Capital (Net Asset Value)	[3]			0.02%
Long Futures Contracts [Member] | Various Energy Futures Contracts (Europe) [Member]
Investment Owned, Fair Value	[3]			$ (11,873)
Investment Owned, % of Total Capital (Net Asset Value)	[3]			(0.01%)
Short Futures Contracts [Member]
Investment Owned, Fair Value	[3]	$ 703,066		$ (561,645)
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.86%		(0.50%)
Short Futures Contracts [Member] | Various agriculture futures contracts (U.S.) [Member]
Investment Owned, Fair Value	[3]	$ (38,870)
Investment Owned, % of Total Capital (Net Asset Value)	[3]	(0.05%)
Short Futures Contracts [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[3]	$ (13,753)		$ (411,270)
Investment Owned, % of Total Capital (Net Asset Value)	[3]	(0.02%)		(0.36%)
Short Futures Contracts [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[3]	$ (37,980)		$ (77,171)
Investment Owned, % of Total Capital (Net Asset Value)	[3]	(0.05%)		(0.07%)
Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, Fair Value	[3]	$ 25,411		$ (6,824)
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.03%		(0.01%)
Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, Fair Value	[3]	$ (1,465)
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.00%
Short Futures Contracts [Member] | Various agriculture futures contracts (Canada) [Member]
Investment Owned, Fair Value	[3]	$ 84,444
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.10%
Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Canada) [Member]
Investment Owned, Fair Value	[3]	$ 7,731		$ (4,439)
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.01%		0.00%
Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, Fair Value	[3]	$ 1,761
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.00%
Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[3]	$ 64,383		$ 104,111
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.08%		0.09%
Short Futures Contracts [Member] | Various Precious Metal Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[3]	$ 162,150		$ (153,585)
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.20%		(0.14%)
Short Futures Contracts [Member] | Various Soft Futures Contract (Far East) [Member]
Investment Owned, Fair Value	[3]	$ 1,101
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.00%
Short Futures Contracts [Member] | Various Soft Futures Contract (U.S.) [Member]
Investment Owned, Fair Value	[3]	$ 255,560		$ 93,576
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.32%		0.08%
Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Africa) [Member]
Investment Owned, Fair Value	[3]	$ 2,471
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.00%
Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Oceanic) [Member]
Investment Owned, Fair Value	[3]			$ 1,509
Investment Owned, % of Total Capital (Net Asset Value)	[3]			0.00%
Short Futures Contracts [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[3]	$ 14,481		$ (45,128)
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.02%		(0.04%)
Short Futures Contracts [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[3]			$ 40,897
Investment Owned, % of Total Capital (Net Asset Value)	[3]			0.04%
Short Futures Contracts [Member] | Various Soft Futures Contract (Europe) [Member]
Investment Owned, Fair Value	[3]			$ 35,920
Investment Owned, % of Total Capital (Net Asset Value)	[3]			0.03%
Short Futures Contracts [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, Fair Value	[3]	$ 19,481		$ (89,175)
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.02%		(0.08%)
Short Futures Contracts [Member] | Various Currency Futures Contracts (Far East) [Member]
Investment Owned, Fair Value	[3]	$ 191,075		$ (50,066)
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.24%		(0.04%)
Short Futures Contracts [Member] | Various Currency Futures Contracts (Oceanic) [Member]
Investment Owned, Fair Value	[3]	$ (34,915)
Investment Owned, % of Total Capital (Net Asset Value)	[3]	(0.04%)
Currency Forwards [Member]
Investment Owned, Fair Value	[3]	$ (298,471)		$ 422,474
Investment Owned, % of Total Capital (Net Asset Value)	[3]	(0.37%)		0.37%
Currency Forwards [Member] | Various Currency Forwards Contracts (NA) [Member]
Investment Owned, Fair Value	[3]	$ (298,471)		$ 422,474
Investment Owned, % of Total Capital (Net Asset Value)	[3]	(0.37%)		0.37%
Total Open Trade Equity (Deficit) [Member]
Investment Owned, Fair Value	[3]	$ 346,726		$ 1,568,414
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.44%		1.37%
Equinox Frontier Diversified Fund [Member] | Swap [Member]
Investment Owned, Fair Value	[4]	$ 5,575,997		$ 6,376,472
Investment Owned, % of Total Capital (Net Asset Value)	[4]	32.91%		29.70%
Equinox Frontier Diversified Fund [Member] | Swap [Member] | Frontier XXXV Diversified Select Swap (U.S.) [Member]
Investment Owned, Fair Value	[4]	$ 5,575,997		$ 6,376,472
Investment Owned, % of Total Capital (Net Asset Value)	[4]	32.91%		29.70%
Equinox Frontier Diversified Fund [Member] | Private Investment Companies [Member]
Investment Owned, Fair Value	[5]	$ 11,859,099		$ 14,501,510
Investment Owned, % of Total Capital (Net Asset Value)	[5]	69.99%		67.54%
Equinox Frontier Diversified Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC [Member]
Investment Owned, Fair Value	[5]	$ 1,476,849		$ 1,447,461
Investment Owned, % of Total Capital (Net Asset Value)	[5]	8.72%		6.74%
Equinox Frontier Diversified Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Doherty Feeder Fund (528) LLC [Member]
Investment Owned, Fair Value	[5]	$ 1,252,158		$ 1,253,230
Investment Owned, % of Total Capital (Net Asset Value)	[5]	7.39%		5.84%
Equinox Frontier Diversified Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Investment Owned, Fair Value	[5]	$ 1,815,491		$ 1,713,788
Investment Owned, % of Total Capital (Net Asset Value)	[5]	10.71%		7.98%
Equinox Frontier Diversified Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Investment Owned, Fair Value	[5]	$ 1,502,795		$ 2,203,960
Investment Owned, % of Total Capital (Net Asset Value)	[5]	8.87%		10.27%
Equinox Frontier Diversified Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC [Member]
Investment Owned, Fair Value	[5]	$ 2,014,288		$ 2,067,025
Investment Owned, % of Total Capital (Net Asset Value)	[5]	11.89%		9.63%
Equinox Frontier Diversified Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Investment Owned, Fair Value	[5]	$ 381,970		$ 479,522
Investment Owned, % of Total Capital (Net Asset Value)	[5]	2.25%		2.23%
Equinox Frontier Diversified Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Investment Owned, Fair Value	[5]	$ 343,205		$ 379,664
Investment Owned, % of Total Capital (Net Asset Value)	[5]	2.03%		1.77%
Equinox Frontier Diversified Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Investment Owned, Fair Value	[5]	$ 2,966,027		$ 4,343,060
Investment Owned, % of Total Capital (Net Asset Value)	[5]	17.50%		20.23%
Equinox Frontier Diversified Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Investment Owned, Fair Value	[5]	$ 106,316		$ 129,058
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.63%		0.60%
Equinox Frontier Diversified Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Chesapeake Feeder Fund (518) [Member]
Investment Owned, Fair Value	[5]			$ 484,742
Investment Owned, % of Total Capital (Net Asset Value)	[5]			2.26%
Equinox Frontier Diversified Fund [Member] | Investment In Unconsolidated Companies [Member]
Investment Owned, Fair Value	[5]	$ 1,146,091		$ 2,225,210
Investment Owned, % of Total Capital (Net Asset Value)	[5]	6.76%		10.37%
Equinox Frontier Diversified Fund [Member] | Investment In Unconsolidated Companies [Member] | Equinox Frontier Trading Company XXXVIII, LLC [Member]
Investment Owned, Fair Value	[5]	$ 197,274		$ 151,600
Investment Owned, % of Total Capital (Net Asset Value)	[5]	1.16%		0.71%
Equinox Frontier Diversified Fund [Member] | Investment In Unconsolidated Companies [Member] | Equinox Frontier Trading Company II, LLC [Member]
Investment Owned, Fair Value	[5]	$ 948,817		$ 2,073,610
Investment Owned, % of Total Capital (Net Asset Value)	[5]	5.60%		9.66%
Equinox Frontier Diversified Fund [Member] | US Treasury Securities [Member]
Investment Owned, Fair Value	[6]	$ 938,408		$ 767,049
Investment Owned, % of Total Capital (Net Asset Value)	[6]	5.54%		3.57%
Equinox Frontier Diversified Fund [Member] | US Treasury Securities [Member] | Additional [Member]
Investment Owned, Underlying Face Amount, at Market Value	[6]	$ 756,959		$ 582,555
Investment Owned, at Cost	[6]	960,135		774,221
Equinox Frontier Diversified Fund [Member] | US Treasury Securities [Member] | US Treasury Note Six Point Eight Seven Five Percent [Member]
Investment Owned, Fair Value	[6]	$ 938,408		$ 767,049
Investment Owned, % of Total Capital (Net Asset Value)	[6]	5.54%		3.57%
Investment Owned, Underlying Face Amount, at Market Value	[6]	$ 7,737,000		$ 9,000,000
Equinox Frontier Diversified Fund [Member] | US Treasury Securities [Member] | US Treasury Note Six Point Eight Seven Five Percent [Member] | Additional [Member]
Investment Owned, Underlying Face Amount, at Market Value	[6]	756,959		582,555
Investment Owned, at Cost	[6]	960,135		774,221
Equinox Frontier Masters Fund [Member] | Private Investment Companies [Member]
Investment Owned, Fair Value	[5]	$ 5,466,265		$ 8,407,168
Investment Owned, % of Total Capital (Net Asset Value)	[5]	80.47%		70.31%
Equinox Frontier Masters Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC [Member]
Investment Owned, Fair Value	[5]	$ 1,337,703		$ 1,588,149
Investment Owned, % of Total Capital (Net Asset Value)	[5]	19.69%		13.28%
Equinox Frontier Masters Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Investment Owned, Fair Value	[5]	$ 2,466,918
Investment Owned, % of Total Capital (Net Asset Value)	[5]	36.32%
Equinox Frontier Masters Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Investment Owned, Fair Value	[5]	$ 1,661,644		$ 3,203,382
Investment Owned, % of Total Capital (Net Asset Value)	[5]	24.46%		26.79%
Equinox Frontier Masters Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Chesapeake Feeder Fund (518) [Member]
Investment Owned, Fair Value	[5]			$ 967,528
Investment Owned, % of Total Capital (Net Asset Value)	[5]			8.09%
Equinox Frontier Masters Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - TT Feeder Fund (531) LLC [Member]
Investment Owned, Fair Value	[5]			$ 2,648,109
Investment Owned, % of Total Capital (Net Asset Value)	[5]			22.15%
Equinox Frontier Masters Fund [Member] | Investment In Unconsolidated Companies [Member]
Investment Owned, Fair Value	[5]	$ 969,945		$ 1,501,142
Investment Owned, % of Total Capital (Net Asset Value)	[5]	14.28%		12.55%
Equinox Frontier Masters Fund [Member] | Investment In Unconsolidated Companies [Member] | Equinox Frontier Trading Company XXXVIII, LLC [Member]
Investment Owned, Fair Value	[5]	$ 107,720		$ 328,679
Investment Owned, % of Total Capital (Net Asset Value)	[5]	1.59%		2.75%
Equinox Frontier Masters Fund [Member] | Investment In Unconsolidated Companies [Member] | Equinox Frontier Trading Company II, LLC [Member]
Investment Owned, Fair Value	[5]	$ 862,225		$ 1,172,463
Investment Owned, % of Total Capital (Net Asset Value)	[5]	12.69%		9.81%
Equinox Frontier Masters Fund [Member] | US Treasury Securities [Member]
Investment Owned, Fair Value	[6]	$ 512,411		$ 1,663,014
Investment Owned, % of Total Capital (Net Asset Value)	[6]	7.54%		13.91%
Equinox Frontier Masters Fund [Member] | US Treasury Securities [Member] | Additional [Member]
Investment Owned, Underlying Face Amount, at Market Value	[6]	$ 413,332		$ 1,263,017
Investment Owned, at Cost	[6]	524,275		1,678,562
Equinox Frontier Masters Fund [Member] | US Treasury Securities [Member] | US Treasury Note Six Point Eight Seven Five Percent [Member]
Investment Owned, Fair Value	[6]	$ 512,411		$ 1,663,014
Investment Owned, % of Total Capital (Net Asset Value)	[6]	7.54%		13.91%
Investment Owned, Underlying Face Amount, at Market Value	[6]	$ 7,737,000		$ 9,000,000
Equinox Frontier Masters Fund [Member] | US Treasury Securities [Member] | US Treasury Note Six Point Eight Seven Five Percent [Member] | Additional [Member]
Investment Owned, Underlying Face Amount, at Market Value	[6]	413,332		1,263,017
Investment Owned, at Cost	[6]	524,275		1,678,562
Equinox Frontier Long/Short Commodity Fund [Member] | Swap [Member]
Investment Owned, Fair Value	[4]	$ 471,942		$ 397,039
Investment Owned, % of Total Capital (Net Asset Value)	[4]	15.68%		9.33%
Equinox Frontier Long/Short Commodity Fund [Member] | Swap [Member] | Frontier XXXVII L/S Select Swap (U.S.) [Member]
Investment Owned, Fair Value	[4]	$ 471,942		$ 397,039
Investment Owned, % of Total Capital (Net Asset Value)	[4]	15.68%		9.33%
Equinox Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member]
Investment Owned, Fair Value	[5]	$ 1,948,076		$ 3,018,571
Investment Owned, % of Total Capital (Net Asset Value)	[5]	64.73%		70.96%
Equinox Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC [Member]
Investment Owned, Fair Value	[5]	$ 427,126		$ 576,154
Investment Owned, % of Total Capital (Net Asset Value)	[5]	14.19%		13.54%
Equinox Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Investment Owned, Fair Value	[5]	$ 788,388		$ 1,024,222
Investment Owned, % of Total Capital (Net Asset Value)	[5]	26.20%		24.08%
Equinox Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Investment Owned, Fair Value	[5]	$ 732,562		$ 1,096,090
Investment Owned, % of Total Capital (Net Asset Value)	[5]	24.34%		25.77%
Equinox Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Chesapeake Feeder Fund (518) [Member]
Investment Owned, Fair Value	[5]			$ 322,105
Investment Owned, % of Total Capital (Net Asset Value)	[5]			7.57%
Equinox Frontier Long/Short Commodity Fund [Member] | Investment In Unconsolidated Companies [Member]
Investment Owned, Fair Value	[5]	$ 99,860		$ 121,510
Investment Owned, % of Total Capital (Net Asset Value)	[5]	3.32%		2.86%
Equinox Frontier Long/Short Commodity Fund [Member] | Investment In Unconsolidated Companies [Member] | Equinox Frontier Trading Company XXXVIII, LLC [Member]
Investment Owned, Fair Value	[5]	$ 99,860		$ 121,510
Investment Owned, % of Total Capital (Net Asset Value)	[5]	3.32%		2.86%
Equinox Frontier Long/Short Commodity Fund [Member] | US Treasury Securities [Member]
Investment Owned, Fair Value	[6]	$ 475,024		$ 614,803
Investment Owned, % of Total Capital (Net Asset Value)	[6]	15.78%		14.45%
Equinox Frontier Long/Short Commodity Fund [Member] | US Treasury Securities [Member] | Additional [Member]
Investment Owned, Underlying Face Amount, at Market Value	[6]	$ 383,175		$ 466,927
Investment Owned, at Cost	[6]	486,023		620,551
Equinox Frontier Long/Short Commodity Fund [Member] | US Treasury Securities [Member] | US Treasury Note Six Point Eight Seven Five Percent [Member]
Investment Owned, Fair Value	[6]	$ 475,024		$ 614,803
Investment Owned, % of Total Capital (Net Asset Value)	[6]	15.78%		14.45%
Investment Owned, Underlying Face Amount, at Market Value	[6]			$ 9,000,000
Equinox Frontier Long/Short Commodity Fund [Member] | US Treasury Securities [Member] | US Treasury Note Six Point Eight Seven Five Percent [Member] | Additional [Member]
Investment Owned, Underlying Face Amount, at Market Value	[6]	$ 383,175		466,927
Investment Owned, at Cost	[6]	486,023		620,551
Equinox Frontier Balanced Fund [Member] | Swap [Member]
Investment Owned, Fair Value	[4]	$ 9,850,185		$ 11,340,959
Investment Owned, % of Total Capital (Net Asset Value)	[4]	28.16%		23.51%
Equinox Frontier Balanced Fund [Member] | Swap [Member] | Frontier XXXIV Balanced Select Swap (U.S.) [Member]
Investment Owned, Fair Value	[4]	$ 9,850,185		$ 11,340,959
Investment Owned, % of Total Capital (Net Asset Value)	[4]	28.16%		23.51%
Equinox Frontier Balanced Fund [Member] | Private Investment Companies [Member]
Investment Owned, Fair Value	[5]	$ 24,170,471		$ 30,501,895
Investment Owned, % of Total Capital (Net Asset Value)	[5]	69.09%		63.23%
Equinox Frontier Balanced Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC [Member]
Investment Owned, Fair Value	[5]	$ 2,821,492		$ 2,896,099
Investment Owned, % of Total Capital (Net Asset Value)	[5]	8.07%		6.00%
Equinox Frontier Balanced Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Doherty Feeder Fund (528) LLC [Member]
Investment Owned, Fair Value	[5]	$ 2,104,433		$ 2,506,740
Investment Owned, % of Total Capital (Net Asset Value)	[5]	6.02%		5.20%
Equinox Frontier Balanced Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Investment Owned, Fair Value	[5]	$ 3,469,606		$ 5,809,539
Investment Owned, % of Total Capital (Net Asset Value)	[5]	9.92%		12.04%
Equinox Frontier Balanced Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Investment Owned, Fair Value	[5]	$ 3,321,217		$ 4,403,708
Investment Owned, % of Total Capital (Net Asset Value)	[5]	9.49%		9.13%
Equinox Frontier Balanced Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC [Member]
Investment Owned, Fair Value	[5]	$ 4,232,025		$ 4,137,638
Investment Owned, % of Total Capital (Net Asset Value)	[5]	12.10%		8.58%
Equinox Frontier Balanced Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Investment Owned, Fair Value	[5]	$ 1,070,327		$ 1,439,828
Investment Owned, % of Total Capital (Net Asset Value)	[5]	3.06%		2.99%
Equinox Frontier Balanced Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Investment Owned, Fair Value	[5]	$ 343,487		$ 379,983
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.98%		0.79%
Equinox Frontier Balanced Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Investment Owned, Fair Value	[5]	$ 6,552,503		$ 8,670,031
Investment Owned, % of Total Capital (Net Asset Value)	[5]	18.73%		17.98%
Equinox Frontier Balanced Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Investment Owned, Fair Value	[5]	$ 255,381		$ 258,329
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.73%		0.54%
Equinox Frontier Balanced Fund [Member] | Investment In Unconsolidated Companies [Member]
Investment Owned, Fair Value		$ 2,144,814	[5]	$ 3,178,176	[6]
Investment Owned, % of Total Capital (Net Asset Value)		6.13%	[5]	6.60%	[6]
Equinox Frontier Balanced Fund [Member] | Investment In Unconsolidated Companies [Member] | Equinox Frontier Trading Company XXXVIII, LLC [Member]
Investment Owned, Fair Value	[6]			$ 131,195
Investment Owned, % of Total Capital (Net Asset Value)	[6]			0.27%
Equinox Frontier Balanced Fund [Member] | Investment In Unconsolidated Companies [Member] | Equinox Frontier Trading Company II, LLC [Member]
Investment Owned, Fair Value		$ 1,826,306	[5]	$ 3,046,981	[6]
Investment Owned, % of Total Capital (Net Asset Value)		5.22%	[5]	6.32%	[6]
Equinox Frontier Balanced Fund [Member] | Investment In Unconsolidated Companies [Member] | Equinox Frontier Trading Company XXXIX, LLC [Member]
Investment Owned, Fair Value	[5]	$ 318,508
Investment Owned, % of Total Capital (Net Asset Value)	[5]	0.91%
Equinox Frontier Balanced Fund [Member] | US Treasury Securities [Member]
Investment Owned, Fair Value	[6]	$ 1,515,106		$ 663,808
Investment Owned, % of Total Capital (Net Asset Value)	[6]	4.33%		1.38%
Equinox Frontier Balanced Fund [Member] | US Treasury Securities [Member] | Additional [Member]
Investment Owned, Underlying Face Amount, at Market Value	[6]	$ 1,222,149		$ 504,145
Investment Owned, at Cost	[6]	1,550,186		670,014
Equinox Frontier Balanced Fund [Member] | US Treasury Securities [Member] | US Treasury Note Six Point Eight Seven Five Percent [Member]
Investment Owned, Fair Value	[6]	$ 1,515,106		$ 663,808
Investment Owned, % of Total Capital (Net Asset Value)	[6]	4.33%		1.38%
Investment Owned, Underlying Face Amount, at Market Value	[6]	$ 7,737,000		$ 9,000,000
Equinox Frontier Balanced Fund [Member] | US Treasury Securities [Member] | US Treasury Note Six Point Eight Seven Five Percent [Member] | Additional [Member]
Investment Owned, Underlying Face Amount, at Market Value	[6]	1,222,149		504,145
Investment Owned, at Cost	[6]	1,550,186		670,014
Equinox Frontier Balanced Fund [Member] | Long Futures Contracts [Member]
Investment Owned, Fair Value	[7]	$ 67,429		$ 184,455
Investment Owned, % of Total Capital (Net Asset Value)	[7]	0.20%		0.39%
Equinox Frontier Balanced Fund [Member] | Long Futures Contracts [Member] | Various agriculture futures contracts (Europe) [Member]
Investment Owned, Fair Value	[7]	$ (2,512)
Investment Owned, % of Total Capital (Net Asset Value)	[7]	(0.01%)
Equinox Frontier Balanced Fund [Member] | Long Futures Contracts [Member] | Various agriculture futures contracts (U.S.) [Member]
Investment Owned, Fair Value	[7]	$ 1,580
Investment Owned, % of Total Capital (Net Asset Value)	[7]	0.00%
Equinox Frontier Balanced Fund [Member] | Long Futures Contracts [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[7]	$ 3,613		$ 61,371
Investment Owned, % of Total Capital (Net Asset Value)	[7]	0.01%		0.13%
Equinox Frontier Balanced Fund [Member] | Long Futures Contracts [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[7]	$ 22,560		$ 96,294
Investment Owned, % of Total Capital (Net Asset Value)	[7]	0.06%		0.20%
Equinox Frontier Balanced Fund [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, Fair Value	[7]	$ 40,355		$ 3,733
Investment Owned, % of Total Capital (Net Asset Value)	[7]	0.12%		0.01%
Equinox Frontier Balanced Fund [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Europe) [Member]
Investment Owned, Fair Value	[7]	$ (1,774)		$ (237)
Investment Owned, % of Total Capital (Net Asset Value)	[7]	(0.01%)		0.00%
Equinox Frontier Balanced Fund [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, Fair Value	[7]	$ 3,607		$ 5,757
Investment Owned, % of Total Capital (Net Asset Value)	[7]	0.01%		0.01%
Equinox Frontier Balanced Fund [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, Fair Value	[7]			$ (1,776)
Investment Owned, % of Total Capital (Net Asset Value)	[7]			0.00%
Equinox Frontier Balanced Fund [Member] | Long Futures Contracts [Member] | Various Soft Futures Contract (U.S.) [Member]
Investment Owned, Fair Value	[7]			$ 31,613
Investment Owned, % of Total Capital (Net Asset Value)	[7]			0.07%
Equinox Frontier Balanced Fund [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Oceanic) [Member]
Investment Owned, Fair Value	[7]			$ (15,653)
Investment Owned, % of Total Capital (Net Asset Value)	[7]			(0.03%)
Equinox Frontier Balanced Fund [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Canada) [Member]
Investment Owned, Fair Value	[7]			$ 4,274
Investment Owned, % of Total Capital (Net Asset Value)	[7]			0.01%
Equinox Frontier Balanced Fund [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Oceanic) [Member]
Investment Owned, Fair Value	[7]			$ (1,525)
Investment Owned, % of Total Capital (Net Asset Value)	[7]			0.00%
Equinox Frontier Balanced Fund [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[7]			$ 604
Investment Owned, % of Total Capital (Net Asset Value)	[7]			0.00%
Equinox Frontier Balanced Fund [Member] | Short Futures Contracts [Member]
Investment Owned, Fair Value	[7]	$ 80,511		$ (39,472)
Investment Owned, % of Total Capital (Net Asset Value)	[7]	0.22%		(0.09%)
Equinox Frontier Balanced Fund [Member] | Short Futures Contracts [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[7]	$ (13,238)		$ (66,901)
Investment Owned, % of Total Capital (Net Asset Value)	[7]	(0.04%)		(0.14%)
Equinox Frontier Balanced Fund [Member] | Short Futures Contracts [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[7]			$ (28,561)
Investment Owned, % of Total Capital (Net Asset Value)	[7]			(0.06%)
Equinox Frontier Balanced Fund [Member] | Short Futures Contracts [Member] | Various agriculture futures contracts (Canada) [Member]
Investment Owned, Fair Value	[7]	$ 22,220
Investment Owned, % of Total Capital (Net Asset Value)	[7]	0.06%
Equinox Frontier Balanced Fund [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Canada) [Member]
Investment Owned, Fair Value	[7]	$ 7,731		$ (5,167)
Investment Owned, % of Total Capital (Net Asset Value)	[7]	0.02%		(0.01%)
Equinox Frontier Balanced Fund [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, Fair Value	[7]	$ 1,761
Investment Owned, % of Total Capital (Net Asset Value)	[7]	0.01%
Equinox Frontier Balanced Fund [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[7]	$ 20,016
Investment Owned, % of Total Capital (Net Asset Value)	[7]	0.06%
Equinox Frontier Balanced Fund [Member] | Short Futures Contracts [Member] | Various Precious Metal Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[7]	$ 3,945		$ (12,435)
Investment Owned, % of Total Capital (Net Asset Value)	[7]	0.01%		(0.03%)
Equinox Frontier Balanced Fund [Member] | Short Futures Contracts [Member] | Various Soft Futures Contract (Far East) [Member]
Investment Owned, Fair Value	[7]	$ 1,101
Investment Owned, % of Total Capital (Net Asset Value)	[7]	0.00%
Equinox Frontier Balanced Fund [Member] | Short Futures Contracts [Member] | Various Soft Futures Contract (U.S.) [Member]
Investment Owned, Fair Value	[7]	$ 35,385		$ 18,277
Investment Owned, % of Total Capital (Net Asset Value)	[7]	0.10%		0.04%
Equinox Frontier Balanced Fund [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Africa) [Member]
Investment Owned, Fair Value	[7]	$ 1,590
Investment Owned, % of Total Capital (Net Asset Value)	[7]	0.00%
Equinox Frontier Balanced Fund [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Oceanic) [Member]
Investment Owned, Fair Value	[7]			$ 1,509
Investment Owned, % of Total Capital (Net Asset Value)	[7]			0.00%
Equinox Frontier Balanced Fund [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, Fair Value	[7]			$ 40,897
Investment Owned, % of Total Capital (Net Asset Value)	[7]			0.08%
Equinox Frontier Balanced Fund [Member] | Short Futures Contracts [Member] | Various Soft Futures Contract (Europe) [Member]
Investment Owned, Fair Value	[7]			$ 12,909
Investment Owned, % of Total Capital (Net Asset Value)	[7]			0.03%
Equinox Frontier Balanced Fund [Member] | Currency Forwards [Member]
Investment Owned, Fair Value	[7]	$ (171,384)		$ 33,569
Investment Owned, % of Total Capital (Net Asset Value)	[7]	(0.49%)		0.07%
Equinox Frontier Balanced Fund [Member] | Currency Forwards [Member] | Various Currency Forwards Contracts (NA) [Member]
Investment Owned, Fair Value	[7]	$ (171,384)		$ 33,569
Investment Owned, % of Total Capital (Net Asset Value)	[7]	(0.49%)		0.07%
Equinox Frontier Balanced Fund [Member] | Total Open Trade Equity (Deficit) [Member]
Investment Owned, Fair Value	[7]	$ (23,444)		$ 178,552
Investment Owned, % of Total Capital (Net Asset Value)	[7]	(0.07%)		0.37%
Equinox Frontier Select Fund [Member] | Private Investment Companies [Member]
Investment Owned, Fair Value	[5]	$ 3,443,015		$ 5,579,229
Investment Owned, % of Total Capital (Net Asset Value)	[5]	78.32%		82.02%
Equinox Frontier Select Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Investment Owned, Fair Value	[5]	$ 1,848,757		$ 3,032,072
Investment Owned, % of Total Capital (Net Asset Value)	[5]	42.05%		44.58%
Equinox Frontier Select Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - TT Feeder Fund (531) LLC [Member]
Investment Owned, Fair Value	[5]	$ 1,594,258		$ 2,547,157
Investment Owned, % of Total Capital (Net Asset Value)	[5]	36.26%		37.45%
Equinox Frontier Select Fund [Member] | Investment In Unconsolidated Companies [Member]
Investment Owned, Fair Value	[5]	$ 607,771		$ 670,863
Investment Owned, % of Total Capital (Net Asset Value)	[5]	13.82%		9.87%
Equinox Frontier Select Fund [Member] | Investment In Unconsolidated Companies [Member] | Equinox Frontier Trading Company XXXVIII, LLC [Member]
Investment Owned, Fair Value	[5]	$ 69,462		$ 91,790
Investment Owned, % of Total Capital (Net Asset Value)	[5]	1.58%		1.35%
Equinox Frontier Select Fund [Member] | Investment In Unconsolidated Companies [Member] | Equinox Frontier Trading Company XXXIX, LLC [Member]
Investment Owned, Fair Value	[5]	$ 538,309		$ 579,073
Investment Owned, % of Total Capital (Net Asset Value)	[5]	12.24%		8.51%
Equinox Frontier Select Fund [Member] | US Treasury Securities [Member]
Investment Owned, Fair Value	[6]	$ 330,422		$ 464,427
Investment Owned, % of Total Capital (Net Asset Value)	[6]	7.52%		6.83%
Equinox Frontier Select Fund [Member] | US Treasury Securities [Member] | Additional [Member]
Investment Owned, Underlying Face Amount, at Market Value	[6]	$ 266,532		$ 352,721
Investment Owned, at Cost	[6]	338,072		468,769
Equinox Frontier Select Fund [Member] | US Treasury Securities [Member] | US Treasury Note Six Point Eight Seven Five Percent [Member]
Investment Owned, Fair Value	[6]	$ 330,422		$ 464,427
Investment Owned, % of Total Capital (Net Asset Value)	[6]	7.52%		6.83%
Investment Owned, Underlying Face Amount, at Market Value	[6]	$ 7,737,000		$ 9,000,000
Equinox Frontier Select Fund [Member] | US Treasury Securities [Member] | US Treasury Note Six Point Eight Seven Five Percent [Member] | Additional [Member]
Investment Owned, Underlying Face Amount, at Market Value	[6]	266,532		352,721
Investment Owned, at Cost	[6]	338,072		468,769
Equinox Frontier Winton Fund [Member] | Investment In Unconsolidated Companies [Member]
Investment Owned, Fair Value	[5]	$ 5,010,782		$ 7,987,575
Investment Owned, % of Total Capital (Net Asset Value)	[5]	48.77%		53.79%
Equinox Frontier Winton Fund [Member] | Investment In Unconsolidated Companies [Member] | Equinox Frontier Trading Company XXXVIII, LLC [Member]
Investment Owned, Fair Value	[5]	$ 1,044,558		$ 1,120,192
Investment Owned, % of Total Capital (Net Asset Value)	[5]	10.17%		7.54%
Equinox Frontier Winton Fund [Member] | Investment In Unconsolidated Companies [Member] | Equinox Frontier Trading Company II, LLC [Member]
Investment Owned, Fair Value	[5]	$ 3,966,234		$ 6,867,383
Investment Owned, % of Total Capital (Net Asset Value)	[5]	38.60%		46.25%
Equinox Frontier Winton Fund [Member] | US Treasury Securities [Member]
Investment Owned, Fair Value	[6]	$ 4,968,843		$ 5,667,825
Investment Owned, % of Total Capital (Net Asset Value)	[6]	48.36%		38.17%
Equinox Frontier Winton Fund [Member] | US Treasury Securities [Member] | Additional [Member]
Investment Owned, Underlying Face Amount, at Market Value	[6]	$ 4,008,078		$ 4,304,570
Investment Owned, at Cost	[6]	5,083,887		5,720,817
Equinox Frontier Winton Fund [Member] | US Treasury Securities [Member] | US Treasury Note Six Point Eight Seven Five Percent [Member]
Investment Owned, Fair Value	[6]	$ 4,968,843		$ 5,667,825
Investment Owned, % of Total Capital (Net Asset Value)	[6]	48.36%		38.17%
Investment Owned, Underlying Face Amount, at Market Value	[6]	$ 7,737,000		$ 9,000,000
Equinox Frontier Winton Fund [Member] | US Treasury Securities [Member] | US Treasury Note Six Point Eight Seven Five Percent [Member] | Additional [Member]
Investment Owned, Underlying Face Amount, at Market Value	[6]	4,008,078		4,304,570
Investment Owned, at Cost	[6]	5,083,887		5,720,817
Equinox Frontier Heritage Fund [Member] | Swap [Member]
Investment Owned, Fair Value	[4]	$ 3,010,288		$ 3,094,367
Investment Owned, % of Total Capital (Net Asset Value)	[4]	60.37%		45.63%
Equinox Frontier Heritage Fund [Member] | Swap [Member] | Frontier Brevan Howard Swap (U.S.) [Member]
Investment Owned, Fair Value	[4]	$ 3,010,288		$ 3,094,367
Investment Owned, % of Total Capital (Net Asset Value)	[4]	60.37%		45.63%
Equinox Frontier Heritage Fund [Member] | Private Investment Companies [Member]
Investment Owned, Fair Value	[5]	$ 2,095,258		$ 2,772,993
Investment Owned, % of Total Capital (Net Asset Value)	[5]	42.02%		40.89%
Equinox Frontier Heritage Fund [Member] | Private Investment Companies [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Investment Owned, Fair Value	[5]	$ 2,095,258		$ 2,772,993
Investment Owned, % of Total Capital (Net Asset Value)	[5]	42.02%		40.89%
Equinox Frontier Heritage Fund [Member] | Investment In Unconsolidated Companies [Member]
Investment Owned, Fair Value	[5]	$ 910,059		$ 1,546,974
Investment Owned, % of Total Capital (Net Asset Value)	[5]	18.25%		22.81%
Equinox Frontier Heritage Fund [Member] | Investment In Unconsolidated Companies [Member] | Equinox Frontier Trading Company XXXVIII, LLC [Member]
Investment Owned, Fair Value	[5]	$ 178,982		$ 206,903
Investment Owned, % of Total Capital (Net Asset Value)	[5]	3.59%		3.05%
Equinox Frontier Heritage Fund [Member] | Investment In Unconsolidated Companies [Member] | Equinox Frontier Trading Company II, LLC [Member]
Investment Owned, Fair Value	[5]	$ 731,077		$ 1,340,071
Investment Owned, % of Total Capital (Net Asset Value)	[5]	14.66%		19.76%
Equinox Frontier Heritage Fund [Member] | US Treasury Securities [Member]
Investment Owned, Fair Value	[6]	$ 851,399		$ 1,046,861
Investment Owned, % of Total Capital (Net Asset Value)	[6]	17.07%		15.44%
Equinox Frontier Heritage Fund [Member] | US Treasury Securities [Member] | Additional [Member]
Investment Owned, Underlying Face Amount, at Market Value	[6]	$ 686,775		$ 795,065
Investment Owned, at Cost	[6]	871,112		1,056,649
Equinox Frontier Heritage Fund [Member] | US Treasury Securities [Member] | US Treasury Note Six Point Eight Seven Five Percent [Member]
Investment Owned, Fair Value	[6]	$ 851,399		$ 1,046,861
Investment Owned, % of Total Capital (Net Asset Value)	[6]	17.07%		15.44%
Investment Owned, Underlying Face Amount, at Market Value	[6]	$ 7,737,000		$ 9,000,000
Equinox Frontier Heritage Fund [Member] | US Treasury Securities [Member] | US Treasury Note Six Point Eight Seven Five Percent [Member] | Additional [Member]
Investment Owned, Underlying Face Amount, at Market Value	[6]	686,775		795,065
Investment Owned, at Cost	[6]	$ 871,112		$ 1,056,649

[1] See Notes to Consolidated Financial Statements, Note 4.

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

[3] 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.

[4] See Note 4 to the Financial Statements.

[5] See Note 5 to the Financial Statements.

[6] See Note 2 to the Financial Statements.

[7] 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.

XML

Schedule - Condensed Schedule of Investments (Parenthetical) - US Treasury Securities [Member] - US Treasury Note Six Point Eight Seven Five Percent [Member] - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2018	Dec. 31, 2017
Rate		6.875%	6.875%
Debt Instrument, Maturity Date		Aug. 15, 2025	Aug. 15, 2025
Cost		$ 9,813,689	$ 10,985,078
Equinox Frontier Diversified Fund [Member]
Rate	[1]	6.875%	6.875%
Debt Instrument, Maturity Date	[1]	Aug. 15, 2025	Aug. 15, 2025
Cost	[1]	$ 9,813,689	$ 12,218,715
Equinox Frontier Diversified Fund [Member] | Additional [Member]
Rate	[1]	6.875%	6.875%
Debt Instrument, Maturity Date	[1]	Aug. 15, 2025	Aug. 15, 2025
Equinox Frontier Masters Fund [Member]
Rate	[1]	6.875%	6.875%
Debt Instrument, Maturity Date	[1]	Aug. 15, 2025	Aug. 15, 2025
Cost	[1]	$ 9,813,689	$ 12,218,715
Equinox Frontier Masters Fund [Member] | Additional [Member]
Rate	[1]	6.875%	6.875%
Debt Instrument, Maturity Date	[1]	Aug. 15, 2025	Aug. 15, 2025
Equinox Frontier Long/Short Commodity Fund [Member]
Rate	[1]	6.875%	6.875%
Debt Instrument, Maturity Date	[1]	Aug. 15, 2025	Aug. 15, 2025
Cost	[1]	$ 9,813,689	$ 12,218,715
Equinox Frontier Long/Short Commodity Fund [Member] | Additional [Member]
Rate	[1]	6.875%	6.875%
Debt Instrument, Maturity Date	[1]	Aug. 15, 2025	Aug. 15, 2025
Equinox Frontier Balanced Fund [Member]
Rate	[1]	6.875%	6.875%
Debt Instrument, Maturity Date	[1]	Aug. 15, 2025	Aug. 15, 2025
Cost	[1]	$ 9,813,689	$ 12,218,715
Equinox Frontier Balanced Fund [Member] | Additional [Member]
Rate	[1]	6.875%	6.875%
Debt Instrument, Maturity Date	[1]	Aug. 15, 2025	Aug. 15, 2025
Equinox Frontier Select Fund [Member]
Rate	[1]	6.875%	6.875%
Debt Instrument, Maturity Date	[1]	Aug. 15, 2025	Aug. 15, 2025
Cost	[1]	$ 9,813,689	$ 12,218,715
Equinox Frontier Select Fund [Member] | Additional [Member]
Rate	[1]	6.875%	6.875%
Debt Instrument, Maturity Date	[1]	Aug. 15, 2025	Aug. 15, 2025
Equinox Frontier Winton Fund [Member]
Rate	[1]	6.875%	6.875%
Debt Instrument, Maturity Date	[1]	Aug. 15, 2025	Aug. 15, 2025
Cost	[1]	$ 9,813,689	$ 12,218,715
Equinox Frontier Winton Fund [Member] | Additional [Member]
Rate	[1]	6.875%	6.875%
Debt Instrument, Maturity Date	[1]	Aug. 15, 2025	Aug. 15, 2025
Equinox Frontier Heritage Fund [Member]
Rate	[1]	6.875%	6.875%
Debt Instrument, Maturity Date	[1]	Aug. 15, 2025	Aug. 15, 2025
Cost	[1]	$ 9,813,689	$ 12,218,715
Equinox Frontier Heritage Fund [Member] | Additional [Member]
Rate	[1]	6.875%	6.875%
Debt Instrument, Maturity Date	[1]	Aug. 15, 2025	Aug. 15, 2025

[1] See Note 2 to the Financial Statements.

XML

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Investment income/(loss):
Interest - net	$ 58,726	$ 42,985	$ 175,283	$ 200,963
Total Income	58,726	42,985	175,283	200,963
Expenses:
Incentive Fees	10,897		159,306	(205,571)
Management Fees	189,058	297,987	650,179	1,263,162
Risk analysis Fees	21,033	31,067	64,753	116,226
Trading Fees	733,788	1,080,095	2,366,003	4,206,610
Other Fees		(2,428)		220,622
Total Expenses	1,341,779	1,963,487	4,504,342	7,590,826
Investment (loss) - net	(1,283,053)	(1,920,502)	(4,329,059)	(7,389,863)
Realized and unrealized gain/(loss) on investments:
Net change in open trade equity/(deficit)	(713,117)	691,294	(1,227,357)	(2,179,533)
Trading commissions	(23,960)	(24,044)	(75,709)	(142,453)
Net gain/(loss) on investments	(1,356,241)	355,166	(8,136,203)	(937,196)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	(2,639,294)	(1,565,336)	(12,465,262)	(8,327,059)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS			(12,465,262)
Class 1 [Member]
Expenses:
Service Fees	387,003	556,766	1,264,101	1,989,777
Swap [Member]
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on investments	(788,755)	663,203	799,574	94,319
US Treasury Securities [Member]
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on investments	(98,396)		(500,063)	(2,129,137)
Net unrealized gain/(loss) on investments	(16)	(22,945)	21,003	2,857,993
Futures And Forwards [Member]
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on investments	1,175,855	(194,202)	1,136,964	(211,381)
Private Investment Companies [Member]
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on investments	(146,345)	1,291,678	277,090	6,098,199
Net unrealized gain/(loss) on investments	(761,505)	(2,049,818)	(8,567,706)	(5,325,203)
Equinox Frontier Diversified Fund [Member]
Investment income/(loss):
Interest - net	9,370	1,825	27,408	99,222
Total Income	9,370	1,825	27,408	99,222
Expenses:
Operating expenses			12,778	(63,508)
Incentive Fees	10,897
Management Fees	13,113	13,509	37,905	69,251
Trading Fees	145,750	221,452	454,513	1,154,233
Other Fees				1,766
Total Expenses	184,192	259,545	550,432	1,272,511
Investment (loss) - net	(174,822)	(257,720)	(523,024)	(1,173,289)
Realized and unrealized gain/(loss) on investments:
Change in fair value of investments in unconsolidated trading companies	36,144	32,229	40,546	(311,775)
Net gain/(loss) on investments	(403,356)	68,284	(1,380,601)	1,411,439
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	(578,178)	(189,436)	(1,903,625)	238,150
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(578,178)	(189,436)	(1,903,625)	238,150
Equinox Frontier Diversified Fund [Member] | Class 1 [Member]
Expenses:
Service Fees	$ 14,432	$ 24,584	$ 45,236	$ 110,769
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ (3.84)	$ (1.63)	$ (11.95)	$ (6.33)
Equinox Frontier Diversified Fund [Member] | Class 2 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	(3.96)	(1.32)	(12.28)	(5.64)
Equinox Frontier Diversified Fund [Member] | Class 3 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ (3.62)	$ (1.15)	$ (11.21)	$ (5.00)
Equinox Frontier Diversified Fund [Member] | Swap [Member]
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on investments	$ (213,803)	$ 145,433	$ 299,525	$ 147,788
Equinox Frontier Diversified Fund [Member] | US Treasury Securities [Member]
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on investments	(11,658)		(48,013)	(354,609)
Net unrealized gain/(loss) on investments	3,255	(3,031)	(609)	569,536
Equinox Frontier Diversified Fund [Member] | Private Investment Companies [Member]
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on investments	(25,826)	475,572	45,769	1,567,660
Net unrealized gain/(loss) on investments	(191,468)	(581,919)	(1,717,819)	(207,161)
Equinox Frontier Masters Fund [Member]
Investment income/(loss):
Interest - net	4,707	13,174	21,441	72,591
Total Income	4,707	13,174	21,441	72,591
Expenses:
Management Fees	22,605	26,862	83,816	150,767
Service Fees			39,503
Trading Fees	95,225	151,229	335,271	527,813
Other Fees				1,792
Total Expenses	129,435	197,676	458,590	752,891
Investment (loss) - net	(124,728)	(184,502)	(437,149)	(680,300)
Realized and unrealized gain/(loss) on investments:
Change in fair value of investments in unconsolidated trading companies	(1,603)	31,473	(78,937)	(366,569)
Net gain/(loss) on investments	(10,638)	(106,063)	(1,270,952)	(871,687)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	(135,366)	(290,565)	(1,708,101)	(1,551,987)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(135,366)	(290,565)	(1,708,101)	(1,551,987)
Equinox Frontier Masters Fund [Member] | Class 1 [Member]
Expenses:
Service Fees	$ 11,605	$ 19,585	$ 39,503	$ 72,519
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ (2.13)	$ (2.98)	$ (17.54)	$ (13.39)
Equinox Frontier Masters Fund [Member] | Class 2 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	(1.99)	(2.95)	(18.88)	(13.83)
Equinox Frontier Masters Fund [Member] | Class 3 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ (1.78)	$ (2.67)	$ (17.41)	$ (12.66)
Equinox Frontier Masters Fund [Member] | US Treasury Securities [Member]
Realized and unrealized gain/(loss) on investments:
Net change in open trade equity/(deficit)	$ (5,337)
Net realized gain/(loss) on investments	27,844	(5,333)	$ (45,508)	$ (286,742)
Net unrealized gain/(loss) on investments			10,785	328,820
Equinox Frontier Masters Fund [Member] | Private Investment Companies [Member]
Realized and unrealized gain/(loss) on investments:
Net change in open trade equity/(deficit)	11,891	152,190
Net realized gain/(loss) on investments	(43,433)	(284,393)	96,298	429,868
Net unrealized gain/(loss) on investments			(1,253,590)	(977,064)
Equinox Frontier Long/Short Commodity Fund [Member]
Investment income/(loss):
Interest - net	3,176		10,635
Total Income	3,176		10,635
Expenses:
Operating expenses				(87,670)
Trading Fees	19,318	40,897	65,530	183,990
Other Fees		(2,428)		22,548
Total Expenses	19,652	40,336	66,928	131,706
Investment (loss) - net	(16,476)	(40,336)	(56,293)	(131,706)
Realized and unrealized gain/(loss) on investments:
Change in fair value of investments in unconsolidated trading companies	1,511	(1,334)	(301)	47,097
Net gain/(loss) on investments	(111,396)	72,790	(419,317)	(231,314)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	(127,872)	32,454	(475,610)	(363,020)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(127,872)	32,454	(475,610)	(363,020)
Equinox Frontier Long/Short Commodity Fund [Member] | Class 1 [Member]
Expenses:
Service Fees	$ 334	$ 1,867	$ 1,398	$ 12,838
Equinox Frontier Long/Short Commodity Fund [Member] | Class 2 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ (2.98)	$ (0.03)	$ (12.27)	$ (13.24)
Equinox Frontier Long/Short Commodity Fund [Member] | Class 3 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	(3.13)	(0.02)	(12.88)	(8.76)
Equinox Frontier Long/Short Commodity Fund [Member] | Class 1A [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	(4.59)	(0.37)	(15.16)	(9.52)
Equinox Frontier Long/Short Commodity Fund [Member] | Class 2A [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	(4.98)	(0.03)	(16.44)	(10.31)
Equinox Frontier Long/Short Commodity Fund [Member] | Class 3A [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ (5.17)	$ 0.03	$ (17.05)	$ (7.71)
Equinox Frontier Long/Short Commodity Fund [Member] | Swap [Member]
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on investments	$ 39,017	$ 50,384
Net unrealized gain/(loss) on investments			$ 74,903	$ 39,954
Equinox Frontier Long/Short Commodity Fund [Member] | US Treasury Securities [Member]
Realized and unrealized gain/(loss) on investments:
Net change in open trade equity/(deficit)	(4,663)
Net realized gain/(loss) on investments	(2,297)	(1,069)	(34,564)	227,895
Net unrealized gain/(loss) on investments			1,715	(212,189)
Equinox Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member]
Realized and unrealized gain/(loss) on investments:
Net change in open trade equity/(deficit)	(34,683)	22,256
Net realized gain/(loss) on investments	(110,281)	2,553	(186,723)	(4,741)
Net unrealized gain/(loss) on investments			(274,347)	(329,330)
Equinox Frontier Balanced Fund [Member]
Investment income/(loss):
Interest - net	10,592	8,254	35,536	9,415
Total Income	10,592	8,254	35,536	9,415
Expenses:
Incentive Fees			145,134
Management Fees	26,643	25,760	69,545	102,297
Risk analysis Fees	1,612	5,009	5,141	12,566
Trading Fees	339,537	462,275	1,068,482	1,625,446
Other Fees				190,804
Total Expenses	590,094	816,616	2,011,395	3,037,960
Investment (loss) - net	(579,502)	(808,362)	(1,975,859)	(3,028,545)
Realized and unrealized gain/(loss) on investments:
Net change in open trade equity/(deficit)	(63,530)	(84,039)	(141,192)	(403,237)
Trading commissions	(12,466)	(8,224)	(41,403)	(51,477)
Change in fair value of investments in unconsolidated trading companies	49,118	63,498	105,602	(373,803)
Net gain/(loss) on investments	(1,017,197)	367,405	(3,185,079)	1,312,398
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	(1,596,699)	(440,957)	(5,160,938)	(1,716,147)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(1,596,699)	(440,957)	(5,160,938)	(1,716,147)
Equinox Frontier Balanced Fund [Member] | Class 1 [Member]
Expenses:
Service Fees	$ 222,302	$ 323,572	$ 723,093	$ 1,106,847
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ (5.40)	$ (1.64)	$ (16.15)	$ (6.60)
Equinox Frontier Balanced Fund [Member] | Class 2 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	(6.82)	(0.98)	(20.00)	(5.35)
Equinox Frontier Balanced Fund [Member] | Class 2A [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	(5.85)	(0.79)	(17.29)	(4.07)
Equinox Frontier Balanced Fund [Member] | Class 3A [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	(5.83)	(0.80)	(17.24)	(4.07)
Equinox Frontier Balanced Fund [Member] | Class 1AP [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ (5.05)	$ (0.73)	$ (14.93)	$ (3.99)
Equinox Frontier Balanced Fund [Member] | Swap [Member]
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on investments	$ (620,424)	$ 356,572	$ 509,226	$ 420,488
Equinox Frontier Balanced Fund [Member] | US Treasury Securities [Member]
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on investments	(18,391)		(63,298)	(228,904)
Net unrealized gain/(loss) on investments	421	(3,909)	(6,119)	483,160
Equinox Frontier Balanced Fund [Member] | Futures And Forwards [Member]
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on investments	13,124	82,008	(270,212)	(569,161)
Equinox Frontier Balanced Fund [Member] | Private Investment Companies [Member]
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on investments	8,097	689,463	244,703	3,954,532
Net unrealized gain/(loss) on investments	(373,146)	(727,964)	(3,522,386)	(1,919,200)
Equinox Frontier Select Fund [Member]
Investment income/(loss):
Interest - net
Total Income
Expenses:
Management Fees				102,047
Risk analysis Fees				6,829
Trading Fees	27,076	39,673	92,779	137,940
Other Fees				(5,094)
Total Expenses	59,225	86,152	197,890	417,969
Investment (loss) - net	(59,225)	(86,152)	(197,890)	(417,969)
Realized and unrealized gain/(loss) on investments:
Net change in open trade equity/(deficit)				(145,848)
Trading commissions				(46,591)
Change in fair value of investments in unconsolidated trading companies	(16,945)	45,390	(53,962)	(319,255)
Net gain/(loss) on investments	97,395	(246,729)	(865,762)	(2,000,503)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	38,170	(332,881)	(1,063,652)	(2,418,472)
Less: Operations attributable to non-controlling interests				(432,628)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	38,170	(332,881)	(1,063,652)	(1,985,844)
Equinox Frontier Select Fund [Member] | Class 1 [Member]
Expenses:
Service Fees	$ 32,149	$ 46,479	$ 105,111	$ 176,247
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ 0.66	$ (4.33)	$ (14.86)	$ (19.60)
Equinox Frontier Select Fund [Member] | Class 2 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	1.84	(5.45)	(19.32)	(25.59)
Equinox Frontier Select Fund [Member] | Class 1AP [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ 1.38	$ (4.02)	$ (14.57)	$ (19.28)
Equinox Frontier Select Fund [Member] | US Treasury Securities [Member]
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on investments	$ (1,918)		$ (14,456)	$ (170,783)
Net unrealized gain/(loss) on investments	13,357	1,751	1,522	202,502
Equinox Frontier Select Fund [Member] | Futures And Forwards [Member]
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on investments				(695,436)
Equinox Frontier Select Fund [Member] | Private Investment Companies [Member]
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on investments	(61,092)	(47,803)	(1,526)	(45,798)
Net unrealized gain/(loss) on investments	163,993	(246,067)	(797,340)	(779,294)
Equinox Frontier Winton Fund [Member]
Investment income/(loss):
Interest - net		19,732		19,732
Total Income		19,732		19,732
Expenses:
Incentive Fees				(49,790)
Management Fees	104,062	188,835	366,404	677,921
Risk analysis Fees		26,057		96,830
Trading Fees	73,379	127,661	236,657	431,025
Other Fees				7,074
Total Expenses	254,280	442,278	855,067	1,531,876
Investment (loss) - net	(254,280)	(422,546)	(855,067)	(1,512,144)
Realized and unrealized gain/(loss) on investments:
Net change in open trade equity/(deficit)		775,332		(1,630,449)
Trading commissions		(15,820)		(44,385)
Change in fair value of investments in unconsolidated trading companies	156,865	(31,155)	(95,896)	(334,372)
Net gain/(loss) on investments	66,648	440,557	(338,678)	(865,453)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	(187,632)	18,011	(1,193,745)	(2,377,597)
Less: Operations attributable to non-controlling interests		214,425		(352,116)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(187,632)	(196,414)	(1,193,745)	(2,025,481)
Equinox Frontier Winton Fund [Member] | Class 1 [Member]
Expenses:
Service Fees	$ 76,839	$ 99,725	$ 252,006	$ 368,816
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ (2.64)	$ (1.79)	$ (13.06)	$ (12.21)
Equinox Frontier Winton Fund [Member] | Class 2 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	2.73	(0.96)	(10.30)	(12.28)
Equinox Frontier Winton Fund [Member] | Class 1AP [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ (1.68)	$ (0.76)	$ (10.93)	$ (9.67)
Equinox Frontier Winton Fund [Member] | US Treasury Securities [Member]
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on investments	$ (48,714)		$ (253,908)	$ (1,104,301)
Net unrealized gain/(loss) on investments	(41,503)	(11,591)	11,126	1,194,837
Equinox Frontier Winton Fund [Member] | Futures And Forwards [Member]
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on investments		(276,209)		1,053,217
Equinox Frontier Heritage Fund [Member]
Investment income/(loss):
Interest - net
Total Income
Expenses:
Incentive Fees			1,394	(4,603)
Management Fees	22,635	43,021	92,509	160,879
Risk analysis Fees
Trading Fees	33,624	36,907	112,771	146,164
Other Fees				1,732
Total Expenses	85,602	120,882	304,427	445,913
Investment (loss) - net	(85,602)	(120,882)	(304,427)	(445,913)
Realized and unrealized gain/(loss) on investments:
Change in fair value of investments in unconsolidated trading companies	20,832	36,791	22,800	(170,930)
Net gain/(loss) on investments	22,592	27,074	(695,930)	(725,978)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	(63,010)	(93,808)	(1,000,357)	(1,171,891)
Less: Operations attributable to non-controlling interests	3,130	53,727	(40,765)	(249,164)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(66,140)	(147,535)	(959,592)	(922,727)
Equinox Frontier Heritage Fund [Member] | Class 1 [Member]
Expenses:
Service Fees	$ 29,343	$ 40,954	$ 97,753	$ 141,741
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ (1.58)	$ (2.99)	$ (20.10)	$ (13.59)
Equinox Frontier Heritage Fund [Member] | Class 2 [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	(1.23)	(3.21)	(26.39)	(16.13)
Equinox Frontier Heritage Fund [Member] | Class 1AP [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT	$ (0.88)	$ (2.39)	$ (19.70)	$ (12.05)
Equinox Frontier Heritage Fund [Member] | Swap [Member]
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on investments	$ 6,454	$ 110,814	$ (84,079)	$ (513,913)
Equinox Frontier Heritage Fund [Member] | US Treasury Securities [Member]
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on investments	(7,717)		(40,316)	(211,694)
Net unrealized gain/(loss) on investments	(1,094)	238	2,583	291,328
Equinox Frontier Heritage Fund [Member] | Private Investment Companies [Member]
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on investments	(17,465)		(98,763)
Net unrealized gain/(loss) on investments	$ 21,582	$ (120,769)	$ (498,155)	$ (120,769)

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Statements of Changes in Owners' Capital Equity (Unaudited) - USD ($)		Equinox Frontier Diversified Fund [Member] Class 1 [Member] Limited Owner [Member]	Equinox Frontier Diversified Fund [Member] Class 1 [Member]		Equinox Frontier Diversified Fund [Member] Class 2 [Member] Limited Owner [Member]		Equinox Frontier Diversified Fund [Member] Class 2 [Member] Managing Owner [Member]		Equinox Frontier Diversified Fund [Member] Class 2 [Member]		Equinox Frontier Diversified Fund [Member] Class 3 [Member] Limited Owner [Member]		Equinox Frontier Diversified Fund [Member] Class 3 [Member] Managing Owner [Member]		Equinox Frontier Diversified Fund [Member] Class 3 [Member]		Equinox Frontier Diversified Fund [Member] Noncontrolling Interests [Member]	Equinox Frontier Diversified Fund [Member]	Equinox Frontier Masters Fund [Member] Class 1 [Member] Limited Owner [Member]	Equinox Frontier Masters Fund [Member] Class 1 [Member]		Equinox Frontier Masters Fund [Member] Class 2 [Member] Limited Owner [Member]		Equinox Frontier Masters Fund [Member] Class 2 [Member] Managing Owner [Member]		Equinox Frontier Masters Fund [Member] Class 2 [Member]		Equinox Frontier Masters Fund [Member] Class 3 [Member] Limited Owner [Member]		Equinox Frontier Masters Fund [Member] Class 3 [Member] Managing Owner [Member]		Equinox Frontier Masters Fund [Member] Class 3 [Member]		Equinox Frontier Masters Fund [Member] Noncontrolling Interests [Member]	Equinox Frontier Masters Fund [Member]	Equinox Frontier Long/Short Commodity Fund [Member] Class 2 [Member] Limited Owner [Member]		Equinox Frontier Long/Short Commodity Fund [Member] Class 2 [Member] Managing Owner [Member]	Equinox Frontier Long/Short Commodity Fund [Member] Class 2 [Member]		Equinox Frontier Long/Short Commodity Fund [Member] Class 3 [Member] Limited Owner [Member]	Equinox Frontier Long/Short Commodity Fund [Member] Class 3 [Member]		Equinox Frontier Long/Short Commodity Fund [Member] Class 1A [Member] Limited Owner [Member]	Equinox Frontier Long/Short Commodity Fund [Member] Class 1A [Member]		Equinox Frontier Long/Short Commodity Fund [Member] Class 2A [Member] Limited Owner [Member]		Equinox Frontier Long/Short Commodity Fund [Member] Class 2A [Member] Managing Owner [Member]		Equinox Frontier Long/Short Commodity Fund [Member] Class 2A [Member]		Equinox Frontier Long/Short Commodity Fund [Member] Class 3A [Member] Limited Owner [Member]		Equinox Frontier Long/Short Commodity Fund [Member] Class 3A [Member] Managing Owner [Member]		Equinox Frontier Long/Short Commodity Fund [Member] Class 3A [Member]		Equinox Frontier Long/Short Commodity Fund [Member] Noncontrolling Interests [Member]	Equinox Frontier Long/Short Commodity Fund [Member]	Equinox Frontier Balanced Fund [Member] Class 1 [Member] Limited Owner [Member]	Equinox Frontier Balanced Fund [Member] Class 1 [Member]		Equinox Frontier Balanced Fund [Member] Class 2 [Member] Limited Owner [Member]		Equinox Frontier Balanced Fund [Member] Class 2 [Member] Managing Owner [Member]		Equinox Frontier Balanced Fund [Member] Class 2 [Member]		Equinox Frontier Balanced Fund [Member] Class 2A [Member] Limited Owner [Member]		Equinox Frontier Balanced Fund [Member] Class 2A [Member] Managing Owner [Member]		Equinox Frontier Balanced Fund [Member] Class 2A [Member]		Equinox Frontier Balanced Fund [Member] Class 3A [Member] Limited Owner [Member]	Equinox Frontier Balanced Fund [Member] Class 3A [Member]		Equinox Frontier Balanced Fund [Member] Class 1AP [Member] Limited Owner [Member]	Equinox Frontier Balanced Fund [Member] Class 1AP [Member]		Equinox Frontier Balanced Fund [Member] Noncontrolling Interests [Member]	Equinox Frontier Balanced Fund [Member]	Equinox Frontier Select Fund [Member] Class 1 [Member] Limited Owner [Member]	Equinox Frontier Select Fund [Member] Class 1 [Member]		Equinox Frontier Select Fund [Member] Class 2 [Member] Limited Owner [Member]		Equinox Frontier Select Fund [Member] Class 2 [Member] Managing Owner [Member]		Equinox Frontier Select Fund [Member] Class 2 [Member]		Equinox Frontier Select Fund [Member] Class 1AP [Member] Limited Owner [Member]	Equinox Frontier Select Fund [Member] Class 1AP [Member]		Equinox Frontier Select Fund [Member] Noncontrolling Interests [Member]	Equinox Frontier Select Fund [Member]	Equinox Frontier Winton Fund [Member] Class 1 [Member] Limited Owner [Member]	Equinox Frontier Winton Fund [Member] Class 1 [Member]		Equinox Frontier Winton Fund [Member] Class 2 [Member] Limited Owner [Member]		Equinox Frontier Winton Fund [Member] Class 2 [Member] Managing Owner [Member]		Equinox Frontier Winton Fund [Member] Class 2 [Member]		Equinox Frontier Winton Fund [Member] Class 1AP [Member] Limited Owner [Member]	Equinox Frontier Winton Fund [Member] Class 1AP [Member]		Equinox Frontier Winton Fund [Member] Noncontrolling Interests [Member]	Equinox Frontier Winton Fund [Member]	Equinox Frontier Heritage Fund [Member] Class 1 [Member] Limited Owner [Member]	Equinox Frontier Heritage Fund [Member] Class 1 [Member]		Equinox Frontier Heritage Fund [Member] Class 2 [Member] Limited Owner [Member]		Equinox Frontier Heritage Fund [Member] Class 2 [Member] Managing Owner [Member]		Equinox Frontier Heritage Fund [Member] Class 2 [Member]		Equinox Frontier Heritage Fund [Member] Class 1AP [Member] Limited Owner [Member]	Equinox Frontier Heritage Fund [Member] Class 1AP [Member]		Equinox Frontier Heritage Fund [Member] Noncontrolling Interests [Member]	Equinox Frontier Heritage Fund [Member]	Limited Owner [Member]	Managing Owner [Member]	Total
Operations attributable to non-controlling interests																																																																																																	$ (432,628)														$ (352,116)														$ (249,164)
Net increase/(decrease) in Owners' Capital resulting from operations																		$ 238,150																	$ (1,551,987)																									$ (363,020)																							$ (1,716,147)														(1,985,844)														(2,025,481)														(922,727)
Net asset value per unit, Beginning balance at Dec. 31, 2016	[1]		$ 116.43						$ 132.94						$ 123.27					$ 112.80						$ 128.78						$ 119.89							$ 129.56			$ 130.80			$ 92.78						$ 105.67						$ 107.50					$ 134.80						$ 194.99						$ 169.05			$ 168.49			$ 144.97					$ 94.06						$ 134.25			$ 101.16					$ 154.51						$ 210.98			$ 166.17					$ 119.58						$ 172.10			$ 128.60
Net asset value per unit, Ending balance at Sep. 30, 2017	[1]		110.10						127.30						118.27					99.41						114.95						107.23							116.32			122.04			83.26						95.36						99.79					128.20						189.64						164.98			164.42			140.98					74.46						108.66			81.88					142.30						198.70			156.50					105.99						155.97			116.55
Operations attributable to non-controlling interests																																																																																																															214,425														53,727
Net increase/(decrease) in Owners' Capital resulting from operations																		(189,436)																	(290,565)																									32,454																							(440,957)														(332,881)														(196,414)														(147,535)
Net asset value per unit, Beginning balance at Jun. 30, 2017	[1]		111.73						128.62						119.42					102.39						117.90						109.90							116.35			122.06			83.63						95.39						99.76					129.84						190.62						165.77			165.22			141.71					78.79						114.11			85.90					144.09						199.66			157.26					108.98						159.18			118.94
Net asset value per unit, Ending balance at Sep. 30, 2017	[1]		$ 110.10						$ 127.30						$ 118.27					$ 99.41						$ 114.95						$ 107.23							$ 116.32			$ 122.04			$ 83.26						$ 95.36						$ 99.79					$ 128.20						$ 189.64						$ 164.98			$ 164.42			$ 140.98					$ 74.46						$ 108.66			$ 81.88					$ 142.30						$ 198.70			$ 156.50					$ 105.99						$ 155.97			$ 116.55
Owners' Capital, Beginning balance at Dec. 31, 2017		$ 2,332,222			$ 9,629,385		$ 3,361				$ 9,288,555		$ 213,164					21,466,687	$ 2,913,542			$ 3,451,256		$ 87,344				$ 5,470,789		$ 34,209					11,957,140	$ 246,901		$ 11,999			$ 2,472,994			$ 107,619			$ 408,532		$ 34,112				$ 970,136		$ 1,759					4,254,052	$ 38,744,003			$ 6,829,139		$ 147,888				$ 191,276		$ 338,655				$ 1,379,971			$ 601,247				48,232,179	$ 5,912,980			$ 795,299		$ 70,295				$ 23,354				6,801,928	$ 13,102,614			$ 1,555,723		$ 153,552				$ 37,761				14,849,650	$ 5,435,871			$ 697,026		$ 63,646				$ 6,083			$ 579,074	6,781,700	$ 112,604,281	$ 1,159,984	$ 113,764,265
Redemption of Units		(354,495)			(933,695)						(1,311,411)		(19,000)					(2,618,601)	(299,860)			(1,457,163)		(20,000)				(1,671,345)		(8,000)					(3,456,368)	(109,612)		(4,500)			(215,389)			(79,178)			(92,090)		(4,501)				(263,745)							(769,015)	(6,038,368)			(1,507,640)		(7,000)				(65,968)		(10,000)				(348,080)			(111,300)				(8,088,356)	(813,081)			(514,844)		(11,000)				(3,144)				(1,342,069)	(2,251,329)			(1,100,084)		(29,000)								(3,380,413)	(783,919)					(7,000)				(4,081)				(795,000)	(20,449,826)		(20,449,826)
Operations attributable to non-controlling interests																																																																																																																												(40,765)	(40,765)
Transfer of Units In(Out)																			(80,257)									80,257																																																								(1,232)									1,232
Net increase/(decrease) in Owners' Capital resulting from operations		(237,395)			(836,809)		(305)				(810,215)		(18,901)					(1,903,625)	(430,946)			(516,137)		(12,773)				(743,291)		(4,954)					(1,708,101)	(15,876)		(1,215)			(246,671)			(5,121)			(57,391)		(5,852)				(143,178)		(306)					(475,610)	(4,244,643)			(632,476)		(14,509)				(10,954)		(74,862)				(125,210)			(58,284)				(5,160,938)	(918,905)			(130,509)		(10,701)				(3,537)				(1,063,652)	(1,106,153)			(79,131)		(6,037)				(2,424)				(1,193,745)	(846,829)			(102,328)		(9,444)				(991)				(959,592)	(12,185,402)	(279,860)	(12,465,262)
Owners' Capital, Ending balance at Sep. 30, 2018		$ 1,740,332			$ 7,858,881		$ 3,056				$ 7,166,929		$ 175,263					16,944,461	$ 2,102,479			$ 1,477,956		$ 54,571				$ 3,136,410		$ 21,255					6,792,671	$ 121,413		$ 6,284			$ 2,010,934			$ 23,320			$ 259,051		$ 23,759				$ 563,213		$ 1,453					3,009,427	$ 28,460,992			$ 4,689,023		$ 126,379				$ 114,354		$ 253,793				$ 906,681			$ 431,663				34,982,885	$ 4,179,762			$ 149,946		$ 48,594				$ 17,905				4,396,207	$ 9,745,132			$ 376,508		$ 118,515				$ 35,337				10,275,492	$ 3,805,123			$ 594,698		$ 47,202				$ 1,011			538,309	4,986,343	79,969,053	880,124	80,849,177
Owners' Capital - Units, Beginning balance at Dec. 31, 2017		20,035	20,035		71,229		25		71,254		73,905		1,696		75,601				25,393	25,393		25,898		655		26,553		43,979		275		44,254				2,131		104	2,236		20,355	20,354		1,323	1,323		4,366		364		4,730		9,900		18		9,918				284,956	284,956		33,657		729		34,386		1,089		1,926		3,015		7,877	7,877		3,993	3,993				65,502	65,502		5,992		530		6,521		234	233				82,367	82,367		7,186		709		7,895		214	214				44,855	44,855		3,856		377		4,233		45	45
Owners' Capital - Units, Redemption of Units		(3,373)			(7,287)						(11,299)		(165)						(3,762)			(12,977)		(178)				(14,664)		(76)						(959)		(43)			(1,842)			(970)			(1,007)		(57)				(2,944)								(47,409)			(8,022)		(38)				(367)		(325)				(2,137)			(810)					(10,075)			(4,670)		(101)				(24)					(15,627)			(5,360)		(145)									(7,219)					(46)				(36)
Owners' Capital - Units, Ending balance at Sep. 30, 2018		16,662	16,661		63,942		25		63,966		62,606		1,531		64,138				21,631	21,629		12,921		477		13,397		29,315		199		29,515				1,172		61	1,233		18,513	18,512		353	353		3,359		307		3,666		6,956		18		6,978				237,547	237,546		25,635		691		26,326		722		1,601		2,323		5,740	5,741		3,183	3,183				55,427	55,426		1,322		429		1,751		210	210				66,740	66,740		1,826		564		2,401		214	214				37,636	37,636		3,856		331		4,187		9	9
Net asset value per unit, Beginning balance at Dec. 31, 2017		$ 116.41	$ 116.41	[1]	$ 135.19	[2]	$ 135.19	[2]	$ 135.19	[1]	$ 125.68	[2]	$ 125.68	[2]	$ 125.68	[1]			$ 114.74	$ 114.74	[1]	$ 133.27	[2]	$ 133.27	[2]	$ 133.27	[1]	$ 124.40	[2]	$ 124.40	[2]	$ 124.40	[1]			$ 115.81	[2]		$ 115.81	[1]	$ 121.50	$ 121.50	[1]	$ 81.35	$ 81.35	[1]	$ 93.59	[2]	$ 93.59	[2]	$ 93.59	[1]	$ 97.99	[2]	$ 97.99	[2]	$ 97.99	[1]			$ 135.96	$ 135.96	[1]	$ 202.90	[2]	$ 202.90	[2]	$ 202.90	[1]	$ 175.77	[2]	$ 175.77	[2]	$ 175.77	[1]	$ 175.18	$ 175.18	[1]	$ 150.56	$ 150.56	[1]			$ 90.27	$ 90.27	[1]	$ 132.73	[2]	$ 132.73	[2]	$ 132.73	[1]	$ 100.02	$ 100.02	[1]			$ 159.08	$ 159.08	[1]	$ 216.50	[2]	$ 216.50	[2]	$ 216.50	[1]	$ 176.44	$ 176.44	[1]			$ 121.19	$ 121.19	[1]	$ 179.70	[2]	$ 179.70	[2]	$ 179.70	[1]	$ 134.28	$ 134.28	[1]
Change in net asset value per unit for the period		(11.95)			(12.28)	[2]	(12.28)	[2]			(11.21)	[2]	(11.21)	[2]					(17.54)			(18.88)	[2]	(18.88)	[2]			(17.41)	[2]	(17.41)	[2]					(12.27)	[2]				(12.88)			(15.16)			(16.44)	[2]	(16.44)	[2]			(17.05)	[2]	(17.05)	[2]					(16.15)			(20.00)	[2]	(20.00)	[2]			(17.29)	[2]	(17.29)	[2]			(17.24)			(14.93)					(14.86)			(19.32)	[2]	(19.32)	[2]			(14.57)					(13.06)			(10.30)	[2]	(10.30)	[2]			(10.93)					(20.10)			(26.39)	[2]	(26.39)	[2]			(19.70)
Net asset value per unit, Ending balance at Sep. 30, 2018		$ 104.46	$ 104.46	[1]	$ 122.91	[2]	$ 122.91	[2]	$ 122.91	[1]	$ 114.47	[2]	$ 114.47	[2]	$ 114.47	[1]			$ 97.20	$ 97.20	[1]	$ 114.39	[2]	$ 114.39	[2]	$ 114.39	[1]	$ 106.99	[2]	$ 106.99	[2]	$ 106.99	[1]			$ 103.54	[2]		$ 103.54	[1]	$ 108.62	$ 108.62	[1]	$ 66.19	$ 66.19	[1]	$ 77.15	[2]	$ 77.15	[2]	$ 77.15	[1]	$ 80.94	[2]	$ 80.94	[2]	$ 80.94	[1]			$ 119.81	$ 119.81	[1]	$ 182.90	[2]	$ 182.90	[2]	$ 182.90	[1]	$ 158.48	[2]	$ 158.48	[2]	$ 158.48	[1]	$ 157.94	$ 157.94	[1]	$ 135.63	$ 135.63	[1]			$ 75.41	$ 75.41	[1]	$ 113.40	[2]	$ 113.40	[2]	$ 113.41	[1]	$ 85.45	$ 85.45	[1]			$ 146.02	$ 146.02	[1]	$ 206.20	[2]	$ 206.20	[2]	$ 206.20	[1]	$ 165.51	$ 165.51	[1]			$ 101.10	$ 101.09	[1]	$ 153.31	[2]	$ 153.31	[2]	$ 153.31	[1]	$ 114.58	$ 114.58	[1]
Operations attributable to non-controlling interests																																																																																																																													3,130
Net increase/(decrease) in Owners' Capital resulting from operations																		(578,178)																	(135,366)																									(127,872)																							(1,596,699)														38,170														(187,632)														(66,140)
Owners' Capital, Ending balance at Sep. 30, 2018		$ 1,740,332			$ 7,858,881		$ 3,056				$ 7,166,929		$ 175,263					$ 16,944,461	$ 2,102,479			$ 1,477,956		$ 54,571				$ 3,136,410		$ 21,255					$ 6,792,671	$ 121,413		$ 6,284			$ 2,010,934			$ 23,320			$ 259,051		$ 23,759				$ 563,213		$ 1,453					$ 3,009,427	$ 28,460,992			$ 4,689,023		$ 126,379				$ 114,354		$ 253,793				$ 906,681			$ 431,663				$ 34,982,885	$ 4,179,762			$ 149,946		$ 48,594				$ 17,905				$ 4,396,207	$ 9,745,132			$ 376,508		$ 118,515				$ 35,337				$ 10,275,492	$ 3,805,123			$ 594,698		$ 47,202				$ 1,011			$ 538,309	$ 4,986,343	$ 79,969,053	$ 880,124	$ 80,849,177
Owners' Capital - Units, Ending balance at Sep. 30, 2018		16,662	16,661		63,942		25		63,966		62,606		1,531		64,138				21,631	21,629		12,921		477		13,397		29,315		199		29,515				1,172		61	1,233		18,513	18,512		353	353		3,359		307		3,666		6,956		18		6,978				237,547	237,546		25,635		691		26,326		722		1,601		2,323		5,740	5,741		3,183	3,183				55,427	55,426		1,322		429		1,751		210	210				66,740	66,740		1,826		564		2,401		214	214				37,636	37,636		3,856		331		4,187		9	9
Net asset value per unit, Beginning balance at Jun. 30, 2018	[1]		$ 108.30						$ 126.87						$ 118.09					$ 99.33						$ 116.38						$ 108.77							$ 106.52			$ 111.75			$ 70.78						$ 82.13						$ 86.11					$ 125.21						$ 189.72						$ 164.33			$ 163.77			$ 140.68					$ 74.75						$ 111.56			$ 84.07					$ 148.66						$ 203.47			$ 167.19					$ 102.68						$ 154.54			$ 115.46
Net asset value per unit, Ending balance at Sep. 30, 2018		$ 104.46	$ 104.46	[1]	$ 122.91	[2]	$ 122.91	[2]	$ 122.91	[1]	$ 114.47	[2]	$ 114.47	[2]	$ 114.47	[1]			$ 97.20	$ 97.20	[1]	$ 114.39	[2]	$ 114.39	[2]	$ 114.39	[1]	$ 106.99	[2]	$ 106.99	[2]	$ 106.99	[1]			$ 103.54	[2]		$ 103.54	[1]	$ 108.62	$ 108.62	[1]	$ 66.19	$ 66.19	[1]	$ 77.15	[2]	$ 77.15	[2]	$ 77.15	[1]	$ 80.94	[2]	$ 80.94	[2]	$ 80.94	[1]			$ 119.81	$ 119.81	[1]	$ 182.90	[2]	$ 182.90	[2]	$ 182.90	[1]	$ 158.48	[2]	$ 158.48	[2]	$ 158.48	[1]	$ 157.94	$ 157.94	[1]	$ 135.63	$ 135.63	[1]			$ 75.41	$ 75.41	[1]	$ 113.40	[2]	$ 113.40	[2]	$ 113.41	[1]	$ 85.45	$ 85.45	[1]			$ 146.02	$ 146.02	[1]	$ 206.20	[2]	$ 206.20	[2]	$ 206.20	[1]	$ 165.51	$ 165.51	[1]			$ 101.10	$ 101.09	[1]	$ 153.31	[2]	$ 153.31	[2]	$ 153.31	[1]	$ 114.58	$ 114.58	[1]

[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] Values are for both the Managing Owner and Limited Owners.

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Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$ (2,639,294)	$ (1,565,336)	$ (12,465,262)	$ (8,327,059)
Change in:
Net change in open trade equity/(deficit), at fair value			1,221,688	2,766,175
Increase and/or decrease in:
Receivable from futures commission merchants			9,869,661	12,811,157
Due from Managing Owner			31,887
Interest receivable			143,074	719,026
Receivable from related parties			58,146	87,670
Other assets			(93,479)	(8,974)
Incentive fees payable to Managing Owner			(42,139)
Management fees payable to Managing Owner			(11,371)	(325,996)
Interest payable to Managing Owner			(3,919)	(56,946)
Trading fees payable to Managing Owner			(96,412)	(168,831)
Service fees payable to Managing Owner			(40,687)	70,771
Risk analysis fees payable			3,034	19,815
Payables to related parties				(85,078)
Other liabilities			(23,486)	(144,049)
Net cash provided by (used in) operating activities			18,175,500	95,068,790
Cash Flows from Financing Activities:
Proceeds from sale of units				1,433,633
Payment for redemption of units			(20,449,826)	(89,319,399)
Owner redemptions payable			244,355	(499,642)
Net cash provided by (used in) financing activities			(20,205,471)	(88,385,408)
Net increase (decrease) in cash and cash equivalents			(2,029,971)	6,683,382
Cash and cash equivalents, beginning of period			2,695,377	4,747,043	$ 4,747,043
Cash and cash equivalents, end of period	665,406	11,430,425	665,406	11,430,425	2,695,377
Private Investment Companies [Member]
Change in:
Net realized gain/(loss) on investments	146,345	(1,291,678)	(277,090)	(6,098,199)
Net unrealized gain/(loss) on investments	761,505	2,049,818	8,567,706	5,325,203
(Purchases) sales of:
Sales of Investments			28,241,174	87,612,483
Purchase of Investments			(17,347,053)	(48,309,537)
Swap [Member]
Change in:
Net unrealized gain/(loss) on investments	788,755	(663,203)	(799,574)	(94,319)
(Purchases) sales of:
Reduction of collateral			3,100,000	18,578,050
US Treasury Securities [Member]
Change in:
Net realized gain/(loss) on investments	98,396		500,063	2,129,137
Net unrealized gain/(loss) on investments	16	22,945	(21,003)	(2,857,993)
(Purchases) sales of:
Sales of Investments			17,281,128	31,077,906
Purchase of Investments			(20,597,103)
Interest and premium paid/amortized			265,085	348,378
Equinox Frontier Diversified Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	(578,178)	(189,436)	(1,903,625)	238,150
Change in:
Net change in ownership allocation of U.S. Treasury securities			(69,880)	3,813,934
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value			1,079,119	2,378,351
Interest receivable			6,341	121,045
Receivable from related parties				231,671
Other assets				(36,188)
Incentive fees payable to Managing Owner			(1,950)
Management fees payable to Managing Owner			4,195	(23,496)
Trading fees payable to Managing Owner			(13,905)	(77,010)
Service fees payable to Managing Owner			938	55,703
Other liabilities			(21,907)	(19,674)
Net cash provided by (used in) operating activities			2,420,733	33,477,951
Cash Flows from Financing Activities:
Proceeds from sale of units				785,006
Payment for redemption of units			(2,618,601)	(34,998,790)
Owner redemptions payable			73,079	169,716
Net cash provided by (used in) financing activities			(2,545,522)	(34,044,068)
Net increase (decrease) in cash and cash equivalents			(124,789)	(566,117)
Cash and cash equivalents, beginning of period			189,890	674,227	674,227
Cash and cash equivalents, end of period	65,101	108,110	65,101	108,110	189,890
Equinox Frontier Diversified Fund [Member] | Private Investment Companies [Member]
Change in:
Net realized gain/(loss) on investments	25,826	(475,572)	(45,769)	(1,567,660)
Net unrealized gain/(loss) on investments	191,468	581,919	1,717,819	207,161
(Purchases) sales of:
Sales of Investments			4,400,709	37,197,835
Purchase of Investments			(3,430,348)	(13,705,362)
Equinox Frontier Diversified Fund [Member] | Swap [Member]
Change in:
Net unrealized gain/(loss) on investments	213,803	(145,433)	(299,525)	(147,788)
(Purchases) sales of:
Reduction of collateral			1,100,000	2,214,000
Equinox Frontier Diversified Fund [Member] | US Treasury Securities [Member]
Change in:
Net realized gain/(loss) on investments	11,658		48,013	354,609
Net unrealized gain/(loss) on investments	(3,255)	3,031	609	(569,536)
(Purchases) sales of:
Sales of Investments			1,665,387	2,785,190
Purchase of Investments			(1,841,423)
Interest and premium paid/amortized			25,935	27,016
Equinox Frontier Masters Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	(135,366)	(290,565)	(1,708,101)	(1,551,987)
Change in:
Net change in ownership allocation of U.S. Treasury securities			1,589,162	(317,619)
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value			531,197	5,386,133
Interest receivable			27,586	69,848
Receivable from related parties				153,157
Other assets			2,973
Management fees payable to Managing Owner			(1,455)	(50,174)
Trading fees payable to Managing Owner			(16,958)	(7,511)
Service fees payable to Managing Owner			(945)	9,598
Other liabilities			39,602	(5,776)
Net cash provided by (used in) operating activities			2,965,405	4,840,156
Cash Flows from Financing Activities:
Proceeds from sale of units				67,610
Payment for redemption of units			(3,456,368)	(3,779,383)
Owner redemptions payable			114,816	(131,842)
Net cash provided by (used in) financing activities			(3,341,552)	(3,843,615)
Net increase (decrease) in cash and cash equivalents			(376,147)	996,541
Cash and cash equivalents, beginning of period			411,695	546,509	546,509
Cash and cash equivalents, end of period	35,548	1,543,050	35,548	1,543,050	411,695
Equinox Frontier Masters Fund [Member] | Private Investment Companies [Member]
Change in:
Net realized gain/(loss) on investments	43,433	284,393	(96,298)	(429,868)
Net unrealized gain/(loss) on investments			1,253,590	977,064
(Purchases) sales of:
Sales of Investments			4,712,267	5,461,344
Purchase of Investments			(2,928,656)	(7,857,452)
Equinox Frontier Masters Fund [Member] | US Treasury Securities [Member]
Change in:
Net realized gain/(loss) on investments	(27,844)	5,333	45,508	286,742
Net unrealized gain/(loss) on investments			(10,785)	(328,820)
(Purchases) sales of:
Sales of Investments			1,553,660	3,016,330
Purchase of Investments			(2,041,104)
Interest and premium paid/amortized			14,162	29,147
Equinox Frontier Long/Short Commodity Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	(127,872)	32,454	(475,610)	(363,020)
Change in:
Net change in ownership allocation of U.S. Treasury securities			(208,272)	2,332,067
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value			21,650	(82,293)
Interest receivable			8,761	(2,671)
Receivable from related parties				87,670
Other assets			(43,557)
Management fees payable to Managing Owner
Interest payable to Managing Owner			(59)	9
Trading fees payable to Managing Owner			(2,866)	(10,716)
Service fees payable to Managing Owner			(106)	(1,970)
Payables to related parties				(1,603,124)
Other liabilities				(5,481)
Net cash provided by (used in) operating activities			643,584	4,476,644
Cash Flows from Financing Activities:
Payment for redemption of units			(769,015)	(4,157,575)
Owner redemptions payable			6,185	67,290
Net cash provided by (used in) financing activities			(762,830)	(4,090,285)
Net increase (decrease) in cash and cash equivalents			(119,246)	386,359
Cash and cash equivalents, beginning of period			152,200
Cash and cash equivalents, end of period	32,954	386,359	32,954	386,359	152,200
Equinox Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member]
Change in:
Net realized gain/(loss) on investments	110,281	(2,553)	186,723	4,741
Net unrealized gain/(loss) on investments			274,347	329,330
(Purchases) sales of:
Sales of Investments			1,691,274	5,356,545
Purchase of Investments			(1,081,849)	(2,634,827)
Equinox Frontier Long/Short Commodity Fund [Member] | Swap [Member]
Change in:
Net realized gain/(loss) on investments	(39,017)	(50,384)
Net unrealized gain/(loss) on investments			(74,903)	(39,954)
(Purchases) sales of:
Reduction of collateral				3,850,050
Equinox Frontier Long/Short Commodity Fund [Member] | US Treasury Securities [Member]
Change in:
Net realized gain/(loss) on investments	2,297	1,069	34,564	(227,895)
Net unrealized gain/(loss) on investments			(1,715)	212,189
(Purchases) sales of:
Sales of Investments			1,189,411	(2,713,824)
Purchase of Investments			(887,337)
Interest and premium paid/amortized			13,128	(10,182)
Equinox Frontier Balanced Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	(1,596,699)	(440,957)	(5,160,938)	(1,716,147)
Change in:
Net change in open trade equity/(deficit), at fair value			201,996	397,395
Net change in ownership allocation of U.S. Treasury securities			53,128	7,943,201
Increase and/or decrease in:
Receivable from futures commission merchants			4,727,066	492,880
Investments in unconsolidated trading companies, at fair value			1,033,362	3,213,364
Due from Managing Owner			184,106
Interest receivable			2,361	174,699
Receivable from related parties				346,875
Other assets			(40,189)	(85,207)
Incentive fees payable to Managing Owner			11,554
Management fees payable to Managing Owner			1,063	(12,438)
Interest payable to Managing Owner			(32,716)	(18,335)
Trading fees payable to Managing Owner			(26,198)	(53,625)
Service fees payable to Managing Owner			302	9,837
Risk analysis fees payable				8,276
Other liabilities			125,196	(89,587)
Net cash provided by (used in) operating activities			7,997,866	31,918,288
Cash Flows from Financing Activities:
Proceeds from sale of units				162,799
Payment for redemption of units			(8,088,356)	(31,560,889)
Owner redemptions payable			31,266	(496,370)
Net cash provided by (used in) financing activities			(8,057,090)	(31,894,460)
Net increase (decrease) in cash and cash equivalents			(59,224)	23,828
Cash and cash equivalents, beginning of period			164,332	1,083,579	1,083,579
Cash and cash equivalents, end of period	105,108	1,107,407	105,108	1,107,407	164,332
Equinox Frontier Balanced Fund [Member] | Private Investment Companies [Member]
Change in:
Net realized gain/(loss) on investments	(8,097)	(689,463)	(244,703)	(3,954,532)
Net unrealized gain/(loss) on investments	373,146	727,964	3,522,386	1,919,200
(Purchases) sales of:
Sales of Investments			9,805,250	30,906,344
Purchase of Investments			(6,751,508)	(15,315,922)
Equinox Frontier Balanced Fund [Member] | Swap [Member]
Change in:
Net unrealized gain/(loss) on investments	620,424	(356,572)	(509,226)	(420,488)
(Purchases) sales of:
Reduction of collateral			2,000,000	7,514,000
Equinox Frontier Balanced Fund [Member] | US Treasury Securities [Member]
Change in:
Net realized gain/(loss) on investments	18,391		63,298	228,904
Net unrealized gain/(loss) on investments	(421)	3,909	6,119	(483,160)
(Purchases) sales of:
Sales of Investments			2,213,107	887,884
Purchase of Investments			(3,228,823)
Interest and premium paid/amortized			41,873	24,870
Equinox Frontier Select Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	38,170	(332,881)	(1,063,652)	(2,418,472)
Change in:
Net change in open trade equity/(deficit), at fair value				686,022
Net change in ownership allocation of U.S. Treasury securities			509,154	821,516
Increase and/or decrease in:
Receivable from futures commission merchants				8,208,218
Change in control of ownership - trading companies				(3,675,188)
Investments in unconsolidated trading companies, at fair value			63,092	3,361,211
Interest receivable			6,820	51,905
Receivable from related parties				103,407
Other assets			(17,218)
Management fees payable to Managing Owner				(21,219)
Interest payable to Managing Owner			(593)	(2,644)
Trading fees payable to Managing Owner			(6,368)	(2,558)
Service fees payable to Managing Owner			(6,993)	(9,316)
Risk analysis fees payable				(2,303)
Other liabilities			(5,725)	(5,863)
Net cash provided by (used in) operating activities			1,239,582	3,870,476
Cash Flows from Financing Activities:
Proceeds from sale of units				99,812
Payment for redemption of units			(1,342,069)	(3,914,340)
Owner redemptions payable			10,437	(132,437)
Net cash provided by (used in) financing activities			(1,335,704)	(3,946,965)
Net increase (decrease) in cash and cash equivalents			(92,050)	(76,489)
Cash and cash equivalents, beginning of period			114,973	432,021	432,021
Cash and cash equivalents, end of period	22,923	355,532	22,923	355,532	114,973
Equinox Frontier Select Fund [Member] | Private Investment Companies [Member]
Change in:
Net realized gain/(loss) on investments	61,092	47,803	1,526	45,798
Net unrealized gain/(loss) on investments	(163,993)	246,067	797,340	779,294
(Purchases) sales of:
Sales of Investments			3,809,055	1,034,717
Purchase of Investments			(2,471,707)	(6,800,023)
Equinox Frontier Select Fund [Member] | US Treasury Securities [Member]
Change in:
Net realized gain/(loss) on investments	1,918		14,456	170,783
Net unrealized gain/(loss) on investments	(13,357)	(1,751)	(1,522)	(202,502)
(Purchases) sales of:
Sales of Investments			501,919	1,731,714
Purchase of Investments			(899,134)
Interest and premium paid/amortized			9,132	15,979
Equinox Frontier Winton Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	(187,632)	18,011	(1,193,745)	(2,377,597)
Change in:
Net change in open trade equity/(deficit), at fair value				1,682,758
Net change in ownership allocation of U.S. Treasury securities			(1,817,543)	(4,622,172)
Increase and/or decrease in:
Receivable from futures commission merchants				4,110,059
Change in control of ownership - trading companies				(2,330,730)
Investments in unconsolidated trading companies, at fair value			2,976,783	2,563,419
Interest receivable			76,588	240,952
Receivable from related parties			58,146	551,508
Other assets			(18,359)
Management fees payable to Managing Owner			(18,565)	(162,168)
Interest payable to Managing Owner			(5,222)	(30,730)
Trading fees payable to Managing Owner			(19,877)	(13,939)
Service fees payable to Managing Owner			(5,901)	9,638
Risk analysis fees payable				13,842
Payables to related parties			(152,219)
Other liabilities			(82,266)	110,418
Net cash provided by (used in) operating activities			2,314,346	12,426,150
Cash Flows from Financing Activities:
Proceeds from sale of units				283,970
Payment for redemption of units			(3,380,413)	(7,243,617)
Owner redemptions payable			7,649	(9,900)
Net cash provided by (used in) financing activities			(3,372,764)	(6,969,547)
Net increase (decrease) in cash and cash equivalents			(1,058,418)	5,456,603
Cash and cash equivalents, beginning of period			1,403,125	1,628,208	1,628,208
Cash and cash equivalents, end of period	344,707	7,084,811	344,707	7,084,811	1,403,125
Equinox Frontier Winton Fund [Member] | US Treasury Securities [Member]
Change in:
Net realized gain/(loss) on investments	48,714		253,908	1,104,301
Net unrealized gain/(loss) on investments	41,503	11,591	(11,126)	(1,194,837)
(Purchases) sales of:
Sales of Investments			8,763,298	12,652,125
Purchase of Investments			(6,626,880)
Interest and premium paid/amortized			137,325	119,303
Equinox Frontier Heritage Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	(63,010)	(93,808)	(1,000,357)	(1,171,891)
Change in:
Net change in ownership allocation of U.S. Treasury securities			(54,774)	635,669
Increase and/or decrease in:
Change in control of ownership - trading companies				(2,424,186)
Investments in unconsolidated trading companies, at fair value			636,915	1,418,793
Interest receivable			14,617	63,252
Receivable from related parties				131,430
Other assets				(10,159)
Management fees payable to Managing Owner			(7,101)	(56,501)
Interest payable to Managing Owner			(690)	(5,244)
Trading fees payable to Managing Owner			(3,723)	(3,472)
Service fees payable to Managing Owner			(1,482)	(2,721)
Other liabilities			(1,475)	(18,085)
Net cash provided by (used in) operating activities			593,981	4,059,129
Cash Flows from Financing Activities:
Proceeds from sale of units				34,436
Payment for redemption of units			(795,000)	(3,664,806)
Owner redemptions payable			924	33,898
Net cash provided by (used in) financing activities			(794,076)	(3,596,472)
Net increase (decrease) in cash and cash equivalents			(200,096)	462,657
Cash and cash equivalents, beginning of period			259,161	382,499	382,499
Cash and cash equivalents, end of period	59,065	845,156	59,065	845,156	$ 259,161
Equinox Frontier Heritage Fund [Member] | Private Investment Companies [Member]
Change in:
Net realized gain/(loss) on investments	17,465		98,763
Net unrealized gain/(loss) on investments	(21,582)	120,769	498,155	120,769
(Purchases) sales of:
Sales of Investments			763,850	5,000,000
Purchase of Investments			(683,033)	(2,306,940)
Equinox Frontier Heritage Fund [Member] | Swap [Member]
Change in:
Net unrealized gain/(loss) on investments	(6,454)	(110,814)	84,079	513,913
Equinox Frontier Heritage Fund [Member] | US Treasury Securities [Member]
Change in:
Net realized gain/(loss) on investments	7,717		40,316	211,694
Net unrealized gain/(loss) on investments	$ 1,094	$ (238)	(2,583)	(291,328)
(Purchases) sales of:
Sales of Investments			1,393,371	2,231,740
Purchase of Investments			(1,204,398)
Interest and premium paid/amortized			$ 23,530	$ 22,396

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Organization and Purpose

9 Months Ended

Sep. 30, 2018

Series Of Frontier Fund [Member]

Organization and Purpose

1. Organization and Purpose

Frontier Funds (formerly Equinox Frontier Funds), which is referred to in this report as “the Trust”, was formed on August 8, 2003, as a Delaware statutory trust. The Trust is a multi-advisor commodity pool, as described in Commodity Futures Trading Commission (the “CFTC”) Regulation § 4.10(d)(2). The Trust has authority to issue separate series, or each, a Series, of units of beneficial interest (the “Units”) pursuant to the requirements of the Delaware Statutory Trust Act, as amended (the “Trust Act”). The assets of each Series are valued and accounted for separately from the assets of other Series. The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Trust is managed by Frontier Fund Management LLC (the “Managing Owner”). The Managing Owner was incorporated in Delaware in November, 2016. The Managing Owner has delegated its commodity pool operator (“CPO”) responsibilities to Wakefield Advisors LLC pursuant to the Commodity Pool Operator Delegation Agreement between the Managing Owner and Wakefield Advisors LLC, which has been registered with the CFTC as a commodity pool operator since January 7, 2013, and has been a member of the NFA since that date. Under the Commodity Pool Operator Delegation Agreement, Wakefield does not receive any fees or remuneration from the Managing Owner in connection with the performance of its obligations thereunder. The Commodity Pool Operator Delegation Agreement is effective until terminated by either the Managing Owner or Wakefield, or until Wakefield is no longer registered as a CPO (unless excluded or exempt from CPO registration under the Commodity Exchange Act, as amended (the “Commodity Exchange Act”)). The Managing Owner remains jointly and severally liable with Wakefield Advisors LLC for violations of the Commodity Exchange Act and CPO Regulations. However, Wakefield Advisors LLC will indemnify the Managing Owner from and against any and all loss, liability, damage, penalty, fine, cost and expense (including attorneys’, accountants’, experts’, and other professionals’ fees and expenses incurred in investigation or defense of any and all demands, claims, actions, suits, or arbitrations) actually and reasonably incurred by the Managing Owner, based upon, arising out of or from, or in any way in connection with, any act, activity, conduct, performance, omission, or non-performance by the Wakefield Advisors LLC of any of its functions as CPO or which violates the Commodity Exchange Act or CPO Regulations in connection with its functions as CPO.

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 amended from time to time (the “Trust Agreement”), unitholders in a Delaware statutory 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 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 to 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 Winton Fund and Frontier Heritage Fund, (each a “Series” and collectively, the “Series”). 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 affiliated with the Managing Owner (“Trading Company” or “Trading Companies” or to an unaffiliated series limited liability company (“Galaxy Plus entities” or “Galaxy Plus entity”), each of which has one-year renewable contracts with its own independent trading advisor(s) (each a “Trading Advisor”) 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 vested in such Trading Company of Galaxy Plus entity. The assets of each Trading Company and Galaxy Plus entity will be segregated from the assets of the other Trading Companies and Galaxy Plus entities.

● 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 (or 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 Winton 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 with respect to such Units has been reached or will be reached. The service fee limit applicable to each unit sold is reached upon the earlier of when (I) the aggregate initial and ongoing service fees received by the selling agent with respect to such unit equals 9% of the purchase price of such unit or (ii) the aggregate underwriting compensation (determined in accordance with FINRA Rule 2310) paid in respect of such unit totals 10% of the purchase price of such unit. No service fees are paid with respect to Class 3 or Class 3a Units. Units of any Class in a Series may be redeemed, in whole or in part, on a daily basis, at the then current NAV per Unit for such Series on the day of the week after the date the Managing Owner is in receipt of a redemption request for at least one (1) Business Day to be received by the Managing Owner prior to 4:00 PM in New York.

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

As of September 30, 2018, the total Units outstanding were 144,766 for the Frontier Diversified Fund, 64,542 for the Frontier Masters Fund, 30,739 for the Frontier Long/Short Commodity Fund, 275,120 for the Frontier Balanced Fund, 57,387 for the Frontier Select Fund, 69,343 for the Frontier Winton Fund and 41,833 for the Frontier Heritage Fund.

As of September 30, 2018, the Trust, with respect to the Frontier Diversified Fund and Frontier Masters Fund, separates Units into three separate Classes—Class 1, Class 2, and Class 3. The Trust, with respect to the Frontier Select Fund, Frontier Winton Fund, and Frontier Heritage 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. On May 10, 2017, the interests Frontier Trading Company XV, LLC, which included exposure to Transtrend B.V.’s TT Enhanced Risk (USD) Program, were transferred to an individual Delaware limited liability company (“Master Fund”) in Galaxy Plus.  The Master Fund is sponsored and operated by Gemini Alternative Funds, LLC (“Sponsor”).  The Sponsor has contracted with the Trading Advisors to manage the portfolios of the Master Funds pursuant to the advisors’ respective program.  For those Series that invest in Galaxy Plus, approximately 30-70% of those Series assets are used to support the margin requirements of the Master Funds.  The remaining assets of the Series are split between investments in Trading Companies and a pooled cash management account that invests primarily in U.S. Treasury securities.  For those Series that do not invest in Galaxy Plus, their assets are split between investments in Trading Companies and investments in the pooled cash management account.

As of September 30, 2018, Frontier Winton Fund has invested a portion of its assets into two Trading Companies, and a single Trading Advisor manages 100% of the assets invested in each of these Trading Companies. Each of the remaining 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.

Equinox Frontier Fund [Member]

Organization and Purpose

1. Organization and Purpose

Frontier Funds, which is referred to in this report as the “Trust”, was formed on August 8, 2003, as a Delaware statutory trust and is set to expire on December 31, 2053. The Trust is a multi-advisor commodity pool, as described in 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 Winton Fund, and Frontier Heritage Fund. The Trust financial statements are comprised of unitized Series which are consolidated into the Trust financial statements. However, the consolidated Trust does not issue units.

The Trust, with respect to each Series:

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

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

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

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

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

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

● all payments made to selling agents who are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and their associated persons that constitute underwriting compensation will be subject to the limitations set forth in Rule 2310(b)(4)(B)(ii) (formerly Rule 2810(b)(4)(B)(ii)) of the Conduct Rules of FINRA (“Rule 2310”). An investor’s Class 1 Units or Class 2 Units of any Series, or Class 1a Units or Class 2a Units of the Frontier Long/Short Commodity Fund or Frontier Balanced Fund will be classified as Class 3 or Class 3a Units of such Series, as applicable, when the Managing Owner determines that the fee limitation set forth in Rule 2310 with respect to such Units has been reached or will be reached. The service fee limit applicable to each unit sold is reached upon the earlier of when (i) the aggregate initial and ongoing service fees received by the selling agent with respect to such unit equals 9% of the purchase price of such unit or (ii) the aggregate underwriting compensation (determined in accordance with FINRA Rule 2310) paid in respect of such unit totals 10% of the purchase price of such unit. No service fees are paid with respect to Class 3 or Class 3a Units. Units of any Class in a Series may be redeemed, in whole or in part, on a daily basis, at the then current NAV per Unit for such Series on the day of the week after the date the Managing Owner is in receipt of a redemption request for at least one (1) Business Day to be received by the Managing Owner prior to 4:00 PM in New York.

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

As of September 30, 2018, the Trust, with respect to the Frontier Diversified Fund and Frontier Masters Fund, separates Units into three separate Classes—Class 1, Class 2, and Class 3. The Trust, with respect to the Frontier Select Fund Frontier Winton Fund and Frontier Heritage Fund separates Units into a maximum of three separate Classes- Class 1, Class 2 and Class 1AP. The Trust, with respect to the Frontier Balanced Fund separates Units into a maximum of five separate Classes— Class 1, Class 1AP, Class 2, Class 2A and Class 3A. The Trust, with respect to the Frontier Long/Short Commodity Fund separates Units into a maximum of five separate Classes— Class 1A, Class 2A, Class 2, Class 3A and Class 3. Between April 15, 2016 and May 10, 2017, a portion of the interests in Frontier Trading Company I, LLC and all of the interests in Frontier Trading Company VII, LLC, Frontier Trading Company XV, LLC, and Frontier Trading Company XXIII LLC held by Frontier Diversified Fund, Frontier Masters Fund, Frontier Select Fund, Frontier Balanced Fund and Frontier Long/Short Commodity Fund were exchanged for equivalent interests in the Galaxy Plus Managed Account Platform (“Galaxy Plus”) which is an unaffiliated, third-party managed account platform. The assets of Frontier Trading Company I, LLC, which included exposure to Quantmetrics Capital Management LLP’s Multi-Strategy Program, Quantitative Investment Management, LLC’s Quantitative Global Program, Quest Partners LLC’s Quest Tracker Index Program, and Doherty Advisors LLC’s Relative Value Moderate Program, the assets of Frontier Trading Company VII, LLC, which included exposure to Emil van Essen LLC’s Multi-Strategy Program, Red Oak Commodity Advisors, Inc.’s Fundamental Diversified Program, Rosetta Capital Management, LLC’s Rosetta Trading Program, and Landmark Trading Company’s Landmark Program, the assets of Frontier Trading Company XV, LLC, which included exposure to Transtrend B.V.’s TT Enhanced Risk (USD) Program, and the assets of Frontier Trading Company XXIII, LLC which included exposure to Fort L.P.’s Global Contrarian Program have been transferred to individual Delaware limited liability companies (“Master Funds”) in Galaxy Plus. Each Master Fund is sponsored and operated by Gemini Alternative Funds, LLC (“Sponsor”). The Sponsor has contracted with the Trading Advisors to manage the portfolios of the Master Funds pursuant to the advisors’ respective program. For those Series that invest in Galaxy Plus, approximately 30-70% of those Series assets are used to support the margin requirements of the Master Funds. The remaining assets of the Series are split between investments in Trading Companies and a pooled cash management account that invests primarily in U.S. Treasury securities. For those Series that do not invest in Galaxy Plus, their assets are split between investments in Trading Companies and investments in the pooled cash management account.

As of September 30, 2018, Frontier Winton Fund has invested a portion of its assets into two Trading Companies, and a single Trading Advisor manages 100% of the assets invested in each of these Trading Companies. Each of the remaining 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 or bad faith.

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Significant Accounting Policies

9 Months Ended

Sep. 30, 2018

Series Of Frontier Fund [Member]

Significant Accounting Policies

2. Significant Accounting Policies

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

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

Consolidation—The Series, through investing in the Trading Companies and Galaxy Plus, authorize certain Trading Advisors to place trades and manage assets at pre-determined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses and a risk analysis fee (for closed Series only), all of which is allocated to the Series, if consolidated by a Series. Galaxy Plus is a series of Delaware limited liability companies, sponsored by Gemini Alternative Funds, LLC, that create exposure to a variety of third party professional managed futures and foreign exchange advisors. Galaxy Plus is available to qualified high-net-worth individuals and institutional investors. Trading Companies in which a Series has a controlling and majority interest as calculated on that Series’ pro-rata net asset value in the Trading Company are consolidated by such Series. 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 net asset value 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 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.

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

Use of Estimates—The preparation of 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 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), Frontier Winton 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) 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 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 Trust deposits assets with a FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of September 30, 2018 included restricted cash for margin requirements of $1,450,731 for Frontier Trading Company I LLC and $4,306,571 for Frontier Trading Company II LLC.

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

Balance Sheet (“ASC 210”) and Accounting Standards Update (ASU) 2013-01, Balance Sheet (Topic 210).

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

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

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

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

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

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

Income Taxes—The Trust, with respect to the Series, applies the provisions of ASC 740 Income Taxes (“ASC 740”), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust, with respect to the Series’, financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Trust’s level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The Managing Owner has concluded there is no tax expense, interest or penalties to be recorded by the Trust, with respect to the Series. The 2014 through 2017 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 fee (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. Certain Series are also changed a risk analysis fee (for closed Series only) based on a percentage of nominal assets. Such fee is paid to a third party.

Incentive Fee (rebate)—The Managing Owner is allowed to share in the incentive fees earned by the Trading Advisors up to 10% of New Net Profits (as defined in the prospectus). If the Managing Owner’s share of the incentive fee exceeds 10% of new net profits during the period, then the Managing Owner is obligated to return any amount in excess. The returned amounts are recorded as Incentive Fee (Rebate) on the Statements of Operations.

Service Fees—The Trust may maintain each Series of Units in three to seven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of Frontier Diversified Fund, Frontier Masters Fund, and Frontier Long/Short Commodity Fund are charged a service fee of up to two percent (2.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to two percent (2.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to two percent (2.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. Investors who have purchased Class 1 or Class 1a Units of Frontier Balanced Fund, Frontier Heritage Fund, Frontier Select Fund, and Frontier Winton 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.

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

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

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

Subsequent Events—The 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.

Equinox Frontier Fund [Member]

Significant Accounting Policies

2. Significant Accounting Policies

The following are the significant accounting policies of the Trust.

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

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

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

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

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

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

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

Receivable from Futures Commission Merchants—The Trust deposits assets with a FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of September 30, 2018 included restricted cash for margin requirements of $1,450,731 for the Frontier Trading Company I LLC and $4,305,571 for Frontier Trading Company II LLC.

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

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

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

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

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

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

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

Income Taxes—The Trust applies the provisions of ASC 740 Income Taxes (“ASC 740”), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust’s financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Trust’s level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The Managing Owner has concluded there is no tax expense, interest or penalties to be recorded by the Trust for the year ended December 31, 2017. The 2014 through 2017 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, 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. Certain Series are also changed a risk analysis fee (for closed Series only) based on a percentage of nominal assets. Such fee is paid to a third party.

Incentive Fee (rebate)—The Managing Owner is allowed to share in the incentive fees earned by the Commodity Trading Advisors up to 10% of New Net Profits (as defined in the prospectus). If the Managing Owner’s share of the incentive fee exceeds 10% of new net profits during the period, then the Managing Owner is obligated to return any amount in excess. The returned amounts are recorded as Incentive Fee (Rebate) on the Statements of Operations.

Service Fees—The Trust may maintain each Series of Units in three to seven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of Frontier Diversified Fund, Frontier Masters Fund, and Frontier Long/Short Commodity Fund are charged a service fee of up to two percent (2.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to two percent (2.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to two percent (2.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. Investors who have purchased Class 1 or Class 1a Units of Frontier Balanced Fund, Frontier Heritage Fund, Frontier Select Fund, and Frontier Winton 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.

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

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

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

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

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Fair Value Measurements

9 Months Ended

Sep. 30, 2018

Series Of Frontier Fund [Member]

Fair Value Measurements

3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

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

Level 3 Inputs

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

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

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

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

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. The 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 following table summarizes the instruments that comprise the Trust, with respect to the Series, financial asset portfolio, by Series, measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017 segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value. 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.

	Level 1			Level 2			Level 3		Total
September 30, 2018	Inputs			Inputs			Inputs		Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	1,169,987		$	(23,896	)	$	—	$	1,146,091
Swap Contracts		—			—			5,575,997		5,575,997
U.S. Treasury Securities		938,408			—			—		938,408
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		991,679			(21,734	)		—		969,945
U.S. Treasury Securities		512,411			—			—		512,411
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		99,860			—			—		99,860
Swap Contracts		—			—			471,942		471,942
U.S. Treasury Securities		475,024			—			—		475,024
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		2,190,822			(46,008	)		—		2,144,814
Open Trade Equity (Deficit)		(23,444	)		—			—		(23,444	)
Swap Contracts		—			—			9,850,185		9,850,185
U.S. Treasury Securities		1,515,106			—			—		1,515,106
Frontier Select Fund
Investment in Unconsolidated Trading Companies		69,462			—			538,309		607,771
U.S. Treasury Securities		330,422			—			—		330,422
Frontier Winton Fund
Investment in Unconsolidated Trading Companies		5,110,724			(99,932	)		—		5,010,792
U.S. Treasury Securities		4,968,843			—			—		4,968,843
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		928,475			(18,416	)		—		910,059
Swap Contracts		—			—			3,010,288		3,010,288
U.S. Treasury Securities		851,399			—			—		851,399

							Total
December 31, 2017	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	2,152,721	$	55,593	$	—	$	2,208,314
Swap Contracts		—		—		6,376,472		6,376,472
U.S. Treasury Securities		767,049		—		—		767,049
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		1,460,743		31,450		—		1,492,193
U.S. Treasury Securities		1,663,014		—		—		1,663,014
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		121,510		—		—		121,510
Swap Contracts		—		—		397,039		397,039
U.S. Treasury Securities		614,803		—		—		614,803
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		3,072,933		81,725		—		3,154,658
Open Trade Equity (Deficit)		144,983		33,569		—		178,552
Swap Contracts		—		—		11,340,959		11,340,959
U.S. Treasury Securities		663,808		—		—		663,808
Frontier Select Fund
Investment in Unconsolidated Trading Companies		91,790		—		579,073		670,863
U.S. Treasury Securities		464,427		—		—		464,427
Frontier Winton Fund
Investment in Unconsolidated Trading Companies		7,750,343		184,193		—		7,934,536
U.S. Treasury Securities		5,667,825		—		—		5,667,825
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		1,500,688		35,943		—		1,536,631
Swap Contracts		—		—		3,094,367		3,094,367
U.S. Treasury Securities		1,046,861		—		—		1,046,861

The changes in Level 3 assets measured at fair value on a recurring basis are summarized in the following tables. Swap contract asset gains and losses (realized/unrealized) included in earnings are classified in “realized and unrealized gain (loss) on investments – net unrealized gain/(loss) on swap contracts” on the statements of operations. Investment in unconsolidated trading company asset gains and losses (realized/unrealized) included in earnings are classified in “Change in fair value of investments in unconsolidated trading companies.” During the nine months ended September 30, 2018, all identified Level 3 assets were components of the Frontier Diversified Fund, Frontier Long/Short Commodity Fund, Frontier Balanced Fund, Frontier Select Fund, and Frontier Heritage Fund.

For the Nine Months Ended September 30, 2018

Swaps

				Frontier Long/Short
	Frontier Balanced Fund			Commodity Fund
Balance of recurring Level 3 assets as of January 1, 2018	$	11,340,959		$	397,039
Total gains or losses (realized/unrealized):
Included in earnings-realized		—			—
Included in earnings-unrealized		509,226			74,903
Proceeds from collateral reduction		(2,000,000	)		—
Change in ownership allocation		—			—
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of September 30, 2018	$	9,850,185		$	471,942
	Frontier Diversified
	Fund			Frontier Heritage Fund
Balance of recurring Level 3 assets as of January 1, 2018	$	6,376,472		$	3,094,367
Total gains or losses (realized/unrealized):
Included in earnings-realized		—			—
Included in earnings-unrealized		299,525			(84,079	)
Proceeds from collateral reduction		(1,100,000	)		—
Change in ownership allocation		—			—
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of September 30, 2018	$	5,575,997		$	3,010,288

For the Year Ended December 31, 2017

Swaps

				Frontier Long/Short
	Frontier Balanced Fund			Commodity Fund
Balance of recurring Level 3 assets as of January 1, 2017	$	18,939,450		$	4,220,468
Total gains or losses (realized/unrealized):
Included in earnings-realized		—			—
Included in earnings-unrealized		(84,491	)		26,621
Proceeds from collateral reduction		(7,514,000	)		(3,850,050	)
Change in ownership allocation		—			—
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of December 31, 2017	$	11,340,959		$	397,039
	Frontier Diversified Fund			Frontier Heritage Fund
Balance of recurring Level 3 assets as of January 1, 2017	$	8,637,847		$	8,391,414
Total gains or losses (realized/unrealized):
Included in earnings-realized		—			—
Included in earnings-unrealized		(47,375	)		(297,047	)
Proceeds from collateral reduction		(2,214,000	)		(5,000,000	)
Change in ownership allocation		—			—
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of December 31, 2017	$	6,376,472		$	3,094,367
For the Nine Months Ended September 30, 2018
Investments in Unconsolidated Trading Companies:
	Frontier
	Select
	Fund
Balance of recurring Level 3 assets as of January 1, 2018	$	579,074
Change in fair value of investments in unconsolidated trading companies		(40,765	)
Purchases of investments of unconsolidated trading companies		—
Change in ownership allocation		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of September 30, 2018	$	538,309

Investments in Unconsolidated Trading Companies:

	Frontier Select Fund
Balance of recurring Level 3 assets as of January 1, 2017	$	3,147,279
Change in fair value of investments in unconsolidated trading companies		(144,019	)
Change in ownership allocation		(2,424,187	)
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2017	$	579,073

The Series of the Trust assess the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Series’ accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the nine months ended September 30, 2018, the Trust did not transfer any assets between Levels 1, 2 or 3.

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

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at September 30, 2018:

	Frontier Diversified		Frontier Long/Short		Frontier Balanced
	Fund		Commodity Fund		Fund		Frontier Heritage Fund
Swap Contracts	$	299,525	$	74,903	$	509,226	$	(84,079	)

	Frontier Select Fund
Investments in Unconsolidated Trading Companies	$	(40,765	)

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2017:

				Frontier Long/Short		Frontier Balanced			Frontier Heritage
	Frontier Diversified Fund			Commodity Fund		Fund			Fund
Swap Contracts	$	(47,375	)	$	26,621	$	(84,491	)	$	(297,047	)

	Frontier Select Fund
Investments in Unconsolidated Trading Companies	$	(114,019	)

Equinox Frontier Fund [Member]

Fair Value Measurements

3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

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

Level 3 Inputs

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

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

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

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

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. A 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 following table summarizes the instruments that comprise the Trust financial asset portfolio, by Series, measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017 segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value.

September 30, 2018	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Fair Value
Open Trade Equity (Deficit)	$	645,197	$	(298,471	)	$	—	$	346,726
Swap Contracts		—		—			18,908,412		18,908,412
U.S. Treasury Securities		9,591,613		—			—		9,591,613
								Total
December 31, 2017	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Fair Value
Open Trade Equity (Deficit)	$	1,145,940	$	422,474		$	—	$	1,568,414
Swap Contracts		—		—			21,208,838		21,208,838
U.S. Treasury Securities		10,887,786		—			—		10,887,786

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

Swaps

	For the Nine months ended September 30, 2018
Balance of recurring Level 3 assets as of January 1, 2018		21,208,838
Total gains or losses (realized/unrealized):
Included in earnings-realized		—
Included in earnings-unrealized		799,575
Proceeds from collateral reduction		(3,100,000	)
Purchase of investments		—
Sale of investments		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of September 30, 2018		18,908,412
	For the Year ended December 31, 2017
Balance of recurring Level 3 assets as of January 1, 2017	$	40,189,178
Total gains or losses (realized/unrealized):
Included in earnings-realized		—
Included in earnings-unrealized		(402,290	)
Proceeds from collateral reduction		(18,578,050	)
Purchase of investments		—
Sale of investments		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2017	$	21,208,838

The Trust assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Trust’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the nine months ended September 30, 2018, the Trust did not transfer any assets between Levels 1, 2 and 3.

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at September 30, 2018:

Swap contracts $ 799,575

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2017:

Swap contracts $ (402,290)

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Swap Contracts

9 Months Ended

Sep. 30, 2018

Series Of Frontier Fund [Member]

Swaps Contracts

4. Swap Contracts

In addition to authorizing Trading Advisors to manage pre-determined investment levels of futures, options 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 September 30, 2018, and December 31, 2017, approximately 10.8% and 10.2%, respectively, of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain swaps and is recorded as collateral within the swap fair value within the statement of financial condition. The cash held with the counterparty is not restricted.

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

To help to reduce counterparty risk on the Series, the Managing Owner has the right to reduce the Series’ exposure and remove cash from the Series’ total return swaps with Deutsche Bank AG. This cash holding shall be in excess of $250,000, and may not exceed 40% of the Index exposure in total. Index exposure is defined as the total notional amount plus any profit. The Series are charged interest on this cash holding and any amount removed will be offset against the final settlement value of the swap. As of September 30, 2018, the Frontier Balanced Fund, the Frontier Diversified Fund, the Frontier Long/Short Commodity Fund and Frontier Heritage Fund, have received from the swap counterparty $4,926,555, $2,500,000, $115,000 and $1,900,000, respectively. These amounts are shown on the Statements of Financial Conditions of the respective Series under advance on unrealized swap appreciation, which relates to the Trading Companies’ total return swaps with Deutsche Bank AG.

The Series have invested in the following swaps as of and for the nine months ended September 30, 2018:

			Frontier Long/Short	Frontier Heritage
	Frontier Balanced Fund	Frontier Diversified Fund	Commodity Fund	Fund
	Total Return Swap	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$11,735,292	$3,054,369	$653,610	$2,072,056
Termination Date	3/31/2023	3/31/2023	3/31/2023	3/27/2023
Cash Collateral	$86,000	$86,000	$29,950	$978,950
Swap Value	$9,764,185	$5,489,997	$441,992	$2,031,338
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0
Change in Unrealized Gain/(Loss)	$509,226	$299,525	$74,903	($84,079)
Fair Value as of September 30, 2018	$9,850,185	$5,575,997	$471,942	$3,010,288
Advance on swap appreciation	($4,926,555)	($2,500,000)	($115,000)	($1,900,000)

The Series have invested in the following swaps as of and for the year ended December 31, 2017:

			Frontier Long/Short Commodity
	Frontier Balanced Fund	Frontier Diversified Fund	Fund	Frontier Heritage Fund
	Total Return Swap	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$13,373,629	$4,651,155	$653,610	$2,072,056
Termination Date	8/2/2018	8/2/2018	8/7/2018	3/26/2018
Cash Collateral	$2,086,000	$1,186,000	$29,950	$982,500
Swap Value	$9,254,959	$5,190,472	$367,089	$2,111,867
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0
Change in Unrealized Gain/(Loss)	($84,491)	($47,375)	$26,621	($297,047)
Fair Value as of 12/31/2017	$11,340,959	$6,376,472	$397,039	$3,094,367
Advance on swap appreciation	($4,926,555)	($2,500,000)	($115,000)	($1,900,000)

Equinox Frontier Fund [Member]

Swaps Contracts

4. Swaps Contracts

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

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

The Managing Owner follows a procedure in selecting well-established financial institutions which the Managing Owner, in its sole discretion, considers to be reputable, reliable, financially responsible and well established to act as swap counterparties. The procedure includes due diligence review of documentation on all new and existing financial institution counterparties prior to initiation of the relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owner’s minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. As of September 30, 2018 and December 31, 2017, approximately 1.46% or $1,180,900 and 3.80% or $4,284,450, respectively, of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain swaps and is recorded as Swap Contracts, at fair value on the Statements of Financial Condition of the Trust. This cash held with the counterparty is not restricted.

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

The Trust had invested in the following swap contracts as of and for the nine months ended September 30, 2018:

	XXXIV Balanced select swap	XXXV Diversified select swap	XXXVII L/S select swap	Brevan Howard
	Total Return Swap	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$11,735,292	$3,054,369	$653,610	$2,072,056
Termination Date	3/31/2023	3/31/2023	3/31/2023	3/27/2023
Cash Collateral	$86,000	$86,000	$29,950	$978,950
Swap Value	$9,764,185	$5,489,997	$441,992	$2,031,338
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0
Change in Unrealized Gain/(Loss)	$509,226	$299,525	$74,903	($84,079)
Fair Value as of September 30, 2018	$9,850,185	$5,575,997	$471,942	$3,010,288
Advance on swap appreciation	($4,926,555)	($2,500,000)	($115,000)	($1,900,000)

The Trust had invested in the following swap contracts as of and for the year ended December 31, 2017:

	XXXIV Balanced select swap	XXXV Diversified select swap	XXXVII L/S select swap	XXXIX Brevan Howard
	Total Return Swap	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$13,373,629	$4,651,155	$653,610	$2,072,056
Termination Date	8/2/2018	8/2/2018	8/7/2018	3/26/2018
Cash Collateral	$2,086,000	$1,186,000	$29,950	$982,500
Swap Value	$9,254,959	$5,190,472	$367,089	$2,111,867
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0
Change in Unrealized Gain/(Loss)	($84,491)	($47,375)	$26,621	($297,047)
Fair Value as of 12/31/2017	$11,340,959	$6,376,472	$397,039	$3,094,367
Advance on swap appreciation	($4,926,555)	($2,500,000)	($115,000)	($1,900,000)

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Investments in Unconsolidated Trading Companies and Private Investment Companies

9 Months Ended

Sep. 30, 2018

Series Of Frontier Fund [Member]

Investments in Unconsolidated Trading Companies and Private Investment Companies

5. Investments in Unconsolidated Trading Companies and Private Investment Companies

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

The following table summarizes each of the Series’ investments in unconsolidated Trading companies as of September 30, 2018 and December 31, 2017:

	As of September 30, 2018			As of December 31, 2017
	Percentage of			Percentage of
	Series Net			Series Net
	Assets Invested			Assets Invested
	in Unconsolidated			in Unconsolidated
	Trading Companies	Fair Value		Trading Companies	Fair Value
Series
Frontier Diversified Series —
Frontier Trading Companies II and XXXVIII	6.76%	$	1,146,091	10.37%	$	2,225,210
Frontier Masters Series —
Frontier Trading Companies II and XXXVIII	14.28%	$	969,945	12.55%	$	1,501,142
Frontier Long/Short Commodity Series —
Frontier Trading Company XXXVIII	3.32%	$	99,860	2.86%	$	121,510
Frontier Balanced Series —
Frontier Trading Companies II and XXXVIII	6.13%	$	2,144,814	6.59%	$	3,178,176
Frontier Select Series —
Frontier Trading Companies XXXVIII and XXXIX	13.82%	$	607,771	9.86%	$	670,863
Frontier Winton Fund
Frontier Trading Companies II and XXXVIII	48.77%	$	5,010,792	53.79%	$	7,987,575
Frontier Heritage Series —
Frontier Trading Companies II and XXXVIII	18.25%	$	910,059	22.66%	$	1,536,631

The following tables summarize each of the Series; equity in earnings from unconsolidated Trading and private investment companies for the three and nine months ended September 30, 2018 and 2017. 

	Three Months Ended September 30, 2018												Three Months Ended September 2017
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Frontier Balanced Fund
Frontier Trading Company II, LLC	$	—		$	—		$	46,550		$	46,550		$	—		$	—		$	72,519		$	72,519
Frontier Trading Company XXXVIII, LLC		—			—			2,568			2,568			—			—			(9,021	)		(9,021	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(9,291	)		(65,905	)		96,559			21,363			(19,245	)		(56,867	)		153,322			77,210
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(12,879	)		39,369			(23,273	)		3,217			(18,045	)		41,460			2,070			25,485
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LL		(68,449	)		525,034			(732,131	)		(275,546	)		(80,645	)		809,976			(431,386	)		297,945
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(10,825	)		24,104			41,083			54,362			(37,146	)		(161,057	)		416,622			218,419
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			—			(4,884	)		(4,884	)		—			(63	)		(256,549	)		(256,612	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(38,176	)		(205,387	)		29,398			(214,165	)		(52,684	)		(693,062	)		690,348			(55,398	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(10,502	)		37,958			(5,938	)		21,518			(31,025	)		(185,578	)		(512	)		(217,115	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(6,575	)		(46,302	)		6,537			(46,340	)		(7,239	)		(14,512	)		2,826			(18,925	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(38,085	)		46,290			67,221			75,426			(87,162	)		(408,339	)		385,991			(109,510	)
Total	$	(194,782	)	$	355,161		$	(476,310	)	$	(315,931	)	$	(333,191	)	$	(668,042	)	$	1,026,230		$	24,997
Frontier Winton Fund
Frontier Trading Company II, LLC	$	—		$	—		$	2,568		$	2,568
Frontier Trading Company XXXVIII, LLC		—			—			154,297			154,297			—			—			(31,155	)		(31,155	)
Total	$	—		$	—		$	156,865		$	156,865		$	—		$	—		$	(31,155	)	$	(31,155	)
Frontier Frontier Select Fund
Frontier Trading Company XXXIX, LLC	$	—		$	—		$	3,227		$	3,227		$	—		$	—		$	53,727		$	53,727
Frontier Trading Company XXXVIII, LLC		—			—			(20,172	)		(20,172	)		—			—			(8,337	)		(8,337	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(21,700	)		91,839			25,085			95,224			(35,396	)		67,150			(116,095	)		(84,341	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(31,965	)		13,930			25,712			7,677			(209,529	)		(209,529	)
Total	$	(53,665	)	$	105,769		$	33,852		$	85,956		$	(35,396	)	$	67,150		$	(280,234	)	$	(248,480	)
Frontier Heritage Fund
Frontier Trading Company II, LLC	$	—		$	—		$	19,781		$	19,781		$	—		$	—		$	46,789		$	46,789
Frontier Trading Company XXXVIII, LLC		—			—			1,051			1,051			—			—			(9,998	)		(9,998	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(33,189	)		14,991			22,315			4,117		$	(29,980	)	$	51,752		$	(142,541	)		(120,769	)
Total	$	(33,189	)	$	14,991		$	43,147		$	24,949		$	(29,980	)	$	51,752		$	(105,750	)	$	(83,978	)
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	—		$	—		$	1,511		$	1,511		$	—		$	—		$	(1,334	)	$	(1,334	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			—			—			—			(5,111	)		10,011			(15,755	)		(10,855	)
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(19,658	)		84,795			(121,669	)		(56,532	)		(37,912	)		210,831			(102,127	)		70,792
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			—			(90,105	)		(90,105	)		—			(2,869	)		5,305			2,436
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(15,062	)		5,925			10,810			1,673			(30,671	)		(59,091	)		52,198			(37,564	)
Total	$	(34,720	)	$	90,720		$	(199,453	)	$	(143,453	)	$	(73,694	)	$	158,882		$	(61,713	)	$	23,475
Frontier Diversified Fund
Frontier Trading Company II, LLC	$	—		$	—		$	34,017		$	34,017		$	—		$	—		$	29,203		$	29,203
Frontier Trading Company XXXVIII, LLC		—			—			2,127			2,127			—			—			3,026			3,026
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(4,157	)		(23,653	)		34,404			6,594			(8,281	)		(26,711	)		65,961			30,969
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			—			—			—			(5,529	)		14,423			(32,526	)		(23,632	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(9,004	)		22,242			(13,179	)		59			(11,301	)		21,985			865			11,549
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(39,614	)		258,878			(358,841	)		(139,577	)		(41,460	)		371,152			(187,157	)		142,535
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(9,027	)		10,939			20,972			22,884			(15,109	)		(55,000	)		140,263			70,154
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			—			(2,350	)		(2,350	)		—			(15	)		(93,042	)		(93,057	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(20,929	)		(92,636	)		16,282			(97,283	)		(38,315	)		(410,394	)		402,029			(46,680	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(8,047	)		17,990			(2,619	)		7,324			(25,622	)		(105,994	)		(426	)		(132,042	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(7,511	)		(46,302	)		6,537			(47,276	)		(10,292	)		(25,052	)		26,393			(8,951	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(20,337	)		21,164			31,504			32,331			(58,330	)		(244,662	)		245,800			(57,192	)
Total	$	(118,626	)	$	168,622		$	(231,146	)	$	(181,150	)	$	(214,239	)	$	(460,268	)	$	600,389		$	(74,118	)
Frontier Masters Fund
Frontier Trading Company II, LLC	$	—		$	—		$	(4,703	)	$	(4,703	)	$	—		$	—		$	36,130		$	36,130
Frontier Trading Company XXXVIII, LLC		—			—			3,100			3,100			—			—			(4,657	)		(4,657	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			—			—			—			(11,827	)		27,230			(47,312	)		(31,909	)
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(51,154	)		235,343			(326,220	)		(142,031	)		(62,543	)		419,529			(214,880	)		142,106
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(32,744	)		17,636			26,253			11,145			(55,827	)		(139,604	)		81,403			(114,028	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(17,623	)		95,172			21,795			99,344			—			—			(128,372	)		(128,372	)
Total	$	(101,521	)	$	348,151		$	(279,775	)	$	(33,145	)	$	(130,197	)	$	307,155		$	(277,688	)	$	(100,730	)

	Nine Months Ended September 30, 2018												Nine Months Ended September 2017
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Frontier Balanced Fund
Frontier Trading Company II, LLC	$	—		$	—		$	114,510		$	114,510		$	(32,747	)	$	216,451		$	(342,327	)	$	(158,623	)
Frontier Trading Company XXXVIII, LLC		—			—			(8,908	)		(8,908	)		—			—			(215,180	)		(215,180	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(53,188	)		(277,921	)		103,487			(227,622	)		(64,009	)		(444,842	)		139,701			(369,150	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(44,264	)		(119,199	)		(22,162	)		(185,625	)		(68,404	)		189,463			(32,758	)		88,301
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LL		(296,953	)		894,510			(718,674	)		(121,117	)		(450,701	)		1,744,230			8,954			1,302,483
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(47,185	)		(114,597	)		51,845			(109,937	)		(134,386	)		896,859			(27,111	)		735,362
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(123	)		—			(8,469	)		(8,592	)		—			(63	)		(1,015,265	)		(1,015,328	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(111,704	)		(813,565	)		90,256			(835,013	)		(1,105,937	)		3,100,899			394,461			2,389,423
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(73,053	)		(34,735	)		6,431			(101,357	)		(175,559	)		207,540			217,419			249,400
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(20,503	)		(88,994	)		9,703			(99,794	)		(20,728	)		643,877			(818,574	)		(195,425	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(175,522	)		(1,567,177	)		154,073			(1,588,626	)		(217,096	)		(862,039	)		(70,599	)		(1,149,734	)
Total	$	(822,495	)	$	(2,121,678	)	$	(227,908	)	$	(3,172,081	)	$	(2,269,567	)	$	5,692,375		$	(1,761,279	)	$	1,661,529
Frontier Winton Fund
Frontier Trading Company II, LLC	$	—		$	—		$	(183,988	)	$	(183,988	)	$	—		$	—		$	—		$	—
Frontier Trading Company XXXVIII, LLC		—			—			88,092			88,092			—			—			(334,372	)		(334,372	)
Total	$	—		$	—		$	(95,896	)	$	(95,896	)	$	—		$	—		$	(334,372	)	$	(334,372	)
Frontier Frontier Select Fund
Frontier Trading Company XXXIX, LLC	$	—		$	—		$	(38,351	)	$	(38,351	)	$	—		$	—		$	(249,165	)	$	(249,163	)
Frontier Trading Company XXXVIII, LLC		—			—			(15,611	)		(15,611	)		—			—			(70,090	)		(70,092	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(83,404	)		(433,416	)		92,847			(423,973	)		(26,272	)		455,907			(1,076,952	)		(647,317	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(112,056	)		(80,517	)		(182,320	)		(374,893	)		(35,396	)		67,150			(209,529	)		(177,775	)
Total	$	(195,460	)	$	(513,933	)	$	(143,435	)	$	(852,828	)	$	(61,668	)	$	523,057		$	(1,605,736	)	$	(966,572	)
Frontier Heritage Fund
Frontier Trading Company II, LLC	$	—		$	—		$	26,444		$	26,444		$	(61,563	)	$	113,582		$	(118,339	)	$	(66,320	)
Frontier Trading Company XXXVIII, LLC		—			—			(3,644	)		(3,644	)		—			—			(104,610	)		(104,610	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(128,567	)		(535,418	)		67,067			(596,918	)	$	(29,980	)	$	51,752		$	(142,541	)		(120,769	)
Total	$	(128,567	)	$	(535,418	)	$	89,867		$	(574,118	)	$	(91,543	)	$	165,334		$	(365,490	)	$	(291,699	)
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	—		$	—		$	(301	)	$	(301	)	$	—		$	—		$	48,430		$	48,430
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			—			—			—			(49,244	)		(27,947	)		56,870			(20,321	)
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(75,198	)		191,295			(164,749	)		(48,652	)		(219,046	)		608,857			93,673			483,484
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(681	)		—			(145,612	)		(146,293	)		(570,790	)		(2,869	)		5,305			(568,354	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(59,678	)		(230,562	)		24,115			(266,125	)		(61,797	)		(61,934	)		(105,149	)		(228,880	)
Total	$	(135,557	)	$	(39,267	)	$	(286,547	)	$	(461,371	)	$	(900,877	)	$	516,107		$	99,129		$	(285,641	)
Frontier Diversified Fund
Frontier Trading Company II, LLC	$	—		$	—		$	40,239			40,239			(34,961	)		156,232			(215,541	)		(94,270	)
Frontier Trading Company XXXVIII, LLC		—			—			307			307			—			—			(217,505	)		(217,505	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(25,766	)		(94,474	)		36,713			(83,527	)		(47,202	)		(275,640	)		107,879			(214,963	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			—			—			—			(57,740	)		(282,402	)		368,874			28,732
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(28,732	)		(48,799	)		(12,067	)		(89,598	)		(48,192	)		115,185			(20,362	)		46,631
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(127,929	)		449,134			(404,314	)		(83,109	)		(372,907	)		1,308,793			157,823			1,093,709
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(28,612	)		(2,139	)		29,425			(1,326	)		(86,543	)		613,006			(32,023	)		494,440
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			(62	)		1,592			1,530			—			(15	)		(379,526	)		(379,541	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(62,615	)		(428,811	)		18,024			(473,402	)		(716,264	)		2,120,108			(618	)		1,403,226
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(45,287	)		(7,954	)		2,742			(50,499	)		(170,681	)		290,815			121,852			241,986
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(23,108	)		(89,102	)		9,703			(102,507	)		(65,209	)		1,793,033			(2,309,045	)		(581,221	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(92,781	)		(751,752	)		54,921			(789,612	)		(167,731	)		(525,880	)		(78,889	)		(772,500	)
Total	$	(434,830	)	$	(973,959	)	$	(222,715	)	$	(1,631,504	)	$	(1,767,430	)	$	5,313,235		$	(2,497,081	)	$	1,048,724
Frontier Masters Fund
Frontier Trading Company II, LLC	$	—		$	—		$	(99,255	)		(99,255	)		25,034			91,810			(254,854	)		(138,010	)
Frontier Trading Company XV, LLC		—			—			—			—			(82,918	)		78,115			(115,394	)		(120,197	)
Frontier Trading Company XXXVIII, LLC		—			—			20,318			20,318			—			—			(108,362	)		(108,362	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			(76,396	)		68,413			(7,983	)		(81,868	)		(54,404	)		103,126			(33,146	)
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(200,364	)		498,398			(429,904	)		(131,870	)		(287,707	)		937,794			43,617			693,704
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(132,925	)		(709,314	)		39,893			(802,346	)		(89,695	)		(176,476	)		(192,207	)		(458,378	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(64,811	)		7,178			(157,460	)		(215,093	)		—			—			(749,376	)		(749,376	)
Total	$	(398,100	)	$	(280,134	)	$	(557,995	)	$	(1,236,229	)	$	(517,154	)	$	876,839		$	(1,273,450	)	$	(913,765	)

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

	Redemptions	Redemptions	Liquidity
	Notice Period	Permitted	Restrictions
Frontier Diversified Fund
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	24 hours	Daily	None
Galaxy Plus Fund - LRR Feeder Fund (522) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Daily	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Daily	None
Option Trading
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC	24 hours	Daily	None
Frontier Masters Fund
Trend Following
Galaxy Plus Fund - TT Feeder Fund (531) LLC	24 hours	Weekly	None
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Frontier Long/Short Commodity Fund
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	24 hours	Daily	None
Galaxy Plus Fund - LRR Feeder Fund (522) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Frontier Balanced Fund
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC	24 hours	Daily	None
Galaxy Plus Fund - LRR Feeder Fund (522) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Daily	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Daily	None
Option Trading
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC	24 hours	Daily	None
Frontier Select Fund
Trend Following
Galaxy Plus Fund - TT Feeder Fund (531) LLC	24 hours	Weekly	None
Frontier Heritage Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Weekly	None

Equinox Frontier Fund [Member]

Investments in Unconsolidated Trading Companies and Private Investment Companies

5. Investments in Private Investment Companies

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

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

The following table summarizes the Trust’s equity in earnings from each of the private investment companies during the three and nine months ended September 30, 2018 and 2017:

	Three Months Ended September 30, 2018												Three Months Ended September 30, 2017
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	(13,448	)	$	(89,558	)	$	130,963		$	27,957		$	(27,526	)	$	(83,578	)	$	219,283		$	108,179
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			—			—			—			(22,467	)		51,664			(95,593	)		(66,396	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(21,883	)		61,611			(36,452	)		3,276			(29,346	)		63,445			2,935			37,034
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(178,875	)		1,104,050			(1,538,861	)		(613,686	)		(222,560	)		1,811,488			(935,550	)		653,378
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(19,852	)		35,043			62,055			77,246			(52,255	)		(216,057	)		556,885			288,573
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			—			(97,339	)		(97,339	)		—			(2,947	)		(344,286	)		(347,233	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(59,105	)		(298,023	)		45,680			(311,448	)		(90,999	)		(1,103,456	)		1,092,377			(102,078	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(18,549	)		55,948			(8,557	)		28,842			(56,647	)		(291,572	)		(938	)		(349,157	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(14,086	)		(92,604	)		13,074			(93,616	)		(17,531	)		(39,564	)		29,219			(27,876	)
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC		—			—			(256,019	)		(256,019	)		—			—			(91,259	)		(91,259	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(39,323	)		187,011			46,880			194,568			—			—			(244,467	)		(244,467	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(171,382	)		119,936			183,815			132,369			(297,366	)		(732,794	)		413,322			(616,838	)
Total	$	(536,503	)	$	1,083,414		$	(1,454,761	)	$	(907,850	)	$	(816,697	)	$	(543,371	)	$	601,928		$	(758,140	)

	Nine Months Ended September 30, 2018												Nine Months Ended September 30, 2017
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	(81,572	)	$	(372,395	)	$	140,200		$	(313,767	)	$	(111,211	)	$	(720,482	)	$	247,580		$	(584,113	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			(76,396	)		68,413			(7,983	)		(188,852	)		(364,753	)		528,870			(24,735	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(72,912	)		(167,998	)		(34,229	)		(275,139	)		(116,596	)		304,648			(53,120	)		134,932
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(700,233	)		2,033,337			(1,717,641	)		(384,537	)		(1,330,361	)		4,599,674			304,067			3,573,380
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(73,829	)		(116,736	)		81,270			(109,295	)		(220,929	)		1,509,865			(59,134	)		1,229,802
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(804	)		(62	)		(152,150	)		(153,016	)		(570,790	)		(2,947	)		(1,389,486	)		(1,963,223	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(174,274	)		(1,242,377	)		108,280			(1,308,371	)		(1,822,201	)		5,221,007			393,843			3,792,649
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(118,457	)		(42,689	)		9,173			(151,973	)		(346,240	)		498,355			339,271			491,386
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(43,536	)		(175,750	)		19,406			(199,880	)		(85,937	)		2,436,910			(3,127,619	)		(776,646	)
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC		—			—			(329,083	)		(329,083	)		—			—			(795,707	)		(795,707	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(134,728	)		39,795			(286,272	)		(381,205	)		(26,272	)		455,907			(1,826,328	)		(1,396,693	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(715,002	)		(4,340,773	)		379,408			(4,676,367	)		(601,695	)		(1,507,427	)		(798,914	)		(2,908,036	)
Total	$	(2,115,347	)	$	(4,462,044	)	$	(1,713,225	)	$	(8,290,616	)	$	(5,421,084	)	$	12,430,757		$	(6,236,677	)	$	772,996

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 - EvE STP Feeder Fund (516) LLC	24 hours	Daily	None
Galaxy Plus Fund - LRR Feeder Fund (522) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Daily	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Daily	None
Galaxy Plus Fund - QuestFIT Feeder Fund (535) Segregated Portfolio	24 hours	Daily	None
Galaxy Plus Fund - TT Feeder Fund (531) LLC	24 hours	Weekly	None
Option Trading
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC	24 hours	Daily	None

XML

Transactions with Affiliates

9 Months Ended

Sep. 30, 2018

Series Of Frontier Fund [Member]

Transactions with Affiliates

6. Transactions with Affiliates

The Managing Owner contributes funds to the Trust, with respect to the Series, in order to have a 1% interest (“Minimum Purchase Commitment”) in the aggregate capital, profits and losses of all Series and in return will receive units designated as general units in the Series in which the Managing Owner invests such funds. The general units may only be purchased by the Managing Owner and may be subject to no advisory fees or advisory 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 bases of the fees vary 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 Winton Fund, Frontier Long/Short Commodity Fund Class 1a, Class 2a and Class 3a and Frontier Masters Fund, 0.75% for Frontier Diversified Fund, 2.5% for the Frontier Heritage Fund and Frontier Select Fund, and 3.5% for the Frontier Long/Short Commodity Fund Class 2 and Class 3. The Managing Owner may pay all or a portion of such management fees to the Trading Advisor(s) and/or waive (up to the percentage specified) any such management fee to the extent any related management fee is paid by a trading company or estimated management fee is embedded in a swap or other derivative instrument. Any management fee embedded in a swap or other derivative instrument may be greater or less than the management fee that would otherwise be charged to the Series by the Managing Owner.

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

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

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

Incentive Fees— Some Series pay to the Managing Owner an incentive fee of a certain percentage of new net trading profits generated in the Trading Companies by such Series, monthly or quarterly. In addition, the Managing Owner receives a quarterly incentive fee of a certain percentage of new net trading profits generated in the Galaxy Plus entities that have been allocated to the Series. The incentive fees attributable to Galaxy Plus entities are included in unrealized gain/(loss) on private investment companies on the 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 Winton Fund, Frontier Heritage Fund, Frontier Select Fund, Frontier Long/Short Commodity Fund and Frontier Masters Fund. The Managing Owner may pay all or a portion of such incentive fees to the Trading Advisor(s) for such Series.

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

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

The following table summarizes fees earned by the Managing Owner for the three months and nine months ended September 30, 2018 and 2017:

Three Months Ended September 30, 2018

	Incentive Fees (rebate)		Management Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	10,897	$	13,113	$	14,432	$	145,750
Frontier Masters Fund		—		22,605		11,605		95,225
Frontier Long/Short Commodity Fund		—		—		334		19,318
Frontier Balanced Fund		—		26,643		222,302		339,537
Frontier Select Fund		—		—		32,149		27,076
Frontier Winton Fund		—		104,062		76,839		73,379
Frontier Heritage Fund		—		22,635		29,343		33,624

Three Months Ended September 30, 2017

	Incentive Fees (rebate)		Management Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	—	$	13,509	$	24,584	$	221,452
Frontier Masters Fund		—		26,862		19,585		151,229
Frontier Long/Short Commodity Fund		—		—		1,867		40,897
Frontier Balanced Fund		—		25,760		323,572		462,275
Frontier Select Fund		—		—		46,479		39,673
Frontier Winton Fund		—		188,835		99,725		127,661
Frontier Heritage Fund		—		43,021		40,954		36,907

Nine Months Ended September 30, 2018

	Incentive Fees (rebate)		Management Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	12,778	$	37,905	$	45,236	$	454,513
Frontier Masters Fund		—		83,816		39,503		335,271
Frontier Long/Short Commodity Fund		—		—		1,398		65,530
Frontier Balanced Fund		145,134		69,545		723,093		1,068,482
Frontier Select Fund		—		—		105,111		92,779
Frontier Winton Fund		—		366,404		252,006		236,657
Frontier Heritage Fund		1,394		92,509		97,753		112,771

Nine Months Ended September 30, 2017

	Incentive Fees (rebate)			Management Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	(63,508	)	$	69,251	$	110,769	$	1,154,233
Frontier Masters Fund		—			150,767		72,519		527,813
Frontier Long/Short Commodity Fund		(87,670	)		—		12,838		183,990
Frontier Balanced Fund		—			102,297		1,106,847		1,625,446
Frontier Select Fund		—			102,047		176,247		137,940
Frontier Winton Fund		(49,790	)		677,921		368,816		431,025

The following table summarizes fees payable to the Managing Owner as of September 30, 2018 and December 31, 2017.

As of September 30, 2018

	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	10,897	$	8,244	$	—	$	4,552	$	47,283
Frontier Masters Fund		—		7,494		—		2,625		32,173
Frontier Long/Short Commodity Fund		—		—		44		66		6,259
Frontier Balanced Fund		—		23,019		3,591		61,951		108,152
Frontier Select Fund		—		—		765		7,750		8,530
Frontier Winton Fund		—		34,474		15,770		20,813		23,696
Frontier Heritage Fund		—		6,370		1,918		10,001		11,980

As of December 31, 2017

	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	12,847	$	4,049	$	—	$	3,614	$	61,188
Frontier Masters Fund		—		8,949		—		3,570		49,131
Frontier Long/Short Commodity Fund		—		—		103		172		9,125
Frontier Balanced Fund		40,189		11,465		2,528		88,149		140,868
Frontier Select Fund		—		—		1,358		14,743		14,898
Frontier Winton Fund		—		53,039		20,992		26,714		43,573
Frontier Heritage Fund		—		13,471		2,608		11,483		15,703

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) 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 Winton 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) 100% of the interest is retained by the respective Series.

The following table outlines the interest paid by each Series to the Managing Owner and its ratio to average net assets for the three and nine months ended September 30, 2018 and 2017:

Three Months Ended 

	September 30, 2018		September 30, 2017			September 30, 2018			September 30, 2017
	Gross Amount Paid to		Gross Amount Paid to			Ratio to Average Net			Ratio to Average Net
	the Managing Owner		the Managing Owner			Assets			Assets
Frontier Diversified Class 1	$	—	$	—			0.00	%		0.00	%
Frontier Diversified Class 2		—		—			0.00	%		0.00	%
Frontier Diversified Class 3		—		—			0.00	%		0.00	%
Frontier Masters Class 1		—		(314	)		0.00	%		-0.01	%
Frontier Masters Class 2		—		(333	)		0.00	%		-0.01	%
Frontier Masters Class 3		—		(543	)		0.00	%		-0.01	%
Frontier Long/Short Class 2		4		35			0.00	%		0.01	%
Frontier Long/Short Class 3		55		289			0.00	%		0.01	%
Frontier Long/Short Class 1a		—		—			0.00	%		0.00	%
Frontier Long/Short Class 2a		—		—			0.00	%		0.00	%
Frontier Long/Short Class 3a		—		—			0.00	%		0.00	%
Frontier Balanced Fund Class 1		4,688		9,154			0.01	%		0.02	%
Frontier Balanced Fund Class 1AP		85		123			0.02	%		0.02	%
Frontier Balanced Fund Class 2		848		2,046			0.01	%		0.02	%
Frontier Balanced Fund Class 2A		12		(77	)		0.00	%		-0.01	%
Frontier Balanced Fund Class 3A		31		(136	)		0.00	%		-0.01	%
Frontier Select Fund Class 1		228		4,708			0.00	%		0.08	%
Frontier Select Fund Class 1AP		1		17			0.01	%		0.08	%
Frontier Select Fund Class 2		20		686			0.00	%		0.08	%
Frontier Winton Class 1		5,024		28,693			0.04	%		0.22	%
Frontier Winton Class 1AP		18		74			0.05	%		0.22	%
Frontier Winton Class 2		310		23,095			0.03	%		0.22	%
Frontier Heritage Fund Class 1		412		7,622			0.01	%		0.14	%
Frontier Heritage Fund Class 1AP		—		8			0.00	%		0.15	%
Frontier Heritage Fund Class 2		68		1,297			0.01	%		0.14	%
Total	$	11,804	$	76,444

Nine Months Ended

	September 30, 2018		September 30, 2017			September 30, 2018			September 30, 2017
	Gross Amount Paid to		Gross Amount Paid to			Ratio to Average Net			Ratio to Average Net
	the Managing Owner		the Managing Owner			Assets			Assets
Frontier Diversified Class 1	$	—	$	(3,860	)		0.00	%		-0.10	%
Frontier Diversified Class 2		—		(19,555	)		0.00	%		-0.07	%
Frontier Diversified Class 3		—		(7,071	)		0.00	%		-0.06	%
Frontier Masters Class 1		—		(4,988	)		0.00	%		-0.12	%
Frontier Masters Class 2		—		(5,113	)		0.00	%		-0.11	%
Frontier Masters Class 3		—		(5,881	)		0.00	%		-0.09	%
Frontier Long/Short Class 2		41		167			0.02	%		0.03	%
Frontier Long/Short Class 3		543		1,566			0.02	%		0.04	%
Frontier Long/Short Class 1a		—		533			0.00	%		0.07	%
Frontier Long/Short Class 2a		—		233			0.00	%		0.03	%
Frontier Long/Short Class 3a		—		189			0.00	%		0.01	%
Frontier Balanced Fund Class 1		19,340		199,538			0.06	%		0.40	%
Frontier Balanced Fund Class 1AP		341		2,539			0.06	%		0.41	%
Frontier Balanced Fund Class 2		3,504		54,615			0.06	%		0.31	%
Frontier Balanced Fund Class 2A		51		494			0.01	%		0.09	%
Frontier Balanced Fund Class 3A		139		1,316			0.01	%		0.08	%
Frontier Select Fund Class 1		6,063		28,362			0.13	%		0.36	%
Frontier Select Fund Class 1AP		26		84			0.13	%		0.35	%
Frontier Select Fund Class 2		744		4,295			0.13	%		0.36	%
Frontier Winton Class 1		67,727		40,855			0.60	%		0.25	%
Frontier Winton Class 1AP		212		50			0.59	%		0.14	%
Frontier Winton Class 2		7,338		17,017			0.65	%		0.15	%
Frontier Heritage Fund Class 1		5,794		33,744			0.13	%		0.53	%
Frontier Heritage Fund Class 1AP		5		29			0.14	%		0.52	%
Frontier Heritage Fund Class 2		904		10,039			0.13	%		0.56	%
Total	$	112,772	$	349,196

Equinox Frontier Fund [Member]

Transactions with Affiliates

6. Transactions with Affiliates

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

Expenses

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

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

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

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

Incentive Fees— Some Series pay to the Managing Owner an incentive fee of a certain percentage of new net trading profits generated in the Trading Companies by such Series, monthly or quarterly. In addition, the Managing Owner receives a quarterly incentive fee of a certain percentage of new net trading profits generated in the Galaxy Plus entities that have been allocated to the Series. The incentive fees attributable to Galaxy Plus entities are included in unrealized gain/(loss) on private investment companies on the 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 Winton Fund, Frontier Heritage Fund, Frontier Select Fund, Frontier Long/Short Commodity Fund and Frontier Masters Fund. The Managing Owner may pay all or a portion of such incentive fees to the Trading Advisor(s) for such Series. As of the date of this report, for a Series that has invested in a swap, the Managing Owner or Trading Advisor(s) do not receive any incentive fees directly from the Series for such swap, and instead the relevant Trading Advisor receives compensation via the fees embedded in the swap. As of September 30, 2018, the range of incentive fees as a percentage of net new trading profits on swaps embedded in (i) swaps owned by Frontier Diversified Fund was 20-25% per annum, (ii) swaps owned by Frontier Balanced Fund was 20-25% per annum, (iii) swaps owned by Frontier Long/Short Commodity Fund was 25% per annum, and (iv) swaps owned by Frontier Heritage Fund was 15% per annum, and the Managing Owner has waived the entire incentive fee due to it from those Series in respect of such Series’ investment in swaps.

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.

As of September 30, 2018, the Trust had a payable to the Managing Owner in the amounts of $10,897, $79,601, $22,088, $238,073, and $456,734 for incentive fees, management fees, interest, service fees, and trading fees, respectively.

As of December 31, 2017, the Trust had a payable to the Managing Owner in the amounts of $53,036, $90,972, $26,007, $334,485 and $148,445 for incentive fees, management fees, interest, trading fees, and service fees, respectively.

For the three months ended September 30, 2018 the Trust paid the Managing Owner $10,897, $189,058, $387,003 and $733,788 for incentive fees, management fees, service fees, and trading fees, respectively.

For the three months ended September 30, 2017 the Trust paid the Managing Owner $0, $297,987, $556,766 and $1,080,095 for incentive fees, management fees, service fees, and trading fees, respectively.

For the nine months ended September 30, 2018 the Trust paid the Managing Owner $159,306, $650,179, $1,264,101 and $2,366,003 for incentive fees, management fees, service fees, and trading fees, respectively.

For the nine months ended September 30, 2017 the Trust paid the Managing Owner $(205,571), $1,263,162, $1,989,777 and $4,206,610 for incentive fees, management fees, service fees, and trading fees, respectively.

With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed therefore by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk and enjoys the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months. For the three months ended September 30, 2018 and 2017, amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees were $0 and $0, respectively.

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), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Winton 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) 100% of the interest is retained by the respective Series. During the nine months ended September 30, 2018 and 2017, the Trust received $124,430 and paid $349,196, respectively, of such interest income from/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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Financial Highlights

9 Months Ended

Sep. 30, 2018

Series Of Frontier Fund [Member]

Financial Highlights

7. Financial Highlights

The following information presents the financial highlights of the Trust, with respect to the Series, for the three and nine months ended September 30, 2018 and 2017.

	Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, June 30, 2018	$	108.30		$	126.87		$	118.09		$	99.33		$	116.38		$	108.77		$	70.78		$	106.52		$	82.13		$	111.75		$	86.11
Net operating results:
Interest income		0.06			0.07			0.06			0.07			0.08			0.07			0.07			0.11			0.08			0.11			0.08
Expenses		(1.83	)		(1.19	)		(1.11	)		(2.16	)		(1.91	)		(1.79	)		(1.15	)		(0.64	)		(0.48	)		(0.67	)		(0.50	)
Net gain/(loss) on investments, net of non-controlling interests		(2.07	)		(2.83	)		(2.57	)		(0.02	)		(0.15	)		(0.06	)		(3.50	)		(2.44	)		(4.58	)		(2.57	)		(4.75	)
Net income/(loss)		(3.84	)		(3.96	)		(3.62	)		(2.13	)		(1.99	)		(1.78	)		(4.59	)		(2.98	)		(4.98	)		(3.13	)		(5.17	)
Net asset value, September 30, 2018	$	104.46		$	122.91		$	114.47		$	97.20		$	114.39		$	106.99		$	66.19		$	103.54		$	77.15		$	108.62		$	80.94
Ratios to average net assets
Net investment income/(loss)		-6.52	%		-3.45	%		-3.45	%		-8.57	%		-6.38	%		-6.38	%		-6.44	%		-2.04	%		-2.04	%		-2.04	%		-2.04	%
Expenses before incentive fees (3)(4)		6.67	%		3.60	%		3.60	%		8.83	%		6.65	%		6.65	%		6.84	%		2.45	%		2.45	%		2.45	%		2.45	%
Expenses after incentive fees (3)(4)		6.73	%		3.66	%		3.66	%		8.83	%		6.65	%		6.65	%		6.84	%		2.45	%		2.45	%		2.45	%		2.45	%
Total return before incentive fees (2)		-3.48	%		-3.06	%		-3.00	%		-2.14	%		-1.71	%		-1.64	%		-6.48	%		-2.80	%		-6.06	%		-2.80	%		-6.00	%
Total return after incentive fees (2)		-3.55	%		-3.12	%		-3.07	%		-2.14	%		-1.71	%		-1.64	%		-6.48	%		-2.80	%		-6.06	%		-2.80	%		-6.00	%
	Frontier Balanced Fund																		Frontier Select Fund
	Class 1			Class 1AP			Class 2			Class 2a			Class 3a						Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2018	$	125.21		$	140.68		$	189.72		$	164.33		$	163.77					$	74.75		$	84.07		$	111.56
Net operating results:
Interest income		0.02			0.03			0.03			0.03			0.03						0.00			0.00			0.00
Expenses		(2.14	)		(1.38	)		(1.86	)		(1.61	)		(1.60	)					(1.01	)		(0.50	)		(0.67	)
Net gain/(loss) on investments, net of non-controlling interests		(3.30	)		(3.70	)		(5.00	)		(4.26	)		(4.26	)					1.67			1.88			2.51
Net income/(loss)		(5.40	)		(5.05	)		(6.82	)		(5.85	)		(5.83	)					0.66			1.38			1.84
Net asset value, September 30, 2018	$	119.81		$	135.63		$	182.90		$	158.48		$	157.94					$	75.41		$	85.45		$	113.40
Ratios to average net assets
Net investment income/(loss)		-6.89	%		-3.89	%		-3.89	%		-3.89	%		-3.89	%					-5.36	%		-2.36	%		-2.36	%
Expenses before incentive fees (3)(4)		7.01	%		4.01	%		4.01	%		4.01	%		4.01	%					5.36	%		2.36	%		2.36	%
Expenses after incentive fees (3)(4)		7.01	%		4.01	%		4.01	%		4.01	%		4.01	%					5.36	%		2.36	%		2.36	%
Total return before incentive fees (2)		-4.31	%		-3.59	%		-3.59	%		-3.56	%		-3.56	%					0.88	%		1.64	%		1.65	%
Total return after incentive fees (2)		-4.31	%		-3.59	%		-3.59	%		-3.56	%		-3.56	%					0.88	%		1.64	%		1.65	%
	Frontier Winton Fund									Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2018	$	148.66		$	167.19		$	203.47		$	102.68		$	115.46		$	154.54
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(3.55	)		(2.74	)		(3.63	)		(2.04	)		(1.43	)		(1.91	)
Net gain/(loss) on investments, net of non-controlling interests		0.91			1.06			6.36			0.46			0.55			0.68
Net income/(loss)		(2.64	)		(1.68	)		2.73			(1.58	)		(0.88	)		(1.23	)
Net asset value, September 30, 2018	$	146.02		$	165.51		$	206.20		$	101.10		$	114.58		$	153.31
Ratios to average net assets
Net investment income/(loss)		-9.49	%		-6.49	%		-6.49	%		-7.93	%		-4.93	%		-4.93	%
Expenses before incentive fees (3)(4)		9.49	%		6.49	%		6.49	%		7.93	%		4.93	%		4.93	%
Expenses after incentive fees (3)(4)		9.49	%		6.49	%		6.49	%		7.93	%		4.93	%		4.93	%
Total return before incentive fees (2)		-1.78	%		-1.00	%		1.34	%		-1.54	%		-0.76	%		-0.80	%
Total return after incentive fees (2)		-1.78	%		-1.00	%		1.34	%		-1.54	%		-0.76	%		-0.80	%

(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 mangement 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 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2017		$	116.41		$	135.19		$	125.68		$	114.74		$	133.27		$	124.40		$	81.35		$	115.81		$	93.59		$	121.50		$	97.99
Net operating results:
Interest income			0.16			0.19			0.17			0.25			0.30			0.28			0.23			0.33			0.26			0.34			0.27
Expenses			(3.19	)		(3.72	)		(3.47	)		(5.44	)		(6.43	)		(5.97	)		(1.43	)		(2.06	)		(1.62	)		(2.15	)		(1.70	)
Net gain/(loss) on investments, net of non-controlling interests			(8.91	)		(8.74	)		(7.92	)		(12.35	)		(12.75	)		(11.72	)		(13.96	)		(10.54	)		(15.08	)		(11.08	)		(15.62	)
Net income/(loss)			(11.95	)		(12.28	)		(11.21	)		(17.54	)		(18.88	)		(17.41	)		(15.16	)		(12.27	)		(16.44	)		(12.88	)		(17.05	)
Net asset value, September 30, 2018		$	104.46		$	122.91		$	114.47		$	97.20		$	114.39		$	106.99		$	66.19		$	103.54		$	77.15		$	108.62		$	80.94
Ratios to average net assets
Net investment income/(loss)			-3.73	%		-3.73	%		-3.73	%		-6.92	%		-6.92	%		-6.92	%		-2.08	%		-2.08	%		-2.08	%		-2.08	%		-2.08	%
Expenses before incentive fees (3)(4)			3.86	%		3.86	%		3.86	%		7.26	%		7.26	%		7.26	%		2.47	%		2.47	%		2.47	%		2.47	%		2.47	%
Expenses after incentive fees (3)(4)			3.93	%		3.93	%		3.93	%		7.26	%		7.26	%		7.26	%		2.47	%		2.47	%		2.47	%		2.47	%		2.47	%
Total return before incentive fees (2)			-10.20	%		-9.01	%		-8.85	%		-15.29	%		-14.17	%		-14.00	%		-18.64	%		-10.59	%		-17.57	%		-10.60	%		-17.40	%
Total return after incentive fees (2)			-10.27	%		-9.08	%		-8.92	%		-15.29	%		-14.17	%		-14.00	%		-18.64	%		-10.59	%		-17.57	%		-10.60	%		-17.40	%
	Frontier Balanced Fund																			Frontier Select Fund
		Class 1			Class 1AP			Class 2			Class 2a			Class 3a						Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2017		$	135.96		$	150.56		$	202.90		$	175.77		$	175.18					$	90.27		$	100.02		$	132.73
Net operating results:
Interest income			0.10			0.11			0.15			0.13			0.13						0.00			0.00			0.00
Expenses			(6.82	)		(4.49	)		(6.06	)		(5.26	)		(5.24	)					(3.15	)		(1.56	)		(2.10	)
Net gain/(loss) on investments, net of non-controlling interests			(9.44	)		(10.55	)		(14.09	)		(12.16	)		(12.13	)					(11.71	)		(13.01	)		(17.22	)
Net income/(loss)			(16.15	)		(14.93	)		(20.00	)		(17.29	)		(17.24	)					(14.86	)		(14.57	)		(19.32	)
Net asset value, September 30, 2018		$	119.81		$	135.63		$	182.90		$	158.48		$	157.94					$	75.41		$	85.45		$	113.41
Ratios to average net assets
Net investment income/(loss)			-7.05	%		-4.05	%		-4.05	%		-4.05	%		-4.05	%					-5.37	%		-2.37	%		-2.37	%
Expenses before incentive fees (3)(4)			6.81	%		3.81	%		3.81	%		3.81	%		3.81	%					5.37	%		2.37	%		2.37	%
Expenses after incentive fees (3)(4)			7.17	%		4.17	%		4.17	%		4.17	%		4.17	%					5.37	%		2.37	%		2.37	%
Total return before incentive fees (2)			-11.52	%		-9.55	%		-9.50	%		-9.48	%		-9.48	%					-16.46	%		-14.57	%		-14.56	%
Total return after incentive fees (2)			-11.88	%		-9.92	%		-9.86	%		-9.84	%		-9.84	%					-16.46	%		-14.57	%		-14.56	%
	Frontier Winton Fund										Frontier Heritage Fund
		Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2017		$	159.08		$	176.44		$	216.50		$	121.19		$	134.28		$	179.70
Net operating results:
Interest income			0.00			0.00			0.00			0.00			0.00			0.00
Expenses			(10.70	)		(8.20	)		(10.43	)		(6.79	)		(5.00	)		(6.56	)
Net gain/(loss) on investments, net of non-controlling interests			(2.36	)		(2.73	)		0.13			(13.31	)		(14.70	)		(19.83	)
Net income/(loss)			(13.06	)		(10.93	)		(10.30	)		(20.10	)		(19.70	)		(26.39	)
Net asset value, September 30, 2018		$	146.02		$	165.51		$	206.20		$	101.09		$	114.58		$	153.31
Ratios to average net assets
Net investment income/(loss)			-9.52	%		-6.52	%		-6.52	%		-8.46	%		-5.47	%		-5.47	%
Expenses before incentive fees (3)(4)			9.52	%		6.52	%		6.52	%		8.44	%		5.44	%		5.44	%
Expenses after incentive fees (3)(4)			9.52	%		6.52	%		6.52	%		8.46	%		5.47	%		5.47	%
Total return before incentive fees (2)			-8.21	%		-6.19	%		-4.76	%		-16.56	%		-14.64	%		-14.66	%
Total return after incentive fees (2)			-8.21	%		-6.19	%		-4.76	%		-16.59	%		-14.67	%		-14.69	%

(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 mangement 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 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, June 30, 2017	$	111.73		$	128.62		$	119.42		$	102.39		$	117.90		$	109.90		$	83.63		$	116.35		$	95.39		$	122.06		$	99.76
Net operating results:
Interest income		0.01			0.01			0.01			0.11			0.12			0.11			0.00			0.00			0.00			0.00			0.00
Expenses		(1.86	)		(1.22	)		(1.13	)		(2.03	)		(1.65	)		(1.54	)		(1.16	)		(0.87	)		(0.72	)		(0.91	)		(0.75	)
Net gain/(loss) on investments, net of non-controlling interests		0.22			(0.11	)		(0.03	)		(1.06	)		(1.42	)		(1.24	)		0.79			0.84			0.69			0.89			0.78
Net income/(loss)		(1.63	)		(1.32	)		(1.15	)		(2.98	)		(2.95	)		(2.67	)		(0.37	)		(0.03	)		(0.03	)		(0.02	)		0.03
Net asset value, September 30, 2017	$	110.10		$	127.30		$	118.27		$	99.41		$	114.95		$	107.23		$	83.26		$	116.32		$	95.36		$	122.04		$	99.79
Ratios to average net assets (3)
Net investment income/(loss)		-6.50	%		-3.69	%		-3.69	%		-7.26	%		-4.99	%		-4.99	%		-5.31	%		-2.87	%		-2.87	%		-2.87	%		-2.87	%
Expenses before incentive fees (rebate) (4)(5)		6.52	%		3.72	%		3.72	%		7.66	%		5.39	%		5.39	%		5.31	%		2.87	%		2.87	%		2.87	%		2.87	%
Expenses after incentive fees (rebate) (4)(5)		6.52	%		3.72	%		3.72	%		7.66	%		5.39	%		5.39	%		5.31	%		2.87	%		2.87	%		2.87	%		2.87	%
Total return before incentive fees (rebate) (2)		-1.46	%		-1.03	%		-0.96	%		-2.91	%		-2.50	%		-2.43	%		-0.44	%		-0.03	%		-0.03	%		-0.02	%		0.03	%
Total return after incentive fees (rebate) (2)		-1.46	%		-1.03	%		-0.96	%		-2.91	%		-2.50	%		-2.43	%		-0.44	%		-0.03	%		-0.03	%		-0.02	%		0.03	%
	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, June 30, 2017	$	129.84		$	141.71		$	190.62		$	165.77		$	165.22					$	78.79		$	85.90		$	114.11
Net operating results:
Interest income		0.02			0.02			0.03			0.03			0.03						0.00			0.00			0.00
Expenses		(2.20	)		(1.32	)		(1.77	)		(1.54	)		(1.54	)					(1.07	)		(0.50	)		(0.66	)
Net gain/(loss) on investments, net of non-controlling interests		0.54			0.57			0.76			0.72			0.71						(3.26	)		(3.52	)		(4.79	)
Net income/(loss)		(1.64	)		(0.73	)		(0.98	)		(0.79	)		(0.80	)					(4.33	)		(4.02	)		(5.45	)
Net asset value, September 30, 2017	$	128.20		$	140.98		$	189.64		$	164.98		$	164.42					$	74.46		$	81.88		$	108.66
Ratios to average net assets (3)
Net investment income/(loss)		-6.57	%		-3.57	%		-3.57	%		-3.57	%		-3.57	%					-5.24	%		-2.24	%		-2.24	%
Expenses before incentive fees (rebate) (4)(5)		6.63	%		3.63	%		3.63	%		3.63	%		3.63	%					5.24	%		2.24	%		2.24	%
Expenses after incentive fees (rebate) (4)(5)		6.63	%		3.63	%		3.63	%		3.63	%		3.63	%					5.24	%		2.24	%		2.24	%
Total return before incentive fees (rebate) (2)		-1.26	%		-0.52	%		-0.51	%		-0.48	%		-0.48	%					-5.50	%		-4.68	%		-4.78	%
Total return after incentive fees (rebate) (2)		-1.26	%		-0.52	%		-0.51	%		-0.48	%		-0.48	%					-5.50	%		-4.68	%		-4.78	%
	Frontier Winton Fund									Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2017	$	144.09		$	157.26		$	199.66		$	108.98		$	118.94		$	159.18
Net operating results:
Interest income		0.12			0.13			0.17			0.00			0.00			0.00
Expenses		(3.18	)		(2.28	)		(2.90	)		(2.23	)		(1.53	)		(2.05	)
Net gain/(loss) on investments, net of non-controlling interests		1.27			1.39			1.77			(0.76	)		(0.86	)		(1.16	)
Net income/(loss)		(1.79	)		(0.76	)		(0.96	)		(2.99	)		(2.39	)		(3.21	)
Net asset value, September 30, 2017	$	142.30		$	156.50		$	198.70		$	105.99		$	116.55		$	155.97
Ratios to average net assets (3)
Net investment income/(loss)		-8.38	%		-5.38	%		-5.38	%		-8.02	%		-5.02	%		-5.02	%
Expenses before incentive fees (rebate) (4)(5)		8.71	%		5.71	%		5.71	%		8.02	%		5.02	%		5.02	%
Expenses after incentive fees (rebate) (4)(5)		8.71	%		5.71	%		5.71	%		8.02	%		5.02	%		5.02	%
Total return before incentive fees (rebate) (2)		-1.24	%		-0.48	%		-0.48	%		-2.74	%		-2.01	%		-2.02	%
Total return after incentive fees (rebate) (2)		-1.24	%		-0.48	%		-0.48	%		-2.74	%		-2.01	%		-2.02	%

(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) Annualized with the exception of incentive fees.

(4) 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, refer to Note 6 of the Financial Statements.

(5) 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 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2016	$	116.43		$	132.94		$	123.27		$	112.80		$	128.78		$	119.89		$	92.78		$	129.56		$	105.67		$	130.80		$	107.50
Net operating results:
Interest income		0.27			0.30			0.28			0.53			0.61			0.56			0.01			0.00			0.00			0.00			0.00
Expenses		(6.36	)		(3.56	)		(3.28	)		(6.82	)		(5.69	)		(5.27	)		(3.15	)		(2.19	)		(1.79	)		(2.22	)		(1.82	)
Net gain/(loss) on investments, net of non-controlling interests		(0.24	)		(2.38	)		(2.00	)		(7.10	)		(8.75	)		(7.95	)		(6.38	)		(11.05	)		(8.52	)		(6.54	)		(5.89	)
Net income/(loss)		(6.33	)		(5.64	)		(5.00	)		(13.39	)		(13.83	)		(12.66	)		(9.52	)		(13.24	)		(10.31	)		(8.76	)		(7.71	)
Net asset value, September 30, 2017	$	110.10		$	127.30		$	118.27		$	99.41		$	114.95		$	107.23		$	83.26		$	116.32		$	95.36		$	122.04		$	99.79
Ratios to average net assets (3)
Net investment income/(loss)		-7.02	%		-3.26	%		-3.26	%		-7.59	%		-5.33	%		-5.33	%		-4.92	%		-2.70	%		-2.70	%		-2.70	%		-2.70	%
Expenses before incentive fees (rebate) (4)(5)		7.46	%		3.70	%		3.70	%		8.23	%		5.97	%		5.97	%		6.17	%		3.95	%		3.95	%		3.95	%		3.95	%
Expenses after incentive fees (rebate) (4)(5)		7.32	%		3.56	%		3.56	%		8.23	%		5.97	%		5.97	%		4.92	%		2.70	%		2.70	%		2.70	%		2.70	%
Total return before incentive fees (rebate) (2)		-5.58	%		-4.39	%		-4.20	%		-11.87	%		-10.74	%		-10.56	%		-11.52	%		-11.47	%		-11.01	%		-7.95	%		-8.43	%
Total return after incentive fees (rebate) (2)		-5.44	%		-4.24	%		-4.05	%		-11.87	%		-10.74	%		-10.56	%		-10.26	%		-10.22	%		-9.76	%		-6.70	%		-7.17	%
	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, 2016	$	134.80		$	144.97		$	194.99		$	169.05		$	168.49					$	94.06		$	101.16		$	134.25
Net operating results:
Interest income		0.02			0.02			0.03			0.02			0.02						0.00			0.00			0.00
Expenses		(6.75	)		(4.06	)		(5.49	)		(4.75	)		(4.73	)					(4.24	)		(2.49	)		(3.32	)
Net gain/(loss) on investments, net of non-controlling interests		0.13			0.05			0.11			0.66			0.64						(15.36	)		(16.79	)		(22.27	)
Net income/(loss)		(6.60	)		(3.99	)		(5.35	)		(4.07	)		(4.07	)					(19.60	)		(19.28	)		(25.59	)
Net asset value, September 30, 2017	$	128.20		$	140.98		$	189.64		$	164.98		$	164.42					$	74.46		$	81.88		$	108.66
Ratios to average net assets (3)
Net investment income/(loss)		-6.66	%		-3.68	%		-3.68	%		-3.68	%		-3.68	%					-6.51	%		-3.54	%		-3.54	%
Expenses before incentive fees (rebate) (4)(5)		6.68	%		3.70	%		3.70	%		3.70	%		3.70	%					6.51	%		3.54	%		3.54	%
Expenses after incentive fees (rebate) (4)(5)		6.68	%		3.70	%		3.70	%		3.70	%		3.70	%					6.51	%		3.54	%		3.54	%
Total return before incentive fees (rebate) (2)		-4.90	%		-2.75	%		-2.74	%		-2.41	%		-2.42	%					-20.84	%		-19.06	%		-19.06	%
Total return after incentive fees (rebate) (2)		-4.90	%		-2.75	%		-2.74	%		-2.41	%		-2.42	%					-20.84	%		-19.06	%		-19.06	%
	Frontier Winton Fund									Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2016	$	154.51		$	166.17		$	210.98		$	119.58		$	128.60		$	172.10
Net operating results:
Interest income		0.11			0.12			0.15			0.00			0.00			0.00
Expenses		(9.63	)		(6.83	)		(8.66	)		(6.81	)		(4.62	)		(6.24	)
Net gain/(loss) on investments, net of non-controlling interests		(2.69	)		(2.96	)		(3.77	)		(6.78	)		(7.43	)		(9.89	)
Net income/(loss)		(12.21	)		(9.67	)		(12.28	)		(13.59	)		(12.05	)		(16.13	)
Net asset value, September 30, 2017	$	142.30		$	156.50		$	198.70		$	105.99		$	116.55		$	155.97
Ratios to average net assets (3)
Net investment income/(loss)		-8.55	%		-5.58	%		-5.58	%		-7.98	%		-5.01	%		-5.01	%
Expenses before incentive fees (rebate) (4)(5)		8.83	%		5.85	%		5.85	%		8.04	%		5.06	%		5.06	%
Expenses after incentive fees (rebate) (4)(5)		8.65	%		5.67	%		5.67	%		7.98	%		5.01	%		5.01	%
Total return before incentive fees (rebate) (2)		-8.08	%		-6.00	%		-6.00	%		-11.42	%		-9.43	%		-9.43	%
Total return after incentive fees (rebate) (2)		-7.90	%		-5.82	%		-5.82	%		-11.36	%		-9.37	%		-9.37	%

(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) Annualized with the exception of incentive fees.

(4) 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, refer to Note 6 of the Financial Statements.

(5) 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.

Equinox Frontier Fund [Member]

Financial Highlights

7. Financial Highlights

The following information presents the financial highlights of the Trust for the three and nine months ended September 30, 2018 and 2017. This data has been derived from the information presented in the consolidated financial statements.

Three months ended

	2018			2017
Ratios to average net assets (1)
Net investment gain/(loss) (1)		-6.10	%		-5.76	%
Expenses before incentive fees (3)		6.37	%		5.89	%
Expenses after incentive fees (3)		6.38	%		5.89	%
Total return before incentive fees (2)		-3.17	%		-1.18	%
Total return after incentive fees (2)		-3.18	%		-1.18	%

Nine months ended

	2018			2017
Ratios to average net assets (1)
Net investment gain/(loss) (1)		-6.07	%		-5.73	%
Expenses before incentive fees (3)		6.15	%		6.01	%
Expenses after incentive fees (3)		6.32	%		5.89	%
Total return before incentive fees (2)		-13.04	%		-4.92	%
Total return after incentive fees (2)		-13.20	%		-4.80	%

(1) Annualized with the exception of incentive fees.

(2) Total returns are not annualized.

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

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

XML

Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2018

Series Of Frontier Fund [Member]

Derivative Instruments and Hedging Activities

8. Derivative Instruments and Hedging Activities

The Series’ primary business is to engage in speculative trading of a diversified portfolio of futures, forwards (including interbank foreign Currencies), options contracts and other derivative instruments (including swap contracts). The Series do not enter into or hold positions for hedging purposes as defined under ASC 815, Derivatives and Hedging (“ASC 815”). The detail of the fair value of the Series’ derivatives by instrument types as of September 30, 2018 and December 31, 2017 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 forwards, options and futures contracts bought and sold for each respective Series of the Trust:

For the Three Months Ended September 30, 2018
Monthly average contracts
	Bought		Sold
Frontier Balanced Fund		231		231

For the Three Months Ended September 30, 2017
Monthly average contracts
	Bought		Sold
Frontier Balanced Fund		567		459
Frontier Winton Fund		1,849		1,477

For the Nine Months Ended September 30, 2018
Monthly average contracts
	Bought		Sold
Frontier Balanced Fund		1,753		1,749

For the Nine Months Ended September 30, 2017
Monthly average contracts
	Bought		Sold
Frontier Balanced Fund		1,195		1,121
Frontier Select Fund		4,690		4,675
Frontier Winton Fund		2,168		1,978

The following tables summarize the trading revenues for the three and nine months ended September 30, 2018 and 2017 by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2018

	Frontier Balanced
Type of contract	Fund
Metals	$	122,534
Currencies		8,349
Energies		(18,352	)
Agriculturals		(26,065	)
Interest rates		(64,465	)
Stock indices		(8,877	)
Realized trading income/(loss)(1)	$	13,124

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2017

	Frontier Balanced			Frontier Winton
Type of contract	Fund			Fund
Metals	$	(35,090	)	$	(380,449	)
Currencies		418,961			274,057
Energies		(37,022	)		(434,257	)
Agriculturals		(255,648	)		(307,146	)
Interest rates		26,520			(125,819	)
Stock indices		(35,713	)		697,405
Realized trading income/(loss)(1)	$	82,008		$	(276,209	)

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

Unrealized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2018

	Frontier Balanced
Type of contract	Fund
Metals	$	(10,838	)
Currencies		(83,636	)
Energies		6,294
Agriculturals		38,061
Interest rates		(24,837	)
Stock indices		11,426
Change in unrealized trading income/(loss)(1)	$	(63,530	)

Unrealized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2017

	Frontier Balanced			Frontier Winton
Type of contract	Fund			Fund
Metals	$	41,418		$	(5,368	)
Currencies		(257,141	)		(221,054	)
Energies		8,412			204,615
Agriculturals		59,883			204,560
Interest rates		31,989			(179,186	)
Stock indices		31,400			771,765
Change in unrealized trading income/(loss)(1)	$	(84,039	)	$	775,332

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

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2018

	Frontier Balanced
Type of contract	Fund
Metals	$	16,990
Currencies		(190,681	)
Energies		42,905
Agriculturals		24,718
Interest rates		(161,677	)
Stock indices		(2,467	)
Realized trading income/(loss)(1)	$	(270,212	)

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2017

	Frontier Balanced			Frontier Select			Frontier Winton
Type of contract	Fund			Fund			Fund
Metals	$	(112,630	)	$	(145,043	)	$	(1,442,763	)
Currencies		238,745			(126,402	)		(1,244,155	)
Energies		(868	)		(516,253	)		(1,721,544	)
Agriculturals		(509,639	)		27,824			399,406
Interest rates		(425,751	)		(768,438	)		(1,296,976	)
Stock indices		240,982			832,876			6,359,249
Realized trading income/(loss)(1)	$	(569,161	)	$	(695,436	)	$	1,053,217

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

Unrealized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2018

	Frontier Balanced
Type of contract	Fund
Metals	$	12,286
Currencies		(185,045	)
Energies		(45,174	)
Agriculturals		(5,025	)
Interest rates		87,216
Stock indices		(5,450	)
Change in unrealized trading income/(loss)(1)	$	(141,192	)

Unrealized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2017

	Frontier Balanced			Frontier Select			Frontier Winton
Type of contract	Fund			Fund			Fund
Metals	$	(110,251	)	$	(51,351	)	$	10,108
Currencies		(258,229	)		(370,286	)		(843,998	)
Energies		11,735			(146,125	)		28,571
Agriculturals		(96,789	)		108,409			(92,870	)
Interest rates		38,801			(296,328	)		(827,879	)
Stock indices		11,496			609,833			95,619
Change in unrealized trading income/(loss)(1)	$	(403,237	)	$	(145,848	)	$	(1,630,449	)

(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 futures commissions merchants (each, an “FCM”) are subject to master netting arrangements and collateral arrangements and meet the GAAP guidance to qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. The Series’ policy is to recognize amounts subject to master netting arrangements on a net basis on the 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 September 30, 2018 and December 31, 2017.

As of September 30, 2018

						Net Amounts
			Gross Amounts			Presented in the
	Gross Amounts of		offset in the			Statements of
	recognized		Statements of			Financial
	Derivative Assets		Financial			Condition
Frontier Balanced Fund
Open Trade Equity/(Deficit)	$	580,714	$	(604,158	)	$	(23,444	)
Swap Contracts		9,850,185		—			9,850,185
Frontier Diversified Fund
Swap Contracts	$	5,575,997	$	—		$	5,575,997
Frontier Long/Short Commodity Fund
Swap Contracts	$	471,942	$	—		$	471,942
Frontier Heritage Fund
Swap Contracts	$	3,010,288	$	—		$	3,010,288

As of December 31, 2017

						Net Amounts
			Gross Amounts			Presented in the
	Gross Amounts		offset in the			Statements of
	of recognized		Statements of			Financial
	Derivative Assets		Financial Condition			Condition
Frontier Balanced Fund
Open Trade Equity/(Deficit)	$	343,222	$	(164,670	)	$	178,552
Swap Contracts		11,340,959		—			11,340,959
Frontier Diversified Fund
Swap Contracts	$	6,376,472	$	—		$	6,376,472
Frontier Long/Short Commodity Fund
Swap Contracts	$	397,039	$	—		$	397,039
Frontier Heritage Fund
Swap Contracts	$	3,094,367	$	—		$	3,094,367

Equinox Frontier Fund [Member]

Derivative Instruments and Hedging Activities

8. Derivative Instruments and Hedging Activities

The Trust’s primary business is to engage in speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts). The Trust does not enter into or hold positions for hedging purposes as defined under ASC 815. The detail of the fair value of the Trust’s derivatives by instrument types as of September 30, 2018 and December 31, 2017 is included in the Consolidated Condensed Schedules of Investments. See Note 4 for further disclosure related to the Trust’s positions in swap contracts.

For the three months ended September 30, 2018 and September 30, 2017, the monthly average of forwards, options and futures contracts bought was approximately 764 and 2,416, respectively and sold was approximately 544 and 1,936, respectively.

For the nine months ended September 30, 2018 and September 30, 2017, the monthly average of forwards, options and futures contracts bought was approximately 2,819 and 8,053, respectively and sold was approximately 2,375 and 7,774, respectively.

The following tables summarize the trading revenues for the three and nine months ended September 30, 2018 and 2017 by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2018

Type of contract

Metals	$	234,519
Currencies		520,493
Energies		(25,579	)
Agriculturals		198,513
Interest rates		(298,384	)
Stock indices		546,293
Realized trading income/(loss)(1)	$	1,175,855

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2017

Type of contract

Metals	$	(415,539	)
Currencies		693,018
Energies		(471,279	)
Agriculturals		(562,795	)
Interest rates		(99,299	)
Stock indices		661,692
Realized trading income/(loss)(1)	$	(194,202	)

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

Unrealized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2018

Type of contract

Metals	$	(235,504	)
Currencies		(538,221	)
Energies		60,010
Agriculturals		(160,030	)
Interest rates		84,141
Stock indices		76,487
Change in unrealized trading income/(loss)(1)	$	(713,117	)

Unrealized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2017

Type of contract

Metals	$	36,050
Currencies		(478,195	)
Energies		213,027
Agriculturals		264,443
Interest rates		(147,197	)
Stock indices		803,166
Change in unrealized trading income/(loss)(1)	$	691,294

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

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2018

Type of contract

Metals	$	1,012,647
Currencies		(985,268	)
Energies		1,048,526
Agriculturals		287,301
Interest rates		1,723
Stock indices		(227,965	)
Realized trading income/(loss)(1)	$	1,136,964

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2017

Type of contract

Metals	$	(1,700,436	)
Currencies		(1,131,814	)
Energies		(2,238,664	)
Agriculturals		(82,409	)
Interest rates		(2,491,165	)
Stock indices		7,433,107
Realized trading income/(loss)(1)	$	(211,381	)

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

Unrealized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2018

Type of contract

Metals	$	(474,681	)
Currencies		(425,578	)
Energies		(313,242	)
Agriculturals		65,596
Interest rates		(30,149	)
Stock indices		(49,303	)
Change in unrealized trading income/(loss)(1)	$	(1,227,357	)

Unrealized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2017

Type of contract

Metals	$	(151,493	)
Currencies		(1,472,515	)
Energies		(105,818	)
Agriculturals		(81,250	)
Interest rates		(1,085,406	)
Stock indices		716,949
Change in unrealized trading income/(loss)(1)	$	(2,179,533	)

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

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 September 30, 2018 and December 31, 2017:

As of September 30, 2018

						Net Amounts
			Gross Amounts			Presented in the
	Gross Amounts of		offset in the			Statements of
	recognized		Statements of			Financial
	Derivative Assets		Financial			Condition
Open Trade Equity/(Deficit)	$	1,593,779	$	(1,247,053	)	$	346,726
Swap Contracts		18,908,412		—			18,908,412

As of December 31, 2017

						Net Amounts
			Gross Amounts			Presented in the
			offset in the			Consolidated
	Gross Amounts		Consolidated			Statements of
	of recognized		Statements of			Financial
	Derivative Assets		Financial Condition			Condition
Open Trade Equity/(Deficit)	$	2,758,014	$	(1,189,600	)	$	1,568,414
Swap Contracts		21,208,838		—			21,208,838

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Trading Activities and Related Risks

9 Months Ended

Sep. 30, 2018

Series Of Frontier Fund [Member]

Trading Activities and Related Risks

9. Trading Activities and Related Risks

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

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

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

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

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

Equinox Frontier Fund [Member]

Trading Activities and Related Risks

9. Trading Activities and Related Risks

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

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

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

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

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

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Indemnifications and Guarantees

9 Months Ended

Sep. 30, 2018

Series Of Frontier Fund [Member]

Indemnifications and Guarantees

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 or bad faith. 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 Morgan Stanley & Co. LLC of the referenced Series as allocated from the Trading Company. The Series have not recorded any liability for the guarantees in the accompanying financial statements as it expects any possibility of losses to be remote. The Series have not recorded any liability for the indemnifications in the accompanying financial statement, as it expects any possibility of losses to be remote.

Equinox Frontier Fund [Member]

Indemnifications and Guarantees

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 Morgan Stanley & Co. LLC. The Trust has not recorded any liability for the guarantees in the accompanying financial statements as it expects any possibility of losses to be remote. The Trust has not recorded any liability for the indemnifications in the accompanying financial statements as it expects any possibility of losses to be remote.

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Subsequent Events

9 Months Ended

Sep. 30, 2018

Series Of Frontier Fund [Member]

Subsequent Events

11. Subsequent Events

From October 1, 2018 through November 19, 2018, Frontier Balanced Fund, Frontier Diversified Fund, Frontier Heritage Fund, Frontier Long/Short Commodity Fund, Frontier Masters Fund, Frontier Select Fund, and Frontier Winton Fund paid $1,602,003, $234,295, $181,043, $211,739, $435,911 $192,279 and $215,916, respectively, in redemptions.

Equinox Frontier Fund [Member]

Subsequent Events

11. Subsequent Events

From October 1, 2018 through November 19, 2018, the Trust paid $3,073,186 in redemptions.

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Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2018

Series Of Frontier Fund [Member]

Basis of Presentation

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

Consolidation

Consolidation—The Series, through investing in the Trading Companies and Galaxy Plus, authorize certain Trading Advisors to place trades and manage assets at pre-determined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses and a risk analysis fee (for closed Series only), all of which is allocated to the Series, if consolidated by a Series. Galaxy Plus is a series of Delaware limited liability companies, sponsored by Gemini Alternative Funds, LLC, that create exposure to a variety of third party professional managed futures and foreign exchange advisors. Galaxy Plus is available to qualified high-net-worth individuals and institutional investors. Trading Companies in which a Series has a controlling and majority interest as calculated on that Series’ pro-rata net asset value in the Trading Company are consolidated by such Series. 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 net asset value 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 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.

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

Use of Estimates

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 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), Frontier Winton 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) 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 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 Trust deposits assets with a FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of September 30, 2018 included restricted cash for margin requirements of $1,450,731 for Frontier Trading Company I LLC and $4,306,571 for Frontier Trading Company II LLC.

Investment Transactions

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

Balance Sheet (“ASC 210”) and Accounting Standards Update (ASU) 2013-01, Balance Sheet (Topic 210).

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

Purchase and Sales of Private Investment Companies

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

Foreign Currency Transactions

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

Allocation of Earnings

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

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

Investments and Swaps

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

Income Taxes

Income Taxes—The Trust, with respect to the Series, applies the provisions of ASC 740 Income Taxes (“ASC 740”), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust, with respect to the Series’, financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Trust’s level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The Managing Owner has concluded there is no tax expense, interest or penalties to be recorded by the Trust, with respect to the Series. The 2014 through 2017 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 fee (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. Certain Series are also changed a risk analysis fee (for closed Series only) based on a percentage of nominal assets. Such fee is paid to a third party.

Incentive Fee (rebate)

Incentive Fee (rebate)—The Managing Owner is allowed to share in the incentive fees earned by the Trading Advisors up to 10% of New Net Profits (as defined in the prospectus). If the Managing Owner’s share of the incentive fee exceeds 10% of new net profits during the period, then the Managing Owner is obligated to return any amount in excess. The returned amounts are recorded as Incentive Fee (Rebate) on the Statements of Operations.

Service Fees

Service Fees—The Trust may maintain each Series of Units in three to seven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of Frontier Diversified Fund, Frontier Masters Fund, and Frontier Long/Short Commodity Fund are charged a service fee of up to two percent (2.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to two percent (2.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to two percent (2.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. Investors who have purchased Class 1 or Class 1a Units of Frontier Balanced Fund, Frontier Heritage Fund, Frontier Select Fund, and Frontier Winton 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.

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

Pending Owner Additions

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.

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.

Equinox Frontier Fund [Member]

Basis of Presentation

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

Consolidation

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

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

Use of Estimates

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

Cash and Cash Equivalents

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

Interest Income

Interest Income—U.S. Treasury Securities are pooled for purposes of maximizing returns on these assets to investors of all Series. Interest income from pooled cash management assets is recognized on the accrual basis and allocated daily to each Series based upon its daily proportion of ownership of the pool. Aggregate interest income from all sources, including U.S. Treasuries and assets held at 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), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Winton 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) 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 a FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of September 30, 2018 included restricted cash for margin requirements of $1,610,929 for the Frontier Trading Company I LLC and $3,921,107 for Frontier Trading Company II LLC.

Investment Transactions

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

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

Purchase and Sales of Private Investment Companies

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

Foreign Currency Transactions

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

Allocation of Earnings

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

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

Investments and Swaps

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

Income Taxes

Income Taxes—The Trust applies the provisions of ASC 740 Income Taxes (“ASC 740”), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust’s financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Trust’s level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The Managing Owner has concluded there is no tax expense, interest or penalties to be recorded by the Trust for the year ended December 31, 2017. The 2014 through 2017 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, 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. Certain Series are also changed a risk analysis fee (for closed Series only) based on a percentage of nominal assets. Such fee is paid to a third party.

Incentive Fee (rebate)

Incentive Fee (rebate)—The Managing Owner is allowed to share in the incentive fees earned by the Commodity Trading Advisors up to 10% of New Net Profits (as defined in the prospectus). If the Managing Owner’s share of the incentive fee exceeds 10% of new net profits during the period, then the Managing Owner is obligated to return any amount in excess. The returned amounts are recorded as Incentive Fee (Rebate) on the Statements of Operations.

Service Fees

Service Fees—The Trust may maintain each Series of Units in three to seven sub-classes—Class 1, Class 1AP, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased Class 1 or Class 1a Units of Frontier Diversified Fund, Frontier Masters Fund, and Frontier Long/Short Commodity Fund are charged a service fee of up to two percent (2.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to two percent (2.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to two percent (2.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. Investors who have purchased Class 1 or Class 1a Units of Frontier Balanced Fund, Frontier Heritage Fund, Frontier Select Fund, and Frontier Winton 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.

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

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 as of the second business day following receipt or request.

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.

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

Series Of Frontier Fund [Member]

Financial Asset Portfolio, by Series, Measured at Fair Value on Recurring Basis

	Level 1			Level 2			Level 3		Total
September 30, 2018	Inputs			Inputs			Inputs		Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	1,169,987		$	(23,896	)	$	—	$	1,146,091
Swap Contracts		—			—			5,575,997		5,575,997
U.S. Treasury Securities		938,408			—			—		938,408
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		991,679			(21,734	)		—		969,945
U.S. Treasury Securities		512,411			—			—		512,411
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		99,860			—			—		99,860
Swap Contracts		—			—			471,942		471,942
U.S. Treasury Securities		475,024			—			—		475,024
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		2,190,822			(46,008	)		—		2,144,814
Open Trade Equity (Deficit)		(23,444	)		—			—		(23,444	)
Swap Contracts		—			—			9,850,185		9,850,185
U.S. Treasury Securities		1,515,106			—			—		1,515,106
Frontier Select Fund
Investment in Unconsolidated Trading Companies		69,462			—			538,309		607,771
U.S. Treasury Securities		330,422			—			—		330,422
Frontier Winton Fund
Investment in Unconsolidated Trading Companies		5,110,724			(99,932	)		—		5,010,792
U.S. Treasury Securities		4,968,843			—			—		4,968,843
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		928,475			(18,416	)		—		910,059
Swap Contracts		—			—			3,010,288		3,010,288
U.S. Treasury Securities		851,399			—			—		851,399

							Total
December 31, 2017	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	2,152,721	$	55,593	$	—	$	2,208,314
Swap Contracts		—		—		6,376,472		6,376,472
U.S. Treasury Securities		767,049		—		—		767,049
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		1,460,743		31,450		—		1,492,193
U.S. Treasury Securities		1,663,014		—		—		1,663,014
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		121,510		—		—		121,510
Swap Contracts		—		—		397,039		397,039
U.S. Treasury Securities		614,803		—		—		614,803
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		3,072,933		81,725		—		3,154,658
Open Trade Equity (Deficit)		144,983		33,569		—		178,552
Swap Contracts		—		—		11,340,959		11,340,959
U.S. Treasury Securities		663,808		—		—		663,808
Frontier Select Fund
Investment in Unconsolidated Trading Companies		91,790		—		579,073		670,863
U.S. Treasury Securities		464,427		—		—		464,427
Frontier Winton Fund
Investment in Unconsolidated Trading Companies		7,750,343		184,193		—		7,934,536
U.S. Treasury Securities		5,667,825		—		—		5,667,825
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		1,500,688		35,943		—		1,536,631
Swap Contracts		—		—		3,094,367		3,094,367
U.S. Treasury Securities		1,046,861		—		—		1,046,861

Change in Level 3 Assets Measured at Fair Value on Recurring Basis

For the Nine Months Ended September 30, 2018

Swaps

				Frontier Long/Short
	Frontier Balanced Fund			Commodity Fund
Balance of recurring Level 3 assets as of January 1, 2018	$	11,340,959		$	397,039
Total gains or losses (realized/unrealized):
Included in earnings-realized		—			—
Included in earnings-unrealized		509,226			74,903
Proceeds from collateral reduction		(2,000,000	)		—
Change in ownership allocation		—			—
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of September 30, 2018	$	9,850,185		$	471,942
	Frontier Diversified
	Fund			Frontier Heritage Fund
Balance of recurring Level 3 assets as of January 1, 2018	$	6,376,472		$	3,094,367
Total gains or losses (realized/unrealized):
Included in earnings-realized		—			—
Included in earnings-unrealized		299,525			(84,079	)
Proceeds from collateral reduction		(1,100,000	)		—
Change in ownership allocation		—			—
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of September 30, 2018	$	5,575,997		$	3,010,288

For the Year Ended December 31, 2017

Swaps

				Frontier Long/Short
	Frontier Balanced Fund			Commodity Fund
Balance of recurring Level 3 assets as of January 1, 2017	$	18,939,450		$	4,220,468
Total gains or losses (realized/unrealized):
Included in earnings-realized		—			—
Included in earnings-unrealized		(84,491	)		26,621
Proceeds from collateral reduction		(7,514,000	)		(3,850,050	)
Change in ownership allocation		—			—
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of December 31, 2017	$	11,340,959		$	397,039
	Frontier Diversified Fund			Frontier Heritage Fund
Balance of recurring Level 3 assets as of January 1, 2017	$	8,637,847		$	8,391,414
Total gains or losses (realized/unrealized):
Included in earnings-realized		—			—
Included in earnings-unrealized		(47,375	)		(297,047	)
Proceeds from collateral reduction		(2,214,000	)		(5,000,000	)
Change in ownership allocation		—			—
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of December 31, 2017	$	6,376,472		$	3,094,367
For the Nine Months Ended September 30, 2018
Investments in Unconsolidated Trading Companies:
	Frontier
	Select
	Fund
Balance of recurring Level 3 assets as of January 1, 2018	$	579,074
Change in fair value of investments in unconsolidated trading companies		(40,765	)
Purchases of investments of unconsolidated trading companies		—
Change in ownership allocation		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of September 30, 2018	$	538,309

Investments in Unconsolidated Trading Companies:

	Frontier Select Fund
Balance of recurring Level 3 assets as of January 1, 2017	$	3,147,279
Change in fair value of investments in unconsolidated trading companies		(144,019	)
Change in ownership allocation		(2,424,187	)
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2017	$	579,073

Change in Unrealized Appreciation (Depreciation) included in Statements of Operations Attributable to Level 3 Investments

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at September 30, 2018:

	Frontier Diversified		Frontier Long/Short		Frontier Balanced
	Fund		Commodity Fund		Fund		Frontier Heritage Fund
Swap Contracts	$	299,525	$	74,903	$	509,226	$	(84,079	)

	Frontier Select Fund
Investments in Unconsolidated Trading Companies	$	(40,765	)

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2017:

				Frontier Long/Short		Frontier Balanced			Frontier Heritage
	Frontier Diversified Fund			Commodity Fund		Fund			Fund
Swap Contracts	$	(47,375	)	$	26,621	$	(84,491	)	$	(297,047	)

	Frontier Select Fund
Investments in Unconsolidated Trading Companies	$	(144,019	)

Equinox Frontier Fund [Member]

Financial Asset Portfolio, by Series, Measured at Fair Value on Recurring Basis

The following table summarizes the instruments that comprise the Trust financial asset portfolio, by Series, measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017 segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value.

September 30, 2018	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Fair Value
Open Trade Equity (Deficit)	$	645,197	$	(298,471	)	$	—	$	346,726
Swap Contracts		—		—			18,908,412		18,908,412
U.S. Treasury Securities		9,591,613		—			—		9,591,613
								Total
December 31, 2017	Level 1 Inputs		Level 2 Inputs			Level 3 Inputs		Fair Value
Open Trade Equity (Deficit)	$	1,145,940	$	422,474		$	—	$	1,568,414
Swap Contracts		—		—			21,208,838		21,208,838
U.S. Treasury Securities		10,887,786		—			—		10,887,786

Change in Level 3 Assets Measured at Fair Value on Recurring Basis

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

Swaps

	For the Nine months ended June 30, 2018
Balance of recurring Level 3 assets as of January 1, 2018		21,208,838
Total gains or losses (realized/unrealized):
Included in earnings-realized		—
Included in earnings-unrealized		799,575
Proceeds from collateral reduction		(3,100,000	)
Purchase of investments		—
Sale of investments		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of September 30, 2018		18,908,412
	For the Year ended December 31, 2017
Balance of recurring Level 3 assets as of January 1, 2017	$	40,189,178
Total gains or losses (realized/unrealized):
Included in earnings-realized		—
Included in earnings-unrealized		(402,290	)
Proceeds from collateral reduction		(18,578,050	)
Purchase of investments		—
Sale of investments		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2017	$	21,208,838

Change in Unrealized Appreciation (Depreciation) included in Statements of Operations Attributable to Level 3 Investments

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at September 30, 2018:

Swap contracts $ 799,575

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2017:

Swap contracts $ (402,290)

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Swap Contracts (Tables)

9 Months Ended

Sep. 30, 2018

Series Of Frontier Fund [Member]

Trust, with Respect to Series, has Invested in Following Swap

The Series have invested in the following swaps as of and for the nine months ended September 30, 2018:

			Frontier Long/Short	Frontier Heritage
	Frontier Balanced Fund	Frontier Diversified Fund	Commodity Fund	Fund
	Total Return Swap	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$11,375,292	$3,054,369	$653,610	$2,072,056
Termination Date	3/31/2023	3/31/2023	3/31/2023	3/27/2023
Cash Collateral	$86,000	$86,000	$29,950	$978,950
Swap Value	$9,764,185	$5,489,997	$441,992	$2,031,338
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0
Change in Unrealized Gain/(Loss)	$509,226	$299,525	$74,903	($84,079)
Fair Value as of September 30, 2018	$9,850,185	$5,575,997	$471,942	$3,010,288
Advance on swap appreciation	($4,926,555)	($2,500,000)	($115,000)	($1,900,000)

The Series have invested in the following swaps as of and for the year ended December 31, 2017:

			Frontier Long/Short Commodity
	Frontier Balanced Fund	Frontier Diversified Fund	Fund	Frontier Heritage Fund
	Total Return Swap	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$13,373,629	$4,651,155	$653,610	$2,072,056
Termination Date	8/2/2018	8/2/2018	8/7/2018	3/26/2018
Cash Collateral	$2,086,000	$1,186,000	$29,950	$982,500
Swap Value	$9,254,959	$5,190,472	$367,089	$2,111,867
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0
Change in Unrealized Gain/(Loss)	($84,491)	($47,375)	$26,621	($297,047)
Fair Value as of 12/31/2017	$11,340,959	$6,376,472	$397,039	$3,094,367
Advance on swap appreciation	($4,926,555)	($2,500,000)	($115,000)	($1,900,000)

Equinox Frontier Fund [Member]

Trust, with Respect to Series, has Invested in Following Swap

The Trust had invested in the following swap contracts as of and for the nine months ended September 30, 2018:

	XXXIV Balanced select swap	XXXV Diversified select swap	XXXVII L/S select swap	Brevan Howard
	Total Return Swap	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$11,735,292	$3,054,369	$653,610	$2,072,056
Termination Date	3/31/2023	3/31/2023	3/31/2023	3/27/2023
Cash Collateral	$86,000	$86,000	$29,950	$978,950
Swap Value	$9,764,185	$5,489,997	$441,992	$2,031,338
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0
Change in Unrealized Gain/(Loss)	$509,226	$299,525	$74,903	($84,079)
Fair Value as of September 30, 2018	$9,850,185	$5,575,997	$471,942	$3,010,288
Advance on swap appreciation	($4,926,555)	($2,500,000)	($115,000)	($1,900,000)

The Trust had invested in the following swap contracts as of and for the year ended December 31, 2017:

	XXXIV Balanced select swap	XXXV Diversified select swap	XXXVII L/S select swap	XXXIX Brevan Howard
	Total Return Swap	Total Return Swap	Total Return Swap	Total Return Swap
Counterparty	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG	DeutscheBank AG
Notional Amount	$13,373,629	$4,651,155	$653,610	$2,072,056
Termination Date	8/2/2018	8/2/2018	8/7/2018	3/26/2018
Cash Collateral	$2,086,000	$1,186,000	$29,950	$982,500
Swap Value	$9,254,959	$5,190,472	$367,089	$2,111,867
Investee Returns	Total Returns	Total Returns	Total Returns	Total Returns
Realized Gain/(Loss)	$0	$0	$0	$0
Change in Unrealized Gain/(Loss)	($84,491)	($47,375)	$26,621	($297,047)
Fair Value as of 12/31/2017	$11,340,959	$6,376,472	$397,039	$3,094,367
Advance on swap appreciation	($4,926,555)	($2,500,000)	($115,000)	($1,900,000)

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

9 Months Ended

Sep. 30, 2018

Series Of Frontier Fund [Member]

Investments in Unconsolidated Trading Companies

The following table summarizes each of the Series’ investments in unconsolidated Trading companies as of September 30, 2018 and December 31, 2017:

	As of September 30, 2018			As of December 31, 2017
	Percentage of			Percentage of
	Series Net			Series Net
	Assets Invested			Assets Invested
	in Unconsolidated			in Unconsolidated
	Trading Companies	Fair Value		Trading Companies	Fair Value
Series
Frontier Diversified Series —
Frontier Trading Companies II and XXXVIII	6.76%	$	1,146,091	10.37%	$	2,225,210
Frontier Masters Series —
Frontier Trading Companies II and XXXVIII	14.28%	$	969,945	12.55%	$	1,501,142
Frontier Long/Short Commodity Series —
Frontier Trading Company XXXVIII	3.32%	$	99,860	2.86%	$	121,510
Frontier Balanced Series —
Frontier Trading Companies II and XXXVIII	6.13%	$	2,144,814	6.59%	$	3,178,176
Frontier Select Series —
Frontier Trading Companies XXXVIII and XXXIX	13.82%	$	607,771	9.86%	$	670,863
Frontier Winton Fund
Frontier Trading Companies II and XXXVIII	48.77%	$	5,010,792	53.79%	$	7,987,575
Frontier Heritage Series —
Frontier Trading Companies II and XXXVIII	18.25%	$	910,059	22.66%	$	1,536,631

Equity in Earnings from Unconsolidated Trading Companies

The following tables summarize each of the Series; equity in earnings from unconsolidated Trading and private investment companies for the three and nine months ended September 30, 2018 and 2017. 

	Three Months Ended September 30, 2018												Three Months Ended September 2017
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Frontier Balanced Fund
Frontier Trading Company II, LLC	$	—		$	—		$	46,550		$	46,550		$	—		$	—		$	72,519		$	72,519
Frontier Trading Company XXXVIII, LLC		—			—			2,568			2,568			—			—			(9,021	)		(9,021	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(9,291	)		(65,905	)		96,559			21,363			(19,245	)		(56,867	)		153,322			77,210
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(12,879	)		39,369			(23,273	)		3,217			(18,045	)		41,460			2,070			25,485
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LL		(68,449	)		525,034			(732,131	)		(275,546	)		(80,645	)		809,976			(431,386	)		297,945
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(10,825	)		24,104			41,083			54,362			(37,146	)		(161,057	)		416,622			218,419
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			—			(4,884	)		(4,884	)		—			(63	)		(256,549	)		(256,612	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(38,176	)		(205,387	)		29,398			(214,165	)		(52,684	)		(693,062	)		690,348			(55,398	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(10,502	)		37,958			(5,938	)		21,518			(31,025	)		(185,578	)		(512	)		(217,115	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(6,575	)		(46,302	)		6,537			(46,340	)		(7,239	)		(14,512	)		2,826			(18,925	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(38,085	)		46,290			67,221			75,426			(87,162	)		(408,339	)		385,991			(109,510	)
Total	$	(194,782	)	$	355,161		$	(476,310	)	$	(315,931	)	$	(333,191	)	$	(668,042	)	$	1,026,230		$	24,997
Frontier Winton Fund
Frontier Trading Company II, LLC	$	—		$	—		$	2,568		$	2,568
Frontier Trading Company XXXVIII, LLC		—			—			154,297			154,297			—			—			(31,155	)		(31,155	)
Total	$	—		$	—		$	156,865		$	156,865		$	—		$	—		$	(31,155	)	$	(31,155	)
Frontier Frontier Select Fund
Frontier Trading Company XXXIX, LLC	$	—		$	—		$	3,227		$	3,227		$	—		$	—		$	53,727		$	53,727
Frontier Trading Company XXXVIII, LLC		—			—			(20,172	)		(20,172	)		—			—			(8,337	)		(8,337	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(21,700	)		91,839			25,085			95,224			(35,396	)		67,150			(116,095	)		(84,341	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(31,965	)		13,930			25,712			7,677			(209,529	)		(209,529	)
Total	$	(53,665	)	$	105,769		$	33,852		$	85,956		$	(35,396	)	$	67,150		$	(280,234	)	$	(248,480	)
Frontier Heritage Fund
Frontier Trading Company II, LLC	$	—		$	—		$	19,781		$	19,781		$	—		$	—		$	46,789		$	46,789
Frontier Trading Company XXXVIII, LLC		—			—			1,051			1,051			—			—			(9,998	)		(9,998	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(33,189	)		14,991			22,315			4,117		$	(29,980	)	$	51,752		$	(142,541	)		(120,769	)
Total	$	(33,189	)	$	14,991		$	43,147		$	24,949		$	(29,980	)	$	51,752		$	(105,750	)	$	(83,978	)
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	—		$	—		$	1,511		$	1,511		$	—		$	—		$	(1,334	)	$	(1,334	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			—			—			—			(5,111	)		10,011			(15,755	)		(10,855	)
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(19,658	)		84,795			(121,669	)		(56,532	)		(37,912	)		210,831			(102,127	)		70,792
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			—			(90,105	)		(90,105	)		—			(2,869	)		5,305			2,436
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(15,062	)		5,925			10,810			1,673			(30,671	)		(59,091	)		52,198			(37,564	)
Total	$	(34,720	)	$	90,720		$	(199,453	)	$	(143,453	)	$	(73,694	)	$	158,882		$	(61,713	)	$	23,475
Frontier Diversified Fund
Frontier Trading Company II, LLC	$	—		$	—		$	34,017		$	34,017		$	—		$	—		$	29,203		$	29,203
Frontier Trading Company XXXVIII, LLC		—			—			2,127			2,127			—			—			3,026			3,026
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(4,157	)		(23,653	)		34,404			6,594			(8,281	)		(26,711	)		65,961			30,969
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			—			—			—			(5,529	)		14,423			(32,526	)		(23,632	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(9,004	)		22,242			(13,179	)		59			(11,301	)		21,985			865			11,549
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(39,614	)		258,878			(358,841	)		(139,577	)		(41,460	)		371,152			(187,157	)		142,535
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(9,027	)		10,939			20,972			22,884			(15,109	)		(55,000	)		140,263			70,154
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			—			(2,350	)		(2,350	)		—			(15	)		(93,042	)		(93,057	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(20,929	)		(92,636	)		16,282			(97,283	)		(38,315	)		(410,394	)		402,029			(46,680	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(8,047	)		17,990			(2,619	)		7,324			(25,622	)		(105,994	)		(426	)		(132,042	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(7,511	)		(46,302	)		6,537			(47,276	)		(10,292	)		(25,052	)		26,393			(8,951	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(20,337	)		21,164			31,504			32,331			(58,330	)		(244,662	)		245,800			(57,192	)
Total	$	(118,626	)	$	168,622		$	(231,146	)	$	(181,150	)	$	(214,239	)	$	(460,268	)	$	600,389		$	(74,118	)
Frontier Masters Fund
Frontier Trading Company II, LLC	$	—		$	—		$	(4,703	)	$	(4,703	)	$	—		$	—		$	36,130		$	36,130
Frontier Trading Company XXXVIII, LLC		—			—			3,100			3,100			—			—			(4,657	)		(4,657	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			—			—			—			(11,827	)		27,230			(47,312	)		(31,909	)
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(51,154	)		235,343			(326,220	)		(142,031	)		(62,543	)		419,529			(214,880	)		142,106
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(32,744	)		17,636			26,253			11,145			(55,827	)		(139,604	)		81,403			(114,028	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(17,623	)		95,172			21,795			99,344			—			—			(128,372	)		(128,372	)
Total	$	(101,521	)	$	348,151		$	(279,775	)	$	(33,145	)	$	(130,197	)	$	307,155		$	(277,688	)	$	(100,730	)

	Nine Months Ended September 30, 2018												Nine Months Ended September 2017
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Frontier Balanced Fund
Frontier Trading Company II, LLC	$	—		$	—		$	114,510		$	114,510		$	(32,747	)	$	216,451		$	(342,327	)	$	(158,623	)
Frontier Trading Company XXXVIII, LLC		—			—			(8,908	)		(8,908	)		—			—			(215,180	)		(215,180	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(53,188	)		(277,921	)		103,487			(227,622	)		(64,009	)		(444,842	)		139,701			(369,150	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(44,264	)		(119,199	)		(22,162	)		(185,625	)		(68,404	)		189,463			(32,758	)		88,301
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LL		(296,953	)		894,510			(718,674	)		(121,117	)		(450,701	)		1,744,230			8,954			1,302,483
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(47,185	)		(114,597	)		51,845			(109,937	)		(134,386	)		896,859			(27,111	)		735,362
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(123	)		—			(8,469	)		(8,592	)		—			(63	)		(1,015,265	)		(1,015,328	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(111,704	)		(813,565	)		90,256			(835,013	)		(1,105,937	)		3,100,899			394,461			2,389,423
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(73,053	)		(34,735	)		6,431			(101,357	)		(175,559	)		207,540			217,419			249,400
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(20,503	)		(88,994	)		9,703			(99,794	)		(20,728	)		643,877			(818,574	)		(195,425	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(175,522	)		(1,567,177	)		154,073			(1,588,626	)		(217,096	)		(862,039	)		(70,599	)		(1,149,734	)
Total	$	(822,495	)	$	(2,121,678	)	$	(227,908	)	$	(3,172,081	)	$	(2,269,567	)	$	5,692,375		$	(1,761,279	)	$	1,661,529
Frontier Winton Fund
Frontier Trading Company II, LLC	$	—		$	—		$	(183,988	)	$	(183,988	)	$	—		$	—		$	—		$	—
Frontier Trading Company XXXVIII, LLC		—			—			88,092			88,092			—			—			(334,372	)		(334,372	)
Total	$	—		$	—		$	(95,896	)	$	(95,896	)	$	—		$	—		$	(334,372	)	$	(334,372	)
Frontier Frontier Select Fund
Frontier Trading Company XXXIX, LLC	$	—		$	—		$	(38,351	)	$	(38,351	)	$	—		$	—		$	(249,165	)	$	(249,163	)
Frontier Trading Company XXXVIII, LLC		—			—			(15,611	)		(15,611	)		—			—			(70,090	)		(70,092	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(83,404	)		(433,416	)		92,847			(423,973	)		(26,272	)		455,907			(1,076,952	)		(647,317	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(112,056	)		(80,517	)		(182,320	)		(374,893	)		(35,396	)		67,150			(209,529	)		(177,775	)
Total	$	(195,460	)	$	(513,933	)	$	(143,435	)	$	(852,828	)	$	(61,668	)	$	523,057		$	(1,605,736	)	$	(966,572	)
Frontier Heritage Fund
Frontier Trading Company II, LLC	$	—		$	—		$	26,444		$	26,444		$	(61,563	)	$	113,582		$	(118,339	)	$	(66,320	)
Frontier Trading Company XXXVIII, LLC		—			—			(3,644	)		(3,644	)		—			—			(104,610	)		(104,610	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(128,567	)		(535,418	)		67,067			(596,918	)	$	(29,980	)	$	51,752		$	(142,541	)		(120,769	)
Total	$	(128,567	)	$	(535,418	)	$	89,867		$	(574,118	)	$	(91,543	)	$	165,334		$	(365,490	)	$	(291,699	)
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	—		$	—		$	(301	)	$	(301	)	$	—		$	—		$	48,430		$	48,430
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			—			—			—			(49,244	)		(27,947	)		56,870			(20,321	)
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(75,198	)		191,295			(164,749	)		(48,652	)		(219,046	)		608,857			93,673			483,484
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(681	)		—			(145,612	)		(146,293	)		(570,790	)		(2,869	)		5,305			(568,354	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(59,678	)		(230,562	)		24,115			(266,125	)		(61,797	)		(61,934	)		(105,149	)		(228,880	)
Total	$	(135,557	)	$	(39,267	)	$	(286,547	)	$	(461,371	)	$	(900,877	)	$	516,107		$	99,129		$	(285,641	)
Frontier Diversified Fund
Frontier Trading Company II, LLC	$	—		$	—		$	40,239			40,239			(34,961	)		156,232			(215,541	)		(94,270	)
Frontier Trading Company XXXVIII, LLC		—			—			307			307			—			—			(217,505	)		(217,505	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(25,766	)		(94,474	)		36,713			(83,527	)		(47,202	)		(275,640	)		107,879			(214,963	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			—			—			—			(57,740	)		(282,402	)		368,874			28,732
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(28,732	)		(48,799	)		(12,067	)		(89,598	)		(48,192	)		115,185			(20,362	)		46,631
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(127,929	)		449,134			(404,314	)		(83,109	)		(372,907	)		1,308,793			157,823			1,093,709
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(28,612	)		(2,139	)		29,425			(1,326	)		(86,543	)		613,006			(32,023	)		494,440
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			(62	)		1,592			1,530			—			(15	)		(379,526	)		(379,541	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(62,615	)		(428,811	)		18,024			(473,402	)		(716,264	)		2,120,108			(618	)		1,403,226
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(45,287	)		(7,954	)		2,742			(50,499	)		(170,681	)		290,815			121,852			241,986
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(23,108	)		(89,102	)		9,703			(102,507	)		(65,209	)		1,793,033			(2,309,045	)		(581,221	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(92,781	)		(751,752	)		54,921			(789,612	)		(167,731	)		(525,880	)		(78,889	)		(772,500	)
Total	$	(434,830	)	$	(973,959	)	$	(222,715	)	$	(1,631,504	)	$	(1,767,430	)	$	5,313,235		$	(2,497,081	)	$	1,048,724
Frontier Masters Fund
Frontier Trading Company II, LLC	$	—		$	—		$	(99,255	)		(99,255	)		25,034			91,810			(254,854	)		(138,010	)
Frontier Trading Company XV, LLC		—			—			—			—			(82,918	)		78,115			(115,394	)		(120,197	)
Frontier Trading Company XXXVIII, LLC		—			—			20,318			20,318			—			—			(108,362	)		(108,362	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			(76,396	)		68,413			(7,983	)		(81,868	)		(54,404	)		103,126			(33,146	)
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(200,364	)		498,398			(429,904	)		(131,870	)		(287,707	)		937,794			43,617			693,704
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(132,925	)		(709,314	)		39,893			(802,346	)		(89,695	)		(176,476	)		(192,207	)		(458,378	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(64,811	)		7,178			(157,460	)		(215,093	)		—			—			(749,376	)		(749,376	)
Total	$	(398,100	)	$	(280,134	)	$	(557,995	)	$	(1,236,229	)	$	(517,154	)	$	876,839		$	(1,273,450	)	$	(913,765	)

Financial Statements of Unconsolidated Trading Companies

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

	Redemptions	Redemptions	Liquidity
	Notice Period	Permitted	Restrictions
Frontier Diversified Fund
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	24 hours	Daily	None
Galaxy Plus Fund - LRR Feeder Fund (522) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Daily	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Daily	None
Option Trading
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC	24 hours	Daily	None
Frontier Masters Fund
Trend Following
Galaxy Plus Fund - TT Feeder Fund (531) LLC	24 hours	Weekly	None
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Frontier Long/Short Commodity Fund
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	24 hours	Daily	None
Galaxy Plus Fund - LRR Feeder Fund (522) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Frontier Balanced Fund
Multi-Strategy
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC	24 hours	Daily	None
Galaxy Plus Fund - LRR Feeder Fund (522) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Daily	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Daily	None
Option Trading
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC	24 hours	Daily	None
Frontier Select Fund
Trend Following
Galaxy Plus Fund - TT Feeder Fund (531) LLC	24 hours	Weekly	None
Frontier Heritage Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Weekly	None

Equinox Frontier Fund [Member]

Equity in Earnings from Unconsolidated Trading Companies

The following table summarizes the Trust’s equity in earnings from each of the private investment companies during the three and nine months ended September 30, 2018 and 2017:

	Three Months Ended September 30, 2018												Three Months Ended September 30, 2017
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	(13,448	)	$	(89,558	)	$	130,963		$	27,957		$	(27,526	)	$	(83,578	)	$	219,283		$	108,179
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			—			—			—			(22,467	)		51,664			(95,593	)		(66,396	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(21,883	)		61,611			(36,452	)		3,276			(29,346	)		63,445			2,935			37,034
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(178,875	)		1,104,050			(1,538,861	)		(613,686	)		(222,560	)		1,811,488			(935,550	)		653,378
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(19,852	)		35,043			62,055			77,246			(52,255	)		(216,057	)		556,885			288,573
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		—			—			(97,339	)		(97,339	)		—			(2,947	)		(344,286	)		(347,233	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(59,105	)		(298,023	)		45,680			(311,448	)		(90,999	)		(1,103,456	)		1,092,377			(102,078	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(18,549	)		55,948			(8,557	)		28,842			(56,647	)		(291,572	)		(938	)		(349,157	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(14,086	)		(92,604	)		13,074			(93,616	)		(17,531	)		(39,564	)		29,219			(27,876	)
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC		—			—			(256,019	)		(256,019	)		—			—			(91,259	)		(91,259	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(39,323	)		187,011			46,880			194,568			—			—			(244,467	)		(244,467	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(171,382	)		119,936			183,815			132,369			(297,366	)		(732,794	)		413,322			(616,838	)
Total	$	(536,503	)	$	1,083,414		$	(1,454,761	)	$	(907,850	)	$	(816,697	)	$	(543,371	)	$	601,928		$	(758,140	)

	Nine Months Ended September 30, 2018												Nine Months Ended September 30, 2017
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	(81,572	)	$	(372,395	)	$	140,200		$	(313,767	)	$	(111,211	)	$	(720,482	)	$	247,580		$	(584,113	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		—			(76,396	)		68,413			(7,983	)		(188,852	)		(364,753	)		528,870			(24,735	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(72,912	)		(167,998	)		(34,229	)		(275,139	)		(116,596	)		304,648			(53,120	)		134,932
Galaxy Plus Fund - Emil van Essen STP Feeder Fund (516) LLC		(700,233	)		2,033,337			(1,717,641	)		(384,537	)		(1,330,361	)		4,599,674			304,067			3,573,380
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(73,829	)		(116,736	)		81,270			(109,295	)		(220,929	)		1,509,865			(59,134	)		1,229,802
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(804	)		(62	)		(152,150	)		(153,016	)		(570,790	)		(2,947	)		(1,389,486	)		(1,963,223	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(174,274	)		(1,242,377	)		108,280			(1,308,371	)		(1,822,201	)		5,221,007			393,843			3,792,649
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		(118,457	)		(42,689	)		9,173			(151,973	)		(346,240	)		498,355			339,271			491,386
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(43,536	)		(175,750	)		19,406			(199,880	)		(85,937	)		2,436,910			(3,127,619	)		(776,646	)
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC		—			—			(329,083	)		(329,083	)		—			—			(795,707	)		(795,707	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(134,728	)		39,795			(286,272	)		(381,205	)		(26,272	)		455,907			(1,826,328	)		(1,396,693	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(715,002	)		(4,340,773	)		379,408			(4,676,367	)		(601,695	)		(1,507,427	)		(798,914	)		(2,908,036	)
Total	$	(2,115,347	)	$	(4,462,044	)	$	(1,713,225	)	$	(8,290,616	)	$	(5,421,084	)	$	12,430,757		$	(6,236,677	)	$	772,996

Financial Statements of Unconsolidated Trading Companies

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 - EvE STP Feeder Fund (516) LLC	24 hours	Daily	None
Galaxy Plus Fund - LRR Feeder Fund (522) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Daily	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Daily	None
Galaxy Plus Fund - QuestFIT Feeder Fund (535) Segregated Portfolio	24 hours	Daily	None
Galaxy Plus Fund - TT Feeder Fund (531) LLC	24 hours	Weekly	None
Option Trading
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC	24 hours	Daily	None

XML

Transactions with Affiliates (Tables) - Series Of Frontier Fund [Member]

9 Months Ended

Sep. 30, 2018

Fees Earned by Managing Owner

The following table summarizes fees earned by the Managing Owner for the three months and nine months ended September 30, 2018 and 2017:

Three Months Ended September 30, 2018

	Incentive Fees (rebate)		Management Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	10,897	$	13,113	$	14,432	$	145,750
Frontier Masters Fund		—		22,605		11,605		95,225
Frontier Long/Short Commodity Fund		—		—		334		19,318
Frontier Balanced Fund		—		26,643		222,302		339,537
Frontier Select Fund		—		—		32,149		27,076
Frontier Winton Fund		—		104,062		76,839		73,379
Frontier Heritage Fund		—		22,635		29,343		33,624

Three Months Ended September 30, 2017

	Incentive Fees (rebate)		Management Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	—	$	13,509	$	24,584	$	221,452
Frontier Masters Fund		—		26,862		19,585		151,229
Frontier Long/Short Commodity Fund		—		—		1,867		40,897
Frontier Balanced Fund		—		25,760		323,572		462,275
Frontier Select Fund		—		—		46,479		39,673
Frontier Winton Fund		—		188,835		99,725		127,661
Frontier Heritage Fund		—		43,021		40,954		36,907

Nine Months Ended September 30, 2018

	Incentive Fees (rebate)		Management Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	12,778	$	37,905	$	45,236	$	454,513
Frontier Masters Fund		—		83,816		39,503		335,271
Frontier Long/Short Commodity Fund		—		—		1,398		65,530
Frontier Balanced Fund		145,134		69,545		723,093		1,068,482
Frontier Select Fund		—		—		105,111		92,779
Frontier Winton Fund		—		366,404		252,006		236,657
Frontier Heritage Fund		1,394		92,509		97,753		112,771

Nine Months Ended September 30, 2017

	Incentive Fees (rebate)			Management Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	(63,508	)	$	69,251	$	110,769	$	1,154,233
Frontier Masters Fund		—			150,767		72,519		527,813
Frontier Long/Short Commodity Fund		(87,670	)		—		12,838		183,990
Frontier Balanced Fund		—			102,297		1,106,847		1,625,446
Frontier Select Fund		—			102,047		176,247		137,940
Frontier Winton Fund		(49,790	)		677,921		368,816		431,025

Fees Payable to Managing Owner

The following table summarizes fees payable to the Managing Owner as of September 30, 2018 and December 31, 2017.

As of September 30, 2018

	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	10,897	$	8,244	$	—	$	4,552	$	47,283
Frontier Masters Fund		—		7,494		—		2,625		32,173
Frontier Long/Short Commodity Fund		—		—		44		66		6,259
Frontier Balanced Fund		—		23,019		3,591		61,951		108,152
Frontier Select Fund		—		—		765		7,750		8,530
Frontier Winton Fund		—		34,474		15,770		20,813		23,696
Frontier Heritage Fund		—		6,370		1,918		10,001		11,980

As of December 31, 2017

	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	12,847	$	4,049	$	—	$	3,614	$	61,188
Frontier Masters Fund		—		8,949		—		3,570		49,131
Frontier Long/Short Commodity Fund		—		—		103		172		9,125
Frontier Balanced Fund		40,189		11,465		2,528		88,149		140,868
Frontier Select Fund		—		—		1,358		14,743		14,898
Frontier Winton Fund		—		53,039		20,992		26,714		43,573
Frontier Heritage Fund		—		13,471		2,608		11,483		15,703

Interest Paid by Each Series to Managing Owner

The following table outlines the interest paid by each Series to the Managing Owner and its ratio to average net assets for the three and nine months ended September 30, 2018 and 2017:

Three Months Ended 

	September 30, 2018		September 30, 2017			September 30, 2018			September 30, 2017
	Gross Amount Paid to		Gross Amount Paid to			Ratio to Average Net			Ratio to Average Net
	the Managing Owner		the Managing Owner			Assets			Assets
Frontier Diversified Class 1	$	—	$	—			0.00	%		0.00	%
Frontier Diversified Class 2		—		—			0.00	%		0.00	%
Frontier Diversified Class 3		—		—			0.00	%		0.00	%
Frontier Masters Class 1		—		(314	)		0.00	%		-0.01	%
Frontier Masters Class 2		—		(333	)		0.00	%		-0.01	%
Frontier Masters Class 3		—		(543	)		0.00	%		-0.01	%
Frontier Long/Short Class 2		4		35			0.00	%		0.01	%
Frontier Long/Short Class 3		55		289			0.31	%		0.01	%
Frontier Long/Short Class 1a		—		—			0.00	%		0.00	%
Frontier Long/Short Class 2a		—		—			0.00	%		0.00	%
Frontier Long/Short Class 3a		—		—			0.00	%		0.00	%
Frontier Balanced Fund Class 1		4,688		9,154			0.02	%		0.02	%
Frontier Balanced Fund Class 1AP		85		123			0.02	%		0.02	%
Frontier Balanced Fund Class 2		848		2,046			0.02	%		0.02	%
Frontier Balanced Fund Class 2A		12		(77	)		0.00	%		-0.01	%
Frontier Balanced Fund Class 3A		31		(136	)		0.00	%		-0.01	%
Frontier Select Fund Class 1		228		4,708			0.00	%		0.08	%
Frontier Select Fund Class 1AP		1		17			0.00	%		0.08	%
Frontier Select Fund Class 2		20		686			0.00	%		0.08	%
Frontier Winton Class 1		5,024		28,693			0.27	%		0.22	%
Frontier Winton Class 1AP		18		74			0.00	%		0.22	%
Frontier Winton Class 2		310		23,095			0.00	%		0.22	%
Frontier Heritage Fund Class 1		412		7,622			0.02	%		0.14	%
Frontier Heritage Fund Class 1AP		—		8			0.00	%		0.15	%
Frontier Heritage Fund Class 2		68		1,297			0.00	%		0.14	%
Total	$	11,804	$	76,444

Nine Months Ended

	September 30, 2018		September 30, 2017			September 30, 2018			September 30, 2017
	Gross Amount Paid to		Gross Amount Paid to			Ratio to Average Net			Ratio to Average Net
	the Managing Owner		the Managing Owner			Assets			Assets
Frontier Diversified Class 1	$	—	$	(3,860	)		0.00	%		-0.10	%
Frontier Diversified Class 2		—		(19,555	)		0.00	%		-0.07	%
Frontier Diversified Class 3		—		(7,071	)		0.00	%		-0.06	%
Frontier Masters Class 1		—		(4,988	)		0.00	%		-0.12	%
Frontier Masters Class 2		—		(5,113	)		0.00	%		-0.11	%
Frontier Masters Class 3		—		(5,881	)		0.00	%		-0.09	%
Frontier Long/Short Class 2		41		167			0.00	%		0.03	%
Frontier Long/Short Class 3		543		1,566			2.71	%		0.04	%
Frontier Long/Short Class 1a		—		533			0.00	%		0.07	%
Frontier Long/Short Class 2a		—		233			0.00	%		0.03	%
Frontier Long/Short Class 3a		—		189			0.00	%		0.01	%
Frontier Balanced Fund Class 1		19,340		199,538			0.06	%		0.40	%
Frontier Balanced Fund Class 1AP		341		2,539			0.06	%		0.41	%
Frontier Balanced Fund Class 2		3,504		54,615			0.06	%		0.31	%
Frontier Balanced Fund Class 2A		51		494			0.01	%		0.09	%
Frontier Balanced Fund Class 3A		139		1,316			0.01	%		0.08	%
Frontier Select Fund Class 1		6,063		28,362			0.05	%		0.36	%
Frontier Select Fund Class 1AP		26		84			0.07	%		0.35	%
Frontier Select Fund Class 2		744		4,295			0.07	%		0.36	%
Frontier Winton Class 1		67,727		40,855			3.41	%		0.25	%
Frontier Winton Class 1AP		212		50			0.00	%		0.14	%
Frontier Winton Class 2		7,338		17,017			0.09	%		0.15	%
Frontier Heritage Fund Class 1		5,794		33,744			0.24	%		0.53	%
Frontier Heritage Fund Class 1AP		5		29			0.00	%		0.52	%
Frontier Heritage Fund Class 2		904		10,039			0.02	%		0.56	%
Total	$	112,772	$	349,196

XML

Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2018

Series Of Frontier Fund [Member]

Financial Highlights of Trust

The following information presents the financial highlights of the Trust, with respect to the Series, for the three and nine months ended September 30, 2018 and 2017.

	Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, June 30, 2018	$	108.30		$	126.87		$	118.09		$	99.33		$	116.38		$	108.77		$	70.78		$	106.52		$	82.13		$	111.75		$	86.11
Net operating results:
Interest income		0.06			0.07			0.06			0.07			0.08			0.07			0.07			0.11			0.08			0.11			0.08
Expenses		(1.83	)		(1.19	)		(1.11	)		(2.16	)		(1.91	)		(1.79	)		(1.15	)		(0.64	)		(0.48	)		(0.67	)		(0.50	)
Net gain/(loss) on investments, net of non-controlling interests		(2.07	)		(2.83	)		(2.57	)		(0.02	)		(0.15	)		(0.06	)		(3.50	)		(2.44	)		(4.58	)		(2.57	)		(4.75	)
Net income/(loss)		(3.84	)		(3.96	)		(3.62	)		(2.13	)		(1.99	)		(1.78	)		(4.59	)		(2.98	)		(4.98	)		(3.13	)		(5.17	)
Net asset value, September 30, 2018	$	104.46		$	122.91		$	114.47		$	97.20		$	114.39		$	106.99		$	66.19		$	103.54		$	77.15		$	108.62		$	80.94
Ratios to average net assets
Net investment income/(loss)		-6.52	%		-3.45	%		-3.45	%		-8.57	%		-6.38	%		-6.38	%		-6.44	%		-2.04	%		-2.04	%		-2.04	%		-2.04	%
Expenses before incentive fees (3)(4)		6.67	%		3.60	%		3.60	%		8.83	%		6.65	%		6.65	%		6.84	%		2.45	%		2.45	%		2.45	%		2.45	%
Expenses after incentive fees (3)(4)		6.73	%		3.66	%		3.66	%		8.83	%		6.65	%		6.65	%		6.84	%		2.45	%		2.45	%		2.45	%		2.45	%
Total return before incentive fees (2)		-3.48	%		-3.06	%		-3.00	%		-2.14	%		-1.71	%		-1.64	%		-6.48	%		-2.80	%		-6.06	%		-2.80	%		-6.00	%
Total return after incentive fees (2)		-3.55	%		-3.12	%		-3.07	%		-2.14	%		-1.71	%		-1.64	%		-6.48	%		-2.80	%		-6.06	%		-2.80	%		-6.00	%
	Frontier Balanced Fund																		Frontier Select Fund
	Class 1			Class 1AP			Class 2			Class 2a			Class 3a						Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2018	$	125.21		$	140.68		$	189.72		$	164.33		$	163.77					$	74.75		$	84.07		$	111.56
Net operating results:
Interest income		0.02			0.03			0.03			0.03			0.03						0.00			0.00			0.00
Expenses		(2.14	)		(1.38	)		(1.86	)		(1.61	)		(1.60	)					(1.01	)		(0.50	)		(0.67	)
Net gain/(loss) on investments, net of non-controlling interests		(3.30	)		(3.70	)		(5.00	)		(4.26	)		(4.26	)					1.67			1.88			2.51
Net income/(loss)		(5.40	)		(5.05	)		(6.82	)		(5.85	)		(5.83	)					0.66			1.38			1.84
Net asset value, September 30, 2018	$	119.81		$	135.63		$	182.90		$	158.48		$	157.94					$	75.41		$	85.45		$	113.40
Ratios to average net assets
Net investment income/(loss)		-6.89	%		-3.89	%		-3.89	%		-3.89	%		-3.89	%					-5.36	%		-2.36	%		-2.36	%
Expenses before incentive fees (3)(4)		7.01	%		4.01	%		4.01	%		4.01	%		4.01	%					5.36	%		2.36	%		2.36	%
Expenses after incentive fees (3)(4)		7.01	%		4.01	%		4.01	%		4.01	%		4.01	%					5.36	%		2.36	%		2.36	%
Total return before incentive fees (2)		-4.31	%		-3.59	%		-3.59	%		-3.56	%		-3.56	%					0.88	%		1.64	%		1.65	%
Total return after incentive fees (2)		-4.31	%		-3.59	%		-3.59	%		-3.56	%		-3.56	%					0.88	%		1.64	%		1.65	%
	Frontier Winton Fund									Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2018	$	148.66		$	167.19		$	203.47		$	102.68		$	115.46		$	154.54
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(3.55	)		(2.74	)		(3.63	)		(2.04	)		(1.43	)		(1.91	)
Net gain/(loss) on investments, net of non-controlling interests		0.91			1.06			6.36			0.46			0.55			0.68
Net income/(loss)		(2.64	)		(1.68	)		2.73			(1.58	)		(0.88	)		(1.23	)
Net asset value, September 30, 2018	$	146.02		$	165.51		$	206.20		$	101.10		$	114.58		$	153.31
Ratios to average net assets
Net investment income/(loss)		-9.49	%		-6.49	%		-6.49	%		-7.93	%		-4.93	%		-4.93	%
Expenses before incentive fees (3)(4)		9.49	%		6.49	%		6.49	%		7.93	%		4.93	%		4.93	%
Expenses after incentive fees (3)(4)		9.49	%		6.49	%		6.49	%		7.93	%		4.93	%		4.93	%
Total return before incentive fees (2)		-1.78	%		-1.00	%		1.34	%		-1.54	%		-0.76	%		-0.80	%
Total return after incentive fees (2)		-1.78	%		-1.00	%		1.34	%		-1.54	%		-0.76	%		-0.80	%

(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 mangement 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 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2017		$	116.41		$	135.19		$	125.68		$	114.74		$	133.27		$	124.40		$	81.35		$	115.81		$	93.59		$	121.50		$	97.99
Net operating results:
Interest income			0.16			0.19			0.17			0.25			0.30			0.28			0.23			0.33			0.26			0.34			0.27
Expenses			(3.19	)		(3.72	)		(3.47	)		(5.44	)		(6.43	)		(5.97	)		(1.43	)		(2.06	)		(1.62	)		(2.15	)		(1.70	)
Net gain/(loss) on investments, net of non-controlling interests			(8.91	)		(8.74	)		(7.92	)		(12.35	)		(12.75	)		(11.72	)		(13.96	)		(10.54	)		(15.08	)		(11.08	)		(15.62	)
Net income/(loss)			(11.95	)		(12.28	)		(11.21	)		(17.54	)		(18.88	)		(17.41	)		(15.16	)		(12.27	)		(16.44	)		(12.88	)		(17.05	)
Net asset value, September 30, 2018		$	104.46		$	122.91		$	114.47		$	97.20		$	114.39		$	106.99		$	66.19		$	103.54		$	77.15		$	108.62		$	80.94
Ratios to average net assets
Net investment income/(loss)			-3.73	%		-3.73	%		-3.73	%		-6.92	%		-6.92	%		-6.92	%		-2.08	%		-2.08	%		-2.08	%		-2.08	%		-2.08	%
Expenses before incentive fees (3)(4)			3.86	%		3.86	%		3.86	%		7.26	%		7.26	%		7.26	%		2.47	%		2.47	%		2.47	%		2.47	%		2.47	%
Expenses after incentive fees (3)(4)			3.93	%		3.93	%		3.93	%		7.26	%		7.26	%		7.26	%		2.47	%		2.47	%		2.47	%		2.47	%		2.47	%
Total return before incentive fees (2)			-10.20	%		-9.01	%		-8.85	%		-15.29	%		-14.17	%		-14.00	%		-18.64	%		-10.59	%		-17.57	%		-10.60	%		-17.40	%
Total return after incentive fees (2)			-10.27	%		-9.08	%		-8.92	%		-15.29	%		-14.17	%		-14.00	%		-18.64	%		-10.59	%		-17.57	%		-10.60	%		-17.40	%
	Frontier Balanced Fund																			Frontier Select Fund
		Class 1			Class 1AP			Class 2			Class 2a			Class 3a						Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2017		$	135.96		$	150.56		$	202.90		$	175.77		$	175.18					$	90.27		$	100.02		$	132.73
Net operating results:
Interest income			0.10			0.11			0.15			0.13			0.13						0.00			0.00			0.00
Expenses			(6.82	)		(4.49	)		(6.06	)		(5.26	)		(5.24	)					(3.15	)		(1.56	)		(2.10	)
Net gain/(loss) on investments, net of non-controlling interests			(9.44	)		(10.55	)		(14.09	)		(12.16	)		(12.13	)					(11.71	)		(13.01	)		(17.22	)
Net income/(loss)			(16.15	)		(14.93	)		(20.00	)		(17.29	)		(17.24	)					(14.86	)		(14.57	)		(19.32	)
Net asset value, September 30, 2018		$	119.81		$	135.63		$	182.90		$	158.48		$	157.94					$	75.41		$	85.45		$	113.41
Ratios to average net assets
Net investment income/(loss)			-7.05	%		-4.05	%		-4.05	%		-4.05	%		-4.05	%					-5.37	%		-2.37	%		-2.37	%
Expenses before incentive fees (3)(4)			6.81	%		3.81	%		3.81	%		3.81	%		3.81	%					5.37	%		2.37	%		2.37	%
Expenses after incentive fees (3)(4)			7.17	%		4.17	%		4.17	%		4.17	%		4.17	%					5.37	%		2.37	%		2.37	%
Total return before incentive fees (2)			-11.52	%		-9.55	%		-9.50	%		-9.48	%		-9.48	%					-16.46	%		-14.57	%		-14.56	%
Total return after incentive fees (2)			-11.88	%		-9.92	%		-9.86	%		-9.84	%		-9.84	%					-16.46	%		-14.57	%		-14.56	%
	Frontier Winton Fund										Frontier Heritage Fund
		Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2017		$	159.08		$	176.44		$	216.50		$	121.19		$	134.28		$	179.70
Net operating results:
Interest income			0.00			0.00			0.00			0.00			0.00			0.00
Expenses			(10.70	)		(8.20	)		(10.43	)		(6.79	)		(5.00	)		(6.56	)
Net gain/(loss) on investments, net of non-controlling interests			(2.36	)		(2.73	)		0.13			(13.31	)		(14.70	)		(19.83	)
Net income/(loss)			(13.06	)		(10.93	)		(10.30	)		(20.10	)		(19.70	)		(26.39	)
Net asset value, September 30, 2018		$	146.02		$	165.51		$	206.20		$	101.09		$	114.58		$	153.31
Ratios to average net assets
Net investment income/(loss)			-9.52	%		-6.52	%		-6.52	%		-8.46	%		-5.47	%		-5.47	%
Expenses before incentive fees (3)(4)			9.52	%		6.52	%		6.52	%		8.44	%		5.44	%		5.44	%
Expenses after incentive fees (3)(4)			9.52	%		6.52	%		6.52	%		8.46	%		5.47	%		5.47	%
Total return before incentive fees (2)			-8.21	%		-6.19	%		-4.76	%		-16.56	%		-14.64	%		-14.66	%
Total return after incentive fees (2)			-8.21	%		-6.19	%		-4.76	%		-16.59	%		-14.67	%		-14.69	%

(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 mangement 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 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, June 30, 2017	$	111.73		$	128.62		$	119.42		$	102.39		$	117.90		$	109.90		$	83.63		$	116.35		$	95.39		$	122.06		$	99.76
Net operating results:
Interest income		0.01			0.01			0.01			0.11			0.12			0.11			0.00			0.00			0.00			0.00			0.00
Expenses		(1.86	)		(1.22	)		(1.13	)		(2.03	)		(1.65	)		(1.54	)		(1.16	)		(0.87	)		(0.72	)		(0.91	)		(0.75	)
Net gain/(loss) on investments, net of non-controlling interests		0.22			(0.11	)		(0.03	)		(1.06	)		(1.42	)		(1.24	)		0.79			0.84			0.69			0.89			0.78
Net income/(loss)		(1.63	)		(1.32	)		(1.15	)		(2.98	)		(2.95	)		(2.67	)		(0.37	)		(0.03	)		(0.03	)		(0.02	)		0.03
Net asset value, September 30, 2017	$	110.10		$	127.30		$	118.27		$	99.41		$	114.95		$	107.23		$	83.26		$	116.32		$	95.36		$	122.04		$	99.79
Ratios to average net assets (3)
Net investment income/(loss)		-6.50	%		-3.69	%		-3.69	%		-7.26	%		-4.99	%		-4.99	%		-5.31	%		-2.87	%		-2.87	%		-2.87	%		-2.87	%
Expenses before incentive fees (rebate) (4)(5)		6.52	%		3.72	%		3.72	%		7.66	%		5.39	%		5.39	%		5.31	%		2.87	%		2.87	%		2.87	%		2.87	%
Expenses after incentive fees (rebate) (4)(5)		6.52	%		3.72	%		3.72	%		7.66	%		5.39	%		5.39	%		5.31	%		2.87	%		2.87	%		2.87	%		2.87	%
Total return before incentive fees (rebate) (2)		-1.46	%		-1.03	%		-0.96	%		-2.91	%		-2.50	%		-2.43	%		-0.44	%		-0.03	%		-0.03	%		-0.02	%		0.03	%
Total return after incentive fees (rebate) (2)		-1.46	%		-1.03	%		-0.96	%		-2.91	%		-2.50	%		-2.43	%		-0.44	%		-0.03	%		-0.03	%		-0.02	%		0.03	%
	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, June 30, 2017	$	129.84		$	141.71		$	190.62		$	165.77		$	165.22					$	78.79		$	85.90		$	114.11
Net operating results:
Interest income		0.02			0.02			0.03			0.03			0.03						0.00			0.00			0.00
Expenses		(2.20	)		(1.32	)		(1.77	)		(1.54	)		(1.54	)					(1.07	)		(0.50	)		(0.66	)
Net gain/(loss) on investments, net of non-controlling interests		0.54			0.57			0.76			0.72			0.71						(3.26	)		(3.52	)		(4.79	)
Net income/(loss)		(1.64	)		(0.73	)		(0.98	)		(0.79	)		(0.80	)					(4.33	)		(4.02	)		(5.45	)
Net asset value, September 30, 2017	$	128.20		$	140.98		$	189.64		$	164.98		$	164.42					$	74.46		$	81.88		$	108.66
Ratios to average net assets (3)
Net investment income/(loss)		-6.57	%		-3.57	%		-3.57	%		-3.57	%		-3.57	%					-5.24	%		-2.24	%		-2.24	%
Expenses before incentive fees (rebate) (4)(5)		6.63	%		3.63	%		3.63	%		3.63	%		3.63	%					5.24	%		2.24	%		2.24	%
Expenses after incentive fees (rebate) (4)(5)		6.63	%		3.63	%		3.63	%		3.63	%		3.63	%					5.24	%		2.24	%		2.24	%
Total return before incentive fees (rebate) (2)		-1.26	%		-0.52	%		-0.51	%		-0.48	%		-0.48	%					-5.50	%		-4.68	%		-4.78	%
Total return after incentive fees (rebate) (2)		-1.26	%		-0.52	%		-0.51	%		-0.48	%		-0.48	%					-5.50	%		-4.68	%		-4.78	%
	Frontier Winton Fund									Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2017	$	144.09		$	157.26		$	199.66		$	108.98		$	118.94		$	159.18
Net operating results:
Interest income		0.12			0.13			0.17			0.00			0.00			0.00
Expenses		(3.18	)		(2.28	)		(2.90	)		(2.23	)		(1.53	)		(2.05	)
Net gain/(loss) on investments, net of non-controlling interests		1.27			1.39			1.77			(0.76	)		(0.86	)		(1.16	)
Net income/(loss)		(1.79	)		(0.76	)		(0.96	)		(2.99	)		(2.39	)		(3.21	)
Net asset value, September 30, 2017	$	142.30		$	156.50		$	198.70		$	105.99		$	116.55		$	155.97
Ratios to average net assets (3)
Net investment income/(loss)		-8.38	%		-5.38	%		-5.38	%		-8.02	%		-5.02	%		-5.02	%
Expenses before incentive fees (rebate) (4)(5)		8.71	%		5.71	%		5.71	%		8.02	%		5.02	%		5.02	%
Expenses after incentive fees (rebate) (4)(5)		8.71	%		5.71	%		5.71	%		8.02	%		5.02	%		5.02	%
Total return before incentive fees (rebate) (2)		-1.24	%		-0.48	%		-0.48	%		-2.74	%		-2.01	%		-2.02	%
Total return after incentive fees (rebate) (2)		-1.24	%		-0.48	%		-0.48	%		-2.74	%		-2.01	%		-2.02	%

(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) Annualized with the exception of incentive fees.

(4) 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, refer to Note 6 of the Financial Statements.

(5) 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 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2016	$	116.43		$	132.94		$	123.27		$	112.80		$	128.78		$	119.89		$	92.78		$	129.56		$	105.67		$	130.80		$	107.50
Net operating results:
Interest income		0.27			0.30			0.28			0.53			0.61			0.56			0.01			0.00			0.00			0.00			0.00
Expenses		(6.36	)		(3.56	)		(3.28	)		(6.82	)		(5.69	)		(5.27	)		(3.15	)		(2.19	)		(1.79	)		(2.22	)		(1.82	)
Net gain/(loss) on investments, net of non-controlling interests		(0.24	)		(2.38	)		(2.00	)		(7.10	)		(8.75	)		(7.95	)		(6.38	)		(11.05	)		(8.52	)		(6.54	)		(5.89	)
Net income/(loss)		(6.33	)		(5.64	)		(5.00	)		(13.39	)		(13.83	)		(12.66	)		(9.52	)		(13.24	)		(10.31	)		(8.76	)		(7.71	)
Net asset value, September 30, 2017	$	110.10		$	127.30		$	118.27		$	99.41		$	114.95		$	107.23		$	83.26		$	116.32		$	95.36		$	122.04		$	99.79
Ratios to average net assets (3)
Net investment income/(loss)		-7.02	%		-3.26	%		-3.26	%		-7.59	%		-5.33	%		-5.33	%		-4.92	%		-2.70	%		-2.70	%		-2.70	%		-2.70	%
Expenses before incentive fees (rebate) (4)(5)		7.46	%		3.70	%		3.70	%		8.23	%		5.97	%		5.97	%		6.17	%		3.95	%		3.95	%		3.95	%		3.95	%
Expenses after incentive fees (rebate) (4)(5)		7.32	%		3.56	%		3.56	%		8.23	%		5.97	%		5.97	%		4.92	%		2.70	%		2.70	%		2.70	%		2.70	%
Total return before incentive fees (rebate) (2)		-5.58	%		-4.39	%		-4.20	%		-11.87	%		-10.74	%		-10.56	%		-11.52	%		-11.47	%		-11.01	%		-7.95	%		-8.43	%
Total return after incentive fees (rebate) (2)		-5.44	%		-4.24	%		-4.06	%		-11.87	%		-10.74	%		-10.56	%		-10.26	%		-10.22	%		-9.76	%		-6.70	%		-7.17	%
	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, 2016	$	134.80		$	144.97		$	194.99		$	169.05		$	168.49					$	94.06		$	101.16		$	134.25
Net operating results:
Interest income		0.02			0.02			0.03			0.02			0.02						0.00			0.00			0.00
Expenses		(6.75	)		(4.06	)		(5.49	)		(4.75	)		(4.73	)					(4.24	)		(2.49	)		(3.32	)
Net gain/(loss) on investments, net of non-controlling interests		0.13			0.05			0.11			0.66			0.64						(15.36	)		(16.79	)		(22.27	)
Net income/(loss)		(6.60	)		(3.99	)		(5.35	)		(4.07	)		(4.07	)					(19.60	)		(19.28	)		(25.59	)
Net asset value, September 30, 2017	$	128.20		$	140.98		$	189.64		$	164.98		$	164.42					$	74.46		$	81.88		$	108.66
Ratios to average net assets (3)
Net investment income/(loss)		-6.66	%		-3.68	%		-3.68	%		-3.68	%		-3.68	%					-6.51	%		-3.54	%		-3.54	%
Expenses before incentive fees (rebate) (4)(5)		6.68	%		3.70	%		3.70	%		3.70	%		3.70	%					6.51	%		3.54	%		3.54	%
Expenses after incentive fees (rebate) (4)(5)		6.68	%		3.70	%		3.70	%		3.70	%		3.70	%					6.51	%		3.54	%		3.54	%
Total return before incentive fees (rebate) (2)		-4.90	%		-2.75	%		-2.74	%		-2.41	%		-2.42	%					-20.84	%		-19.06	%		-19.06	%
Total return after incentive fees (rebate) (2)		-4.90	%		-2.75	%		-2.74	%		-2.41	%		-2.42	%					-20.84	%		-19.06	%		-19.06	%
	Frontier Winton Fund									Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2016	$	154.51		$	166.17		$	210.98		$	119.58		$	128.60		$	172.10
Net operating results:
Interest income		0.11			0.12			0.15			0.00			0.00			0.00
Expenses		(9.63	)		(6.83	)		(8.66	)		(6.81	)		(4.62	)		(6.24	)
Net gain/(loss) on investments, net of non-controlling interests		(2.69	)		(2.96	)		(3.77	)		(6.78	)		(7.43	)		(9.89	)
Net income/(loss)		(12.21	)		(9.67	)		(12.28	)		(13.59	)		(12.05	)		(16.13	)
Net asset value, September 30, 2017	$	142.30		$	156.50		$	198.70		$	105.99		$	116.55		$	155.97
Ratios to average net assets (3)
Net investment income/(loss)		-8.55	%		-5.58	%		-5.58	%		-7.98	%		-5.01	%		-5.01	%
Expenses before incentive fees (rebate) (4)(5)		8.83	%		5.85	%		5.85	%		8.04	%		5.06	%		5.06	%
Expenses after incentive fees (rebate) (4)(5)		8.65	%		5.67	%		5.67	%		7.98	%		5.01	%		5.01	%
Total return before incentive fees (rebate) (2)		-8.08	%		-6.00	%		-6.00	%		-11.42	%		-9.43	%		-9.43	%
Total return after incentive fees (rebate) (2)		-7.90	%		-5.82	%		-5.82	%		-11.36	%		-9.37	%		-9.37	%

(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) Annualized with the exception of incentive fees.

(4) 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, refer to Note 6 of the Financial Statements.

(5) 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.

Equinox Frontier Fund [Member]

Financial Highlights of Trust

The following information presents the financial highlights of the Trust for the three and nine months ended September 30, 2018 and 2017. This data has been derived from the information presented in the consolidated financial statements.

Three months ended

	2018			2017
Ratios to average net assets (1)
Net investment gain/(loss) (1)		-6.10	%		-5.76	%
Expenses before incentive fees (3)		6.37	%		5.89	%
Expenses after incentive fees (3)		6.38	%		5.89	%
Total return before incentive fees (2)		-3.17	%		-1.18	%
Total return after incentive fees (2)		-3.18	%		-1.18	%

Nine months ended

	2018			2017
Ratios to average net assets (1)
Net investment gain/(loss) (1)		-6.07	%		-5.73	%
Expenses before incentive fees (3)		6.15	%		6.01	%
Expenses after incentive fees (3)		6.32	%		5.89	%
Total return before incentive fees (2)		-13.04	%		-4.92	%
Total return after incentive fees (2)		-13.20	%		-4.80	%

(1) Annualized with the exception of incentive fees.

(2) Total returns are not annualized.

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

XML

Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2018

Series Of Frontier Fund [Member]

Averages of Futures Contracts

For the Three Months Ended September 30, 2018
Monthly average contracts
	Bought		Sold
Frontier Balanced Fund		231		231

For the Three Months Ended September 30, 2017
Monthly average contracts
	Bought		Sold
Frontier Balanced Fund		567		459
Frontier Winton Fund		1,849		1,477

For the Nine Months Ended September 30, 2018
Monthly average contracts
	Bought		Sold
Frontier Balanced Fund		1,753		1,749

For the Nine Months Ended September 30, 2017
Monthly average contracts
	Bought		Sold
Frontier Balanced Fund		1,195		1,121
Frontier Select Fund		4,690		4,675
Frontier Winton Fund		2,168		1,978

Realized Trading Revenue from Futures, Forwards and Options

The following tables summarize the trading revenues for the three and nine months ended September 30, 2018 and 2017 by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2018

	Frontier Balanced
Type of contract	Fund
Metals	$	122,534
Currencies		8,349
Energies		(18,352	)
Agriculturals		(26,065	)
Interest rates		(64,465	)
Stock indices		(8,877	)
Realized trading income/(loss)(1)	$	13,124

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2017

	Frontier Balanced			Frontier Winton
Type of contract	Fund			Fund
Metals	$	(35,090	)	$	(380,449	)
Currencies		418,961			274,057
Energies		(37,022	)		(434,257	)
Agriculturals		(255,648	)		(307,146	)
Interest rates		26,520			(125,819	)
Stock indices		(35,713	)		697,405
Realized trading income/(loss)(1)	$	82,008		$	(276,209	)

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

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2018

	Frontier Balanced
Type of contract	Fund
Metals	$	16,990
Currencies		(190,681	)
Energies		42,905
Agriculturals		24,718
Interest rates		(161,677	)
Stock indices		(2,467	)
Realized trading income/(loss)(1)	$	(270,212	)

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2017

	Frontier Balanced			Frontier Select			Frontier Winton
Type of contract	Fund			Fund			Fund
Metals	$	(112,630	)	$	(145,043	)	$	(1,442,763	)
Currencies		238,745			(126,405	)		(1,244,155	)
Energies		(868	)		(516,253	)		(1,721,544	)
Agriculturals		(509,639	)		27,824			399,406
Interest rates		(425,751	)		(768,438	)		(1,296,976	)
Stock indices		240,982			832,876			6,359,249
Realized trading income/(loss)(1)	$	(569,161	)	$	(695,436	)	$	1,053,217

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

Offsetting of Derivative Assets and Liabilities

The following tables summarize the trading revenues for the three and nine months ended September 30, 2018 and 2017 by sector:

Unrealized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2018

	Frontier Balanced
Type of contract	Fund
Metals	$	(10,838	)
Currencies		(83,636	)
Energies		6,294
Agriculturals		38,061
Interest rates		(24,837	)
Stock indices		11,426
Change in unrealized trading income/(loss)(1)	$	(63,530	)

Unrealized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2017

	Frontier Balanced			Frontier Winton
Type of contract	Fund			Fund
Metals	$	41,418		$	(5,368	)
Currencies		(257,141	)		(221,054	)
Energies		8,412			204,615
Agriculturals		59,883			204,560
Interest rates		31,989			(179,186	)
Stock indices		31,400			771,765
Change in unrealized trading income/(loss)(1)	$	(84,039	)	$	775,332

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

Unrealized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2018

	Frontier Balanced
Type of contract	Fund
Metals	$	12,286
Currencies		(185,045	)
Energies		(45,174	)
Agriculturals		(5,025	)
Interest rates		87,216
Stock indices		(5,450	)
Change in unrealized trading income/(loss)(1)	$	(141,192	)

Unrealized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2017

	Frontier Balanced			Frontier Select			Frontier Winton
Type of contract	Fund			Fund			Fund
Metals	$	(110,251	)	$	(51,351	)	$	10,108
Currencies		(258,229	)		(370,286	)		(843,998	)
Energies		11,735			(146,125	)		28,571
Agriculturals		(96,789	)		108,409			(92,870	)
Interest rates		38,801			(296,328	)		(827,879	)
Stock indices		11,496			609,833			95,619
Change in unrealized trading income/(loss)(1)	$	(403,237	)	$	(145,848	)	$	(1,630,449	)

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

Schedule Of Net Trading Gain Loss

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 September 30, 2018 and December 31, 2017.

As of September 30, 2018

						Net Amounts
			Gross Amounts			Presented in the
	Gross Amounts of		offset in the			Statements of
	recognized		Statements of			Financial
	Derivative Assets		Financial			Condition
Frontier Balanced Fund
Open Trade Equity/(Deficit)	$	580,714	$	(604,158	)	$	(23,444	)
Swap Contracts		9,850,185		—			9,850,185
Frontier Diversified Fund
Swap Contracts	$	5,575,997	$	—		$	5,575,997
Frontier Long/Short Commodity Fund
Swap Contracts	$	471,942	$	—		$	471,942
Frontier Heritage Fund
Swap Contracts	$	3,010,288	$	—		$	3,010,288

As of December 31, 2017

						Net Amounts
			Gross Amounts			Presented in the
	Gross Amounts		offset in the			Statements of
	of recognized		Statements of			Financial
	Derivative Assets		Financial Condition			Condition
Frontier Balanced Fund
Open Trade Equity/(Deficit)	$	343,222	$	(164,670	)	$	178,552
Swap Contracts		11,340,959		—			11,340,959
Frontier Diversified Fund
Swap Contracts	$	6,376,472	$	—		$	6,376,472
Frontier Long/Short Commodity Fund
Swap Contracts	$	397,039	$	—		$	397,039
Frontier Heritage Fund
Swap Contracts	$	3,094,367	$	—		$	3,094,367

Equinox Frontier Fund [Member]

Realized Trading Revenue from Futures, Forwards and Options

The following tables summarize the trading revenues for the three and nine months ended September 30, 2018 and 2017 by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2018

Type of contract

Metals	$	234,519
Currencies		520,493
Energies		(25,579	)
Agriculturals		198,513
Interest rates		(298,384	)
Stock indices		546,293
Realized trading income/(loss)(1)	$	1,175,855

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2017

Type of contract

Metals	$	(415,539	)
Currencies		693,018
Energies		(471,279	)
Agriculturals		(562,795	)
Interest rates		(99,299	)
Stock indices		661,692
Realized trading income/(loss)(1)	$	(194,202	)

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

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2018

Type of contract

Metals	$	1,012,647
Currencies		(985,268	)
Energies		1,048,526
Agriculturals		287,301
Interest rates		1,723
Stock indices		(227,965	)
Realized trading income/(loss)(1)	$	1,136,964

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2017

Type of contract

Metals	$	(1,700,436	)
Currencies		(1,131,814	)
Energies		(2,238,664	)
Agriculturals		(82,409	)
Interest rates		(2,491,165	)
Stock indices		7,433,107
Realized trading income/(loss)(1)	$	(211,381	)

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

Offsetting of Derivative Assets and Liabilities

The following tables summarize the trading revenues for the three and nine months ended September 30, 2018 and 2017 by sector:

Unrealized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2018

Type of contract

Metals	$	(235,504	)
Currencies		(538,221	)
Energies		60,010
Agriculturals		(160,030	)
Interest rates		84,141
Stock indices		76,487
Change in unrealized trading income/(loss)(1)	$	(713,117	)

Unrealized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2017

Type of contract

Metals	$	36,050
Currencies		(478,195	)
Energies		213,027
Agriculturals		264,443
Interest rates		(147,197	)
Stock indices		803,166
Change in unrealized trading income/(loss)(1)	$	691,294

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

Unrealized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2018

Type of contract

Metals	$	(474,681	)
Currencies		(425,578	)
Energies		(313,242	)
Agriculturals		65,596
Interest rates		(30,149	)
Stock indices		(49,303	)
Change in unrealized trading income/(loss)(1)	$	(1,227,357	)

Unrealized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2017

Type of contract

Metals	$	(151,493	)
Currencies		(1,472,515	)
Energies		(105,818	)
Agriculturals		(81,250	)
Interest rates		(1,085,406	)
Stock indices		716,949
Change in unrealized trading income/(loss)(1)	$	(2,179,533	)

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

Schedule Of Net Trading Gain Loss

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 September 30, 2018 and December 31, 2017:

As of September 30, 2018

						Net Amounts
			Gross Amounts			Presented in the
	Gross Amounts of		offset in the			Statements of
	recognized		Statements of			Financial
	Derivative Assets		Financial			Condition
Open Trade Equity/(Deficit)	$	1,593,779	$	(1,247,053	)	$	346,726
Swap Contracts		18,908,412		—			18,908,412

As of December 31, 2017

						Net Amounts
			Gross Amounts			Presented in the
			offset in the			Consolidated
	Gross Amounts		Consolidated			Statements of
	of recognized		Statements of			Financial
	Derivative Assets		Financial Condition			Condition
Open Trade Equity/(Deficit)	$	2,758,014	$	(1,189,600	)	$	1,568,414
Swap Contracts		21,208,838		—			21,208,838

XML

Organization and Purpose (Details Narrative)	9 Months Ended
	Sep. 30, 2018
Equinox Frontier Fund [Member]
Managing owner contributions to the series of the trust	1.00%
Equinox Frontier Fund [Member] | Class 1 or Class 1A [Member]
Percentage of NAV charged as a service fees	3.00%
Amortized monthly annual rate	3.00%
Redemption fee	3.00%
Equinox Frontier Fund [Member] | Class 1, Class 1AP and Class 1A [Member]
Redemption fee	3.00%
Equinox Frontier Fund [Member] | Class 2 [Member]
Service fee	0.25%
Equinox Frontier Fund [Member] | Class 2 and Class 2A [Member]
Service fee	0.50%
Service fee charged to limited owners	0.25%
Series Of Frontier Fund [Member]
Managing owner contributions to the series of the trust	1.00%
Series Of Frontier Fund [Member] | Maximum [Member]
Assets normally invested in one or more trading companies	70.00%
Series Of Frontier Fund [Member] | Minimum [Member]
Assets normally invested in one or more trading companies	30.00%
Series Of Frontier Fund [Member] | Class 1 or Class 1A [Member]
Percentage of NAV charged as a service fees	3.00%
Amortized monthly annual rate	3.00%
Redemption fee	3.00%
Series Of Frontier Fund [Member] | Class 1, Class 1AP and Class 1A [Member]
Percentage of NAV charged as a service fees	0.00%
Series Of Frontier Fund [Member] | Class 2 [Member]
Service fee	0.25%
Series Of Frontier Fund [Member] | Class 2 and Class 2A [Member]
Service fee	0.50%
Service fee charged to limited owners	0.25%

XML

Significant Accounting Policies (Details Narrative)	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Series Of Frontier Fund [Member] | Minimum [Member]
Gross income of the Trust constitutes qualifying income	90.00%
Equinox Frontier Fund [Member]
Interest allocated to each Series is paid to the Managing Owner	20.00%
Equinox Frontier Fund [Member] | Minimum [Member]
Gross income of the Trust constitutes qualifying income	90.00%
Equinox Frontier Diversified Fund [Member]
Aggregate interest income from all sources, including assets held at clearing brokers is paid to the Managing Owner		20.00%
Equinox Frontier Diversified Fund [Member] | Maximum [Member]
Aggregate interest income from all sources, including assets held at clearing brokers is paid to the Managing Owner		20.00%
Equinox Frontier Heritage Fund [Member] | Maximum [Member]
Aggregate interest income from all sources, including assets held at clearing brokers is paid to the Managing Owner		2.00%
Equinox Frontier Masters Fund [Member]
Aggregate interest income from all sources, including assets held at clearing brokers is paid to the Managing Owner		20.00%
Equinox Frontier Masters Fund [Member] | Maximum [Member]
Aggregate interest income from all sources, including assets held at clearing brokers is paid to the Managing Owner		20.00%
Equinox Frontier Long/Short Commodity Fund [Member]
Aggregate interest income from all sources, including assets held at clearing brokers is paid to the Managing Owner		20.00%
Equinox Frontier Long/Short Commodity Fund [Member] | Maximum [Member]
Aggregate interest income from all sources, including assets held at clearing brokers is paid to the Managing Owner		20.00%
Equinox Frontier Winton Fund [Member] | Maximum [Member]
Aggregate interest income from all sources, including assets held at clearing brokers is paid to the Managing Owner		2.00%
Equinox Frontier Balanced Fund [Member] | Class 1A and Class 2A [Member]
Aggregate interest income from all sources, including assets held at clearing brokers is paid to the Managing Owner		20.00%
Equinox Frontier Balanced Fund [Member] | Class 1A, Class 2A and Class 3A [Member]
Aggregate interest income from all sources, including assets held at clearing brokers is paid to the Managing Owner		20.00%
Equinox Frontier Balanced Fund [Member] | Maximum [Member] | Class 1 and Class 2 [Member]
Aggregate interest income from all sources, including assets held at clearing brokers is paid to the Managing Owner		2.00%
Equinox Frontier Balanced Fund [Member] | Maximum [Member] | Class 1, Class 1AP and Class 2 [Member]
Aggregate interest income from all sources, including assets held at clearing brokers is paid to the Managing Owner		2.00%
Equinox Frontier Select Fund [Member] | Maximum [Member]
Aggregate interest income from all sources, including assets held at clearing brokers is paid to the Managing Owner		2.00%

XML

Fair Value Measurements (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Swap Contracts	$ 18,908,412	$ 21,208,838
U.S. Treasury Securities	9,591,613	10,887,786
Equinox Frontier Diversified Fund [Member]
Swap Contracts	5,575,997	6,376,472
U.S. Treasury Securities	938,408	767,049
Equinox Frontier Masters Fund [Member]
U.S. Treasury Securities	512,411	1,663,014
Equinox Frontier Long/Short Commodity Fund [Member]
Swap Contracts	471,942	397,039
U.S. Treasury Securities	475,024	614,803
Equinox Frontier Balanced Fund [Member]
Swap Contracts	9,850,185	11,340,959
U.S. Treasury Securities	1,515,106	663,808
Equinox Frontier Select Fund [Member]
U.S. Treasury Securities	330,422	464,427
Equinox Frontier Winton Fund [Member]
U.S. Treasury Securities	4,968,843	5,667,825
Equinox Frontier Heritage Fund [Member]
Swap Contracts	3,010,288	3,094,367
U.S. Treasury Securities	851,399	1,046,861
Fair Value, Measurements, Recurring [Member]
Open Trade Equity (Deficit)	346,726	1,568,414
Swap Contracts	18,908,412	21,208,838
U.S. Treasury Securities	9,591,613	10,887,786
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Open Trade Equity (Deficit)	645,197	1,145,940
Swap Contracts
U.S. Treasury Securities	9,591,613	10,887,786
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Open Trade Equity (Deficit)	(298,471)	422,474
Swap Contracts
U.S. Treasury Securities
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Open Trade Equity (Deficit)
Swap Contracts	18,908,412	21,208,838
U.S. Treasury Securities
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Diversified Fund [Member]
Investment in Unconsolidated Trading Companies	1,146,091	2,208,314
Swap Contracts	5,575,997	6,376,472
U.S. Treasury Securities	938,408	767,049
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Diversified Fund [Member] | Level 1 [Member]
Investment in Unconsolidated Trading Companies	1,169,987	2,152,721
Swap Contracts
U.S. Treasury Securities	938,408	767,049
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Diversified Fund [Member] | Level 2 [Member]
Investment in Unconsolidated Trading Companies	(23,896)	55,593
Swap Contracts
U.S. Treasury Securities
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Diversified Fund [Member] | Level 3 [Member]
Investment in Unconsolidated Trading Companies
Swap Contracts	5,575,997	6,376,472
U.S. Treasury Securities
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Masters Fund [Member]
Investment in Unconsolidated Trading Companies	969,945	1,492,193
U.S. Treasury Securities	512,411	1,663,014
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Masters Fund [Member] | Level 1 [Member]
Investment in Unconsolidated Trading Companies	991,679	1,460,743
U.S. Treasury Securities	512,411	1,663,014
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Masters Fund [Member] | Level 2 [Member]
Investment in Unconsolidated Trading Companies	(21,734)	31,450
U.S. Treasury Securities
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Masters Fund [Member] | Level 3 [Member]
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Long/Short Commodity Fund [Member]
Investment in Unconsolidated Trading Companies	99,860	121,510
Swap Contracts	471,942	397,039
U.S. Treasury Securities	475,024	614,803
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Long/Short Commodity Fund [Member] | Level 1 [Member]
Investment in Unconsolidated Trading Companies	99,860	121,510
Swap Contracts
U.S. Treasury Securities	475,024	614,803
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Long/Short Commodity Fund [Member] | Level 2 [Member]
Investment in Unconsolidated Trading Companies
Swap Contracts
U.S. Treasury Securities
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Long/Short Commodity Fund [Member] | Level 3 [Member]
Investment in Unconsolidated Trading Companies
Swap Contracts	471,942	397,039
U.S. Treasury Securities
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Balanced Fund [Member]
Investment in Unconsolidated Trading Companies	2,144,814	3,154,658
Open Trade Equity (Deficit)	(23,444)	178,552
Swap Contracts	9,850,185	11,340,959
U.S. Treasury Securities	1,515,106	663,808
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Balanced Fund [Member] | Level 1 [Member]
Investment in Unconsolidated Trading Companies	2,190,822	3,072,933
Open Trade Equity (Deficit)	(23,444)	144,983
Swap Contracts
U.S. Treasury Securities	1,515,106	663,808
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Balanced Fund [Member] | Level 2 [Member]
Investment in Unconsolidated Trading Companies	(46,008)	81,725
Open Trade Equity (Deficit)		33,569
Swap Contracts
U.S. Treasury Securities
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Balanced Fund [Member] | Level 3 [Member]
Investment in Unconsolidated Trading Companies
Open Trade Equity (Deficit)
Swap Contracts	9,850,185	11,340,959
U.S. Treasury Securities
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Select Fund [Member]
Investment in Unconsolidated Trading Companies	607,771	670,863
U.S. Treasury Securities	330,422	464,427
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Select Fund [Member] | Level 1 [Member]
Investment in Unconsolidated Trading Companies	69,462	91,790
U.S. Treasury Securities	330,422	464,427
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Select Fund [Member] | Level 2 [Member]
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Select Fund [Member] | Level 3 [Member]
Investment in Unconsolidated Trading Companies	538,309	579,073
U.S. Treasury Securities
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Winton Fund [Member]
Investment in Unconsolidated Trading Companies	5,010,792	7,934,536
U.S. Treasury Securities	4,968,843	5,667,825
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Winton Fund [Member] | Level 1 [Member]
Investment in Unconsolidated Trading Companies	5,110,725	7,750,343
U.S. Treasury Securities	4,968,843	5,667,825
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Winton Fund [Member] | Level 2 [Member]
Investment in Unconsolidated Trading Companies	(99,932)	184,193
U.S. Treasury Securities
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Winton Fund [Member] | Level 3 [Member]
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Heritage Fund [Member]
Investment in Unconsolidated Trading Companies	910,059	1,536,631
Swap Contracts	3,010,288	3,094,367
U.S. Treasury Securities	851,399	1,046,861
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Heritage Fund [Member] | Level 1 [Member]
Investment in Unconsolidated Trading Companies	928,475	1,500,688
Swap Contracts
U.S. Treasury Securities	851,399	1,046,861
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Heritage Fund [Member] | Level 2 [Member]
Investment in Unconsolidated Trading Companies	(18,416)	35,943
Swap Contracts
U.S. Treasury Securities
Fair Value, Measurements, Recurring [Member] | Equinox Frontier Heritage Fund [Member] | Level 3 [Member]
Investment in Unconsolidated Trading Companies
Swap Contracts	3,010,288	3,094,367
U.S. Treasury Securities

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Fair Value Measurements (Details 2) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Swap [Member] | Level 3 [Member]
Balance of recurring Level 3 assets			$ 21,208,838	$ 40,189,178	$ 40,189,178
Included in earnings-unrealized			799,575		(402,290)
Proceeds from collateral reduction			(3,100,000)		(18,578,050)
Balance of recurring Level 3 assets	$ 18,908,412		18,908,412		21,208,838
Equinox Frontier Balanced Fund [Member]
Change in fair value of investments in unconsolidated trading companies	(49,118)	$ (63,498)	(105,602)	373,803
Equinox Frontier Balanced Fund [Member] | Swap [Member] | Level 3 [Member]
Balance of recurring Level 3 assets			11,340,959	18,939,450	18,939,450
Included in earnings-unrealized			509,226		(84,491)
Proceeds from collateral reduction			(2,000,000)		(7,514,000)
Change in ownership allocation
Balance of recurring Level 3 assets	9,850,185		9,850,185		11,340,959
Equinox Frontier Long/Short Commodity Fund [Member]
Change in fair value of investments in unconsolidated trading companies	(1,511)	1,334	301	(47,097)
Equinox Frontier Long/Short Commodity Fund [Member] | Swap [Member] | Level 3 [Member]
Balance of recurring Level 3 assets			397,039	4,220,468	4,220,468
Included in earnings-unrealized			74,903		26,621
Proceeds from collateral reduction					(3,850,050)
Change in ownership allocation
Balance of recurring Level 3 assets	471,942		471,942		397,039
Equinox Frontier Diversified Fund [Member]
Change in fair value of investments in unconsolidated trading companies	(36,144)	(32,229)	(40,546)	311,775
Equinox Frontier Diversified Fund [Member] | Swap [Member] | Level 3 [Member]
Balance of recurring Level 3 assets			6,376,472	8,637,847	8,637,847
Included in earnings-unrealized			299,525		(47,375)
Proceeds from collateral reduction			(1,100,000)		(2,214,000)
Change in ownership allocation
Balance of recurring Level 3 assets	5,575,997		5,575,997		6,376,472
Equinox Frontier Heritage Fund [Member]
Change in fair value of investments in unconsolidated trading companies	(20,832)	(36,791)	(22,800)	170,930
Equinox Frontier Heritage Fund [Member] | Swap [Member] | Level 3 [Member]
Balance of recurring Level 3 assets			3,094,367	8,391,414	8,391,414
Included in earnings-unrealized			(84,079)		(297,047)
Proceeds from collateral reduction					(5,000,000)
Change in ownership allocation
Balance of recurring Level 3 assets	3,010,288		3,010,288		3,094,367
Equinox Frontier Select Fund [Member]
Change in fair value of investments in unconsolidated trading companies	16,945	$ (45,390)	53,962	319,255
Equinox Frontier Select Fund [Member] | Level 3 [Member] | Unconsolidated Trading Company [Member]
Balance of recurring Level 3 assets			579,073	$ 3,147,279	3,147,279
Change in fair value of investments in unconsolidated trading companies			(40,764)		(144,019)
Change in ownership allocation					(2,424,187)
Balance of recurring Level 3 assets	$ 538,309		$ 538,309		$ 579,073

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Fair Value Measurements (Details 3) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Swap [Member]
Balance of recurring Level 3 assets Included in earnings-unrealized	$ 799,575	$ (402,290)
Equinox Frontier Diversified Fund [Member] | Swap [Member]
Balance of recurring Level 3 assets Included in earnings-unrealized	299,525	(47,375)
Equinox Frontier Long/Short Commodity Fund [Member] | Swap [Member]
Balance of recurring Level 3 assets Included in earnings-unrealized	74,903	26,621
Equinox Frontier Balanced Fund [Member] | Swap [Member]
Balance of recurring Level 3 assets Included in earnings-unrealized	509,226	(84,491)
Equinox Frontier Heritage Fund [Member] | Swap [Member]
Balance of recurring Level 3 assets Included in earnings-unrealized	(84,079)	(297,047)
Equinox Frontier Select Fund [Member] | Investment In Unconsolidated Companies [Member]
Balance of recurring Level 3 assets Included in earnings-unrealized	$ (40,765)	$ (144,019)

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Swap Contract (Details) - Swap [Member] - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Change in Unrealized Gain/(Loss)	$ (788,755)	$ 663,203	$ 799,574	$ 94,319
Equinox Frontier Balanced Fund [Member]
Change in Unrealized Gain/(Loss)	(620,424)	356,572	509,226	420,488
Equinox Frontier Balanced Fund [Member] | DeutscheBank AG [Member]
Notional Amount	11,735,292		$ 11,735,292		$ 13,373,629
Termination Date			Mar. 31, 2023		Aug. 02, 2018
Cash Collateral	86,000		$ 86,000		$ 2,086,000
Swap Value	9,764,185		$ 9,764,185		$ 9,254,959
Investee Returns			Total Returns		Total Returns
Realized Gain/(Loss)			$ 0		$ 0
Change in Unrealized Gain/(Loss)			509,226		(84,491)
Fair Value	9,850,185		9,850,185		11,340,959
Advance on swap appreciation			(4,926,555)		(4,926,555)
Equinox Frontier Diversified Fund [Member]
Change in Unrealized Gain/(Loss)	(213,803)	145,433	299,525	147,788
Equinox Frontier Diversified Fund [Member] | DeutscheBank AG [Member]
Notional Amount	3,054,369		$ 3,054,369		$ 4,651,155
Termination Date			Mar. 31, 2023		Aug. 02, 2018
Cash Collateral	86,000		$ 86,000		$ 1,186,000
Swap Value	5,489,997		$ 5,489,997		$ 5,190,472
Investee Returns			Total Returns		Total Returns
Realized Gain/(Loss)			$ 0		$ 0
Change in Unrealized Gain/(Loss)			299,525		(47,375)
Fair Value	5,575,997		5,575,997		6,376,472
Advance on swap appreciation			(2,500,000)		(2,500,000)
Equinox Frontier Long/Short Commodity Fund [Member]
Realized Gain/(Loss)	39,017	50,384
Change in Unrealized Gain/(Loss)			74,903	39,954
Equinox Frontier Long/Short Commodity Fund [Member] | DeutscheBank AG [Member]
Notional Amount	653,610		$ 653,610		$ 653,610
Termination Date			Mar. 31, 2023		Aug. 07, 2018
Cash Collateral	29,950		$ 29,950		$ 29,950
Swap Value	441,992		$ 441,992		$ 367,089
Investee Returns			Total Returns		Total Returns
Realized Gain/(Loss)			$ 0		$ 0
Change in Unrealized Gain/(Loss)			74,903		26,621
Fair Value	471,942		471,942		397,039
Advance on swap appreciation			(115,000)		(115,000)
Equinox Frontier Heritage Fund [Member]
Change in Unrealized Gain/(Loss)	6,454	$ 110,814	(84,079)	$ (513,913)
Equinox Frontier Heritage Fund [Member] | DeutscheBank AG [Member]
Notional Amount	2,072,056		$ 2,072,056		$ 2,072,056
Termination Date			Mar. 27, 2023		Mar. 26, 2018
Cash Collateral	978,950		$ 978,950		$ 982,500
Swap Value	2,031,338		$ 2,031,338		$ 2,111,867
Investee Returns			Total Returns		Total Returns
Realized Gain/(Loss)			$ 0		$ 0
Change in Unrealized Gain/(Loss)			(84,079)		(297,047)
Fair Value	3,010,288		3,010,288		3,094,367
Advance on swap appreciation			(1,900,000)		(1,900,000)
XXXIV Balanced Select Swap [Member] | DeutscheBank AG [Member]
Notional Amount	11,735,292		$ 11,735,292		$ 13,373,629
Termination Date			Mar. 31, 2023		Aug. 02, 2018
Cash Collateral	86,000		$ 86,000		$ 2,086,000
Swap Value	9,764,185		$ 9,764,185		$ 9,254,959
Investee Returns			Total Returns		Total Returns
Realized Gain/(Loss)			$ 0		$ 0
Change in Unrealized Gain/(Loss)			509,226		(84,491)
Fair Value	9,850,185		9,850,185		11,340,959
Advance on swap appreciation			(4,926,555)		(4,926,555)
XXXV Diversified Select Swap [Member] | DeutscheBank AG [Member]
Notional Amount	3,054,369		$ 3,054,369		$ 4,651,155
Termination Date			Mar. 31, 2023		Aug. 02, 2018
Cash Collateral	86,000		$ 86,000		$ 1,186,000
Swap Value	5,489,997		$ 5,489,997		$ 5,190,472
Investee Returns			Total Returns		Total Returns
Realized Gain/(Loss)			$ 0		$ 0
Change in Unrealized Gain/(Loss)			299,525		(47,375)
Fair Value	5,575,997		5,575,997		6,376,472
Advance on swap appreciation			(2,500,000)		(2,500,000)
XXXVII L/S Select Swap [Member] | DeutscheBank AG [Member]
Notional Amount	653,610		$ 653,610		$ 653,610
Termination Date			Mar. 31, 2023		Aug. 07, 2018
Cash Collateral	29,950		$ 29,950		$ 29,950
Swap Value	441,992		$ 441,992		$ 367,089
Investee Returns			Total Returns		Total Returns
Realized Gain/(Loss)			$ 0		$ 0
Change in Unrealized Gain/(Loss)			74,903		26,621
Fair Value	471,942		471,942		397,039
Advance on swap appreciation			(115,000)		(115,000)
XXXIX Brevan Howard [Member] | DeutscheBank AG [Member]
Notional Amount	2,072,056		$ 2,072,056		$ 2,072,056
Termination Date			Mar. 27, 2023		Mar. 26, 2018
Cash Collateral	978,950		$ 978,950		$ 982,500
Swap Value	2,031,338		$ 2,031,338		$ 2,111,867
Investee Returns			Total Returns		Total Returns
Realized Gain/(Loss)			$ 0		$ 0
Change in Unrealized Gain/(Loss)			(84,079)		(297,047)
Fair Value	$ 3,010,288		3,010,288		3,094,367
Advance on swap appreciation			$ (1,900,000)		$ (1,900,000)

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Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Equinox Frontier Diversified Fund [Member]
Investments in unconsolidated trading companies, at fair value	$ 1,146,091	$ 2,225,210
Equinox Frontier Diversified Fund [Member] | Frontier Trading Companies II and XXXVIII [Member]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	6.76%	10.37%
Investments in unconsolidated trading companies, at fair value	$ 1,146,091	$ 2,225,210
Equinox Frontier Masters Fund [Member]
Investments in unconsolidated trading companies, at fair value	$ 969,945	$ 1,501,142
Equinox Frontier Masters Fund [Member] | Frontier Trading Companies II and XXXVIII [Member]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	14.28%	12.55%
Investments in unconsolidated trading companies, at fair value	$ 969,945	$ 1,501,142
Equinox Frontier Long/Short Commodity Fund [Member]
Investments in unconsolidated trading companies, at fair value	$ 99,860	$ 121,510
Equinox Frontier Long/Short Commodity Fund [Member] | Frontier Trading Company XXXVIII [Member]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	3.32%	2.86%
Investments in unconsolidated trading companies, at fair value	$ 99,860	$ 121,510
Equinox Frontier Balanced Fund [Member]
Investments in unconsolidated trading companies, at fair value	$ 2,144,814	$ 3,178,176
Equinox Frontier Balanced Fund [Member] | Frontier Trading Companies II and XXXVIII [Member]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	6.13%	6.59%
Investments in unconsolidated trading companies, at fair value	$ 2,144,814	$ 3,178,176
Equinox Frontier Select Fund [Member]
Investments in unconsolidated trading companies, at fair value	$ 607,771	$ 670,863
Equinox Frontier Select Fund [Member] | Frontier Trading Companies XXXVIII and XXXIX [Member]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	13.82%	9.86%
Investments in unconsolidated trading companies, at fair value	$ 607,771	$ 670,863
Equinox Frontier Winton Fund [Member]
Investments in unconsolidated trading companies, at fair value	$ 5,010,792	$ 7,987,575
Equinox Frontier Winton Fund [Member] | Frontier Trading Companies II and XXXVIII [Member]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	48.77%	53.79%
Investments in unconsolidated trading companies, at fair value	$ 5,010,792	$ 7,987,575
Equinox Frontier Heritage Fund [Member]
Investments in unconsolidated trading companies, at fair value	$ 910,059	$ 1,546,974
Equinox Frontier Heritage Fund [Member] | Frontier Trading Companies II and XXXVIII [Member]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	18.25%	22.66%
Investments in unconsolidated trading companies, at fair value	$ 910,059	$ 1,536,631

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Investments in Unconsolidated Trading Companies and Private Investment Companies (Details 2) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Trading Commissions	$ (536,503)	$ (816,697)	$ (2,115,347)	$ (5,421,084)
Realized Gain/(Loss)	1,083,414	(543,371)	(4,462,044)	12,430,757
Change in Unrealized Gain/(Loss)	(1,454,761)	601,928	(1,713,225)	(6,236,677)
Net Income (Loss)	(907,850)	(758,140)	(8,290,616)	772,996
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Trading Commissions	(13,448)	(27,526)	(81,572)	(111,211)
Realized Gain/(Loss)	(89,558)	(83,578)	(372,395)	(720,482)
Change in Unrealized Gain/(Loss)	130,963	219,283	140,200	247,580
Net Income (Loss)	27,957	108,179	(313,767)	(584,113)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC [Member]
Trading Commissions	(21,883)	(29,346)	(72,912)	(116,596)
Realized Gain/(Loss)	61,611	63,445	(167,998)	304,648
Change in Unrealized Gain/(Loss)	(36,452)	2,935	(34,229)	(53,120)
Net Income (Loss)	3,276	37,034	(275,139)	134,932
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC [Member]
Trading Commissions	(178,875)	(222,560)	(700,233)	(1,330,361)
Realized Gain/(Loss)	1,104,050	1,811,488	2,033,337	4,599,674
Change in Unrealized Gain/(Loss)	(1,538,861)	(935,550)	(1,717,641)	304,067
Net Income (Loss)	(613,686)	653,378	(384,537)	3,573,380
Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Trading Commissions			(804)	(570,790)
Realized Gain/(Loss)		(2,947)	(62)	(2,947)
Change in Unrealized Gain/(Loss)	(97,339)	(344,286)	(152,150)	(1,389,486)
Net Income (Loss)	(97,339)	(347,233)	(153,016)	(1,963,223)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Trading Commissions	(59,105)	(90,999)	(174,274)	(1,822,201)
Realized Gain/(Loss)	(298,023)	(1,103,456)	(1,242,377)	5,221,007
Change in Unrealized Gain/(Loss)	45,680	1,092,377	108,280	393,843
Net Income (Loss)	(311,448)	(102,078)	(1,308,371)	3,792,649
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC [Member]
Trading Commissions	(18,549)	(56,647)	(118,457)	(346,240)
Realized Gain/(Loss)	55,948	(291,572)	(42,689)	498,355
Change in Unrealized Gain/(Loss)	(8,557)	(938)	9,173	339,271
Net Income (Loss)	28,842	(349,157)	(151,973)	491,386
Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Trading Commissions	(14,086)	(17,531)	(43,536)	(85,937)
Realized Gain/(Loss)	(92,604)	(39,564)	(175,750)	2,436,910
Change in Unrealized Gain/(Loss)	13,074	29,219	19,406	(3,127,619)
Net Income (Loss)	(93,616)	(27,876)	(199,880)	(776,646)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Trading Commissions	(171,382)	(297,366)	(715,002)	(601,695)
Realized Gain/(Loss)	119,936	(732,794)	(4,340,773)	(1,507,427)
Change in Unrealized Gain/(Loss)	183,815	413,322	379,408	(798,914)
Net Income (Loss)	132,369	(616,838)	(4,676,367)	(2,908,036)
Galaxy Plus Fund - TT Feeder Fund (531) LLC [Member]
Trading Commissions	(39,323)		(134,728)	(26,272)
Realized Gain/(Loss)	187,011		39,795	455,907
Change in Unrealized Gain/(Loss)	46,880	(244,467)	(286,272)	(1,826,328)
Net Income (Loss)	194,568	(244,467)	(381,205)	(1,396,693)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) [Member]
Trading Commissions		(22,467)		(188,852)
Realized Gain/(Loss)		51,664	(76,396)	(364,753)
Change in Unrealized Gain/(Loss)		(95,593)	68,413	528,870
Net Income (Loss)		(66,396)	(7,983)	(24,735)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Trading Commissions	(19,852)	(52,255)	(73,829)	(220,929)
Realized Gain/(Loss)	35,043	(216,057)	(116,736)	1,509,865
Change in Unrealized Gain/(Loss)	62,055	556,885	81,270	(59,134)
Net Income (Loss)	77,246	288,573	(109,295)	1,229,802
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC [Member]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	(256,019)	(91,259)	(329,083)	(795,707)
Net Income (Loss)	(256,019)	(91,259)	(329,083)	(795,707)
Equinox Frontier Diversified Fund [Member]
Trading Commissions	(118,626)	(214,239)	(434,830)	(1,767,430)
Realized Gain/(Loss)	168,622	(460,268)	(973,959)	5,313,235
Change in Unrealized Gain/(Loss)	(231,146)	600,389	(222,715)	(2,497,081)
Net Income (Loss)	(181,150)	(74,118)	(1,631,504)	1,048,724
Equinox Frontier Diversified Fund [Member] | Frontier Trading Company II LLC [Member]
Trading Commissions				(34,961)
Realized Gain/(Loss)				156,232
Change in Unrealized Gain/(Loss)	34,017	29,203	40,239	(215,541)
Net Income (Loss)	34,017	29,203	40,239	(94,270)
Equinox Frontier Diversified Fund [Member] | Frontier Trading Company XXXVIII ,LLC [Member]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	2,127	3,026	307	(217,505)
Net Income (Loss)	2,127	3,026	307	(217,505)
Equinox Frontier Diversified Fund [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Trading Commissions	(4,157)	(8,281)	(25,766)	(47,202)
Realized Gain/(Loss)	(23,653)	(26,711)	(94,474)	(275,640)
Change in Unrealized Gain/(Loss)	34,404	65,961	36,713	107,879
Net Income (Loss)	6,594	30,969	(83,527)	(214,963)
Equinox Frontier Diversified Fund [Member] | Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC [Member]
Trading Commissions		(5,529)		(57,740)
Realized Gain/(Loss)		14,423		(282,402)
Change in Unrealized Gain/(Loss)		(32,526)		368,874
Net Income (Loss)		(23,632)		28,732
Equinox Frontier Diversified Fund [Member] | Galaxy Plus Fund - Doherty Feeder Fund (528) LLC [Member]
Trading Commissions	(9,004)	(11,301)	(28,732)	(48,192)
Realized Gain/(Loss)	22,242	21,985	(48,799)	115,185
Change in Unrealized Gain/(Loss)	(13,179)	865	(12,067)	(20,362)
Net Income (Loss)	59	11,549	(89,598)	46,631
Equinox Frontier Diversified Fund [Member] | Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC [Member]
Trading Commissions	(39,614)	(41,460)	(127,929)	(372,907)
Realized Gain/(Loss)	258,878	371,152	449,134	1,308,793
Change in Unrealized Gain/(Loss)	(358,841)	(187,157)	(404,314)	157,823
Net Income (Loss)	(139,577)	142,535	(83,109)	1,093,709
Equinox Frontier Diversified Fund [Member] | Galaxy Plus Fund - FORT Global Managed Futures Feeder Fund (510) LLC [Member]
Trading Commissions	(9,027)	(15,109)	(28,612)	(86,543)
Realized Gain/(Loss)	10,939	(55,000)	(2,139)	613,006
Change in Unrealized Gain/(Loss)	20,972	140,263	29,425	(32,023)
Net Income (Loss)	22,884	70,154	(1,326)	494,440
Equinox Frontier Diversified Fund [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Trading Commissions
Realized Gain/(Loss)		(15)	(62)	(15)
Change in Unrealized Gain/(Loss)	(2,350)	(93,042)	1,592	(379,526)
Net Income (Loss)	(2,350)	(93,057)	1,530	(379,541)
Equinox Frontier Diversified Fund [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Trading Commissions	(20,929)	(38,315)	(62,615)	(716,264)
Realized Gain/(Loss)	(92,636)	(410,394)	(428,811)	2,120,108
Change in Unrealized Gain/(Loss)	16,282	402,029	18,024	(618)
Net Income (Loss)	(97,283)	(46,680)	(473,402)	1,403,226
Equinox Frontier Diversified Fund [Member] | Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC [Member]
Trading Commissions	(8,047)	(25,622)	(45,287)	(170,681)
Realized Gain/(Loss)	17,990	(105,994)	(7,954)	290,815
Change in Unrealized Gain/(Loss)	(2,619)	(426)	2,742	121,852
Net Income (Loss)	7,324	(132,042)	(50,499)	241,986
Equinox Frontier Diversified Fund [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Trading Commissions	(7,511)	(10,292)	(23,108)	(65,209)
Realized Gain/(Loss)	(46,302)	(25,052)	(89,102)	1,793,033
Change in Unrealized Gain/(Loss)	6,537	26,393	9,703	(2,309,045)
Net Income (Loss)	(47,276)	(8,951)	(102,507)	(581,221)
Equinox Frontier Diversified Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Trading Commissions	(20,337)	(58,330)	(92,781)	(167,731)
Realized Gain/(Loss)	21,164	(244,662)	(751,752)	(525,880)
Change in Unrealized Gain/(Loss)	31,504	245,800	54,921	(78,889)
Net Income (Loss)	32,331	(57,192)	(789,612)	(772,500)
Frontier Masters Fund [Member]
Trading Commissions	(101,521)	(130,197)	(398,100)	(517,154)
Realized Gain/(Loss)	348,151	307,155	(280,134)	876,839
Change in Unrealized Gain/(Loss)	(279,775)	(277,688)	(557,995)	(1,273,450)
Net Income (Loss)	(33,145)	(100,730)	(1,236,229)	(913,765)
Frontier Masters Fund [Member] | Frontier Trading Company II LLC [Member]
Trading Commissions				25,034
Realized Gain/(Loss)				91,810
Change in Unrealized Gain/(Loss)	(4,703)	36,130	(99,255)	(254,854)
Net Income (Loss)	(4,703)	36,130	(99,255)	(138,010)
Frontier Masters Fund [Member] | Frontier Trading Company XXXVIII ,LLC [Member]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	3,100	(4,657)	20,318	(108,362)
Net Income (Loss)	3,100	(4,657)	20,318	(108,362)
Frontier Masters Fund [Member] | Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC [Member]
Trading Commissions		(11,827)		(81,868)
Realized Gain/(Loss)		27,230	(76,396)	(54,404)
Change in Unrealized Gain/(Loss)		(47,312)	68,413	103,126
Net Income (Loss)		(31,909)	(7,983)	(33,146)
Frontier Masters Fund [Member] | Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC [Member]
Trading Commissions	(51,154)	(62,543)	(200,364)	(287,707)
Realized Gain/(Loss)	235,343	419,529	498,398	937,794
Change in Unrealized Gain/(Loss)	(326,220)	(214,880)	(429,904)	43,617
Net Income (Loss)	(142,031)	142,106	(131,870)	693,704
Frontier Masters Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Trading Commissions	(32,744)	(55,827)	(132,925)	(89,695)
Realized Gain/(Loss)	17,636	(139,604)	(709,314)	(176,476)
Change in Unrealized Gain/(Loss)	26,253	81,403	39,893	(192,207)
Net Income (Loss)	11,145	(114,028)	(802,346)	(458,378)
Frontier Masters Fund [Member] | Galaxy Plus Fund - TT Feeder Fund (531) LLC [Member]
Trading Commissions	(17,623)		(64,811)
Realized Gain/(Loss)	95,172		7,178
Change in Unrealized Gain/(Loss)	21,795	(128,372)	(157,460)	(749,376)
Net Income (Loss)	99,344	(128,372)	(215,093)	(749,376)
Frontier Masters Fund [Member] | Frontier Trading Company XV, LLC [Member]
Trading Commissions				(82,918)
Realized Gain/(Loss)				78,115
Change in Unrealized Gain/(Loss)				(115,394)
Net Income (Loss)				(120,197)
Frontier Long/Short Commodity Fund [Member]
Trading Commissions	(34,720)	(73,694)	(135,557)	(900,877)
Realized Gain/(Loss)	90,720	158,882	(39,267)	516,107
Change in Unrealized Gain/(Loss)	(199,453)	(61,713)	(286,547)	99,129
Net Income (Loss)	(143,453)	23,475	(461,371)	(285,641)
Frontier Long/Short Commodity Fund [Member] | Frontier Trading Company XXXVIII ,LLC [Member]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	1,511	(1,334)	(301)	48,430
Net Income (Loss)	1,511	(1,334)	(301)	48,430
Frontier Long/Short Commodity Fund [Member] | Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC [Member]
Trading Commissions		(5,111)		(49,244)
Realized Gain/(Loss)		10,011		(27,947)
Change in Unrealized Gain/(Loss)		(15,755)		56,870
Net Income (Loss)		(10,855)		(20,321)
Frontier Long/Short Commodity Fund [Member] | Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC [Member]
Trading Commissions	(19,658)	(37,912)	(75,198)	(219,046)
Realized Gain/(Loss)	84,795	210,831	191,295	608,857
Change in Unrealized Gain/(Loss)	(121,669)	(102,127)	(164,749)	93,673
Net Income (Loss)	(56,532)	70,792	(48,652)	483,484
Frontier Long/Short Commodity Fund [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Trading Commissions			(681)	(570,790)
Realized Gain/(Loss)		(2,869)		(2,869)
Change in Unrealized Gain/(Loss)	(90,105)	5,305	(145,612)	5,305
Net Income (Loss)	(90,105)	2,436	(146,293)	(568,354)
Frontier Long/Short Commodity Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Trading Commissions	(15,062)	(30,671)	(59,678)	(61,797)
Realized Gain/(Loss)	5,925	(59,091)	(230,562)	(61,934)
Change in Unrealized Gain/(Loss)	10,810	52,198	24,115	(105,149)
Net Income (Loss)	1,673	(37,564)	(266,125)	(228,880)
Frontier Balanced Fund [Member]
Trading Commissions	(194,782)	(333,191)	(822,495)	(2,269,567)
Realized Gain/(Loss)	355,161	(668,042)	(2,121,678)	5,692,375
Change in Unrealized Gain/(Loss)	(476,310)	1,026,230	(227,908)	(1,761,279)
Net Income (Loss)	(315,931)	24,997	(3,172,081)	1,661,529
Frontier Balanced Fund [Member] | Frontier Trading Company II LLC [Member]
Trading Commissions				(32,747)
Realized Gain/(Loss)				216,451
Change in Unrealized Gain/(Loss)	46,550	72,519	114,510	(342,327)
Net Income (Loss)	46,550	72,519	114,510	(158,623)
Frontier Balanced Fund [Member] | Frontier Trading Company XXXVIII ,LLC [Member]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	2,568	(9,021)	(8,908)	(215,180)
Net Income (Loss)	2,568	(9,021)	(8,908)	(215,180)
Frontier Balanced Fund [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Trading Commissions	(9,291)	(19,245)	(53,188)	(64,009)
Realized Gain/(Loss)	(65,905)	(56,867)	(277,921)	(444,842)
Change in Unrealized Gain/(Loss)	96,559	153,322	103,487	139,701
Net Income (Loss)	21,363	77,210	(227,622)	(369,150)
Frontier Balanced Fund [Member] | Galaxy Plus Fund - Doherty Feeder Fund (528) LLC [Member]
Trading Commissions	(12,879)	(18,045)	(44,264)	(68,404)
Realized Gain/(Loss)	39,369	41,460	(119,199)	189,463
Change in Unrealized Gain/(Loss)	(23,273)	2,070	(22,162)	(32,758)
Net Income (Loss)	3,217	25,485	(185,625)	88,301
Frontier Balanced Fund [Member] | Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC [Member]
Trading Commissions	(68,449)	(80,645)	(296,953)	(450,701)
Realized Gain/(Loss)	525,034	809,976	894,510	1,744,230
Change in Unrealized Gain/(Loss)	(732,131)	(431,386)	(718,674)	8,954
Net Income (Loss)	(275,546)	297,945	(121,117)	1,302,483
Frontier Balanced Fund [Member] | Galaxy Plus Fund - FORT Global Managed Futures Feeder Fund (510) LLC [Member]
Trading Commissions	(10,825)	(37,146)	(47,185)	(134,386)
Realized Gain/(Loss)	24,104	(161,057)	(114,597)	896,859
Change in Unrealized Gain/(Loss)	41,083	416,622	51,845	(27,111)
Net Income (Loss)	54,362	218,419	(109,937)	735,362
Frontier Balanced Fund [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Trading Commissions			(123)
Realized Gain/(Loss)		(63)		(63)
Change in Unrealized Gain/(Loss)	(4,884)	(256,549)	(8,469)	(1,015,265)
Net Income (Loss)	(4,884)	(256,612)	(8,592)	(1,015,328)
Frontier Balanced Fund [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Trading Commissions	(38,176)	(52,684)	(111,704)	(1,105,937)
Realized Gain/(Loss)	(205,387)	(693,062)	(813,565)	3,100,899
Change in Unrealized Gain/(Loss)	29,398	690,348	90,256	394,461
Net Income (Loss)	(214,165)	(55,398)	(835,013)	2,389,423
Frontier Balanced Fund [Member] | Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC [Member]
Trading Commissions	(10,502)	(31,025)	(73,053)	(175,559)
Realized Gain/(Loss)	37,958	(185,578)	(34,735)	207,540
Change in Unrealized Gain/(Loss)	(5,938)	(512)	6,431	217,419
Net Income (Loss)	21,518	(217,115)	(101,357)	249,400
Frontier Balanced Fund [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Trading Commissions	(6,575)	(7,239)	(20,503)	(20,728)
Realized Gain/(Loss)	(46,302)	(14,512)	(88,994)	643,877
Change in Unrealized Gain/(Loss)	6,537	2,826	9,703	(818,574)
Net Income (Loss)	(46,340)	(18,925)	(99,794)	(195,425)
Frontier Balanced Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Trading Commissions	(38,085)	(87,162)	(175,522)	(217,096)
Realized Gain/(Loss)	46,290	(408,339)	(1,567,177)	(862,039)
Change in Unrealized Gain/(Loss)	67,221	385,991	154,073	(70,599)
Net Income (Loss)	75,426	(109,510)	(1,588,626)	(1,149,734)
Frontier Select Fund [Member]
Trading Commissions	(53,665)	(35,396)	(195,460)	(61,668)
Realized Gain/(Loss)	105,769	67,150	(513,933)	523,057
Change in Unrealized Gain/(Loss)	33,852	(280,234)	(143,435)	(1,605,736)
Net Income (Loss)	85,956	(248,480)	(852,828)	(966,572)
Frontier Select Fund [Member] | Frontier Trading Company XXXVIII ,LLC [Member]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	(20,172)	(8,337)	(15,611)	(70,090)
Net Income (Loss)	(20,172)	(8,337)	(15,611)	(70,092)
Frontier Select Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Trading Commissions	(31,965)		(112,056)	(35,396)
Realized Gain/(Loss)	13,930		(80,517)	67,150
Change in Unrealized Gain/(Loss)	25,712	(209,529)	(182,320)	(209,529)
Net Income (Loss)	7,677	(209,529)	(374,893)	(177,775)
Frontier Select Fund [Member] | Galaxy Plus Fund - TT Feeder Fund (531) LLC [Member]
Trading Commissions	(21,700)	(35,396)	(83,404)	(26,272)
Realized Gain/(Loss)	91,839	67,150	(433,416)	455,907
Change in Unrealized Gain/(Loss)	25,085	(116,095)	92,847	(1,076,952)
Net Income (Loss)	95,224	(84,341)	(423,973)	(647,317)
Frontier Select Fund [Member] | Frontier Trading Company XXXIX, LLC [Member]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	3,227	53,727	(38,351)	(249,165)
Net Income (Loss)	3,227	53,727	(38,351)	(249,163)
Frontier Winton Fund [Member]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	156,865	(31,155)	(95,896)	(334,372)
Net Income (Loss)	156,865	(31,155)	(95,896)	(334,372)
Frontier Winton Fund [Member] | Frontier Trading Company II LLC [Member]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	2,568		(183,988)
Net Income (Loss)	2,568		(183,988)
Frontier Winton Fund [Member] | Frontier Trading Company XXXVIII ,LLC [Member]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	154,297	(31,155)	88,092	(334,372)
Net Income (Loss)	154,297	(31,155)	88,092	(334,372)
Frontier Heritage Fund [Member]
Trading Commissions	(33,189)	(29,980)	(128,567)	(91,543)
Realized Gain/(Loss)	14,991	51,752	(535,418)	165,334
Change in Unrealized Gain/(Loss)	43,147	(105,750)	89,867	(365,490)
Net Income (Loss)	24,949	(83,978)	(574,118)	(291,699)
Frontier Heritage Fund [Member] | Frontier Trading Company II LLC [Member]
Trading Commissions				(61,563)
Realized Gain/(Loss)				113,582
Change in Unrealized Gain/(Loss)	19,781	46,789	26,444	(118,339)
Net Income (Loss)	19,781	46,789	26,444	(66,320)
Frontier Heritage Fund [Member] | Frontier Trading Company XXXVIII ,LLC [Member]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	1,051	(9,998)	(3,644)	(104,610)
Net Income (Loss)	1,051	(9,998)	(3,644)	(104,610)
Frontier Heritage Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Trading Commissions	(33,189)	(29,980)	(128,567)	(29,980)
Realized Gain/(Loss)	14,991	51,752	(535,418)	51,752
Change in Unrealized Gain/(Loss)	22,315	(142,541)	67,067	(142,541)
Net Income (Loss)	$ 4,117	$ (120,769)	$ (596,918)	$ (120,769)

XML

Transactions with Affiliates (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Incentive Fee	$ 10,897		$ 159,306	$ (205,571)
Management Fee	189,058	297,987	650,179	1,263,162
Trading Fee	733,788	1,080,095	2,366,003	4,206,610
Managing Owner [Member]
Incentive Fee	10,897		159,306	(205,571)
Management Fee	189,058	297,987	650,179	1,263,162
Service Fee	387,003	556,766	1,264,101	1,989,777
Trading Fee	733,788	1,080,095	2,366,003	4,206,610
Equinox Frontier Diversified Fund [Member]
Incentive Fee	10,897
Management Fee	13,113	13,509	37,905	69,251
Trading Fee	145,750	221,452	454,513	1,154,233
Equinox Frontier Diversified Fund [Member] | Managing Owner [Member]
Incentive Fee	10,897		12,778	(63,508)
Management Fee	13,113	13,509	37,905	69,251
Service Fee	14,432	24,584	45,236	110,769
Trading Fee	145,750	221,452	454,513	1,154,233
Equinox Frontier Masters Fund [Member]
Management Fee	22,605	26,862	83,816	150,767
Service Fee			39,503
Trading Fee	95,225	151,229	335,271	527,813
Equinox Frontier Masters Fund [Member] | Managing Owner [Member]
Incentive Fee
Management Fee	22,605	26,862	83,816	150,767
Service Fee	11,605	19,585	39,503	72,519
Trading Fee	95,225	151,229	335,271	527,813
Equinox Frontier Long/Short Commodity Fund [Member]
Trading Fee	19,318	40,897	65,530	183,990
Equinox Frontier Long/Short Commodity Fund [Member] | Managing Owner [Member]
Incentive Fee				(87,670)
Management Fee
Service Fee	334	1,867	1,398	12,838
Trading Fee	19,318	40,897	65,530	183,990
Equinox Frontier Balanced Fund [Member]
Incentive Fee			145,134
Management Fee	26,643	25,760	69,545	102,297
Trading Fee	339,537	462,275	1,068,482	1,625,446
Equinox Frontier Balanced Fund [Member] | Managing Owner [Member]
Incentive Fee			145,134
Management Fee	26,643	25,760	69,545	102,297
Service Fee	222,302	323,572	723,093	1,106,847
Trading Fee	339,537	462,275	1,068,482	1,625,446
Equinox Frontier Select Fund [Member]
Management Fee				102,047
Trading Fee	27,076	39,673	92,779	137,940
Equinox Frontier Select Fund [Member] | Managing Owner [Member]
Incentive Fee
Management Fee				102,047
Service Fee	32,149	46,479	105,111	176,247
Trading Fee	27,076	39,673	92,779	137,940
Equinox Frontier Winton Fund [Member]
Incentive Fee				(49,790)
Management Fee	104,062	188,835	366,404	677,921
Trading Fee	73,379	127,661	236,657	431,025
Equinox Frontier Winton Fund [Member] | Managing Owner [Member]
Incentive Fee				(49,790)
Management Fee	104,062	188,835	366,404	677,921
Service Fee	76,839	99,725	252,006	368,816
Trading Fee	73,379	127,661	236,657	431,025
Equinox Frontier Heritage Fund [Member]
Incentive Fee			1,394	(4,603)
Management Fee	22,635	43,021	92,509	160,879
Trading Fee	33,624	36,907	112,771	$ 146,164
Equinox Frontier Heritage Fund [Member] | Managing Owner [Member]
Incentive Fee			1,394
Management Fee	22,635	43,021	92,509
Service Fee	29,343	40,954	97,753
Trading Fee	$ 33,624	$ 36,907	$ 112,771

XML

Transactions with Affiliates (Details 2) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Incentive Fees	$ 10,897	$ 53,036
Management Fees	79,601	90,972
Trading Fees	238,073	334,485
Managing Owner [Member]
Incentive Fees	10,897	53,036
Management Fees	79,601	90,972
Interest Fees	22,088	26,007
Service Fees	238,073	148,445
Trading Fees	456,734	334,485
Equinox Frontier Diversified Fund [Member]
Incentive Fees	10,897	12,847
Management Fees	8,244	4,049
Trading Fees	47,283	61,188
Equinox Frontier Diversified Fund [Member] | Managing Owner [Member]
Incentive Fees	10,897	12,847
Management Fees	8,244	4,049
Interest Fees
Service Fees	4,552	3,614
Trading Fees	47,283	61,188
Equinox Frontier Masters Fund [Member]
Management Fees	7,494	8,949
Trading Fees	32,173	49,131
Equinox Frontier Masters Fund [Member] | Managing Owner [Member]
Incentive Fees
Management Fees	7,494	8,949
Interest Fees
Service Fees	2,625	3,570
Trading Fees	32,173	49,131
Equinox Frontier Long/Short Commodity Fund [Member]
Trading Fees	6,259	9,125
Equinox Frontier Long/Short Commodity Fund [Member] | Managing Owner [Member]
Incentive Fees
Management Fees
Interest Fees	44	103
Service Fees	66	172
Trading Fees	6,259	9,125
Equinox Frontier Balanced Fund [Member]
Incentive Fees		40,189
Management Fees	23,019	11,465
Trading Fees	108,152	140,868
Equinox Frontier Balanced Fund [Member] | Managing Owner [Member]
Incentive Fees		40,189
Management Fees	23,019	11,465
Interest Fees	3,591	2,528
Service Fees	61,951	88,149
Trading Fees	108,152	140,868
Equinox Frontier Select Fund [Member]
Trading Fees	8,530	14,898
Equinox Frontier Select Fund [Member] | Managing Owner [Member]
Incentive Fees
Management Fees
Interest Fees	765	1,358
Service Fees	7,750	14,743
Trading Fees	8,530	14,898
Equinox Frontier Winton Fund [Member]
Management Fees	34,474	53,039
Trading Fees	23,696	43,573
Equinox Frontier Winton Fund [Member] | Managing Owner [Member]
Incentive Fees
Management Fees	34,474	53,039
Interest Fees	15,770	20,992
Service Fees	20,813	26,714
Trading Fees	23,696	43,573
Equinox Frontier Heritage Fund [Member]
Management Fees	6,370	13,471
Trading Fees	11,980	15,703
Equinox Frontier Heritage Fund [Member] | Managing Owner [Member]
Incentive Fees
Management Fees	6,370	13,471
Interest Fees	1,918	2,608
Service Fees	10,001	11,483
Trading Fees	$ 11,980	$ 15,703

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Transactions with Affiliates (Details 3) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Gross amount paid to the managing owner			$ 124,430	$ 349,196
Equinox Frontier Diversified Fund [Member] | Class 1 [Member]
Gross amount paid to the managing owner				$ (3,860)
Ratio to average net assets	0.00%	0.00%	0.00%	(0.10%)
Equinox Frontier Diversified Fund [Member] | Class 2 [Member]
Gross amount paid to the managing owner				$ (19,555)
Ratio to average net assets	0.00%	0.00%	0.00%	(0.07%)
Equinox Frontier Diversified Fund [Member] | Class 3 [Member]
Gross amount paid to the managing owner				$ (7,071)
Ratio to average net assets	0.00%	0.00%	0.00%	(0.06%)
Equinox Frontier Masters Fund [Member] | Class 1 [Member]
Gross amount paid to the managing owner		$ (314)		$ (4,988)
Ratio to average net assets	0.00%	(0.01%)	0.00%	(0.12%)
Equinox Frontier Masters Fund [Member] | Class 2 [Member]
Gross amount paid to the managing owner		$ (333)		$ (5,113)
Ratio to average net assets	0.00%	(0.01%)	0.00%	(0.11%)
Equinox Frontier Masters Fund [Member] | Class 3 [Member]
Gross amount paid to the managing owner		$ (543)		$ (5,881)
Ratio to average net assets	0.00%	(0.01%)	0.00%	(0.09%)
Equinox Frontier Long/Short Commodity Fund [Member] | Class 2 [Member]
Gross amount paid to the managing owner	$ 4	$ 35	$ 41	$ 167
Ratio to average net assets	0.00%	0.01%	0.00%	0.03%
Equinox Frontier Long/Short Commodity Fund [Member] | Class 3 [Member]
Gross amount paid to the managing owner	$ 55	$ 289	$ 543	$ 1,566
Ratio to average net assets	0.31%	0.01%	2.71%	0.04%
Equinox Frontier Long/Short Commodity Fund [Member] | Class 1A [Member]
Gross amount paid to the managing owner				$ 533
Ratio to average net assets	0.00%	0.00%	0.00%	0.07%
Equinox Frontier Long/Short Commodity Fund [Member] | Class 2A [Member]
Gross amount paid to the managing owner				$ 233
Ratio to average net assets	0.00%	0.00%	0.00%	0.03%
Equinox Frontier Long/Short Commodity Fund [Member] | Class 3A [Member]
Gross amount paid to the managing owner				$ 189
Ratio to average net assets	0.00%	0.00%	0.00%	0.01%
Equinox Frontier Balanced Fund [Member] | Class 1 [Member]
Gross amount paid to the managing owner	$ 4,688	$ 9,154	$ 19,340	$ 199,538
Ratio to average net assets	0.02%	0.02%	0.06%	0.40%
Equinox Frontier Balanced Fund [Member] | Class 2 [Member]
Gross amount paid to the managing owner	$ 848	$ 2,046	$ 3,504	$ 54,615
Ratio to average net assets	0.02%	0.02%	0.06%	0.31%
Equinox Frontier Balanced Fund [Member] | Class 2A [Member]
Gross amount paid to the managing owner	$ 12	$ (77)	$ 51	$ 494
Ratio to average net assets	0.00%	(0.01%)	0.01%	0.09%
Equinox Frontier Balanced Fund [Member] | Class 3A [Member]
Gross amount paid to the managing owner	$ 31	$ (136)	$ 139	$ 1,316
Ratio to average net assets	0.00%	(0.01%)	0.01%	0.08%
Equinox Frontier Balanced Fund [Member] | Class 1AP [Member]
Gross amount paid to the managing owner	$ 85	$ 123	$ 341	$ 2,539
Ratio to average net assets	0.02%	0.02%	0.06%	0.41%
Equinox Frontier Select Fund [Member] | Class 1 [Member]
Gross amount paid to the managing owner	$ 228	$ 4,708	$ 6,063	$ 28,362
Ratio to average net assets	0.00%	0.08%	0.05%	0.36%
Equinox Frontier Select Fund [Member] | Class 2 [Member]
Gross amount paid to the managing owner	$ 20	$ 686	$ 744	$ 4,295
Ratio to average net assets	0.00%	0.08%	0.07%	0.36%
Equinox Frontier Select Fund [Member] | Class 1AP [Member]
Gross amount paid to the managing owner	$ 1	$ 17	$ 26	$ 84
Ratio to average net assets	0.00%	0.08%	0.07%	0.35%
Equinox Frontier Winton Fund [Member] | Class 1 [Member]
Gross amount paid to the managing owner	$ 5,024	$ 28,693	$ 67,727	$ 40,855
Ratio to average net assets	0.27%	0.22%	3.41%	0.25%
Equinox Frontier Winton Fund [Member] | Class 2 [Member]
Gross amount paid to the managing owner	$ 310	$ 23,095	$ 7,338	$ 17,017
Ratio to average net assets	0.00%	0.22%	0.09%	0.15%
Equinox Frontier Winton Fund [Member] | Class 1AP [Member]
Gross amount paid to the managing owner	$ 18	$ 74	$ 212	$ 50
Ratio to average net assets	0.00%	0.22%	0.00%	0.14%
Equinox Frontier Heritage Fund [Member] | Class 1 [Member]
Gross amount paid to the managing owner	$ 412	$ 7,622	$ 5,794	$ 33,744
Ratio to average net assets	0.02%	0.14%	0.24%	0.53%
Equinox Frontier Heritage Fund [Member] | Class 2 [Member]
Gross amount paid to the managing owner	$ 68	$ 1,297	$ 904	$ 10,039
Ratio to average net assets	0.00%	0.14%	0.02%	0.56%
Equinox Frontier Heritage Fund [Member] | Class 1AP [Member]
Gross amount paid to the managing owner		$ 8	$ 5	$ 29
Ratio to average net assets	0.00%	0.15%	0.00%	0.52%
Series Of Frontier Fund [Member]
Gross amount paid to the managing owner	$ 11,804	$ 76,444	$ 112,772	$ 349,196

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Financial Highlights (Details) - $ / shares		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net investment gain/(loss)	[1]	(6.10%)	(5.76%)	(6.07%)	(5.73%)
Expenses before incentive fees	[1],[2]	6.37%	5.89%	6.15%	6.01%
Expenses after incentive fees	[1],[2]	6.38%	5.89%	6.32%	5.89%
Total return before incentive fee	[1],[3]	(3.17%)	(1.18%)	(13.04%)	(4.92%)
Total return after incentive fee	[1],[3]	(3.18%)	(1.18%)	(13.20%)	(4.80%)
Equinox Frontier Diversified Fund [Member] | Class 1 [Member]
Net asset value per unit, Beginning balance	[4]	$ 108.30	$ 111.73	$ 116.41	$ 116.43
Interest incomes	[4]	0.06	0.01	0.16	0.27
Expenses	[4]	(1.83)	(1.86)	(3.19)	(6.36)
Net gain/(loss) on investments, net of non-controlling interests	[4]	(2.07)	0.22	(8.91)	(0.24)
Net income/(loss)	[4]	(3.84)	(1.63)	(11.95)	(6.33)
Net asset value per unit, Ending balance	[4]	$ 104.46	$ 110.10	$ 104.46	$ 110.10
Net investment gain/(loss)		(6.52%)	(6.50%)	(3.73%)	(7.02%)
Expenses before incentive fees	[5],[6]	6.67%	6.52%	3.86%	7.46%
Expenses after incentive fees	[5],[6]	6.73%	6.52%	3.93%	7.32%
Total return before incentive fee	[7]	(3.48%)	(1.46%)	(10.20%)	(5.58%)
Total return after incentive fee	[7]	(3.55%)	(1.46%)	(10.27%)	(5.44%)
Equinox Frontier Diversified Fund [Member] | Class 2 [Member]
Net asset value per unit, Beginning balance	[4]	$ 126.87	$ 128.62	$ 135.19	$ 132.94
Interest incomes	[4]	0.07	0.01	0.19	0.30
Expenses	[4]	(1.19)	(1.22)	(3.72)	(3.56)
Net gain/(loss) on investments, net of non-controlling interests	[4]	(2.83)	(0.11)	(8.74)	(2.38)
Net income/(loss)	[4]	(3.96)	(1.32)	(12.28)	(5.64)
Net asset value per unit, Ending balance	[4]	$ 122.91	$ 127.30	$ 122.91	$ 127.30
Net investment gain/(loss)		(3.45%)	(3.69%)	(3.73%)	(3.26%)
Expenses before incentive fees	[5],[6]	3.60%	3.72%	3.86%	3.70%
Expenses after incentive fees	[5],[6]	3.66%	3.72%	3.93%	3.56%
Total return before incentive fee	[7]	(3.06%)	(1.03%)	(9.01%)	(4.39%)
Total return after incentive fee	[7]	(3.12%)	(1.03%)	(9.08%)	(4.24%)
Equinox Frontier Diversified Fund [Member] | Class 3 [Member]
Net asset value per unit, Beginning balance	[4]	$ 118.09	$ 119.42	$ 125.68	$ 123.27
Interest incomes	[4]	0.06	0.01	0.17	0.28
Expenses	[4]	(1.11)	(1.13)	(3.47)	(3.28)
Net gain/(loss) on investments, net of non-controlling interests	[4]	(2.57)	(0.03)	(7.92)	(2.00)
Net income/(loss)	[4]	(3.62)	(1.15)	(11.21)	(5.00)
Net asset value per unit, Ending balance	[4]	$ 114.47	$ 118.27	$ 114.47	$ 118.27
Net investment gain/(loss)		(3.45%)	(3.69%)	(3.73%)	(3.26%)
Expenses before incentive fees	[5],[6]	3.60%	3.72%	3.86%	3.70%
Expenses after incentive fees	[5],[6]	3.66%	3.72%	3.93%	3.56%
Total return before incentive fee	[7]	(3.00%)	(0.96%)	(8.85%)	(4.20%)
Total return after incentive fee	[7]	(3.07%)	(0.96%)	(8.92%)	(4.06%)
Equinox Frontier Masters Fund [Member] | Class 1 [Member]
Net asset value per unit, Beginning balance	[4]	$ 99.33	$ 102.39	$ 114.74	$ 112.80
Interest incomes	[4]	0.07	0.11	0.25	0.53
Expenses	[4]	(2.16)	(2.03)	(5.44)	(6.82)
Net gain/(loss) on investments, net of non-controlling interests	[4]	(0.02)	(1.06)	(12.35)	(7.10)
Net income/(loss)	[4]	(2.13)	(2.98)	(17.54)	(13.39)
Net asset value per unit, Ending balance	[4]	$ 97.20	$ 99.41	$ 97.20	$ 99.41
Net investment gain/(loss)		(8.57%)	(7.26%)	(6.92%)	(7.59%)
Expenses before incentive fees	[5],[6]	8.83%	7.66%	7.26%	8.23%
Expenses after incentive fees	[5],[6]	8.83%	7.66%	7.26%	8.23%
Total return before incentive fee	[7]	(2.14%)	(2.91%)	(15.29%)	(11.87%)
Total return after incentive fee	[7]	(2.14%)	(2.91%)	(15.29%)	(11.87%)
Equinox Frontier Masters Fund [Member] | Class 2 [Member]
Net asset value per unit, Beginning balance	[4]	$ 116.38	$ 117.90	$ 133.27	$ 128.78
Interest incomes	[4]	0.08	0.12	0.30	0.61
Expenses	[4]	(1.91)	(1.65)	(6.43)	(5.69)
Net gain/(loss) on investments, net of non-controlling interests	[4]	(0.15)	(1.42)	(12.75)	(8.75)
Net income/(loss)	[4]	(1.99)	(2.95)	(18.88)	(13.83)
Net asset value per unit, Ending balance	[4]	$ 114.39	$ 114.95	$ 114.39	$ 114.95
Net investment gain/(loss)		(6.38%)	(4.99%)	(6.92%)	(5.33%)
Expenses before incentive fees	[5],[6]	6.65%	5.39%	7.26%	5.97%
Expenses after incentive fees	[5],[6]	6.65%	5.39%	7.26%	5.97%
Total return before incentive fee	[7]	(1.71%)	(2.50%)	(14.17%)	(10.74%)
Total return after incentive fee	[7]	(1.71%)	(2.50%)	(14.17%)	(10.74%)
Equinox Frontier Masters Fund [Member] | Class 3 [Member]
Net asset value per unit, Beginning balance	[4]	$ 108.77	$ 109.90	$ 124.40	$ 119.89
Interest incomes	[4]	0.07	0.11	0.28	0.56
Expenses	[4]	(1.79)	(1.54)	(5.97)	(5.27)
Net gain/(loss) on investments, net of non-controlling interests	[4]	(0.06)	(1.24)	(11.72)	(7.95)
Net income/(loss)	[4]	(1.78)	(2.67)	(17.41)	(12.66)
Net asset value per unit, Ending balance	[4]	$ 106.99	$ 107.23	$ 106.99	$ 107.23
Net investment gain/(loss)		(6.38%)	(4.99%)	(6.92%)	(5.33%)
Expenses before incentive fees	[5],[6]	6.65%	5.39%	7.26%	5.97%
Expenses after incentive fees	[5],[6]	6.65%	5.39%	7.26%	5.97%
Total return before incentive fee	[7]	(1.64%)	(2.43%)	(14.00%)	(10.56%)
Total return after incentive fee	[7]	(1.64%)	(2.43%)	(14.00%)	(10.56%)
Equinox Frontier Long/Short Commodity Fund [Member] | Class 2 [Member]
Net asset value per unit, Beginning balance	[4]	$ 106.52	$ 116.35	$ 115.81	$ 129.56
Interest incomes	[4]	0.11	0.00	0.33	0.00
Expenses	[4]	(0.64)	(0.87)	(2.06)	(2.19)
Net gain/(loss) on investments, net of non-controlling interests	[4]	(2.44)	0.84	(10.54)	(11.05)
Net income/(loss)	[4]	(2.98)	(0.03)	(12.27)	(13.24)
Net asset value per unit, Ending balance	[4]	$ 103.54	$ 116.32	$ 103.54	$ 116.32
Net investment gain/(loss)		(2.04%)	(2.87%)	(2.08%)	(2.70%)
Expenses before incentive fees	[5],[6]	2.45%	2.87%	2.47%	3.95%
Expenses after incentive fees	[5],[6]	2.45%	2.87%	2.47%	2.70%
Total return before incentive fee	[7]	(2.80%)	(0.03%)	(10.59%)	(11.47%)
Total return after incentive fee	[7]	(2.80%)	(0.03%)	(10.59%)	(10.22%)
Equinox Frontier Long/Short Commodity Fund [Member] | Class 3 [Member]
Net asset value per unit, Beginning balance	[4]	$ 111.75	$ 122.06	$ 121.50	$ 130.80
Interest incomes	[4]	0.11	0.00	0.34	0.00
Expenses	[4]	(0.67)	(0.91)	(2.15)	(2.22)
Net gain/(loss) on investments, net of non-controlling interests	[4]	(2.57)	0.89	(11.08)	(6.54)
Net income/(loss)	[4]	(3.13)	(0.02)	(12.88)	(8.76)
Net asset value per unit, Ending balance	[4]	$ 108.62	$ 122.04	$ 108.62	$ 122.04
Net investment gain/(loss)		(2.04%)	(2.87%)	(2.08%)	(2.70%)
Expenses before incentive fees	[5],[6]	2.45%	2.87%	2.47%	3.95%
Expenses after incentive fees	[5],[6]	2.45%	2.87%	2.47%	2.70%
Total return before incentive fee	[7]	(2.80%)	(0.02%)	(10.60%)	(7.95%)
Total return after incentive fee	[7]	(2.80%)	(0.02%)	(10.60%)	(6.70%)
Equinox Frontier Long/Short Commodity Fund [Member] | Class 1A [Member]
Net asset value per unit, Beginning balance	[4]	$ 70.78	$ 83.63	$ 81.35	$ 92.78
Interest incomes	[4]	0.07	0.00	0.23	0.01
Expenses	[4]	(1.15)	(1.16)	(1.43)	(3.15)
Net gain/(loss) on investments, net of non-controlling interests	[4]	(3.50)	0.79	(13.96)	(6.38)
Net income/(loss)	[4]	(4.59)	(0.37)	(15.16)	(9.52)
Net asset value per unit, Ending balance	[4]	$ 66.19	$ 83.26	$ 66.19	$ 83.26
Net investment gain/(loss)		(6.44%)	(5.31%)	(2.08%)	(4.92%)
Expenses before incentive fees	[5],[6]	6.84%	5.31%	2.47%	6.17%
Expenses after incentive fees	[5],[6]	6.84%	5.31%	2.47%	4.92%
Total return before incentive fee	[7]	(6.48%)	(0.44%)	(18.64%)	(11.52%)
Total return after incentive fee	[7]	(6.48%)	(0.44%)	(18.64%)	(10.26%)
Equinox Frontier Long/Short Commodity Fund [Member] | Class 2A [Member]
Net asset value per unit, Beginning balance	[4]	$ 82.13	$ 95.39	$ 93.59	$ 105.67
Interest incomes	[4]	0.08	0.00	0.26	0.00
Expenses	[4]	(0.48)	(0.72)	(1.62)	(1.79)
Net gain/(loss) on investments, net of non-controlling interests	[4]	(4.58)	0.69	(15.08)	(8.52)
Net income/(loss)	[4]	(4.98)	(0.03)	(16.44)	(10.31)
Net asset value per unit, Ending balance	[4]	$ 77.15	$ 95.36	$ 77.15	$ 95.36
Net investment gain/(loss)		(2.04%)	(2.87%)	(2.08%)	(2.70%)
Expenses before incentive fees	[5],[6]	2.45%	2.87%	2.47%	3.95%
Expenses after incentive fees	[5],[6]	2.45%	2.87%	2.47%	2.70%
Total return before incentive fee	[7]	(6.06%)	(0.03%)	(17.57%)	(11.01%)
Total return after incentive fee	[7]	(6.06%)	(0.03%)	(17.57%)	(9.76%)
Equinox Frontier Long/Short Commodity Fund [Member] | Class 3A [Member]
Net asset value per unit, Beginning balance	[4]	$ 86.11	$ 99.76	$ 97.99	$ 107.50
Interest incomes	[4]	0.08	0.00	0.27	0.00
Expenses	[4]	(0.50)	(0.75)	(1.70)	(1.82)
Net gain/(loss) on investments, net of non-controlling interests	[4]	(4.75)	0.78	(15.62)	(5.89)
Net income/(loss)	[4]	(5.17)	0.03	(17.05)	(7.71)
Net asset value per unit, Ending balance	[4]	$ 80.94	$ 99.79	$ 80.94	$ 99.79
Net investment gain/(loss)		(2.04%)	(2.87%)	(2.08%)	(2.70%)
Expenses before incentive fees	[5],[6]	2.45%	2.87%	2.47%	3.95%
Expenses after incentive fees	[5],[6]	2.45%	2.87%	2.47%	2.70%
Total return before incentive fee	[7]	(6.00%)	0.03%	(17.40%)	(8.43%)
Total return after incentive fee	[7]	(6.00%)	0.03%	(17.40%)	(7.17%)
Equinox Frontier Balanced Fund [Member] | Class 1 [Member]
Net asset value per unit, Beginning balance	[4]	$ 125.21	$ 129.84	$ 135.96	$ 134.80
Interest incomes	[4]	0.02	0.02	0.10	0.02
Expenses	[4]	(2.14)	(2.20)	(6.82)	(6.75)
Net gain/(loss) on investments, net of non-controlling interests	[4]	(3.30)	0.54	(9.44)	0.13
Net income/(loss)	[4]	(5.40)	(1.64)	(16.15)	(6.60)
Net asset value per unit, Ending balance	[4]	$ 119.81	$ 128.20	$ 119.81	$ 128.20
Net investment gain/(loss)		(6.89%)	(3.89%)	(7.05%)	(4.05%)
Expenses before incentive fees	[5],[6]	7.01%	6.63%	6.81%	6.68%
Expenses after incentive fees	[5],[6]	7.01%	6.63%	7.17%	6.68%
Total return before incentive fee	[7]	(4.31%)	(1.26%)	(11.52%)	(4.90%)
Total return after incentive fee	[7]	(4.31%)	(1.26%)	(11.88%)	(4.90%)
Equinox Frontier Balanced Fund [Member] | Class 2 [Member]
Net asset value per unit, Beginning balance	[4]	$ 189.72	$ 190.62	$ 202.90	$ 194.99
Interest incomes	[4]	0.03	0.03	0.15	0.03
Expenses	[4]	(1.86)	(1.77)	(6.06)	(5.49)
Net gain/(loss) on investments, net of non-controlling interests	[4]	(5.00)	0.76	(14.09)	0.11
Net income/(loss)	[4]	(6.82)	(0.98)	(20.00)	(5.35)
Net asset value per unit, Ending balance	[4]	$ 182.90	$ 189.64	$ 182.90	$ 189.64
Net investment gain/(loss)		(3.89%)	(3.57%)	(4.05%)	(3.68%)
Expenses before incentive fees	[5],[6]	4.01%	3.63%	3.81%	3.70%
Expenses after incentive fees	[5],[6]	4.01%	3.63%	4.17%	3.70%
Total return before incentive fee	[7]	(3.59%)	(0.51%)	(9.50%)	(2.74%)
Total return after incentive fee	[7]	(3.59%)	(0.51%)	(9.86%)	(2.74%)
Equinox Frontier Balanced Fund [Member] | Class 2A [Member]
Net asset value per unit, Beginning balance	[4]	$ 164.33	$ 165.77	$ 175.77	$ 169.05
Interest incomes	[4]	0.03	0.03	0.13	0.02
Expenses	[4]	(1.61)	(1.54)	(5.26)	(4.75)
Net gain/(loss) on investments, net of non-controlling interests	[4]	(4.26)	0.72	(12.16)	0.66
Net income/(loss)	[4]	(5.85)	(0.79)	(17.29)	(4.07)
Net asset value per unit, Ending balance	[4]	$ 158.48	$ 164.98	$ 158.48	$ 164.98
Net investment gain/(loss)		(3.89%)	(3.57%)	(4.05%)	(3.68%)
Expenses before incentive fees	[5],[6]	4.01%	3.63%	3.81%	3.70%
Expenses after incentive fees	[5],[6]	4.01%	3.63%	4.17%	3.70%
Total return before incentive fee	[7]	(3.56%)	(0.48%)	(9.48%)	(2.41%)
Total return after incentive fee	[7]	(3.56%)	(0.48%)	(9.84%)	(2.41%)
Equinox Frontier Balanced Fund [Member] | Class 3A [Member]
Net asset value per unit, Beginning balance	[4]	$ 163.77	$ 165.22	$ 175.18	$ 168.49
Interest incomes	[4]	0.03	0.03	0.13	0.02
Expenses	[4]	(1.60)	(1.54)	(5.24)	(4.73)
Net gain/(loss) on investments, net of non-controlling interests	[4]	(4.26)	0.71	(12.13)	0.64
Net income/(loss)	[4]	(5.83)	(0.80)	(17.24)	(4.07)
Net asset value per unit, Ending balance	[4]	$ 157.94	$ 164.42	$ 157.94	$ 164.42
Net investment gain/(loss)		(3.89%)	(3.57%)	(4.05%)	(3.68%)
Expenses before incentive fees	[5],[6]	4.01%	3.63%	3.81%	3.70%
Expenses after incentive fees	[5],[6]	4.01%	3.63%	4.17%	3.70%
Total return before incentive fee	[7]	(3.56%)	(0.48%)	(9.48%)	(2.42%)
Total return after incentive fee	[7]	(3.56%)	(0.48%)	(9.84%)	(2.42%)
Equinox Frontier Balanced Fund [Member] | Class 1AP [Member]
Net asset value per unit, Beginning balance	[4]	$ 140.68	$ 141.71	$ 150.56	$ 144.97
Interest incomes	[4]	0.03	0.02	0.11	0.02
Expenses	[4]	(1.38)	(1.32)	(4.49)	(4.06)
Net gain/(loss) on investments, net of non-controlling interests	[4]	(3.70)	0.57	(10.55)	0.05
Net income/(loss)	[4]	(5.05)	(0.73)	(14.93)	(3.99)
Net asset value per unit, Ending balance	[4]	$ 135.63	$ 140.98	$ 135.63	$ 140.98
Net investment gain/(loss)		(3.89%)	(3.57%)	(4.05%)	(3.68%)
Expenses before incentive fees	[5],[6]	4.01%	3.63%	3.81%	3.70%
Expenses after incentive fees	[5],[6]	4.01%	3.63%	4.17%	3.70%
Total return before incentive fee	[7]	(3.59%)	(0.52%)	(9.55%)	(2.75%)
Total return after incentive fee	[7]	(3.59%)	(0.52%)	(9.92%)	(2.75%)
Equinox Frontier Select Fund [Member] | Class 1 [Member]
Net asset value per unit, Beginning balance	[4]	$ 74.75	$ 78.79	$ 90.27	$ 94.06
Interest incomes	[4]	0.00	0.00	0.00	0.00
Expenses	[4]	(1.01)	(1.07)	(3.15)	(4.24)
Net gain/(loss) on investments, net of non-controlling interests	[4]	1.67	(3.26)	(11.71)	(15.36)
Net income/(loss)	[4]	0.66	(4.33)	(14.86)	(19.60)
Net asset value per unit, Ending balance	[4]	$ 75.41	$ 74.46	$ 75.41	$ 74.46
Net investment gain/(loss)		(5.36%)	(5.24%)	(5.37%)	(6.51%)
Expenses before incentive fees	[5],[6]	5.36%	5.24%	5.37%	6.51%
Expenses after incentive fees	[5],[6]	5.36%	5.24%	5.37%	6.51%
Total return before incentive fee	[7]	0.88%	(5.50%)	(16.46%)	(20.84%)
Total return after incentive fee	[7]	0.88%	(5.50%)	(16.46%)	(20.84%)
Equinox Frontier Select Fund [Member] | Class 2 [Member]
Net asset value per unit, Beginning balance	[4]	$ 111.56	$ 114.11	$ 132.73	$ 134.25
Interest incomes	[4]	0.00	0.00	0.00	0.00
Expenses	[4]	(0.67)	(0.66)	(2.10)	(3.32)
Net gain/(loss) on investments, net of non-controlling interests	[4]	2.51	(4.79)	(17.22)	(22.27)
Net income/(loss)	[4]	1.84	(5.45)	(19.32)	(25.59)
Net asset value per unit, Ending balance	[4]	$ 113.41	$ 108.66	$ 113.41	$ 108.66
Net investment gain/(loss)		(2.36%)	(2.24%)	(2.37%)	(3.54%)
Expenses before incentive fees	[5],[6]	2.36%	2.24%	2.37%	3.54%
Expenses after incentive fees	[5],[6]	2.36%	2.24%	2.37%	3.54%
Total return before incentive fee	[7]	1.65%	(4.78%)	(14.56%)	(19.06%)
Total return after incentive fee	[7]	1.65%	(4.78%)	(14.56%)	(19.06%)
Equinox Frontier Select Fund [Member] | Class 1AP [Member]
Net asset value per unit, Beginning balance	[4]	$ 84.07	$ 85.90	$ 100.02	$ 101.16
Interest incomes	[4]	0.00	0.00	0.00	0.00
Expenses	[4]	(0.50)	(0.50)	(1.56)	(2.49)
Net gain/(loss) on investments, net of non-controlling interests	[4]	1.88	(3.52)	(13.01)	(16.79)
Net income/(loss)	[4]	1.38	(4.02)	(14.57)	(19.28)
Net asset value per unit, Ending balance	[4]	$ 85.45	$ 81.88	$ 85.45	$ 81.88
Net investment gain/(loss)		(2.36%)	(2.24%)	(2.37%)	(3.54%)
Expenses before incentive fees	[5],[6]	2.36%	2.24%	2.37%	3.54%
Expenses after incentive fees	[5],[6]	2.36%	2.24%	2.37%	3.54%
Total return before incentive fee	[7]	1.64%	(4.68%)	(14.57%)	(19.06%)
Total return after incentive fee	[7]	1.64%	(4.68%)	(14.57%)	(19.06%)
Equinox Frontier Winton Fund [Member] | Class 1 [Member]
Net asset value per unit, Beginning balance	[4]	$ 148.66	$ 144.09	$ 159.08	$ 154.51
Interest incomes	[4]	0.00	0.12	0.00	0.11
Expenses	[4]	(3.55)	(3.18)	(10.70)	(9.63)
Net gain/(loss) on investments, net of non-controlling interests	[4]	0.91	1.27	(2.36)	(2.69)
Net income/(loss)	[4]	(2.64)	(1.79)	(13.06)	(12.21)
Net asset value per unit, Ending balance	[4]	$ 146.02	$ 142.30	$ 146.02	$ 142.30
Net investment gain/(loss)		(9.49%)	(8.38%)	(9.52%)	(8.55%)
Expenses before incentive fees	[5],[6]	9.49%	8.71%	9.52%	8.83%
Expenses after incentive fees	[5],[6]	9.49%	8.71%	9.52%	8.65%
Total return before incentive fee	[7]	(1.78%)	(1.24%)	(8.21%)	(8.08%)
Total return after incentive fee	[7]	(1.78%)	(1.24%)	(8.21%)	(7.90%)
Equinox Frontier Winton Fund [Member] | Class 2 [Member]
Net asset value per unit, Beginning balance	[4]	$ 203.47	$ 199.66	$ 216.50	$ 210.98
Interest incomes	[4]	0.00	0.17	0.00	0.15
Expenses	[4]	(3.63)	(2.90)	(10.43)	(8.66)
Net gain/(loss) on investments, net of non-controlling interests	[4]	6.36	1.77	0.13	(3.77)
Net income/(loss)	[4]	2.73	(0.96)	(10.30)	(12.28)
Net asset value per unit, Ending balance	[4]	$ 206.20	$ 198.70	$ 206.20	$ 198.70
Net investment gain/(loss)		(6.49%)	(5.38%)	(6.52%)	(5.58%)
Expenses before incentive fees	[5],[6]	6.49%	5.71%	6.52%	5.85%
Expenses after incentive fees	[5],[6]	6.49%	5.71%	6.52%	5.67%
Total return before incentive fee	[7]	1.34%	(0.48%)	(4.76%)	(6.00%)
Total return after incentive fee	[7]	1.34%	(0.48%)	(4.76%)	(5.82%)
Equinox Frontier Winton Fund [Member] | Class 1AP [Member]
Net asset value per unit, Beginning balance	[4]	$ 167.19	$ 157.26	$ 176.44	$ 166.17
Interest incomes	[4]	0.00	0.13	0.00	0.12
Expenses	[4]	(2.74)	(2.28)	(8.20)	(6.83)
Net gain/(loss) on investments, net of non-controlling interests	[4]	1.06	1.39	(2.73)	(2.96)
Net income/(loss)	[4]	(1.68)	(0.76)	(10.93)	(9.67)
Net asset value per unit, Ending balance	[4]	$ 165.51	$ 156.50	$ 165.51	$ 156.50
Net investment gain/(loss)		(6.49%)	(5.38%)	(6.52%)	(5.58%)
Expenses before incentive fees	[5],[6]	6.49%	5.71%	6.52%	5.85%
Expenses after incentive fees	[5],[6]	6.49%	5.71%	6.52%	5.67%
Total return before incentive fee	[7]	(1.00%)	(0.48%)	(6.19%)	(6.00%)
Total return after incentive fee	[7]	(1.00%)	(0.48%)	(6.19%)	(5.82%)
Equinox Frontier Heritage Fund [Member] | Class 1 [Member]
Net asset value per unit, Beginning balance	[4]	$ 102.68	$ 108.98	$ 121.19	$ 119.58
Interest incomes	[4]	0.00	0.00	0.00	0.00
Expenses	[4]	(2.04)	(2.23)	(6.79)	(6.81)
Net gain/(loss) on investments, net of non-controlling interests	[4]	0.46	(0.76)	(13.31)	(6.78)
Net income/(loss)	[4]	(1.58)	(2.99)	(20.10)	(13.59)
Net asset value per unit, Ending balance	[4]	$ 101.09	$ 105.99	$ 101.09	$ 105.99
Net investment gain/(loss)		(7.93%)	(8.02%)	(8.46%)	(7.98%)
Expenses before incentive fees	[5],[6]	7.93%	8.02%	8.44%	8.04%
Expenses after incentive fees	[5],[6]	7.93%	8.02%	8.46%	7.98%
Total return before incentive fee	[7]	(1.54%)	(2.74%)	(16.56%)	(11.42%)
Total return after incentive fee	[7]	(1.54%)	(2.74%)	(16.59%)	(11.36%)
Equinox Frontier Heritage Fund [Member] | Class 2 [Member]
Net asset value per unit, Beginning balance	[4]	$ 154.54	$ 159.18	$ 179.70	$ 172.10
Interest incomes	[4]	0.00	0.00	0.00	0.00
Expenses	[4]	(1.91)	(2.05)	(6.56)	(6.24)
Net gain/(loss) on investments, net of non-controlling interests	[4]	0.68	(1.16)	(19.83)	(9.89)
Net income/(loss)	[4]	(1.23)	(3.21)	(26.39)	(16.13)
Net asset value per unit, Ending balance	[4]	$ 153.31	$ 155.97	$ 153.31	$ 155.97
Net investment gain/(loss)		(4.93%)	(5.02%)	(5.47%)	(5.01%)
Expenses before incentive fees	[5],[6]	4.93%	5.02%	5.44%	5.06%
Expenses after incentive fees	[5],[6]	4.93%	5.02%	5.47%	5.01%
Total return before incentive fee	[7]	(0.80%)	(2.02%)	(14.66%)	(9.43%)
Total return after incentive fee	[7]	(0.80%)	(2.02%)	(14.69%)	(9.37%)
Equinox Frontier Heritage Fund [Member] | Class 1AP [Member]
Net asset value per unit, Beginning balance	[4]	$ 115.46	$ 118.94	$ 134.28	$ 128.60
Interest incomes	[4]	0.00	0.00	0.00	0.00
Expenses	[4]	(1.43)	(1.53)	(5.00)	(4.62)
Net gain/(loss) on investments, net of non-controlling interests	[4]	0.55	(0.86)	(14.70)	(7.43)
Net income/(loss)	[4]	(0.88)	(2.39)	(19.70)	(12.05)
Net asset value per unit, Ending balance	[4]	$ 114.58	$ 116.55	$ 114.58	$ 116.55
Net investment gain/(loss)		(4.93%)	(5.02%)	(5.47%)	(5.01%)
Expenses before incentive fees	[5],[6]	4.93%	5.02%	5.44%	5.06%
Expenses after incentive fees	[5],[6]	4.93%	5.02%	5.47%	5.01%
Total return before incentive fee	[7]	(0.76%)	(2.01%)	(14.64%)	(9.43%)
Total return after incentive fee	[7]	(0.76%)	(2.01%)	(14.67%)	(9.37%)

[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.

[4] 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.

[5] 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.

[6] 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.

[7] 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) - Contract	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Derivative Numbers of Instruments Bought	764	2,416	2,819	8,053
Derivative Numbers of Instruments Sold	544	1,936	2,375	7,774
Equinox Frontier Balanced Fund [Member]
Derivative Numbers of Instruments Bought	231	567	1,753	1,195
Derivative Numbers of Instruments Sold	231	459	1,749	1,121
Equinox Frontier Select Fund [Member]
Derivative Numbers of Instruments Bought				4,690
Derivative Numbers of Instruments Sold				4,675
Equinox Frontier Winton Fund [Member]
Derivative Numbers of Instruments Bought		1,849		2,168
Derivative Numbers of Instruments Sold		1,477		1,978

XML

Derivative Instruments and Hedging Activities (Details 2) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Realized Trading Revenue from Futures, Forwards and Options		$ 1,083,414	$ (543,371)	$ (4,462,044)	$ 12,430,757
Realized Trading Revenue [Member]
Realized Trading Revenue from Futures, Forwards and Options	[1]	1,175,855	(194,202)	1,136,964	(211,381)
Realized Trading Revenue [Member] | Metals [Member]
Realized Trading Revenue from Futures, Forwards and Options		234,519	(415,539)	1,012,647	(1,700,436)
Realized Trading Revenue [Member] | Currency [Member]
Realized Trading Revenue from Futures, Forwards and Options		520,493	693,018	(985,268)	(1,131,814)
Realized Trading Revenue [Member] | Energy [Member]
Realized Trading Revenue from Futures, Forwards and Options		(25,579)	(471,279)	1,048,526	(2,238,664)
Realized Trading Revenue [Member] | Agriculturals [Member]
Realized Trading Revenue from Futures, Forwards and Options		198,513	(562,795)	287,301	(82,409)
Realized Trading Revenue [Member] | Interest [Member]
Realized Trading Revenue from Futures, Forwards and Options		(298,384)	(99,299)	1,723	(2,491,165)
Realized Trading Revenue [Member] | Index [Member]
Realized Trading Revenue from Futures, Forwards and Options		546,293	661,692	(227,965)	7,433,107
Realized Trading Revenue [Member] | Equinox Frontier Balanced Fund [Member]
Realized Trading Revenue from Futures, Forwards and Options	[1]	13,124	82,008	(270,212)	(569,161)
Realized Trading Revenue [Member] | Equinox Frontier Balanced Fund [Member] | Metals [Member]
Realized Trading Revenue from Futures, Forwards and Options		122,534	(35,090)	16,990	(112,630)
Realized Trading Revenue [Member] | Equinox Frontier Balanced Fund [Member] | Currency [Member]
Realized Trading Revenue from Futures, Forwards and Options		8,349	418,961	(190,681)	238,745
Realized Trading Revenue [Member] | Equinox Frontier Balanced Fund [Member] | Energy [Member]
Realized Trading Revenue from Futures, Forwards and Options		(18,352)	(37,022)	42,905	868
Realized Trading Revenue [Member] | Equinox Frontier Balanced Fund [Member] | Agriculturals [Member]
Realized Trading Revenue from Futures, Forwards and Options		(26,065)	(255,648)	24,718	(509,639)
Realized Trading Revenue [Member] | Equinox Frontier Balanced Fund [Member] | Interest [Member]
Realized Trading Revenue from Futures, Forwards and Options		(64,465)	26,520	(161,677)	(425,751)
Realized Trading Revenue [Member] | Equinox Frontier Balanced Fund [Member] | Index [Member]
Realized Trading Revenue from Futures, Forwards and Options		$ (8,877)	(35,713)	$ (2,467)	240,982
Realized Trading Revenue [Member] | Equinox Frontier Winton Fund [Member]
Realized Trading Revenue from Futures, Forwards and Options	[1]		(276,209)		1,053,217
Realized Trading Revenue [Member] | Equinox Frontier Winton Fund [Member] | Metals [Member]
Realized Trading Revenue from Futures, Forwards and Options			(380,449)		(1,442,763)
Realized Trading Revenue [Member] | Equinox Frontier Winton Fund [Member] | Currency [Member]
Realized Trading Revenue from Futures, Forwards and Options			274,057		1,244,155
Realized Trading Revenue [Member] | Equinox Frontier Winton Fund [Member] | Energy [Member]
Realized Trading Revenue from Futures, Forwards and Options			(434,257)		(1,721,544)
Realized Trading Revenue [Member] | Equinox Frontier Winton Fund [Member] | Agriculturals [Member]
Realized Trading Revenue from Futures, Forwards and Options			(307,146)		399,406
Realized Trading Revenue [Member] | Equinox Frontier Winton Fund [Member] | Interest [Member]
Realized Trading Revenue from Futures, Forwards and Options			(125,819)		(1,296,976)
Realized Trading Revenue [Member] | Equinox Frontier Winton Fund [Member] | Index [Member]
Realized Trading Revenue from Futures, Forwards and Options			$ 697,405		6,359,249
Realized Trading Revenue [Member] | Equinox Frontier Select Fund [Member]
Realized Trading Revenue from Futures, Forwards and Options	[1]				(695,436)
Realized Trading Revenue [Member] | Equinox Frontier Select Fund [Member] | Metals [Member]
Realized Trading Revenue from Futures, Forwards and Options					(145,043)
Realized Trading Revenue [Member] | Equinox Frontier Select Fund [Member] | Currency [Member]
Realized Trading Revenue from Futures, Forwards and Options					(126,402)
Realized Trading Revenue [Member] | Equinox Frontier Select Fund [Member] | Energy [Member]
Realized Trading Revenue from Futures, Forwards and Options					(516,253)
Realized Trading Revenue [Member] | Equinox Frontier Select Fund [Member] | Agriculturals [Member]
Realized Trading Revenue from Futures, Forwards and Options					27,824
Realized Trading Revenue [Member] | Equinox Frontier Select Fund [Member] | Interest [Member]
Realized Trading Revenue from Futures, Forwards and Options					(768,438)
Realized Trading Revenue [Member] | Equinox Frontier Select Fund [Member] | Index [Member]
Realized Trading Revenue from Futures, Forwards and Options					$ 832,876

[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 3) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options		$ (1,454,761)	$ 601,928	$ (1,713,225)	$ (6,236,677)
Open Trade Equity [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options	[1]	(713,117)	691,294	(1,227,357)	(2,179,533)
Open Trade Equity [Member] | Metals [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options		(235,504)	36,050	(474,681)	(151,493)
Open Trade Equity [Member] | Currency [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options		(538,221)	(478,195)	(425,578)	(1,472,515)
Open Trade Equity [Member] | Energy [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options		60,010	213,027	(313,242)	(105,818)
Open Trade Equity [Member] | Agriculturals [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options		(160,030)	264,443	65,596	(81,250)
Open Trade Equity [Member] | Interest [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options		84,141	(147,197)	(30,149)	(1,085,406)
Open Trade Equity [Member] | Index [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options		76,487	803,166	(49,303)	716,949
Open Trade Equity [Member] | Equinox Frontier Balanced Fund [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options	[1]	(63,530)	(84,039)	(141,192)	(403,237)
Open Trade Equity [Member] | Equinox Frontier Balanced Fund [Member] | Metals [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options		(10,838)	41,418	12,286	(110,251)
Open Trade Equity [Member] | Equinox Frontier Balanced Fund [Member] | Currency [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options		(83,636)	(257,141)	(185,045)	(258,229)
Open Trade Equity [Member] | Equinox Frontier Balanced Fund [Member] | Energy [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options		6,294	8,412	(45,174)	11,735
Open Trade Equity [Member] | Equinox Frontier Balanced Fund [Member] | Agriculturals [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options		38,061	59,883	(5,025)	(96,789)
Open Trade Equity [Member] | Equinox Frontier Balanced Fund [Member] | Interest [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options		(24,837)	31,989	87,216	38,801
Open Trade Equity [Member] | Equinox Frontier Balanced Fund [Member] | Index [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options		$ 11,426	31,400	$ (5,450)	11,496
Open Trade Equity [Member] | Equinox Frontier Winton Fund [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options	[1]		775,332		(1,630,449)
Open Trade Equity [Member] | Equinox Frontier Winton Fund [Member] | Metals [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options			(5,368)		10,108
Open Trade Equity [Member] | Equinox Frontier Winton Fund [Member] | Currency [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options			(221,054)		(843,998)
Open Trade Equity [Member] | Equinox Frontier Winton Fund [Member] | Energy [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options			204,615		28,571
Open Trade Equity [Member] | Equinox Frontier Winton Fund [Member] | Agriculturals [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options			204,560		(92,870)
Open Trade Equity [Member] | Equinox Frontier Winton Fund [Member] | Interest [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options			(179,186)		(827,879)
Open Trade Equity [Member] | Equinox Frontier Winton Fund [Member] | Index [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options			$ 771,765		95,619
Open Trade Equity [Member] | Equinox Frontier Select Fund [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options	[1]				(145,848)
Open Trade Equity [Member] | Equinox Frontier Select Fund [Member] | Metals [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options					(51,351)
Open Trade Equity [Member] | Equinox Frontier Select Fund [Member] | Currency [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options					(370,286)
Open Trade Equity [Member] | Equinox Frontier Select Fund [Member] | Energy [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options					(146,125)
Open Trade Equity [Member] | Equinox Frontier Select Fund [Member] | Agriculturals [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options					108,409
Open Trade Equity [Member] | Equinox Frontier Select Fund [Member] | Interest [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options					(296,328)
Open Trade Equity [Member] | Equinox Frontier Select Fund [Member] | Index [Member]
Net Change in Open Trade Equity/UnRealized Trading Revenue from Futures, Forwards and Options					$ 609,833

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

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Derivative Instruments and Hedging Activities (Details 4) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Swap [Member]
Gross Amounts of recognized Derivative Assets	$ 18,908,412	$ 21,208,838
Gross Amounts offset in the Statement of Financial Condition
Net Amounts Presented in the Statement of Financial Condition	18,908,412	21,208,838
Open Trade Equity [Member]
Gross Amounts of recognized Derivative Assets	1,593,779	2,758,014
Gross Amounts offset in the Statement of Financial Condition	(1,247,053)	(1,189,600)
Net Amounts Presented in the Statement of Financial Condition	346,726	1,568,414
Equinox Frontier Balanced Fund [Member] | Swap [Member]
Gross Amounts of recognized Derivative Assets	9,850,185	11,340,959
Gross Amounts offset in the Statement of Financial Condition
Net Amounts Presented in the Statement of Financial Condition	9,850,185	11,340,959
Equinox Frontier Balanced Fund [Member] | Open Trade Equity [Member]
Gross Amounts of recognized Derivative Assets	580,714	343,222
Gross Amounts offset in the Statement of Financial Condition	(604,158)	(164,670)
Net Amounts Presented in the Statement of Financial Condition	(23,444)	178,552
Equinox Frontier Diversified Fund [Member] | Swap [Member]
Gross Amounts of recognized Derivative Assets	5,575,997	6,376,472
Gross Amounts offset in the Statement of Financial Condition
Net Amounts Presented in the Statement of Financial Condition	5,575,997	6,376,472
Equinox Frontier Long/Short Commodity Fund [Member] | Swap [Member]
Gross Amounts of recognized Derivative Assets	471,942	397,039
Gross Amounts offset in the Statement of Financial Condition
Net Amounts Presented in the Statement of Financial Condition	471,942	397,039
Equinox Frontier Heritage Fund [Member] | Swap [Member]
Gross Amounts of recognized Derivative Assets	3,010,288	3,094,367
Gross Amounts offset in the Statement of Financial Condition
Net Amounts Presented in the Statement of Financial Condition	$ 3,010,288	$ 3,094,367

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Subsequent Events (Details Narrative) - USD ($)	2 Months Ended	9 Months Ended
	Nov. 19, 2018	Sep. 30, 2018
Redemptions		$ (20,449,826)
Equinox Frontier Balanced Fund [Member]
Redemptions		(8,088,356)
Equinox Frontier Diversified Fund [Member]
Redemptions		(2,618,601)
Equinox Frontier Heritage Fund [Member]
Redemptions		(795,000)
Equinox Frontier Long/Short Commodity Fund [Member]
Redemptions		(769,015)
Equinox Frontier Masters Fund [Member]
Redemptions		(3,456,368)
Equinox Frontier Select Fund [Member]
Redemptions		(1,342,069)
Equinox Frontier Winton Fund [Member]
Redemptions		$ (3,380,413)
Subsequent Event [Member] | Equinox Frontier Balanced Fund [Member]
Redemptions	$ 1,602,003
Subsequent Event [Member] | Equinox Frontier Diversified Fund [Member]
Redemptions	234,295
Subsequent Event [Member] | Equinox Frontier Heritage Fund [Member]
Redemptions	181,043
Subsequent Event [Member] | Equinox Frontier Long/Short Commodity Fund [Member]
Redemptions	211,739
Subsequent Event [Member] | Equinox Frontier Masters Fund [Member]
Redemptions	435,911
Subsequent Event [Member] | Equinox Frontier Select Fund [Member]
Redemptions	192,279
Subsequent Event [Member] | Equinox Frontier Winton Fund [Member]
Redemptions	215,916
Subsequent Event [Member] | Equinox Frontier Fund [Member]
Redemptions	$ 3,073,186