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

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

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

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

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

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

As of June 30, ~~2020,~~2021, the Trust, with respect to the Frontier Diversified Fund and Frontier Masters Fund, separates Units into three separate Classes—Class 1, Class 2, and Class 3. The Trust, with respect to the Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund separates Units into a maximum of three separate ~~Classes-~~ Classes—Class 1, Class 2 and Class 1AP. The Trust, with respect to the Frontier Balanced Fund separates Units into a maximum of five separate Classes—Class 1, Class 1AP, Class 2, Class 2A and Class 3A. The Trust, with respect to the Frontier Long/Short Commodity Fund separates Units into a maximum of five separate Classes—Class 1A, Class 2A, Class 2, Class 3A and Class 3. Between April 15, 2016 and May 10, 2017, a portion of the interests in Frontier Trading Company I, LLC and all of the interests in Frontier Trading Company VII, LLC, Frontier Trading Company XV, LLC, and Frontier Trading Company XXIII LLC held by Frontier Diversified Fund, Frontier Masters Fund, Frontier Select Fund, Frontier Balanced Fund and Frontier Long/Short Commodity Fund were exchanged for equivalent interests in the Galaxy Plus Managed Account Platform (“Galaxy Plus”) which is an unaffiliated, third-party managed account platform. The assets of Frontier Trading Company I, LLC, which included exposure to Quantmetrics Capital Management LLP’s Multi-Strategy Program, Quantitative Investment Management, LLC’s Quantitative Global Program, Quest Partners LLC’s Quest Tracker Index Program, Chesapeake Capital Management, LLC’s Diversified Program, and Doherty Advisors LLC’s Relative Value Moderate Program, the assets of Frontier Trading Company VII, LLC, which included exposure to Emil van Essen LLC’s Multi-Strategy Program, Red Oak Commodity Advisors, Inc.’s Fundamental Diversified Program, Rosetta Capital Management, LLC’s Rosetta Trading Program, and Landmark Trading Company’s Landmark Program, the assets of Frontier Trading Company XV, LLC, which included exposure to Transtrend B.V.’s TT Enhanced Risk (USD) Program, and the assets of Frontier Trading Company XXIII, LLC which included exposure to Fort L.P.’s Global Contrarian Program have been transferred to individual Delaware limited liability companies (“Master Funds”) in Galaxy Plus. Each Master Fund is sponsored and operated by Gemini Alternative Funds, LLC (“Sponsor”). The Sponsor has contracted with the Trading Advisors to manage the portfolios of the Master Funds pursuant to the advisors’ respective program. For those Series that invest in Galaxy Plus, ~~entities,~~ 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, ~~entities,~~ their assets are split between investments in Trading Companies and investments in the pooled cash management account.

~~As of June 30, 2020, Frontier Global Fund has invested a portion of its assets in a single Trading Company, and a single Trading Advisor manages 100% of the assets invested in such Trading Company.~~ 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, bad faith or willful misconduct.

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

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

The income or loss attributable thereto in proportion to of ~~the~~ investment level ~~of the private investment companies~~ is shown in the statements of operations as change in fair value of investments in unconsolidated Trading Companies or net unrealized gain/(loss) on private investment companies. The Trading Companies and Series of the Trust are consolidated by the Trust. All intercompany transactions have been eliminated in consolidation.

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

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

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

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

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

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

Receivable from Futures Commission Merchants—The Trust deposits assets with an FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of June 30, 2021 and December 31, ~~2019~~2020 and ~~June 30, 2020~~ included restricted cash for margin requirements of ~~$2,890,330~~$152,599 and ~~$2,093,270,~~$321,638 for the Frontier ~~Trading Company I LLC.~~Balanced Fund.

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

Any change in net unrealized gain or loss from the preceding period is reported in the consolidated statements of operations. Fair value of exchange-traded contracts is based upon exchange settlement prices. Fair value of non-exchange-traded contracts is based on ~~third-party~~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~~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, compares and approves current day pricing of the CTA positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, that is used to determine a daily fair value NAV for the swap contracts.

Income Taxes—The Trust applies the provisions of ASC 740 Income Taxes (“(“ASC 740”), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust’s financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Trust’s level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The Managing Owner has concluded there is no tax expense, interest or penalties to be recorded by the Trust for the quarter ended June 30, ~~2020.~~2021. The ~~2016~~2017 through ~~2019~~2020 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

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

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

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

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

Each Series is charged service fees as outlined above. In some cases, amounts paid to selling agents might be less than the amount charged to the Series. When this occurs, the service fee is rebated back to the investor in the form of additional units. During ~~2017,~~2020, 2019 and 2018, ~~and 2019,~~ the Series were not allowed to issue additional units. The Managing Owner has determined that the purchase of additional units of the relevant Series will commence in ~~2020 as such time~~2021 when the Series are allowed to sell shares again. As such, the Managing Owner has calculated the amounts for additional units of the relevant series which will be purchased and classified such amounts as Subscriptions in advance for service fee rebates of ~~$598,042~~$656,619 and ~~$622,000~~$638,962 as of June 30, 2021 and December 31, ~~2019 and June 30,~~ 2020, respectively.

These service fees are part of the offering costs of the Trust, which include registration and filing fees, legal and blue1 sky expenses, accounting and audit, printing, marketing support and other offering costs which are borne by the Managing Owner. With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Class 1 and Class 1a Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed for such payment by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk of the downside and enjoys the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months.

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

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

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

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

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

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

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.

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

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

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

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

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

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

The following table summarizes the instruments that comprise the Trust’s financial asset portfolio, in aggregate, measured at fair value on a recurring basis as of June 30, ~~2020~~2021 and December ~~31,2019,~~31, 2020, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

~~Frontier Select Fund~~
~~2020~~
The Frontier Select Fund—Class 1 NAV lost 8.28% and gained 6.47%, respectively, for the six months ended June 30, 2020 and 2019, net of fees and expenses; the Frontier Select ~~Fund —Class~~Fund—Class 2 NAV lost 6.92% and gained 8.12%, respectively, for the six months ended June 30, 2020 and 2019, net of fees and expenses; the Frontier Select Fund—Class 1AP NAV lost ~~7.13%~~7.12% and gained 7.10%, respectively, for the six months ended June 30, 2020 and 2019.

For the six months ended June 30, 2020, the Frontier Select Fund recorded net loss on investments of $70,492, net investment loss of $142,031, and total expenses of $70,492, resulting in a net decrease in Owners’ capital from operations of $212,523. For the six months ended June 30, 2019, the Frontier Select Fund recorded net loss on investments of $97,174, net investment gain of $323,893, and total expenses of $97,174, resulting in a net increase in Owners’ capital from operations of $226,719.

The NAV per Unit, Class 1, decreased from $66.56 as of December 31, 2019 to $61.04 at June 30, 2020. The NAV per Unit, Class 1AP, decreased from $78.51 as of December 31, 2019 to $72.90 at June 30, 2020. The NAV per Unit, Class 2, decreased from $103.94 as of December 31, 2019 to $96.75 at June 30, 2020. Total Class 1 subscriptions and redemptions, for the ~~three months ended June 30, 2020,~~period were $0 and $677,150, respectively. Total Class 1AP subscriptions and redemptions, for the ~~three months ended June 30, 2020,~~period were $0 and $0, respectively. Total Class 2 subscriptions and redemptions for the ~~three months ended June 30, 2020,~~period were $0 and $8,698, respectively. Ending capital, at June 30, 2020, was $1,831,525 for Class 1, $10,086 for Class 1AP, and $76,644 for Class 2. Ending capital, at December 31, 2019, was $2,715,051 for Class 1, $10,834 for Class 1AP, and $90,741 for Class 2

The Frontier Select Fund invested in one or more swaps ~~which were~~during the six months ended June 30, 2020. The swap owned by the Frontier Select Fund was terminated effective May 30, 2020. To the extent that the Series ~~invested~~invests in a swap, the swap ~~referenced~~references an index, consisting of the performance realized on the trading program of one or more commodity trading advisors. Such performance ~~was~~is net of management fees and incentive fees paid to the underlying commodity trading advisor(s), brokerage fees and certain other related fees and charges, and therefore these fees ~~were~~are said to be embedded.

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

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

As of June 30, 2020, the management fee embedded in swaps owned by the Frontier Select Fund was 0.00% per annum, and the managing owner has waived the entire management fee due to it from the Frontier Select Fund in respect of the Frontier Select Fund’s investment in swaps. In each case, the embedded management fee was accrued on the relevant notional amount of the swap.

Based on an analysis of the management fees charged to Frontier Select Fund, the effective management fee rate of the Frontier Select Fund was lower than the management fee rate otherwise payable to the Managing Owner. The effective management fee rate for the Series was calculated for the period covered by the Form 10-Q by dividing the aggregate management fees paid by such Series (whether directly to the Managing Owner, or as an embedded management fee paid to a third-party commodity trading advisor) by the aggregate assets on which such management fees were paid. For the quarter ended June 30, 2020, the effective management fee rate of Frontier Select Fund was 1.96%, compared to a management fee payable to the Managing Owner of 2.50%. For the quarter ended June 30, 2020, the management and incentive fees embedded in gains (losses) from trading companies owned by Frontier Select Fund was $3,114.

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

One of the six sectors traded in the Frontier Select Fund was profitable in Q2 2020 and two of the six were profitable YTD. Interest Rates were positive while Energies, Metals, Currencies, Stock Indices and Agriculturals were negative for the quarter. Energies and Interest Rates were profitable YTD while Metals, Currencies, Stock Indices and Agriculturals finished negative YTD.

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

~~2019~~

Frontier Global Fund
2021
The Frontier ~~Select~~Global Fund—Class 1 NAV gained ~~6.47%~~5.75% and lost ~~17.19%~~7.48%, respectively, for the six months ended June 30, ~~2019~~2021 and ~~2018,~~2020, net of fees and expenses; the Frontier ~~Select Fund —Class~~Global Fund—Class 2 NAV gained ~~8.12%~~7.33% and lost ~~15.95% respectively for the six months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Select Fund—Class 1AP NAV gained 7.10% and lost XX.XX15.95%~~6.08%, respectively, for the six months ended June 30, ~~2019~~2021 and ~~2018.~~2020, net of fees and expenses; the Frontier Global Fund—Class 1AP NAV lost 0% and lost 5.87%, respectively, for the six months ended June 30, 2021 and 2020.

For the six months ended June 30, ~~2019,~~2021, the Frontier ~~Select~~Global Fund recorded net loss on investments of ~~$97,174,~~$112,740, net investment gain of ~~$323,893~~$280,327, and total expenses of ~~$97,174,~~$112,740, resulting in a net increase in Owners’ capital from operations of ~~$226,719.~~$167,587. For the six months ended June 30, ~~2018,~~2020, the Frontier ~~Select~~Global Fund recorded net loss on investments of ~~$963,157,~~$165,900, net investment loss of ~~$138,665,~~$86,876, and total expenses of ~~$138,665,~~$165,900, resulting in a net decrease in Owners’ capital from operations of ~~$1,101,822.~~$252,776.

The Frontier Select Fund invests in one or more swaps. To the extent that the Series invests in a swap, the swap references an index, consisting of the performance realized on the trading program of one or more commodity trading advisors. Such performance is net of management fees and incentive fees paidNAV per Unit, Class 1, increased from $110.90 at December 31, 2020 to ~~the underlying commodity trading advisor(s), brokerage fees and certain other related fees and charges, and therefore these fees are said to be embedded.~~
The aggregate fees embedded in a swap are provided for in the index description for the relevant swap. In addition to the CTA Fees, each index provides for the deduction of a management fee to the counterparty for the swap. The counterparty management fee is determined based on the management fee spread set forth in the index description, while the CTA Fees are based on a percentage of the assets managed by each trading advisor and new trading profits, respectively, and are set forth in the reports delivered to the Series by the counterparty. In addition to the counterparty management fee and the CTA Fees, the underlying transactions executed by the commodity trading advisors may be subject to the deduction of certain prime brokerage, exchange and other related fees and charges, each of which are reflected in the transaction values, and consequently the value of the index.
The current management fees payable to the underlying commodity trading advisor(s) comprising the index referenced in the swaps is 1.00% per annum of notional assets. The current incentive fees payable to the underlying commodity trading advisor(s) comprising the index referenced in the swaps is 15% of new net trading profits on a monthly or quarterly basis. To the extent that there are embedded management and incentive fees incurred in a swap investment, the Managing Owner waives any management and incentive fees to which it is otherwise entitled. The management and incentive fees embedded in a swap may be higher or lower than the management and incentive fee that would otherwise be charged to a Series by the Managing Owner.

As$117.28 as of June 30, ~~2019, the management fee embedded in swaps owned by the Frontier Select Fund was 1.00%~~2021. The NAV per ~~annum,~~Unit, Class 2, increased from $167.56 at December 31, 2020 to $179.85 as of June 30, 2021. Total Class 1 subscriptions and the managing owner has waived the entire management fee due to it from the Frontier Select Fund in respect of the Frontier Select Fund’s investment in swaps. In each case, the embedded management fee is accrued on the relevant notional amount of the swap.
Based on an analysis of the management fees charged to Frontier Select Fund, the effective management fee rate of the Frontier Select Fund was lower than the management fee rate otherwise payable to the Managing Owner. The effective management fee rate for the Series was calculatedredemptions for the period ~~covered by~~were $0 and $315,123, respectively. Total Class 2 subscriptions and redemptions for the Form 10-Q by dividing the aggregate management fees paid by such Series (whether directly to the Managing Owner, or as an embedded management fee paid to a third-party commodity trading advisor) by the aggregate assets on which such management feesperiod were ~~paid. For the quarter ended~~$0 and $2,000, respectively. Ending capital at June 30, ~~2019, the effective management fee rate of the Frontier Select Fund~~2021 was ~~2.04%, compared to a management fee payable to the Managing Owner of 2.50%. For the quarter ended June 30, 2019, the management~~$2,580,738 for Class 1 and ~~incentive fees embedded in gains (losses) from trading companies owned by the Frontier Select Fund~~$200,375 for Class 2. Ending capital at December 31, 2020 was ~~$4,701.~~$2,741,972 for Class 1 and $188,677 for Class 2.

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

~~Three~~
Four of the six sectors which traded in the Frontier ~~Select~~Global Fund were profitable in Q2 ~~2019~~2021 and ~~two~~four of the six were profitable YTD. Energies, Agriculturals, Metals ~~Interest Rates,~~ and Stock ~~indices~~Indices were ~~positive while Currencies, Energies, and Agriculturals were negative~~profitable for the ~~quarter. Agriculturals~~quarter while Currencies and Interest Rates ~~were positive YTD while Metals, Currencies, Stock indices and Energies finished negative YTD.~~
~~In terms of major CTA performance, Brevan Howard, Transtrend and Welton finished positive for the quarter and no CTA’s~~ finished negative for the quarter. ~~Brevan Howard~~Energies, Agriculturals, Metals and ~~Welton finished positive~~Stock Indices were profitable YTD while ~~Transtrend~~Currencies and Interest Rates finished negative YTD.

2020

~~Frontier Global Fund~~
~~2020~~
The Frontier Global Fund—Class 1 NAV lost 7.48% and gained 9.17%, respectively, for the six months ended June 30, 2020 and 2019, net of fees and expenses; the Frontier Global Fund—Class 2 NAV lost 6.08% and gained 10.85%, respectively, for the six months ended June 30, 2020 and 2019, net of fees and expenses; the Frontier Global Fund—Class 1AP NAV lost 5.87% and gained 10.81%, respectively, for the six months ended June 30, 2020 and 2019.

For the six months ended June 30, 2020, the Frontier Global Fund recorded net loss on investments of $165,900, net investment loss of $86,876, and total expenses of $165,900, resulting in a net decrease in Owners’ capital from operations of $252,776. For the six months ended June 30, 2019, the Frontier Global Fund recorded net loss on investments of $258,894, net investment gain of $832,737, and total expenses of $258,894, resulting in a net increase in Owners’ capital from operations of $573,843.

The NAV per Unit, Class 1, decreased from $131.52 at December 31, 2019 to $121.68 as of June 30, 2020. The NAV per Unit, Class 2, decreased from $192.82 at December 31, 2019 to $181.09 as of June 30, 2020. The NAV per Unit, Class 1AP, decreased from $154.43 at December 31, 2019 to $145.35 as of June 30, 2020. Total Class 1 subscriptions and redemptions for the period were $0 and $876,783, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $130,501, respectively. Total Class 1AP subscriptions and redemptions for the period were $0 and $0, respectively. Ending capital at June 30, 2020 was $3,349,676 for Class 1, $207,477 for Class 2 and $31,034 for Class 1AP. Ending capital at December 31, 2019 was $4,471,980 for Class 1, $343,217 for Class 2 and $33,047 for Class ~~1AP~~1AP.

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


One of the six sectors traded in the Frontier Global Fund was profitable in Q2 2020 and two of the six were profitable YTD. Interest Rates were positive while Agriculturals, Currencies, Metals, Energies and Stock Indices were negative for the quarter. Interest Rates and Energies were positive YTD while Agriculturals, Metals, Currencies and Stock Indices were negative YTD.

~~2019~~Frontier Heritage Fund
2021
The Frontier ~~Global~~Heritage Fund—Class 1 NAV gained ~~9.17%~~13.69% and lost ~~6.55%~~1.05%, respectively, for the six months ended June 30, ~~2019~~2021 and ~~2018,~~2020 net of fees and expenses; the Frontier ~~Global~~Heritage Fund—Class 2 NAV gained ~~10.85%~~15.41% and ~~lost 6.02%~~gained 0.42%, respectively, for the six months ended June 30, ~~2019~~2021 and ~~2018,~~2020, net of fees and expenses; the Frontier ~~Global~~Heritage Fund—Class 1AP NAV gained ~~10.81%~~15.40% and ~~lost 5.24%~~gained 0.96%, respectively, for the six months ended June 30, ~~2019~~2021 and ~~2018.~~2020.

For the six months ended June 30, ~~2019,~~2021, the Frontier ~~Global~~Heritage Fund recorded net loss on investments of ~~$258,894,~~$83,574, net investment gain of ~~$832,737,~~$404,897, and total expenses of ~~$258,894,~~$83,574, resulting in a net increase in Owners’ capital from operations of ~~$573,843.~~$321,323. For the six months ended June 30, ~~2018,~~2020, the Frontier ~~Global~~Heritage Fund recorded net loss on investments of ~~$405,326,~~$93,899, net investment ~~loss~~gain of ~~$600,787,~~$170,851, and total expenses of ~~$600,787,~~$93,899, resulting in a net decrease in Owners’ capital from operations of ~~$1,006,113.~~$18,962, after non-controlling interests of $95,914.

The NAV per Unit, Class 1, increased from $96.10 as of December 31, 2020 to $109.26 at June 30, 2021. The NAV per Unit, Class 1AP, increased from $116.50 as of December 31, 2020 to $134.45 at June 30, 2021. The NAV per Unit, Class 2, increased from $155.92 as of December 31, 2020 to $179.93 at June 30, 2021. Total Class 1 subscriptions and redemptions for the period were $0 and $159,904, respectively. Total Class 1AP subscriptions and redemptions for the period were $0 and $1,100, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $0, respectively. Ending capital, at June 30, 2021, was $2,297,366 for Class 1, $8,577 for Class 1AP and $239,658 for Class 2. Ending capital at December 31, 2020 was $2,169,152 for Class 1, $8,460 for Class 1AP, and $207,670 for Class 2.
For the six months ended June 30, 2021, Frontier ~~Global~~Heritage Fund did not own a swap investment.
The Frontier Heritage Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals and Agriculturals sectors.
~~Two~~Three of the six sectors which traded in the Frontier ~~Global~~Heritage Fund were profitable in Q2 ~~2019~~2021 and ~~two~~three of the six were profitable YTD. Energies, Agriculturals and Stock Indices were profitable for the quarter while Metals, Currencies and Interest Rates finished negative for the quarter. Energies, Agriculturals and Stock Indices were profitable YTD while Metals, Currencies and Interest Rates finished negative YTD.
In terms of major CTA performance, Aspect Capital and Welton were positive ~~while Agriculturals, Currencies, Stock Indices and Energies~~for Q2 2021. No CTA’s were negative for the ~~quarter Interest Rates~~quarter. Welton and Aspect Capital were positive YTD while ~~Agriculturals, Currencies, Stock Indices, Metals and Energies were~~no CTA’s finished negative YTD.

~~Frontier Heritage Fund~~
2020
~~2020~~
The Frontier Heritage Fund—Class 1 NAV lost 1.05% and gained 9.79%, respectively, for the six months ended June 30, 2020 and 2019, net of fees and expenses; the Frontier Heritage Fund—Class 2 NAV gained 0.42% and gained 11.43%, respectively, for the six months ended June 30, 2020 and 2019, net of fees and expenses; the Frontier Heritage Fund—Class 1AP NAV gained 0.96% and gained 13.03%, respectively, for the six months ended June 30, 2020 and 2019.
For the six months ended June 30, 2020, the Frontier Heritage Fund recorded net loss on investments of $93,899, net investment gain of $170,851, and total expenses of $93,899, resulting in a net decrease in Owners’ capital from operations of $18,962, after non-controlling interests of $95,914. For the six months ended June 30, 2019, the Frontier Heritage Fund recorded net loss on investments of $107,933, net investment gain of $463,182, and total expenses of $107,933, resulting in a net increase in Owners’ capital from operations of $315,866, after non-controlling interests of ~~$39,893~~$39,383.

The NAV per Unit, Class 1, decreased from $97.54 as of December 31, 2019 to $96.51 at June 30, 2020. The NAV per Unit, Class 1AP, increased from $114.15 as of December 31, 2019 to $115.25 at June 30, 2020. The NAV per Unit, Class 2, increased from $153.59 as of December 31, 2019 to $154.24 at June 30, 2020. Total Class 1 subscriptions and redemptions for the ~~three months~~period were $0 and $74,141, respectively. Total Class 1AP subscriptions and redemptions for the ~~three months~~period were $0 and $0, respectively. Total Class 2 subscriptions and redemptions for the ~~three months~~period were $0 and $1,000, respectively. Ending capital, at June 30, 2020, was $2,200,107 for Class 1, $8,369 for Class 1AP, and $523,433 for Class 2. Ending capital, at December 31, 2019, was $2,295,623 for Class 1, $8,333 for Class 1AP, and $522,057 for Class 2
The Frontier Heritage Fund invested in one or more swaps ~~which were~~during the six months ended June 30, 2020. The swap owned by the Frontier Heritage Fund was terminated effective May 30, 2020. To the extent that the Series invested in a swap, the swap referenced an index, consisting of the performance realized on the trading program of one or more commodity trading advisors. Such performance was net of management fees and incentive fees paid to the underlying commodity trading advisor(s), brokerage fees and certain other related fees and charges, and therefore these fees were said to be embedded.
The aggregate fees embedded in a swap were provided for in the index description for the relevant swap. In addition to the CTA Fees, each index provided for the deduction of a management fee to the counterparty for the swap. The counterparty management fee was determined based on the management fee spread set forth in the index description, while the CTA Fees were based on a percentage of the assets managed by each trading advisor and new trading profits, respectively, and were set forth in the reports delivered to the Series by the counterparty. In addition to the counterparty management fee and the CTA Fees, the underlying transactions executed by the commodity trading advisors may have been subject to the deduction of certain prime brokerage, exchange and other related fees and charges, each of which were reflected in the transaction values, and consequently the value of the index.
Prior to the termination of the swap, the management fees payable to the underlying commodity trading advisor(s) comprising the index referenced in the swaps was 1.00% per annum of notional assets. The incentive fees payable to the underlying commodity trading advisor(s) comprising the index referenced in the swaps was 15% of new net trading profits on a monthly or quarterly basis. To the extent that there were embedded management and incentive fees incurred in a swap investment, the Managing Owner waived any management and incentive fees to which it was otherwise entitled. The management and incentive fees embedded in a swap may have been higher or lower than the management and incentive fee that would otherwise be charged to a Series by the Managing Owner.
As of June 30, 2020, the management fee embedded in swaps owned by the Frontier Heritage Fund was 0.00% per annum, and the managing owner has waived the entire management fee due to it from the Frontier Select Fund in respect of the Frontier Select Fund’s investment in swaps. In each case, the embedded management fee was accrued on the relevant notional amount of the swap.

Based on an analysis of the management fees charged to Frontier Heritage Fund, the effective management fee rate of the Frontier Heritage Fund was lower than the management fee rate otherwise payable to the Managing Owner. The effective management fee rate for the Series was calculated for the period covered by the Form 10-Q by dividing the aggregate management fees paid by such Series (whether directly to the Managing Owner, or as an embedded management fee paid to a third-party commodity trading advisor) by the aggregate assets on which such management fees were paid. For the quarter ended June 30, 2020, the effective management fee rate of the Frontier Heritage Fund was 2.22%, compared to a management fee payable to the Managing Owner of 2.50%. For the quarter ended June 30, 2020, the management and incentive fees embedded in gains (losses) from trading companies owned by the Frontier Heritage Fund was $3,713.

The Frontier Heritage Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals and Agriculturals sectors.
One of the six sectors traded in the Frontier Heritage Fund was profitable in Q2 2020 and two of the six were profitable YTD. Interest Rates were positive while Energies, Currencies, Metals, Agriculturals and Stock Indices were negative for the quarter. Energies and Interest Rates were profitable YTD while Agriculturals, Currencies, Metals and Stock Indices finished negative YTD.
In terms of major CTA performance, no CTA’s were positive for Q2 2020. Aspect Capital, Brevan Howard and Welton were negative for the quarter. Welton was positive YTD while Aspect Capital and Brevan Howard were negative YTD.
~~116~~

~~2019~~
The Frontier Heritage Fund—Class 1 NAV gained 9.79% and lost 15.27%, respectively, for the six months ended June 30, 2019 and 2018 net of fees and expenses; the Frontier Heritage Fund—Class 2 NAV gained 11.43% and lost 14.00%, respectively for the six months ended June 30, 2019 and 2018, net of fees and expenses; the Frontier Heritage Fund—Class 1AP NAV gained 13.03% and lost 14.02%, respectively, for the six months ended June 30, 2019 and 2018.
For the six months ended June 30, 2019, the Frontier Heritage Fund recorded net loss on investments of $107,933, net investment gain of $463,182, and total expenses of $107,933, resulting in a net decrease in Owners’ capital from operations of $315,866, after non-controlling interests of $39,893. For the six months ended June 30, 2018, the Frontier Heritage Fund recorded net loss on investments of $718,522, net investment loss $218,825, and total expenses of $218,825, resulting in a net decrease in Owners’ capital from operations of $893,452, after non-controlling interests of $43,895.
The Frontier Heritage Fund invests in one or more swaps. To the extent that the Series invests in a swap, the swap references an index, consisting of the performance realized on the trading program of one or more commodity trading advisors. Such performance is net of management fees and incentive fees paid to the underlying commodity trading advisor(s), brokerage fees and certain other related fees and charges, and therefore these fees are said to be embedded.
The aggregate fees embedded in a swap are provided for in the index description for the relevant swap. In addition to the CTA Fees, each index provides for the deduction of a management fee to the counterparty for the swap. The counterparty management fee is determined based on the management fee spread set forth in the index description, while the CTA Fees are based on a percentage of the assets managed by each trading advisor and new trading profits, respectively, and are set forth in the reports delivered to the Series by the counterparty. In addition to the counterparty management fee and the CTA Fees, the underlying transactions executed by the commodity trading advisors may be subject to the deduction of certain prime brokerage, exchange and other related fees and charges, each of which are reflected in the transaction values, and consequently the value of the index.
The current management fees payable to the underlying commodity trading advisor(s) comprising the index referenced in the swaps is 1.00% per annum of notional assets. The current incentive fees payable to the underlying commodity trading advisor(s) comprising the index referenced in the swaps is 15% of new net trading profits on a monthly or quarterly basis. To the extent that there are embedded management and incentive fees incurred in a swap investment, the Managing Owner waives any management and incentive fees to which it is otherwise entitled. The management and incentive fees embedded in a swap may be higher or lower than the management and incentive fees that would otherwise be charged to a Series by the Managing Owner.
As of June 30, 2019, the management fee embedded in swaps owned by the Frontier Heritage Fund was 1.00% per annum, and the managing owner has waived the entire management fee due to it from the Frontier Heritage Fund in respect of the Frontier Heritage Fund’s investment in swaps. In each case, the embedded management fee is accrued on the relevant notional amount of the swap.
Based on an analysis of the management fees charged to Frontier Heritage Fund, the effective management fee rate of the Frontier Heritage Fund was lower than the management fee rate otherwise payable to the Managing Owner. The effective management fee rate for the Series was calculated for the period covered by the Form 10-Q by dividing the aggregate management fees paid by such Series (whether directly to the Managing Owner, or as an embedded management fee paid to a third-party commodity trading advisor) by the aggregate assets on which such management fees were paid. For the quarter ended June 30, 2019, the effective management fee rate of the Frontier Heritage Fund was 2.18%, compared to a management fee payable to the Managing Owner of 2.50%. For the quarter ended June 30, 2019, the management and incentive fees embedded in gains (losses) from trading companies owned by the Frontier Heritage Fund was $4,397

~~The Frontier Heritage Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals and Agriculturals sectors.~~
Four of the six sectors traded in the Frontier Heritage Fund were profitable in Q2 2019 and two of the six were profitable YTD. Agriculturals, Interest Rates, Metals and Currencies were positive while Energies and Stock Indices were negative for the quarter. Agriculturals and Interest Rates were profitable YTD while Energies, Currencies, Metals and Stock Indices finished negative YTD.
In terms of major CTA performance, Aspect Capital and Welton were positive for Q2 2019 while Brevan Howard was negative for the quarter. Aspect Capital and Welton were positive YTD while Brevan Howard and Winton were negative YTD.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Trust is a speculative commodity pool. The market sensitive instruments, which are held by the Trading Companies or Galaxy Plus entities in which the Series are invested, are acquired for speculative trading purposes, and all or a substantial amount of the Series’ assets are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Series’ main line of business.
Market movements result in frequent changes in the fair market value of each Trading Company’s open positions and, consequently, in each Series of the Trust’s earnings and cash flow. The Trading Companies’ and Galaxy Plus entities’ and consequently the Series’ market risk is influenced by a wide variety of factors, including the level and volatility of exchange rates, interest rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the open positions and the liquidity of the markets in which trades are made.
Each Trading Company and Galaxy Plus entity rapidly acquires and liquidates both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the past performance for any Series is not necessarily indicative of the future results of such Series.
Additional risk of trading loss from investment in an unaffiliated Trading Company may result from the Managing Owner’s inability to directly control or stop trading in the event of exercise of certain withdrawal provisions in the investment agreement.
The Trading Companies and Galaxy Plus entities, and consequently the Series’ primary market risk exposures as well as the strategies used and to be used by the Trading Advisors for managing such exposures are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Trust’s and the Managing Owner’s risk controls to differ materially from the objectives of such strategies. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures and the risk management strategies of the Trading Companies and Galaxy Plus entities and consequently the Trust. There can be no assurance that the Trading Companies’ and Galaxy Plus entities’ current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short- or long-term. Investors must be prepared to lose all or substantially all of their investment in a Series.
Quantitative Market Risk

The Series’ approximate risk exposure in the various market sectors traded by its Trading Advisors is quantified below in terms of value at risk. Due to the Series’ mark-to-market accounting, any loss in the fair value of the Series’ (through the Trading Companies and Galaxy Plus entities) open positions is directly reflected in the Series’ earnings, realized or unrealized gain/loss.
Exchange maintenance margin requirements have been used by the Trust as the measure of its value at risk. Maintenance margin requirements are set by exchanges to equal or exceed the maximum losses reasonably expected to be incurred in the fair value of any given contract in 95% to 99% of any one-day interval. The maintenance margin levels are established by brokers, dealers and exchanges using historical price studies as well as an assessment of current market volatility and economic fundamentals to provide a probabilistic estimate of the maximum expected near-term one-day price fluctuation. Maintenance margin has been used rather than the more generally available initial margin, because initial margin includes a credit risk component that is not relevant to value at risk.

In the case of market sensitive instruments that are not exchange-traded, including currencies and some energy products and metals, the margin requirements for the equivalent futures positions have been used as value at risk. In those cases in which a futures-equivalent margin is not available, dealers’ margins have been used.
In the case of contracts denominated in foreign currencies, the value at risk figures include foreign currency margin amounts converted into U.S. dollars with an incremental adjustment to reflect the exchange rate risk inherent to the Series, which is valued in U.S. dollars, in expressing value at risk in a functional currency other than U.S. dollars.
In quantifying each Series’ value at risk, 100% positive correlation in the different positions held in each market risk category has been assumed. Consequently, the margin requirements applicable to the open contracts have simply been aggregated to determine each trading category’s aggregate value at risk. The diversification effects resulting from the fact that the Series’ positions held through the Trading Companies and Galaxy Plus entities are rarely, if ever, 100% positively correlated have not been reflected.
Value at Risk by Market Sectors

The following tables present the trading value at risk associated with each Series’ exposure to open positions (as held by the Trading Companies) by market sector as of June 30, ~~2020~~2021 and December 31, ~~2019.~~2020. All open position trading risk exposures of the Series have been included in calculating the figures set forth below.
DOMESTIC EXPOSURE
~~Frontier Diversified Fund:~~
June 30, 2020 December 31, 2019
VALUE % OF TOTAL VALUE % OF TOTAL
MARKET SECTOR AT RISK CAPITALIZATION AT RISK CAPITALIZATION

Interest Rates $ 4,629,556 73.37 % $ 6,384,583 53.21 %
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: $ 4,629,556 73.37 % $ 6,384,583 53.21 %
~~Frontier Long/Short Commodity Fund:~~
June 30, 2020 December 31, 2019
MARKET SECTOR
VALUE
AT RISK

% OF TOTAL
CAPITALIZATION

VALUE
AT RISK

% OF TOTAL
CAPITALIZATION

Interest Rates $ 582,519 44.58 % $ 362,521 27.17 %
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: $ 582,519 44.58 % $ 362,521 27.17 %

~~Frontier Masters Fund:~~
June 30, 2020 December 31, 2019
MARKET SECTOR
VALUE
AT RISK
% OF TOTAL
CAPITALIZATION
VALUE
AT RISK
% OF TOTAL
CAPITALIZATION

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 Balanced Fund:
June 30, 2020 December 31, 2019
MARKET SECTOR
VALUE
AT RISK

% OF TOTAL
CAPITALIZATION

VALUE
AT RISK

% OF TOTAL
CAPITALIZATION

Interest Rates $ 7,488,340 55.38 % $ 11,944,754 53.10 %
Currencies 467,439 3.46 % 1,025,862 4.56 %
Stock Indices - 0.00 % 21,385 0.10 %
Metals 77,807 0.58 % 55,303 0.25 %
Agriculturals/Softs 19,285 0.14 % 28,927 0.13 %
Energy 1,540 0.01 % 4,115 0.02 %
Total: $ 8,054,411 59.57 % $ 13,080,345 58.15 %
~~Frontier Select Fund:~~
June 30, 2020 December 31, 2019
MARKET SECTOR
VALUE
AT RISK

% OF TOTAL
CAPITALIZATION

VALUE
AT RISK

% OF TOTAL
CAPITALIZATION

Interest Rates $ 1,500,501 55.72 % $ 1,400,214 49.71 %
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: $ 1,500,501 55.72 % $ 1,400,214 49.71 %
~~Frontier Global Fund:~~
June 30, 2020 December 31, 2019
MARKET SECTOR VALUE
AT RISK % OF TOTAL
CAPITALIZATION
VALUE
AT RISK
% OF TOTAL
CAPITALIZATION

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 %

June 30, 2021 December 31, 2020

VALUE
AT RISK

% OF TOTAL
CAPITALIZATION

VALUE
AT RISK

% OF TOTAL
CAPITALIZATION

MARKET SECTOR
Interest Rates $ 8,344 0.08 % $ 6,095 0.05 %
Currencies 153,799 1.42 % 324,038 2.68 %
Stock Indices - 0.00 % - 0.00 %
Metals 18,386 0.17 % 87,332 0.72 %
Agriculturals/Softs 5,074 0.05 % 275,253 2.27 %
Energy 15,440 0.14 % - 0.00 %
Total: $ 201,043 1.86 % $ 692,718 5.72 %
The swaps owned by Frontier Heritage ~~Fund:~~
June 30, 2020 December 31, 2019
MARKET SECTOR VALUE
AT RISK % OF TOTAL
CAPITALIZATION VALUE
AT RISK % OF TOTAL
CAPITALIZATION

Interest Rates $ - 0.00 % $ 1,487,795 45.02 %
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 % $ 1,487,795 45.02 %
~~As of June 30, 2020 and December 31, 2019, portions of the assets of the Frontier Balanced Fund, Frontier Diversified~~ Fund and Frontier Long/Short Commodity Fund are invested in swap contracts (please refer to Note 4 in the Series Financial Statements). Margin information is not available for these contracts, therefore no value at risk calculations were included in the table for these investments. The Frontier Select Fund (through its investment in an unconsolidated trading company) were terminated effective May 30, 2020, and the swaps owned by Frontier Balanced Fund, Frontier Long/Short Commodity Fund and Frontier ~~Heritage~~Diversified Fund ~~swap investments~~ were ~~liquidated as of May 30,~~terminated effective December 21, 2020.
Value at Risk: Foreign Markets
The following tables present the trading value at risk associated with each Series’ exposure to open positions (as held by the Trading Companies) by market sector as of June 30, ~~2020~~2021 and December 31, ~~2019.~~2020. All open position trading risk exposures of the Series have been included in calculating the figures set forth below.
~~FOREIGN EXPOSURE~~
~~Frontier Diversified Fund~~
June 30, 2020 December 31, 2019
MARKET SECTOR VALUE
AT RISK % OF TOTAL
CAPITALIZATION
VALUE
AT RISK
% OF TOTAL
CAPITALIZATION

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 %
~~122~~

~~Frontier Long/Short Commodity Fund~~
June 30, 2020 December 31, 2019
MARKET SECTOR VALUE
AT RISK
% OF TOTAL
CAPITALIZATION

VALUE
AT RISK
% OF TOTAL
CAPITALIZATION

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 Masters Fund~~
June 30, 2020 December 31, 2019
MARKET SECTOR VALUE
AT RISK
% OF TOTAL
CAPITALIZATION

VALUE
AT RISK
% OF TOTAL
CAPITALIZATION

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 Balanced Fund:~~
June 30, 2020 December 31, 2019
MARKET SECTOR VALUE
AT RISK
% OF TOTAL
CAPITALIZATION

VALUE
AT RISK
% OF TOTAL
CAPITALIZATION

Interest Rates $ 488,311 3.61 % $ 13,440 0.06 %
Currencies 57,347 0.42 % - 0.00 %
Stock Indices 15,117 0.11 % 30,900 0.14 %
Metals - 0.00 % - 0.00 %
Agriculturals/Softs - 0.00 % 709 0.00 %
Energy - 0.00 % - 0.00 %
Total: $ 560,775 4.15 % $ 45,049 0.20 %
~~Frontier Select Fund:~~
June 30, 2020 December 31, 2019
MARKET SECTOR VALUE
AT RISK
% OF TOTAL
CAPITALIZATION

VALUE
AT RISK
% OF TOTAL
CAPITALIZATION

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 Global Fund:~~
FOREIGN EXPOSURE
June 30, 2020 December 31, 2019
MARKET SECTOR VALUE
AT RISK
% OF TOTAL
CAPITALIZATION

VALUE
AT RISK
% OF TOTAL
CAPITALIZATION

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 Heritage Fund:~~
June 30, 2020 December 31, 2019
MARKET SECTOR VALUE
AT RISK
% OF TOTAL
CAPITALIZATION

VALUE
AT RISK
% OF TOTAL
CAPITALIZATION

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 %

~~As of June 30, 2020 and December 31, 2019, a portion of the assets of the~~ Frontier Balanced Fund Frontier Diversified Fund and Frontier Long/Short Commodity Fund are invested in swap contracts (please refer to Note 4 in the Series Financial Statements). Margin information is not available for these contracts, therefore no value at risk calculations were included in the table for these investments. The Frontier Select Fund (through its investment in an unconsolidated trading company) and Frontier Heritage Fund swap investments were liquidated as of May 30, 2020.

	June 30, 2021					December 31, 2020
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
MARKET SECTOR
Interest Rates	$	304,569		2.82	%	$	282,145		2.33	%
Currencies		30,793		0.28	%		20,954		0.17	%
Stock Indices		3,426		0.03	%		8,652		0.07	%
Metals		-		0.00	%		-		0.00	%
Agriculturals/Softs		14,627		0.14	%		131,914		1.09	%
Energy		-		0.00	%		-		0.00	%
Total:	$	353,415		3.27	%	$	443,665		3.66	%

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

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

Non-Trading Risk

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

Qualitative Market Risk

The following are the primary trading risk exposures of the Series of the Trust as of June 30, ~~2020,~~2021, by market sector.

Interest Rates

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

Frontier Master Fund Class 1 was closed as of April 1, 2021.

Currencies

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

Stock Indices

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

Metals

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

Agriculturals/Softs

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

Energy

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

Other Trading Risks

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

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

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

Cyber Risks and Security

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

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

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

Qualitative Disclosures Regarding Means of Managing Risk Exposure

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

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of the management of the Managing Owner, including its Chairman and Chief Financial Officer, the Trust evaluated the effectiveness of the design and operation of the disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), for the Trust and each Series as of June 30, ~~2020~~2021 (the “Evaluation Date”). Any control system, no matter how well designed and operated, can only provide reasonable (not absolute) assurance that its objectives will be met. Furthermore, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Based upon their evaluation, the Chairman and Chief Financial Officer of the Managing Owner concluded that, as of the Evaluation Date, the disclosure controls and procedures for the Trust and each Series were effective to provide reasonable assurance that they are timely alerted to the material information relating to the Trust and each Series required to be included in the Trust’s periodic SEC filing.

Report on Management’s Assessment of Internal Control over Financial ~~Reporting; Changes in Internal Control Over Financial~~ Reporting

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

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

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

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

Management assessed the effectiveness of the internal control over financial reporting for the Trust and each Series as of June 30, ~~2020,~~2021, based on the framework set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in its 2013 report entitled Internal Control-Integrated Framework.

Based on that assessment, the Trust’s Chief Executive Officer and Chief Financial Officer concluded that the Trust maintained effective internal control over financial reporting as of June 30, ~~2020.~~2021.

Changes in Internal Control over Financial Reporting

~~To address material weakness~~There were no changes in ~~consolidation and~~the Trust’s internal control over financial reporting ~~noted in prior reporting periods, management has taken~~for the ~~following actions:~~quarter ended June 30, 2021.

●

Strengthened controls to ensure that underlying balances and activity are appropriately consolidated during quarter and year end. Supporting schedules for account balances and adjusting entries are prepared and reviewed along with internal reviews of the consolidating schedules prior to the preparation of the quarterly and annual financial statements;

●

~~adjusted the timing for review of the financial statements, footnotes and applicable supporting schedules, to be completed prior to the drafting of the form 10-Q;~~

●

~~reviewed current procedures to ensure appropriate segregation of duties and compliance with the Trust’s accounting policies and GAAP.~~

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

Scope of Exhibit 31 Certifications

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

~~127~~

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

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

ITEM 1A. RISK FACTORS.

There have been no material changes to the risk factors set forth under Part I, Item 1A. “Risk Factors.” in the Trust’s annual report on Form 10-K for the fiscal year ended December 31, ~~2019, as~~ ~~updated by Part II, Item 1A. “Risk Factors.” in the Trust’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020~~.2020.

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

The following table provides information regarding the sale of unregistered Units by the Trust for the three months ended June 30, ~~2020.~~2021. The number of Units listed below for each transaction is the aggregate number of Units in the particular Series of the Trust purchased in such transaction. The consideration listed below for each transaction is, except as otherwise noted, the aggregate amount of cash paid for the Units purchased. For each transaction reported below, the price per Unit was NAV per Unit at the time of the transaction and the Managing Owner of the Trust was the purchaser of the Units. No underwriting discount or sales commission was paid or received with respect to any of the transactions reported below. The Trust claims an exemption from registration of each of the transactions listed below under Section 4(a)(2) of the Securities Act of 1933, as amended, as a sale by an issuer not involving a public offering.

SERIES		DATE		UNITS		CONSIDERATION
NONE

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

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

None.

~~None.~~

ITEM 6. EXHIBITS.

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

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

32.1		Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished herewith)

32.2		Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished herewith)

32.3		Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished herewith)

32.4		Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished herewith)

32.5		Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished herewith)

32.6		Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished herewith)

32.7		Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished herewith)

32.8		Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished herewith)

~~101~~101.INS		~~Financials in~~Inline XBRL ~~format~~

~~SIGNATURES~~

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

	~~Frontier Funds~~
	~~(Registrant)~~Instance Document

~~Date: August 13, 2020~~101.SCH	~~By:~~	~~/s/ Patrick~~ ~~J. Kane~~Inline XBRL Taxonomy Extension Schema Document
		~~Patrick J. Kane~~
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
		~~Chairman and Chief Financial Officer of Frontier Fund~~ ~~Management LLC, the Managing Owner of Frontier Funds~~

~~Date: August 13, 2020~~101.DEF	~~By:~~	~~/s/ Patrick F. Hart III~~Inline XBRL Taxonomy Extension Definition Linkbase Document
		~~Patrick F. Hart~~
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
		~~President and Chief Executive Officer of Frontier Fund~~
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
		~~Management LLC, the Managing Owner of Frontier Funds~~
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

~~SIGNATURES~~

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,~~Funds
	~~a Series of Frontier Funds~~(Registrant)
	~~(Registrant)~~
Date: August 16, 2021	By:	/s/ Patrick J. Kane
~~Date: August 13, 2020~~	~~By:~~	~~/s/ Patrick~~ ~~J. Kane~~
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

Date: August 16, 2021	By:	/s/ Patrick F. HART III

~~Date: August 13, 2020~~	~~By:~~	~~/s/~~ Patrick F. Hart ~~III~~
		~~Patrick F. Hart~~
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

~~130~~

SIGNATURES

	Frontier ~~Heritage~~Balanced Fund,
	a Series of Frontier Funds
	(Registrant)

Date: August ~~13, 2020~~16, 2021	By:	/s/ PatrickJ. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund Management LLC, the Managing Owner of Frontier Funds


Date: August ~~13, 2020~~16, 2021	By:	/s/ Patrick F. HART III
		Patrick F. Hart ~~III~~
		~~Patrick F. Hart~~
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

~~SIGNATURES~~

SIGNATURES

	Frontier Heritage Fund,
	a Series of Frontier Funds
	(Registrant)

Date: August 16, 2021	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

Date: August 16, 2021	By:	/s/ Patrick F. HART III
		Patrick F. Hart
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

SIGNATURES

	Frontier Global Fund
	a Series of Frontier Funds
	(Registrant)

Date: August ~~13, 2020~~16, 2021	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

Date: August ~~13, 2020~~16, 2021	By:	/s/ Patrick F. HART III
		Patrick F. Hart ~~III~~
		~~Patrick F. Hart~~
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

~~132~~

SIGNATURES

	Frontier Select Fund,
	a Series of Frontier Funds (Registrant)

Date: August ~~13, 2020~~16, 2021	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

Date: August ~~13, 2020~~16, 2021	By:	/s/ Patrick F. HART III
		Patrick F. Hart ~~III~~
		~~Patrick F. Hart~~
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

~~133~~

SIGNATURES

	Frontier Long/Short Commodity Fund, a Series of Frontier Funds (Registrant)

Date: August ~~13, 2020~~16, 2021	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

Date: August ~~13, 2020~~16, 2021	By:	/s/ Patrick F. HART III
		Patrick F. Hart ~~III~~
		~~Patrick F. Hart~~
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

~~134~~

SIGNATURES

	Frontier Diversified Fund,
	a Series of Frontier Funds
	(Registrant)

Date: August ~~13, 2020~~16, 2021	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

Date: August ~~13, 2020~~16, 2021	By:	/s/ Patrick F. HART III
		Patrick F. Hart ~~III~~
		~~Patrick F. Hart~~
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

~~SIGNATURES~~

SIGNATURES

	Frontier Masters Fund,
	a Series of Frontier Funds
	(Registrant)

Date: August ~~13, 2020~~16, 2021	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

Date: August ~~13, 2020~~16, 2021	By:	/s/ Patrick F. HART III
		Patrick F. Hart ~~III~~
		~~Patrick F. Hart~~
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

140

~~136~~

0001261379 frfd:FrontierBalancedFundsMember frfd:TheSeriesOfTheFrontierFundsMember frfd:ClassTwoOneMember 2021-06-30 0001261379 frfd:BalancedFundMember frfd:SeriesOfFrontierFundsMember us-gaap:SubsequentEventMember 2021-07-02 2021-08-05

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

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

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

		Pages

PART I – FINANCIAL INFORMATION		1

Item 1.	Series Financial Statements	1

	Statements of Financial Condition as of June 30, ~~2020~~2021 (Unaudited) and December 31, ~~2019~~2020	1

	Condensed Schedules of Investments as of June 30, ~~2020~~2021 (Unaudited) and December 31, ~~2019~~2020	4

	Statements of Operations for the three and six months ended June 30, 2021 and 2020 ~~and 2019~~ (Unaudited)	10

	Statements of Changes in Owners’ Capital for the six months ended June 30, ~~2020~~2021 (Unaudited)	16

	Statements of Cash Flows for the six months ended June 30, 2021 and 2020 ~~and 2019~~ (Unaudited)	2022

	Notes to Financial Statements (Unaudited)	2326

	Trust Financial Statements (1)

	Consolidated Statements of Financial Condition as of June 30, ~~2020~~2021 (Unaudited) and December 31, ~~2019~~2020	5562

	Consolidated Condensed Schedules of Investments as of June 30, ~~2020~~2021 (Unaudited) and December 31, ~~2019~~2020	5663

	Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020 ~~and 2019~~ (Unaudited)	5865

	Consolidated Statement of Changes in Owners’ Capital for the six months ended June 30, ~~2020~~2021 (Unaudited)	6067

	Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020 ~~and 2019~~ (Unaudited)	6168

	Notes to Consolidated Financial Statements (Unaudited)	6269

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	8189

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	~~119~~124

Item 4.	Controls and Procedures	~~127~~129

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	~~128~~131

Item 1A.	Risk Factors	~~128~~131

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	~~128~~131

Item 3.	Defaults Upon Senior Securities	~~128~~131

Item 4.	Mine Safety Disclosures	~~128~~131

Item 5.	Other Information	~~128~~131

Item 6.	Exhibits	~~128~~132

SIGNATURES		~~129~~133

	Frontier Diversified Fund				Frontier Masters Fund				Frontier Long/Short Commodity Fund
	6/30/2020		12/31/2019		6/30/2020		12/31/2019		6/30/2020		12/31/2019
ASSETS
Cash and cash equivalents	$	198,442	$	56,263	$	49,840	$	25,639	$	79,502	$	34,272
U.S. Treasury securities, at fair value		113,957		99,605		28,621		45,391		45,654		60,673
Swap contracts, at fair value		4,629,556		6,384,583		-		-		582,519		362,521
Investments in private investment companies, at fair value		5,217,961		9,305,733		1,460,176		2,198,997		670,153		986,757
Investments in unconsolidated trading companies, at fair value		16,057		24,150		4,033		11,005		6,433		14,711
Interest receivable		370		2,027		93		924		197		1,296
Receivable from related parties		11,453		11,453		-		-		-		-
Redemptions receivable from private investment companies		235,089		171,906		97,546		-		39,796		-
Other assets		7,225		5,700		109		-		173		-

Total Assets	$	10,430,110	$	16,061,420	$	1,640,418	$	2,281,956	$	1,424,427	$	1,460,230

LIABILITIES & CAPITAL

LIABILITIES
Redemptions payable	$	80,730	$	-	$	-	$	-	$	-	$	6,585
Service fees payable to Managing Owner		702		3,392		142		204		-		-
Trading fees payable to Managing Owner		16,024		35,877		8,085		11,673		2,426		3,468
Advance on unrealized swap appreciation		4,000,000		4,000,000		-		-		115,000		115,000
Subscriptions in advance for service fee rebates		22,649		22,531		31,725		31,541		353		220
Other liabilities		-		-		-		499		-		667

Total Liabilities		4,120,105		4,061,800		39,952		43,917		117,779		125,940

CAPITAL
Managing Owner - Class 2		2,235		3,023		10,347		13,043		4,620		4,530
Managing Owner - Class 2a		-		-		-		-		8,003		7,861
Managing Owner - Class 3		75,360		115,933		7,962		9,228		-		-
Managing Owner - Class 3a		-		-		-		-		1,012		993
Limited Owner - Class 1		186,800		1,303,195		10,929		12,794		-		-
Limited Owner - Class 1a		-		-		-		-		11,552		11,447
Limited Owner - Class 2		1,965,497		5,597,828		600,130		837,765		35,806		36,515
Limited Owner - Class 2a		-		-		-		-		75,299		73,965
Limited Owner - Class 3		4,080,113		4,979,641		971,099		1,365,209		961,500		991,828
Limited Owner - Class 3a		-		-		-		-		208,855		207,151

Total Owners’ Capital		6,310,005		11,999,620		1,600,467		2,238,039		1,306,647		1,334,290

Non-Controlling Interests		-		-		-		-		-		-

Total Capital		6,310,005		11,999,620		1,600,467		2,238,039		1,306,647		1,334,290

Total Liabilities and Capital	$	10,430,110	$	16,061,420	$	1,640,419	$	2,281,956	$	1,424,426	$	1,460,230

Units Outstanding
Class 1		2,521		12,890		177		177		N/A		N/A
Class 1a		N/A		N/A		N/A		N/A		259		259
Class 2		21,892		46,067		8,126		9,759		485		503
Class 2a		N/A		N/A		N/A		N/A		1,557		1,557
Class 3		49,416		44,853		13,875		16,806		11,007		11,581
Class 3a		N/A		N/A		N/A		N/A		3,722		3,763

Net Asset Value per Unit
Class 1	$	74.09	$	101.10	$	61.92	$	72.28		N/A		N/A
Class 1a		N/A		N/A		N/A		N/A	$	44.58	$	44.20
Class 2	$	89.88	$	121.58	$	75.13	$	87.18	$	83.27	$	81.60
Class 2a		N/A		N/A		N/A		N/A	$	53.49	$	52.55
Class 3	$	84.09	$	113.61	$	70.56	$	81.78	$	87.35	$	85.64
Class 3a		N/A		N/A		N/A		N/A	$	56.38	$	55.31

	Frontier Balanced Fund				Frontier Select Fund
	6/30/2020		12/31/2019		6/30/2020		12/31/2019
ASSETS
Cash and cash equivalents	$	230,915	$	118,506	$	913	$	61,345
U.S. Treasury securities, at fair value		132,605		209,799		524		108,603
Open trade equity, at fair value		-		116,184		-		-
Receivable from futures commission merchants		623,534		2,526,242		-		-
Swap contracts, at fair value		7,488,340		11,944,753		-		-
Investments in private investment companies, at fair value		11,417,167		13,809,892		1,769,871		2,184,240
Investments in unconsolidated trading companies, at fair value		18,685		50,867		74		505,355
Interest receivable		430		4,270		2		2,268
Redemptions receivable from private investment companies		214,761		380,111		194,548		-
Other assets		1,194		-		-		-

Total Assets	$	20,127,631	$	29,160,624	$	1,965,932	$	2,861,811

LIABILITIES & CAPITAL

LIABILITIES
Open trade deficit, at fair value	$	8,117	$	-	$	-	$	-
Redemptions payable		-		39,059		12,923		6,875
Management fees payable to Managing Owner		8,823		8,795		-		-
Interest payable to Managing Owner		552		105		153		-
Service fees payable to Managing Owner		23,719		41,635		5,173		6,906
Trading fees payable to Managing Owner		44,493		70,179		3,686		6,000
Risk analysis fees payable		8,520		8,465		-		-
Advance on unrealized swap appreciation		6,176,555		6,176,555		-		-
Subscriptions in advance for service fee rebates		335,700		319,698		18,431		16,895
Other liabilities		-		2,372		7,311		8,509

Total Liabilities		6,606,479		6,666,863		47,677		45,185

CAPITAL
Managing Owner - Class 2		50,180		73,748		24,504		29,831
Managing Owner - Class 2a		94,536		151,133		-		-
Limited Owner - Class 1		10,514,816		17,797,600		1,831,525		2,715,051
Limited Owner - Class 1AP		162,312		238,544		10,086		10,834
Limited Owner - Class 2		2,096,307		3,288,105		52,140		60,910
Limited Owner - Class 2a		29,979		44,048		-		-
Limited Owner - Class 3a		573,021		900,583		-		-

Total Owners’ Capital		13,521,152		22,493,761		1,918,255		2,816,626

Non-Controlling Interests		-		-		-		-

Total Capital		13,521,152		22,493,761		1,918,255		2,816,626

Total Liabilities and Capital	$	20,127,631	$	29,160,624	$	1,965,932	$	2,861,811

Units Outstanding
Class 1		133,798		151,814		30,003		40,793
Class 1AP		1,731		1,731		138		138
Class 2		16,977		18,092		792		873
Class 2a		1,136		1,212		N/A		N/A
Class 3a		5,246		5,611		N/A		N/A

Net Asset Value per Unit
Class 1	$	78.59	$	117.23	$	61.04	$	66.56
Class 1AP	$	93.76	$	137.81	$	72.90	$	78.51
Class 2	$	126.44	$	185.82	$	96.75	$	103.94
Class 2a	$	109.61	$	161.04		N/A		N/A
Class 3a	$	109.24	$	160.50		N/A		N/A

	Frontier				Frontier				Frontier
	Diversified Fund				Masters Fund				Long/Short Commodity Fund
	6/30/2021		12/31/2020		6/30/2021		12/31/2020		6/30/2021		12/31/2020
ASSETS
Cash and cash equivalents	$	14,129	$	87,715	$	4,951	$	4,771	$	8,750	$	93,327
U.S. Treasury securities, at fair value		186,482		427,393		65,347		23,245		115,492		454,738
Investments in private investment companies, at fair value		3,222,991		3,644,603		767,148		1,014,591	��	1,280,647		738,053
Investments in unconsolidated trading companies, at fair value		16,682		16,669		5,846		907		10,331		17,736
Interest receivable		3,851		8,534		1,350		464		2,385		9,080
Receivable from related parties		-		4,892		-		266		-		5,205
Redemptions receivable from private investment companies		-		31,886		-		24,837		-		1,251

Total Assets	$	3,444,135	$	4,221,692	$	844,642	$	1,069,081	$	1,417,605	$	1,319,390

LIABILITIES & CAPITAL

LIABILITIES
Redemptions payable	$	-	$	-	$	-	$	38,128	$	-	$	-
Interest payable to Managing Owner		-		-		-		-		37		87
Service fees payable to Managing Owner		158		385		47		70		20		18
Trading fees payable to Managing Owner		10,587		12,576		4,440		5,460		3,492		2,281
Subscriptions in advance for service fee rebates		22,650		22,650		31,725		31,725		392		393
Other liabilities		1,973		3,110		692		171		1,221		3,308

Total Liabilities	$	35,368	$	38,721	$	36,904	$	75,554	$	5,162	$	6,087

CAPITAL
Managing Owner - Class 2		2,384		2,212		2,943		6,265		4,511		3,939
Managing Owner - Class 2a		-		-		-		-		9,537		8,274
Managing Owner - Class 3		25,750		54,405		4,117		7,167		-		-
Managing Owner - Class 3a		-		-		-		-		1,209		1,048
Limited Owner - Class 1		40,171		154,260		-		9,740		-		-
Limited Owner - Class 2		428,426		464,012		220,435		257,673		34,265		30,334
Limited Owner - Class 2a		-		-		-		-		82,724		76,583
Limited Owner - Class 3		2,912,036		3,508,082		580,243		712,682		1,050,928		976,771
Limited Owner - Class 3a		-		-		-		-		229,269		216,354

Total Owners’ Capital		3,408,767		4,182,971		807,738		993,527		1,412,443		1,313,303

Non-Controlling Interests		-		-		-		-		-		-

Total Capital		3,408,767		4,182,971		807,738		993,527		1,412,443		1,313,303

Total Liabilities and Capital	$	3,444,135	$	4,221,692	$	844,642	$	1,069,081	$	1,417,605	$	1,319,390

Units Outstanding
Class 1		517		2,122		N/A		177		N/A		N/A
Class 2		4,492		5,241		3,038		3,908		394		399
Class 2a		N/A		N/A		N/A		N/A		1,447		1,535
Class 3		32,661		42,754		8,441		11,333		10,172		10,828
Class 3a		N/A		N/A		N/A		N/A		3,422		3,725

Net Asset Value per Unit
Class 1	$	77.68	$	72.68		N/A	$	55.18		N/A		N/A
Class 2	$	95.90	$	88.95	$	73.52	$	67.54	$	98.49	$	85.99
Class 2a		N/A		N/A		N/A		N/A	$	63.74	$	55.29
Class 3	$	89.95	$	83.33	$	69.23	$	63.52	$	103.32	$	90.21
Class 3a		N/A		N/A		N/A		N/A	$	67.36	$	58.37

	Frontier Global Fund				Frontier Heritage Fund
	6/30/2020		12/31/2019		6/30/2020		12/31/2019
ASSETS
Cash and cash equivalents	$	40,280	$	27,532	$	457,313	$	44,011
U.S. Treasury securities, at fair value		23,131		48,741		262,615		77,916
Swap contracts, at fair value		-		-		-		2,888,008
Investments in private investment companies, at fair value		3,601,923		5,022,967		2,020,602		2,259,678
Investments in unconsolidated trading companies, at fair value		3,259		11,818		37,004		18,891
Interest receivable		75		992		852		1,586
Redemptions receivable from private investment companies		103,858		-		27,205		-
Other assets		-		-		364		-

Total Assets	$	3,772,526	$	5,112,050	$	2,805,955	$	5,290,090

LIABILITIES & CAPITAL

LIABILITIES
Redemptions payable	$	-	$	71,379	$	-	$	9,735
Interest payable to Managing Owner		166		56		705		166
Service fees payable to Managing Owner		7,879		11,263		4,932		5,362
Trading fees payable to Managing Owner		15,665		22,540		7,981		11,170
Advance on unrealized swap appreciation		-		-		-		1,900,000
Subscriptions in advance for service fee rebates		152,714		150,025		60,428		57,132
Other liabilities		7,915		8,543		-		1,488

Total Liabilities		184,339		263,806		74,046		1,985,053

CAPITAL
Managing Owner - Class 2		37,458		50,058		27,835		28,593
Limited Owner - Class 1		3,349,676		4,471,980		2,200,107		2,295,623
Limited Owner - Class 1AP		31,034		33,047		8,369		8,333
Limited Owner - Class 2		170,019		293,159		495,598		493,464

Total Owners’ Capital		3,588,187		4,848,244		2,731,909		2,826,013

Non-Controlling Interests		-		-		-		479,024

Total Capital		3,588,187		4,848,244		2,731,909		3,305,037

Total Liabilities and Capital	$	3,772,526	$	5,112,050	$	2,805,955	$	5,290,090

Units Outstanding
Class 1		27,529		34,003		22,797		23,536
Class 1AP		214		214		73		73
Class 2		1,146		1,780		3,394		3,399

Net Asset Value per Unit
Class 1	$	121.68	$	131.52	$	96.51	$	97.54
Class 1AP	$	145.35	$	154.43	$	115.25	$	114.15
Class 2	$	181.09	$	192.82	$	154.24	$	153.59

	Frontier Balanced Fund				Frontier Select Fund
	6/30/2021		12/31/2020		6/30/2021		12/31/2020
ASSETS
Cash and cash equivalents	$	66,646	$	261,803	$	2,772	$	-
U.S. Treasury securities, at fair value		879,612		1,275,641		36,588		-
Open trade equity, at fair value		-		100,440		-		-
Receivable from futures commission merchants		296,169		233,973		-		-
Investments in private investment companies, at fair value		9,976,440		10,528,252		1,607,108		1,638,665
Investments in unconsolidated trading companies, at fair value		78,686		49,755		3,273		-
Interest receivable		18,165		25,471		756		-
Receivable from related parties		-		14,602		-		-
Redemptions receivable from private investment companies		-		55,473		-		67,876

Total Assets	$	11,315,718	$	12,545,410	$	1,650,497	$	1,706,541

LIABILITIES & CAPITAL

LIABILITIES
Open trade deficit, at fair value	$	71,432	$	-	$	-	$	-
Management fees payable to Managing Owner		1,511		8,854		-		-
Interest payable to Managing Owner		1,870		1,376		107		179
Service fees payable to Managing Owner		19,481		21,381		3,707		3,709
Trading fees payable to Managing Owner		36,556		37,894		4,110		3,933
Risk analysis fees payable		10,905		9,513		-		-
Payables to related parties		-		-		-		26,129
Subscriptions in advance for service fee rebates		358,273		346,855		20,378		19,463
Other liabilities		10,931		9,258		388		-

Total Liabilities	$	510,959	$	435,131	$	28,690	$	53,413

CAPITAL
Managing Owner - Class 2		56,491		51,810		17,737		17,210
Managing Owner - Class 2a		57,486		75,416		-		-
Limited Owner - Class 1		8,386,018		9,430,532		1,535,828		1,575,328
Limited Owner - Class 1AP		116,780		108,053		10,548		9,821
Limited Owner - Class 2		1,644,977		1,906,359		57,694		50,769
Limited Owner - Class 2a		25,378		30,961		-		-
Limited Owner - Class 3a		517,629		507,148		-		-

Total Owners’ Capital		10,804,759		12,110,279		1,621,807		1,653,128

Non-Controlling Interests		-		-		-		-

Total Capital		10,804,759		12,110,279		1,621,807		1,653,128

Total Liabilities and Capital	$	11,315,718	$	12,545,410	$	1,650,497	$	1,706,541

Units Outstanding
Class 1		97,671		117,991		23,209		26,906
Class 1AP		1,106		1,116		130		138
Class 2		11,954		15,000		698		722
Class 2a		671		940		N/A		N/A
Class 3a		4,207		4,495		N/A		N/A

Net Asset Value per Unit
Class 1	$	85.86	$	79.93	$	66.17	$	58.55
Class 1AP	$	105.55	$	96.81	$	81.44	$	70.99
Class 2	$	142.34	$	130.54	$	108.07	$	94.20
Class 2a	$	123.47	$	113.20		N/A		N/A
Class 3a	$	123.05	$	112.81		N/A		N/A

	Frontier Global Fund				Frontier Heritage Fund
	6/30/2021		12/31/2020		6/30/2021		12/31/2020
ASSETS
Cash and cash equivalents	$	7,120	$	5,694	$	8,541	$	15,156
U.S. Treasury securities, at fair value		93,971		27,742		112,721		73,847
Investments in private investment companies, at fair value		2,846,614		3,068,656		2,511,300		2,367,462
Investments in unconsolidated trading companies, at fair value		8,406		1,083		10,083		2,880
Interest receivable		1,941		554		2,328		1,475
Receivable from related parties		-		319		-		845

Total Assets	$	2,958,052	$	3,104,048	$	2,644,973	$	2,461,665

LIABILITIES & CAPITAL

LIABILITIES
Redemptions payable	$	-	$	-	$	17,221	$	-
Interest payable to Managing Owner		232		326		235		139
Service fees payable to Managing Owner		6,307		6,348		5,306		4,794
Trading fees payable to Managing Owner		12,632		11,849		8,987		7,705
Subscriptions in advance for service fee rebates		156,772		154,671		66,429		63,205
Other liabilities		996		205		1,194		540

Total Liabilities	$	176,939	$	173,399	$	99,372	$	76,383

CAPITAL
Managing Owner - Class 2		31,522		31,366		27,818		24,105
Limited Owner - Class 1		2,580,738		2,741,972		2,297,366		2,169,152
Limited Owner - Class 1AP		-		-		8,577		8,460
Limited Owner - Class 2		168,853		157,311		211,840		183,565

Total Owners’ Capital		2,781,113		2,930,649		2,545,601		2,385,282

Non-Controlling Interests		-		-		-		-

Total Capital		2,781,113		2,930,649		2,545,601		2,385,282

Total Liabilities and Capital	$	2,958,052	$	3,104,048	$	2,644,973	$	2,461,665

Units Outstanding
Class 1		22,006		24,725		21,026		22,572
Class 1AP		N/A		N/A		64		73
Class 2		1,114		1,126		1,332		1,332

Net Asset Value per Unit
Class 1	$	117.28	$	110.90	$	109.26	$	96.10
Class 1AP		N/A		N/A	$	134.45	$	116.50
Class 2	$	179.85	$	167.56	$	179.93	$	155.92

			Frontier						Frontier
			Balanced Fund						Select Fund
						% of Total Capital					% of Total Capital
Description			Fair Value			(Net Asset Value)			Fair Value		(Net Asset Value)
LONG FUTURES CONTRACTS*
		Various agriculture futures contracts (U.S.)	$	(7,800	)		-0.06	%		-		0.00	%
		Various currency futures contracts (Oceanic)		19,850			0.15	%		-		0.00	%
		Various interest rates futures contracts (Europe)		269,732			1.99	%		-		0.00	%
		Various precious metal futures contracts (U.S.)		21,400			0.16	%		-		0.00	%
		Various soft futures contracts (U.S.)		4,085			0.03	%		-		0.00	%
		Various stock index futures contracts (Europe)		(12,328	)		-0.09	%		-		0.00	%
							0.00	%				0.00	%
		Total Long Futures Contracts	$	294,939			2.18	%	$	-		0.00	%
SHORT FUTURES CONTRACTS*
		Various agriculture futures contracts (U.S.)		810			0.01	%		-		0.00	%
		Various currency futures contracts (Oceanic)		(37,497	)		-0.28	%		-		0.00	%
		Various energy futures contracts (U.S.)		(1,540	)		-0.01	%		-		0.00	%
		Various interest rates futures contracts (Europe)		(218,579	)		-1.62	%		-		0.00	%
		Various currency futures contracts (U.S.)		(2,213	)		-0.02	%		-		0.00	%
		Various precious metal futures contracts (U.S.)		(56,407	)		-0.42	%		-		0.00	%
		Various soft futures contracts (U.S.)		(6,590	)		-0.05	%		-		0.00	%
		Various stock index futures contracts (Europe)		(2,789	)		-0.02	%		-		0.00	%
							0.00	%				0.00	%
		Total Short Futures Contracts	$	(324,805	)		-2.41	%	$	-		0.00	%
CURRENCY FORWARDS*
		Various currency forwards contracts (NA)	$	21,749			0.16	%	$	-		0.00	%
		Total Open Trade Equity (Deficit)	$	(8,117	)		-0.07	%	$	-		0.00	%

SWAP (1)
		Frontier XXXIV Balanced select swap (U.S.)	$	7,488,340			55.38	%	$	-		0.00	%
		Total Swap	$	7,488,340			55.38	%	$	-		0.00	%

PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Doherty Feeder Fund (528) LLC	$	2,002,195			14.81	%	$	947,841		49.41	%
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		2,350,342			17.38	%		-		0.00	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		1,430,029			10.58	%		-		0.00	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		731,830			5.41	%		-		0.00	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		2,153,396			15.93	%		-		0.00	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		2,716,938			20.09	%		822,030		42.85	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		32,437			0.24	%		-		0.00	%
		Total Private Investment Companies	$	11,417,167			84.44	%	$	1,769,871		92.26	%

INVESTMENT IN UNCONSOLIDATED COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	18,685			0.14	%	$	74		0.00	%
		Total Investment in Unconsolidated Trading Companies	$	18,685			0.14	%	$	74		0.00	%

U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value						Fair Value
$	455,000	US Treasury Note 6.875% due 08/15/2025 (Cost $607,104)	$	132,605			0.98	%	$	524		0.03	%

Additional Disclosure on U.S. Treasury Securities			Face Value						Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	99,381					$	393

Additional Disclosure on U.S. Treasury Securities			Cost						Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	132,604					$	524

			Frontier Balanced Fund						Frontier Select Fund
						% of Total Capital					% of Total Capital
Description			Fair Value			(Net Asset Value)			Fair Value		(Net Asset Value)
LONG FUTURES CONTRACTS*
		Various agriculture futures contracts (Far East)	$	(811	)		-0.01	%	$	-		0.00	%
		Various agriculture futures contracts (Europe)		(2,477	)		-0.02	%		-		0.00	%
		Various agriculture futures contracts (U.S.)		(399	)		0.00	%		-		0.00	%
		Various base metals futures contracts (U.S.)		(2,644	)		-0.02	%		-		0.00	%
		Various currency futures contracts (Europe)		(16,585	)		-0.15	%		-		0.00	%
		Various currency futures contracts (Far East)		2,707			0.03	%		-		0.00	%
		Various currency futures contracts (Latin America)		2,605			0.02	%		-		0.00	%
		Various currency futures contracts (U.S.)		(1,200	)		-0.01	%		-		0.00	%
		Various energy futures contracts (U.S.)		14,670			0.14	%		-		0.00	%
		Various interest rates futures contracts (Europe)		(186,275	)		-1.72	%		-		0.00	%
		Various interest rates futures contracts (Far East)		(90	)		0.00	%		-		0.00	%
		Various interest rates futures contracts (U.S.)		3,438			0.03	%		-		0.00	%
		Various precious metal futures contracts (U.S.)		(12,366	)		-0.11	%		-		0.00	%
		Various stock index futures contracts (Europe)		(1,804	)		-0.02	%		-		0.00	%
		Various stock index futures contracts (Far East)		166			0.00	%		-		0.00	%
		Total Long Futures Contracts	$	(201,065	)		-1.84	%	$	-		0.00	%

SHORT FUTURES CONTRACTS*
		Various agriculture futures contracts (Far East)	$	6,829			0.06	%	$	-		0.00	%
		Various agriculture futures contracts (Europe)		(1,009	)		-0.01	%		-		0.00	%
		Various agriculture futures contracts (U.S.)		4,675			0.04	%		-		0.00	%
		Various base metals futures contracts (U.S.)		(2,038	)		-0.02	%		-		0.00	%
		Various currency futures contracts (Europe)		9,569			0.09	%		-		0.00	%
		Various currency futures contracts (Far East)		(1,932	)		-0.02	%		-		0.00	%
		Various currency futures contracts (Latin America)		895			0.01	%		-		0.00	%
		Various energy futures contracts (U.S.)		(770	)		-0.01	%		-		0.00	%
		Various interest rates futures contracts (Europe)		118,204			1.09	%		-		0.00	%
		Various interest rates futures contracts (U.S.)		(4,906	)		-0.05	%		-		0.00	%
		Various precious metal futures contracts (U.S.)		(1,339	)		-0.01	%		-		0.00	%
		Various stock index futures contracts (Europe)		1,455			0.01	%		-		0.00	%
		Total Short Futures Contracts	$	129,633			1.18	%	$	-		0.00	%
		Total Open Trade Equity (Deficit)	$	(71,432	)		-0.66	%	$	-		0.00	%

PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	2,240,416			20.74	%	$	-		0.00	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		802,805			7.43	%		-		0.00	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,323,957			12.25	%		-		0.00	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,580,537			14.63	%		-		0.00	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		2,644,643			24.48	%		951,298		58.66	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC		1,384,082			12.81	%		655,810		40.44	%
		Total Private Investment Companies	$	9,976,440			92.34	%	$	1,607,108		99.10	%

INVESTMENT IN UNCONSOLIDATED COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	78,686			0.73	%	$	3,273		0.20	%
		Total Investment in Unconsolidated Trading Companies	$	78,686			0.73	%	$	3,273		0.20	%

U.S. TREASURY SECURITIES (2)
FACE VALUE				Fair Value						Fair Value

$	1,191,500	US Treasury Note 6.875% due 08/15/2025 (Cost $1,501,686)	$	879,612			8.14	%	$	36,588		2.26	%

			$	879,612			8.14	%	$	36,588		2.26	%

Additional Disclosure on U.S. Treasury Securities				Face Value						Face Value

		US Treasury Note 6.875% due 08/15/2025 (2)	$	703,294					$	29,254
			$	703,294					$	29,254

Additional Disclosure on U.S. Treasury Securities				Cost						Cost

		US Treasury Note 6.875% due 08/15/2025 (2)	$	886,384					$	36,869
			$	886,384					$	36,869

			Frontier					Frontier
			Global Fund					Heritage Fund
					% of Total Capital					% of Total Capital
Description			Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (2)
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	3,601,923		100.38	%	$	1,198,572		43.87	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		-		-			822,030		30.09	%
		Total Private Investment Companies	$	3,601,923		100.38	%	$	2,020,602		73.96	%

INVESTMENT IN UNCONSOLIDATED COMPANIES (2)
		Frontier Trading Company XXXVIII, LLC	$	3,259		0.09	%	$	37,004		1.35	%
		Total Investment in Unconsolidated Trading Companies	$	3,259		0.09	%	$	37,004		1.35	%

U.S. TREASURY SECURITIES (1)
FACE VALUE			Fair Value					Fair Value
$	455,000	US Treasury Note 6.875% due 08/15/2025 (Cost $607,104)	$	23,131		0.64	%	$	262,615		9.61	%

Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (1)	$	17,336				$	196,819

Additional Disclosure on U.S. Treasury Securities			Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (1)	$	23,131				$	262,614

(1)	~~(1)~~See Note 4 to the Financial Statements.
(2)	See Note 2 to the Financial Statements.

			Frontier Global Fund (Formerly Winton Fund)					Frontier Heritage Fund
					% of Total Capital					% of Total Capital
Description			Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)
SWAP (1)
		Frontier Brevan Howard swap (U.S.)	$	-		-		$	2,888,008		18.14	%
		Total Swap	$	-		-		$	2,888,008		18.14	%

PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	$	-		-		$	786,246		27.82	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		5,022,967		139.99	%		1,473,432		52.14	%
		Total Private Investment Companies	$	5,022,967		139.99	%	$	2,259,678		79.96	%

INVESTMENT IN UNCONSOLIDATED COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	11,818		0.33	%	$	18,891		0.67	%
		Total Investment in Unconsolidated Trading Companies	$	11,818		0.33	%	$	18,891		0.67	%

U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value					Fair Value
$	510,000	US Treasury Note 6.875% due 08/15/2025 (Cost $652,026)	$	48,741		1.36	%	$	77,916		2.76	%
			$	48,741		1.36	%	$	77,916		2.76	%

Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	38,200				$	61,065
			$	38,200				$	61,065

Additional Disclosure on U.S. Treasury Securities			Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	48,838				$	78,071
			$	48,838				$	78,071

	Frontier Diversified Fund						Frontier Masters Fund						Frontier Long/Short Commodity Fund
	6/30/2021			6/30/2020			6/30/2021			6/30/2020			6/30/2021			6/30/2020

Investment income:
Interest - net	$	37		$	829		$	977		$	488		$	1,024		$	472

Total Income		37			829			977			488			1,024			472

Expenses:
Service Fees - Class 1		501			2,943			147			499			58			111
Due Diligence Fees		1,107			2,072			258			547			97			92
Trading Fees		33,037			57,135			13,305			29,246			10,050			7,765

Total Expenses		34,645			62,150			13,710			30,292			10,205			7,968

Investment (loss) - net		(34,608	)		(61,321	)		(12,733	)		(29,804	)		(9,181	)		(7,496	)

Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		119,013			654,040			47,971			261,001			110,809			236,900
Net realized gain/(loss) on private investment companies		102,200			(1,094,200	)		1,507			(476,170	)		21,791			(282,472	)
Net unrealized gain/(loss) on swap contracts		-			87,524			-			-			-			(31,444	)
Net realized gain/(loss) on U.S. Treasury securities		423			(3,764	)		(235	)		(943	)		(394	)		2,024
Net unrealized gain/(loss) on U.S. Treasury securities		(1,226	)		4,123			(380	)		(669	)		(618	)		415
Change in fair value of investments in unconsolidated trading companies		(4,773	)		(3,279	)		(960	)		444			785			(4,087	)

Net gain/(loss) on investments		215,637			(355,556	)		47,903			(216,337	)		132,373			(78,664	)

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		181,029			(416,877	)		35,170			(246,141	)		123,192			(86,160	)

Less: Operations attributable to non-controlling interests		-			-			-			-			-			-

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	181,029		$	(416,877	)	$	35,170		$	(246,141	)	$	123,192		$	(86,160	)

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	3.06		$	(5.06	)	$	(57.44	)	$	(9.41	)		N/A			N/A
Class 1AP		N/A			N/A			N/A			N/A			N/A		$	(3.11	)
Class 2	$	4.19		$	(5.72	)	$	2.91		$	(11.06	)	$	8.10		$	(5.39	)
Class 2a		N/A			N/A			N/A			N/A		$	5.25		$	(3.48	)
Class 3	$	3.98		$	(5.29	)	$	2.78		$	(10.33	)	$	8.50		$	(5.65	)
Class 3a		N/A			N/A			N/A			N/A		$	5.59		$	(3.64	)

	Frontier Long/Short Commodity Fund
	Class 2		Class 2			Class 2a		Class 2a			Class 3			Class 3a		Class 3a			Non-
	Managing Owner		Limited Owners			Managing Owner		Limited Owners			Limited Owners			Managing Owner		Limited Owners			Controlling Interests		Total

Owners’ Capital, December 31, 2020	$	3,939	$	30,334		$	8,274	$	76,583		$	976,771		$	1,048	$	216,354		$	-	$	1,313,303

Sale of Units		-		-			-		-			-			-		-			-		-
Redemption of Units		-		(423	)		-		(4,962	)		(68,684	)		-		(18,085	)		-		(92,154	)
Transfer of Units In(Out)		-		-			-		-			-			-		-			-		-
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		572		4,354			1,263		11,103			142,841			161		31,000			-		191,294

Owners’ Capital, June 30, 2021	$	4,511	$	34,265		$	9,537	$	82,724		$	1,050,928		$	1,209	$	229,269		$	-	$	1,412,443

Owners’ Capital - Units, December 31, 2020		46		353			149		1,386			10,828			18		3,707

Sale of Units (including transfers)		-		-			-		-			-			-		-
Redemption of Units (including transfers)		-		(5	)		-		(88	)		(656	)		-		(303	)

Owners’ Capital - Units, June 30, 2021		46		348			149		1,298			10,172			18		3,404

Net asset value per unit at December 31, 2020			$	85.99				$	55.29		$	90.21				$	58.37

Change in net asset value per unit for the six months ended June 30, 2021				12.50					8.45			13.11					8.99

Net asset value per unit at June 30, 2021			$	98.49				$	63.74		$	103.32				$	67.36

	Frontier Diversified Fund																				Frontier Masters Fund
	Class 1			Class 2			Class 2			Class 3			Class 3			Non-					Class 1			Class 2			Class 2			Class 3			Class 3			Non-
	Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Controlling Interests		Total			Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Controlling Interests		Total


Owners’ Capital, December 31, 2019	$	1,303,195		$	3,023		$	5,597,828		$	115,933		$	4,979,641			-	$	11,999,620		$	12,794		$	13,043		$	837,765		$	9,228		$	1,365,209			-	$	2,238,039

Sale of Units		-			-			-			-			-			-		-			-			-			-			-			-			-		-
Redemption of Units		(960,563	)		-			(2,575,772	)		(11,000	)		526,469			-		(3,020,866	)		-			(1,000	)		(133,322	)		-			(234,902	)		-		(369,224	)
Transfer of Units In(Out)		-			-			-			-			-			-		-			-			-			-			-			-			-		-
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests		(155,832	)		(788	)		(1,056,559	)		(29,573	)		(1,425,997	)		-		(2,668,748	)		(1,866	)		(1,697	)		(104,313	)		(1,267	)		(159,208	)		-		(268,351	)

Owners’ Capital, June 30, 2020	$	186,800		$	2,235		$	1,965,497		$	75,360		$	4,080,113			-	$	6,310,005		$	10,929		$	10,347		$	600,130		$	7,962		$	971,099			-	$	1,600,467

Owners’ Capital - Units, December 31, 2019		12,890			25			46,042			1,021			43,832								177			149			9,610			113			16,693

Sale of Units (including transfers)		-			-			-			-			-								-			-			-			-			-
Redemption of Units (including transfers)		(10,369	)		-			(24,175	)		(124	)		4,687								-			(12	)		(1,621	)		-			(2,931	)

Owners’ Capital - Units, June 30, 2020		2,521			25			21,867			897			48,519								177			137			7,989			113			13,762

Net asset value per unit at December 31, 2019	$	101.10					$	121.58					$	113.61							$	72.28					$	87.18					$	81.78

Change in net asset value per unit for the six months ended June 30, 2020	$	(27.01	)				$	(31.70	)				$	(29.52	)						$	(10.36	)				$	(12.05	)				$	(11.22	)

Net asset value per unit at June 30, 2020	$	74.09					$	89.88					$	84.09							$	61.92					$	75.13					$	70.56

	Frontier Balanced Fund						Frontier Select Fund
	June 30, 2020			June 30, 2019			June 30, 2020			June 30, 2019

Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	(7,037,224	)	$	(323,116	)	$	(212,523	)	$	226,719
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		124,301			178,512			-			-
Net change in ownership allocation of U.S. Treasury securities		(70,073	)		1,389,637			(97,145	)		(483,648	)
Net unrealized (gain)/loss on swap contracts		5,635,109			103,896			-			-
Net unrealized (gain)/loss on U.S. Treasury securities		5,025			(5,068	)		2,955			8,678
Net realized (gain)/loss on U.S. Treasury securities		26,115			(8,349	)		3,748			(11,151	)
Net unrealized (gain)/loss on private investment companies		(636,269	)		(1,466,941	)		(143,350	)		(259,209	)
Net realized (gain)/loss on private investment companies		(1,805,553	)		761,338			(282,634	)		(24,501	)
(Purchases) sales of:
Sales of U.S. Treasury securities		2,006,589			728,520			697,463			711,661
(Purchases) of U.S. Treasury securities		(1,896,782	)		(2,072,160	)		(498,944	)		(532,907	)
U.S. Treasury interest and premium paid/amortized		6,320			24,862			-			-
(Purchases) of Private Investment Companies		1,632,758			(8,269,446	)		(499,776	)		(986,377	)
Sale of Private Investment Companies		3,201,789			13,419,925			1,340,129			1,856,177
Reduction of collateral in Swap contracts		(1,178,696	)		-			-			-
Increase and/or decrease in:
Receivable from futures commission merchants		1,902,708			(285,900	)		-			-
Investments in unconsolidated trading companies, at fair value		32,182			1,738,769			505,281			(64,729	)
Interest receivable		3,840			1,224			2,266			(6,102	)
Other assets		(1,194	)		-			-			-
Management fees payable to Managing Owner		28			(5,089	)		-			-
Interest payable to Managing Owner		447			(1,490	)		153			335
Trading fees payable to Managing Owner		(25,686	)		(25,695	)		(2,314	)		(692	)
Service fees payable to Managing Owner		(17,916	)		(11,564	)		(1,733	)		(363	)
Risk analysis fees payable		55			867			-			-
Redemptions receivable from private investment companies		165,350			-			(194,548	)		-
Subscriptions in advance for service fee rebates		16,002			38,353			1,536			3,071
Other liabilities		(2,372	)		192			(1,198	)		8,624

Net cash provided by (used in) operating activities		2,086,853			5,911,277			619,367			445,586

Cash Flows from Financing Activities:
Payment for redemption of units		(1,935,386	)		(6,340,452	)		(685,847	)		(397,886	)
Change in owner redemptions payable		(39,059	)		404,514			6,048			3,415

Net cash provided by (used in) financing activities		(1,974,445	)		(5,935,938	)		(679,799	)		(394,471	)

Net increase (decrease) in cash and cash equivalents		112,409			(24,661	)		(60,432	)		51,115

Cash and cash equivalents, beginning of period		118,506			37,556			61,345			25,072
Cash and cash equivalents, end of period	$	230,915		$	12,895		$	913		$	76,187

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

June 30, 2020	Level 1 Inputs			Level 2 Inputs		Level 3 Inputs		Total Fair Value

Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	16,057		$	-	$	-	$	16,057
Swap Contracts		-			-		4,629,556		4,629,556
U.S. Treasury Securities		113,957			-		-		113,957
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		4,033			-		-		4,033
U.S. Treasury Securities		28,621			-		-		28,621
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		6,433			-		-		6,433
Swap Contracts		-			-		582,519		582,519
U.S. Treasury Securities		45,654			-		-		45,654
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		18,685			-		-		18,685
Open Trade Equity (Deficit)		(8,117	)		-		-		(8,117	)
Swap Contracts		-			-		7,488,340		7,488,340
U.S. Treasury Securities		132,605			-		-		132,605
Frontier Select Fund					-
Investment in Unconsolidated Trading Companies		74			-		-		74
U.S. Treasury Securities		524			-		-		524
Frontier Global Fund					-
Investment in Unconsolidated Trading Companies		3,259			-		-		3,259
U.S. Treasury Securities		23,131			-		-		23,131
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		37,004			-		-		37,004
U.S. Treasury Securities		262,615			-		-		262,615

June 30, 2021	Level 1 Inputs			Level 2 Inputs		Level 3 Inputs		Total Fair Value

Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	16,682		$	-	$	-	$	16,682
U.S. Treasury Securities		186,482			-		-		186,482
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		5,846			-		-		5,846
U.S. Treasury Securities		65,347			-		-		65,347
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		10,331			-		-		10,331
U.S. Treasury Securities		115,492			-		-		115,492
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		78,686			-		-		78,686
Open Trade Equity (Deficit)		(71,432	)		-		-		(71,432	)
U.S. Treasury Securities		879,612			-		-		879,612
Frontier Select Fund
Investment in Unconsolidated Trading Companies		3,273			-		-		3,273
U.S. Treasury Securities		36,588			-		-		36,588
Frontier Global Fund
Investment in Unconsolidated Trading Companies		8,406			-		-		8,406
U.S. Treasury Securities		93,971			-		-		93,971
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		10,083			-		-		10,083
U.S. Treasury Securities		112,721			-		-		112,721

December 31, 2019	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value

Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	24,150	$	-	$	-	$	24,150
Swap Contracts		-		-		6,384,583		6,384,583
U.S. Treasury Securities		99,605		-		-		99,605
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		11,005		-		-		11,005
U.S. Treasury Securities		45,391		-		-		45,391
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		14,711		-		-		14,711
Swap Contracts		-		-		362,521		362,521
U.S. Treasury Securities		60,673		-		-		60,673
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		50,867		-		-		50,867
Open Trade Equity (Deficit)		57,057		59,127		-		116,184
Swap Contracts		-		-		11,944,753		11,944,753
U.S. Treasury Securities		209,799		-		-		209,799
Frontier Select Fund
Investment in Unconsolidated Trading Companies		26,331		-		479,024		505,355
U.S. Treasury Securities		108,603		-		-		108,603
Frontier Global Fund
Investment in Unconsolidated Trading Companies		11,818		-		-		11,818
U.S. Treasury Securities		48,741		-		-		48,741
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		18,891		-		-		18,891
Swap Contracts		-		-		2,888,008		2,888,008
U.S. Treasury Securities		77,916		-		-		77,916

December 31, 2020	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value

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

	Frontier Balanced Fund			Frontier Long/Short Commodity Fund
Balance of recurring Level 3 assets as of January 1, 2020	$	11,944,753		$	362,521
Total gains or losses (realized/unrealized):
Included in earnings-realized					-
Included in earnings-unrealized		(5,635,109	)		219,997
Proceeds from collateral reduction		-			-
Purchase of investments		1,178,696			-
Change in ownership allocation		-			-
Transfers in and/or out of Level 3		-			-

Balance of recurring Level 3 assets as of June 30, 2020	$	7,488,340		$	582,518

	Frontier Diversified Fund			Frontier Heritage Fund
Balance of recurring Level 3 assets as of January 1, 2020	$	6,384,583		$	2,888,009
Total gains or losses (realized/unrealized):
Included in earnings-realized		-			(97,745	)
Included in earnings-unrealized		(2,024,174	)		197,829
Proceeds from collateral reduction		-			(2,474,937	)
Purchase (sale) of investments		269,147			(513,156	)
Change in ownership allocation		-			-
Transfers in and/or out of Level 3		-			-

Balance of recurring Level 3 assets as of June 30, 2020	$	4,629,556		$	0

	Frontier Select Fund

Balance of recurring Level 3 assets as of January 1, 2020	$	479,024
Change in fair value of investments in unconsolidated trading companies		-
Proceeds from sales of investments of unconsolidated trading companies		(479,024	)
Purchases of investments of unconsolidated trading companies		-
Change in ownership allocation		-
Transfers in and/or out of Level 3		-
Balance of recurring Level 3 assets as of June 30, 2020	$	0

	Frontier Select Fund
Balance of recurring Level 3 assets as of January 1, 2019	$	511,718
Change in fair value of investments in unconsolidated trading companies		(32,694	)
Purchases of investments of unconsolidated trading companies		-
Change in ownership allocation		-
Transfers in and/or out of Level 3		-
Balance of recurring Level 3 assets as of December 31, 2019	$	479,024

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

	As of June 30, 2020					As of December 31, 2019
	Percentage of					Percentage of
	Series Total					Series Total
	Capital Invested in					Capital Invested in
Series	Unconsolidated Trading Companies			Fair Value		Unconsolidated Trading Companies			Fair Value

Frontier Diversified Series —
Frontier Trading Company XXXVIII		0.25	%	$	16,057		0.20	%	$	24,150

Frontier Masters Fund —
Frontier Trading Company XXXVIII		0.25	%	$	4,033		0.49	%	$	11,005

Frontier Long/Short Commodity Fund —
Frontier Trading Company XXXVIII		0.49	%	$	6,433		1.10	%	$	14,711

Frontier Balanced Fund —
Frontier Trading Company XXXVIII		0.14	%	$	18,685		0.23	%	$	50,867

Frontier Select Fund —
Frontier Trading Companies XXXVIII and XXXIX*		0.01	%	$	74		17.94	%	$	505,355

Frontier Global Fund —
Frontier Trading Company XXXVIII		0.08	%	$	3,259		0.25	%	$	11,818

Frontier Heritage Fund —
Frontier Trading Company XXXVIII		1.35	%	$	37,004		0.57	%	$	18,891

	As of June 30, 2021					As of December 31, 2020
	Percentage of					Percentage of
	Series Total					Series Total
	Capital Invested in					Capital Invested in
Series	Unconsolidated Trading Companies			Fair Value		Unconsolidated Trading Companies			Fair Value

Frontier Diversified Series —
Frontier Trading Company XXXVIII		0.49	%	$	16,682		0.40	%	$	16,669
Frontier Masters Fund ---
Frontier Trading Company XXXVIII		0.72	%	$	5,846		0.09	%	$	907
Frontier Long/Short Commodity Fund ---
Frontier Trading Company XXXVIII		0.73	%	$	10,331		1.35	%	$	17,736
Frontier Balanced Fund ---
Frontier Trading Company XXXVIII		0.73	%	$	78,686		0.41	%	$	49,755
Frontier Select Fund ---
Frontier Trading Companies XXXVIII		0.20	%	$	3,273		0.00	%	$	-
Frontier Global Fund ---
Frontier Trading Company XXXVIII		0.30	%	$	8,406		0.04	%	$	1,083
Frontier Heritage Fund ---
Frontier Trading Company XXXVIII		0.40	%	$	10,083		0.12	%	$	2,880

	Three Months Ended June, 2020												Three Months Ended June, 2019
							Change in			Net									Change in			Net
	Trading			Realized			Unrealized			Income			Trading			Realized			Unrealized			Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Frontier Balanced Fund
Frontier Trading Company II, LLC	$	-		$	-		$	-		$	-		$	-		$	-		$	382		$	382
Frontier Trading Company XXXVIII, LLC		-			-			13,836			13,836			-			-			(1,743	)		(1,743	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(5,100	)		(88,960	)		(255,603	)		(349,663	)		(7,956	)		500,989			(261,813	)		231,220
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(2,152	)		(49,427	)		67,132			15,553			(7,282	)		9,117			(12,265	)		(10,430	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(6,408	)		(407,643	)		414,194			143			(104,751	)		(3,311,760	)		2,622,781			(793,730	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(15,974	)		(403,362	)		546,868			127,532			(9,768	)		526,833			(184,438	)		332,627
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(502	)		(239,751	)		237,492			(2,761	)		-			-			305,427			305,427
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(8,555	)		(693,367	)		349,783			(352,139	)		(21,074	)		(328,285	)		179,439			(169,920	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		-			-			-			-			-			-			(105,511	)		(105,511	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(1,701	)		79,790			(195,781	)		(117,692	)		(2,518	)		56,051			(6,885	)		46,648
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(12,641	)		563,690			(927,823	)		(376,774	)		(21,136	)		1,171,891			(437,703	)		713,052
Total	$	(53,033	)	$	(1,239,030	)	$	250,098		$	(1,041,965	)	$	(174,485	)	$	(1,375,164	)	$	2,097,671		$	548,022

Frontier Global Fund
Frontier Trading Company II LLC	$	-		$	-		$	-		$	-		$	-		$	-		$	(23,564	)	$	(23,564	)
Frontier Trading Company XXXVIII, LLC		-			-			4,623			4,623			-			-			(178	)		(178	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(8,398	)		(308,501	)		(328,301	)		(645,200	)		(99,335	)		940,770			(341,757	)		499,678
Total	$	(8,398	)	$	(308,501	)	$	(323,678	)	$	(640,577	)	$	(99,335	)	$	940,770		$	(365,499	)	$	475,936

Frontier Select Fund
Frontier Trading Company XXXIX, LLC	$	-		$	-		$	-		$	-		$	-		$	-		$	63,719		$	63,719
Frontier Trading Company XXXVIII, LLC		-			-			(143	)		(143	)		-			-			(535	)		(535	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			(1,616	)		(1,616	)		-			-			-			-
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(4,125	)		170,109			(288,624	)		(122,640	)		(18,439	)		189,845			(130,938	)		40,468
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(5,392	)		(220,692	)		226,084			-			(20,114	)		312,950			(81,412	)		211,424
Total	$	(9,517	)	$	(50,583	)	$	(64,299	)	$	(124,399	)	$	(38,553	)	$	502,795		$	(149,166	)	$	315,076

Frontier Heritage Fund
Frontier Trading Company II, LLC	$	-		$	-		$	-		$	-		$	-		$	-		$	(5,368	)	$	(5,368	)
Frontier Trading Company XXXVIII, LLC		-			-			2,779			2,779			-			-			(1,597	)		(1,597	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(2,774	)		(35,321	)		(179,266	)		(217,361	)		(24,706	)		183,352			(87,492	)		71,154
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(3,878	)		211,068			(336,224	)		(129,034	)		(21,610	)		341,761			(83,040	)		237,111
Total	$	(6,652	)	$	175,747		$	(512,711	)	$	(343,616	)	$	(46,316	)	$	525,113		$	(177,497	)	$	301,300

Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	1,630		$	1,630		$	-		$	-		$	(469	)	$	(469	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		-			-			-			-			-			-			-			-
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(938	)		(41,364	)		42,301			(1	)		(22,997	)		(636,737	)		537,573			(122,161	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(672	)		(117,782	)		122,271			3,817			-			-			172,203			172,203
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(1,626	)		83,251			(131,014	)		(49,389	)		(11,740	)		151,888			(42,868	)		97,280
Total	$	(3,236	)	$	(75,895	)	$	35,188		$	(43,943	)	$	(34,737	)	$	(484,849	)	$	666,439		$	146,853

Frontier Diversified Fund
Frontier Trading Company II, LLC	$	-		$	-		$	-		$	-		$	-		$	-		$	(711	)	$	(711	)
Frontier Trading Company XXXVIII, LLC		-			-			4,032			4,032			-			-			(403	)		(403	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(3,370	)		(56,966	)		(142,153	)		(202,489	)		(9,102	)		292,763			(123,620	)		160,041
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(1,348	)		(29,090	)		38,354			7,916			(6,039	)		5,628			(8,508	)		(8,919	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(4,119	)		(194,763	)		198,882			-			(67,124	)		(2,123,330	)		1,689,124			(501,330	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(11,130	)		(310,674	)		377,368			55,564			(11,268	)		351,448			(127,805	)		212,375
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(309	)		(148,003	)		146,562			(1,750	)		-			-			152,338			152,338
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(3,841	)		(190,864	)		79,076			(115,629	)		(15,429	)		(184,729	)		103,314			(96,844	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		-			-			-			-			-			-			(700	)		(700	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(1,514	)		65,761			(153,963	)		(89,716	)		(2,990	)		50,835			(9,848	)		37,997
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(7,271	)		382,640			(502,758	)		(127,389	)		(16,278	)		685,223			(254,362	)		414,583
Total	$	(32,902	)	$	(481,959	)	$	45,400		$	(469,461	)	$	(128,230	)	$	(922,162	)	$	1,418,819		$	368,427

Frontier Masters Fund
Frontier Trading Company II, LLC	$	-		$	-		$	-		$	-		$	-		$	-		$	(4,502	)	$	(4,502	)
Frontier Trading Company XXXVIII, LLC		-			-			4,207			4,207			-			-			(1,781	)		(1,781	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		-			-			-			-			-			-			-			-
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(2,049	)		(30,225	)		(132,672	)		(164,946	)		(17,715	)		168,928			(60,575	)		90,638
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			88			88			-			-			-			-
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(1,540	)		58,199			(56,659	)		-			(41,279	)		(1,069,832	)		878,048			(233,063	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(2,008	)		117,030			(165,332	)		(50,310	)		(7,140	)		82,721			(37,533	)		38,048
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(1,851	)		(90,207	)		92,058			-			(15,303	)		283,646			(88,757	)		179,586
Total	$	(7,448	)	$	54,797		$	(258,310	)	$	(210,961	)	$	(81,437	)	$	(534,537	)	$	684,900		$	68,926

	Three Months Ended June, 2021												Three Months Ended June, 2020
							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 XXXVIII, LLC	$	-		$	-		$	(8,036	)	$	(8,036	)	$	-		$	-			$	13,836		$	13,836
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(973	)		51,102			52,345			102,474			(5,100	)		(88,960	)			(255,603	)		(349,663	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			(433	)		-			(433	)		(2,152	)		(49,427	)			67,132			15,553
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			252			-			252			(6,408	)		(407,643	)			414,194			143
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(6,399	)		197,477			51,803			242,881			(15,974	)		(403,362	)			546,868			127,532
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			(1,910	)		-			(1,910	)		(502	)		(239,751	)			237,492			(2,761	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(2,902	)		(19,728	)		(174,263	)		(196,893	)		(8,555	)		(693,367	)			349,783			(352,139	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(4,586	)		68,282			(31,967	)		31,729			(1,701	)		79,790				(195,781	)		(117,692	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(14,466	)		147,713			231,570			364,817			(12,641	)		563,690				(927,823	)		(376,774	)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(1,144	)		72,781			(48,358	)		23,279			-			-				-			-
Total	$	(30,470	)	$	515,536		$	73,094		$	558,160		$	(53,033	)	$	(1,239,030	)		$	250,098		$	(1,041,965	)

Frontier Global Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(970	)	$	(970	)	$	-		$	-			$	4,623		$	4,623
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,816	)		92,598			47,380			138,162			(8,398	)		(308,501	)			(328,301	)		(645,200	)
Total	$	(1,816	)	$	92,598		$	46,410		$	137,192		$	(8,398	)	$	(308,501	)		$	(323,678	)	$	(640,577	)

Frontier Select Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	148		$	148		$	-		$	-		��	$	(143	)	$	(143	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			387			-			387			-			-				(1,616	)		(1,616	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(4,951	)		55,643			67,990			118,682			(4,125	)		170,109				(288,624	)		(122,640	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			864			-			864			(5,392	)		(220,692	)			226,084			-
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(521	)		24,894			(24,404	)		(29	)		-			-				-			-
Total	$	(5,472	)	$	81,788		$	43,734		$	120,052		$	(9,517	)	$	(50,583	)		$	(64,299	)	$	(124,399	)

Frontier Heritage Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	391		$	391		$	-		$	-			$	2,779		$	2,779
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,086	)		51,481			14,949			65,344			(2,774	)		(35,321	)			(179,266	)		(217,361	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(4,840	)		55,770			61,982			112,910			(3,878	)		211,068				(336,224	)		(129,034	)
Total	$	(5,926	)	$	107,251		$	77,322		$	178,645		$	(6,652	)	$	175,747			$	(512,711	)	$	(343,616	)

Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	785		$	785		$	-		$	-			$	1,630		$	1,630
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			36			-			36			(938	)		(41,364	)			42,301			(1	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(194	)		102,498			(84,645	)		17,659			(672	)		(117,782	)			122,271			3,817
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(2,642	)		30,095			32,587			60,040			(1,626	)		83,251				(131,014	)		(49,389	)
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(2,701	)		20,959			36,607			54,865			-			-				-			-
Total	$	(5,537	)	$	153,588		$	(14,666	)	$	133,385		$	(3,236	)	$	(75,895	)		$	35,188		$	(43,943	)

Frontier Diversified Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(4,774	)	$	(4,773	)	$	-		$	-			$	4,032		$	4,032
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(664	)		23,903			32,380			55,619			(3,370	)		(56,966	)			(142,153	)		(202,489	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			(245	)		-			(245	)		(1,348	)		(29,090	)			38,354			7,916
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			157			-			157			(4,119	)		(194,763	)			198,882			-
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(2,921	)		17,238			107,434			121,751			(11,130	)		(310,674	)			377,368			55,564
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			(1,166	)		-			(1,166	)		(309	)		(148,003	)			146,562			(1,750	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(714	)		(4,694	)		(41,633	)		(47,041	)		(3,841	)		(190,864	)			79,076			(115,629	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(2,332	)		30,353			(4,431	)		23,590			(1,514	)		65,761				(153,963	)		(89,716	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(2,564	)		28,323			38,099			63,858			(7,271	)		382,640				(502,758	)		(127,389	)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(260	)		17,654			(12,705	)		4,690			-			-				-			-
Total	$	(9,455	)	$	111,523		$	114,370		$	216,440		$	(32,902	)	$	(481,959	)		$	45,400		$	(469,461	)

Frontier Masters Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(960	)	$	(960	)	$	-		$	-			$	4,207		$	4,207
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(419	)		12,291			5,931			17,803			(2,049	)		(30,225	)			(132,672	)		(164,946	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			(58	)		-			(58	)		-			-				88			88
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			52			-			52			(1,540	)		58,199				(56,659	)		-
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(1,272	)		13,150			20,093			31,971			(2,008	)		117,030				(165,332	)		(50,310	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			520			-			520			(1,851	)		(90,207	)			92,058			-
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(172	)		13,249			(13,886	)		(810	)		-			-				-			-
Total	$	(1,863	)	$	39,204		$	11,178		$	48,518		$	(7,448	)	$	54,797			$	(258,310	)	$	(210,961	)

	Six Months Ended June, 2020												Six Months Ended June, 2019
							Change in			Net									Change in			Net
	Trading			Realized			Unrealized			Income			Trading			Realized			Unrealized			Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Frontier Balanced Fund
Frontier Trading Company II, LLC	$	-		$	-		$	-		$	-		$	-		$	-		$	(138,899	)	$	(138,899	)
Frontier Trading Company XXXVIII, LLC		-			-			(9,465	)		(9,465	)		-			-			(732	)		(732	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(5,100	)		12,484			4,697			12,081			(22,370	)		635,922			201,668			815,220
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(2,152	)		(55,735	)		25,524			(32,363	)		(17,895	)		46,071			(78,813	)		(50,637	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(6,408	)		(718,397	)		81,531			(643,274	)		(173,562	)		(1,016,391	)		(35,635	)		(1,225,588	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(15,974	)		(324,444	)		189,882			(150,536	)		(18,736	)		1,292,724			(74,396	)		1,199,592
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(502	)		(232,245	)		(21,665	)		(254,412	)		-			-			286,677			286,677
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(8,555	)		(667,819	)		50,898			(625,476	)		(49,975	)		(936,608	)		185,088			(801,495	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		-			-			-			-			(25,311	)		24,230			(121,258	)		(122,339	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(1,701	)		56,595			(28,862	)		26,032			(6,786	)		45,834			20,454			59,502
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(12,641	)		596,931			(159,436	)		424,854			(45,648	)		986,448			(396,129	)		544,671
Total	$	(53,033	)	$	(1,332,630	)	$	133,104		$	(1,252,559	)	$	(360,283	)	$	1,078,230		$	(151,975	)	$	565,972

Frontier Global Fund
Frontier Trading Company II LLC	$	-		$	-		$	-		$	-		$	-		$	-		$	(337,431	)	$	(337,431	)
Frontier Trading Company XXXVIII, LLC		-			-			(454	)		(454	)		-			-			(14,574	)		(14,574	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(8,398	)		1,157			(79,179	)		(86,420	)		(153,661	)		1,206,683			134,763			1,187,785
Total	$	(8,398	)	$	1,157		$	(79,633	)	$	(86,874	)	$	(153,661	)	$	1,206,683		$	(217,242	)	$	835,780

Frontier Select Fund
Frontier Trading Company XXXIX, LLC	$	-		$	-		$	-		$	-		$	-		$	-		$	39,383		$	39,383
Frontier Trading Company XXXVIII, LLC		-			-			(6,672	)		(6,672	)		-			-			(1,672	)		(1,672	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			(1,616	)		(1,616	)		-			-			-			-
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(4,125	)		195,063			(52,502	)		138,436			(33,911	)		222,739			(47,068	)		141,760
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(5,392	)		(237,723	)		(32,990	)		(276,105	)		(44,428	)		259,691			(73,313	)		141,950
Total	$	(9,517	)	$	(42,660	)	$	(93,780	)	$	(145,957	)	$	(78,339	)	$	482,430		$	(82,670	)	$	321,421

Frontier Heritage Fund
Frontier Trading Company II, LLC	$	-		$	-		$	-		$	-		$	-		$	-		$	(59,538	)	$	(59,538	)
Frontier Trading Company XXXVIII, LLC		-			-			(3,324	)		(3,324	)		-			-			(4,379	)		(4,379	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(2,774	)		(1,359	)		(36,695	)		(40,828	)		(41,734	)		245,955			67,220			271,441
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(3,878	)		181,477			(62,681	)		114,918			(49,687	)		284,089			(63,499	)		170,903
Total	$	(6,652	)	$	180,118		$	(102,700	)	$	70,766		$	(91,421	)	$	530,044		$	(60,196	)	$	378,427

Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(3,076	)	$	(3,076	)	$	-		$	-		$	(1,029	)	$	(1,029	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		-			-			-			-			-			-			-			-
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(938	)		(103,100	)		8,652			(95,386	)		(37,828	)		(379,307	)		229,576			(187,559	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(672	)		(116,962	)		(15,470	)		(133,104	)		-						142,869			142,869
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(1,626	)		76,796			(19,465	)		55,705			(24,026	)		125,486			(44,529	)		56,931
Total	$	(3,236	)	$	(143,266	)	$	(29,359	)	$	(175,861	)	$	(61,854	)	$	(253,821	)	$	326,887		$	11,212

Frontier Diversified Fund
Frontier Trading Company II, LLC	$	-		$	-		$	-		$	-		$	-		$	-		$	(76,616	)	$	(76,616	)
Frontier Trading Company XXXVIII, LLC		-			-			3,023			3,023			-			-			(8,996	)		(8,996	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(3,370	)		31,349			10,159			38,138			(19,559	)		379,795			103,977			464,213
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		(1,348	)		(39,612	)		17,676			(23,284	)		(14,073	)		28,047			(48,988	)		(35,014	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(4,119	)		(463,144	)		53,938			(413,325	)		(108,956	)		(912,164	)		268,101			(753,019	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(11,130	)		(201,658	)		79,262			(133,526	)		(20,998	)		811,110			(57,565	)		732,547
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(309	)		(144,282	)		(12,689	)		(157,280	)		-			-			144,793			144,793
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(3,841	)		(244,235	)		46,440			(201,636	)		(35,222	)		(573,436	)		114,005			(494,653	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		-			-			-			-			(13,254	)		10,639			(7,477	)		(10,092	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(1,514	)		53,754			(19,897	)		32,343			(7,948	)		45,318			20,527			57,897
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(7,271	)		376,073			(18,235	)		350,567			(34,002	)		603,982			(196,808	)		373,172
Total	$	(32,902	)	$	(631,755	)	$	159,677		$	(504,980	)	$	(254,012	)	$	393,291		$	254,953		$	394,232

Frontier Masters Fund
Frontier Trading Company II, LLC	$	-		$	-		$	-		$	-		$	-		$	-		$	(65,952	)	$	(65,952	)
Frontier Trading Company XXXVIII, LLC		-			-			(2,275	)		(2,275	)		-			-			(1,558	)		(1,558	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		-			-			-			-			-			-			-			-
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(2,049	)		(1,588	)		(28,072	)		(31,709	)		(31,863	)		231,766			69,765			269,668
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			88			88			-			-			-			-
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		(1,540	)		(190,409	)		31,680			(160,269	)		(81,588	)		(163,846	)		(188,680	)		(434,114	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(2,008	)		95,916			(9,097	)		84,811			(17,916	)		77,286			47,910			107,280
Galaxy Plus Fund - TT Feeder Fund (531) LLC		(1,851	)		(84,259	)		(10,422	)		(96,532	)		(38,936	)		214,809			(83,135	)		92,738
Total	$	(7,448	)	$	(180,340	)	$	(18,098	)	$	(205,886	)	$	(170,303	)	$	360,015		$	(221,650	)	$	(31,938	)

	Six Months Ended June, 2021												Six Months Ended June, 2020
							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 XXXVIII, LLC	$	-		$	-		$	(22,317	)	$	(22,317	)	$	-		$	-		$	(9,465	)	$	(9,465	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(2,581	)		156,170			59,479			213,068			(5,100	)		12,484			4,697			12,081
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			(433	)		-			(433	)		(2,152	)		(55,735	)		25,524			(32,363	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			252			-			252			(6,408	)		(718,397	)		81,531			(643,274	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(13,166	)		294,440			(159,281	)		121,993			(15,974	)		(324,444	)		189,882			(150,536	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			(1,910	)		-			(1,910	)		(502	)		(232,245	)		(21,665	)		(254,412	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(5,401	)		(203,111	)		(166,727	)		(375,239	)		(8,555	)		(667,819	)		50,898			(625,476	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(8,909	)		117,348			77,978			186,417			(1,701	)		56,595			(28,862	)		26,032
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(26,328	)		813,419			156,670			943,761			(12,641	)		596,931			(159,436	)		424,854
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(2,084	)		(428,402	)		346,244			(84,242	)		-			-			-			-
Total	$	(58,469	)	$	747,773		$	292,046		$	981,350		$	(53,033	)	$	(1,332,630	)	$	133,104		$	(1,252,559	)

Frontier Global Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	15,163		$	15,163		$	-		$	-		$	(454	)	$	(454	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(4,324	)		265,492			6,828			267,996			(8,398	)		1,157			(79,179	)		(86,420	)
Total	$	(4,324	)	$	265,492		$	21,991		$	283,159		$	(8,398	)	$	1,157		$	(79,633	)	$	(86,874	)

Frontier Select Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	8,689		$	8,689		$	-		$	-		$	(6,672	)	$	(6,672	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			387			-			387			-			-			-			-
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(8,448	)		254,132			46,367			292,051			(4,125	)		195,063			(1,616	)		189,322
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			864			-			864			(5,392	)		(237,723	)		(52,502	)		(295,617	)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(913	)		(190,185	)		142,152			(48,946	)		-			-			(32,990	)		(32,990	)
Total	$	(9,361	)	$	65,198		$	197,208		$	253,045		$	(9,517	)	$	(42,660	)	$	(93,780	)	$	(145,957	)

Frontier Heritage Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	13,018		$	13,018		$	-		$	-		$	(3,324	)	$	(3,324	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(2,426	)		145,165			(14,508	)		128,231			(2,774	)		(1,359	)		(36,695	)		(40,828	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(7,964	)		235,648			38,515			266,199			(3,878	)		181,477			(62,681	)		114,918
Total	$	(10,390	)	$	380,813		$	37,025		$	407,448		$	(6,652	)	$	180,118		$	(102,700	)	$	70,766

Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	12,908		$	12,908		$	-		$	-		$	(3,076	)	$	(3,076	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			36			-			36			(938	)		(103,100	)		8,652			(95,386	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(423	)		126,047			(102,977	)		22,647			(672	)		(116,962	)		(15,470	)		(133,104	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(4,503	)		135,810			19,696			151,003			(1,626	)		76,796			(19,465	)		55,705
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(4,509	)		20,959			8,048			24,498			-			-			-			-
Total	$	(9,435	)	$	282,852		$	(62,325	)	$	211,092		$	(3,236	)	$	(143,266	)	$	(29,359	)	$	(175,861	)

Frontier Diversified Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	5,472		$	5,472		$	-		$	-		$	3,023		$	3,023
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,417	)		76,428			31,221			106,232			(3,370	)		31,349			10,159			38,138
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			(245	)		-			(245	)		(1,348	)		(39,612	)		17,676			(23,284	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			157			-			157			(4,119	)		(463,144	)		53,938			(413,325	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(6,152	)		64,786			12,197			70,831			(11,130	)		(201,658	)		79,262			(133,526	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			(1,166	)		-			(1,166	)		(309	)		(144,282	)		(12,689	)		(157,280	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(1,354	)		(50,866	)		(43,800	)		(96,020	)		(3,841	)		(244,235	)		46,440			(201,636	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(5,095	)		60,727			85,796			141,428			(1,514	)		53,754			(19,897	)		32,343
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(4,575	)		139,192			32,643			167,260			(7,271	)		376,073			(18,235	)		350,567
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(479	)		(100,383	)		81,334			(19,528	)		-			-			-			-
Total	$	(19,072	)	$	188,630		$	204,863		$	374,421		$	(32,902	)	$	(631,755	)	$	159,677		$	(504,980	)

Frontier Masters Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	11,801		$	11,801		$	-		$	-		$	(2,275	)	$	(2,275	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(772	)		35,923			39			35,190			(2,049	)		(1,588	)		(28,072	)		(31,709	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			(58	)		-			(58	)		-			-			88			88
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			52			-			52			(1,540	)		(190,409	)		31,680			(160,269	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(2,334	)		73,498			12,361			83,525			(2,008	)		95,916			(9,097	)		84,811
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			520			-			520			(1,851	)		(84,259	)		(10,422	)		(96,532	)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(328	)		(70,291	)		47,892			(22,727	)		-			-			-			-
Total	$	(3,434	)	$	39,644		$	72,093		$	108,303		$	(7,448	)	$	(180,340	)	$	(18,098	)	$	(205,886	)