Frontier Funds (FRFD) 10-Q 2024 Q1 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2024

or

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

For the transition period from                to               

Commission File Number 000-51274

FRONTIER FUNDS

FRONTIER DIVERSIFIED FUND;  

FRONTIER LONG/SHORT COMMODITY FUND;

FRONTIER MASTERS FUND; 

FRONTIER BALANCED FUND;

FRONTIER SELECT FUND;

FRONTIER GLOBAL FUND;

FRONTIER HERITAGE FUND

(Exact Name of Registrant as specified in Its Charter)

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

c/o Frontier Fund Management, LLC
25568 Genesee Trail Road
Golden, Colorado 80401

(Address of Principal Executive Offices)

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

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

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

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

Title of Each Class

Frontier Diversified Fund Class 2 and Class 3 Units;

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

Frontier Masters Fund Class 2 and Class 3 Units;

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

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

Frontier Global Fund Class 1 and Class 2 Units;

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

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

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

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

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

The Frontier Funds’ units of beneficial interest are not traded on any market and, accordingly, do not have an aggregate market value. Units outstanding as of March 31, 2024 were: 19,158 for the Frontier Diversified Fund, 5,408 for the Frontier Masters Fund, 10,270 for the Frontier Long/Short Commodity Fund, 68,857 for the Frontier Balanced Fund, 16,056 for the Frontier Select Fund, 8,072 for the Frontier Global Fund and 13,934 for the Frontier Heritage Fund.

Table of Contents

		Pages
PART I – FINANCIAL INFORMATION
Item 1.	Series Financial Statements	1
	Consolidated Statements of Financial Condition as of March 31, 2024 (Unaudited) and December 31, 2023	1
	Consolidated Condensed Schedules of Investments as of March 31, 2024 (Unaudited) and December 31, 2023	4
	Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (Unaudited)	10
	Consolidated Statements of Changes in Owners’ Capital for the three months ended March 31, 2024 (Unaudited)	13
	Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited)	17
	Notes to Consolidated Financial Statements (Unaudited)	20
	Trust Financial Statements (1)
	Combined Consolidated Statements of Financial Condition as of March 31, 2024 (Unaudited) and December 31, 2023	48
	Combined Consolidated Condensed Schedules of Investments as of March 31, 2024 (Unaudited) and December 31, 2023	49
	Combined Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (Unaudited)	51
	Combined Consolidated Statement of Changes in Owners’ Capital for the three months ended March 31, 2024 (Unaudited)	52
	Combined Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited)	53
	Notes to Combined Consolidated Financial Statements (Unaudited)	54
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	71
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	97
Item 4.	Controls and Procedures	102
PART II – OTHER INFORMATION		104
Item 1.	Legal Proceedings	104
Item 1A.	Risk Factors	104
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	104
Item 3.	Defaults Upon Senior Securities	104
Item 4.	Mine Safety Disclosures	104
Item 5.	Other Information	104
Item 6.	Exhibits	105
SIGNATURES		106

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

i

Special Note About Forward-Looking Statements

THIS REPORT CONTAINS STATEMENTS WHICH CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER FEDERAL SECURITIES LAWS. THESE FORWARD-LOOKING STATEMENTS REFLECT FRONTIER FUND MANAGEMENT LLC’S CURRENT EXPECTATIONS ABOUT THE FUTURE RESULTS, PERFORMANCE, PROSPECTS AND OPPORTUNITIES OF FRONTIER FUNDS (THE “TRUST”). FRONTIER FUND MANAGEMENT LLC (THE “MANAGING OWNER”) HAS TRIED TO IDENTIFY THESE FORWARD-LOOKING STATEMENTS BY USING WORDS SUCH AS “MAY,” “WILL,” “EXPECT,” “ANTICIPATE,” “BELIEVE,” “INTEND,” “SHOULD,” “ESTIMATE” OR THE NEGATIVE OF THOSE TERMS OR SIMILAR EXPRESSIONS. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON INFORMATION CURRENTLY AVAILABLE TO THE MANAGING OWNER AND ARE SUBJECT TO A NUMBER OF RISKS, UNCERTAINTIES AND OTHER FACTORS, BOTH KNOWN, SUCH AS THOSE DESCRIBED IN THE “RISK FACTORS” SECTION UNDER PART II. ITEM 1A AND ELSEWHERE IN THIS REPORT, AND UNKNOWN, THAT COULD CAUSE THE TRUST’S ACTUAL RESULTS, PERFORMANCE, PROSPECTS OR OPPORTUNITIES TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN, OR IMPLIED BY, THESE FORWARD-LOOKING STATEMENTS.

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

UNLESS EXPRESSLY STATED OTHERWISE, ALL INFORMATION IN THIS REPORT IS AS OF MARCH 31, 2024, AND THE MANAGING OWNER UNDERTAKES NO OBLIGATION TO UPDATE THIS INFORMATION.

ii

 PART I. FINANCIAL INFORMATION

Item 1. Series Financial Statements

The Series of Frontier Funds

Consolidated Statements of Financial Condition

March 31, 2024 (Unaudited) and December 31, 2023

	Frontier				Frontier				Frontier
	Diversified Fund				Masters Fund				Long/Short Commodity Fund
	3/31/2024		12/31/2023		3/31/2024		12/31/2023		3/31/2024		12/31/2023
ASSETS
Cash and cash equivalents	$	110,291	$	98,119	$	37,739	$	25,514	$	61,131	$	50,991
U.S. Treasury securities, at fair value		5,779		5,543		1,978		1,441		3,203		2,881
Investments in private investment companies, at fair value		1,327,600		1,386,373		424,234		341,384		620,004		675,568
Investments in unconsolidated trading companies, at fair value		34,169		33,061		11,693		8,598		18,939		17,181
Interest receivable		333		386		114		100		185		201
Total Assets	$	1,478,172	$	1,523,482	$	475,758	$	377,037	$	703,462	$	746,822
LIABILITIES & CAPITAL
LIABILITIES
Interest payable to Managing Owner	$	-	$	-	$	-	$	-	$	45	$	40
Redemptions payable		-		21,822		-		2,601		3,421		485
Service fees payable to Managing Owner		44		46		20		17		6		8
Trading fees payable to Managing Owner		4,531		4,735		2,541		2,617		1,597		1,896
Subscriptions in advance for service fee rebates		22,650		22,650		31,725		31,725		393		393
Other liabilities		471		441		163		115		260		231
Total Liabilities	$	27,696	$	49,694	$	34,449	$	37,075	$	5,722	$	3,053
CAPITAL
Managing Owner - Class 2		7,032		6,030		4,583		3,523		477		492
Managing Owner - Class 2a		-		-		-		-		5,818		6,271
Managing Owner - Class 3		9,970		9,964		-		838		-		-
Managing Owner - Class 3a		-		-		-		-		902		923
Limited Owner - Class 2		209,861		195,936		94,512		72,663		7,498		7,743
Limited Owner - Class 2a		-		-		-		-		18,677		33,166
Limited Owner - Class 3		1,223,613		1,261,858		342,214		262,938		565,593		590,578
Limited Owner - Class 3a		-		-		-		-		98,775		104,596
Total Owners' Capital		1,450,476		1,473,788		441,309		339,962		697,740		743,769
Total Capital		1,450,476		1,473,788		441,309		339,962		697,740		743,769
Total Liabilities and Capital	$	1,478,173	$	1,523,482	$	475,757	$	377,037	$	703,462	$	746,822
Units Outstanding
Class 2		2,728		2,962		1,165		1,165		113		113
Class 2a		N/A		N/A		N/A		N/A		519		816
Class 3		16,430		19,765		4,243		4,257		7,654		7,739
Class 3a		N/A		N/A		N/A		N/A		1,984		2,052
Net Asset Value per Unit
Class 2	$	79.50	$	68.18	$	85.05	$	65.39	$	70.44	$	72.74
Class 2a		N/A		N/A		N/A		N/A	$	47.22	$	48.36
Class 3	$	75.08	$	64.35	$	80.66	$	61.96	$	73.89	$	76.31
Class 3a		N/A		N/A		N/A		N/A	$	50.24	$	51.42

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

1

The Series of Frontier Funds

Consolidated Statements of Financial Condition

March 31, 2024 (Unaudited) and December 31, 2023

	Frontier Balanced Fund				Frontier Select Fund
	3/31/2024		12/31/2023		3/31/2024		12/31/2023
ASSETS
Cash and cash equivalents	$	226,986	$	230,796	$	72,909	$	91,807
U.S. Treasury securities, at fair value		11,894		13,038		3,820		5,186
Receivable from futures commission merchants		-		769,384		-		-
Investments in private investment companies, at fair value		5,717,112		4,430,486		822,092		688,250
Investments in unconsolidated trading companies, at fair value		70,323		77,766		22,588		30,934
Interest receivable		687		909		221		362
Total Assets	$	6,027,002	$	5,522,379	$	921,630	$	816,539
LIABILITIES & CAPITAL
LIABILITIES
Open trade deficit, at fair value	$	-	$	14,434	$	-	$	-
Redemptions payable		27,514		-		-		-
Incentive fees payable to Managing Owner		-		692		-		-
Management fees payable to Managing Owner		-		2,440		-		-
Interest payable to Managing Owner		1,058		995		334		308
Service fees payable to Managing Owner		9,494		8,793		2,016		1,878
Trading fees payable to Managing Owner		20,526		20,160		2,892		2,305
Risk analysis fees payable		-		11,307		-		-
Subscriptions in advance for service fee rebates		410,293		405,698		22,631		22,558
Other liabilities		969		735		313		415
Total Liabilities		469,854		465,254		28,186		27,464
CAPITAL
Managing Owner - Class 2		40,333		34,646		9,292		8,611
Managing Owner - Class 2a		17,973		18,194		-		-
Limited Owner - Class 1		4,174,254		3,815,001		830,726		733,700
Limited Owner - Class 1AP		56,717		48,720		8,312		7,018
Limited Owner - Class 2		935,556		855,248		45,114		39,746
Limited Owner - Class 3a		332,315		285,316		-		-
Total Owners' Capital		5,557,148		5,057,125		893,444		789,075
Total Capital		5,557,148		5,057,125		893,444		789,075
Total Liabilities and Capital	$	6,027,002	$	5,522,379	$	921,630	$	816,539
Units Outstanding
Class 1		57,684		60,916		15,373		15,961
Class 1AP		587		587		115		115
Class 2		7,489		7,950		568		598
Class 2a		158		187		N/A		N/A
Class 3a		2,938		2,938		N/A		N/A
Net Asset Value per Unit
Class 1	$	72.36	$	62.63	$	54.04	$	45.97
Class 1AP	$	96.63	$	83.01	$	72.23	$	60.98
Class 2	$	130.31	$	111.93	$	95.85	$	80.92
Class 2a	$	113.49	$	97.44		N/A		N/A
Class 3a	$	113.10	$	97.10		N/A		N/A

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

2

The Series of Frontier Funds

Consolidated Statements of Financial Condition

March 31, 2024 (Unaudited) and December 31, 2023

	Frontier Global Fund				Frontier Heritage Fund
	3/31/2024		12/31/2023		3/31/2024		12/31/2023
ASSETS
Cash and cash equivalents	$	96,422	$	85,804	$	111,985	$	88,561
U.S. Treasury securities, at fair value		5,053		4,847		5,868		5,003
Investments in private investment companies, at fair value		1,552,382		1,156,895		1,699,276		1,634,716
Investments in unconsolidated trading companies, at fair value		29,873		28,911		34,694		29,840
Interest receivable		292		338		339		349
Total Assets	$	1,684,022	$	1,276,795	$	1,852,162	$	1,758,469
LIABILITIES & CAPITAL
LIABILITIES
Interest payable to Managing Owner	$	406	$	420	$	464	$	436
Service fees payable to Managing Owner		3,388		2,704		3,558		3,484
Trading fees payable to Managing Owner		6,134		5,301		6,580		6,943
Subscriptions in advance for service fee rebates		165,110		164,567		87,560		86,405
Other liabilities		412		387		479		401
Total Liabilities		175,450		173,379		98,641		97,669
CAPITAL
Managing Owner - Class 2		15,209		11,205		18,990		17,591
Limited Owner - Class 1		1,461,471		1,069,125		1,616,576		1,483,520
Limited Owner - Class 1AP		-		-		10,371		9,007
Limited Owner - Class 2		31,892		23,086		107,584		150,682
Total Owners' Capital		1,508,572		1,103,416		1,753,521		1,660,800
Total Capital		1,508,572		1,103,416		1,753,521		1,660,800
Total Liabilities and Capital	$	1,684,022	$	1,276,795	$	1,852,162	$	1,758,469
Units Outstanding
Class 1		7,919		7,943		13,288		13,937
Class 1AP		-		-		64		64
Class 2		153		154		582		890
Net Asset Value per Unit
Class 1	$	184.56	$	134.60	$	121.66	$	106.45
Class 1AP		N/A		N/A	$	162.58	$	141.20
Class 2	$	307.41	$	222.53	$	217.59	$	188.97

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

3

The Series of Frontier Funds

Consolidated Condensed Schedules of Investments

March 31, 2024 (Unaudited)

	Frontier Diversified Fund					Frontier Masters Fund					Frontier Long/Short Commodity Fund
Description	Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
PRIVATE INVESTMENT COMPANIES (2)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	207,343		14.29	%	$	-		0.00	%	$	-		0.00	%
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		113,527		7.83	%		-		0.00	%		-		0.00	%
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC		167,470		11.55	%		111,238		25.21	%		-		0.00	%
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		346,763		23.91	%		-		0.00	%		-		0.00	%
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		297,439		20.51	%		229,483		52.00	%		-		0.00	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		195,058		13.45	%		83,513		18.92	%		194,682		27.90	%
Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC		-		0.00	%		-		0.00	%		152,697		21.88	%
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-		0.00	%		-		0.00	%		272,625		39.07	%
Total Private Investment Companies	$	1,327,600		91.54	%	$	424,234		96.13	%	$	620,004		88.85	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)
Frontier Trading Company XXXVIII, LLC	$	34,169		2.36	%	$	11,693		2.65	%	$	18,939		2.71	%
Total Investment in Unconsolidated Trading Companies	$	34,169		2.36	%	$	11,693		2.65	%	$	18,939		2.71	%

U.S. TREASURY SECURITIES (1)
FACE VALUE	Fair Value				Fair Value				Fair Value
US Treasury Note 6.875% due 08/15/2025	$	5,779	0.40	%	$	1,978	0.45	%	$	3,203	0.46	%
Additional Disclosure on U.S. Treasury Securities	Face Value				Face Value				Face Value
US Treasury Note 6.875% due 08/15/2025 (1)	$	5,611			$	1,920			$	3,110
Additional Disclosure on U.S. Treasury Securities	Cost				Cost				Cost
US Treasury Note 6.875% due 08/15/2025 (1)	$	5,981			$	2,046			$	3,315

(1) See Note 2 to the Consolidated Financial Statements.

(2) See Note 5 to the Consolidated Financial Statements.

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

4

The Series of Frontier Funds

Consolidated Condensed Schedules of Investments

March 31, 2024 (Unaudited)

	Frontier Balanced Fund					Frontier Select Fund
Description	Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
PRIVATE INVESTMENT COMPANIES (2)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	293,824		5.29	%	$	-		0.00	%
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		488,586		8.79	%		-		0.00	%
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC		837,966		15.08	%		472,065		52.84	%
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,144,663		20.60	%		-		0.00	%
Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC		661,102		11.90	%		155,237		17.38	%
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,649,946		29.69	%		-		0.00	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		641,025		11.54	%		194,790		21.80	%
Total Private Investment Companies	$	5,717,112		102.89	%	$	822,092		92.02	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (2)
Frontier Trading Company XXXVIII, LLC	$	70,323		1.27	%	$	22,588		2.53	%
Total Investment in Unconsolidated Trading Companies	$	70,323		1.27	%	$	22,588		2.53	%

U.S. TREASURY SECURITIES (1) FACE VALUE	Fair Value				Fair Value
US Treasury Note 6.875% due 08/15/2025	$	11,894	0.21	%	$	3,820	0.43	%

Additional Disclosure on U.S. Treasury Securities	Face Value		Face Value
US Treasury Note 6.875% due 08/15/2025 (1)	$	11,548	$	3,709

Additional Disclosure on U.S. Treasury Securities	Cost		Cost
US Treasury Note 6.875% due 08/15/2025 (1)	$	12,309	$	3,954

(1) See Note 2 to the Consolidated Financial Statements.

(2) See Note 5 to the Consolidated Financial Statements.

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

5

The Series of Frontier Funds

Consolidated Condensed Schedules of Investments

March 31, 2024 (Unaudited)

	Frontier Global Fund					Frontier Heritage Fund
Description	Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
PRIVATE INVESTMENT COMPANIES (2)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	1,552,382		102.90	%	$	1,038,775		59.24	%
Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC		-		-			465,711		26.56	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		-		-			194,790		11.11	%
Total Private Investment Companies	$	1,552,382		102.90	%	$	1,699,276		96.91	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (2)
Frontier Trading Company XXXVIII, LLC	$	29,873		1.98	%	$	34,694		1.98	%
Total Investment in Unconsolidated Trading Companies	$	29,873		1.98	%	$	34,694		1.98	%

U.S. TREASURY SECURITIES (1)
FACE VALUE	Fair Value				Fair Value
US Treasury Note 6.875% due 08/15/2025	$	5,053	0.33	%	$	5,868	0.33	%
Additional Disclosure on U.S. Treasury Securities	Face Value				Face Value
US Treasury Note 6.875% due 08/15/2025 (1)	$	4,905			$	5,697
Additional Disclosure on U.S. Treasury Securities	Cost				Cost
US Treasury Note 6.875% due 08/15/2025 (1)	$	5,229			$	6,073

(1) See Note 2 to the Consolidated Financial Statements.

(2) See Note 5 to the Consolidated Financial Statements.

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

6

The Series of Frontier Funds

Consolidated Condensed Schedules of Investments

December 31, 2023

	Frontier Diversified Fund					Frontier Masters Fund					Frontier Long/ Short Commodity Fund
Description	Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
PRIVATE INVESTMENT COMPANIES (2)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	181,025		12.28	%	$	-		0.00	%	$	-		0.00	%
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		117,743		7.99	%		-		0.00	%		-		0.00	%
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC		107,501		7.29	%		83,565		24.58	%		-		0.00	%
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		403,570		27.38	%		-		0.00	%		-		0.00	%
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		332,437		22.56	%		184,610		54.30	%		-		0.00	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		244,097		16.56	%		73,209		21.53	%		195,171		26.24	%
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC		-		0.00	%		-		0.00	%		149,233		20.06	%
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-		0.00	%		-		0.00	%		331,164		44.53	%
Total Private Investment Companies	$	1,386,373		94.06	%	$	341,384		100.41	%	$	675,568		90.83	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)
Frontier Trading Company XXXVIII, LLC	$	33,061		2.24	%	$	8,598		2.53	%	$	17,181		2.31	%
Total Investment in Unconsolidated Trading Companies	$	33,061		2.24	%	$	8,598		2.53	%	$	17,181		2.31	%

U.S. TREASURY SECURITIES (1)
		Fair Value				Fair Value				Fair Value
US Treasury Note 6.875% due 08/15/2025	$	5,543	0.38	%	$	1,441	0.42	%	$	2,881	0.39	%
Additional Disclosure on U.S. Treasury Securities		Face Value				Face Value				Face Value
US Treasury Note 6.875% due 08/15/2025 (1)	$	5,333			$	1,387			$	2,771
Additional Disclosure on U.S. Treasury Securities		Cost				Cost				Cost
US Treasury Note 6.875% due 08/15/2025 (1)	$	5,684			$	1,478			$	2,954

(1) See Note 2 to the Consolidated Financial Statements.

(2) See Note 5 to the Consolidated Financial Statements.

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

7

The Series of Frontier Funds

Consolidated Condensed Schedules of Investments

December 31, 2023

	Frontier Balanced Fund						Frontier Select Fund
Description	Fair Value			% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
SHORT FUTURES CONTRACTS*
Various base metals futures contracts (U.S.)	$	(14,434	)		-0.29	%		-		0.00	%
Total Short Futures Contracts	$	(14,434	)		-0.29	%	$	-		0.00	%
Total Open Trade Equity (Deficit)	$	(14,434	)		-0.29	%	$	-		0.00	%
PRIVATE INVESTMENT COMPANIES (2)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	256,616			5.07	%	$	-		0.00	%
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		510,709			10.10	%		-		0.00	%
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC		573,404			11.34	%		322,247		40.84	%
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,174,679			23.23	%		-		0.00	%
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,255,982			24.84	%		-		0.00	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		659,096			13.03	%		366,003		46.38	%
Total Private Investment Companies	$	4,430,486			87.61	%	$	688,250		87.22	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)
Frontier Trading Company XXXVIII, LLC	$	77,766			1.54	%	$	30,934		3.92	%
Total Investment in Unconsolidated Trading Companies	$	77,766			1.54	%	$	30,934		3.92	%

U.S. TREASURY SECURITIES (1)
	Fair Value				Fair Value
US Treasury Note 6.875% due 08/15/2025	$	13,038	0.26	%	$	5,186	0.66	%
Additional Disclosure on U.S. Treasury Securities	Face Value				Face Value
US Treasury Note 6.875% due 08/15/2025 (1)	$	12,543			$	4,990
Additional Disclosure on U.S. Treasury Securities	Cost				Cost
US Treasury Note 6.875% due 08/15/2025 (1)	$	13,370			$	5,319

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

(1) See Note 2 to the Consolidated Financial Statements.

(2) See Note 5 to the Consolidated Financial Statements.

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

8

The Series of Frontier Funds

Consolidated Condensed Schedules of Investments

December 31, 2023

	Frontier Global Fund					Frontier Heritage Fund
Description	Fair Value		% of Total Capital (Net Asset Value)			Fair Value		% of Total Capital (Net Asset Value)
PRIVATE INVESTMENT COMPANIES (2)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	1,156,895		104.85	%	$	1,415,114		85.21	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		-		-			219,602		13.22	%
Total Private Investment Companies	$	1,156,895		104.85	%	$	1,634,716		98.43	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)
Frontier Trading Company XXXVIII, LLC	$	28,911		2.62	%	$	29,840		1.80	%
Total Investment in Unconsolidated Trading Companies	$	28,911		2.62	%	$	29,840		1.80	%

U.S. TREASURY SECURITIES (1)
	Fair Value				Fair Value
US Treasury Note 6.875% due 08/15/2025	$	4,847	0.44	%	$	5,003	0.30	%
Additional Disclosure on U.S. Treasury Securities	Face Value				Face Value
US Treasury Note 6.875% due 08/15/2025 (1)	$	4,663			$	4,813
Additional Disclosure on U.S. Treasury Securities	Cost				Cost
US Treasury Note 6.875% due 08/15/2025 (1)	$	4,971			$	5,131

(1) See Note 2 to the Consolidated Financial Statements.

(2) See Note 5 to the Consolidated Financial Statements.

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

9

The Series of Frontier Funds

Consolidated Statements of Operations (Unaudited)

For the Three Months Ended March 31, 2024 and 2023

	Frontier Diversified Fund						Frontier Masters Fund						Frontier Long/Short Commodity Fund
	3/31/2024			3/31/2023			3/31/2024			3/31/2023			3/31/2024			3/31/2023
Investment income:
Interest - net	$	988		$	1,099		$	424		$	662		$	701		$	632
Total Income		988			1,099			424			662			701			632
Expenses:
Incentive Fees (rebate)		-			-			-			-			-			(5,126	)
Service Fees - Class 1		125			226			55			101			21			53
Due Diligence Fees		444			776			113			188			40			93
Trading Fees		13,016			24,576			6,732			10,339			4,942			9,572
Total Expenses		13,585			25,578			6,900			10,628			5,003			4,592
Investment (loss) - net		(12,597	)		(24,479	)		(6,476	)		(9,966	)		(4,302	)		(3,960	)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		245,776			(562,102	)		108,256			(167,200	)		(8,217	)		(131,235	)
Net realized gain/(loss) on private investment companies		(9,075	)		33,702			778			22,977			(9,950	)		8,908
Net realized gain/(loss) on U.S. Treasury securities		(375	)		(1,172	)		(163	)		(653	)		(328	)		(992	)
Net unrealized gain/(loss) on U.S. Treasury securities		(26	)		(22	)		(17	)		(104	)		(38	)		57
Change in fair value of investments in unconsolidated trading companies		(1,716	)		(3,115	)		(201	)		(1,772	)		(48	)		(2,208	)
Net gain/(loss) on investments		234,584			(532,709	)		108,653			(146,752	)		(18,581	)		(125,470	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		221,987			(557,188	)		102,177			(156,718	)		(22,883	)		(129,430	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	221,987		$	(557,188	)	$	102,177		$	(156,718	)	$	(22,883	)	$	(129,430	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1		N/A			N/A			N/A			N/A			N/A			N/A
Class 2	$	11.32		$	(18.80	)	$	19.66		$	(21.33	)	$	(2.30	)	$	(10.47	)
Class 2a		N/A			N/A			N/A			N/A		$	(1.14	)	$	(6.89	)
Class 3	$	10.73		$	(17.64	)	$	18.70		$	(20.12	)	$	(2.42	)	$	(10.99	)
Class 3a		N/A			N/A			N/A			N/A		$	(1.18	)	$	(7.26	)

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

10

The Series of the Frontier Funds

Consolidated Statements of Operations (Unaudited)

For the Three Months Ended March 31, 2024 and 2023

	Frontier Balanced Fund						Frontier Select Fund
	3/31/2024			3/31/2023			3/31/2024			3/31/2023
Investment income:
Interest - net	$	159		$	890		$	-		$	-
Total Income/(loss)		159			890			-			-
Expenses:
Management Fees		-			4,238			-			-
Service Fees - Class 1		29,610			47,651			5,686			9,621
Risk analysis Fees		-			970			-			-
Trading Fees		57,483			94,443			8,034			11,109
Total Expenses		87,093			147,302			13,720			20,730
Investment (loss) - net		(86,934	)		(146,412	)		(13,720	)		(20,730	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		-			(286,481	)		-			-
Net unrealized gain/(loss) on private investment companies		909,850			(1,727,894	)		133,369			(355,158	)
Net realized gain/(loss) on private investment companies		(46,428	)		46,098			16,874			10,201
Net change in open trade equity/(deficit)		-			1,477			-			-
Net realized gain/(loss) on U.S. Treasury securities		(1,250	)		(3,540	)		(348	)		(1,009	)
Net unrealized gain/(loss) on U.S. Treasury securities		(134	)		505			(40	)		8
Trading commissions		-			(2,532	)		-			-
Change in fair value of investments in unconsolidated trading companies		(1,112	)		(12,875	)		(142	)		(2,211	)
Net gain/(loss) on investments		860,926			(1,985,242	)		149,713			(348,169	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		773,992			(2,131,654	)		135,993			(368,899	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	773,992		$	(2,131,654	)	$	135,993		$	(368,899	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	9.73		$	(23.48	)	$	8.07		$	(17.59	)
Class 1AP	$	13.62		$	(29.49	)	$	11.25		$	(22.14	)
Class 2	$	18.38		$	(39.76	)	$	14.93		$	(29.38	)
Class 2a	$	16.05		$	(34.51	)		N/A			N/A
Class 3a	$	16.00		$	(34.39	)		N/A			N/A

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

11

The Series of the Frontier Funds

Consolidated Statements of Operations (Unaudited)

For the Three Months Ended March 31, 2024 and 2023

	Frontier Global Fund						Frontier Heritage Fund
	3/31/2024			3/31/2023			3/31/2024			3/31/2023
Investment income:
Interest - net	$	-		$	-		$	-		$	-
Total Income		-			-			-			-
Expenses:
Service Fees - Class 1		9,440			17,673			11,303			18,815
Trading Fees		16,160			32,425			19,237			30,792
Total Expenses		25,600			50,098			30,540			49,607
Investment (loss) - net		(25,600	)		(50,098	)		(30,540	)		(49,607	)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		412,036			(593,634	)		158,652			(605,502	)
Net realized gain/(loss) on private investment companies		23,937			80,963			95,766			43,789
Net realized gain/(loss) on U.S. Treasury securities		(419	)		(831	)		(334	)		(746	)
Net unrealized gain/(loss) on U.S. Treasury securities		(49	)		117			(40	)		91
Change in fair value of investments in unconsolidated trading companies		(142	)		(3,477	)		(689	)		(3,161	)
Net gain/(loss) on investments		435,363			(516,862	)		253,355			(565,529	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		409,763			(566,960	)		222,815			(615,136	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	409,763		$	(566,960	)	$	222,815		$	(615,136	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	49.96		$	(37.44	)	$	15.21		$	(31.03	)
Class 1AP		N/A			N/A		$	21.38		$	(38.77	)
Class 2	$	84.88		$	(58.33	)	$	28.62		$	(51.89	)

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

12

The Series of Frontier Funds

Consolidated Statements of Changes in Owners’ Capital (Unaudited)

For the Three Months Ended March 31, 2024

	Frontier Diversified Fund																Frontier Masters Fund
	Class 2		Class 2			Class 3			Class 3			Non-					Class 2		Class 2		Class 3			Class 3		Non-
	Managing Owner		Limited Owners			Managing Owner			Limited Owners			Controlling Interests		Total			Managing Owner		Limited Owners		Managing Owner			Limited Owners		Controlling Interests		Total
Owners' Capital, December 31, 2023	$	6,030	$	195,936		$	9,964		$	1,261,858		$	-	$	1,473,788		$	3,523	$	72,663	$	838		$	262,938	$	-	$	339,962
Redemption of Units		-		(16,120	)		(1,400	)		(227,779	)		-		(245,299	)		-		-		(830	)		-		-		(830	)
Net increase/(decrease) in Owners' Capital resulting from operations attributable to controlling interests		1,002		30,045			1,406			189,534			-		221,987			1,060		21,849		(8	)		79,276		-		102,177
Owners' Capital, March 31, 2024	$	7,032	$	209,861		$	9,970		$	1,223,613		$	-	$	1,450,476		$	4,583	$	94,512	$	-		$	342,214		-	$	441,309
Owners' Capital - Units, December 31, 2023		89		2,873			155			19,610								53		1,112		14			4,243
Redemption of Units (including transfers)				(234	)		(22	)		(3,313	)							-		-		(14	)		-
Owners' Capital - Units, March 31, 2024		89		2,639			133			16,297								53		1,112		-			4,243
Net asset value per unit at December 31, 2023			$	68.18					$	64.35									$	65.39				$	61.96
Change in net asset value per unit for the three months ended March 31, 2024				11.32						10.73										19.66				$	18.70
Net asset value per unit at March 31, 2024			$	79.50					$	75.08									$	85.05				$	80.66

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

13

The Series of Frontier Funds

Consolidated Statements of Changes in Owners’ Capital (Unaudited)

For the Three Months Ended March 31, 2024

	Frontier Long/Short Commodity Fund
	Class 2						Class 3			Class 2a						Class 3a						Non-
	Managing Owner			Limited Owners			Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Controlling Interests		Total
Owners' Capital, December 31, 2023	$	492		$	7,743		$	590,578		$	6,271		$	33,166		$	923		$	104,596		$	-	$	743,769
Redemption of Units		-			-			(6,184	)		(300	)		(13,242	)		-			(3,420	)		-		(23,146	)
Net increase/(decrease) in Owners' Capital resulting from operations attributable to controlling interests		(15	)		(245	)		(18,801	)		(153	)		(1,247	)		(21	)		(2,401	)		-		(22,883	)
Owners' Capital, March 31, 2024	$	477		$	7,498		$	565,593		$	5,818		$	18,677		$	902		$	98,775		$	-	$	697,740
Owners' Capital - Units, December 31, 2023		7			106			7,739			129			687			18			2,034
Redemption of Units (including transfers)		-			-			(85	)		(6	)		(291	)		-			(68	)
Owners' Capital - Units, March 31, 2024		7			106			7,654			123			396			18			1,966
Net asset value per unit at December 31, 2023				$	72.74		$	76.31					$	48.36					$	51.42
Change in net for the three months ended March 31, 2024					(2.30	)		(2.42	)					(1.14	)					(1.18	)
Net asset value per unit at March 31, 2024				$	70.44		$	73.89					$	47.22					$	50.24

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

14

The Series of Frontier Funds

Consolidated Statements of Changes in Owners’ Capital (Unaudited)

For the Three Months Ended March 31, 2024

	Frontier Balanced Fund
	Class 1			Class 1AP		Class 2					Class 2a					Class 3a		Non-
	Limited Owners			Limited Owners		Managing Owner		Limited Owners			Managing Owner			Limited Owners		Limited Owners		Controlling Interests		Total
Owners' Capital, December 31, 2023	$	3,815,001		$	48,720	$	34,646	$	855,248		$	18,194		$	-	$	285,316	$	-	$	5,057,125
Redemption of Units		(217,536	)		-		-		(53,683	)		(2,750	)		-		-		-		(273,969	)
Net increase/(decrease) in Owners' Capital resulting from operations attributable to controlling interests		576,789			7,997		5,687		133,991			2,529			-		46,999		-		773,992
Owners' Capital, March 31, 2024	$	4,174,254		$	56,717	$	40,333	$	935,556		$	17,973		$	-	$	332,315	$	-	$	5,557,148
Owners' Capital - Units, December 31, 2023		60,916			587		310		7,640			187			-		2,938
Redemption of Units (including transfers)		(3,232	)		-		-		(461	)		(29	)		-		-
Owners' Capital - Units, March 31, 2024		57,684			587		310		7,179			158			-		2,938
Net asset value per unit at December 31, 2023	$	62.63		$	83.01			$	111.93					$	97.44	$	97.10
Change in net asset value for the three months ended March 31, 2024		9.73			13.62				18.38						16.05		16.00
Net asset value per unit at March 31, 2024	$	72.36		$	96.63			$	130.31					$	113.49	$	113.10

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

15

The Series of Frontier Funds

Consolidated Statements of Changes in Owners’ Capital (Unaudited)

For the Three Months Ended March 31, 2024

	Frontier Select Fund																Frontier Global Fund													Frontier Heritage Fund
	Class 1			Class 1AP		Class 2						Non-					Class 1			Class 2					Non-					Class 1			Class 1AP		Class 2						Non-
	Limited Owners			Limited Owners		Managing Owner			Limited Owners			Controlling Interests		Total			Limited Owners			Managing Owner			Limited Owners		Controlling Interests		Total			Limited Owners			Limited Owners		Managing Owner			Limited Owners			Controlling Interests		Total
Owners’ Capital, December 31, 2023	$	733,700		$	7,018	$	8,611		$	39,746		$	-	$	789,075		$	1,069,125		$	11,205		$	23,086	$	-	$	1,103,416		$	1,483,520		$	9,007	$	17,591		$	150,682		$	-	$	1,660,800
Redemption of Units		(29,010	)		-		(750	)		(1,864	)		-		(31,624	)		(4,407	)		(200	)		-		-		(4,607	)		(70,190	)		-		(1,100	)		(58,804	)		-		(130,094	)
Net increase/(decrease) in Owners’Capital resulting from operations attributable to controlling interests		126,036			1,294		1,431			7,232			-		135,993			396,753			4,204			8,806		-		409,763			203,246			1,364		2,499			15,706			-		222,815
Owners’ Capital, March 31, 2024	$	830,726		$	8,312	$	9,292		$	45,114		$	-	$	893,444		$	1,461,471		$	15,209		$	31,892	$	-	$	1,508,572		$	1,616,576		$	10,371	$	18,990		$	107,584		$	-	$	1,753,521
Owners’ Capital - Units, December 31, 2023		15,961			115		106			492								7,943			50			104							13,937			64		93			797
Redemption of Units (including transfers)		(588	)		-		(9	)		(21	)							(24	)		(1	)		-							(649	)		-		(6	)		(302	)
Owners’ Capital - Units, March 31, 2024		15,373			115		97			471								7,919			49			104							13,288			64		87			495
Net asset value per unit at December 31, 2023	$	45.97		$	60.98				$	80.92							$	134.60					$	222.53						$	106.45		$	141.20				$	188.97
Change in net asset value per for the three months ended March 31, 2024		8.07			11.25					14.93								49.96						84.88							15.21			21.38					28.62
Net asset value per unit at March 31, 2024	$	54.04		$	72.23				$	95.85							$	184.56					$	307.41						$	121.66		$	162.58				$	217.59

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

16

The Series of Frontier Funds

Consolidated Statements of Cash Flows (Unaudited)

For the Three Months Ended March 31, 2024 and 2023

	Frontier Diversified Fund						Frontier Masters Fund						Frontier Long/Short Commodity Fund
	3/31/2024			3/31/2023			3/31/2024			3/31/2023			3/31/2024			3/31/2023
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	221,987		$	(557,188	)	$	102,177		$	(156,718	)	$	(22,883	)	$	(129,430	)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Change in:
Net change in ownership allocation of U.S. Treasury securities		(1,625	)		(24,810	)		(1,141	)		(18,361	)		(1,389	)		(28,544	)
Net unrealized (gain)/loss on U.S. Treasury securities		26			22			17			104			38			(57	)
Net realized (gain)/loss on U.S. Treasuries securities		375			1,172			163			653			328			992
Net unrealized (gain)/loss on private investment companies		(245,776	)		562,102			(108,256	)		167,200			8,217			131,235
Net realized (gain)/loss on private investment companies		9,075			(33,702	)		(778	)		(22,977	)		9,950			(8,908	)
(Purchases) sales of:
Sales of U.S. Treasury securities		-			125,248			-			74,117			-			95,748
(Purchases) of U.S. Treasury securities		-			(65,986	)		-			(42,953	)		-			(36,199	)
U.S. Treasury interest and premium paid/amortized		988			1,099			424			662			701			632
(Purchases) of Private Investment Companies		(51,841	)		(119,829	)		(18,765	)		(76,538	)		(16,058	)		(20,967	)
Sale of Private Investment Companies		347,315			185,112			44,949			157,456			53,453			59,848
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value		(1,108	)		(27,329	)		(3,095	)		(15,103	)		(1,758	)		(1,576	)
Interest receivable		53			973			(14	)		382			16			838
Interest payable to Managing Owner		-			-			-			-			5			(23	)
Trading fees payable to Managing Owner		(204	)		(1,401	)		(76	)		(1,013	)		(299	)		(265	)
Service fees payable to Managing Owner		(2	)		(13	)		3			(12	)		(2	)		(3	)
Other liabilities		30			2,066			48			1,108			29			514
Net cash provided by (used in) operating activities		279,293			47,536			15,656			68,007			30,348			63,835
Cash Flows from Financing Activities:
Payments for redemption of units		(245,299	)		(500	)		(830	)		(22,298	)		(23,144	)		(47,298	)
Change in owner redemptions payable		(21,822	)		-			(2,601	)		(19,922	)		2,936			(12,790	)
Net cash provided by (used in) financing activities		(267,121	)		(500	)		(3,431	)		(42,220	)		(20,208	)		(60,088	)
Net increase (decrease) in cash and cash equivalents		12,172			47,036			12,225			25,787			10,140			3,747
Cash and cash equivalents, beginning of period		98,119			46,604			25,514			18,560			50,991			38,703
Cash and cash equivalents, end of period	$	110,291		$	93,640		$	37,739		$	44,347		$	61,131		$	42,450

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

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The Series of Frontier Funds

Consolidated Statements of Cash Flows (Unaudited)

For the Three Months Ended March 31, 2024 and 2023

	Frontier Balanced Fund						Frontier Select Fund
	3/31/2024			3/31/2023			3/31/2024			3/31/2023
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	773,992		$	(2,131,654	)	$	135,993		$	(368,899	)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Change in:
Net change in open trade equity, at fair value		(14,434	)		(1,477	)		-			-
Net change in ownership allocation of U.S. Treasury securities		(399	)		98,484			978			(37,121	)
Net unrealized (gain)/loss on U.S. Treasury securities		134			(505	)		40			(8	)
Net realized (gain)/loss on U.S. Treasury securities		1,250			3,540			348			1,009
Net unrealized (gain)/loss on private investment companies		(909,850	)		1,727,894			(133,369	)		355,158
Net realized (gain)/loss on private investment companies		46,428			(46,098	)		(16,874	)		(10,201	)
(Purchases) sales of:
Sales of U.S. Treasury securities		-			376,140			-			103,386
(Purchases) of U.S. Treasury securities		-			(279,120	)		-			(40,277	)
U.S. Treasury interest and premium paid/amortized		159			890			-			-
(Purchases) of Private Investment Companies		(779,042	)		(297,065	)		(201,623	)		(14,020	)
Sale of Private Investment Companies		355,838			866,381			218,024			72,067
Increase and/or decrease in:
Receivable from futures commission merchants		769,384			(124,878	)		-			-
Investments in unconsolidated trading companies, at fair value		7,443			126,024			8,346			(10,978	)
Interest receivable		222			4,977			141			705
Other assets		-			(1,170	)		-			-
Incentive fees payable to Managing Owner		(692	)		(692	)		-			-
Management fees payable to Managing Owner		(2,440	)		(154	)		-			-
Interest payable to Managing Owner		63			(1,626	)		26			(119	)
Trading fees payable to Managing Owner		366			(6,976	)		587			(1,028	)
Service fees payable to Managing Owner		701			(3,843	)		138			(775	)
Risk analysis fees payable		(11,307	)		(130	)		-			-
Subscriptions in advance for service fee rebates		4,595			4,081			73			175
Other liabilities		234			(6,867	)		(102	)		895
Net cash provided by (used in) operating activities		242,645			306,156			12,726			49,969
Cash Flows from Financing Activities:
Payments for redemption of units		(273,969	)		(476,405	)		(31,624	)		(30,660	)
Change in owner redemptions payable		27,514			(34,822	)		-			-
Net cash provided by (used in) financing activities		(246,455	)		(511,227	)		(31,624	)		(30,660	)
Net increase (decrease) in cash and cash equivalents		(3,810	)		(205,071	)		(18,898	)		19,309
Cash and cash equivalents, beginning of period		230,796			221,344			91,807			33,183
Cash and cash equivalents, end of period	$	226,986		$	16,273		$	72,909		$	52,492

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

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The Series of Frontier Funds

Consolidated Statements of Cash Flows (Unaudited)

For the Three Months Ended March 31, 2024 and 2023

	Frontier Global Fund						Frontier Heritage Fund
	3/31/2024			3/31/2023			3/31/2024			3/31/2023
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	409,763		$	(566,960	)	$	222,815		$	(615,136	)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Change in:
Net change in ownership allocation of U.S. Treasury securities		(674	)		(13,996	)		(1,239	)		19,479
Net unrealized (gain)/loss on U.S. Treasury securities		49			(117	)		40			(91	)
Net realized (gain)/loss on U.S. Treasury securities		419			831			334			746
Net unrealized (gain)/loss on private investment companies		(412,036	)		593,634			(158,652	)		605,502
Net realized (gain)/loss on private investment companies		(23,937	)		(80,963	)		(95,766	)		(43,789	)
(Purchases) sale of:
Sales of U.S. Treasury Securities		-			93,842			-			84,761
(Purchases) of U.S. Treasury securities		-			(62,385	)		-			(66,474	)
(Purchases) of Private Investment Companies		(31,229	)		(56,623	)		(601,719	)		(57,102	)
Sale of Private Investment Companies		71,715			233,776			791,577			154,655
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value		(962	)		(42,006	)		(4,854	)		(242	)
Interest receivable		46			513			10			986
Interest payable to Managing Owner		(14	)		(42	)		28			(254	)
Trading fees payable to Managing Owner		833			(1,834	)		(363	)		(1,643	)
Service fees payable to Managing Owner		684			(924	)		74			(1,059	)
Subscriptions in advance for service fee rebates		543			805			1,155			2,017
Other liabilities		25			2,968			78			227
Net cash provided by (used in) operating activities		15,225			100,519			153,518			82,583
Cash Flows from Financing Activities:
Payments for redemption of units		(4,607	)		(29,522	)		(130,094	)		(80,874	)
Net cash provided by (used in) financing activities		(4,607	)		(29,522	)		(130,094	)		(80,874	)
Net increase (decrease) in cash and cash equivalents		10,618			70,997			23,424			1,709
Cash and cash equivalents, beginning of period		85,804			26,333			88,561			45,466
Cash and cash equivalents, end of period	$	96,422		$	97,330		$	111,985		$	47,175

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

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Notes to Financial Statements

1. Organization and Purpose

Frontier Funds, which is referred to in this report as the “Trust”, was formed on August 8, 2003, as a Delaware statutory trust. Please refer to the combined consolidated financial statements of the Trust included within this periodic report. The Trust is a multi-advisor commodity pool, as described in Commodity Futures Trading Commission (the “CFTC”) Regulation § 4.10(d)(2). The Trust has authority to issue separate series, or each, a Series, of units of beneficial interest (the “Units”) pursuant to the requirements of the Delaware Statutory Trust Act, as amended (the “Trust Act”). The assets of each Series are valued and accounted for separately from the assets of other Series. The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). It is managed by Frontier Fund Management LLC (the “Managing Owner”).

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

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

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

The Trust, with respect to each Series:

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

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

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

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

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

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

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

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

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As of March 31, 2024, the Trust, with respect to the Frontier Diversified Fund and Frontier Masters Fund, separates Units into two separate Classes—Class 2, and Class 3. The Trust, with respect to the Frontier Select Fund and Frontier Heritage Fund separates Units into three separate Classes—Class 1, Class 2 and Class 1AP. The Trust, with respect to the Frontier Global Fund, separates Units into two separate Classes—Class 1 and Class 2. The Trust, with respect to the Frontier Balanced Fund, separates Units into 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 four separate Classes—Class 2, Class 2a, Class 3 and Class 3a.

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 Platform”) which is an unaffiliated, third-party managed account platform. The assets of Frontier Trading Company I, LLC, which included exposure to Quantmetrics Capital Management LLP’s Multi-Strategy Program, Quantitative Investment Management, LLC’s Quantitative Global Program, Quest Partners LLC’s Quest Tracker Index Program, Chesapeake Capital Management, LLC’s Diversified Program, and Doherty Advisors LLC’s Relative Value Moderate Program, the assets of Frontier Trading Company VII, LLC, which included exposure to Emil van Essen LLC’s Multi-Strategy Program, Red Oak Commodity Advisors, Inc.’s Fundamental Diversified Program, Rosetta Capital Management, LLC’s Rosetta Trading Program, and Landmark Trading Company’s Landmark Program, the assets of Frontier Trading Company XV, LLC, which included exposure to Transtrend B.V.’s TT Enhanced Risk (USD) Program, and the assets of Frontier Trading Company XXIII, LLC which included exposure to Fort L.P.’s Global Contrarian Program have been transferred to individual Delaware limited liability companies (“Master Funds”) in Galaxy Plus. Each Master Fund is sponsored and operated by New Hyde Park Alts, LLC (“New Hyde Park”). New Hyde Park has contracted with the Trading Advisors to manage the portfolios of the Master Funds pursuant to the advisors’ respective program. For those Series that invest in Galaxy Plus, approximately 75-95% of those Series assets are used to support the margin requirements of the Master Funds. The remaining assets of the Series are split between investments in Trading Companies and a pooled cash management account that invests primarily in U.S. Treasury securities. All the funds are invested in Galaxy Plus entities.  

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

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

2. Significant Accounting Policies

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

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

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Consolidation— The Series, through investing in the Trading Companies and the Galaxy Plus Platform, 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. The Galaxy Plus Platform is a series of Delaware limited liability companies, sponsored by New Hyde Park, that create exposure to a variety of third party professional managed futures and foreign exchange advisors. The Galaxy Plus Platform is available to qualified high-net-worth individuals and institutional investors. Trading Companies in which a Series has a controlling and majority interest as calculated on that Series’ pro-rata net asset value in the Trading Company are consolidated by such Series. Investments in Trading Companies in which a Series does not have a controlling and majority interest and all interests in Galaxy Plus entities are accounted for using net asset value as the practical expedient, which approximates fair value. Fair value represents the proportionate share of the Series’ interest in the NAV in a Trading Company or Galaxy Plus entity. The equity interest held by Series of the Trust is shown as investments in unconsolidated Trading Companies or investments in private investment companies in the statements of financial condition. The income or loss attributable thereto in proportion of investment level is shown in the consolidated statements of operations as change in fair value of investments in unconsolidated Trading Companies or net unrealized gain/(loss) on private investment companies.

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

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

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

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

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U.S. Treasury Securities—U.S. Treasury Securities are allocated to all Series of the Trust based on each Series’ percentage ownership in the pooled cash management assets as of the reporting date. They are reported at fair value as Level 1 inputs under ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). The Series of the Trust valued U.S. Treasury Securities at fair value and recorded the daily change in value in the 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 Series of the Trust deposit assets with a FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust, with respect to the Series, earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of March 31, 2024 and December 31, 2023 included restricted cash for margin requirements of $0 and $769,384 respectively, for the Frontier Balanced Fund.

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

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

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

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

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

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

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

Income Taxes—The Trust, with respect to the Series, applies the provisions of ASC 740 Income Taxes (“ASC 740”), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust, with respect to the Series’, consolidated 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 Series for the quarter ended March 31, 2024.

The 2020 through 2023 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

In the opinion of the Managing Owner, (i) the Trust, with respect to the Series, is treated as a partnership for federal income tax purposes and, assuming that at least 90% of the gross income of the Trust constitutes “qualifying income” within the meaning of Section 7704(d) of the Code, (ii) the Trust is not a publicly traded partnership treated as a corporation, and (iii) the discussion set forth in the prospectus filed by the Trust on January 31, 2019 pursuant to Rule 424(b)(3) of the Securities Act of 1933 (File No 333-210313) (the “Prospectus”) under the heading “U.S. Federal Income Tax Consequences” correctly summarizes the material federal income tax consequences as of the date of the Prospectus to potential U.S. Limited Owners of the purchase, ownership and disposition of Units of the Trust.

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

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Incentive Fee (rebate)—The Managing Owner is allowed to share in the incentive fees earned by the CTAs up to 10% of New Net Profits (as defined in the Prospectus). If the Managing Owner’s share of the incentive fee exceeds 10% of new net profits during the period for a particular series, then the Managing Owner is obligated to return any amount in excess to the Series. The returned amounts are recorded as Incentive Fee (Rebate) on the consolidated statements of operations.

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

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 2023, 2022 and 2021, 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 2024 when the Series are allowed to sell shares again. As such, the Managing Owner has calculated the amounts for additional units of the relevant series which will be purchased and classified such amounts as subscriptions in advance for service fee rebates of $22,650, $393, $31,725, $410,293, $22,631, $165,110 and $87,560 for the Frontier Diversified, Long/Short Commodity, Masters, Balanced, Select, Global and Heritage Funds, respectively, as of March 31, 2024.

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

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

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

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

3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

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

Level 3 Inputs

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

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

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

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

Swap contracts are reported at fair value upon daily reports from the counterparty. In addition, a third party takes the inputs from the counterparty, makes certain adjustments, and runs it through their pricing model to come up with their daily price. The fair value measurements of the swap contracts are valued using unadjusted inputs that were not internally developed. The Managing Owner reviews and compares approves current day pricing of the CTA positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, as well as from the third party. Differences in prices exceeding 5% are investigated. Unexplainable differences are escalated to the Managing Owner’s Valuation Committee for evaluation and resolution. The Swap contracts are reported at fair value using Level 3 inputs. The Series did not hold any swap contracts as of March 31, 2024.

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

Investment in Unconsolidated Trading Companies. This investment represents the fair value of the allocation of cash, futures, forwards, options and swaps to each respective Series relative to its trading allocations from unconsolidated Trading Companies. A Series may redeem its investment in any of the Trading Companies on a daily basis at the Trading Company’s stated net asset value. Each of the Series, all of which are under the same management as the Trading Companies, has access to the underlying positions of the Trading Companies.

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The following table summarizes investment in each Series measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value.

March 31, 2024	Practical Expedient (Net Asset Value)		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	34,169	$	-	$	-	$	-	$	34,169
U.S. Treasury Securities		-		5,779		-		-		5,780
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		11,693		-		-		-		11,693
U.S. Treasury Securities		-		1,978		-		-		1,977
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		18,939		-		-		-		18,939
U.S. Treasury Securities		-		3,203		-		-		3,203
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		70,323		-		-		-		70,323
U.S. Treasury Securities		-		11,894		-		-		11,894
Frontier Select Fund						-
Investment in Unconsolidated Trading Companies		22,588		-		-		-		22,588
U.S. Treasury Securities		-		3,820		-		-		3,820
Frontier Global Fund						-
Investment in Unconsolidated Trading Companies		29,873		-		-		-		29,873
U.S. Treasury Securities		-		5,053		-		-		5,053
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		34,694		-		-		-		34,694
U.S. Treasury Securities		-		5,868		-		-		5,868

December 31, 2023	Practical Expedient (Net Asset Value)		Level 1 Inputs			Level 2 Inputs		Level 3 Inputs		Total Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	33,061	$	-		$	-	$	-	$	33,061
U.S. Treasury Securities		-		5,543			-		-		5,543
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		8,598		-			-		-		8,598
U.S. Treasury Securities		-		1,441			-		-		1,441
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		17,181		-			-		-		17,181
U.S. Treasury Securities		-		2,881			-		-		2,881
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		77,766		-			-		-		77,766
Open Trade Equity (Deficit)		-		(14,434	)		-		-		(14,434	)
U.S. Treasury Securities		-		13,038			-		-		13,038
Frontier Select Fund
Investment in Unconsolidated Trading Companies		30,934		-			-		-		30,934
U.S. Treasury Securities		-		5,186			-		-		5,186
Frontier Global Fund
Investment in Unconsolidated Trading Companies		28,911		-			-		-		28,911
U.S. Treasury Securities		-		4,847			-		-		4,847
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		29,840		-			-		-		29,840
U.S. Treasury Securities		-		5,003			-		-		5,003

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4. Swap Contracts

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

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

The Managing Owner follows a procedure in selecting well-established financial institutions which the Managing Owner, in its sole discretion, considers to be reputable, reliable, financially responsible and well established to act as swap counterparties. The procedure includes due diligence review of documentation on all new and existing financial institution counterparties prior to initiation of the relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owner’s minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. As of March 31, 2024, none of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain swaps or are recorded as collateral within the swap fair value within the Statements of Financial Condition.

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

To help to reduce counterparty risk on the Series, the Managing Owner has the right to reduce the Series’ exposure and remove cash from the Series’ total return swaps with Deutsche Bank AG. This cash holding shall be in excess of $250,000 and may not exceed 40% of the index exposure in total. Index exposure is defined as the total notional amount plus any profit.

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5. Investments in Unconsolidated Trading Companies and Private Investment Companies

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

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

The following table summarizes each of the Series’ investments in unconsolidated Trading Companies as of March 31, 2024 and December 31, 2023:

	As of March 31, 2024					As of December 31, 2023
	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		2.36	%	$	34,169		2.24	%	$	33,061
Frontier Masters Fund :
Frontier Trading Company XXXVIII		2.65	%	$	11,693		2.53	%	$	8,598
Frontier Long/Short Commodity Fund :
Frontier Trading Company XXXVIII		2.71	%	$	18,939		2.31	%	$	17,181
Frontier Balanced Fund :
Frontier Trading Company XXXVIII		1.27	%	$	70,323		1.54	%	$	77,766
Frontier Select Fund :
Frontier Trading Companies XXXVIII		2.53	%	$	22,588		3.92	%	$	30,934
Frontier Global Fund :
Frontier Trading Company XXXVIII		1.98	%	$	29,873		2.62	%	$	28,911
Frontier Heritage Fund :
Frontier Trading Company XXXVIII		1.98	%	$	34,694		1.80	%	$	29,840

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The following tables summarize each of the Series’ equity in earnings from unconsolidated Trading Companies and private investment companies for the three months ended March 31, 2024 and 2023.

Three months ended March 31, 2024 and 2023

	Three Months Ended March, 2024												Three Months Ended March, 2023
							Change in												Change in
	Trading Commissions			Realized Gain/(Loss)			Unrealized Gain/(Loss)			Net Income (Loss)			Trading Commissions			Realized Gain/(Loss)			Unrealized Gain/(Loss)			Net Income (Loss)
Frontier Balanced Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(1,112	)	$	(1,112	)	$	-		$	-		$	(12,875	)	$	(12,875	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,615	)		35,239			448,653			482,277			(1,360	)		50,862			(362,820	)		(313,318	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(767	)		(70,354	)		126,755			55,634			(1,240	)		(122,350	)		53,815			(69,775	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(1,963	)		(33,866	)		45,582			9,753			(4,767	)		(9,130	)		(236,700	)		(250,597	)
Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC		(2,524	)		(984	)		(61,769	)		(65,277	)		-			-			-			-
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(1,503	)		12,010			47,934			58,441			(1,601	)		33,105			(387,067	)		(355,563	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(2,257	)		9,578			22,938			30,259			(3,310	)		123,129			(436,341	)		(316,522	)
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC		(507	)		1,949			291,197			292,639			(933	)		(29,518	)		(345,856	)		(376,307	)
Total	$	(11,136	)	$	(46,428	)	$	920,178		$	862,614		$	(13,211	)	$	46,098		$	(1,727,844	)	$	(1,694,957	)
Frontier Global Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(142	)	$	(142	)	$	-		$	-		$	(3,477	)	$	(3,477	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,527	)		23,937			413,562			435,972			(2,037	)		80,963			(591,597	)		(512,671	)
Total	$	(1,527	)	$	23,937		$	413,420		$	435,830		$	(2,037	)	$	80,963		$	(595,074	)	$	(516,148	)
Frontier Select Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(142	)	$	(142	)	$	-		$	-		$	(2,211	)	$	(2,211	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(757	)		17,478			(9,504	)		7,217			(1,834	)		14,722			(195,180	)		(182,292	)
Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC		(586	)		(402	)		(17,092	)		(18,080	)		-			-			-			-
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC		(290	)		(202	)		161,628			161,136			(365	)		(4,521	)		(157,778	)		(162,664	)
Total	$	(1,633	)	$	16,874		$	134,890		$	150,131		$	(2,199	)	$	10,201		$	(355,169	)	$	(347,167	)
Frontier Heritage Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(689	)	$	(689	)	$	-		$	-		$	(3,161	)	$	(3,161	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,083	)		102,895			199,439			301,251			(1,685	)		21,425			(452,046	)		(432,306	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(656	)		(4,153	)		15,395			10,586			(1,287	)		22,364			(150,483	)		(129,406	)
Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC		(1,873	)		(2,976	)		(52,569	)		(57,418	)		-			-			-			-
Total	$	(3,612	)	$	95,766		$	161,576		$	253,730		$	(2,972	)	$	43,789		$	(605,690	)	$	(564,873	)
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(48	)	$	(48	)	$	-		$	-		$	(2,208	)	$	(2,208	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC