Frontier Funds 10-Q 2024 Q3 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 September 30, 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 September 30, 2024 were: 17,513 for the Frontier Diversified Fund, 4,907 for the Frontier Masters Fund, 6,257 for the Frontier Long/Short Commodity Fund, 61,642 for the Frontier Balanced Fund, 15,528 for the Frontier Select Fund, 7,499 for the Frontier Global Fund and 13,366 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 September 30, 2024 (Unaudited) and December 31, 2023	1
	Consolidated Condensed Schedules of Investments as of September 30, 2024 (Unaudited) and December 31, 2023	4
	Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (Unaudited)	10
	Consolidated Statements of Changes in Owners’ Capital for the three and nine months ended September 30, 2024 (Unaudited)	16
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (Unaudited)	24
	Notes to Consolidated Financial Statements (Unaudited)	27
	Trust Financial Statements (1)
	Combined Consolidated Statements of Financial Condition as of September 30, 2024 (Unaudited) and December 31, 2023	60
	Combined Consolidated Condensed Schedules of Investments as of September 30, 2024 (Unaudited) and December 31, 2023	61
	Combined Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (Unaudited)	63
	Combined Consolidated Statement of Changes in Owners’ Capital for the three and nine months ended September 30, 2024 (Unaudited)	65
	Combined Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (Unaudited)	66
	Notes to Combined Consolidated Financial Statements (Unaudited)	67
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	86
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	116
Item 4.	Controls and Procedures	121
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	123
Item 1A.	Risk Factors	123
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	123
Item 3.	Defaults Upon Senior Securities	123
Item 4.	Mine Safety Disclosures	123
Item 5.	Other Information	123
Item 6.	Exhibits	124
SIGNATURES		125

(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 SEPTEMBER 30, 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

September 30, 2024 (Unaudited) and December 31, 2023

	Frontier				Frontier				Frontier
	Diversified Fund				Masters Fund				Long/Short Commodity Fund
	9/30/2024		12/31/2023		9/30/2024		12/31/2023		9/30/2024		12/31/2023
ASSETS
Cash and cash equivalents	$	44,557	$	98,119	$	14,034	$	25,514	$	14,885	$	50,991
U.S. Treasury securities, at fair value		2,490		5,543		784		1,441		832		2,881
Investments in private investment companies, at fair value		1,142,616		1,386,373		333,339		341,384		296,852		675,568
Investments in unconsolidated trading companies, at fair value		27,827		33,061		8,765		8,598		9,296		17,181
Interest receivable		219		386		69		100		73		201
Redemptions receivable from private investment companies		1		-		-		-		-		-
Total Assets	$	1,217,710	$	1,523,482	$	356,991	$	377,037	$	321,938	$	746,822
LIABILITIES & CAPITAL
LIABILITIES
Interest payable to Managing Owner	$	-	$	-	$	-	$	-	$	21	$	40
Redemptions payable		21,006		21,822		1		2,601		2		485
Service fees payable to Managing Owner		37		46		16		17		3		8
Trading fees payable to Managing Owner		3,621		4,735		1,974		2,617		724		1,896
Subscriptions in advance for service fee rebates		22,650		22,650		31,725		31,725		393		393
Other liabilities		455		441		144		115		152		231
Total Liabilities		47,769		49,694		33,860		37,075		1,295		3,053
CAPITAL
Managing Owner - Class 2		6,203		6,030		3,691		3,523		374		492
Managing Owner - Class 2a		-		-		-		-		4,585		6,271
Managing Owner - Class 3		8,806		9,964		-		838		-		-
Managing Owner - Class 3a		-		-		-		-		711		923
Limited Owner - Class 2		150,675		195,936		76,123		72,663		5,877		7,743
Limited Owner - Class 2a		-		-		-		-		10,428		33,166
Limited Owner - Class 3		1,004,257		1,261,858		243,317		262,938		227,377		590,578
Limited Owner - Class 3a		-		-		-		-		71,291		104,596
Total Owners’ Capital		1,169,941		1,473,788		323,131		339,962		320,643		743,769
Total Capital		1,169,941		1,473,788		323,131		339,962		320,643		743,769
Total Liabilities and Capital	$	1,217,710	$	1,523,482	$	356,991	$	377,037	$	321,938	$	746,822
Units Outstanding
Class 2		2,237		2,962		1,165		1,165		113		113
Class 2a		N/A		N/A		N/A		N/A		403		816
Class 3		15,276		19,765		3,742		4,257		3,925		7,739
Class 3a		N/A		N/A		N/A		N/A		1,816		2,052
Net Asset Value per Unit
Class 2	$	70.13	$	68.18	$	68.50	$	65.39	$	55.22	$	72.74
Class 2a		N/A		N/A		N/A		N/A	$	37.21	$	48.36
Class 3	$	66.32	$	64.35	$	65.03	$	61.96	$	57.92	$	76.31
Class 3a		N/A		N/A		N/A		N/A	$	39.64	$	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

September 30, 2024 (Unaudited) and December 31, 2023

	Frontier Balanced Fund				Frontier Select Fund
	9/30/2024		12/31/2023		9/30/2024		12/31/2023
ASSETS
Cash and cash equivalents	$	109,735	$	230,796	$	34,831	$	91,807
U.S. Treasury securities, at fair value		6,133		13,038		1,947		5,186
Receivable from futures commission merchants		-		769,384		-		-
Investments in private investment companies, at fair value		4,491,259		4,430,486		724,857		688,250
Investments in unconsolidated trading companies, at fair value		68,534		77,766		21,754		30,934
Interest receivable		540		909		171		362
Total Assets	$	4,676,201	$	5,522,379	$	783,560	$	816,539
LIABILITIES & CAPITAL
LIABILITIES
Open trade deficit, at fair value	$	-	$	14,434	$	-	$	-
Redemptions payable		12		-		1		-
Incentive fees payable to Managing Owner		-		692		-		-
Management fees payable to Managing Owner		-		2,440		-		-
Interest payable to Managing Owner		884		995		277		308
Service fees payable to Managing Owner		7,186		8,793		1,669		1,878
Trading fees payable to Managing Owner		15,767		20,160		2,287		2,305
Risk analysis fees payable		-		11,307		-		-
Subscriptions in advance for service fee rebates		415,150		405,698		22,776		22,558
Other liabilities		1,129		735		357		415
Total Liabilities		440,128		465,254		27,367		27,464
CAPITAL
Managing Owner - Class 2		34,799		34,646		8,259		8,611
Managing Owner - Class 2a		15,521		18,194		-		-
Limited Owner - Class 1		3,189,457		3,815,001		704,725		733,700
Limited Owner - Class 1AP		48,935		48,720		7,388		7,018
Limited Owner - Class 2		721,438		855,248		35,821		39,746
Limited Owner - Class 3a		225,923		285,316		-		-
Total Owners’ Capital		4,236,073		5,057,125		756,193		789,075
Total Capital		4,236,073		5,057,125		756,193		789,075
Total Liabilities and Capital	$	4,676,201	$	5,522,379	$	783,560	$	816,539
Units Outstanding
Class 1		51,858		60,916		14,896		15,961
Class 1AP		587		587		115		115
Class 2		6,726		7,950		517		598
Class 2a		158		187		N/A		N/A
Class 3a		2,313		2,938		N/A		N/A
Net Asset Value per Unit
Class 1	$	61.50	$	62.63	$	47.31	$	45.97
Class 1AP	$	83.37	$	83.01	$	64.20	$	60.98
Class 2	$	112.43	$	111.93	$	85.18	$	80.92
Class 2a	$	98.00	$	97.44		N/A		N/A
Class 3a	$	97.67	$	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

September 30, 2024 (Unaudited) and December 31, 2023

	Frontier Global Fund				Frontier Heritage Fund
	9/30/2024		12/31/2023		9/30/2024		12/31/2023
ASSETS
Cash and cash equivalents	$	30,885	$	85,804	$	54,662	$	88,561
U.S. Treasury securities, at fair value		1,726		4,847		3,055		5,003
Investments in private investment companies, at fair value		1,168,778		1,156,895		1,383,929		1,634,716
Investments in unconsolidated trading companies, at fair value		19,288		28,911		34,139		29,840
Interest receivable		152		338		269		349
Total Assets	$	1,220,829	$	1,276,795	$	1,476,054	$	1,758,469
LIABILITIES & CAPITAL
LIABILITIES
Redemptions payable	$	4	$	-	$	2	$	-
Interest payable to Managing Owner		250		420		437		436
Service fees payable to Managing Owner		2,386		2,704		2,780		3,484
Trading fees payable to Managing Owner		4,675		5,301		5,137		6,943
Subscriptions in advance for service fee rebates		165,841		164,567		89,812		86,405
Other liabilities		315		387		560		401
Total Liabilities		173,471		173,379		98,728		97,669
CAPITAL
Managing Owner - Class 2		11,520		11,205		15,784		17,591
Limited Owner - Class 1		1,011,680		1,069,125		1,271,308		1,483,520
Limited Owner - Class 1AP		-		-		8,621		9,007
Limited Owner - Class 2		24,158		23,086		81,613		150,682
Total Owners’ Capital		1,047,358		1,103,416		1,377,326		1,660,800
Total Capital		1,047,358		1,103,416		1,377,326		1,660,800
Total Liabilities and Capital	$	1,220,829	$	1,276,795	$	1,476,054	$	1,758,469
Units Outstanding
Class 1		7,346		7,943		12,763		13,937
Class 1AP		N/A		N/A		64		64
Class 2		153		154		539		890
Net Asset Value per Unit
Class 1	$	137.71	$	134.60	$	99.61	$	106.45
Class 1AP		N/A		N/A	$	135.14	$	141.20
Class 2	$	232.86	$	222.53	$	180.86	$	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

September 30, 2024 (Unaudited)

	Frontier					Frontier					Frontier
	Diversified Fund					Masters Fund					Long/Short Commodity Fund
			% of Total Capital (Net Asset					% of Total Capital (Net Asset					% of Total Capital (Net Asset
Description	Fair Value		Value)			Fair Value		Value)			Fair Value		Value)
PRIVATE INVESTMENT COMPANIES (2)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	201,919		17.26	%	$	-		0.00	%	$	-		0.00	%
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		102,773		8.78	%		-		0.00	%		-		0.00	%
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		322,518		27.57	%		-		0.00	%		-		0.00	%
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		225,672		19.29	%		192,656		59.62	%		-		0.00	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		158,929		13.58	%		72,102		22.31	%		143,966		44.90	%
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC		130,805		11.18	%		68,581		21.22	%		-		0.00	%
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-		0.00	%		-		0.00	%		152,886		47.68	%
Total Private Investment Companies	$	1,142,616		97.66	%	$	333,339		103.15	%	$	296,852		92.58	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)
Frontier Trading Company XXXVIII, LLC	$	27,827		2.38	%	$	8,765		2.71	%	$	9,296		2.90	%
Total Investment in Unconsolidated Trading Companies	$	27,827		2.38	%	$	8,765		2.71	%	$	9,296		2.90	%

U.S. TREASURY SECURITIES (1)

	Fair Value				Fair Value				Fair Value
US Treasury Note 6.875% due 08/15/2025	$	2,490	0.21	%	$	784	0.24	%	$	832	0.26	%

	Face Value		Face Value		Face Value
Additional Disclosure on U.S. Treasury Securities
US Treasury Note 6.875% due 08/15/2025 (1)	$	2,422	$	763	$	809

	Cost		Cost		Cost
Additional Disclosure on U.S. Treasury Securities
US Treasury Note 6.875% due 08/15/2025 (1)	$	2,581	$	813	$	862

(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

September 30, 2024 (Unaudited)

	Frontier					Frontier
	Balanced Fund					Select Fund
			% of Total Capital					% of Total Capital
Description	Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (2)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	264,219		6.24	%	$	-		0.00	%
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC		633,855		14.96	%		383,463		50.71	%
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		421,297		9.95	%		-		0.00	%
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,051,094		24.81	%		-		0.00	%
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,277,686		30.16	%		-		0.00	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		462,517		10.92	%		230,549		30.49	%
Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC		380,591		8.98	%		110,845		14.66	%
Total Private Investment Companies	$	4,491,259		106.02	%	$	724,857		95.86	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (2)
Frontier Trading Company XXXVIII, LLC	$	68,534		1.62	%	$	21,754		2.88	%
Total Investment in Unconsolidated Trading Companies	$	68,534		1.62	%	$	21,754		2.88	%

U.S. TREASURY SECURITIES (1)

	Fair Value				Fair Value
US Treasury Note 6.875% due 08/15/2025	$	6,133	0.14	%	$	1,947	0.26	%

	Face Value		Face Value
Additional Disclosure on U.S. Treasury Securities
US Treasury Note 6.875% due 08/15/2025 (1)	$	5,964	$	1,893

	Cost		Cost
Additional Disclosure on U.S. Treasury Securities
US Treasury Note 6.875% due 08/15/2025 (1)	$	6,357	$	2,018

(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

September 30, 2024 (Unaudited)

	Frontier					Frontier
	Global Fund					Heritage Fund
			% of Total Capital					% of Total Capital
Description	Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (2)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	1,168,778		111.59	%	$	871,963		63.31	%
Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC		-		0.00	%		339,054		24.62	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		-		0.00	%		172,912		12.55	%
Total Private Investment Companies	$	1,168,778		111.59	%	$	1,383,929		100.48	%
INVESTMENT IN UNCONSOLIDATED COMPANIES (2)
Frontier Trading Company XXXVIII, LLC	$	19,288		1.84	%	$	34,139		2.48	%
Total Investment in Unconsolidated Trading Companies	$	19,288		1.84	%	$	34,139		2.48	%

U.S. TREASURY SECURITIES (1)

	Fair Value				Fair Value
US Treasury Note 6.875% due 08/15/2025	$	1,726	0.16	%	$	3,055	0.22	%

	Face Value		Face Value
Additional Disclosure on U.S. Treasury Securities
US Treasury Note 6.875% due 08/15/2025 (1)	$	1,679	$	2,971

	Cost		Cost
Additional Disclosure on U.S. Treasury Securities
US Treasury Note 6.875% due 08/15/2025 (1)	$	1,789	$	3,167

(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					Frontier					Frontier Long/Short
	Diversified Fund					Masters Fund					Commodity Fund
			% of Total Capital					% of Total Capital					% of Total Capital
Description	Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (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	%
	Face Value					Face Value					Face Value
Additional Disclosure on U.S. Treasury Securities
US Treasury Note 6.875% due 08/15/2025 (1)	$	5,333				$	1,387				$	2,771
	Cost					Cost					Cost
Additional Disclosure on U.S. Treasury Securities
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						Frontier
	Balanced Fund						Select Fund
				% of Total Capital					% of Total Capital
Description	Fair Value			(Net Asset Value)			Fair Value		(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	%
		Face Value						Face Value
Additional Disclosure on U.S. Treasury Securities
US Treasury Note 6.875% due 08/15/2025 (1)	$	12,543					$	4,990
		Cost						Cost
Additional Disclosure on U.S. Treasury Securities
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					Frontier
	Global Fund					Heritage Fund
			% of Total Capital					% of Total Capital
Description	Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (2)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	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	%
		Face Value					Face Value
Additional Disclosure on U.S. Treasury Securities
US Treasury Note 6.875% due 08/15/2025 (1)	$	4,663				$	4,813
		Cost					Cost
Additional Disclosure on U.S. Treasury Securities
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 September 30, 2024 and 2023

	Frontier Diversified Fund						Frontier Masters Fund						Frontier Long/Short Commodity Fund
	9/30/2024			9/30/2023			9/30/2024			9/30/2023			9/30/2024			9/30/2023
Investment income:
Interest - net	$	1,001		$	1,053		$	479		$	591		$	407		$	650
Total Income		1,001			1,053			479			591			407			650
Expenses:
Service Fees - Class 1		116			213			52			75			10			36
Due Diligence Fees		381			636			104			161			29			64
Trading Fees		11,619			19,265			6,483			8,796			2,426			6,783
Total Expenses		12,116			20,114			6,639			9,032			2,465			6,883
Investment (loss) - net		(11,115	)		(19,061	)		(6,160	)		(8,441	)		(2,058	)		(6,233	)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		(109,979	)		(66,767	)		(30,201	)		7,645			95,175			(24,771	)
Net realized gain/(loss) on private investment companies		(24,317	)		(6,098	)		(3,243	)		(405	)		(127,067	)		(6,360	)
Net realized gain/(loss) on U.S. Treasury securities		(407	)		(463	)		(194	)		(273	)		(191	)		(353	)
Net unrealized gain/(loss) on U.S. Treasury securities		9			3			5			25			5			36
Change in fair value of investments in unconsolidated trading companies		(3,929	)		2,699			(1,846	)		1,559			(1,765	)		2,351
Net gain/(loss) on investments		(138,623	)		(70,626	)		(35,479	)		8,551			(33,843	)		(29,097	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(149,738	)		(89,687	)		(41,639	)		110			(35,901	)		(35,330	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(149,738	)	$	(89,687	)	$	(41,639	)	$	110		$	(35,901	)	$	(35,330	)
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 1a		N/A			N/A			N/A			N/A			N/A			N/A
Class 2	$	(8.56	)	$	(3.43	)	$	(8.82	)	$	0.05		$	(6.13	)	$	(3.32	)
Class 2a		N/A			N/A			N/A			N/A		$	(4.01	)	$	(1.98	)
Class 3	$	(8.04	)	$	(3.18	)	$	(8.34	)	$	0.09		$	(6.44	)	$	(3.48	)
Class 3a		N/A			N/A			N/A			N/A		$	(4.24	)	$	(2.06	)

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 September 30, 2024 and 2023

	Frontier Balanced Fund						Frontier Select Fund
	9/30/2024			9/30/2023			9/30/2024			9/30/2023
Investment income:
Interest - net	$	147		$	1,809		$	-		$	-
Total Income/(loss)		147			1,809			-			-
Expenses:
Incentive Fees (rebate)		(10,755	)		-			-			-
Management Fees		-			3,942			-			-
Service Fees - Class 1		25,423			40,231			5,177			7,152
Risk analysis Fees		-			1,570			-			-
Trading Fees		51,949			75,942			7,351			8,054
Total Expenses		66,617			121,685			12,528			15,206
Investment (loss) - net		(66,470	)		(119,876	)		(12,528	)		(15,206	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		-			(236,381	)		-			-
Net unrealized gain/(loss) on private investment companies		(495,806	)		(309,002	)		22,288			(1,753	)
Net realized gain/(loss) on private investment companies		845			57,137			(1,493	)		6,729
Net change in open trade equity/(deficit)		-			93,155			-			-
Net realized gain/(loss) on U.S. Treasury securities		(1,282	)		(1,952	)		(325	)		(399	)
Net unrealized gain/(loss) on U.S. Treasury securities		31			283			8			38
Trading commissions		-			(2,649	)		-			-
Change in fair value of investments in unconsolidated trading companies		(12,310	)		11,668			(2,966	)		2,153
Net gain/(loss) on investments		(508,522	)		(387,741	)		17,512			6,768
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(574,992	)		(507,617	)		4,984			(8,438	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(574,992	)	$	(507,617	)	$	4,984		$	(8,438	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(8.35	)	$	(5.99	)	$	0.44		$	(0.45	)
Class 1AP	$	(10.61	)	$	(7.06	)	$	1.08		$	(0.04	)
Class 2	$	(14.30	)	$	(9.53	)	$	1.43		$	(0.06	)
Class 2a	$	(12.41	)	$	(8.23	)		N/A			N/A
Class 3a	$	(12.36	)	$	(8.20	)		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 September 30, 2024 and 2023

	Frontier Global Fund						Frontier Heritage Fund
	9/30/2024			9/30/2023			9/30/2024			9/30/2023
Investment income:
Interest - net	$	-		$	-		$	-		$	-
Total Income		-			-			-			-
Expenses:
Service Fees - Class 1		8,317			10,479			10,083			14,931
Trading Fees		16,068			19,480			17,409			24,687
Total Expenses		24,385			29,959			27,492			39,618
Investment (loss) - net		(24,385	)		(29,959	)		(27,492	)		(39,618	)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		(273,108	)		(114,036	)		(195,296	)		(88,567	)
Net realized gain/(loss) on private investment companies		11,311			110,035			(66	)		54,002
Net realized gain/(loss) on U.S. Treasury securities		(411	)		(288	)		(545	)		(448	)
Net unrealized gain/(loss) on U.S. Treasury securities		11			73			13			(8	)
Change in fair value of investments in unconsolidated trading companies		(4,576	)		1,339			(5,246	)		977
Net gain/(loss) on investments		(266,773	)		(2,877	)		(201,140	)		(34,044	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(291,158	)		(32,836	)		(228,632	)		(73,662	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(291,158	)	$	(32,836	)	$	(228,632	)	$	(73,662	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(38.33	)	$	(3.55	)	$	(16.36	)	$	(4.51	)
Class 1AP		N/A			N/A		$	(21.01	)	$	(4.59	)
Class 2	$	(62.56	)	$	(3.67	)	$	(28.12	)	$	(6.12	)

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

12

The Series of the Frontier Funds

Consolidated Statements of Operations (Unaudited)

For the Nine Months Ended September 30, 2024 and 2023

	Frontier Diversified Fund						Frontier Masters Fund						Frontier Long/Short Commodity Fund
		9/30/2024			9/30/2023			9/30/2024			9/30/2023			9/30/2024			9/30/2023
Investment income:
Interest - net	$	3,253		$	3,583		$	1,277		$	2,110		$	1,788		$	2,964
Total Income		3,253			3,583			1,277			2,110			1,788			2,964
Expenses:
Incentive Fees (rebate)		-			-			-			-			-			(5,126	)
Service Fees - Class 1		375			648			165			252			45			137
Due Diligence Fees		1,263			2,079			343			506			104			232
Trading Fees		37,914			64,118			21,442			27,966			11,336			24,073
Total Expenses		39,552			66,845			21,950			28,724			11,485			19,316
Investment (loss) - net		(36,299	)		(63,262	)		(20,673	)		(26,614	)		(9,697	)		(16,352	)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		130,353			(478,478	)		43,294			(104,623	)		165,969			(285,276	)
Net realized gain/(loss) on private investment companies		(29,404	)		129,853			544			31,393			(292,941	)		7,791
Net realized gain/(loss) on U.S. Treasury securities		(1,436	)		(3,880	)		(569	)		(2,104	)		(959	)		(2,865	)
Net unrealized gain/(loss) on U.S. Treasury securities		88			(365	)		32			(805	)		48			(4,101	)
Change in fair value of investments in unconsolidated trading companies		(4,770	)		3,966			(1,813	)		3,003			(1,265	)		10,869
Net gain/(loss) on investments		94,831			(348,904	)		41,488			(73,136	)		(129,148	)		(273,582	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		58,532			(412,166	)		20,815			(99,750	)		(138,845	)		(289,934	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	58,532		$	(412,166	)	$	20,815		$	(99,750	)	$	(138,845	)	$	(289,934	)
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 1a		N/A			N/A			N/A			N/A			N/A			N/A
Class 2	$	1.95		$	(13.59	)	$	3.11		$	(13.01	)	$	(17.52	)	$	(24.77	)
Class 2a		N/A			N/A			N/A			N/A		$	(11.15	)	$	(15.75	)
Class 3	$	1.97		$	(12.64	)	$	3.07		$	(12.16	)	$	(18.39	)	$	(25.98	)
Class 3a		N/A			N/A			N/A			N/A		$	(11.78	)	$	(16.59	)

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

13

The Series of the Frontier Funds

Consolidated Statements of Operations (Unaudited)

For the Nine Months Ended September 30, 2024 and 2023

	Frontier Balanced Fund						Frontier Select Fund
	9/30/2024			9/30/2023			9/30/2024			9/30/2023
Investment income:
Interest - net	$	429		$	5,121		$	-		$	-
Total Income/(loss)		429			5,121			-			-
Expenses:
Incentive Fees (rebate)		(10,755	)		-			-			-
Management Fees		-			12,460			-			-
Service Fees - Class 1		85,417			128,705			16,654			24,144
Risk analysis Fees		-			4,125			-			-
Trading Fees		172,018			248,043			24,204			27,373
Total Expenses		246,680			393,333			40,858			51,517
Investment (loss) - net		(246,251	)		(388,212	)		(40,858	)		(51,517	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		-			(479,879	)		-			-
Net unrealized gain/(loss) on private investment companies		300,844			(1,454,916	)		54,941			(332,020	)
Net realized gain/(loss) on private investment companies		(1,080	)		229,463			14,318			49,888
Net change in open trade equity/(deficit)		-			151,260			-			-
Net realized gain/(loss) on U.S. Treasury securities		(3,678	)		(11,575	)		(1,159	)		(3,029	)
Net unrealized gain/(loss) on U.S. Treasury securities		10			(1,216	)		57			(1,269	)
Trading commissions		-			(7,452	)		-			-
Change in fair value of investments in unconsolidated trading companies		(15,122	)		5,269			(2,193	)		5,144
Net gain/(loss) on investments		280,974			(1,569,046	)		65,964			(281,286	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		34,723			(1,957,258	)		25,106			(332,803	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	34,723		$	(1,957,258	)	$	25,106		$	(332,803	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(1.13	)	$	(21.89	)	$	1.34		$	(15.75	)
Class 1AP	$	0.36		$	(25.91	)	$	3.22		$	(18.66	)
Class 2	$	0.50		$	(34.94	)	$	4.26		$	(24.77	)
Class 2a	$	0.56		$	(30.20	)		N/A			N/A
Class 3a	$	0.57		$	(30.10	)		N/A			N/A

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

14

The Series of the Frontier Funds

Consolidated Statements of Operations (Unaudited)

For the Nine Months Ended September 30, 2024 and 2023

	Frontier Global Fund						Frontier Heritage Fund
	9/30/2024			9/30/2023			9/30/2024			9/30/2023
Investment income:
Interest - net	$	-		$	-		$	-		$	-
Total Income		-			-			-			-
Expenses:
Service Fees - Class 1		28,622			43,728			33,219			50,464
Trading Fees		52,402			79,865			57,161			82,562
Total Expenses		81,024			123,593			90,380			133,026
Investment (loss) - net		(81,024	)		(123,593	)		(90,380	)		(133,026	)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		33,920			(677,875	)		(91,769	)		(543,617	)
Net realized gain/(loss) on private investment companies		104,169			545,002			106,924			249,382
Net realized gain/(loss) on U.S. Treasury securities		(1,336	)		3,682			(1,511	)		(2,529	)
Net unrealized gain/(loss) on U.S. Treasury securities		42			902			70			6,257
Change in fair value of investments in unconsolidated trading companies		(4,760	)		(17,297	)		(6,847	)		(16,528	)
Net gain/(loss) on investments		132,035			(145,586	)		6,867			(307,035	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		51,011			(269,179	)		(83,513	)		(440,061	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	51,011		$	(269,179	)	$	(83,513	)	$	(440,061	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	3.11		$	(15.75	)	$	(6.84	)	$	(22.12	)
Class 1AP		N/A			N/A		$	(6.06	)	$	(24.62	)
Class 2	$	10.33		$	(19.10	)	$	(8.11	)	$	(32.94	)

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 September 30, 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, June 30, 2024	$	6,960		$	192,622		$	9,874		$	1,197,893		$	-	$	1,407,349		$	4,166		$	85,922		$	-	$	295,112		$	-	$	385,200
Redemption of Units		-			(21,007	)		-			(66,663	)		-		(87,670	)		-			-			-		(20,430	)		-		(20,430	)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(757	)		(20,940	)		(1,068	)		(126,973	)		-		(149,738	)		(475	)		(9,799	)		-		(31,365	)		-		(41,639	)
Owners’ Capital, September 30, 2024	$	6,203		$	150,675		$	8,806		$	1,004,257		$	-	$	1,169,941		$	3,691		$	76,123		$	-	$	243,317		$	-	$	323,131
Owners’ Capital - Units, June 30, 2024		89			2,447			133			16,109			-		18,778			53			1,112			-		4,022			-		5,187
Redemption of Units (including transfers)		-			(299	)		-			(966	)		-		(1,265	)		-			-			-		(280	)		-		(280	)
Owners’ Capital - Units, September 30, 2024		89			2,148			133			15,143			-		17,513			53			1,112			-		3,742			-		4,907
Net asset value per unit at June 30, 2024				$	78.69					$	74.36										$	77.32				$	73.37
Change in net asset value per unit for the three months ended September 30, 2024					(8.56	)					(8.04	)										(8.82	)			$	(8.34	)
Net asset value per unit at September 30, 2024				$	70.13					$	66.32										$	68.50				$	65.03

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

16

The Series of Frontier Funds

Consolidated Statements of Changes in Owners’ Capital (Unaudited)

For the Three Months Ended September 30, 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, June 30, 2024	$	415		$	6,531		$	252,658		$	5,079		$	11,551		$	788		$	86,274		$	-	$	363,296
Redemption of Units		-			-			-			-			-			-			(6,752	)		-		(6,752	)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(41	)		(654	)		(25,281	)		(494	)		(1,123	)		(77	)		(8,231	)		-		(35,901	)
Owners’ Capital, September 30, 2024	$	374		$	5,877		$	227,377		$	4,585		$	10,428		$	711		$	71,291		$	-	$	320,643
Owners’ Capital - Units, June 30, 2024		7			106			3,925			123			280			18			1,966			-		6,425
Redemption of Units (including transfers)		-			-			-			-			-			-			(168	)		-		(168	)
Owners’ Capital - Units, September 30, 2024		7			106			3,925			123			280			18			1,798			-		6,257
Net asset value per unit at June 30, 2024				$	61.35		$	64.36					$	41.22					$	43.88
Change in net asset value per unit for the three months ended September 30, 2024					(6.13	)		(6.44	)					(4.01	)					(4.24	)
Net asset value per unit at September 30, 2024				$	55.22		$	57.92					$	37.21					$	39.64

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

17

The Series of Frontier Funds

Consolidated Statements of Changes in Owners’ Capital (Unaudited)

For the Three Months Ended September 30, 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, June 30, 2024	$	3,758,298		$	55,160		$	39,226		$	813,220		$	17,486		$	-		$	297,635		$	-	$	4,981,025
Redemption of Units		(128,309	)		-			-			-			-			-			(41,651	)		-		(169,960	)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(440,532	)		(6,225	)		(4,427	)		(91,782	)		(1,965	)		-			(30,061	)		-		(574,992	)
Owners’ Capital, September 30, 2024	$	3,189,457		$	48,935		$	34,799		$	721,438		$	15,521		$	-		$	225,923		$	-	$	4,236,073
Owners’ Capital - Units, June 30, 2024		53,802			587			310			6,416			158			-			2,705			-		63,978
Redemption of Units (including transfers)		(1,944	)		-			-			-			-			-			(392	)		-		(2,336	)
Owners’ Capital - Units, September 30, 2024		51,858			587			310			6,416			158			-			2,313			-		61,642
Net asset value per unit at June 30, 2024	$	69.85		$	93.98					$	126.73					$	110.41		$	110.03
Change in net asset value per unit for the three months ended September 30, 2024		(8.35	)		(10.61	)					(14.30	)					(12.41	)		(12.36	)
Net asset value per unit at September 30, 2024	$	61.50		$	83.37					$	112.43					$	98.00		$	97.67

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

18

The Series of Frontier Funds

Consolidated Statements of Changes in Owners’ Capital (Unaudited)

For the Three Months Ended September 30, 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, June 30, 2024	$	710,640		$	7,264	$	8,120		$	39,423		$	-	$	765,447		$	1,293,252		$	14,616		$	30,648		$	-	$	1,338,516		$	1,500,043		$	9,961		$	18,238		$	94,304		$	-	$	1,622,546
Redemption of Units		(10,310	)		-		-			(3,928	)		-		(14,238	)		-			-			-			-		-			(16,588	)		-			-			-			-		(16,588	)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		4,395			124		139			326			-		4,984			(281,572	)		(3,096	)		(6,490	)		-		(291,158	)		(212,147	)		(1,340	)		(2,454	)		(12,691	)		-		(228,632	)
Owners’ Capital, September 30, 2024	$	704,725		$	7,388	$	8,259		$	35,821		$	-	$	756,193		$	1,011,680		$	11,520		$	24,158		$	-	$	1,047,358		$	1,271,308		$	8,621		$	15,784		$	81,613		$	-	$	1,377,326
Owners’ Capital - Units, June 30, 2024		15,162			115		97			471			-		15,845			7,346			49			104			-		7,499			12,935			64			87			452			-		13,538
Redemption of Units (including transfers)		(266	)		-		(1	)		(50	)		-		(317	)		-			-			-			-		-			(172	)		-			-			-			-		(172	)
Owners’ Capital - Units, September 30, 2024		14,896			115		96			421			-		15,528			7,346			49			104			-		7,499			12,763			64			87			452			-		13,366
Net asset value per unit at June 30, 2024	$	46.87		$	63.12				$	83.75							$	176.04					$	295.42							$	115.97		$	156.15					$	208.98
Change in net asset value per for the three months ended September 30, 2024		0.44			1.08					1.43								(38.33	)					(62.56	)							(16.36	)		(21.01	)					(28.12	)
Net asset value per unit at September 30, 2024	$	47.31		$	64.20				$	85.18							$	137.71					$	232.86							$	99.61		$	135.14					$	180.86

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

19

The Series of Frontier Funds

Consolidated Statements of Changes in Owners’ Capital (Unaudited)

For the Nine Months Ended September 30, 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		-		(52,473	)		(1,400	)		(308,506	)		-		(362,379	)		-		-		(830	)		(36,816	)		-		(37,646	)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		173		7,212			242			50,905			-		58,532			168		3,460		(8	)		17,195			-		20,815
Owners’ Capital, September 30, 2024	$	6,203	$	150,675		$	8,806		$	1,004,257		$	-	$	1,169,941		$	3,691	$	76,123	$	-		$	243,317			-	$	323,131
Owners’ Capital - Units, December 31, 2023		89		2,873			155			19,610			-		22,727			53		1,112		14			4,243			-		5,422
Redemption of Units (including transfers)		-		(725	)		(22	)		(4,467	)		-		(5,214	)		-		-		(14	)		(501	)		-		(515	)
Owners’ Capital - Units, September 30, 2024		89		2,148			133			15,143			-		17,513			53		1,112		-			3,742			-		4,907
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 nine months ended September 30, 2024				1.95						1.97										3.11				$	3.07
Net asset value per unit at September 30, 2024			$	70.13					$	66.32									$	68.50				$	65.03

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

20

The Series of Frontier Funds

Consolidated Statements of Changes in Owners’ Capital (Unaudited)

For the Nine Months Ended September 30, 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		-			-			(255,621	)		(300	)		(18,188	)		-			(10,172	)		-		(284,281	)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(118	)		(1,866	)		(107,580	)		(1,386	)		(4,550	)		(212	)		(23,133	)		-		(138,845	)
Owners’ Capital, September 30, 2024	$	374		$	5,877		$	227,377		$	4,585		$	10,428		$	711		$	71,291		$	-	$	320,643
Owners’ Capital - Units, December 31, 2023		7			106			7,739			129			687			18			2,034			-		10,720
Redemption of Units (including transfers)		-			-			(3,814	)		(6	)		(407	)		-			(236	)		-		(4,463	)
Owners’ Capital - Units, September 30, 2024		7			106			3,925			123			280			18			1,798			-		6,257
Net asset value per unit at December 31, 2023				$	72.74		$	76.31					$	48.36					$	51.42
Change in net for the nine months ended September 30, 2024					(17.52	)		(18.39	)					(11.15	)					(11.78	)
Net asset value per unit at September 30, 2024				$	55.22		$	57.92					$	37.21					$	39.64

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

21

The Series of Frontier Funds

Consolidated Statements of Changes in Owners’ Capital (Unaudited)

For the Nine Months Ended September 30, 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		(629,692	)		-		-		(155,513	)		(2,750	)		-		(67,820	)		-		(855,775	)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		4,148			215		153		21,703			77			-		8,427			-		34,723
Owners’ Capital, September 30, 2024	$	3,189,457		$	48,935	$	34,799	$	721,438		$	15,521		$	-	$	225,923		$	-	$	4,236,073
Owners’ Capital - Units, December 31, 2023		60,916			587		310		7,640			187			-		2,938			-		72,578
Redemption of Units (including transfers)		(9,058	)		-		-		(1,224	)		(29	)		-		(625	)		-		(10,936	)
Owners’ Capital - Units, September 30, 2024		51,858			587		310		6,416			158			-		2,313			-		61,642
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 nine months ended September 30, 2024		(1.13	)		0.36				0.50						0.56		0.57
Net asset value per unit at September 30, 2024	$	61.50		$	83.37			$	112.43					$	98.00	$	97.67

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

22

The Series of Frontier Funds

Consolidated Statements of Changes in Owners’ Capital (Unaudited)

For the Nine Months Ended September 30, 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		(51,446	)		-		(750	)		(5,792	)		-		(57,988	)		(106,869	)		(200	)		-		-		(107,069	)		(130,850	)		-		(1,100	)		(68,011	)		-		(199,961	)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		22,471			370		398			1,867