10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2021

or

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

Commission File Number 000-51274

FRONTIER FUNDS

FRONTIER DIVERSIFIED FUND;

FRONTIER LONG/SHORT COMMODITY FUND;

FRONTIER MASTERS FUND; 

FRONTIER BALANCED FUND;

FRONTIER SELECT FUND;

FRONTIER GLOBAL FUND;

FRONTIER HERITAGE FUND

(Exact Name of Registrant as specified in Its Charter)

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

c/o Frontier Fund Management, LLC

25568 Genesee Trail Road

Golden, Colorado 80401

(Address of Principal Executive Offices)

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

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

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

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

Frontier Diversified Fund Class 2 and Class 3 Units;

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

Frontier Masters Fund Class 2 and Class 3 Units;

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

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

Frontier Global Fund Class 1 and Class 2 Units;

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

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

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

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

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

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

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

Table of Contents

		Pages
PART I – FINANCIAL INFORMATION		1
Item 1.	Series Financial Statements	1
	Statements of Financial Condition as of September 30, 2021 (Unaudited) and December 31, 2020	1
	Condensed Schedules of Investments as of September 30, 2021 (Unaudited) and December 31, 2020	4
	Statements of Operations for the three and nine months ended September 30, 2021 and 2020 (Unaudited)	10
	Statements of Changes in Owners’ Capital for the three and nine months ended September 30, 2021 (Unaudited)	16
	Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 (Unaudited)	24
	Notes to Financial Statements (Unaudited)	27
	Trust Financial Statements (1)
	Consolidated Statements of Financial Condition as of September 30, 2021 (Unaudited) and December 31, 2020	62
	Consolidated Condensed Schedules of Investments as of September 30, 2021 (Unaudited) and December 31, 2020	63
	Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 (Unaudited)	65
	Consolidated Statement of Changes in Owners’ Capital for the three and nine months ended September 30, 2021 (Unaudited)	67
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 (Unaudited)	68
	Notes to Consolidated Financial Statements (Unaudited)	69
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	91
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	123
Item 4.	Controls and Procedures	127
PART II – OTHER INFORMATION		129
Item 1.	Legal Proceedings	129
Item 1A.	Risk Factors	129
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	129
Item 3.	Defaults Upon Senior Securities	129
Item 4.	Mine Safety Disclosures	129
Item 5.	Other Information	129
Item 6.	Exhibits	130
SIGNATURES		131

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

i

Special Note About Forward-Looking Statements

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

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

UNLESS EXPRESSLY STATED OTHERWISE, ALL INFORMATION IN THIS REPORT IS AS OF SEPTEMBER 30, 2021, AND THE MANAGING OWNER UNDERTAKES NO OBLIGATION TO UPDATE THIS INFORMATION.

ii

PART I. FINANCIAL INFORMATION

Item 1. Series Financial Statements

The Series of Frontier Funds

Statements of Financial Condition

September 30, 2021 (Unaudited) and December 31, 2020

	Frontier				Frontier				Frontier
	Diversified Fund				Masters Fund				Long/Short Commodity Fund
	9/30/2021		12/31/2020		9/30/2021		12/31/2020		9/30/2021		12/31/2020
ASSETS
Cash and cash equivalents	$	42,657	$	87,715	$	22,653	$	4,771	$	29,728	$	93,327
U.S. Treasury securities, at fair value		33,471		427,393		17,774		23,245		23,326		454,738
Investments in private investment companies, at fair value		3,061,135		3,644,603		782,240		1,014,591		1,335,596		738,053
Investments in unconsolidated trading companies, at fair value		30,579		16,669		16,239		907		21,311		17,736
Interest receivable		238		8,534		126		464		166		9,080
Receivable from related parties		8,886		4,892		4,719		266		6,193		5,205
Redemptions receivable from private investment companies		-		31,886		-		24,837		-		1,251
Total Assets	$	3,176,966	$	4,221,692	$	843,751	$	1,069,081	$	1,416,320	$	1,319,390
LIABILITIES & CAPITAL
LIABILITIES
Redemptions payable	$	-	$	-	$	-	$	38,128	$	-	$	-
Interest payable to Managing Owner		-		-		-		-		37		87
Service fees payable to Managing Owner		85		385		44		70		19		18
Trading fees payable to Managing Owner		9,894		12,576		4,220		5,460		3,295		2,281
Subscriptions in advance for service fee rebates		22,650		22,650		31,725		31,725		393		393
Other liabilities		3,668		3,110		1,948		171		2,557		3,308
Total Liabilities	$	36,297	$	38,721	$	37,937	$	75,554	$	6,301	$	6,087
CAPITAL
Managing Owner - Class 2		8,048		2,212		4,047		6,265		4,539		3,939
Managing Owner - Class 2a		-		-		-		-		9,628		8,274
Managing Owner - Class 3		24,446		54,405		4,207		7,167		-		-
Managing Owner - Class 3a		-		-		-		-		1,221		1,048
Limited Owner - Class 1		-		154,260		-		9,740		-		-
Limited Owner - Class 2		390,873		464,012		211,953		257,673		27,428		30,334
Limited Owner - Class 2a		-		-		-		-		83,512		76,583
Limited Owner - Class 3		2,717,302		3,508,082		585,607		712,682		1,056,949		976,771
Limited Owner - Class 3a		-		-		-		-		226,742		216,354
Total Owners’ Capital		3,140,669		4,182,971		805,814		993,527		1,410,019		1,313,303
Non-Controlling Interests		-		-		-		-		-		-
Total Capital		3,140,669		4,182,971		805,814		993,527		1,410,019		1,313,303
Total Liabilities and Capital	$	3,176,966	$	4,221,692	$	843,751	$	1,069,081	$	1,416,320	$	1,319,390
Units Outstanding
Class 1		N/A		2,122		N/A		177		N/A		N/A
Class 1AP		N/A		N/A		N/A		N/A		N/A		N/A
Class 2		4,384		5,241		2,876		3,908		323		399
Class 2a		N/A		N/A		N/A		N/A		1,447		1,535
Class 3		32,107		42,754		8,336		11,333		10,168		10,828
Class 3a		N/A		N/A		N/A		N/A		3,350		3,725
Net Asset Value per Unit
Class 1		N/A	$	72.68		N/A	$	55.18		N/A		N/A
Class 2	$	90.99	$	88.95	$	75.10	$	67.54	$	99.09	$	85.99
Class 2a		N/A		N/A		N/A		N/A	$	64.35	$	55.29
Class 3	$	85.39	$	83.33	$	70.76	$	63.52	$	103.95	$	90.21
Class 3a		N/A		N/A		N/A		N/A	$	68.04	$	58.37

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

1

The Series of Frontier Funds

Statements of Financial Condition

September 30, 2021 (Unaudited) and December 31, 2020

	Frontier Balanced Fund				Frontier Select Fund
	9/30/2021		12/31/2020		9/30/2021		12/31/2020
ASSETS
Cash and cash equivalents	$	-	$	261,803	$	21,764	$	-
U.S. Treasury securities, at fair value		-		1,275,641		17,077		-
Open trade equity, at fair value		84,329		100,440		-		-
Receivable from futures commission merchants		788,667		233,973		-		-
Investments in private investment companies, at fair value		9,842,164		10,528,252		1,555,606		1,638,665
Investments in unconsolidated trading companies, at fair value		-		49,755		15,601		-
Interest receivable		-		25,471		121		-
Receivable from related parties		-		14,602		4,534		-
Redemptions receivable from private investment companies		-		55,473		-		67,876
Total Assets	$	10,715,160	$	12,545,410	$	1,614,703	$	1,706,541
LIABILITIES & CAPITAL
LIABILITIES
Redemptions payable	$	50,041	$	-	$	-	$	-
Incentive fees payable to Managing Owner		54,924		-		-		-
Management fees payable to Managing Owner		1,610		8,854		-		-
Interest payable to Managing Owner		1,063		1,376		249		179
Service fees payable to Managing Owner		18,384		21,381		3,698		3,709
Trading fees payable to Managing Owner		35,169		37,894		4,003		3,933
Risk analysis fees payable		10,470		9,513		-		-
Payables to related parties		38,202		-		-		26,129
Subscriptions in advance for service fee rebates		363,825		346,855		20,766		19,463
Other liabilities		1,780		9,258		1,872		-
Total Liabilities	$	575,468	$	435,131	$	30,588	$	53,413
CAPITAL
Managing Owner - Class 2		50,098		51,810		17,177		17,210
Managing Owner - Class 2a		57,105		75,416		-		-
Limited Owner - Class 1		7,933,315		9,430,532		1,496,992		1,575,328
Limited Owner - Class 1AP		66,947		108,053		10,811		9,821
Limited Owner - Class 2		1,550,494		1,906,359		59,135		50,769
Limited Owner - Class 2a		-		30,961		-		-
Limited Owner - Class 3a		481,733		507,148		-		-
Total Owners’ Capital		10,139,692		12,110,279		1,584,115		1,653,128
Non-Controlling Interests		-		-		-		-
Total Capital		10,139,692		12,110,279		1,584,115		1,653,128
Total Liabilities and Capital	$	10,715,160	$	12,545,410	$	1,614,703	$	1,706,541
Units Outstanding
Class 1		93,754		117,991		22,238		26,906
Class 1AP		639		1,116		130		138
Class 2		11,324		15,000		689		722
Class 2a		466		940		N/A		N/A
Class 3a		3,941		4,495		N/A		N/A
Net Asset Value per Unit
Class 1	$	84.62	$	79.93	$	67.32	$	58.55
Class 1AP	$	104.82	$	96.81	$	83.47	$	70.99
Class 2	$	141.34	$	130.54	$	110.77	$	94.20
Class 2a	$	122.65	$	113.20		N/A		N/A
Class 3a	$	122.23	$	112.81		N/A		N/A

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

2

The Series of Frontier Funds

Statements of Financial Condition

September 30, 2021 (Unaudited) and December 31, 2020

	Frontier Global Fund				Frontier Heritage Fund
	9/30/2021		12/31/2020		9/30/2021		12/31/2020
ASSETS
Cash and cash equivalents	$	25,316	$	5,694	$	41,272	$	15,156
U.S. Treasury securities, at fair value		19,864		27,742		32,384		73,847
Investments in private investment companies, at fair value		2,802,754		3,068,656		2,564,374		2,367,462
Investments in unconsolidated trading companies, at fair value		18,148		1,083		29,586		2,880
Interest receivable		141		554		230		1,475
Receivable from related parties		5,273		319		8,597		845
Total Assets	$	2,871,496	$	3,104,048	$	2,676,443	$	2,461,665
LIABILITIES & CAPITAL
LIABILITIES
Interest payable to Managing Owner	$	261	$	326	$	368	$	139
Service fees payable to Managing Owner		5,525		6,348		5,050		4,794
Trading fees payable to Managing Owner		10,585		11,849		8,117		7,705
Subscriptions in advance for service fee rebates		157,782		154,671		68,076		63,205
Other liabilities		2,178		205		3,552		540
Total Liabilities	$	176,331	$	173,399	$	85,163	$	76,383
CAPITAL
Managing Owner - Class 2		29,027		31,366		27,691		24,105
Limited Owner - Class 1		2,492,688		2,741,972		2,335,536		2,169,152
Limited Owner - Class 1AP		-		-		8,874		8,460
Limited Owner - Class 2		173,450		157,311		219,179		183,565
Total Owners’ Capital		2,695,165		2,930,649		2,591,280		2,385,282
Non-Controlling Interests		-		-		-		-
Total Capital		2,695,165		2,930,649		2,591,280		2,385,282
Total Liabilities and Capital	$	2,871,496	$	3,104,048	$	2,676,443	$	2,461,665
Units Outstanding
Class 1		20,849		24,725		20,816		22,572
Class 1AP		N/A		N/A		64		73
Class 2		1,096		1,126		1,326		1,332
Net Asset Value per Unit
Class 1	$	119.56	$	110.90	$	112.20	$	96.10
Class 1AP		N/A		N/A	$	139.10	$	116.50
Class 2	$	184.75	$	167.56	$	186.17	$	155.92

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

3

The Series of Frontier Funds

Condensed Schedule of Investments

September 30, 2021 (Unaudited)

			Frontier					Frontier					Frontier
			Diversified Fund					Masters Fund					Long/Short Commodity Fund
			Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset
Description			Value		Value)			Value		Value)			Value		Value)
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	726,697		23.14	%	$	-		0.00	%	$	-		0.00	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		216,565		6.90	%		-		0.00	%		-		0.00	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		573,120		18.25	%		-		0.00	%		-		0.00	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		742,805		23.65	%		353,746		43.90	%		-		0.00	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		477,374		15.20	%		252,047		31.28	%		554,077		39.30	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		324,574		10.33	%		176,447		21.90	%		-		0.00	%
		Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		-		0.00	%		-		0.00	%		302,145		21.43	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-		0.00	%		-		0.00	%		479,374		34.00	%
		Total Private Investment Companies	$	3,061,135		97.47	%	$	782,240		97.07	%	$	1,335,596		94.72	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	30,579		0.97	%	$	16,239		2.02	%	$	21,311		1.51	%
		Total Investment in Unconsolidated Trading Companies	$	30,579		0.97	%	$	16,239		2.02	%	$	21,311		1.51	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value					Fair Value					Fair Value
$	116,500	US Treasury Note 6.875% due 08/15/2025 (Cost $146,667)	$	33,471		1.07	%	$	17,774		2.21	%	$	23,326		1.65	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	27,099				$	14,390				$	18,885
Additional Disclosure on U.S. Treasury Securities			Cost					Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	34,116				$	18,117				$	23,775

(1) See Note 2 to the Financial Statements.

(2) See Note 5 to the Financial Statements.

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

4

The Series of Frontier Funds

Condensed Schedule of Investments

September 30, 2021 (Unaudited)

			Frontier						Frontier
			Balanced Fund						Select Fund
			Fair			% of Total Capital			Fair		% of Total Capital
Description			Value			(Net Asset Value)			Value		(Net Asset Value)
LONG FUTURES CONTRACTS*
		Various agriculture futures contracts (Far East)	$	(9,652	)		-0.10	%	$	-		0.00	%
		Various agriculture futures contracts (Europe)		85,119			0.84	%		-		0.00	%
		Various agriculture futures contracts (U.S.)		43,697			0.43	%		-		0.00	%
		Various base metals futures contracts (U.S.)		(39,727	)		-0.39	%		-		0.00	%
		Various currency futures contracts (Europe)		(481	)		0.00	%		-		0.00	%
		Various currency futures contracts (Far East)		(15,984	)		-0.16	%		-		0.00	%
		Various currency futures contracts (Latin America)		(9,108	)		-0.09	%		-		0.00	%
		Various currency futures contracts (U.S.)		7,388			0.07	%		-		0.00	%
		Various energy futures contracts (U.S.)		79,410			0.78	%		-		0.00	%
		Various interest rates futures contracts (Europe)		(334,215	)		-3.30	%		-		0.00	%
		Various interest rates futures contracts (Far East)		(24,169	)		-0.24	%		-		0.00	%
		Various interest rates futures contracts (U.S.)		(14,625	)		-0.14	%		-		0.00	%
		Various precious metal futures contracts (U.S.)		(5,456	)		-0.05	%		-		0.00	%
		Various stock index futures contracts (Europe)		(5,437	)		-0.05	%		-		0.00	%
		Various stock index futures contracts (Far East)		(3,432	)		-0.03	%		-		0.00	%
		Various stock index futures contracts (Oceanic)		(1,626	)		-0.02	%		-		0.00	%
		Various stock index futures contracts (U.S.)		(10,558	)		-0.10	%		-		0.00	%
		Various stock index futures contracts (Canada)		(3,951	)		-0.04	%		-		0.00	%
		Total Long Futures Contracts	$	(262,807	)		-2.59	%	$	-		0.00	%
SHORT FUTURES CONTRACTS*
		Various agriculture futures contracts (Far East)	$	3,818			0.04	%	$	-		0.00	%
		Various agriculture futures contracts (Europe)		(55,212	)		-0.54	%		-		0.00	%
		Various agriculture futures contracts (U.S.)		1,372			0.01	%		-		0.00	%
		Various base metals futures contracts (U.S.)		9,982			0.10	%		-		0.00	%
		Various currency futures contracts (Europe)		30,456			0.30	%		-		0.00	%
		Various currency futures contracts (Far East)		828			0.01	%		-		0.00	%
		Various currency futures contracts (Latin America)		20,698			0.20	%		-		0.00	%
		Various currency futures contracts (U.S.)		(4,750	)		-0.05	%		-		0.00	%
		Various energy futures contracts (U.S.)		(43,480	)		-0.43	%		-		0.00	%
		Various interest rates futures contracts (Europe)		264,970			2.61	%		-		0.00	%
		Various interest rates futures contracts (Far East)		35,149			0.35	%		-		0.00	%
		Various interest rates futures contracts (U.S.)		5,313			0.05	%		-		0.00	%
		Various precious metal futures contracts (U.S.)		67,448			0.67	%		-		0.00	%
		Various stock index futures contracts (Canada)		2,986			0.03	%		-		0.00	%
		Various stock index futures contracts (Europe)		8,521			0.08	%		-		0.00	%
		Various stock index futures contracts (U.S.)		(963	)		-0.01	%		-		0.00	%
		Total Short Futures Contracts	$	347,136			3.42	%	$	-		0.00	%
		Total Open Trade Equity (Deficit)	$	84,329			0.83	%	$	-		0.00	%
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	1,692,724			16.69	%	$	-		0.00	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		968,038			9.55	%		-		0.00	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,326,119			13.08	%		-		0.00	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,765,668			17.41	%		-		0.00	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		2,613,293			25.77	%		982,926		62.05	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC		1,476,322			14.56	%		572,680		36.15	%
		Total Private Investment Companies	$	9,842,164			97.06	%	$	1,555,606		98.20	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	-			0.00	%	$	15,601		0.98	%
		Total Investment in Unconsolidated Trading Companies	$	-			0.00	%	$	15,601		0.98	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value						Fair Value
$	116,500	US Treasury Note 6.875% due 08/15/2025 (Cost $146,667)	$	-			0.00	%	$	17,077		1.08	%
Additional Disclosure on U.S. Treasury Securities			Face Value						Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	-					$	13,826
Additional Disclosure on U.S. Treasury Securities			Cost						Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	-					$	17,406

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

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

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

5

The Series of Frontier Funds

Condensed Schedule of Investments

September 30, 2021 (Unaudited)

			Frontier Global					Frontier
			Fund					Heritage Fund
			Fair		% of Total Capital			Fair		% of Total Capital
Description			Value		(Net Asset Value)			Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	2,802,754		103.99	%	$	1,657,316		63.96	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		-		-			907,058		35.00	%
		Total Private Investment Companies	$	2,802,754		103.99	%	$	2,564,374		98.96	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	18,148		0.67	%	$	29,586		1.14	%
		Total Investment in Unconsolidated Trading Companies	$	18,148		0.67	%	$	29,586		1.14	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value					Fair Value
$	116,500	US Treasury Note 6.875% due 08/15/2025 (Cost $146,667)	$	19,864		0.74	%	$	32,384		1.25	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	16,082				$	26,218
Additional Disclosure on U.S. Treasury Securities			Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	20,246				$	33,007

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

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

6

The Series of Frontier Funds

Condensed Schedule of Investments

December 31, 2020

			Frontier					Frontier					Frontier Long/Short Commodity
			Diversified Fund					Masters Fund					Fund
			Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset
Description			Value		Value)			Value		Value)			Value		Value)
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	1,066,074		25.49	%	$	-		0.00	%	$	-		0.00	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		414,692		9.91	%		-		0.00	%		-		0.00	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		672,766		16.08	%		-		0.00	%		-		0.00	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		732,066		17.50	%		486,659		48.98	%		-		0.00	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		435,119		10.40	%		258,609		26.03	%		272,294		20.73	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		323,886		7.74	%		269,323		27.11	%		-		0.00	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-		0.00	%		-		0.00	%		465,759		35.46	%
		Total Private Investment Companies	$	3,644,603		87.12	%	$	1,014,591		102.12	%	$	738,053		56.19	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	16,669		0.40	%	$	907		0.09	%	$	17,736		1.35	%
		Total Investment in Unconsolidated Trading Companies	$	16,669		0.40	%	$	907		0.09	%	$	17,736		1.35	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value					Fair Value					Fair Value
$	1,755,000	US Treasury Note 6.875% due 08/15/2025 (Cost $2,283,228)	$	427,393		10.22	%	$	23,245		2.34	%	$	454,738		34.63	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	328,604				$	17,872				$	349,629
Additional Disclosure on U.S. Treasury Securities			Cost					Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	427,509				$	23,251				$	454,862

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

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

7

The Series of Frontier Funds

Condensed Schedule of Investments

December 31, 2020

			Frontier						Frontier
			Balanced Fund						Select Fund
			Fair			% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset
Description			Value			Value)			Value		Value)
LONG FUTURES CONTRACTS*
		Various agriculture futures contracts (Far East)	$	72,005			0.59	%	$	-		0.00	%
		Various agriculture futures contracts (Europe)		9,803			0.08	%		-		0.00	%
		Various agriculture futures contracts (U.S.)		87,496			0.72	%		-		0.00	%
		Various base metals futures contracts (U.S.)		22,858			0.19	%		-		0.00	%
		Various currency futures contracts (Europe)		10,573			0.09	%		-		0.00	%
		Various currency futures contracts (Latin America)		5,833			0.05	%		-		0.00	%
		Various currency futures contracts (U.S.)		(100	)		0.00	%		-		0.00	%
		Various interest rates futures contracts (Europe)		148,949			1.23	%		-		0.00	%
		Various interest rates futures contracts (Far East)		2,882			0.02	%		-		0.00	%
		Various interest rates futures contracts (U.S.)		2,438			0.02	%		-		0.00	%
		Various precious metal futures contracts (U.S.)		28,625			0.24	%		-		0.00	%
		Various soft futures contracts (U.S.)		52,349			0.43	%		-		0.00	%
		Various stock index futures contracts (Far East)		5,312			0.04	%		-		-
		Total Long Futures Contracts	$	449,023			3.70	%	$	-		0.00	%
SHORT FUTURES CONTRACTS*
		Various agriculture futures contracts (Far East)	$	(30,963	)		-0.26	%	$	-		0.00	%
		Various agriculture futures contracts (Europe)		(10,797	)		-0.09	%		-		0.00	%
		Various agriculture futures contracts (U.S.)		(92,738	)		-0.77	%		-		0.00	%
		Various base metals futures contracts (U.S.)		(10,289	)		-0.08	%		-		0.00	%
		Various currency futures contracts (Europe)		(10,381	)		-0.09	%		-		0.00	%
		Various currency futures contracts (Latin America)		2,512			0.02	%		-		0.00	%
		Various currency futures contracts (U.S.)		2,300			0.02	%		-		0.00	%
		Various interest rates futures contracts (Europe)		(127,832	)		-1.06	%		-		0.00	%
		Various interest rates futures contracts (Far East)		(2,482	)		-0.02	%		-		0.00	%
		Various interest rates futures contracts (U.S.)		3,656			0.03	%		-		0.00	%
		Various precious metal futures contracts (U.S.)		(25,560	)		-0.21	%		-		0.00	%
		Various soft futures contracts (U.S.)		(42,669	)		-0.35	%		-		0.00	%
		Various stock index futures contracts (Far East)		(3,340	)		-0.03	%		-		0.00	%
		Total Short Futures Contracts	$	(348,583	)		-2.89	%	$	-		0.00	%
		Total Open Trade Equity (Deficit)	$	100,440			0.81	%	$	-		0.00	%
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	2,311,240			19.08	%	$	-		0.00	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		1,581,941			13.06	%		-		0.00	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		982,020			8.11	%		-		0.00	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,600,611			13.22	%		-		0.00	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		2,612,336			21.57	%		956,968		57.89	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		1,440,104			11.89	%		681,697		41.24	%
		Total Private Investment Companies	$	10,528,252			86.93	%	$	1,638,665		99.13	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	49,755			0.41	%	$	-		0.00	%
		Total Investment in Unconsolidated Trading Companies	$	49,755			0.41	%	$	-		0.00	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value						Fair Value
$	1,755,000	US Treasury Note 6.875% due 08/15/2025 (Cost $2,283,228)	$	1,275,641			10.53	%	$	-		0.00	%
Additional Disclosure on U.S. Treasury Securities			Face Value						Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	980,787					$	-
Additional Disclosure on U.S. Treasury Securities			Cost						Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	1,275,989					$	-

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

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

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

8

The Series of Frontier Funds

Condensed Schedule of Investments

December 31, 2020

			Frontier					Frontier
			Global Fund					Heritage Fund
			Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset
Description			Value		Value)			Value		Value)
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	3,068,656		104.71	%	$	1,539,331		64.53	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		-		-			828,131		34.72	%
		Total Private Investment Companies	$	3,068,656		104.71	%	$	2,367,462		99.25	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	1,083		0.04	%	$	2,880		0.12	%
		Total Investment in Unconsolidated Trading Companies	$	1,083		0.04	%	$	2,880		0.12	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value					Fair Value
$	1,755,000	US Treasury Note 6.875% due 08/15/2025 (Cost $2,283,228)	$	27,742		0.95	%	$	73,847		3.10	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	21,330				$	56,778
Additional Disclosure on U.S. Treasury Securities			Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	27,750				$	73,867

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

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

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

9

The Series of Frontier Funds

Statements of Operations (Unaudited)

For the Three Months Ended September 30, 2021 and 2020

	Frontier Diversified Fund						Frontier Masters Fund						Frontier Long/Short Commodity Fund
	9/30/2021			9/30/2020			9/30/2021			9/30/2020			9/30/2021			9/30/2020
Investment income:
Interest - net	$	1,208		$	1,143		$	597		$	851		$	628		$	906
Total Income/(loss)		1,208			1,143			597			851			628			906
Expenses:
Service Fees - Class 1		310			2,062			135			407			58			108
Due Diligence Fees		1,008			1,740			241			438			98			90
Trading Fees		29,513			50,536			12,339			21,879			10,055			7,777
Total Expenses		30,831			54,338			12,715			22,724			10,211			7,975
Investment (loss) - net		(29,623	)		(53,195	)		(12,118	)		(21,873	)		(9,583	)		(7,069	)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		(140,588	)		(397,041	)		42,074			(226,881	)		20,671			29,022
Net realized gain/(loss) on private investment companies		2,163			(51,059	)		(12,631	)		14,487			(1,340	)		(44,189	)
Net unrealized gain/(loss) on swap contracts		-			(75,700	)		-			-			-			(4,244	)
Net realized gain/(loss) on U.S. Treasury securities		(1,761	)		509			(906	)		(269	)		(1,169	)		(994	)
Net unrealized gain/(loss) on U.S. Treasury securities		1,246			80			534			(76	)		774			25
Change in fair value of investments in unconsolidated trading companies		66			(1,015	)		322			(934	)		388			(1,058	)
Net gain/(loss) on investments		(138,874	)		(524,226	)		29,393			(213,673	)		19,324			(21,438	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(168,497	)		(577,421	)		17,275			(235,546	)		9,741			(28,507	)
Less: Operations attributable to non-controlling interests		-			-			-			-			-			-
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(168,497	)	$	(577,421	)	$	17,275		$	(235,546	)	$	9,741		$	(28,507	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(1.78	)	$	(7.61	)		N/A		$	(9.77	)		N/A			N/A
Class 1a		N/A			N/A			N/A			N/A			N/A		$	(44.58	)
Class 2	$	(4.91	)	$	(8.88	)	$	1.58		$	(11.58	)	$	0.60		$	(1.86	)
Class 2a		N/A			N/A			N/A			N/A		$	0.62		$	(1.11	)
Class 3	$	(4.56	)	$	(8.26	)	$	1.53		$	(10.83	)	$	0.63		$	(1.95	)
Class 3a		N/A			N/A			N/A			N/A		$	0.68		$	(1.12	)

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

10

The Series of the Frontier Funds

Statements of Operations (Unaudited)

For the Three Months Ended September 30, 2021 and 2020

	Frontier Balanced Fund						Frontier Select Fund
	9/30/2021			9/30/2020			9/30/2021			9/30/2020
Investment income:
Interest - net	$	87		$	41			-		$	-
Total Income/(loss)		87			41			-			-
Expenses:
Incentive Fees (rebate)		54,924			-			-			-
Management Fees		4,764			5,029			-			-
Service Fees - Class 1		62,976			73,754			11,949			13,025
Risk analysis Fees		1,429			1,509			-			-
Trading Fees		108,142			127,677			12,176			10,391
Other Fees		-			45			-			-
Total Expenses		232,235			208,014			24,125			23,416
Investment (loss) - net		(232,148	)		(207,973	)		(24,125	)		(23,416	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		93,883			167,553			-			-
Net unrealized gain/(loss) on private investment companies		(184,050	)		(961,993	)		51,089			(193,003	)
Net realized gain/(loss) on private investment companies		54,931			139,086			2,569			(3,202	)
Net change in open trade equity/(deficit)		153,295			(53,834	)		-			-
Net unrealized gain/(loss) on swap contracts		-			(168,921	)		-			-
Net realized gain/(loss) on U.S. Treasury securities		(6,033	)		2,036			(1,088	)		(374	)
Net unrealized gain/(loss) on U.S. Treasury securities		4,214			(384	)		707			(417	)
Trading commissions		(4,164	)		(5,477	)		-			-
Change in fair value of investments in unconsolidated trading companies		(6,073	)		(1,283	)		312			(728	)
Net gain/(loss) on investments		106,003			(883,217	)		53,589			(197,724	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(126,145	)		(1,091,190	)		29,464			(221,140	)
Less: Operations attributable to non-controlling interests		-			-			-			-
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(126,145	)	$	(1,091,190	)	$	29,464		$	(221,140	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(1.24	)	$	(6.77	)	$	1.15		$	(7.69	)
Class 1AP	$	(0.73	)	$	(7.42	)	$	2.03		$	(8.70	)
Class 2	$	(1.00	)	$	(10.02	)	$	2.70		$	(11.55	)
Class 2a	$	(0.82	)	$	(8.71	)		N/A			N/A
Class 3a	$	(0.82	)	$	(8.64	)		N/A			N/A

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

11

The Series of the Frontier Funds

Statements of Operations (Unaudited)

For the Three Months Ended September 30, 2021 and 2020

	Frontier Global Fund						Frontier Heritage Fund
	9/30/2021			9/30/2020			9/30/2021			9/30/2020
Investment income:
Interest - net	$	-		$	-		$	-		$	-
Total Income/(loss)		-			-			-			-
Expenses:
Service Fees - Class 1		17,993			22,977			16,886			15,845
Trading Fees		34,334			42,481			25,399			25,094
Total Expenses		52,327			65,458			42,285			40,939
Investment (loss) - net		(52,327	)		(65,458	)		(42,285	)		(40,939	)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		72,902			(465,994	)		78,399			(150,921	)
Net realized gain/(loss) on private investment companies		26,154			30,501			32,348			(55,592	)
Net realized gain/(loss) on U.S. Treasury securities		(1,041	)		(1,194	)		(1,514	)		(772	)
Net unrealized gain/(loss) on U.S. Treasury securities		422			69			805			(402	)
Change in fair value of investments in unconsolidated trading companies		1,448			(1,415	)		1,690			(1,106	)
Net gain/(loss) on investments		99,885			(438,033	)		111,728			(208,793	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		47,558			(503,491	)		69,443			(249,732	)
Less: Operations attributable to non-controlling interests		-			-			-			-
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	47,558		$	(503,491	)	$	69,443		$	(249,732	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	2.28		$	(17.50	)	$	2.94		$	(9.63	)
Class 1AP		N/A		$	(19.96	)	$	4.66		$	(10.72	)
Class 2	$	4.90		$	(24.87	)	$	6.24		$	(14.34	)

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

12

The Series of Frontier Funds

Statements of Operations (Unaudited)

For the Nine Months Ended September 30, 2021 and 2020

	Frontier Diversified Fund						Frontier Masters Fund						Frontier Long/Short Commodity Fund
	9/30/2021			9/30/2020			9/30/2021			9/30/2020			9/30/2021			9/30/2020
Investment income:
Interest - net	$	2,832		$	2,006		$	2,429		$	2,329		$	2,931		$	2,025
Total Income/(loss)		2,832			2,006			2,429			2,329			2,931			2,025
Expenses:
Service Fees - Class 1		1,860			12,712			492			1,501			170			330
Due Diligence Fees		3,317			7,195			790			1,641			285			275
Trading Fees		97,487			208,221			40,507			83,524			28,870			25,089
Total Expenses		102,664			228,128			41,789			86,666			29,325			25,694
Investment (loss) - net		(99,832	)		(226,122	)		(39,360	)		(84,337	)		(26,394	)		(23,669	)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		163,133			372,285			124,384			280,814			195,759			206,081
Net realized gain/(loss) on private investment companies		67,391			(1,295,055	)		1,561			(696,820	)		21,756			(394,032	)
Net unrealized gain/(loss) on swap contracts		-			(2,099,874	)		-			-			-			215,753
Net realized gain/(loss) on U.S. Treasury securities		(3,079	)		(19,521	)		(2,145	)		6,092			(3,513	)		6,224
Net unrealized gain/(loss) on U.S. Treasury securities		(420	)		27,421			(96	)		(2,674	)		131			(1,476	)
Change in fair value of investments in unconsolidated trading companies		5,538			(5,303	)		12,123			(6,972	)		13,296			(9,851	)
Net gain/(loss) on investments		232,563			(3,020,047	)		135,827			(419,560	)		227,429			22,699
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		132,731			(3,246,169	)		96,467			(503,897	)		201,035			(970	)
Less: Operations attributable to non-controlling interests		-			-			-			-						-
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	132,731		$	(3,246,169	)	$	96,467		$	(503,897	)	$	201,035		$	(970	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	3.68		$	(34.62	)	$	(55.18	)	$	(20.13	)		N/A			N/A
Class 1a		N/A			N/A			N/A			N/A			N/A		$	(44.20	)
Class 2	$	2.04		$	(40.58	)	$	7.56		$	(23.63	)	$	13.10		$	(0.19	)
Class 2a		N/A			N/A			N/A			N/A		$	9.06		$	(0.17	)
Class 3	$	2.06		$	(37.78	)	$	7.24		$	(22.05	)	$	13.74		$	(0.24	)
Class 3a		N/A			N/A			N/A			N/A		$	9.67		$	0.05

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

13

The Series of the Frontier Funds

Statements of Operations (Unaudited)

For the Nine Months Ended September 30, 2021 and 2020

	Frontier Balanced Fund						Frontier Select Fund
	9/30/2021			9/30/2020			9/30/2021			9/30/2020
Investment income:
Interest - net	$	245		$	6,361		$	-		$	-
Total Income/(loss)		245			6,361			-			-
Expenses:
Incentive Fees (rebate)		104,764			-			-			-
Management Fees		13,978			14,753			-			-
Service Fees - Class 1		195,972			284,736			35,191			51,117
Risk analysis Fees		4,193			4,426			-			-
Trading Fees		332,131			465,170			35,541			42,791
Other Fees		-			83			-			-
Total Expenses		651,038			769,168			70,732			93,908
Investment (loss) - net		(650,793	)		(762,807	)		(70,732	)		(93,908	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		574,605			588,112			-			-
Net unrealized gain/(loss) on private investment companies		570,451			(325,724	)		152,712			(49,653	)
Net realized gain/(loss) on private investment companies		304,097			(1,666,467	)		145,302			(285,836	)
Net change in open trade equity/(deficit)		(16,668	)		(130,869	)		-			-
Net realized gain/(loss) on swap contracts		-			-			-			(102,307	)
Net unrealized gain/(loss) on swap contracts		-			(5,804,030	)		-			-
Net realized gain/(loss) on U.S. Treasury securities		(6,663	)		28,151			(2,430	)		3,374
Net unrealized gain/(loss) on U.S. Treasury securities		(1,089	)		(5,409	)		385			(3,372	)
Trading commissions		(10,529	)		(17,535	)		-			-
Change in fair value of investments in unconsolidated trading companies		(28,390	)		(31,836	)		9,001			87,721
Net gain/(loss) on investments		1,385,814			(7,365,607	)		304,970			(350,073	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		735,021			(8,128,414	)		234,238			(443,981	)
Less: Operations attributable to non-controlling interests		-			-			-			-
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	735,021		$	(8,128,414	)	$	234,238		$	(443,981	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	4.69		$	(45.41	)	$	8.77		$	(13.21	)
Class 1AP	$	8.01		$	(51.47	)	$	12.48		$	(14.31	)
Class 2	$	10.80		$	(69.40	)	$	16.57		$	(18.74	)
Class 2a	$	9.45		$	(60.14	)		N/A			N/A
Class 3a	$	9.42		$	(59.90	)		N/A			N/A

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

14

The Series of the Frontier Funds

Statements of Operations (Unaudited)

For the Nine Months Ended September 30, 2021 and 2020

	Frontier Global Fund						Frontier Heritage Fund
	9/30/2021			9/30/2020			9/30/2021			9/30/2020
Investment income:
Interest - net	$	-		$	-		$	-		$	-
Total Income/(loss)		-			-			-			-
Expenses:
Service Fees - Class 1		58,383			81,204			50,788			51,802
Trading Fees		106,684			150,154			75,071			83,036
Total Expenses		165,067			231,358			125,859			134,838
Investment (loss) - net		(165,067	)		(231,358	)		(125,859	)		(134,838	)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		216,899			(970,042	)		418,547			(75,695	)
Net realized gain/(loss) on private investment companies		150,153			448,127			86,630			(56,727	)
Net realized gain/(loss) on swap contracts		-			-			-			(97,745	)
Net unrealized gain/(loss) on swap contracts		-			-			-			197,829
Net realized gain/(loss) on U.S. Treasury securities		(2,920	)		11,338			(3,082	)		9,015
Net unrealized gain/(loss) on U.S. Treasury securities		(531	)		(3,645	)		(178	)		(7,369	)
Change in fair value of investments in unconsolidated trading companies		16,611			(10,687	)		14,708			(7,250	)
Net gain/(loss) on investments		380,212			(524,909	)		516,625			(37,942	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		215,145			(756,267	)		390,766			(172,780	)
Less: Operations attributable to non-controlling interests		-			-			-			(95,914	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	215,145		$	(756,267	)	$	390,766		$	(268,694	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	8.66		$	(27.34	)	$	16.10		$	(10.65	)
Class 1AP		N/A		$	(29.04	)	$	22.60		$	(9.62	)
Class 2	$	17.19		$	(36.60	)	$	30.25		$	(13.69	)

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

15

The Series of Frontier Funds

Statements of Changes in Owners’ Capital (Unaudited)

For the Three Months Ended September 30, 2021

	Frontier Diversified Fund																			Frontier Masters Fund
	Class 1			Class 2		Class 2			Class 3			Class 3			Non-					Class 1		Class 2		Class 2			Class 3		Class 3			Non-
	Limited Owners			Managing Owner		Limited Owners			Managing Owner			Limited Owners			Controlling Interests		Total			Limited Owners		Managing Owner		Limited Owners			Managing Owner		Limited Owners			Controlling Interests		Total
Owners’ Capital, June 30, 2021	$	40,171		$	2,384	$	428,426		$	25,750		$	2,912,036		$	-	$	3,408,767		$	-	$	2,943	$	220,435		$	4,117	$	580,243		$	-	$	807,738
Sale of Units		-			-		6,000			-			-			-		6,000			-		-		1,000			-		-			-		1,000
Redemption of Units		(39,485	)		-		(16,316	)		-			(49,800	)		-		(105,601	)		-		-		(12,849	)		-		(7,350	)		-		(20,199	)
Transfer of Units In(Out)		-			-		-			-			-			-		-			-		-		-			-		-			-		-
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(686	)		5,664		(27,237	)		(1,304	)		(144,934	)		-		(168,497	)		-		1,104		3,367			90		12,714			-		17,275
Owners’ Capital, September 30, 2021	$	-		$	8,048	$	390,873		$	24,446		$	2,717,302		$	-	$	3,140,669		$	-	$	4,047	$	211,953		$	4,207	$	585,607			-	$	805,814
Owners’ Capital - Units, June 30, 2021		517			25		4,467			287			32,374								-		40		2,998			60		8,381
Sale of Units (including transfers)		-			64		-			-			-								-		14		-			-		-
Redemption of Units (including transfers)		(517	)		-		(172	)		-			(554	)							-		-		(176	)		-		(105	)
Owners’ Capital - Units, September 30, 2021		-			89		4,295			287			31,820								-		54		2,822			60		8,276
Net asset value per unit at June 30, 2021	$	77.68				$	95.90					$	89.95							$	-			$	73.52				$	69.23
Change in net asset value per unit for the three months ended September 30, 2021		(77.68	)				(4.91	)					(4.56	)							-				1.58				$	1.53
Net asset value per unit at September 30, 2021 (1)	$	-				$	90.99					$	85.39							$	-			$	75.10				$	70.76

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

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

16

The Series of Frontier Funds

Statements of Changes in Owners’ Capital (Unaudited)

For the Three Months Ended September 30, 2021

	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, 2021	$	4,511	$	34,265		$	1,050,928		$	9,537	$	82,724	$	1,209	$	229,269		$	-	$	1,412,443
Redemption of Units		-		(6,890	)		(415	)		-		-		-		(4,860	)		-		(12,165	)
Transfer of Units In (Out)		-		-			-			-		-		-		-			-		-
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		28		53			6,436			91		788		12		2,333			-		9,741
Owners’ Capital, September 30, 2021	$	4,539	$	27,428		$	1,056,949		$	9,628	$	83,512	$	1,221	$	226,742		$	-	$	1,410,019
Owners’ Capital - Units, June 30, 2021		46		348			10,172			149		1,298		18		3,404
Redemption of Units (including transfers)		-		(71	)		(4	)		-		-		-		(72	)
Owners’ Capital - Units, September 30, 2021		46		277			10,168			149		1,298		18		3,332
Net asset value per unit at June 30, 2021			$	98.49		$	103.32				$	63.74			$	67.36
Change in net asset value for the three months ended September 30, 2021				0.60			0.63					0.61				0.68
Net asset value per unit at September 30, 2021 (1)			$	99.09		$	103.95				$	64.35			$	68.04

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

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

17

The Series of Frontier Funds

Statements of Changes in Owners’ Capital (Unaudited)

For the Three Months Ended September 30, 2021

	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, 2021	$	8,386,018		$	116,780		$	56,491		$	1,644,977		$	57,486		$	25,378		$	517,629		$	-	$	10,804,759
Redemption of Units		(337,506	)		(50,187	)		(6,000	)		(85,706	)		-			(25,751	)		(33,772	)		-		(538,922	)
Transfer of Units In (Out)		-			-			-			-			-			-			-			-		-
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(115,197	)		354			(393	)		(8,777	)		(381	)		373			(2,124	)		-		(126,145	)
Owners’ Capital, September 30, 2021	$	7,933,315		$	66,947		$	50,098		$	1,550,494		$	57,105		$	-		$	481,733		$	-	$	10,139,692
Owners’ Capital - Units, June 30, 2021		97,671			1,106			397			11,557			465			206			4,207
Redemption of Units (including transfers)		(3,917	)		(467	)		(42	)		(588	)		1			(206	)		(266	)
Owners’ Capital - Units, September 30, 2021		93,754			639			355			10,969			466			(0	)		3,941
Net asset value per unit at June 30, 2021	$	85.86		$	105.55					$	142.34					$	123.47		$	123.05
Change in net asset value for the three months ended September 30, 2021		(1.24	)		(0.73	)					(1.00	)					(0.82	)		(0.82	)
Net asset value per unit at September 30, 2021 (1)	$	84.62		$	104.82					$	141.34					$	122.65		$	122.23

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

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

18

The Series of Frontier Funds

Statements of Changes in Owners’ Capital (Unaudited)

For the Three Months Ended September 30, 2021

	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, 2021	$	1,535,828		$	10,548	$	17,737		$	57,694	$	-	$	1,621,807		$	2,580,738		$	31,522		$	168,853	$	-	$	2,781,113		$	2,297,366		$	8,577	$	27,818		$	211,840	$	-	$	2,545,601
Redemption of Units		(66,156	)		-		(1,000	)		-		-		(67,156	)		(130,506	)		(3,000	)		-		-		(133,506	)		(22,764	)		-		(1,000	)		-		-		(23,764	)
Transfer of Units In (Out)		-			-		-					-		-			-			-			-		-		-			-			-		-			-		-		-
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		27,320			263		440			1,441		-		29,464			42,456			505			4,597		-		47,558			60,934			297		873			7,339		-		69,443
Owners’ Capital, September 30, 2021	$	1,496,992		$	10,811	$	17,177		$	59,135	$	-	$	1,584,115		$	2,492,688		$	29,027		$	173,450	$	-	$	2,695,165		$	2,335,536		$	8,874	$	27,691		$	219,179	$	-	$	2,591,280
Owners’ Capital - Units, June 30, 2021		23,209			130		164			534							22,006			175			939							21,026			64		155			1,177
Redemption of Units (including transfers)		(971	)		-		(9	)		-							(1,157	)		(18	)		-							(210	)		-		(6	)		-
Owners’ Capital - Units, September 30, 2021		22,238			130		155			534							20,849			157			939							20,816			64		149			1,177
Net asset value per unit at June 30, 2021	$	66.17		$	81.44				$	108.07						$	117.28					$	179.85						$	109.26		$	134.45				$	179.93
Change in net asset value per for the three months ended September 30, 2021		1.15			2.03					2.70							2.28						4.90							2.94			4.65					6.24
Net asset value per unit at September 30, 2021 (1)	$	67.32		$	83.47				$	110.77						$	119.56					$	184.75						$	112.20		$	139.10				$	186.17

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

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

19

The Series of Frontier Funds

Statements of Changes in Owners’ Capital (Unaudited)

For the Nine Months Ended September 30, 2021

	Frontier Diversified Fund																				Frontier Masters Fund
	Class 1			Class 2			Class 2			Class 3			Class 3			Non-					Class 1			Class 2			Class 2			Class 3			Class 3			Non-
	Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Controlling Interests		Total			Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Controlling Interests		Total
Owners’ Capital, December 31, 2020	$	154,260		$	2,212		$	464,012		$	54,405		$	3,508,082		$	-	$	4,182,971		$	9,740		$	6,265		$	257,673		$	7,167		$	712,682		$	-	$	993,527
Sale of Units		-			6,000			-			-			-			-		6,000			-			1,000			-			-			-			-		1,000
Redemption of Units		(161,099	)		-			(82,184	)		(31,000	)		(906,750	)		-		(1,181,033	)		-			(3,500	)		(70,949	)		(3,500	)		(207,231	)		-		(285,180	)
Transfer of Units In (Out)		-			-			-			-			-			-		-			(10,187	)		-			-			-			10,187			-		-
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		6,839			(164	)		9,045			1,041			115,970			-		132,731			447			282			25,229			540			69,969			-		96,467
Owners’ Capital, September 30, 2021	$	-		$	8,048		$	390,873		$	24,446		$	2,717,302		$	-	$	3,140,669		$	-		$	4,047		$	211,953		$	4,207		$	585,607			-	$	805,814
Owners’ Capital - Units, December 31, 2020		2,122			25			5,216			654			42,100								177			93			3,815			113			11,220
Sale of Units (including transfers)		-			64			-			-			-								-			14			-			-			-
Redemption of Units (including transfers)		(2,122	)		-			(921	)		(367	)		(10,280	)							(177	)		(53	)		(993	)		(53	)		(2,944	)
Owners’ Capital - Units, September 30, 2021		-			89			4,295			287			31,820								-			54			2,822			60			8,276
Net asset value per unit at December 31, 2020	$	72.68					$	88.95					$	83.33							$	55.18					$	67.54					$	63.52
Change in net asset value per unit for the nine months ended September 30, 2021		(72.68	)					2.04						2.06								(55.18	)					7.56					$	7.24
Net asset value per unit at September 30, 2021 (1)	$	-					$	90.99					$	85.39							$	-					$	75.10					$	70.76

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

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

20

The Series of Frontier Funds

Statements of Changes in Owners’ Capital (Unaudited)

For the Nine Months Ended September 30, 2021

	Frontier Long/Short Commodity Fund
	Class 2					Class 3			Class 2a					Class 3a
	Managing Owner		Limited Owners			Limited Owners			Managing Owner		Limited Owners			Managing Owner		Limited Owners			Non-Controlling Interests		Total
Owners’ Capital, December 31, 2020	$	3,939	$	30,334		$	976,771		$	8,274	$	76,583		$	1,048	$	216,354		$	-	$	1,313,303
Redemption of Units		-		(7,313	)		(69,099	)		-		(4,963	)		-		(22,944	)		-		(104,319	)
Transfer of Units In (Out)		-		-			-			-		-			-		-			-		-
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		600		4,407			149,277			1,354		11,892			173		33,332			-		201,035
Owners’ Capital, September 30, 2021	$	4,539	$	27,428		$	1,056,949		$	9,628	$	83,512		$	1,221	$	226,742		$	-	$	1,410,019
Owners’ Capital – Units, December 31, 2020		46		353			10,828			149		1,386			18		3,707
Redemption of Units (including transfers)		-		(76	)		(660	)		-		(88	)		-		(375	)
Owners’ Capital – Units, September 30, 2021		46		277			10,168			149		1,298			18		3,332
Net asset value per unit at December 31, 2020			$	85.99		$	90.21				$	55.29				$	58.37
Change in net asset value per unit for the nine months ended September 30, 2021				13.10			13.74					9.06					9.67
Net asset value per unit at September 30, 2021 (1)			$	99.09		$	103.95				$	64.35				$	68.04

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

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

21

The Series of Frontier Funds

Statements of Changes in Owners’ Capital (Unaudited)

For the Nine Months Ended September 30, 2021

	Frontier Balanced Fund
	Class 1			Class 1AP			Class 2						Class 2a						Class 3a
	Limited Owners			Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Limited Owners			Non-Controlling Interests		Total
Owners’ Capital, December 31, 2020	$	9,430,532		$	108,053		$	51,810		$	1,906,359		$	75,416		$	30,961		$	507,148		$	-	$	12,110,279
Redemption of Units		(2,028,537	)		(51,153	)		(6,000	)		(495,213	)		(23,500	)		(34,162	)		(67,043	)		-		(2,705,608	)
Transfer of Units In (Out)		-			-			-			-			-			-			-			-		-
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		531,320			10,047			4,288			139,348			5,189			3,201			41,628			-		735,021
Owners’ Capital, September 30, 2021	$	7,933,315		$	66,947		$	50,098		$	1,550,494		$	57,105		$	-		$	481,733		$	-	$	10,139,692
Owners’ Capital - Units, December 31, 2020		117,991			1,116			397			14,603			666			274			4,495
Redemption of Units (including transfers)		(24,237	)		(477	)		(42	)		(3,634	)		(200	)		(274	)		(554	)
Owners’ Capital - Units, September 30, 2021		93,754			639			355			10,969			466			-			3,941
Net asset value per unit at December 31, 2020	$	79.93		$	96.81					$	130.54					$	113.20		$	112.81
Change in net asset value for the nine months ended September 30, 2021		4.69			8.01						10.80						9.45			9.42
Net asset value per unit at September 30, 2021 (1)	$	84.62		$	104.82					$	141.34					$	122.65		$	122.23

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

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

22

The Series of Frontier Funds

Statements of Changes in Owners’ Capital (Unaudited)

For the Nine Months Ended September 30, 2021

	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, 2020	$	1,575,328		$	9,821		$	17,210		$	50,769		$	-	$	1,653,128		$	2,741,972		$	31,366		$	157,311	$	-	$	2,930,649		$	2,169,152		$	8,460		$	24,105		$	183,565	$	-	$	2,385,282
Redemption of Units		(299,314	)		(656	)		(2,800	)		(481	)		-		(303,251	)		(445,629	)		(5,000	)		-		-		(450,629	)		(182,668	)		(1,100	)		(1,000	)		-		-		(184,768	)
Transfer of Units In (Out)		-			-			-						-		-			-			-			-		-		-			-			-			-			-		-		-
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		220,978			1,646			2,767			8,847			-		234,238			196,345			2,661			16,139		-		215,145			349,052			1,514			4,586			35,614		-		390,766
Owners’ Capital, September 30, 2021	$	1,496,992		$	10,811		$	17,177		$	59,135		$	-	$	1,584,115		$	2,492,688		$	29,027		$	173,450	$	-	$	2,695,165		$	2,335,536		$	8,874		$	27,691		$	219,179	$	-	$	2,591,280
Owners’ Capital - Units, December 31, 2020		26,906			138			183			539								24,725			187			939							22,572			73			155			1,177
Redemption of Units (including transfers)		(4,668	)		(8	)		(28	)		(5	)							(3,876	)		(30	)		-							(1,756	)		(9	)		(6	)		-
Owners’ Capital - Units, September 30, 2021		22,238			130			155			534								20,849			157			939							20,816			64			149			1,177
Net asset value per unit at December 31, 2020	$	58.55		$	70.99					$	94.20							$	110.90					$	167.56						$	96.10		$	116.50					$	155.92
Change in net asset value per unit for the nine months ended September 30, 2021		8.77			12.48						16.57								8.66						17.19							16.10			22.60						30.25
Net asset value per unit at September 30, 2021 (1)	$	67.32		$	83.47					$	110.77							$	119.56					$	184.75						$	112.20		$	139.10					$	186.17

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

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

23

The Series of Frontier Funds

Statements of Cash Flows (Unaudited)

For the Nine Months Ended September 30, 2021 and September 30, 2020

	Frontier Diversified Fund						Frontier Masters Fund						Frontier Long/Short Commodity Fund
	9/30/2021			9/30/2020			9/30/2021			9/30/2020			9/30/2021			9/30/2020
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	132,731		$	(3,246,169	)	$	96,467		$	(503,897	)	$	201,035		$	(970	)
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		142,851			1,348,473			(112,616	)		(386,057	)		(78,990	)		(286,463	)
Net unrealized (gain)/loss on swap contracts		-			2,099,874			-			-			-			(215,753	)
Net unrealized (gain)/loss on private investment companies		(163,133	)		(372,285	)		(124,384	)		(280,814	)		(195,759	)		(206,081	)
Net realized (gain)/loss on private investment companies		(67,391	)		1,295,055			(1,561	)		694,341			(21,756	)		394,032
Net realized (gain)/loss on U.S. Treasury securities		3,079			19,521			2,145			(6,092	)		3,513			(6,224	)
Net unrealized (gain)/loss on U.S. Treasury securities		420			(27,421	)		96			2,674			(131	)		1,476
(Purchases) sales of:
(Purchases) of swap contracts		-			(269,146	)					-			-			-
(Purchases) of U.S. Treasury securities		(256,617	)		(1,723,974	)		(127,722	)		(780,910	)		(154,028	)		(536,710	)
Sales of U.S. Treasury securities		501,356			461,162			241,139			1,199,617			658,117			866,588
U.S. Treasury interest and premium paid/amortized		2,832			2,006			2,429			2,329			2,931			2,025
(Purchases) of Private Investment Companies		(865,067	)		(2,011,773	)		(138,239	)		(1,149,732	)		(664,939	)		(173,665	)
Sale of Private Investment Companies		1,679,059			5,931,748			496,535			1,743,952			284,911			277,921
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value		(13,910	)		9,618			(15,332	)		872			(3,575	)		74
Interest receivable		8,296			1,895			338			832			8,914			1,163
Receivable from related parties		(3,994	)		(21,575	)		(4,453	)		(23,029	)		(988	)		(33,267	)
Other assets		-			5,700			-			-			-			-
Redemptions receivable from private investment companies		31,886			60,241			24,837			(44,070	)		1,251			(1,250	)
Interest payable to Managing Owner		-			-			-			-			(50	)		44
Service fees payable to Managing Owner		(300	)		(2,760	)		(26	)		(79	)		1			-
Trading fees payable to Managing Owner		(2,682	)		(19,191	)		(1,240	)		(4,313	)		1,014			(769	)
Subscriptions in advance for service fee rebates		-			119			-			184			-			189
Other liabilities		558			3,054			1,777			1,630			(751	)		2,409
Net cash provided by (used in) operating activities		1,129,974			3,544,172			340,190			467,438			40,720			84,769
Cash Flows from Financing Activities:
Proceeds from sale of units		6,000			-			1,000			-			-			-
Payment for redemption of units		(1,181,033	)		(3,553,498	)		(285,180	)		(460,350	)		(104,319	)		(67,488	)
Change in owner redemptions payable		-			-			(38,128	)		-			-			(4,276	)
Net cash provided by (used in) financing activities		(1,175,033	)		(3,553,498	)		(322,308	)		(460,350	)		(104,319	)		(71,764	)
Net increase (decrease) in cash and cash equivalents		(45,058	)		(9,326	)		17,882			7,088			(63,599	)		13,005
Cash and cash equivalents, beginning of period		87,715			56,263			4,771			25,639			93,327			34,272
Cash and cash equivalents, end of period	$	42,657		$	46,937		$	22,653		$	32,727			29,728		$	47,277

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

24

The Series of Frontier Funds

Statements of Cash Flows (Unaudited)

For the Nine Months Ended September 30, 2021 and September 30, 2020

	Frontier Balanced Fund						Frontier Select Fund
	9/30/2021			9/30/2020			9/30/2021			9/30/2020
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	735,021		$	(8,128,414	)	$	234,238		$	(443,981	)
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		600,692			179,457			(207,641	)		(218,192	)
Net unrealized (gain)/loss on swap contracts		-			5,804,030			-			-
Net unrealized (gain)/loss on U.S. Treasury securities		1,089			5,409			(385	)		3,372
Net realized (gain)/loss on U.S. Treasury securities		6,663			(28,151	)		2,430			(3,374	)
Net unrealized (gain)/loss on private investment companies		(570,451	)		325,724			(152,712	)		49,653
Net realized (gain)/loss on private investment companies		(304,097	)		1,666,467			(145,302	)		285,836
(Purchases) sales of:
(Purchases) of swap contracts		-			(1,178,697	)		-			-
(Purchases) of U.S. Treasury securities		(902,849	)		(3,570,232	)		(130,240	)		(1,401,667	)
Sales of U.S. Treasury securities		1,569,802			3,616,957			318,759			1,721,835
U.S. Treasury interest and premium paid/amortized		245			6,361			-			-
(Purchases) of Private Investment Companies		(2,196,236	)		(4,464,511	)		(235,774	)		(1,911,902	)
Sale of Private Investment Companies		3,756,872			6,308,097			616,847			2,323,820
Increase and/or decrease in:
Open trade equity/(deficit), at fair value		16,111			175,959			-			-
Receivable from futures commission merchants		(554,694	)		1,745,358			-			-
Control of ownership of Private Investment Companies		-			-			-			-
Investments in unconsolidated trading companies, at fair value		49,755			50,867			(15,601	)		500,499
Interest receivable		25,471			4,270			(121	)		2,224
Receivable from related parties		52,804			-			(4,534	)		(11,037	)
Incentive fees payable to Managing Owner		54,924			-			-			-
Management fees payable to Managing Owner		(7,244	)		108			-			-
Interest payable to Managing Owner		(313	)		256			70			458
Trading fees payable to Managing Owner		(2,725	)		(28,699	)		70			(1,912	)
Service fees payable to Managing Owner		(2,997	)		(21,057	)		(11	)		(3,205	)
Risk analysis fees payable		957			1,564			-			-
Payables to related parties		-			175,803			(26,129	)		-
Redemptions receivable from private investment companies		55,473			184,180			67,876			(128,396	)
Subscriptions in advance for service fee rebates		16,970			21,905			1,303			2,115
Other liabilities		(7,478	)		(1,819	)		1,872			(7,486	)
Net cash provided by (used in) operating activities		2,393,765			2,851,192			325,015			758,660
Cash Flows from Financing Activities:
Proceeds from sale of units		-			-			-			-
Payment for redemption of units		(2,705,608	)		(2,955,837	)		(303,251	)		(805,113	)
Change in owner redemptions payable		50,040			(13,861	)		-			793
Net cash provided by (used in) financing activities		(2,655,568	)		(2,969,698	)		(303,251	)		(804,320	)
Net increase (decrease) in cash and cash equivalents		(261,803	)		(118,506	)		21,764			(45,660	)
Cash and cash equivalents, beginning of period		261,803			118,506			-			61,345
Cash and cash equivalents, end of period	$	-		$	-		$	21,764		$	15,685

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

25

The Series of Frontier Funds

Statements of Cash Flows (Unaudited)

For the Nine Months Ended September 30, 2021 and September 30, 2020

	Frontier Global Fund						Frontier Heritage Fund
	9/30/2021			9/30/2020			9/30/2021			9/30/2020
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	215,145		$	(756,267	)	$	390,766		$	(268,694	)
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		(225,147	)		(572,676	)		(127,756	)		(75,421	)
Net unrealized (gain)/loss on swap contracts		-			-			-			(197,829	)
Net realized (gain)/loss on swap contracts		-			-			-			97,745
Net unrealized (gain)/loss on U.S. Treasury securities		531			3,645			178			7,369
Net realized (gain)/loss on U.S. Treasury securities		2,920			(11,338	)		3,082			(9,015	)
Net unrealized (gain)/loss on private investment companies		(216,899	)		970,042			(418,547	)		75,695
Net realized (gain)/loss on private investment companies		(150,153	)		(448,127	)		(86,630	)		56,727
(Purchases) sale of:
Sales of U.S. Treasury Securities		454,651			1,191,317			357,230			932,192
(Purchases) of U.S. Treasury securities		(225,077	)		(580,333	)		(191,271	)		(804,397	)
U.S. Treasury interest and premium paid/amortized		-			-			-			-
Sales of swap contracts		-			-			-			1,491,965
(Purchases) of Private Investment Companies		(410,446	)		(463,750	)		(394,302	)		(941,369	)
Sale of Private Investment Companies		1,043,400			1,924,065			702,567			979,165
Reduction of collateral in Swap Contracts		-			-			-			1,496,127
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value		(17,065	)		(1,461	)		(26,706	)		(1,025	)
Interest receivable		413			871			1,245			1,405
Advance on unrealized Swap Appreciation		-			-			-			(1,900,000	)
Receivable from related parties		(4,954	)		(30,180	)		(7,752	)		(45,263	)
Other assets		-			-			-			-
Interest payable to Managing Owner		(65	)		174			229			160
Trading fees payable to Managing Owner		(1,264	)		(9,477	)		412			(3,602	)
Service fees payable to Managing Owner		(823	)		(4,494	)		256			(818	)
Redemptions receivable from private investment companies		-			-			-			-
Subscriptions in advance for service fee rebates		3,111			3,718			4,871			4,721
Other liabilities		1,973			(5,750	)		3,012			2,701
Net cash provided by (used in) operating activities		470,251			1,209,979			210,884			898,539
Cash Flows from Financing Activities:
Proceeds from sale of units		-			-			-			-
Payment for redemption of units		(450,629	)		(1,142,297	)		(184,768	)		(389,465	)
Change in non-controlling interest		-			-			-			(479,024	)
Change in owner redemptions payable		-			(52,324	)		-			(9,735	)
Net cash provided by (used in) financing activities		(450,629	)		(1,194,621	)		(184,768	)		(878,224	)
Net increase (decrease) in cash and cash equivalents		19,622			15,358			26,116			20,315
Cash and cash equivalents, beginning of period		5,694			27,532			15,156			44,011
Cash and cash equivalents, end of period	$	25,316		$	42,890		$	41,272		$	64,326

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

26

Notes to Financial Statements

1. Organization and Purpose

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

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

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

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

The Trust, with respect to each Series:

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

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

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

27

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

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

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

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

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

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As of September 30, 2021, the Trust, with respect to the Frontier Diversified Fund and Frontier Masters Fund, separates Units into two separate Classes—Class 2 and Class 3. The Trust, with respect to the Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund separates Units into a maximum of three separate Classes- Class 1, Class 2 and Class 1AP. The Trust, with respect to the Frontier Balanced Fund separates Units into a maximum of five separate Classes—Class 1, Class 1AP, Class 2, Class 2A and Class 3A. The Trust, with respect to the Frontier Long/Short Commodity Fund separates Units into a maximum of five separate Classes—Class 1A, Class 2A, Class 2, Class 3A and Class 3. Frontier Masters Fund Class 1 was closed as of April 1, 2021, and Frontier Diversified Fund Class 1 was closed as of July 21, 2021.  

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

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

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

2. Significant Accounting Policies

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

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

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Consolidation—The Series, through investing in the Trading Companies and Galaxy Plus entities, authorize certain Trading Advisors to place trades and manage assets at predetermined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses and a risk analysis fee (for closed Series only), all of which is allocated to the Series if consolidated by a Series. Galaxy Plus is a series of Delaware limited liability companies, sponsored by Gemini Alternative Funds, LLC, that create exposure to a variety of third party professional managed futures and foreign exchange advisors. Galaxy Plus is available to qualified high-net-worth individuals and institutional investors. Trading Companies in which a Series has a controlling and majority interest as calculated on that Series’ pro-rata net asset value in the Trading Company are consolidated by such Series. Investments in Trading Companies in which a Series does not have a controlling and majority interest and all interests in Galaxy Plus entities are accounted for using net asset value as the practical expedient, which approximates fair value. Fair value represents the proportionate share of the Series’ interest in the NAV in a Trading Company or Galaxy Plus entity. The equity interest held by Series of the Trust is shown as investments in unconsolidated Trading Companies or investments in private investment companies in the statements of financial condition. The income or loss attributable thereto in proportion of investment level is shown in the statements of operations as 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 Galaxy Plus entities. Subscriptions and redemptions by these non-affiliated investors will have a direct impact on the Series’ ownership percentage in Galaxy Plus entities. It is expected that ownership percentage will fluctuate (sometimes significantly) on a week by week basis which could also result in frequent changes in the consolidating Series. Such fluctuations make consolidating the financial statements of the Galaxy Plus entities both impractical and misleading. Non-consolidation of these Galaxy Plus entities presents a more useful financial statement for the readers. As such, management has decided that presenting Galaxy Plus entities on a non-consolidated basis as investments in other investments companies (a “fund of funds” approach) is appropriate and preferable to the users of these financial statements. Refer to Note 5 for additional disclosures related to these private investment companies.

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

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

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

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

Receivable From Futures Commission Merchants—The Series of the Trust deposit assets with an FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust, with respect to the Series, earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of September 30, 2021 and December 31, 2020 included restricted cash for margin requirements of $791,090 and $321,638 respectively, for the Frontier Balanced Fund.

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

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

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

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

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

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

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Investments and Swaps—The Trust, with respect to the Series, records investment transactions on a trade date basis and at fair value, with changes in fair value reported as a component of realized and unrealized gains/(losses) on investments in the statements of operations. Investments in private investment companies are valued utilizing the net asset values as a practical expedient. Certain Series of the Trust can strategically invest a portion or all of their assets in total return swaps, selected at the discretion of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more underlying investment products or indices. In a typical swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. The valuation of swap contracts requires significant estimates. Swap contracts are reported at fair value based upon daily reports from the counterparty. The Managing Owner reviews, compares and approves current day pricing of the commodity trading advisor (“CTA”) positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, that is used to determine a daily fair value NAV for the swap contracts. For the quarter ended September 30, 2021, the Trust did not have any total return swap investments.

Income Taxes—The Trust, with respect to the Series, applies the provisions of ASC 740 Income Taxes (“ASC 740”), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust, with respect to the Series’, financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Trust’s level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year.

The 2017 through 2020 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

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

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

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

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

Each Series is charged service fees as outlined above. In some cases, amounts paid to selling agents might be less than the amount charged to the Series. When this occurs, the service fee is rebated back to the investor in the form of additional units. During 2018, 2019 and 2020 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 2021 when the Series are allowed to sell shares again. As such, the Managing Owner has calculated the amounts for additional units of the relevant series which will be purchased and classified such amounts as Subscriptions in advance for service fee rebates of $22,650, $393, $31,725, $363,825, $20,766, $157,782 and $68,076 for the Frontier Diversified, Long/Short Commodity, Masters, Balanced, Select, Global and Heritage Funds, respectively, as of September 30, 2021.

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

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

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

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

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

3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

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

Level 3 Inputs

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

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

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

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

Swap contracts are reported at fair value.  Valuation reports are generated and disseminated daily from the swap counterparty to the third-party administrator.  The fair value is applied by the third-party administrator to calculate the daily performance.  The Managing Owner reviews the third-party administrator performance reports and any noticeable exceptions are investigated.  Unexplained exceptions are escalated to the Managing Owner’s Valuation Committee for further evaluation and resolution.  Swap contracts are reported at fair value using Level 3 inputs. For the quarter ended September 30, 2021, the Trust did not have any total return swap investments.

Investment in Unconsolidated Trading Companies. This investment represents the fair value of the allocation of cash, futures, forwards, options and swaps to each respective Series relative to its trading allocations from unconsolidated Trading Companies. A Series may redeem its investment in any of the Trading Companies on a daily basis at the Trading Company’s stated net asset value. Each of the Series, all of which are under the same management as the Trading Companies, has access to the underlying positions of the Trading Companies, and as such, the level determination is reflected on that look-through basis. Any redemption of an investment in a Trading Company classified as Level 3 will reflect that classification of the underlying investment owned by the Trading Company. As such, the Series report investments in unconsolidated Trading Companies at fair value using the corresponding inputs of the underlying securities of the Trading Companies which results in the Series reporting the corresponding level determination from the inputs of the Trading Company.

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

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The following table summarizes investment in each Series measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value.

September 30, 2021	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	30,579	$	-	$	-	$	30,579
U.S. Treasury Securities		33,471		-		-		33,471
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		16,239		-		-		16,239
U.S. Treasury Securities		17,774		-		-		17,774
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		21,311		-		-		21,311
U.S. Treasury Securities		23,326		-		-		23,326
Frontier Balanced Fund
Open Trade Equity (Deficit)		84,329		-		-		84,329
Frontier Select Fund				-
Investment in Unconsolidated Trading Companies		15,601		-		-		15,601
U.S. Treasury Securities		17,077		-		-		17,077
Frontier Global Fund				-
Investment in Unconsolidated Trading Companies		18,148		-		-		18,148
U.S. Treasury Securities		19,864		-		-		19,864
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		29,586		-		-		29,586
U.S. Treasury Securities		32,384		-		-		32,384

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December 31, 2020	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	16,669	$	-	$	-	$	16,669
U.S. Treasury Securities		427,393		-		-		427,393
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		907		-		-		907
U.S. Treasury Securities		23,245		-		-		23,245
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		17,736		-		-		17,736
U.S. Treasury Securities		454,738		-		-		454,738
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		49,755		-		-		49,755
Open Trade Equity (Deficit)		100,440		-		-		100,440
U.S. Treasury Securities		1,275,641		-		-		1,275,641
Frontier Global Fund
Investment in Unconsolidated Trading Companies		1,083		-		-		1,083
U.S. Treasury Securities		27,742		-		-		27,742
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		2,880		-		-		2,880
U.S. Treasury Securities		73,847		-		-		73,847

The changes in Level 3 assets measured at fair value on a recurring basis are summarized in the following tables. Swap contract asset gains and losses included in earnings are classified in “realized and unrealized gain (loss) on investments – net unrealized gain/(loss) on swap contracts” on the statements of operations. Investment in unconsolidated trading company asset gains and losses (realized/unrealized) included in earnings are classified in “Change in fair value of investments in unconsolidated trading companies”. During year ended December 2020, all identified Level 3 assets were components of the Frontier Diversified Fund, Frontier Long/Short Commodity Fund, Frontier Balanced Fund, Frontier Select Fund, and Frontier Heritage Fund. During the year ended December 31, 2020, the entire investments in the swaps were sold.

For the Year Ended December 31, 2020

Swaps 

	Frontier Balanced Fund			Frontier Long/Short Commodity Fund
Balance of recurring Level 3 assets as of  January 1, 2020	$	11,944,753		$	362,521
Total gains or losses (realized/unrealized):
Included in earnings-realized		(2,448,166	)		188,100
Included in earnings-unrealized		(3,088,917	)		44,277
Proceeds from collateral reduction		(6,176,555	)		(115,000	)
Sale of investments		(7,586,366	)		(594,898	)
Purchase of investments		7,355,251			115,000
Change in ownership allocation		-			-
Transfers in and/or out of Level 3		-			-
Balance of recurring Level 3 assets as of December 31, 2020	$	-		$	-

37

	Frontier Diversified Fund			Frontier Heritage Fund
Balance of recurring Level 3 assets as of  January 1, 2020	$	6,384,583		$	2,888,009
Total gains or losses (realized/unrealized):
Included in earnings-realized		(446,306	)		(97,745	)
Included in earnings-unrealized		(1,537,399	)		197,829
Proceeds from collateral reduction		(4,000,000	)		(2,474,937	)
Sale of investments		(4,870,025	)		(1,491,965	)
Purchase of investments		4,469,147			978,809
Change in ownership allocation		-			-
Transfers in and/or out of Level 3		-			-
Balance of recurring Level 3 assets as of December 31, 2020	$	-		$	-

Investments in Unconsolidated Trading Companies

	Frontier Select Fund
Balance of recurring Level 3 assets as of  January 1, 2020	$	479,024
Change in fair value of investments in unconsolidated trading companies		95,915
Proceeds from sales of investments of unconsolidated trading companies		(574,939	)
Purchases of investments of unconsolidated trading companies		-
Change in ownership allocation		-
Transfers in and/or out of Level 3		-
Balance of recurring Level 3 assets as of December 31, 2020	$	-

The Series of the Trust assess the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Series’ accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the nine months ended September 30, 2021, the Trust did not transfer any assets between Levels 1, 2 or 3.

The amounts reflected in the change in ownership allocation result from changes in ownership in the underlying Trading Companies at the Series level, which have resulted in changes in consolidation or de-consolidation by the Series. The ownership in the Trading Companies is accounted for under the equity method, which approximates fair value. The Frontier Heritage Fund and the Frontier Select Fund jointly owned the Frontier Brevan Howard swap. The Frontier Heritage Fund owned the majority interest in the Frontier Brevan Howard swap. The Frontier Select Fund (through its investment in an unconsolidated trading company) and Frontier Heritage Fund Brevan Howard swap investments were liquidated on May 30, 2020 and Frontier Balanced Fund, Frontier Long/Short Commodity Fund, Frontier Diversified Fund TRS swap investments were liquidated on December 21, 2020.

38

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2020.

	Frontier Diversified Fund			Frontier Long/Short Commodity Fund		Frontier Balanced Fund			Frontier Heritage Fund
Swap Contracts	$	(1,537,399	)	$	44,277	$	(3,088,917	)	$	197,829

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

4. Swap Contracts

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

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

The Managing Owner follows a procedure in selecting well-established financial institutions which the Managing Owner, in its sole discretion, considers to be reputable, reliable, financially responsible and well established to act as swap counterparties. The procedure includes due diligence review of documentation on all new and existing financial institution counterparties prior to initiation of the relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owner’s minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. As of December 31, 2020, none of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain swaps and is recorded as collateral within the swap fair value within the Statements of Financial Condition. The cash held with the counterparty is not restricted.

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

To help to reduce counterparty risk on the Series, the Managing Owner has the right to reduce the Series’ exposure and remove cash from the Series’ total return swaps with Deutsche Bank AG. This cash holding shall be in excess of $250,000 and may not exceed 40% of the index exposure in total. Index exposure is defined as the total notional amount plus any profit. The Series are charged interest on this cash holding and any amount removed will be offset against the final settlement value of the swap. The Frontier Select Fund (through its investment in an unconsolidated trading company) and Frontier Heritage Fund Brevan Howard swap investments were liquidated on May 30, 2020 and Frontier Balanced Fund, Frontier Long/Short Commodity Fund, Frontier Diversified Fund TRS swap investments were liquidated on December 21, 2020.

39

The Series have invested in the following swaps as of and for the year ended December 31, 2020:

	Frontier Balanced  Fund			Frontier Diversified  Fund			Frontier  Long/Short Commodity Fund		Frontier Heritage Fund
	Total Return Swap			Total Return Swap			Total Return Swap		Total Return Swap
Counterparty	Deutsche Bank AG			Deutsche Bank AG			Deutsche Bank AG		Deutsche Bank AG
Realized Gain/(Loss)	$	(2,448,166	)	$	(446,306	)	$	188,100	$	(97,745	)
Change in Unrealized Gain/(Loss)	$	(3,088,917	)	$	(1,537,399	)	$	44,277	$	197,829
Fair Value as of December 31, 2020	$	0		$	0		$	0	$	0
Advance on swap appreciation	$	0		$	0		$	0	$	0

5. Investments in Unconsolidated Trading Companies and Private Investment Companies

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

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

The following table summarizes each of the Series’ investments in unconsolidated Trading Companies as of September 30, 2021 and December 31, 2020:

	As of September 30, 2021					As of December 31, 2020
	Percentage of					Percentage of
	Series Total					Series Total
	Capital Invested in					Capital Invested in
Series	Unconsolidated Trading Companies			Fair Value		Unconsolidated Trading Companies			Fair Value
Frontier Diversified Series —
Frontier Trading Company XXXVIII		0.97	%	$	30,579		0.40	%	$	16,669
Frontier Masters Fund ---
Frontier Trading Company XXXVIII		2.02	%	$	16,239		0.09	%	$	907
Frontier Long/Short Commodity Fund ---
Frontier Trading Company XXXVIII		1.51	%	$	21,311		1.35	%	$	17,736
Frontier Balanced Fund ---
Frontier Trading Company XXXVIII		0.00	%	$	-		0.41	%	$	49,755
Frontier Select Fund  ---
Frontier Trading Companies XXXVIII		0.98	%	$	15,601		0.00	%	$	-
Frontier Global Fund  ---
Frontier Trading Company XXXVIII		0.67	%	$	18,148		0.04	%	$	1,083
Frontier Heritage Fund ---
Frontier Trading Company XXXVIII		1.14	%	$	29,586		0.12	%	$	2,880

40

The following tables summarize each of the Series’ equity in earnings from unconsolidated Trading Companies and private investment companies for the three and nine months ended September 30, 2021 and September 30, 2020.

Three months ended September 30, 2021 and 2020

	Three Months Ended September, 2021												Three Months Ended September, 2020
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Frontier Balanced Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(7,892	)	$	(7,892	)	$	-		$	-		$	371		$	371
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,527	)		17,408			55,124			71,005			(1,694	)		(175,943	)		(21,260	)		(198,897	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-			-			105			105
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-			-			(5,782	)		(5,782	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(5,970	)		169,823			(627,689	)		(463,836	)		(4,862	)		(3,470	)		(33,133	)		(41,465	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			-			-			-			-			-			(21,170	)		(21,170	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(3,803	)		(30,844	)		222,902			188,255			(709	)		(231,484	)		107,025			(125,168	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(4,627	)		4,082			(85,162	)		(85,707	)		(3,539	)		(27,771	)		22,238			(9,072	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(13,098	)		183,530			(9,760	)		160,672			(10,562	)		101,830			(36,659	)		54,609
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(1,703	)		(20,009	)		22,204			492			(1,279	)		(396,950	)		(62,845	)		(461,074	)
Total	$	(30,728	)	$	323,990		$	(430,273	)	$	(137,011	)	$	(22,645	)	$	(733,788	)	$	(51,110	)	$	(807,543	)
Frontier Global Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	829		$	829		$	-		$	-		$	(2,540	)	$	(2,540	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(2,503	)		28,130			73,429			99,056			(3,236	)		(317,392	)		(114,867	)		(435,495	)
Total	$	(2,503	)	$	28,130		$	74,258		$	99,885		$	(3,236	)	$	(317,392	)	$	(117,407	)	$	(438,035	)
Frontier Select Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(69	)	$	(69	)	$	-		$	-		$	(1,518	)	$	(1,518	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-			-			(587	)		(587	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(4,877	)		67,663			(7,516	)		55,270			(3,352	)		33,407			(19,556	)		10,499
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			-			-			-			-			(2,763	)		(2,763	)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(686	)		(8,299	)		7,373			(1,612	)		-			-			(205,413	)		(205,413	)
Total	$	(5,563	)	$	59,364		$	(212	)	$	53,589		$	(3,352	)	$	33,407		$	(229,837	)	$	(199,782	)
Frontier Heritage Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	981		$	981		$	-		$	-		$	1,742		$	1,742
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,439	)		16,356			41,181			56,098			(1,524	)		(149,796	)		275,381			124,061
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(4,691	)		66,486			(7,146	)		54,649			(3,338	)		34,047			(22,669	)		8,040
Total	$	(6,130	)	$	82,842		$	35,016		$	111,728		$	(4,862	)	$	(115,749	)	$	254,454		$	133,843
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(7	)	$	(7	)	$	-		$	-		$	(2,028	)	$	(2,028	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-			-			(882	)		(882	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(120	)		26,360			(23,799	)		2,441			(306	)		40,222			(55,994	)		(16,078	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(2,730	)		38,119			(5,606	)		29,783			(1,198	)		12,151			(9,162	)		1,791
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(3,298	)		86,851			(96,446	)		(12,893	)		-			-			-			-
Total	$	(6,148	)	$	151,330		$	(125,858	)	$	19,324		$	(1,504	)	$	52,373		$	(68,066	)	$	(17,197	)
Frontier Diversified Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(449	)	$	(449	)	$	-		$	-		$	(426	)	$	(426	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(640	)		7,312			23,964			30,636			(1,068	)		(107,528	)		(19,659	)		(128,255	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-			-			182			182
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-			-			(3,544	)		(3,544	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(2,513	)		71,506			(271,402	)		(202,409	)		(2,034	)		(1,729	)		(18,808	)		(22,571	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			-			-			-			-			-			(9,084	)		(9,084	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(870	)		(6,983	)		50,260			42,407			(271	)		(4,480	)		(47,525	)		(52,276	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		-			-			-			-			-			-			-			-
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(2,008	)		1,764			(37,507	)		(37,751	)		(2,406	)		(18,673	)		13,323			(7,756	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(2,389	)		33,745			(2,180	)		29,176			(3,320	)		40,922			(22,756	)		14,846
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(379	)		(4,507	)		4,402			(484	)		(639	)		(198,372	)		(32,551	)		(231,562	)
Total	$	(8,799	)	$	102,837		$	(232,912	)	$	(138,874	)	$	(9,738	)	$	(289,860	)	$	(140,848	)	$	(440,446	)
Frontier Masters Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(50	)	$	(50	)	$	-		$	-		$	(1,279	)	$	(1,279	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(296	)		3,396			11,798			14,898			(608	)		(62,539	)		(9,877	)		(73,024	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-			-			(147	)		(147	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-			-			(1,242	)		(1,242	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(1,258	)		17,769			(1,385	)		15,126			(1,164	)		13,859			(11,510	)		1,185
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			-			-			-			-			(1,002	)		(1,002	)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(208	)		(2,486	)		2,113			(581	)		(365	)		(113,226	)		(22,157	)		(135,748	)
Total	$	(1,762	)	$	18,679		$	12,476		$	29,393		$	(2,137	)	$	(161,906	)	$	(47,214	)	$	(211,257	)

41

Nine months ended September 30, 2021 and 2020

	Nine Months Ended September, 2021												Nine Months Ended September, 2020
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Frontier Balanced Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(36,142	)	$	(36,142	)	$	-		$	-		$	(9,094	)	$	(9,094	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(4,108	)		173,578			114,603			284,073			(6,794	)		(163,459	)		(16,563	)		(186,816	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			(433	)		-			(433	)		(2,152	)		(55,735	)		25,629			(32,258	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			252			-			252			(6,408	)		(718,397	)		75,749			(649,056	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(19,136	)		464,263			(786,970	)		(341,843	)		(20,836	)		(327,914	)		156,749			(192,001	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			(1,910	)		-			(1,910	)		(502	)		(232,245	)		(42,835	)		(275,582	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(9,204	)		(233,955	)		56,175			(186,984	)		(9,264	)		(899,303	)		157,923			(750,644	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(13,536	)		121,430			(7,184	)		100,710			(5,240	)		28,824			(6,624	)		16,960
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(39,426	)		996,949			146,910			1,104,433			(23,203	)		698,761			(196,095	)		479,463
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(3,787	)		(448,411	)		368,448			(83,750	)		(1,279	)		(396,950	)		(62,845	)		(461,074	)
Total	$	(89,197	)	$	1,071,763		$	(144,160	)	$	838,406		$	(75,678	)	$	(2,066,418	)	$	81,994		$	(2,060,102	)
Frontier Global Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	13,159		$	13,159		$	-		$	-		$	(2,994	)	$	(2,994	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(6,827	)		293,622			80,258			367,053			(11,634	)		(316,235	)		(194,046	)		(521,915	)
Total	$	(6,827	)	$	293,622		$	93,417		$	380,212		$	(11,634	)	$	(316,235	)	$	(197,040	)	$	(524,909	)
Frontier Select Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	6,956		$	6,956		$	-		$	-		$	(8,190	)	$	(8,190	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			387			-			387			-			-			(2,203	)		(2,203	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(13,325	)		321,795			38,851			347,321			(7,477	)		228,470			(72,058	)		148,935
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			864			-			864			(5,392	)		(237,723	)		(35,753	)		(278,868	)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(1,599	)		(198,484	)		149,525			(50,558	)		-			-			(205,413	)		(205,413	)
Total	$	(14,924	)	$	124,562		$	195,332		$	304,970		$	(12,869	)	$	(9,253	)	$	(323,617	)	$	(345,739	)
Frontier Heritage Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	11,448		$	11,448		$	-		$	-		$	(1,582	)	$	(1,582	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(3,865	)		161,521			26,673			184,329			(4,298	)		(151,155	)		238,686			83,233
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(12,655	)		302,134			31,369			320,848			(7,216	)		215,524			(85,350	)		122,958
Total	$	(16,520	)	$	463,655		$	69,490		$	516,625		$	(11,514	)	$	64,369		$	151,754		$	204,609
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	9,914		$	9,914		$	-		$	-		$	(5,104	)	$	(5,104	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			36			-			36			(938	)		(103,100	)		7,770			(96,268	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(543	)		152,407			(126,776	)		25,088			(978	)		(76,740	)		(71,464	)		(149,182	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(7,233	)		173,929			14,090			180,786			(2,824	)		88,947			(28,627	)		57,496
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(7,807	)		107,810			(88,398	)		11,605			-			-			-			-
Total	$	(15,583	)	$	434,182		$	(191,170	)	$	227,429		$	(4,740	)	$	(90,893	)	$	(97,425	)	$	(193,058	)
Frontier Diversified Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	2,039		$	2,039		$	-		$	-		$	2,597		$	2,597
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(2,057	)		83,740			55,185			136,868			(4,438	)		(76,179	)		(9,500	)		(90,117	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			(245	)		-			(245	)		(1,348	)		(39,612	)		17,858			(23,102	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			157			-			157			(4,119	)		(463,144	)		50,394			(416,869	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(8,665	)		136,292			(259,205	)		(131,578	)		(13,164	)		(203,387	)		60,454			(156,097	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			(1,166	)		-			(1,166	)		(309	)		(144,282	)		(21,773	)		(166,364	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(2,224	)		(57,849	)		6,460			(53,613	)		(4,112	)		(248,715	)		(1,085	)		(253,912	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(7,103	)		62,491			48,289			103,677			(3,920	)		35,081			(6,574	)		24,587
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(6,964	)		172,937			30,463			196,436			(10,591	)		416,995			(40,991	)		365,413
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(858	)		(104,890	)		85,736			(20,012	)		(639	)		(198,372	)		(32,551	)		(231,562	)
Total	$	(27,871	)	$	291,467		$	(31,033	)	$	232,563		$	(42,640	)	$	(921,615	)	$	18,829		$	(945,426	)
Frontier Masters Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	9,882		$	9,882		$	-		$	-		$	(3,554	)	$	(3,554	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		-			-			-			-			-			-			-			-
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,068	)		39,319			11,837			50,088			(2,657	)		(64,127	)		(37,949	)		(104,733	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			(58	)		-			(58	)		-			-			(59	)		(59	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			52			-			52			(1,540	)		(190,409	)		30,438			(161,511	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(3,592	)		91,267			10,976			98,651			(3,172	)		109,775			(20,607	)		85,996
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			520			-			520			(1,851	)		(84,259	)		(11,424	)		(97,534	)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(536	)		(72,777	)		50,005			(23,308	)		(365	)		(113,226	)		(22,157	)		(135,748	)
Total	$	(5,196	)	$	58,323		$	82,700		$	135,827		$	(9,585	)	$	(342,246	)	$	(65,312	)	$	(417,143	)

42

The Series’ investments in private investment companies as of September 30, 2021 have certain redemption and liquidity restrictions which are described in the following table:

	Redemptions	Redemptions	Liquidity
	Notice Period	Permitted	Restrictions
Frontier Diversified Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Daily	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Daily	None
Frontier Masters Fund
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Weekly	None
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)	24 hours	Daily	None
Frontier Long/Short Commodity Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)	24 hours	Daily	None
Frontier Balanced Fund
Multi-Strategy
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Daily	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Daily	None
Frontier Select Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)	24 hours	Daily	None
Frontier Global Fund
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Frontier Heritage Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None

43

6. Transactions with Affiliates

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

Expenses

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

As of the date of this report, for a Series that was invested in a swap, a Trading Advisor did not receive any management fees directly from the Series for such swap, and instead the relevant Trading Advisor received compensation via the fees embedded in the swap. For the year ended December 31, 2020, the management fee embedded in (i) swaps owned by Frontier Diversified Fund was 1.00% per annum, (ii) swaps owned by Frontier Balanced Fund was 1.00% per annum, (iii) swaps owned by Frontier Long/Short Commodity Fund was 1.50% per annum, (iv) swaps owned by Frontier Select Fund was 1.00% per annum, and (v) swaps owned by Frontier Heritage Fund was 1.00% per annum, and the Managing Owner waived the entire management fee due to it from those Series in respect of such Series’ investment in swaps. In each case, the embedded management fee was accrued on the relevant notional amount of the swap.

44

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

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

Incentive Fees— Some Series pay to the Managing Owner an incentive fee of a certain percentage of new net trading profits generated in the Trading Companies by such Series, monthly or quarterly. In addition, the Managing Owner receives a quarterly incentive fee of a certain percentage of new net trading profits generated in the Galaxy Plus entities that have been allocated to the Series. The incentive fees attributable to Galaxy Plus entities are included in unrealized gain/(loss) on private investment companies on the Statements of Operations. Because the Frontier Diversified Fund, Frontier Masters Fund, Frontier Balanced Fund, Frontier Heritage Fund, Frontier Select Fund, and Frontier Long/Short Commodity Fund may each employ multiple Trading Advisors, these Series will pay the Managing Owner a monthly incentive fee calculated on a Trading Advisor by Trading Advisor basis. It is therefore possible that in any given period the Series may pay incentive fees to the Managing Owner for one or more Trading Advisors while each of these Series as a whole experiences losses. The incentive fee is 25% for the Frontier Balanced Fund and the Frontier Diversified Fund and 20% for the Frontier Global Fund, Frontier Heritage Fund, Frontier Select Fund, Frontier Long/Short Commodity Fund and Frontier Masters Fund. The Managing Owner may pay all or a portion of such incentive fees to the Trading Advisor(s) for such Series. For the year ended of this report, for a Series that was invested in a swap, the Managing Owner or Trading Advisor(s) did not receive any incentive fees directly from the Series for such swap, and instead the relevant Trading Advisor received compensation via the fees embedded in the swap. For the year ended December 31, 2020, the range of incentive fees as a percentage of net new trading profits on swaps embedded in (i) swaps owned by Frontier Diversified Fund was 20-25% per annum, (ii) swaps owned by Frontier Balanced Fund was 20-25% per annum, (iii) swaps owned by Frontier Long/Short Commodity Fund was 25% per annum, and (iv) swaps owned by Frontier Heritage Fund was 15% per annum, and the Managing Owner has waived the entire incentive fee due to it from those Series in respect of such Series’ investment in swaps. In each case, the embedded incentive fee was accrued based on the net new trading profits of the swap.

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

45

Units of the Frontier Diversified Fund and Frontier Masters Fund or Class 2a Units of the Frontier Long/Short Commodity Fund sold) until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series for administrative purposes. Currently the service fee is not charged to Class 1AP investors. The Managing Owner may also pay selling agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such selling agents.

The Managing Owner has determined that the purchase of additional units of the relevant series will commence in 2021. As such, the Managing Owner has calculated the amounts for additional units of the relevant series which will be purchased and classified such amounts as Subscriptions in advance for service fee rebates of $22,650, $393, $31,725, $363,825, $20,766, $157,782 and $68,076 for the Frontier Diversified, Long/Short Commodity, Masters, Balanced, Select, Global and Heritage Funds, respectively, as of September 30, 2021.

The following table summarizes fees earned by the Managing Owner for the three and nine months ended September 30, 2021 and September 30, 2020, respectively.

Three Months Ended September 30, 2021	Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	-	$	310	$	29,513
Frontier Masters Fund		-		-		135		12,339
Frontier Long/Short Commodity Fund		-		-		58		10,055
Frontier Balanced Fund		54,924		4,764		62,976		108,142
Frontier Select Fund		-		-		11,949		12,176
Frontier Global Fund		-		-		17,993		34,334
Frontier Heritage Fund		-		-		16,886		25,399
Three Months Ended September 30, 2020		Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	-	$	2,062	$	50,536
Frontier Masters Fund		-		-		407		21,879
Frontier Long/Short Commodity Fund		-		-		108		7,777
Frontier Balanced Fund		-		5,029		73,754		127,677
Frontier Select Fund		-		-		13,025		10,391
Frontier Global Fund		-		-		22,977		42,481
Frontier Heritage Fund		-		-		15,845		25,094
Nine Months Ended September 30, 2021		Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	-	$	1,860	$	97,487
Frontier Masters Fund		-		-		492		40,507
Frontier Long/Short Commodity Fund		-		-		170		28,870
Frontier Balanced Fund		104,764		13,978		195,972		332,131
Frontier Select Fund		-		-		35,191		35,541
Frontier Global Fund		-		-		58,383		106,684
Frontier Heritage Fund		-		-		50,788		75,071

46

Nine Months Ended September 30, 2020		Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	-	$	12,712	$	208,221
Frontier Masters Fund		-		-		1,501		83,524
Frontier Long/Short Commodity Fund		-		-		330		25,089
Frontier Balanced Fund		-		14,753		284,736		465,170
Frontier Select Fund		-		-		51,117		42,791
Frontier Global Fund		-		-		81,204		150,154
Frontier Heritage Fund		-		-		51,802		83,036

The following table summarizes fees payable to the Managing Owner as of September 30, 2021 and December 31, 2020.

As of September 30, 2021	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	-	$	-	$	-	$	85	$	9,894
Frontier Masters Fund		-		-		-		44		4,220
Frontier Long/Short Commodity Fund		-		-		37		19		3,295
Frontier Balanced Fund		54,924		1,610		1,063		18,384		35,169
Frontier Select Fund		-		-		249		3,698		4,003
Frontier Global Fund		-		-		261		5,525		10,585
Frontier Heritage Fund		-		-		368		5,050		8,117

As of December 31, 2020	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	-	$	-	$	-	$	385	$	12,576
Frontier Masters Fund		-		-		-		70		5,460
Frontier Long/Short Commodity Fund		-		-		87		18		2,281
Frontier Balanced Fund		-		8,854		1,376		21,381		37,894
Frontier Select Fund		-		-		179		3,709		3,933
Frontier Global Fund		-		-		326		6,348		11,849
Frontier Heritage Fund		-		-		139		4,794		7,705

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

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

Frontier Masters Fund Class 1 was closed as of April 1, 2021 and Frontier Diversified Fund Class 1 was closed as of July 21, 2021. All swaps were sold as of December 31, 2020.

47

The following table outlines the interest paid by each series to the Managing owner and its ratio to average net assets for the three and nine months ended September 30, 2021 and 2020.

Three Months Ended	September 30, 2021		September 30, 2020		September 30, 2021			September 30, 2020
	Gross Amount Paid to the Managing Owner		Gross Amount Paid to the Managing Owner		Ratio to Average Net Assets			Ratio to Average Net Assets
Frontier Long/Short Commodity Fund Class 2		4		6		0.01	%		0.02	%
Frontier Long/Short Commodity Fund Class 3		111		158		0.01	%		0.02	%
Frontier Balanced Fund Class 1		3,661		1,019		0.04	%		0.01	%
Frontier Balanced Fund Class 1AP		48		16		0.05	%		0.01	%
Frontier Balanced Fund Class 2		738		215		0.04	%		0.01	%
Frontier Balanced Fund Class 2a		7		2		0.01	%		0.00	%
Frontier Balanced Fund Class 3a		45		11		0.01	%		0.00	%
Frontier Select Fund Class 1		640		1,349		0.04	%		0.08	%
Frontier Select Fund Class 1AP		4		8		0.04	%		0.08	%
Frontier Select Fund Class 2		32		54		0.04	%		0.08	%
Frontier Global Fund Class 1		388		901		0.02	%		0.03	%
Frontier Global Fund Class 1AP		-		9		0.00	%		0.03	%
Frontier Global Fund Class 2		31		57		0.02	%		0.03	%
Frontier Heritage Fund Class 1		660		1,151		0.03	%		0.05	%
Frontier Heritage Fund Class 1AP		2		4		0.02	%		0.05	%
Frontier Heritage Fund Class 2		69		235		0.03	%		0.06	%
Total	$	6,440	$	5,195

Nine months ended	September 30, 2021		September 30, 2020		September 30, 2021			September 30, 2020
	Gross Amount Paid to the Managing Owner		Gross Amount Paid to the Managing Owner		Ratio to Average Net Assets			Ratio to Average Net Assets
Frontier Long/Short Commodity Fund Class 2		18		14		0.05	%		0.04	%
Frontier Long/Short Commodity Fund Class 3		518		354		0.05	%		0.04	%
Frontier Balanced Fund Class 1		7,208		5,419		0.08	%		0.04	%
Frontier Balanced Fund Class 1AP		96		79		0.09	%		0.04	%
Frontier Balanced Fund Class 2		1,456		1,074		0.08	%		0.04	%
Frontier Balanced Fund Class 2a		14		12		0.02	%		0.01	%
Frontier Balanced Fund Class 3a		87		58		0.02	%		0.01	%
Frontier Select Fund Class 1		2,208		3,081		0.14	%		0.14	%
Frontier Select Fund Class 1AP		15		15		0.14	%		0.14	%
Frontier Select Fund Class 2		104		112		0.14	%		0.14	%
Frontier Global Fund Class 1		2,492		2,649		0.10	%		0.07	%
Frontier Global Fund Class 1AP		-		24		0.00	%		0.07	%
Frontier Global Fund Class 2		183		208		0.09	%		0.07	%
Frontier Heritage Fund Class 1		2,708		2,800		0.12	%		0.12	%
Frontier Heritage Fund Class 1AP		10		11		0.12	%		0.12	%
Frontier Heritage Fund Class 2		277		623		0.12	%		0.12	%
Total	$	17,394	$	16,533

48

7. Financial Highlights

The following information presents the financial highlights of the Series, for the three and nine months ended September 30, 2021 and 2020. This data has been derived from the information presented in the financial statements.

For the three months ended September 30, 2021

	Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, June 30, 2021	$	77.68		$	95.90		$	89.95		$	-		$	73.52		$	69.23		$	98.49		$	63.74		$	103.32		$	67.36
Net operating results:
Interest income		0.03			0.03			0.03			-			0.05			0.05			0.04			0.03			0.05			0.03
Expenses		(1.30	)		(0.87	)		(0.81	)		-			(1.10	)		(1.09	)		(0.71	)		(0.46	)		(0.74	)		(0.49	)
Net gain/(loss) on investments, net of non-controlling interests		(76.41	)		(4.08	)		(3.77	)		-	*		2.63			2.57			1.27			1.04			1.33			1.14
Net income/(loss)		(77.68	)		(4.91	)		(4.56	)		-	*		1.58			1.53			0.60			0.61			0.63			0.68
Net asset value, September 30, 2021	$	-		$	90.99		$	85.39		$	-	*	$	75.10		$	70.76		$	99.09		$	64.35		$	103.95		$	68.04
Ratios to average net assets
Net investment income/(loss)		-6.53	%		-3.45	%		-3.45	%		0.00	%		-5.88	%		-5.88	%		-2.67	%		-2.67	%		-2.67	%		-2.67	%
Expenses before incentive fees (3)(4)		6.67	%		3.60	%		3.60	%		0.00	%		6.17	%		6.17	%		2.85	%		2.85	%		2.85	%		2.85	%
Expenses after incentive fees (3)(4)		6.67	%		3.60	%		3.60	%		0.00	%		6.17	%		6.17	%		2.85	%		2.85	%		2.85	%		2.85	%
Total return before incentive fees (2)		-1.71	%*		-5.12	%		-5.07	%		0.00	%*		2.15	%		2.21	%		0.61	%		0.96	%		0.61	%		1.01	%
Total return after incentive fees (2)		-1.71	%*		-5.12	%		-5.07	%		0.00	%*		2.15	%		2.21	%		0.61	%		0.96	%		0.61	%		1.01	%

	Frontier Balanced Fund															Frontier Select Fund
	Class 1			Class 1AP			Class 2			Class 2a			Class 3a			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2021	$	85.86		$	105.55		$	142.34		$	123.47		$	123.05		$	66.17		$	81.44		$	108.07
Net operating results:
Interest income		0.00			0.00			0.02			0.00			0.00			0.00			0.00			0.00
Expenses		(2.03	)		(1.70	)		(46.17	)		(1.99	)		(1.98	)		(1.03	)		(0.62	)		(0.83	)
Net gain/(loss) on investments, net of non-controlling interests		0.79			0.96			45.15			1.17			1.16			2.18			2.66			3.52
Net income/(loss)		(1.24	)		(0.73	)		(1.00	)		(0.82	)		(0.82	)		1.15			2.03			2.70
Net asset value, September 30, 2021	$	84.62		$	104.82		$	141.34		$	122.65		$	122.23		$	67.32		$	83.47		$	110.77
Ratios to average net assets
Net investment income/(loss)		-7.75	%		-4.75	%		-4.75	%		-4.75	%		-4.75	%		-5.89	%		-2.89	%		-2.89	%
Expenses before incentive fees (3)(4)		7.24	%		4.24	%		4.24	%		4.24	%		4.24	%		5.89	%		2.89	%		2.89	%
Expenses after incentive fees (3)(4)		7.75	%		4.75	%		4.75	%		4.75	%		4.75	%		5.89	%		2.89	%		2.89	%
Total return before incentive fees (2)		-0.93	%		-0.18	%		-0.19	%		-0.15	%		-0.15	%		1.73	%		2.49	%		2.49	%
Total return after incentive fees (2)		-1.45	%		-0.70	%		-0.70	%		-0.66	%		-0.67	%		1.73	%		2.49	%		2.49	%
Incentive fee per share		0.45			0.55			14.98			0.64			0.64			-			-			-
Incentive Fee to ANA		0.51	%		0.51	%		0.51	%		0.51	%		0.51	%		0.00	%		0.00	%		0.00	%

49

	Frontier Global Fund						Frontier Heritage Fund
	Class 1			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2021	$	117.28		$	179.85		$	109.26		$	134.44		$	179.93
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00
Expenses		(2.33	)		(2.29	)		(1.90	)		(1.45	)		(1.81	)
Net gain/(loss) on investments, net of non-controlling interests		4.61			7.19			4.84			6.12			8.04
Net income/(loss)		2.28			4.90			2.94			4.66			6.24
Net asset value, September 30, 2021	$	119.56		$	184.75		$	112.20		$	139.10		$	186.17
Ratios to average net assets
Net investment income/(loss)		-8.28	%		-5.29	%		-7.05	%		-4.06	%		-4.06	%
Expenses before incentive fees (3)(4)		8.28	%		5.29	%		7.05	%		4.06	%		4.06	%
Expenses after incentive fees (3)(4)		8.28	%		5.29	%		7.05	%		4.06	%		4.06	%
Total return before incentive fees (2)		1.95	%		2.72	%		2.69	%		3.47	%		3.47	%
Total return after incentive fees (2)		1.95	%		2.72	%		2.69	%		3.47	%		3.47	%

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

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

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

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

* Class 1 of Frontier Master Fund was closed as of April 1, 2021 and Frontier Diversified Fund Class 1 was closed as of July 21, 2021.

50

For the three months ended September 30, 2020

		Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
		Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, June 30, 2020	$	74.09		$	89.88		$	84.09		$	61.92		$	75.13		$	70.56		$	44.58		$	83.27		$	53.49		$	87.35		$	56.38
Net operating results:
Interest income		0.01			0.02			0.02			0.03			0.04			0.04			0.03			0.06			0.04			0.06			0.04
Expenses		(1.46	)		(0.76	)		(0.71	)		(3.18	)		(1.05	)		(1.00	)		(0.69	)		(0.50	)		(0.32	)		(0.52	)		(0.34	)
Net gain/(loss) on investments, net of non-controlling interests		(6.17	)		(8.14	)		(7.57	)		(6.62	)		(10.57	)		(9.87	)		(43.93	)*		(1.42	)		(0.82	)		(1.49	)		0.82
Net income/(loss)		(7.61	)		(8.88	)		(8.26	)		(9.77	)		(11.58	)		(10.83	)		(44.58	)*		(1.86	)		(1.11	)		(1.95	)		(1.12	)
Net asset value, September 30, 2020	$	66.48		$	81.00		$	75.83		$	52.15		$	63.55		$	59.73		$	-	*	$	81.41		$	52.39		$	85.40		$	55.27
Ratios to average net assets
Net investment income/(loss)		-8.16	%		-3.45	%		-3.45	%		-21.78	%		-5.83	%		-5.83	%		-6.06	%		-2.17	%		-2.17	%		-2.17	%		-2.17	%
Expenses before incentive fees (3)(4)		8.24	%		3.53	%		3.53	%		22.02	%		6.06	%		6.06	%		6.34	%		2.45	%		2.45	%		2.45	%		2.45	%
Expenses after incentive fees (3)(4)		8.24	%		3.53	%		3.53	%		22.02	%		6.06	%		6.06	%		6.34	%		2.45	%		2.45	%		2.45	%		2.45	%
Total return before incentive fees (2)		-10.28	%		-9.88	%		-9.83	%		-15.78	%		-15.41	%		-15.35	%		-2.46	%*		-2.23	%		-2.07	%		-2.23	%		-1.98	%
Total return after incentive fees (2)		-10.28	%		-9.88	%		-9.83	%		-15.78	%		-15.41	%		-15.35	%		-2.46	%*		-2.23	%		-2.07	%		-2.23	%		-1.98	%
Incentive fee per share		-			-			-			-			-			-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

	Frontier Balanced Fund															Frontier Select Fund
	Class 1			Class 1AP			Class 2			Class 2a			Class 3a			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2020	$	78.59		$	93.76		$	126.44		$	109.61		$	109.24		$	61.04		$	72.91		$	96.75
Net operating results:
Interest income		0.00			0.00			0.01			0.00			0.00			0.00			0.00			0.00
Expenses		(1.39	)		(0.97	)		(20.94	)		(1.13	)		(1.13	)		(0.78	)		(0.41	)		(0.54	)
Net gain/(loss) on investments, net of non-controlling interests		(5.38	)		(6.46	)		10.92			(7.58	)		(7.51	)		(6.91	)		(8.30	)		(11.01	)
Net income/(loss)		(6.77	)		(7.42	)		(10.02	)		(8.71	)		(8.64	)		(7.69	)		(8.70	)		(11.55	)
Net asset value, September 30, 2020	$	71.82		$	86.34		$	116.42		$	100.90		$	100.60		$	53.35		$	64.20		$	85.20
Ratios to average net assets
Net investment income/(loss)		-7.30	%		-4.27	%		-4.27	%		-4.27	%		-4.27	%		-5.35	%		-2.32	%		-2.32	%
Expenses before incentive fees (3)(4)		7.31	%		4.27	%		4.27	%		4.27	%		4.27	%		5.35	%		2.32	%		2.32	%
Expenses after incentive fees (3)(4)		7.31	%		4.27	%		4.27	%		4.27	%		4.27	%		5.35	%		2.32	%		2.32	%
Total return before incentive fees (2)		-8.61	%		-7.92	%		-7.92	%		-7.95	%		-7.91	%		-12.60	%		-11.93	%		-11.93	%
Total return after incentive fees (2)		-8.61	%		-7.92	%		-7.92	%		-7.95	%		-7.91	%		-12.60	%		-11.93	%		-11.93	%
Incentive fee per share		-			-			-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

51

	Frontier Global Fund									Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2020	$	121.68		$	145.35		$	181.09		$	96.51		$	115.25		$	154.24
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(2.33	)		(1.77	)		(2.20	)		(1.62	)		(1.10	)		(1.49	)
Net gain/(loss) on investments, net of non-controlling interests		(15.17	)		(18.19	)		(22.67	)		(8.01	)		(9.62	)		(12.85	)
Net income/(loss)		(17.50	)		(19.96	)		(24.87	)		(9.63	)		(10.72	)		(14.34	)
Net asset value, September 30, 2020	$	104.18		$	125.39		$	156.22		$	86.88		$	104.53		$	139.90
Ratios to average net assets
Net investment income/(loss)		-8.26	%		-5.23	%		-5.23	%		-7.04	%		-4.01	%		-4.01	%
Expenses before incentive fees (3)(4)		8.26	%		5.23	%		5.23	%		7.04	%		4.01	%		4.01	%
Expenses after incentive fees (3)(4)		8.26	%		5.23	%		5.23	%		7.04	%		4.01	%		4.01	%
Total return before incentive fees (2)		-14.38	%		-13.73	%		-13.74	%		-9.98	%		-9.30	%		-9.29	%
Total return after incentive fees (2)		-14.38	%		-13.73	%		-13.74	%		-9.98	%		-9.30	%		-9.29	%
Incentive fee per share		-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

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

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

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

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

* Class 1a of Frontier Long/Short Commodity Fund was liquidated as of September 30, 2020.

52

For the nine months ended September 30, 2021

	Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2020	$	72.68		$	88.95		$	83.33		$	55.18		$	67.54		$	63.52		$	85.99		$	55.29		$	90.21		$	58.37
Net operating results:
Interest income		0.06			0.07			0.07			0.15			0.20			0.19			0.20			0.13			0.21			0.14
Expenses		(3.52	)		(2.49	)		(2.39	)		(5.34	)		(3.37	)		(3.16	)		(2.03	)		(1.28	)		(2.10	)		(1.36	)
Net gain/(loss) on investments, net of non-controlling interests		(69.21	)*		4.46			4.38			(49.99	)*		10.73			10.21			14.92			10.22			15.63			10.89
Net income/(loss)		(72.68	)*		2.04			2.06			(55.18	)*		7.56			7.24			13.10			9.06			13.74			9.67
Net asset value, September 30, 2021	$	-	*	$	90.99		$	85.39		$	-	*	$	75.10		$	70.76		$	99.09		$	64.35		$	103.95		$	68.04
Ratios to average net assets
Net investment income/(loss)		-8.89	%		-5.12	%		-5.12	%		-18.61	%		-8.50	%		-8.50	%		-3.80	%		-3.80	%		-3.80	%		-3.80	%
Expenses before incentive fees (3)(4)		9.04	%		5.27	%		5.27	%		19.14	%		9.03	%		9.03	%		4.22	%		4.22	%		4.22	%		4.22	%
Expenses after incentive fees (3)(4)		9.04	%		5.27	%		5.27	%		19.14	%		9.03	%		9.03	%		4.22	%		4.22	%		4.22	%		4.22	%
Total return before incentive fees (2)		5.06	%*		2.29	%		2.48	%		4.59	%*		11.19	%		11.39	%		15.24	%		16.39	%		15.23	%		16.57	%
Total return after incentive fees (2)		5.06	%*		2.29	%		2.48	%		4.59	%*		11.19	%		11.39	%		15.24	%		16.39	%		15.23	%		16.57	%

	Frontier Balanced Fund															Frontier Select Fund
	Class 1			Class 1AP			Class 2			Class 2a			Class 3a			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2020	$	79.93		$	96.81		$	130.54		$	113.20		$	112.81		$	58.55		$	70.99		$	94.20
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(5.36	)		(4.24	)		(5.68	)		(5.25	)		(4.83	)		(2.85	)		(1.67	)		(2.22	)
Net gain/(loss) on investments, net of non-controlling interests		10.04			12.24			16.48			14.69			14.25			11.62			14.15			18.78
Net income/(loss)		4.69			8.01			10.80			9.45			9.42			8.77			12.48			16.57
Net asset value, September 30, 2021	$	84.62		$	104.82		$	141.34		$	122.65		$	122.23		$	67.32		$	83.47		$	110.77
Ratios to average net assets
Net investment income/(loss)		-11.56	%		-7.12	%		-7.12	%		-7.12	%		-7.12	%		-8.94	%		-4.38	%		-4.38	%
Expenses before incentive fees (3)(4)		10.65	%		6.21	%		6.21	%		6.21	%		6.21	%		8.94	%		4.38	%		4.38	%
Expenses after incentive fees (3)(4)		11.57	%		7.13	%		7.13	%		7.13	%		7.13	%		8.94	%		4.38	%		4.38	%
Total return before incentive fees (2)		6.78	%		9.19	%		9.19	%		9.27	%		9.27	%		14.97	%		17.58	%		17.59	%
Total return after incentive fees (2)		5.87	%		8.27	%		8.28	%		8.35	%		8.35	%		14.97	%		17.58	%		17.59	%
Incentive fee per share		0.79			0.98			1.31			1.21			1.11			-			-			-
Incentive Fee to ANA		0.92	%		0.92	%		0.92	%		0.92	%		0.92	%		0.00	%		0.00	%		0.00	%

	Frontier Global Fund						Frontier Heritage Fund
	Class 1			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2020	$	110.90		$	167.56		$	96.10		$	116.50		$	155.92
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00
Expenses		(6.99	)		(6.57	)		(5.57	)		(3.91	)		(5.18	)
Net gain/(loss) on investments, net of non-controlling interests		15.65			23.76			21.67			26.52			35.42
Net income/(loss)		8.66			17.19			16.10			22.60			30.25
Net asset value, September 30, 2021	$	119.56		$	184.75		$	112.20		$	139.10		$	186.17
Ratios to average net assets
Net investment income/(loss)		-11.77	%		-7.42	%		-10.56	%		-6.04	%		-6.04	%
Expenses before incentive fees (3)(4)		11.77	%		7.42	%		10.56	%		6.04	%		6.04	%
Expenses after incentive fees (3)(4)		11.77	%		7.42	%		10.56	%		6.04	%		6.04	%
Total return before incentive fees (2)		7.81	%		10.26	%		16.75	%		19.40	%		19.40	%
Total return after incentive fees (2)		7.81	%		10.26	%		16.75	%		19.40	%		19.40	%

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

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

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

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

* Class 1 of Frontier Masters Fund was closed as of April 1, 2021. Frontier Diversified Fund Class 1 was closed as of July 21, 2021.

53

For the nine months ended September 30, 2020

	Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2019	$	101.10		$	121.58		$	113.61		$	72.28		$	87.18		$	81.78		$	44.20		$	81.60		$	52.55		$	85.64		$	55.31
Net operating results:
Interest income		0.02			0.03			0.02			0.08			0.10			0.10			0.07			0.13			0.08			0.13			0.09
Expenses		(4.88	)		(2.82	)		(2.50	)		(11.57	)		(3.75	)		(3.52	)		(2.13	)		(1.59	)		(1.02	)		(1.67	)		(1.08	)
Net gain/(loss) on investments, net of non-controlling interests		(29.76	)		(37.79	)		(35.30	)		(8.64	)		(19.99	)		(18.63	)		(42.14	)*		1.27			0.78			1.30			0.94
Net income/(loss)		(34.62	)		(40.58	)		(37.78	)		(20.13	)		(23.63	)		(22.05	)		(44.20	)*		(0.19	)		(0.17	)		(0.24	)		(0.05	)
Net asset value, September 30, 2020	$	66.48		$	81.00		$	75.83		$	52.15		$	63.55		$	59.73		$	-	*	$	81.41		$	52.39		$	85.40		$	55.27
Ratios to average net assets
Net investment income/(loss)		-10.89	%		-5.35	%		-5.35	%		-35.07	%		-9.11	%		-9.11	%		-9.27	%		-3.53	%		-3.53	%		-3.53	%		-3.53	%
Expenses before incentive fees (3)(4)		10.94	%		5.40	%		5.40	%		35.33	%		9.37	%		9.37	%		9.58	%		3.84	%		3.84	%		3.84	%		3.84	%
Expenses after incentive fees (3)(4)		10.94	%		5.40	%		5.40	%		35.33	%		9.37	%		9.37	%		9.58	%		3.84	%		3.84	%		3.84	%		3.84	%
Total return before incentive fees (2)		-34.25	%		-33.38	%		-33.25	%		-27.85	%		-27.11	%		-26.97	%		-1.62	%*		-0.23	%		-0.31	%		-0.28	%		-0.08	%
Total return after incentive fees (2)		-34.25	%		-33.38	%		-33.25	%		-27.85	%		-27.11	%		-26.97	%		-1.62	%*		-0.23	%		-0.31	%		-0.28	%		-0.08	%
Incentive fee per share		-			-			-			-			-			-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

	Frontier Balanced Fund															Frontier Select Fund
	Class 1			Class 1AP			Class 2			Class 2a			Class 3a			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2019	$	117.23		$	137.81		$	185.82		$	161.04		$	160.50		$	66.56		$	78.51		$	103.94
Net operating results:
Interest income		0.04			0.04			0.06			0.05			0.05			0.00			0.00			0.00
Expenses		(4.79	)		(3.21	)		(4.34	)		(3.79	)		(3.76	)		(2.61	)		(1.37	)		(1.83	)
Net gain/(loss) on investments, net of non-controlling interests		(40.66	)		(48.31	)		(65.11	)		(56.40	)		(56.20	)		(10.60	)		(12.93	)		(16.92	)
Net income/(loss)		(45.41	)		(51.47	)		(69.40	)		(60.14	)		(59.90	)		(13.21	)		(14.31	)		(18.74	)
Net asset value, September 30, 2020	$	71.82		$	86.34		$	116.42		$	100.90		$	100.60		$	53.35		$	64.20		$	85.20
Ratios to average net assets
Net investment income/(loss)		-10.42	%		-5.92	%		-5.92	%		-5.92	%		-5.92	%		-8.15	%		-3.64	%		-3.64	%
Expenses before incentive fees (3)(4)		10.50	%		6.00	%		6.00	%		6.00	%		6.00	%		8.15	%		3.64	%		3.64	%
Expenses after incentive fees (3)(4)		10.50	%		6.00	%		6.00	%		6.00	%		6.00	%		8.15	%		3.64	%		3.64	%
Total return before incentive fees (2)		-38.74	%		-37.35	%		-37.35	%		-37.34	%		-37.32	%		-19.84	%		-18.22	%		-18.03	%
Total return after incentive fees (2)		-38.74	%		-37.35	%		-37.35	%		-37.34	%		-37.32	%		-19.84	%		-18.22	%		-18.03	%
Incentive fee per share		-			-			-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

54

	Frontier Global Fund									Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2019	$	131.52		$	154.43		$	192.82		$	97.54		$	114.15		$	153.59
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(7.81	)		(5.84	)		(7.38	)		(5.22	)		(3.52	)		(4.74	)
Net gain/(loss) on investments, net of non-controlling interests		(19.53	)		(23.20	)		(29.22	)		(5.44	)		(6.11	)		(8.95	)
Net income/(loss)		(27.34	)		(29.04	)		(36.60	)		(10.65	)		(9.62	)		(13.69	)
Net asset value, September 30, 2020	$	104.18		$	125.39		$	156.22		$	86.88		$	104.53		$	139.90
Ratios to average net assets
Net investment income/(loss)		-12.20	%		-7.68	%		-7.68	%		-10.42	%		-5.90	%		-5.90	%
Expenses before incentive fees (3)(4)		12.20	%		7.68	%		7.68	%		10.42	%		5.90	%		5.90	%
Expenses after incentive fees (3)(4)		12.20	%		7.68	%		7.68	%		10.42	%		5.90	%		5.90	%
Total return before incentive fees (2)		-20.79	%		-18.80	%		-18.98	%		-10.92	%		-8.43	%		-8.91	%
Total return after incentive fees (2)		-20.79	%		-18.80	%		-18.98	%		-10.92	%		-8.43	%		-8.91	%
Incentive fee per share		-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

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

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

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

(4)	Expense ratios do not include management and incentive fees at the Galaxy Plus entities. The ratios would have been higher had those expenses been included. The impact of those fees are included in the total return.
*	Class 1a of Frontier Long/Short Commodity Fund was liquidated as of September 30, 2020.

55

8. Derivative Instruments and Hedging Activities

The Series’ primary business is to engage in speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts). The Series do not enter into or hold positions for hedging purposes as defined under ASC 815, Derivatives and Hedging (“ASC 815”). The detail of the fair value of the Series’ derivatives by instrument types as of September 30, 2021 and December 31, 2020 is included in the Condensed Schedules of Investments. See Note 4 for further disclosure related to each Series’ position in swap contracts.

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

For the three months ended September 30, 2021

Monthly average contracts:

	Bought		Sold
Frontier Balanced Fund		307		392

For the three months ended September 30, 2020

Monthly average contracts:

	Bought		Sold
Frontier Balanced Fund		600		726

For the nine months ended September 30, 2021

Monthly average contracts:

	Bought		Sold
Frontier Balanced Fund		293		322

For the nine Months ended September 30, 2020

Monthly average contracts:

	Bought		Sold
Frontier Balanced Fund		578		568

56

The following tables summarize the trading revenues for the three and nine months ended September 30, 2021, and 2020 by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2021

Type of contract	Frontier Balanced Fund
Agriculturals	$	13,487
Currencies		(20,259	)
Energies		82,010
Interest rates		5,987
Metals		155
Stock indices		12,503
Realized trading income/(loss)(1)	$	93,883

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2020

Type of contract	Frontier Balanced Fund
Agriculturals	$	107,606
Currencies		36,116
Energies		(29,190	)
Interest rates		(80,947	)
Metals		105,688
Stock indices		28,280
Realized trading income/(loss)(1)	$	167,553

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

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2021

Type of contract	Frontier Balanced Fund
Agriculturals	$	87,183
Currencies		(75,797	)
Energies		133,440
Interest rates		127,666
Metals		88,709
Stock indices		213,404
Realized trading income/(loss)(1)	$	574,605

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2020

Type of contract	Frontier Balanced Fund
Agriculturals	$	132,659
Currencies		15,372
Energies		(15,120	)
Interest rates		56,888
Metals		427,135
Stock indices		(28,822	)
Realized trading income/(loss)(1)	$	588,112

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

57

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

for the Three Months Ended September 30, 2021

Type of contract	Frontier Balanced Fund
Agriculturals	$	62,335
Currencies		8,416
Energies		22,030
Interest rates		(1,144	)
Metals		72,161
Stock indices		(10,502	)
Change in unrealized trading income/(loss)(1)	$	153,295

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

for the Three Months Ended September 30, 2020

Type of contract	Frontier Balanced Fund
Agriculturals	$	(73,529	)
Currencies		(12,856	)
Energies		(35,050	)
Interest rates		46,611
Metals		28,731
Stock indices		(7,741	)
Change in unrealized trading income/(loss)(1)	$	(53,834	)

58

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

for the Nine Months Ended September 30, 2021

Type of contract	Frontier Balanced Fund
Agriculturals	$	34,336
Currencies		(89,833	)
Energies		35,930
Interest rates		(13,046	)
Metals		30,003
Stock indices		(14,058	)
Change in unrealized trading income/(loss)(1)	$	(16,668	)

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

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

for the Nine Months Ended September 30, 2020

Type of contract	Frontier Balanced Fund
Agriculturals	$	(58,614	)
Currencies		(27,439	)
Energies		(39,325	)
Interest rates		76,647
Metals		(91,914	)
Stock indices		9,775
Change in unrealized trading income/(loss)(1)	$	(130,870	)

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

59

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

The following tables present gross and net information about the Series’ assets and liabilities subject to master netting arrangements as disclosed on the statements of financial condition as of September 30, 2021 and December 31, 2020.

As of September 30, 2021

Frontier Balanced Fund	Gross Amounts of recognized Derivative Assets/Liabilities		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	1,246,031	$	(1,161,702	)	$	84,329

As of December 31, 2020

Frontier Balanced Fund	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	814,743	$	(714,303	)	$	100,440

9. Trading Activities and Related Risks

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

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

60

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

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

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

10. Indemnifications and Guarantees noted in Management Discussion and Analysis

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

11. Subsequent Events

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

From October 1, 2021 through November 10, 2021, Frontier Balanced Fund, Frontier Diversified Fund, Frontier Heritage Fund, Frontier Long/Short Commodity Fund, Frontier Masters Fund, Frontier Select Fund and Frontier Global Fund paid $110,778, $19,386, $2,000, $ 1,300, $3,885, $43,866 and, $49,473 respectively, in redemptions.

61

Frontier Funds

Consolidated Statements of Financial Condition

September 30, 2021 (Unaudited) and December 31, 2020

	September 30, 2021		December 31, 2020
ASSETS
Cash and cash equivalents	$	183,390	$	468,466
U.S. Treasury securities, at fair value		143,896		2,282,606
Receivable from futures commission merchants		788,667		233,973
Open trade equity, at fair value		84,329		100,440
Investments in private investment companies, at fair value		22,075,333		23,089,312
Interest receivable		1,022		45,578
Receivable from related parties		38,202		26,129
Redemptions receivable from private investment companies		-		181,323
Total Assets	$	23,314,839	$	26,427,827
LIABILITIES & CAPITAL
LIABILITIES
Redemptions payable	$	50,041	$	38,128
Incentive fees payable to Managing Owner		54,924		-
Management fees payable to Managing Owner		1,610		8,854
Interest payable to Managing Owner		1,978		2,107
Trading fees payable to Managing Owner		75,283		81,698
Service fees payable to Managing Owner		32,805		36,705
Risk analysis fees payable		10,470		9,513
Subscriptions in advance for service fee rebates		665,217		638,962
Payables to related parties		38,202		26,129
Other liabilities		17,555		16,592
Total Liabilities		948,085		858,688
OWNERS’ CAPITAL
Managing Owner Units		237,234		283,217
Limited Owner Units		22,129,520		25,285,922
Total Owners’ Capital		22,366,754		25,569,139
Total Liabilities and Owners’ Capital	$	23,314,839	$	26,427,827

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

62

Frontier Funds

Consolidated Condensed Schedule of Investments (Unaudited)

September 30, 2021

		Fair			% of Total Capital (Net Asset
Description		Value			Value)
LONG FUTURES CONTRACTS *
	Various agriculture futures contracts (Far East)	$	(9,652	)		-0.04	%
	Various agriculture futures contracts (Europe)		85,119			0.38	%
	Various agriculture futures contracts (U.S.)		43,697			0.20	%
	Various base metals futures contracts (U.S.)		(39,727	)		-0.18	%
	Various currency futures contracts (Europe)		(481	)		0.00	%
	Various currency futures contracts (Far East)		(15,984	)		-0.07	%
	Various currency futures contracts (Latin America)		(9,108	)		-0.04	%
	Various currency futures contracts (U.S.)		7,388			0.03	%
	Various energy futures contracts (U.S.)		79,410			0.36	%
	Various interest rates futures contracts (Europe)		(334,215	)		-1.49	%
	Various interest rates futures contracts (Far East)		(24,169	)		-0.11	%
	Various interest rates futures contracts (U.S.)		(14,625	)		-0.07	%
	Various precious metal futures contracts (U.S.)		(5,456	)		-0.02	%
	Various stock index futures contracts (Europe)		(5,437	)		-0.02	%
	Various stock index futures contracts (Far East)		(3,432	)		-0.02	%
	Various stock index futures contracts (Oceanic)		(1,626	)		-0.01	%
	Various stock index futures contracts (U.S.)		(10,558	)		-0.05	%
	Various stock index futures contracts (Canada)		(3,951	)		-0.02	%
	Total Long Futures Contracts	$	(262,807	)		-1.17	%
SHORT FUTURES CONTRACTS *
	Various agriculture futures contracts (Far East)	$	3,818			0.02	%
	Various agriculture futures contracts (Europe)		(55,212	)		-0.25	%
	Various agriculture futures contracts (U.S.)		1,372			0.01	%
	Various base metals futures contracts (U.S.)		9,982			0.04	%
	Various currency futures contracts (Europe)		30,456			0.14	%
	Various currency futures contracts (Far East)		828			0.00	%
	Various currency futures contracts (Latin America)		20,698			0.09	%
	Various currency futures contracts (U.S.)		(4,750	)		-0.02	%
	Various energy futures contracts (U.S.)		(43,480	)		-0.19	%
	Various interest rates futures contracts (Europe)		264,970			1.18	%
	Various interest rates futures contracts (Far East)		35,149			0.16	%
	Various interest rates futures contracts (U.S.)		5,313			0.02	%
	Various precious metal futures contracts (U.S.)		67,448			0.30	%
	Various stock index futures contracts (Canada)		2,986			0.01	%
	Various stock index futures contracts (Europe)		8,521			0.04	%
	Various stock index futures contracts (U.S.)		(963	)		0.00	%
	Total Short Futures Contracts	$	347,136			1.55	%
	Total Open Trade Equity (Deficit)	$	84,329			0.38	%

			Fair		% of Total Capital (Net Asset
			Value		Value)
PRIVATE INVESTMENT COMPANIES (1)
		Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)	$	302,146		1.35	%
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		2,419,421		10.82	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		1,184,603		5.30	%
		Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC		131,464		0.59	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,899,239		8.49	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		7,322,291		32.74	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		5,786,775		25.87	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		2,550,021		11.40	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		479,373		2.14	%
		Total Private Investment Companies	$	22,075,333		98.70	%
U.S. TREASURY SECURITIES
FACE VALUE
$	116,500	US Treasury Note 6.875% due 08/15/2025 (Cost $146,667)	$	143,896		0.64	%
		Total U.S. Treasury Securities	$	143,896		0.64	%

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

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

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

63

Frontier Funds

Consolidated Condensed Schedule of Investments

December 31, 2020

			Fair			% of Total Capital (Net Asset
Description			Value			Value)
LONG FUTURES CONTRACTS *
		Various agriculture futures contracts (Far East)	$	72,005			0.28	%
		Various agriculture futures contracts (Europe)		9,803			0.04	%
		Various agriculture futures contracts (U.S.)		87,496			0.34	%
		Various base metals futures contracts (U.S.)		22,858			0.09	%
		Various currency futures contracts (U.S.)		(100	)		0.00	%
		Various currency futures contracts (Europe)		10,573			0.04	%
		Various currency futures contracts (Latin America)		5,833			0.02	%
		Various interest rates futures contracts (Europe)		148,949			0.58	%
		Various interest rates futures contracts (Far East)		2,882			0.01	%
		Various interest rates futures contracts (U.S.)		2,438			0.01	%
		Various precious metal futures contracts (U.S.)		28,625			0.11	%
		Various soft futures contracts (U.S.)		52,349			0.20	%
		Various stock index futures contracts (Far East)		5,312			0.02	%
		Total Long Futures Contracts	$	449,023			1.74	%
SHORT FUTURES CONTRACTS *
		Various agriculture futures contracts (Far East)	$	(30,963	)		-0.12	%
		Various agriculture futures contracts (Europe)		(10,797	)		-0.04	%
		Various agriculture futures contracts (U.S.)		(92,738	)		-0.36	%
		Various base metals futures contracts (U.S.)		(10,289	)		-0.04	%
		Various currency futures contracts (U.S.)		2,300			0.01	%
		Various currency futures contracts (Europe)		(10,381	)		-0.04	%
		Various currency futures contracts (Latin America)		2,512			0.01	%
		Various interest rates futures contracts (Europe)		(127,832	)		-0.50	%
		Various interest rates futures contracts (Far East)		(2,482	)		-0.01	%
		Various interest rates futures contracts (U.S.)		3,656			0.01	%
		Various precious metal futures contracts (U.S.)		(25,560	)		-0.10	%
		Various soft futures contracts (U.S.)		(42,669	)		-0.17	%
		Various stock index futures contracts (Far East)		(3,340	)		-0.01	%
		Total Short Futures Contracts	$	(348,583	)		-1.36	%
		Total Open Trade Equity (Deficit)	$	100,440			0.38	%
PRIVATE INVESTMENT COMPANIES (1)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	3,377,314			13.21	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		1,996,633			7.81	%
		Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC		89,029			0.35	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,654,786			6.47	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		7,427,324			29.05	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		5,363,456			20.98	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		2,715,008			10.62	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		465,759			1.82	%
		Total Private Investment Companies	$	23,089,312			90.31	%
U.S. TREASURY SECURITIES
FACE VALUE
$	1,755,000	US Treasury Note 6.875% due 08/15/2025 (Cost $2,283,228)	$	2,282,606			8.93	%
		Total U.S. Treasury Securities	$	2,282,606			8.93	%

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

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

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

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Frontier Funds

Consolidated Statements of Operations (Unaudited)

For the Three Months Ended September 30, 2021 and 2020

	September 30, 2021			September 30, 2020
Investment income:
Interest - net	$	2,520		$	2,941
Total Income/(loss)		2,520			2,941
Expenses:
Incentive Fees (rebate)		54,924			-
Management Fees		4,764			5,029
Risk analysis Fees		1,429			1,509
Service Fees - Class 1		110,307			128,178
Due Diligence Fees		1,347			2,268
Trading Fees		231,958			285,835
Other Fees		-			45
Total Expenses		404,729			422,864
Investment income/(loss) - net		(402,209	)		(419,923	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		93,883			167,553
Net unrealized gain/(loss) on private investment companies		(66,860	)		(2,356,309	)
Net realized gain/(loss) on private investment companies		109,705			11,991
Net change in open trade equity/(deficit)		153,295			(53,834	)
Net realized gain/(loss) on swap contracts		-			(10,318	)
Net unrealized gain/(loss) on swap contracts		-			(248,865	)
Net realized gain/(loss) on U.S. Treasury securities		(13,512	)		(1,058	)
Net unrealized gain/(loss) on U.S. Treasury securities		8,702			(1,105	)
Trading commissions		(4,164	)		(5,477	)
Net gain/(loss) on investments		281,048			(2,497,422	)
NET INCREASE/(DECREASE) IN OWNERS’ CAPITAL RESULTING FROM OPERATIONS	$	(121,161	)	$	(2,917,345	)

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

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Frontier Funds

Consolidated Statements of Operations (Unaudited)

For the Nine Months Ended September 30, 2021 and 2020

	September 30, 2021			September 30, 2020
Investment income:
Interest - net	$	8,437		$	12,721
Total Income		8,437			12,721
Expenses:
Incentive Fees (rebate)		104,764			-
Management Fees		13,978			14,753
Risk analysis Fees		4,193			4,426
Service Fees - Class 1		342,856			483,402
Due Diligence Fees		4,392			9,111
Trading Fees		716,291			1,057,985
Other Fees		-			83
Total Expenses		1,186,474			1,569,760
Investment income/(loss) - net		(1,178,037	)		(1,557,039	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		574,605			588,112
Net unrealized gain/(loss) on private investment companies		1,868,317			(626,550	)
Net realized gain/(loss) on private investment companies		793,346			(3,962,286	)
Net change in open trade equity/(deficit)		(16,668	)		(130,869	)
Net realized gain/(loss) on swap contracts		-			(200,052	)
Net unrealized gain/(loss) on swap contracts		-			(7,490,322	)
Net realized gain/(loss) on U.S. Treasury securities		(23,832	)		44,673
Net unrealized gain/(loss) on U.S. Treasury securities		(1,798	)		3,476
Trading commissions		(10,529	)		(17,535	)
Net gain/(loss) on investments		3,183,440			(11,791,353	)
NET INCREASE/(DECREASE) IN OWNERS’ CAPITAL RESULTING FROM OPERATIONS	$	2,005,403		$	(13,348,392	)

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

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Frontier Funds

Consolidated Statements of Changes in Owners’ Capital (Unaudited)

For the Three Months Ending September 30, 2021

	Managing Owner			Limited Owners			Total
Owners’ Capital, June 30, 2021	$	241,505		$	23,140,723		$	23,382,228
Sale of Units (including transfers)		7,000			-			7,000
Redemption of Units (including transfers)		(11,000	)		(890,313	)		(901,313	)
Payment made by Related Party		-			-			-
Payment made by Managing Owner		-			-			-
Net increase/(decrease) in Owners’ Capital resulting from operations		(271	)		(120,890	)		(121,161	)
Owners’ Capital, September 30, 2021	$	237,234		$	22,129,520		$	22,366,754

Consolidated Statements of Changes in Owners’ Capital (Unaudited)

For the Nine Months Ending September 30, 2021

	Managing Owner			Limited Owners			Total
Owners’ Capital, December 31, 2020	$	283,217		$	25,285,922		$	25,569,139
Sale of Units (including transfers)		7,000			-			7,000
Redemption of Units (including transfers)		(76,300	)		(5,138,488	)		(5,214,788	)
Payment made by Related Party		-			-			-
Payment made by Managing Owner		-			-			-
Net increase/(decrease) in Owners’ Capital resulting from operations		23,317			1,982,086			2,005,403
Owners’ Capital, September 30, 2021	$	237,234		$	22,129,520		$	22,366,754

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

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

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Frontier Funds

Consolidated Statements of Cash Flows (Unaudited)

For the Nine Months Ended September 30, 2021 and 2020

	September 30, 2021			September 30, 2020
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	2,005,403		$	(13,348,392	)
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/(deficit)		16,111			175,959
Net change in ownership allocation of U.S. Treasury Securities		(8,606	)		-
Net unrealized (gain)/loss on swap contracts		-			7,490,322
Net realized (gain)/loss on swap contracts		-			97,745
Net unrealized (gain)/loss on private investment companies		(1,868,317	)		615,670
Net realized (gain)/loss on private investment companies		(793,346	)		3,962,286
Net unrealized (gain)/loss on U.S. Treasury securities		1,798			(3,476	)
Net realized (gain)/loss on U.S. Treasury securities		23,832			(44,673	)
(Purchases) sales of:
Sales of swap contracts		-			1,491,965
(Purchases) of Swap Contracts		-			(1,447,843	)
Reduction of collateral in Swap Contracts		-			1,496,127
(Purchases) of U.S. Treasury securities		(1,987,803	)		(9,398,221	)
Sales of U.S. Treasury securities		4,101,053			9,989,663
(Purchases) of Private Investment Companies		(4,904,551	)		(11,118,853	)
Sales of Private Investment Companies		8,580,192			19,488,768
U.S. Treasury interest and premium paid/amortized		8,437			12,721
Increase and/or decrease in:
Receivable from futures commission merchants		(554,694	)		1,745,358
Advance on unrealized Swap Appreciation		-			(1,900,000	)
Interest receivable		44,556			12,660
Receivable from related parties		(12,073	)		(164,351	)
Other assets		-			5,700
Redemptions receivable from private investment companies		181,323			70,705
Incentive fees payable to Managing Owner		54,924			-
Management fees payable to Managing Owner, net of change in receivable		(7,244	)		108
Interest payable to Managing Owner		(129	)		1,092
Trading fees payable to Managing Owner		(6,415	)		(67,963	)
Service fees payable to Managing Owner		(3,900	)		(32,413	)
Due from Managing Owner		-			-
Risk analysis fees payable		957			1,564
Payables to related parties		12,073			175,803
Subscriptions in advance for service fee rebates		26,255			32,951
Other liabilities		963			(5,260	)
Net cash provided by (used in) operating activities		4,910,799			9,335,722
Cash Flows from Financing Activities:
Proceeds from sale of capital		7,000			-
Payment for redemption of capital		(5,214,788	)		(9,374,045	)
Redemptions payable		11,913			(79,403	)
Net cash provided by (used in) financing activities		(5,195,875	)		(9,453,448	)
Net increase (decrease) in cash and cash equivalents		(285,076	)		(117,726	)
Cash and cash equivalents, beginning of period		468,466			367,568
Cash and cash equivalents, end of period	$	183,390		$	249,842

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

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Frontier Funds

Notes to Consolidated Financial Statements

1. Organization and Purpose

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

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

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

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

The Trust, with respect to each Series:

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

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

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

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

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

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

● all payments made to selling agents who are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and their associated persons that constitute underwriting compensation will be subject to the limitations set forth in Rule 2310(b)(4)(B)(ii) (formerly Rule 2810(b)(4)(B)(ii)) of the Conduct Rules of FINRA (“Rule 2310”). An investor’s Class 1 Units or Class 2 Units of any Series, or Class 1a Units or Class 2a Units of the Frontier Long/Short Commodity Fund or Frontier Balanced Fund will be classified as Class 3 or Class 3a Units of such Series, as applicable, when the Managing Owner determines that the fee limitation set forth in Rule 2310 with respect to such Units has been reached or will be reached. The service fee limit applicable to each unit sold is reached upon the earlier of when (i) the aggregate initial and ongoing service fees received by the selling agent with respect to such unit equals 9% of the purchase price of such unit or (ii) the aggregate underwriting compensation (determined in accordance with FINRA Rule 2310) paid in respect of such unit totals 10% of the purchase price of such unit. No service fees are paid with respect to Class 3 or Class 3a Units. Units of any Class in a Series may be redeemed, in whole or in part, on a daily basis, at the then current NAV per Unit for such Series on the day of the week after the date the Managing Owner is in receipt of a redemption request for at least one (1) business day to be received by the Managing Owner prior to 4:00 PM in New York. Frontier Masters Fund Class 1 was closed as of April 1, 2021 and Frontier Diversified Fund Class 1 was closed as of July 21, 2021

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

70

As of September 30, 2021, the Trust, with respect to the Frontier Diversified Fund and Frontier Masters Fund, separates Units into two separate Classes—Class 2 and Class 3. The Trust, with respect to the Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund separates Units into a maximum of three separate Classes—Class 1, Class 2 and Class 1AP. The Trust, with respect to the Frontier Balanced Fund separates Units into a maximum of five separate Classes—Class 1, Class 1AP, Class 2, Class 2A and Class 3A. The Trust, with respect to the Frontier Long/Short Commodity Fund separates Units into a maximum of five separate Classes—Class 1A, Class 2A, Class 2, Class 3A and Class 3. Between April 15, 2016 and May 10, 2017, a portion of the interests in Frontier Trading Company I, LLC and all of the interests in Frontier Trading Company VII, LLC, Frontier Trading Company XV, LLC, and Frontier Trading Company XXIII LLC held by Frontier Diversified Fund, Frontier Masters Fund, Frontier Select Fund, Frontier Balanced Fund and Frontier Long/Short Commodity Fund were exchanged for equivalent interests in the Galaxy Plus Managed Account Platform (“Galaxy Plus”) which is an unaffiliated, third-party managed account platform. The assets of Frontier Trading Company I, LLC, which included exposure to Quantmetrics Capital Management LLP’s Multi-Strategy Program, Quantitative Investment Management, LLC’s Quantitative Global Program, Quest Partners LLC’s Quest Tracker Index Program, Chesapeake Capital Management, LLC’s Diversified Program, and Doherty Advisors LLC’s Relative Value Moderate Program, the assets of Frontier Trading Company VII, LLC, which included exposure to Emil van Essen LLC’s Multi-Strategy Program, Red Oak Commodity Advisors, Inc.’s Fundamental Diversified Program, Rosetta Capital Management, LLC’s Rosetta Trading Program, and Landmark Trading Company’s Landmark Program, the assets of Frontier Trading Company XV, LLC, which included exposure to Transtrend B.V.’s TT Enhanced Risk (USD) Program, and the assets of Frontier Trading Company XXIII, LLC which included exposure to Fort L.P.’s Global Contrarian Program have been transferred to individual Delaware limited liability companies (“Master Funds”) in Galaxy Plus. Each Master Fund is sponsored and operated by Gemini Alternative Funds, LLC (“Sponsor”). The Sponsor has contracted with the Trading Advisors to manage the portfolios of the Master Funds pursuant to the advisors’ respective program. For those Series that invest in Galaxy Plus, approximately 30-70% of those Series assets are used to support the margin requirements of the Master Funds. The remaining assets of the Series are split between investments in Trading Companies and a pooled cash management account that invests primarily in U.S. Treasury securities. For those Series that do not invest in Galaxy Plus, their assets are split between investments in Trading Companies and investments in the pooled cash management account.

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

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

2. Significant Accounting Policies

The following are the significant accounting policies of the Trust.

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

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

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

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

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

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

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

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

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Receivable from Futures Commission Merchants—The Trust deposits assets with an FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of September 30, 2021 and December 31, 2020 and included restricted cash for margin requirements of $791,090 and $321,638 for the Frontier Balanced Fund. 

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

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

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

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

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

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

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

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

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

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

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

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

Each Series is charged service fees as outlined above. In some cases, amounts paid to selling agents might be less than the amount charged to the Series. When this occurs, the service fee is rebated back to the investor in the form of additional units. During 2020, 2019 and 2018, 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 2021 when the Series are allowed to sell shares again. As such, the Managing Owner has calculated the amounts for additional units of the relevant series which will be purchased and classified such amounts as Subscriptions in advance for service fee rebates of $665,217 and $638,962 as of September 30, 2021 and December 31, 2020, respectively.

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

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

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

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

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

3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

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

Level 3 Inputs

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

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

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

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Swap Contracts. Certain Series of the Trust strategically invest a portion or all of their assets in total return swaps, selected at the direction of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more investment products or indices. In a typical swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between parties are calculated with respect to a “notional amount” (i.e., the amount of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. Swap contracts are reported at fair value upon daily reports from the counterparty. In addition, a third party takes the inputs from the counterparty, makes certain adjustments, and runs it through their pricing model to come up with their daily price. The fair value measurements of the swap contracts are valued using unadjusted inputs that were not internally developed. The Managing Owner reviews, compares and approves current day pricing of the CTA positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, as well as from a third party. Differences in prices exceeding 5% are investigated. Unexplainable differences are escalated to the Managing Owner’s Valuation Committee for evaluation and resolution. The Swap Contracts are reported at fair value using Level 3 inputs. The Frontier Select Fund (through its investment in an unconsolidated trading company) and Frontier Heritage Fund Brevan Howard swap investments were liquidated on May 30, 2020 and Frontier Balanced Fund, Frontier Long/Short Commodity Fund, Frontier Diversified Fund TRS swap investments were liquidated on December 21, 2020.

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

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

September 30, 2021	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	84,329	$	-	$	-	$	84,329
U.S. Treasury Securities		143,896		-		-		143,896

December 31, 2020	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	100,440	$	-	$	-	$	100,440
U.S. Treasury Securities		2,282,606		-		-		2,282,606

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

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Swaps

	For the Year ended December 31, 2020
Balance of recurring Level 3 assets as of  January 1, 2020	$	21,579,865
Total gains or losses (realized/unrealized):
Included in earnings-realized		(2,896,106	)
Included in earnings-unrealized		(4,384,210	)
Proceeds from collateral reduction		(12,674,502	)
Purchase of investments		12,918,207
Sale of investments		(14,543,254	)
Transfers in and/or out of Level 3		-
Balance of recurring Level 3 assets as of December 31, 2020	$	-

The Trust assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Trust’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the nine months ended September 30, 2021 and December 31, 2020, the Trust did not transfer any assets between Levels 1, 2 and 3.

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2020: Swaps $(4,384,210).

4. Swap Contracts

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

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

The Managing Owner follows a procedure in selecting well-established financial institutions which the Managing Owner, in its sole discretion, considers to be reputable, reliable, financially responsible and well established to act as swap counterparties. The procedure includes due diligence review of documentation on all new and existing financial institution counterparties prior to initiation of the relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owner’s minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. As of December 31, 2020, all swaps were sold so that no Trust’s assets were deposited with over-the-counter counterparties.

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

To help to reduce counterparty risk on the Series, the Managing Owner has the right to reduce the Series’ exposure and remove cash from the Series’ total return swaps with Deutsche Bank AG. This cash holding shall be in excess of $250,000 and may not exceed 40% of the index exposure in total. Index exposure is defined as the total notional amount plus any profit. The Series are charged interest on this cash holding and any amount removed will be offset against the final settlement value of the swap. The Frontier Select Fund (through its investment in an unconsolidated trading company) and Frontier Heritage Fund Brevan Howard swap investments were liquidated on May 30, 2020 and Frontier Balanced Fund, Frontier Long/Short Commodity Fund, Frontier Diversified Fund TRS swap investment were liquidated on December 21, 2020.   

The Trust had invested in the following swaps as of and for the year ended December 31, 2020:

	XXXIV Balanced select swap			XXXV Diversified select swap			XXXVII L/S select swap		Brevan Howard
	Total Return Swap			Total Return Swap			Total Return Swap		Total Return Swap
Counterparty	Deutsche Bank AG			Deutsche Bank AG			Deutsche Bank AG		Deutsche Bank AG
Realized Gain/(Loss)	$	(2,448,166	)	$	(446,306	)	$	188,100	$	(189,734	)
Change in Unrealized Gain/(Loss)	$	(3,088,917	)	$	(1,537,399	)	$	44,277	$	197,829
Fair Value as of December 31, 2020	$	0		$	0		$	0	$	0
Advance on swap appreciation	$	0		$	0		$	0	$	0

5. Investments in Private Investment Companies

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

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

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The following table summarizes the Trust’s equity in earnings from each of the private investment companies during the three and nine months ended September 30, 2021 and 2020:

Three months ended September 30, 2021 and 2020 

	Three Months Ended September, 2021												Three Months Ended September, 2020
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	(6,405	)	$	72,602		$	205,496		$	271,693		$	(8,130	)	$	(813,198	)	$	109,718		$	(711,610	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-			-			(447	)		(447	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-			-			(11,450	)		(11,450	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(8,483	)		241,329			(899,091	)		(666,245	)		(6,896	)		(5,199	)		(51,941	)		(64,036	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(120	)		26,360			(23,799	)		2,441			(306	)		40,222			(86,248	)		(46,332	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(4,673	)		(37,827	)		273,162			230,662			(980	)		(235,964	)		59,500			(177,444	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		-			-			-			-			-			-			-			-
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(6,635	)		5,846			(122,669	)		(123,458	)		(5,945	)		(46,444	)		35,561			(16,828	)
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC		-			-			(1,847	)		(1,847	)		-			-			(80,092	)		(80,092	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			-			-			-			-			(3,765	)		(3,765	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(29,043	)		407,312			(33,593	)		344,676			(22,934	)		236,216			(122,312	)		90,970
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(2,976	)		(35,301	)		36,092			(2,185	)		(2,283	)		(708,548	)		(322,966	)		(1,033,797	)
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(3,298	)		86,851			(96,446	)		(12,893	)		-			-			-			-
Total	$	(61,633	)	$	767,172			(662,695	)		42,844		$	(47,474	)	$	(1,532,915	)	$	(474,442	)	$	(2,054,831	)

Nine months ended September 30, 2021 and 2020

	Nine Months Ended September, 2021												Nine Months Ended September, 2020
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	(17,925	)	$	751,780		$	288,555		$	1,022,410		$	(29,821	)	$	(771,155	)	$	(19,372	)	$	(820,348	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			(349	)		-			(349	)		(3,500	)		(95,347	)		41,225			(57,622	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			497			-			497			(13,005	)		(1,475,050	)		164,351			(1,323,704	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(27,801	)		600,555			(1,046,175	)		(473,421	)		(34,000	)		(531,301	)		217,203			(348,098	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(543	)		149,331			(126,776	)		22,012			(1,789	)		(453,267	)		(136,072	)		(591,128	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(11,428	)		(291,804	)		62,635			(240,597	)		(13,376	)		(1,148,018	)		156,838			(1,004,556	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(20,639	)		183,921			41,105			204,387			(9,160	)		63,905			(13,198	)		41,547
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC		-			-			42,887			42,887			-			-			(80,092	)		(80,092	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			1,384			-			1,384			(7,243	)		(321,982	)		(47,177	)		(376,402	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(83,195	)		2,059,011			272,659			2,248,475			(54,483	)		1,758,472			(443,728	)		1,260,261
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(6,780	)		(824,562	)		653,714			(177,628	)		(2,283	)		(708,548	)		(322,966	)		(1,033,797	)
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(7,807	)		107,810			(88,398	)		11,605			-			-			-			-
Total	$	(176,118	)	$	2,737,574		$	100,206		$	2,661,662		$	(168,660	)	$	(3,682,291	)	$	(482,988	)	$	(4,333,939	)

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

	Redemptions	Redemptions	Liquidity
	Notice Period	Permitted	Restrictions
Frontier Funds
Multi-Strategy
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Daily	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Daily	None

6. Transactions with Affiliates

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

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

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Expenses

Management Fees—Each Series of Units pays to the Managing Owner a monthly management fee equal to a percentage of the notional assets of such Series allocated to Trading Companies, calculated on a daily basis. The percentage basis of the fees varies and are in line with the amounts being disclosed below. In addition, the Managing Owner receives a monthly management equal to a certain percentage of the assets in the Galaxy Plus entities attributable to such Series’ (including notional assets), calculated on a monthly basis. The management fees attributable to Galaxy Plus entities are included in unrealized gain/(loss) on private investment companies on the Statements of Operations. The total amount of assets of a Series allocated to Trading Advisors and/or reference programs, including (i) actual funds deposited in accounts directed by the Trading Advisors or deposited as margin in respect of swaps or other derivative instruments referencing a reference program plus (ii) any notional equity allocated to the Trading Advisors and any reference programs, is referred to herein as the “notional assets” of the Series. The annual rate of the management fee is: 0.5% for the Frontier Balanced Fund Class 1 and Class 2, 1.0% for the Frontier Balanced Fund Class 1AP, Class 2a and Class 3a, 2.0% for the Frontier Global Fund, Frontier Long/Short Commodity Fund Class 1a, Class 2a and Class 3a and Frontier Masters Fund, 0.75% for Frontier Diversified Fund, 2.5% for the Frontier Heritage Fund and Frontier Select Fund, and 3.5% for the Frontier Long/Short Commodity Fund Class 2 and Class 3. The Managing Owner may pay all or a portion of such management fees to the Trading Advisor(s) and/or waive (up to the percentage specified) any such management fee to the extent any related management fee is paid by a trading company or estimated management fee is embedded in a swap or other derivative instrument. Any management fee embedded in a swap or other derivative instrument may be greater or less than the management fee that would otherwise be charged to the Series by the Managing Owner. As of the date of this report, for a Series that was invested in a swap, the Managing Owner or Trading Advisor(s) did not receive any management fees directly from the Series for such swap, and instead the relevant Trading Advisor received compensation via the fees embedded in the swap. As of December 31, 2020, the range of management fees embedded based on fair value of swaps in (i) swaps owned by Frontier Diversified Fund was 1.00% per annum, (ii) swaps owned by Frontier Balanced Fund was 1.00% per annum, (iii) swaps owned by Frontier Long/Short Commodity Fund was 1.50% per annum, and (iv) swaps owned by Frontier Heritage Fund was 1.00% per annum, and the Managing Owner has waived the entire management fee due to it from those Series in respect of such Series’ investment in swaps. In each case, the embedded management fee was accrued on the relevant notional amount of the swap.

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

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

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

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It is therefore possible that in any given period the Series may pay incentive fees to the Managing Owner for one or more Trading Advisors while each of these Series as a whole experiences losses. The incentive fee is 25% for the Frontier Balanced Fund and the Frontier Diversified Fund and 20% for the Frontier Global Fund, Frontier Heritage Fund, Frontier Select Fund, Frontier Long/Short Commodity Fund and Frontier Masters Fund. The Managing Owner may pay all or a portion of such incentive fees to the Trading Advisor(s) for such Series. As of the date of this report, for a Series that was invested in a swap, the Managing Owner or Trading Advisor(s) did not receive any incentive fees directly from the Series for such swap, and instead the relevant Trading Advisor received compensation via the fees embedded in the swap. As of December 31, 2020, the range of incentive fees as a percentage of net new trading profits on swaps embedded in (i) swaps owned by Frontier Diversified Fund was 20-25% per annum, (ii) swaps owned by Frontier Balanced Fund was 20-25% per annum, (iii) swaps owned by Frontier Long/Short Commodity Fund was 25% per annum, and (iv) swaps owned by Frontier Heritage Fund was 15% per annum, and the Managing Owner has waived the entire incentive fee due to it from those Series in respect of such Series’ investment in swaps. In each case, the embedded incentive fee was accrued based on the net new trading profits of the swap.

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

As of September 30, 2021, the Trust had a payable to the Managing Owner in the amounts of $54,924, $1,610, $1,978, $75,283 and $32,805 for incentive fees, management fees, interest, trading fees, and service fees, respectively.

As of December 31, 2020, the Trust had a payable to the Managing Owner in the amounts of $0, $8,854, $2,107, $81,698, and $36,705 for incentive fees, management fees, interest, trading fees, and service fees, respectively.

For the three months ended September 30, 2021, the Managing Owner earned $54,924, $4,764, $1,429, $110,307 and $231,958 for incentive fees, management fees, risk analysis fees, service fees, and trading fees, respectively.

For the three months ended September 30, 2020, the Managing Owner earned $0, $5,029, $1,509, $128,178 and $285,835 for incentive fees, management fees, risk analysis fees, service fees, and trading fees, respectively.

For the nine months ended September 30, 2021, the Managing Owner earned $104,764, 13,978, 4,193, 342,856, and $716,291, for incentive fees, management fees, risk analysis fees, service fees, and trading fees, respectively.

For the nine months ended September 30, 2020, the Managing Owner earned $0, $14,753, $4,426, $483,402, and $1,057,985, for incentive fees, management fees, risk analysis fees, service fees, and trading fees, respectively. 

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

Aggregate interest income from all sources, including U.S. Treasury Securities assets net of premiums and cash held at clearing brokers, of up to the first 2% (annualized) is paid to the Managing Owner by the Frontier Balanced Fund (Class 1 and Class 2 only), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Global Fund, Frontier Select Fund, and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (for the three months ended September 30, 2021, and September 30, 2020 amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees Class 1a, Class 2a and Class 3a), Frontier Masters Fund, and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 100% of the interest is retained by the respective Series.

During the three months ended September 30, 2021 and September 30, 2020 and, the Trust paid $6,809, and $5,196, respectively of such interest income to the Managing Owner. Such amounts are not included in the consolidated statements of operations of the Trust. All other interest income is recorded by the Trust on the consolidated statements of operations. 

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7. Financial Highlights

The following information presents the financial highlights of the Trust for the nine months and three months ended September 30, 2021 and September 30, 2020. This data has been derived from the information presented in the consolidated financial statements.

Three months ended September 30

	2021			2020
Ratios to average net assets (1)
Net investment income/(loss) (1)		-6.27	%		-5.84	%
Expenses before incentive fees (3)		6.07	%		-5.88	%
Expenses after incentive fees (3)		6.32	%		-5.88	%
Total return before incentive fees (2)		-0.29	%		-10.08	%
Total return after incentive fees (2)		-0.53	%		-10.08	%

Nine months ended September 30

	2021			2020
Ratios to average net assets (1)
Net investment income/(loss) (1)		-6.43	%		-5.70	%
Expenses before incentive fees (3)		6.04	%		-5.69	%
Expenses after incentive fees (3)		6.47	%		-5.74	%
Total return before incentive fees (2)		8.81	%		-36.52	%
Total return after incentive fees (2)		8.37	%		-36.56	%

(1) Annualized with the exception of incentive fees.

(2) Total returns are not annualized.

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

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

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8. Derivative Instruments and Hedging Activities

The Trust’s primary business is to engage in speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts). The Trust does not enter into or hold positions for hedging purposes as defined under ASC 815. The detail of the fair value of the Trust’s derivatives by instrument types as of September 30, 2021 and December 31, 2020 is included in the Consolidated Condensed Schedules of Investments. See Note 4 for further disclosure related to the Trust’s positions in swap contracts. There are embedded management fees in transacting these swaps ranging from 1% to 1.5% based on fair value of swaps and the embedded incentive fees ranging from 15% to 25% based on net new trading profits on swaps.

For the three months ended September 30, 2021 and September 30, 2020, the monthly average of futures, forwards and options contracts bought was approximately 307 and 600, respectively and sold was approximately 392 and 726, respectively.

For the nine months ended September 30, 2021 and September 30, 2020, the monthly average of futures, forwards and options contracts bought was approximately 293 and 578, respectively and sold was approximately 322 and 568, respectively.

The following tables summarize the trading revenues for the three months ended September 30, 2021 and September 30, 2020 by contract type:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2021

Type of contract
Agriculturals	$	13,487
Currencies		(20,259	)
Energies		82,010
Interest rates		5,987
Metals		155
Stock indices		12,503
Realized trading income/(loss)(1)	$	93,883

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2020

Type of contract
Agriculturals	$	107,606
Currencies		36,116
Energies		(29,190	)
Interest rates		(80,947	)
Metals		105,688
Stock indices		28,280
Realized trading income/(loss)(1)	$	167,553

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Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2021

Type of contract
Agriculturals	$	87,183
Currencies		(75,797	)
Energies		133,440
Interest rates		127,666
Metals		88,709
Stock indices		213,404
Realized trading income/(loss)(1)	$	574,605

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2020

Type of contract
Agriculturals	$	132,659
Currencies		15,372
Energies		(15,120	)
Interest rates		56,888
Metals		427,135
Stock indices		(28,822	)
Realized trading income/(loss)(1)	$	588,112

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

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

for the Three Months Ended September 30, 2021

Type of contract
Agriculturals	$	62,335
Currencies		8,416
Energies		22,030
Interest rates		(1,144	)
Metals		72,161
Stock indices		(10,502	)
Change in unrealized trading income/(loss)(1)	$	153,295

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

for the Three Months Ended September 30, 2020 

Type of contract
Agriculturals	$	(73,529	)
Currencies		(12,856	)
Energies		(35,050	)
Interest rates		46,611
Metals		28,731
Stock indices		(7,741	)
Change in unrealized trading income/(loss)(1)	$	(53,834	)

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

for the Nine Months Ended September 30, 2021

Type of contract
Agriculturals	$	34,336
Currencies		(89,833	)
Energies		35,930
Interest rates		(13,046	)
Metals		30,003
Stock indices		(14,058	)
Change in unrealized trading income/(loss)(1)	$	(16,668	)

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

for the Nine Months Ended September 30, 2020 

Type of contract
Agriculturals	$	(58,614	)
Currencies		(27,439	)
Energies		(39,325	)
Interest rates		76,647
Metals		(91,914	)
Stock indices		9,775
Change in unrealized trading income/(loss)(1)	$	(130,870	)

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

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

The following tables present gross and net information about the Trust’s assets and liabilities subject the master netting arrangements as disclosed on the consolidated statements of financial condition as of September 30, 2021 and December 31, 2020:

As of September 30, 2021

	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial
Open Trade Equity/(Deficit)	$	1,246,031	$	(1,161,702	)	$	84,329

As of December 31, 2020

	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	814,743	$	(714,303	)	$	100,440

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9. Trading Activities and Related Risks

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

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

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

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

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

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10. Indemnifications and Guarantees

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

11. Subsequent Events

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

From October 1, 2021 through November 10, 2021, the Trust paid $230,687 in redemptions.

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

Introduction

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

The following discussion and tables should be read in conjunction with our unaudited consolidated financial statements and notes thereto included in this quarterly report and our 2020 Annual Report on Form 10-K for the year ended December 31, 2020.

Overview

The Trust is a Delaware statutory trust formed on August 8, 2003. The Trust is a multi-advisor commodity pool, as described in CFTC Regulation § 4.10(d)(2). The Trust is authorized to issue multiple Series of Units, pursuant to the requirements of the Trust Act. The assets of each Series are held and accounted for in separate and distinct records separately from the assets of other Series. The Trust is managed by the Managing Owner, and its term will expire on December 31, 2053 (unless terminated earlier in certain circumstances).

The Trust, with respect to each Series of Units, engages in the speculative trading of a diversified portfolio of futures, forward (including interbank foreign currencies) and options contracts and other derivative instruments (including swaps). The Trust allocates funds to affiliated Trading Companies and Galaxy Plus entities, each of which has one-year renewable contracts with its own independent Trading Advisor(s) that will manage all or a portion of the applicable Trading Company’s or Galaxy Plus entity’s assets, and make the trading decisions for the assets of each Series invested in such Trading Company or Gemini Plus entity. The assets of each Trading Company and Galaxy Plus entity will be segregated from the assets of each other Trading Company and Galaxy Plus entity. The Trust has an investment objective of increasing the value of the Units over the long term (capital appreciation), while controlling risk and volatility; further, to offer exposure to the investment programs of individual Trading Advisors and to specific instruments (currencies). For additional overview of the Trust’s structure and business activities, see Item 1.

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

For the nine months ended September 30, 2021, none of the series owned a swap investment and thus were not subject to any related embedded management and/or incentive fees.

For further discussion of fees paid by the Trust, see Item 1-Notes 2 and 6 “Significant Accounting Policies” and “Transactions with Affiliates”, respectively, in the Notes to Financial Statements (Unaudited).

Critical Accounting Policies and Estimates

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

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

Investment Transactions and Valuation

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

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

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

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

Selection and Replacement of Trading Advisors

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

The commodity pool operator utilizes certain quantitative and qualitative analysis in connection with the identification, evaluation and selection of the Trading Advisors. The commodity pool operator’s proprietary analytical software programs and Trading Advisor database provide the quantitative basis for the Trading Advisor selection, portfolio implementation process, and ongoing risk management, monitoring, and review.

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

Quantitative Analysis

The commodity pool operator applies a variety of statistical measures towards the evaluation of current and historical advisor performance data. Statistical measures may include but are not limited to: (1) risk/reward analysis, (2) time window analysis, (3) risk analysis, (4) correlation analysis, (5) statistical overlays and (6) performance cycle analysis.

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Qualitative Analysis

Although quantitative analysis statistically identifies the top performing Trading Advisors, qualitative analysis plays a major role in the Trading Advisor evaluation and final selection process. Each Trading Advisor candidate undergoes qualitative review by the research department, as well as ongoing monitoring. This analysis may include but is not limited to: (1) preliminary information and due diligence, (2) background review, (3) due diligence questionnaires and (4) written review and periodic updates.

Multi-Manager Approach

A multi-manager approach to portfolio management provides diversification of Trading Advisors and access to broader global markets. Portfolios comprised of multiple Trading Advisors can provide diversification across trading methodologies, trading time horizons, and markets traded, which may but is not guaranteed to generate more consistent performance returns over time while potentially lowering overall portfolio volatility.

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

Major Commodity Trading Advisor	Trading System Style	Accessed Through
Aspect Capital Limited	Systematic	Galaxy Plus
Fort, L.P.	Systematic	Galaxy Plus
Quantitative Investment Management, LLC	Systematic	Galaxy Plus
Quest Partners LLC	Systematic	Galaxy Plus
Rosetta Capital Management, LLC	Discretionary	Galaxy Plus
Welton Investment Partners LLC	Systematic	Galaxy Plus
Wimmer Horizon, LLP	Systematic	Trading Company
John Locke Investments SA	Systematic	Galaxy Plus
Volt Capital Management AB	Systematic	Galaxy Plus

As of September 30, 2021, the allocation of the assets of each applicable Series of the Trust among the Trading Advisors was as follows:

Allocation as of September 30, 2021 (expressed as a percentage of aggregate notional exposure to commodity trading programs)

Advisor	Frontier Diversified Fund			Frontier Long/Short Commodity Fund			Frontier Masters Fund			Frontier Balanced Fund			Frontier Select Fund			Frontier Global Fund			Frontier Heritage Fund
Aspect Capital Limited		27	%		-			54	%		19	%		-			100	%		77	%
Fort, L.P.		30	%		-			-			19	%		-			-			-
Volt Diversified Alpha Fund		-			28	%		-			-			-			-			-
John Locke Investments SA		11	%		-			25	%		15	%		50	%		-			-
Quantitative Investment Management, LLC		7	%		-			-			10	%		-			-			-
Quest Partners LLC		16	%		-			-			11	%		-			-			-
Rosetta Capital Management, LLC		-			46	%		-			-			-			-			-
Welton Investment Partners LLC		9	%		26	%		21	%		15	%		50	%		-			23	%
Wimmer Horizon		-			-			-			11	%		-			-			-

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Liquidity and Capital Resources

The Trust will raise additional capital only through the sale of Units offered pursuant to the continuing offering and does not intend to raise any capital through borrowing. Due to the nature of the Trust’s business, it makes no capital expenditures and has no capital assets that are not operating capital or assets.

The Managing Owner is responsible for the payment of all of the ordinary expenses associated with the organization of the Trust and the offering of each Series of Units, except for the initial and ongoing service fee, if any, and no Series will be required to reimburse these expenses. As a result, 100% of each Series’ offering proceeds are initially available for that Series’ trading activities.

A portion of each Trading Company’s assets is used as margin to maintain that Trading Company’s forward currency contract positions, and another portion is deposited in cash in segregated accounts in the name of each Trading Company maintained for each Trading Company at the clearing brokers in accordance with CFTC segregation requirements. At September 30, 2021, cash deposited at the clearing brokers was $791,090 for the Trust. The clearing brokers are expected to credit each Trading Company with approximately 80%-100% of the interest earned on its average net assets on deposit with the clearing brokers each month. As of September 30, 2021, with the Federal Funds target rate at 0.00% to 0.25%, this amount is estimated to be 0.00%.  In an attempt to increase interest income earned, the Managing Owner also may invest the non-margin assets in U.S. government securities which include any security issued or guaranteed as to principal or interest by the U.S., or by a person controlled by or supervised by and acting as an instrumentality of the government of the U.S. pursuant to authority granted by Congress or any certificate of deposit for any of the foregoing, including U.S. treasury bonds, U.S. treasury bills and issues of agencies of the U.S. government, and certain cash items such as money market funds and time deposits. Aggregate interest income from all sources, including U.S. Treasury Securities assets net of premiums and cash held at clearing brokers, of up to 2% (annualized) is paid to the Managing Owner by the Frontier Balanced Fund (Class 1 and Class 2 only), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Global Fund, Frontier Select Fund, and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (Class 1a, Class 2a and Class 3a), Frontier Masters Fund and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 100% of the interest is retained by the respective Series. The amount reflected in the financial statements for the Trust and Series are disclosed on a net basis. Due to some classes not exceeding the 2% paid to the Managing Owner, amounts earned by those classes may be zero. 

Approximately 10% to 30% of the Trust’s assets are expected to be committed as required margin for futures contracts and forwards and options trading and held by the respective broker, although the amount committed may vary significantly. Such assets are maintained in the form of cash or U.S. treasury bills in segregated accounts with the futures broker pursuant to the CEA and regulations there under. Approximately 2% to 6% of the Trust’s assets are expected to be deposited with over-the-counter counterparties in order to initiate and maintain forward and swap contracts. Such assets are not held in segregation or otherwise regulated under the CEA, unless such over-the-counter counterparty is registered as a futures commission merchant. These assets are held either in U.S. government securities or short-term time deposits with U.S.-regulated bank affiliates of the over-the-counter counterparties.

The remaining approximately 64% to 88% of the Trust’s assets will normally be invested in cash equivalents and short-term investments, such as money market funds and time deposits and held by the clearing broker, the over-the-counter counterparties and by U.S. federally chartered banks. As of September 30, 2021, total cash and cash equivalents held at banking institutions were $42,657 for the Frontier Diversified Fund, $22,653 for the Frontier Masters Fund, $29,728 for the Frontier Long/Short Commodity Fund, 21,764 for the Frontier Select Fund, $25,316 for the Frontier Global Fund, and $41,272 for the Frontier Heritage Fund.

As a commodity pool, the Trust has large cash positions. Such cash positions are used to pay margin for the trading of futures, forwards and options, and also to pay redemptions. Generally, the Trust has not been forced to liquidate positions to fund redemptions. During the nine months ended September 30, 2021, the Trust was able to pay all redemptions.

Off-Balance Sheet Risk

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

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

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

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

Disclosure of Contractual Obligations  

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

Results of Operations for the Three Months Ended September 30, 2021

Series Returns and Other Information

The returns for each Series and Class of Units for the three months ended September 30, 2021 and 2020, and related information, are discussed below. The activities of the Trust on a consolidated basis are explained through the activity of the underlying Series. Please refer to the discussion of the Series activities in relation to the Trust on a consolidated basis.

Each Series had exposure to commodity interest positions within one or more sectors during the three months ended September 30, 2021 and 2020. The performance of each Series was impacted over the course of the periods by, among other things, the relative performance of the relevant sector or sectors and the commodities within those sectors, the changing allocations among, and the specific positions taken by the Series’ Trading Advisors in, the relevant sector(s) and commodities, and the timing of entries and exits. For certain of the Series, a sector attribution chart has been included at the end of the relevant discussion. Each chart depicts the performance of the relevant Series’ positions within each of the relevant sectors (determined by the Managing Owner using monthly gross return and NAV figures, with various adjustments to net out a proportional allocation of the fees and expenses chargeable to the Series) during the periods presented.

The swaps owned by Frontier Heritage Fund and Frontier Select Fund (through its investment in an unconsolidated trading company) were terminated effective May 30, 2020, and the swaps owned by Frontier Balanced Fund, Frontier Long/Short Commodity Fund and Frontier Diversified Fund were terminated effective December 21, 2020.

Three Months Ended September 30, 2021 Compared to Three Months Ended September 30, 2020.

Frontier Diversified Fund

The Frontier Diversified Fund— Class 1 NAV lost 1.71% and lost 10.28%, respectively, for the three months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Diversified Fund—Class 2 NAV lost 5.12% and lost 9.88%, respectively, for the three months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Diversified Fund—Class 3 NAV lost 5.07% and lost 9.83%, respectively, for the three months ended September 30, 2021 and 2020.

For the three months ended September 30, 2021, the Frontier Diversified Fund recorded total expenses of $30,831, net investments loss of $29,623, net realized/unrealized loss on investments of $138,874 and resulting in a net decrease in Owners’ capital from operations of $168,497. For the three months ended September 30, 2020, the Frontier Diversified Fund recorded total expenses of $54,338, net investments loss of $53,195, net realized/unrealized loss on investments of $524,226, and resulting in a net decrease in Owners’ capital from operations of $577,421.

Please see additional discussion under “Nine Months Ended September 30, 2021 Compared to Nine Months Ended September 30, 2020–Frontier Diversified Fund.”

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Frontier Masters Fund

The Frontier Masters Fund—Class 1 NAV gained 0% and lost 15.78%, respectively, for the three months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Masters Fund —Class 2 NAV gained 2.15% and lost 15.41%, respectively, for the three months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Masters Fund—Class 3 NAV gained 2.21% and lost 15.35%, respectively, for the three months ended September 30, 2021 and 2020, net of fees and expenses.

For the three months ended September 30, 2021, the Frontier Masters Fund recorded total expenses of $12,715, net investment loss of $12,118, net realized/unrealized gain on investments of $29,393, and resulting in a net increase in Owners’ capital from operations of $17,275. For the three months ended September 30, 2020, the Frontier Masters Fund recorded total expenses of $22,724, net investment loss of $21,873, net realized/unrealized loss on investments of $213,673, and resulting in a net decrease in Owners’ capital from operations of $235,546.

Please see additional discussion under “Nine Months Ended September 30, 2021 Compared to Nine Months Ended September 30, 2020 –Frontier Masters Fund.”

Frontier Long/Short Commodity Fund

The Frontier Long/Short Commodity Fund—Class 2 NAV gained 0.61% and lost 2.23%, respectively, for the three months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 3 NAV gained 0.61% and lost 2.23%, respectively, for the three months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 1a NAV lost 0% and lost 2.50%, respectively, for the three months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 2a NAV gained 0.96% and lost 2.07%, respectively, for the three months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Long/Short Commodity Fund Class 3a NAV gained 1.01% and lost 1.98%, respectively, for the three months ended September 30, 2021 and 2020, net of fees and expenses.

For the three months ended September 30, 2021, the Frontier Long/Short Commodity Fund recorded total expenses of $10,211, net investment loss of $9,583, net realized/unrealized gain on investments of $19,324, and resulting in a net increase in Owners’ capital from operations of $9,741. For the three months ended September 30, 2020, the Frontier Long/Short Commodity Fund recorded total expenses of $7,975, net investment loss of $7,069, net realized/unrealized loss on investments of $21,438, and resulting in a net decrease in Owners’ capital from operations of $28,507. 

Please see additional discussion under “Nine Months Ended September 30, 2021 Compared to Nine Months Ended September 30, 2020 –Frontier Long/Short Commodity Fund.”

Frontier Balanced Fund

The Frontier Balanced Fund—Class 1 NAV lost 1.45% and lost 8.61%, respectively, for the three months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Balanced Fund —Class 2 NAV lost 0.70% and lost 7.92%, respectively, for the three months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Balanced Fund—Class 2a NAV lost 0.66% and lost 7.95%, respectively, for the three months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Balanced Fund—Class 3a NAV lost 0.67% and lost 7.91%, respectively, for the three months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Balanced Fund—Class 1AP NAV lost 0.70% and lost 7.92%, respectively, for the three months ended September 30, 2021 and 2020, net of fees and expenses.

For the three months ended September 30, 2021, the Frontier Balanced Fund recorded total expenses of $232,235, net investment loss of $232,148, net realized/unrealized gain on investments of $106,003 and resulting in a net decrease in Owners’ capital from operations of $126,145. For the three months ended September 30, 2020, the Frontier Balanced Fund recorded total expenses of $208,014, net investment loss of $207,973, net realized/unrealized loss on investments of $883,217, and resulting in a net decrease in Owners’ capital from operations of $1,091,190.

Please see additional discussion under “Nine Months Ended September 30, 2021 Compared to Nine Months Ended September 30, 2020 –Frontier Balanced Fund.”

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Frontier Select Fund

The Frontier Select Fund—Class 1 NAV gained 1.73% and lost 12.60%, respectively, for the three months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Select Fund —Class 2 NAV gained 2.49% and lost 11.93%,respectively, for the three months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Select Fund —Class 1AP NAV gained 2.49% and lost 11.93%, respectively, for the three months ended September 30, 2021 and 2020.

For the three months ended September 30, 2021, the Frontier Select Fund recorded total expenses of $24,125, net investment loss of $24,125, net realized/unrealized gain on investments of $53,589, and resulting in a net increase in Owners’ capital from operations of $29,464. For the three months ended September 30, 2020, the Frontier Select Fund recorded total expenses of $23,416, net investment loss of $23,416, net realized/unrealized loss on investments of $197,724, and resulting in a net decrease in Owners’ capital from operations of $221,410.

Please see additional discussion under “Nine Months Ended September 30, 2021 Compared to Nine Months Ended September 30, 2020 –Frontier Select Fund.”

Frontier Global Fund

The Frontier Global Fund—Class 1 NAV gained 1.95% and lost 14.38%, respectively, for the three months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Global Fund —Class 2 NAV gained 2.72% and lost 13.74%, respectively, for the three months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Global Fund —Class 1AP NAV lost 0% and lost 13.73%, respectively, for the three months ended September 30, 2021 and 2020.

For the three months ended September 30, 2021, the Frontier Global Fund recorded total expenses of $52,327, net investment loss of $52,327, net realized/unrealized gain on investments of $99,885, and resulting in a net increase in Owners’ capital from operations of $47,558. For the three months ended September 30, 2020, the Frontier Global Fund recorded total expenses of $65,458, net investment loss of $65,458, net realized/unrealized loss on investments of $438,033, and resulting in a net decrease in Owners’ capital from operations of $503,491.

Please see additional discussion under “Nine Months Ended September 30, 2021 Compared to Nine Months Ended September 30, 2020 –Frontier Global Fund.” 

Frontier Heritage Fund

The Frontier Heritage Fund—Class 1 NAV gained 2.69% and lost 9.98%, respectively, for the three months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Heritage Fund—Class 2 NAV gained 3.47% and lost 9.29%, respectively for the three months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Heritage Fund—Class 1AP NAV gained 3.47% and lost 9.30%, respectively, for the three months ended September 30, 2021 and 2020.

For the three months ended September 30, 2021, the Frontier Heritage Fund recorded total expenses of $42,285, net investment loss of $42,285, net realized/unrealized gain on investment of $111,728, and resulting in a net increase in Owners’ capital from operations of $69,443. For the three months ended September 30, 2020, the Frontier Heritage Fund recorded total expenses of $40,939, net investment loss of $40,939, net realized/unrealized loss on investments of $208,793, and resulting in a net decrease in Owners’ capital from operations of $249,732, loss attributable to after non-controlling interests of $0. 

Please see additional discussion under “Nine Months Ended September 30, 2021 Compared to Nine Months Ended September 30, 2020 –Frontier Heritage Fund.”

Nine months ended September 30, 2021 Compared to Nine Months Ended September 30, 2020

Frontier Diversified Fund 

2021

The Frontier Diversified Fund—Class 1 NAV gained 5.06% and lost 34.25%, respectively, for the nine months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Diversified Fund—Class 2 NAV gained 2.29% and lost 33.38%, respectively, for the nine months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Diversified Fund—Class 3 NAV gained 2.48% and lost 33.25%, respectively, for the nine months ended September 30, 2021 and 2020.

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For the nine months ended September 30, 2021, the Frontier Diversified Fund recorded total expenses of $102,664, net investment loss of $99,832, net realized/unrealized gain on investments of $232,563, and resulting in a net increase in Owners’ capital from operations of $132,731. For the nine months ended September 30, 2020, the Frontier Diversified Fund recorded total expenses of $228,128, net investment loss of $226,122, net realized/unrealized loss on investments of $3,020,047, and resulting in a net decrease in Owners’ capital from operations of $3,246,169.

The NAV per Unit, Class 1, decreased from $72.68 at December 31, 2020 to $0 as of September 30, 2021. The NAV per Unit, Class 2, increased from $88.95 at December 31, 2020 to $90.99 as of September 30, 2021. The NAV per Unit, Class 3 increased from $83.33 at December 31, 2020 to $85.39 as of September 30, 2021. Total Class 1 subscriptions and redemptions for the period were $0 and $161,099, respectively. Total Class 2 subscriptions and redemptions for the period were $6,000 and $82,184, respectively. Total Class 3 subscriptions and redemptions for the period were $0 and $937,750, respectively. Ending capital at September 30, 2021 was $0 for Class 1, $398,921 for Class 2 and $2,741,748 for Class 3. Ending capital at December 31, 2020 was $154,260 for Class 1, $466,224 for Class 2, and $3,562,487 for Class 3.

For the nine months ended September 30, 2021, Frontier Diversified Fund did not own a swap investment.

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

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Three sectors which traded in the Frontier Diversified Fund were profitable in Q3 2021 and three were profitable YTD. Energies, Agriculturals and Stock Indices were profitable for Q3 2021 while Metals, Currencies and Interest Rates finished negative for the quarter. Energies, Agriculturals and Stock Indices were profitable YTD while Metals, Currencies and Interest Rates finished negative YTD.

In terms of major CTA performance, Aspect, Fort, Quest and Welton finished positive for the quarter. John Locke and QIM were negative for the quarter.

Aspect, Fort, Quest and Welton finished positive YTD. John Locke and QIM were negative YTD. 

2020

The Frontier Diversified Fund— Class 1 NAV lost 34.25% and gained 0.46%, respectively, for the nine months ended September 30, 2020 and 2019, net of fees and expenses; the Frontier Diversified Fund—Class 2 NAV lost 33.38% and gained 1.77%, respectively for the nine months ended September 30, 2020 and 2019, net of fees and expenses; the Frontier Diversified Fund—Class 3 NAV lost 33.25% and gained 1.97%, respectively for the nine months ended September 30, 2020 and 2019.

For the nine months ended September 30, 2020, the Frontier Diversified Fund recorded total expenses of $228,128, net investment loss of $226,122, net realized/unrealized loss on investments of $3,020,047, and resulting in a net decrease in Owners’ capital from operations of $3,246,169. For the nine months ended September 30, 2019, the Frontier Diversified Fund recorded total expenses of $419,871, net investment loss of $412,327, net realized/unrealized gain on investments of $575,135, and resulting in a net increase in Owners’ capital from operations of $162,808. The NAV per Unit, Class 1, decreased from $101.10 at December 31, 2019 to $66.48 as of September 30, 2020. The NAV per Unit, Class 2, decreased from $121.58 at December 31, 2019 to $81.00 as of September 30, 2020. The NAV per Unit, Class 3 decreased from $113.61 at December 31, 2019 to $75.83 as of September 30, 2020. Total Class 1 subscriptions and redemptions for the period were $0 and $987,405, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $2,629,631, respectively. Total Class 3 subscriptions and redemptions for the period were $0 and $63,538, respectively. There were inter-class transfers of $987,405 from Class 1 to Class 3 for the period. Ending capital at September 30, 2020 was $141,090 for Class 1, $1,722,842 for Class 2 and $3,336,021 for Class 3. Ending capital at December 31, 2019 was $1,303,195 for Class 1, $5,600,851 for Class 2 and $5,095,574 for Class 3.

The Frontier Diversified Fund invests in one or more swaps. To the extent that the Series invests in a swap, the swap references an index, consisting of the performance realized on the trading program of one or more commodity trading advisors. Such performance is net of management fees and incentive fees paid to the underlying commodity trading advisor(s), brokerage fees and certain other related fees and charges, and therefore these fees are said to be embedded.

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

The current management fees payable to the underlying commodity trading advisor(s) comprising the index referenced in the swaps is 1.00% per annum of notional assets. The current incentive fees payable to the underlying commodity trading advisor(s) comprising the index referenced in the swaps range from 20% to 25% of new net trading profits on a monthly or quarterly basis. To the extent that there are embedded management fees and incentive fees incurred in a swap investment, the Managing Owner waives any management and incentive fees to which it is otherwise entitled. The management and incentive fees embedded in a swap may be higher or lower than the management and incentive fees that would otherwise be charged to a Series by the Managing Owner.

As of September 30, 2020, the management fee embedded in swaps owned by the Frontier Diversified Fund was 1.00% per annum, and the managing owner has waived the entire management fee due to it from the Frontier Diversified Fund in respect of the Frontier Diversified Fund’s investment in swaps. In each case, the embedded management fee is accrued on the relevant notional amount of the swap.

Based on an analysis of the management fees charged to Frontier Diversified Fund, the effective management fee rate of the Frontier Diversified Fund was higher than the management fee rate otherwise payable to the Managing Owner. The effective management fee rate for the Series was calculated for the period covered by the Form 10-Q by dividing the aggregate management fees paid by such Series (whether directly to the Managing Owner, or as an embedded management fee paid to a third-party commodity trading advisor) by the aggregate assets on which such management fees were paid. For the quarter ended September 30, 2020, the effective management fee rate of the Frontier Diversified Fund was 0.78%, compared to a management fee payable to the Managing Owner of 0.75%. For the quarter ended September 30, 2020, the management and incentive fees embedded in gains (losses) from trading companies owned by the Frontier Diversified Fund was $4,679. 

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

One sector which traded in the Frontier Diversified Fund was profitable in Q3 2020 and two were profitable YTD. Metals were profitable for Q3 2020 while Interest Rates, Currencies, Energies, Agriculturals and Stock Indices finished negative for the quarter. Energies and Interest Rates were profitable YTD while Metals, Currencies, Agriculturals and Stock Indices finished negative YTD.

In terms of major CTA performance, Welton finished positive for the quarter. Aspect, Crabel, Fort, H2O, John Locke, QIM and Quest were negative for the quarter. Doherty finished flat for the quarter.

Doherty and Welton finished positive YTD. Aspect, Crabel, Emil Van Essen, Fort, H2O, John Locke, QIM and Quest were negative YTD. 

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Frontier Masters Fund

2021

The Frontier Masters Fund—Class 1 NAV gained 4.59% and lost 27.85%, respectively, for the nine months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Masters Fund —Class 2 NAV gained 11.19% and lost 27.11%, respectively, for the nine months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Masters Fund—Class 3 NAV gained 11.39% and lost 26.97%, respectively, for the nine months ended September 30, 2021 and 2020, net of fees and expenses.

For the nine months ended September 30, 2021, the Frontier Masters Fund recorded total expenses of $41,789, net investment loss of $39,360, net realized/unrealized gain on investments of $135,827, and resulting in a net increase in Owners’ capital from operations of $96,467. For the nine months ended September 30, 2020, the Frontier Masters Fund recorded total expenses of $86,666, net investment loss of $84,337, net realized/unrealized loss on investments of $419,560, and resulting in a net decrease in Owners’ capital from operations of $503,897.

The NAV per Unit, Class 1, decreased from $55.18 at December 31, 2020 to $0 as of September 30, 2021. The NAV per Unit, Class 2, increased from $67.54 at December 31, 2020 to $75.10 as of September 30, 2021. The NAV per Unit, Class 3, increased from $63.52 at December 31, 2020 to $70.76 as of September 30, 2021. Total Class 2 subscriptions and redemptions for the period were $1,000 and $74,449, respectively. Total Class 3 subscriptions and redemptions for the period were $0 and $210,731, respectively. There were inter-class transfers of $10,187 from Class 1 to Class 3 for the period. Ending capital at September 30, 2021 was $0 for Class 1, $216,000 for Class 2, and $589,814 for Class 3. Ending capital at December 31, 2020 was $9,740 for Class 1, $263,938 for Class 2, and $719,849 for Class 3.

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

101

Three of the six sectors which traded in the Frontier Masters Fund were profitable in Q3 2021 and three of the six were profitable YTD. Energies, Agriculturals and Stock Indices were profitable for Q3 2021 while Metals, Currencies and Interest Rates finished negative for the quarter. Energies, Agriculturals and Stock Indices were profitable YTD while Metals, Currencies and Interest Rates finished negative YTD.

In terms of major CTA performance, Aspect and Welton finished positive for the quarter while John Locke finished negative. Aspect and Welton were positive YTD while John Locke was negative YTD. 

2020

The Frontier Masters Fund—Class 1 NAV lost 27.85% and lost 6.99% for the nine months ended September 30, 2020 and 2019 net of fees and expenses; the Frontier Masters Fund —Class 2 NAV lost 27.11% and lost 5.51% for the nine months ended September 30, 2020 and 2019, net of fees and expenses; the Frontier Masters Fund—Class 3 NAV lost 26.97% and lost 5.34% for the nine months ended September 30, 2020 and 2019, net of fees and expenses.

For the nine months ended September 30, 2020, the Frontier Masters Fund recorded total expenses of $86,666, net investment loss of $84,337, net realized/unrealized loss on investments of $419,560, and resulting in a net decrease in Owners’ capital from operations of $503,897. For the nine months ended September 30, 2019, the Frontier Masters Fund recorded total expenses of $194,337, net investment loss of $189,996, net realized/unrealized loss on investments of $39,517, and resulting in a net decrease in Owners’ capital from operations of $229,483.

The NAV per Unit, Class 1, decreased from $72.28 at December 31, 2019 to $52.15 as of September 30, 2020. The NAV per Unit, Class 2, decreased from $87.18 at December 31, 2019 to $63.55 as of September 30, 2020. The NAV per Unit, Class 3, decreased from $81.78 at December 31, 2019 to $59.73 as of September 30, 2020. Total Class 1 subscriptions and redemptions for the period were $0 and $0, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $144,623, respectively. Total Class 3 subscriptions and redemptions for the period were $0 and $315,727, respectively. Ending capital at September 30, 2020 was $9,205 for Class 1, $507,356 for Class 2 and $757,233 for Class 3. Ending capital at December 31, 2019, was $12,794 for Class 1, $850,808 for Class 2 and $1,374,437 for Class 3.

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

102

One of the six sectors which traded in the Frontier Masters Fund was profitable in Q3 2020 and one of the six was profitable YTD. Metals were profitable for Q3 2020 while Energies, Agriculturals, Interest Rates, Currencies and Stock Indices finished negative for the quarter. Interest Rates were profitable YTD while Energies, Agriculturals, Metals, Currencies and Stock Indices finished negative YTD.

In terms of major CTA performance, Aspect, Welton and John Locke all finished negative for the quarter. Doherty finished flat for the quarter. Welton was positive YTD while Aspect, Doherty, Emil Van Essen, John Locke and Transtrend were negative YTD. 

Frontier Long/Short Commodity Fund

2021

The Frontier Long/Short Commodity Fund—Class 2 NAV gained 15.24% and lost 0.23%, respectively, for the nine months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 3 NAV gained 15.23% and lost 0.28%, respectively, for the nine months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 1a NAV lost 0% and lost 1.65%, respectively, for the nine months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Long/Short Commodity Fund—Class 2a NAV gained 16.39% and lost 0.31%, respectively, for the nine months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Long/Short Commodity Fund Class 3a NAV gained 16.57% and lost 0.08%, respectively, for the nine months ended September 30, 2021 and 2020, net of fees and expenses.

For the nine months ended September 30, 2021, the Frontier Long/Short Commodity Fund recorded total expenses of $29,325, net investment loss of $26,394, net realized/unrealized gain on investments of $227,429, and resulting in a net increase in Owners’ capital from operations of $201,035. For the nine months ended September 30, 2020, the Frontier Long/Short Commodity Fund recorded total expenses of $25,694, net investment loss of $23,669, net realized/unrealized gain on investments of $22,699, and resulting in a net decrease in Owners’ capital from operations of $970. 

The NAV per Unit, Class 2, increased from $85.99 as of December 31, 2020 to $99.09 at September 30, 2021. The NAV per Unit, Class 3, increased from $90.21 as of December 31, 2020 to $103.95 at September 30, 2021.The NAV per Unit, Class 2a, increased from $55.29 as of December 31, 2020 to $64.35 at September 30, 2021. The NAV per Unit, Class 3a, increased from $58.37 as of December 31, 2020 to $68.04 at September 30, 2021. Total Class 2 subscriptions and redemptions for the period were $0 and $7,313, respectively. Total Class 3 subscriptions and redemptions for the period were $0 and $69,099, respectively. Total Class 2a subscriptions and redemptions for the period were $0 and $4,963, respectively. Total Class 3a subscriptions and redemptions for the period were $0 and $22,944, respectively. Ending capital at September 30, 2021, is $31,967 for Class 2, $1,056,949 for Class 3, $93,140 for Class 2a and $227,963 for Class 3a.  Ending capital at December 31, 2020 is $34,273 for Class 2, $976,771 for Class 3, $84,857 for Class 2a, and $217,402 for Class 3a.

For the nine months ended September 30, 2021, Frontier Long/Short Commodity Fund did not own a swap investment.

103

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

104

105

All of the seven sectors traded in the Frontier Long/Short Commodity Fund were profitable in Q3 2021 and all of the seven were profitable YTD. Energies, Base Metals, Grains, Softs, Meats, Precious Metals and Financials finished positive for the quarter. Energies, Base Metals, Grains, Softs, Meats, Precious Metals and Financials finished positive YTD.

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

In terms of YTD performance, Rosetta, Volt and Welton were positive while no CTA’s were negative. 

2020

The Frontier Long/Short Commodity Fund—Class 2 NAV lost 0.23% and 10.18%, respectively, for the nine months ended September 30, 2020 and 2019 net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 3 NAV lost 0.28% and 10.13% respectively for the nine months ended September 30, 2020 and 2019 net of fees and expenses; the Frontier Long/Short Commodity Fund —Class 1a NAV lost 1.65% and 16.27% respectively, for the nine months ended September 30, 2020 and 2019 net of fees and expenses; the Frontier Long/Short Commodity Fund—Class 2a NAV lost 0.31% and 15.36% respectively, for the nine months ended September 30, 2020 and 2019 net of fees and expenses; the Frontier Long/Short Commodity Fund Class 3a NAV lost 0.08% and 15.17%, respectively, for the nine months ended September 30, 2020 and 2019, net of fees and expenses.

For the nine months ended September 30, 2020, the Frontier Long/Short Commodity Fund recorded total expenses of $25,694, net investment loss of $23,669, net realized/unrealized gain on investments of $22,699, and resulting in a net decrease in Owners’ capital from operations of $970. For the nine months ended September 30, 2019, the Frontier Long/Short Commodity Fund recorded total expenses of $43,108, net investment loss of $41,280, net realized/unrealized loss on investments of $217,823, and resulting in a net decrease in Owners’ capital from operations of $259,103.

The NAV per Unit, Class 2, decreased from $81.60 as of December 31, 2019 to $81.41 at September 30, 2020. The NAV per Unit, Class 3, decreased from $85.64 as of December 31, 2019 to $85.40 at September 30, 2020. The NAV per Unit, Class 1a, decreased from $44.20 as of December 31, 2019 to $0 at September 30, 2020. The NAV per Unit, Class 2a, decreased from $52.55 as of December 31, 2019 to $52.39 at September 30, 2020. The NAV per Unit, Class 3a, decreased from $55.31 as of December 31, 2019 to $55.27 at September 30, 2020. Total Class 2 subscriptions and redemptions for the period were $0 and $8,267, respectively. Total Class 3 subscriptions and redemptions for the period were $0 and $53,726, respectively. Total Class 1a subscriptions and redemptions for the period were $0 and $11,267, respectively. Total Class 2a subscriptions and redemptions for the period were $0 and $1,193, respectively. Total Class 3a subscriptions and redemptions for the period were $0 and $4,304, respectively. There were inter-class transfers of $11,267 from Class 1a to Class 3a for the period. Ending capital at September 30, 2020, is $32,650 for Class 2, $937,745 for Class 3, $0 for Class 1a, $80,401 for Class 2a and $214,044 for Class 3a. Ending capital at December 31, 2019, is $41,045 for Class 2, $991,828 for Class 3, $11,447 for Class 1a, $81,826 for Class 2a and $208,144 for Class 3a.

The Frontier Long/Short Commodity Fund invests in one or more swaps. To the extent that the Series invests in a swap, the swap references an index, consisting of the performance realized on the trading program of one or more commodity trading advisors. Such performance is net of management fees and incentive fees paid to the underlying commodity trading advisor(s), brokerage fees and certain other related fees and charges, and therefore these fees are said to be embedded.

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

The current management fees payable to the underlying commodity trading advisor(s) comprising the index referenced in the swaps is 1.50% per annum of notional assets. The current incentive fees payable to the underlying commodity trading advisor(s) comprising the index referenced in the swaps is 25% of new net trading profits on a monthly or quarterly basis. To the extent that there are embedded management and incentive fees incurred in a swap investment, the Managing Owner waives any management and incentive fees to which it is otherwise entitled. The management and incentive fees embedded in a swap may be higher or lower than the management and incentive fees that would otherwise be charged to a Series by the Managing Owner.

As of September 30, 2020, the management fee embedded in swaps owned by Frontier Long/Short Commodity Fund was 1.50%  per annum, and the managing owner has waived the entire management fee due to it from the Frontier Long/Short Commodity Fund in respect of the Frontier Long/Short Commodity Fund’s investment in swaps. In each case, the embedded management fee is accrued on the relevant notional amount of the swap.

106

Based on an analysis of the management fees charged to Frontier Long/Short Commodity Fund, the effective management fee rate of the Frontier Long/Short Commodity Fund was lower than the management fee rate otherwise payable to the Managing Owner. The effective management fee rate for the Series was calculated for the period covered by the Form 10-Q by dividing the aggregate management fees paid by such Series (whether directly to the Managing Owner, or as an embedded management fee paid to a third-party commodity trading advisor) by the aggregate assets on which such management fees were paid. For the quarter ended September 30, 2020, the effective management fee rate of the Frontier Long/Short Commodity Fund was 1.83%, compared to a management fee payable to the Managing Owner of 2.00%. For the quarter ended September 30, 2020, the management and incentive fees embedded in gains (losses) from trading companies owned by the Frontier Long/Short Commodity Fund was $3,884.  

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

107

108

None of the seven sectors traded in the Frontier Long/Short Commodity Fund were profitable in Q3 2020 and one of the seven were profitable YTD. Energies, Base Metals, Grains, Softs, Meats, Precious Metals and Financials finished Q3 2020 negative for the quarter. Energies finished positive YTD. Base Metals, Grains, Softs, Meats, Financials and Precious Metals were negative YTD.

In terms of major CTA performance, none finished positive for the quarter. JE Moody, Rosetta and Welton were negative for the quarter.

In terms of YTD performance, JE Moody and Welton were positive YTD while Emil Van Essen and Rosetta were negative YTD. 

Frontier Balanced Fund

2021

The Frontier Balanced Fund—Class 1 NAV gained 5.87% and lost 38.74%, respectively, for the nine months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Balanced Fund —Class 2 NAV gained 8.28% and lost 37.35%, respectively, for the nine months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Balanced Fund —Class 2a NAV gained 8.35% and lost 37.34%, respectively, for the nine months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Balanced Fund —Class 3a NAV gained 8.35% and lost 37.32%, respectively, for the nine months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Balanced Fund —Class 1AP NAV gained 8.27% and lost 37.35%, for the nine months ended September 30, 2021 and 2020, net of fees and expenses.

For the nine months ended September 30, 2021, the Frontier Balanced Fund recorded total expenses of $651,038, net investment loss of $650,793, net realized/unrealized gain on investments of $1,385,814, and resulting in a net increase in Owners’ capital from operations of $735,021. For the nine months ended September 30, 2020, the Frontier Balanced Fund recorded total expenses of $769,168, net investment loss of $762,807, net realized/unrealized loss on investments of $7,365,607, and resulting in a net decrease in Owners’ capital from operations of $8,128,414.

The NAV per Unit, Class 1, increased from $79.93 as of December 31, 2020 to $84.62 at September 30, 2021. The NAV per Unit, Class 1AP, increased from $96.81 as of December 31, 2020 to $104.82 at September 30, 2021. The NAV per Unit, Class 2, increased from $130.54 as of December 31, 2020 to $141.34 at September 30, 2021. For Class 2a, the NAV per Unit increased from $113.20 as of December 31, 2020 to $122.65 at September 30, 2021. For Class 3a, the NAV per Unit increased from $112.81 as of December 31, 2020 to $122.23 at September 30, 2021. Total Class 1 subscriptions and redemptions for the period were $0 and $2,028,537, respectively. Total Class 1AP subscriptions and redemptions for the period were $0 and $51,153, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $501,213, respectively. Total Class 2a subscriptions and redemptions for the period were $0 and $57,662, respectively. Total Class 3a subscriptions and redemptions for the period were $0 and $67,043, respectively. Ending capital at September 30, 2021, was $7,933,315 for Class 1, $66,947 for Class 1 AP, $1,600,592 for Class 2, $57,105 for Class 2a and $481,733 for Class 3a. Ending capital at December 31, 2020, was $9,430,532 for Class 1, $108,053 for Class 1 AP, $1,958,169 for Class 2, $106,377 for Class 2a and $507,148 for Class 3a.

For the nine months ended September 30, 2021, Frontier Balanced Fund did not own a swap investment.

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

109

110

Three of the six sectors which traded in the Frontier Balanced Fund were profitable in Q3 2021 and three of the six were profitable YTD. Energies, Agriculturals and Stock Indices were profitable for the quarter while Metals, Currencies and Interest Rates finished negative for the quarter. Energies, Agriculturals and Stock Indices were profitable YTD while Metals, Currencies and Interest Rates finished negative YTD.

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

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

2020

The Frontier Balanced Fund—Class 1 NAV lost 38.74% and lost 0.80%, respectively, for the nine months ended September 30, 2020 and 2019, net of fees and expenses; the Frontier Balanced Fund —Class 2 NAV lost 37.35% and gained 1.45%, respectively, for the nine months ended September 30, 2020 and 2019, net of fees and expenses; the Frontier Balanced Fund —Class 2a NAV lost 37.34% and gained 1.44%, respectively, for the nine months ended September 30, 2020 and 2019, net of fees and expenses; the Frontier Balanced Fund —Class 3a NAV lost 37.32% and gained 1.47%, respectively, for the nine months ended September 30, 2020 and 2019, net of fees and expenses; the Frontier Balanced Fund —Class 1AP NAV lost 37.35% and gained 1.45% for the nine months ended September 30, 2020 and 2019, net of fees and expenses.

For the nine months ended September 30, 2020, For the nine months ended September 30, 2020, the Frontier Balanced Fund recorded total expenses of $769,168, net investment loss of $762,807, net realized/unrealized loss on investments of $7,365,607, and resulting in a net decrease in Owners’ capital from operations of $8,128,414.

For the nine months ended September 30, 2019, the Frontier Balanced Fund recorded total expenses of $1,256,678, net investment loss of $1,220,176, net realized/unrealized gain on investments of $1,056,365 and resulting in a net decrease in Owners’ capital from operations of $163,811.

The NAV per Unit, Class 1, decreased from $117.23 as of December 31, 2019 to $71.82 at September 30, 2020. The NAV per Unit, Class 1AP, decreased from $137.81 as of December 31, 2019 to $86.34 at September 30, 2020. The NAV per Unit, Class 2, decreased from $185.82 as of December 31, 2019 to $116.42 at September 30, 2020. For Class 2a, the NAV per Unit decreased from $161.04 as of December 31, 2019 to $100.90 at September 30, 2020. For Class 3a, the NAV per Unit decreased from $160.50 as of December 31, 2019 to $100.60 at September 30, 2020. Total Class 1 subscriptions and redemptions for the period were $0 and $2,577,034, respectively. Total Class 1AP subscriptions and redemptions for the period were $0 and $0, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $295,415, respectively. Total Class 2a subscriptions and redemptions for the period were $0 and $19,800, respectively. Total Class 3a subscriptions and redemptions for the period were $0 and $63,588, respectively. Ending capital at September 30, 2020, was $8,800,149 for Class 1, $149,459 for Class 1 AP, $1,847,965 for Class 2, $104,702 for Class 2a and $507,236 for Class 3a. Ending capital at December 31, 2019, was $17,797,600 for Class 1, $238,544 for Class 1 AP, $3,361,853 for Class 2, $195,181 for Class 2a and $900,583 for Class 3a.

The Frontier Balanced Fund invests in one or more swaps. To the extent that the Series invests in a swap, the swap references an index, consisting of the performance realized on the trading program of one or more commodity trading advisors. Such performance is net of management fees and incentive fees paid to the underlying commodity trading advisor(s), brokerage fees and certain other related fees and charges, and therefore these fees are said to be embedded.

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

The current management fees payable to the underlying commodity trading advisor(s) comprising the index referenced in the swaps is 1.00% per annum of notional assets. The current incentive fees payable to the underlying commodity trading advisor(s) comprising the index referenced in the swaps ranges from 20% to 25% of new net trading profits on a monthly or quarterly basis. To the extent that there are embedded management and incentive fees incurred in a swap investment, the Managing Owner waives any management and incentive fees to which it is otherwise entitled. The management and incentive fees embedded in a swap may be higher or lower than the management and incentive fees that would otherwise be charged to a Series by the Managing Owner.

As of September 30, 2020, the management fee embedded in swaps owned by the Frontier Balanced Fund was 1.00 per annum, and the Managing Owner has waived the entire management fee due to it from the Frontier Balanced Fund in respect of the Frontier Balanced Fund’s investment in swaps. In each case, the embedded management fee is accrued on the relevant notional amount of the swap.

111

Based on an analysis of the management fees charged to Frontier Balanced Fund, the effective management fee rate of the Frontier Balanced Fund was higher than the management fee rate otherwise payable to the Managing Owner. The effective management fee rate for the Series was calculated for the period covered by the Form 10-Q by dividing the aggregate management fees paid by such Series (whether directly to the Managing Owner, or as an embedded management fee paid to a third-party commodity trading advisor) by the aggregate assets on which such management fees were paid. For the quarter ended September 30, 2020, the effective management fee rate of the Frontier Balanced Fund was 0.56%, compared to a management fee payable to the Managing Owner of 0.50%. For the quarter ended September 30, 2020, the management and incentive fees embedded in gains (losses) from trading companies owned by the Frontier Balanced Fund was $10,645. 

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

112

113

One of the six sectors traded in the Frontier Balanced Fund was profitable in Q3 2020 and two of the six were profitable YTD. Metals were profitable for Q3 2020 while Currencies, Energies, Agriculturals, Interest Rates and Stock Indices finished negative for the quarter. Metals and Energies were positive YTD while Currencies, Agriculturals, Interest Rates and Stock Indices were negative YTD.

In terms of major CTA performance, Welton and Wimmer Horizon finished positive for the quarter. Aspect, Crabel, Fort, H2O, John Locke and QIM were negative for the quarter. Doherty was flat for the quarter.

Welton and Wimmer Horizon were positive YTD while Aspect, Crabel, Doherty, Emil Van Essen, Fort, H2O, John Locke and QIM were negative YTD. 

Frontier Select Fund

2021

The Frontier Select Fund—Class 1 NAV gained 14.97% and lost 19.84%, respectively, for the nine months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Select Fund —Class 2 NAV gained 17.59% and lost 18.03%, respectively, for the nine months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Select Fund—Class 1AP NAV gained 17.58% and lost 18.22%, respectively, for the nine months ended September 30, 2021 and 2020.

For the nine months ended September 30, 2021, the Frontier Select Fund recorded total expenses of $70,732, net investment loss of $70,732, net realized/unrealized gain on investments of $304,970, and resulting in a net increase in Owners’ capital from operations of $234,238. For the nine months ended September 30, 2020, the Frontier Select Fund recorded total expenses of $93,908, net investment loss of $93,908, net realized/unrealized loss on investments of $350,073, and resulting in a net decrease in Owners’ capital from operations of $443,981.

The NAV per Unit, Class 1, increased from $58.55 as of December 31, 2020 to $67.32 at September 30, 2021. The NAV per Unit, Class 1AP, increased from $70.99 as of December 31, 2020 to $83.47 at September 30, 2021. The NAV per Unit, Class 2, increased from $94.20 as of December 31, 2020 to $110.77 at September 30, 2021. Total Class 1 subscriptions and redemptions for the period ended September 30, 2021, were $0 and $299,314, respectively. Total Class 1AP subscriptions and redemptions for the period ended September 30, 2021, were $0 and $656, respectively. Total Class 2 subscriptions and redemptions for the period ended September 30, 2021, were $0 and $3,281, respectively. Ending capital, at September 30, 2021, was $1,496,992 for Class 1, $10,811 for Class 1AP, and $76,312 for Class 2. Ending capital at December 31, 2020 was $1,575,328 for Class 1, $9,821 for Class 1AP, and $67,979 for Class 2.

For the nine months ended September 30, 2021, Frontier Select Fund did not own a swap investment.

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

114

Three of the six sectors which traded in the Frontier Select Fund were profitable in Q3 2021 and three of the six were profitable YTD. Energies, Agriculturals and Stock Indices were profitable for the quarter while Metals, Currencies and Interest Rates finished negative for the quarter. Energies, Agriculturals and Stock Indices were profitable YTD while Metals, Currencies and Interest Rates finished negative YTD.

In terms of major CTA performance, Welton finished positive for the quarter while John Locke finished negative. Welton finished positive YTD while John Locke finished negative YTD.

2020

The Frontier Select Fund—Class 1 NAV lost 19.84% and gained 8.89%, respectively, for the nine months ended September 30, 2020 and 2019, net of fees and expenses; the Frontier Select Fund —Class 2 NAV lost 18.03% and gained 11.41% respectively for the nine months ended September 30, 2020 and 2019, net of fees and expenses; the Frontier Select Fund—Class 1AP NAV lost 18.22% and gained 10.37%, respectively, for the nine months ended September 30, 2020 and 2019.

For the nine months ended September 30, 2020, the Frontier Select Fund recorded total expenses of $93,908, net investment loss of $93,908, net realized/unrealized loss on investments of $350,073, and resulting in a net decrease in Owners’ capital from operations of $443,981.

For the nine months September 30, 2019, the Frontier Select Fund recorded total expenses of $146,651, net investment loss of $146,656, net realized/unrealized gain on investments $463,062, and resulting in a net increase in Owners’ capital from operations of $316,406.

The NAV per Unit, Class 1, decreased from $66.56 as of December 31, 2019 to $53.35 at September 30, 2020. The NAV per Unit, Class 1AP, decreased from $78.51 as of December 31, 2019 to $64.20 at September 30, 2020. The NAV per Unit, Class 2, decreased from $103.94 as of December 31, 2019 to $85.20 at September 30, 2020. Total Class 1 subscriptions and redemptions for the period were $0 and $790,915, respectively. Total Class 1AP subscriptions and redemptions for the period were $0 and $0, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $14,198, respectively. Ending capital, at September 30, 2020, was $1,495,959 for Class 1, $8,882 for Class 1AP, and $62,691 for Class 2. Ending capital, at December 31, 2019, was $2,715,051 for Class 1, $10,834 for Class 1AP, and $90,741 for Class 2.

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

115

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

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

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

Based on an analysis of the management fees charged to Frontier Select Fund, the effective management fee rate of the Frontier Select Fund was equal to the management fee rate otherwise payable to the Managing Owner. The effective management fee rate for the Series was calculated for the period covered by the Form 10-Q by dividing the aggregate management fees paid by such Series (whether directly to the Managing Owner, or as an embedded management fee paid to a third-party commodity trading advisor) by the aggregate assets on which such management fees were paid. For the quarter ended September 30, 2020, the effective management fee rate of Frontier Select Fund was 2.50%, compared to a management fee payable to the Managing Owner of 2.50%. For the quarter ended September 30, 2020, the management and incentive fees embedded in gains (losses) from trading companies owned by Frontier Select Fund was $0. 

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

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Two of the six sectors traded in the Frontier Select Fund were profitable in Q3 2020 and two of the six were profitable YTD. Metals and Energies were positive while Interest Rates, Currencies, Stock Indices and Agriculturals were negative for the quarter. Energies and Interest Rates were profitable YTD while Metals, Currencies, Stock Indices and Agriculturals finished negative YTD.

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

Frontier Global Fund

2021

The Frontier Global Fund—Class 1 NAV gained 7.81% and lost 20.79%, respectively, for the nine months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Global Fund—Class 2 NAV gained 10.26% and lost 18.98%, respectively, for the nine months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Global Fund—Class 1AP NAV lost 0% and lost 18.80%, respectively, for the nine months ended September 30, 2021 and 2020.

For the nine months ended September 30, 2021, the Frontier Global Fund recorded total expenses of $165,067, net investment loss of $165,067, net realized/unrealized gain on investments of $380,812, and resulting in a net increase in Owners’ capital from operations of $215,145. For the nine months ended September 30, 2020, the Frontier Global Fund recorded total expenses of $231,358, net investment loss of $231,358, net realized/unrealized loss on investments of $524,909, and resulting in a net decrease in Owners’ capital from operations of $756,267. 

The NAV per Unit, Class 1, increased from $110.90 at December 31, 2020 to $119.56 as of September 30, 2021. The NAV per Unit, Class 2, increased from $167.56 at December 31, 2020 to $184.75 as of September 30, 2021. Total Class 1 subscriptions and redemptions for the period ended were $0 and $445,629, respectively. Total Class 2 subscriptions and redemptions for the period ended were $0 and $5,000, respectively. Ending capital at September 30, 2021 was $2,492,688 for Class 1 and $202,477 for Class 2. Ending capital at December 31, 2020 was $2,741,972 for Class 1 and $188,677 for Class 2. 

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

 

Four of the six sectors which traded in the Frontier Global Fund were profitable in Q3 2021 and four of the six were profitable YTD. Energies, Agriculturals, Metals and Stock Indices were profitable for the quarter while Currencies and Interest Rates finished negative for the quarter. Energies, Agriculturals, Metals and Stock Indices were profitable YTD while Currencies and Interest Rates finished negative YTD.

2020

The Frontier Global Fund—Class 1 NAV lost 20.79% and gained 15.54%, respectively, for the nine months ended September 30, 2020 and 2019, net of fees and expenses; the Frontier Global Fund—Class 2 NAV lost 18.98% and gained 18.18%, respectively, for the nine months ended September 30, 2020 and 2019, net of fees and expenses; the Frontier Global Fund—Class 1AP NAV lost 18.80% and gained 18.17%, respectively, for the nine months ended September 30, 2020 and 2019.

For the nine months ended September 30, 2020, the Frontier Global Fund recorded total expenses of $231,358, net investment loss of $231,358, net realized/unrealized loss on investments of $524,909, and resulting in a net decrease in Owners’ capital from operations of $756,267. For the nine months ended September 30, 2019, the Frontier Global Fund recorded total expenses of $386,195, net investment loss of $386,197, net realized/unrealized gain on investments of $1,324,354, and resulting in a net increase in Owners’ capital from operations of $938,157.

The NAV per Unit, Class 1, decreased from $131.52 at December 31, 2019 to $104.18 as of September 30, 2020. The NAV per Unit, Class 2, decreased from $192.82 at December 31, 2019 to $156.22 as of September 30, 2020. The NAV per Unit, Class 1AP, decreased from $154.43 at December 31, 2019 to $125.39 as of September 30, 2020. Total Class 1 subscriptions and redemptions for the period were $0 and $1,009,896, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $132,401, respectively. Total Class 1AP subscriptions and redemptions for the period were $0 and $0, respectively. Ending capital, at September 30, 2020 was $2,745,609 for Class 1, $177,301 for Class 2 and $26,771 for Class 1AP. Ending capital, at December 31, 2019 was $4,471,980 for Class 1, $343,217 for Class 2 and $33,047 for Class 1AP.

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

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None of the six sectors traded in the Frontier Global Fund were profitable in Q3 2020 and two of the six were profitable YTD. Interest Rates, Agriculturals, Currencies, Metals, Energies and Stock Indices were negative for the quarter. Interest Rates and Energies were positive YTD while Agriculturals, Metals, Currencies and Stock Indices were negative YTD. 

Frontier Heritage Fund

2021

The Frontier Heritage Fund—Class 1 NAV gained 16.75% and lost 10.92%, respectively, for the nine months ended September 30, 2021 and 2020 net of fees and expenses; the Frontier Heritage Fund—Class 2 NAV gained 19.40% and lost 8.91%, respectively, for the nine months ended September 30, 2021 and 2020, net of fees and expenses; the Frontier Heritage Fund—Class 1AP NAV gained 19.40% and lost 8.43%, respectively, for the nine months ended September 30, 2021 and 2020.

For the nine months ended September 30, 2021, the Frontier Heritage Fund recorded total expenses of $125,859, net investment loss of $125,859, net realized/unrealized gain on investments of $516,625, and resulting in a net increase in Owners’ capital from operations of $390,766. For the nine months ended September 30, 2020, the Frontier Heritage Fund recorded total expenses of $134,838, net investment loss of $134,838, net realized/unrealized loss on investments of $37,942, and resulting in a net decrease in Owners’ capital from operations of $268,694, after non-controlling interests of $95,914. 

The NAV per Unit, Class 1, increased from $96.10 as of December 31, 2020 to $112.20 at September 30, 2021. The NAV per Unit, Class 1AP, increased from $116.50 as of December 31, 2020 to $139.10 at September 30, 2021. The NAV per Unit, Class 2, increased from $155.92 as of December 31, 2020 to $186.17 at September 30, 2021. Total Class 1 subscriptions and redemptions for the period were $0 and $182,668, respectively. Total Class 1AP subscriptions and redemptions for the period were $0 and $1,100, respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $1,000, respectively. Ending capital, at September 30, 2021, was $2,335,536 for Class 1, $8,874 for Class 1AP and $246,870 for Class 2. Ending capital at December 31, 2020 was $2,169,152 for Class 1, $8,460 for Class 1AP, and $207,670 for Class 2. 

For the nine months ended September 30, 2021, Frontier Heritage Fund did not own a swap investment.

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

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Three of the six sectors which traded in the Frontier Heritage Fund were profitable in Q3 2021 and three of the six were profitable YTD. Energies, Agriculturals and Stock Indices were profitable for the quarter while Metals, Currencies and Interest Rates finished negative for the quarter. Energies, Agriculturals and Stock Indices were profitable YTD while Metals, Currencies and Interest Rates finished negative YTD.

In terms of major CTA performance, Aspect Capital and Welton were positive for Q3 2021. No CTA’s were negative for the quarter. Welton and Aspect Capital were positive YTD while no CTA’s finished negative YTD.

2020

The Frontier Heritage Fund—Class 1 NAV lost 10.92% and gained 13.12%, respectively, for the nine months ended September 30, 2020 and 2019 net of fees and expenses; the Frontier Heritage Fund—Class 2 NAV lost 8.91% and gained 15.70%, respectively for the nine months ended September 30, 2020 and 2019, net of fees and expenses; the Frontier Heritage Fund—Class 1AP NAV lost 8.43% and gained 17.34%, respectively, for the nine months ended September 30, 2020 and 2019.

For the nine months ended September 30, 2020, the Frontier Heritage Fund recorded total expenses of $134,838, net investment loss of $134,838, net realized/unrealized loss on investments of $37,942, and resulting in a net decrease in Owners’ capital from operations of $268,694, after non-controlling interests of $95,914. For the nine months ended September 30, 2019, the Frontier Heritage Fund recorded total expenses of $162,062, net investment loss of $162,068, net realized/unrealized gain on investments of $637,595, and resulting in a net increase in Owners’ capital from operations of $435,283, after non-controlling interests of $40,244.

The NAV per Unit, Class 1, decreased from $97.54 as of December 31, 2019 to $86.88 at September 30, 2020. The NAV per Unit, Class 1AP, decreased from $114.15 as of December 31, 2019 to $104.53 at September 30, 2020. The NAV per Unit, Class 2, decreased from $153.59 as of December 31, 2019 to $139.90 at September 30, 2020. Total Class 1 subscriptions and redemptions for the period $0 and $84,653, respectively. Total Class 1AP subscriptions and redemptions for the period $0 and $0, respectively. Total Class 2 subscriptions and redemptions for the period $0 and $304,812, respectively. Ending capital, at September 30, 2020, was $1,970,940 for Class 1, $7,591 for Class 1AP and $189,322 for Class 2. Ending capital, at December 31, 2019, was $2,295,623 for Class 1, $8,333 for Class 1AP and $522,057 for Class 2.

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

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

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

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

Based on an analysis of the management fees charged to Frontier Heritage Fund, the effective management fee rate of the Frontier Heritage Fund was equal to the management fee rate otherwise payable to the Managing Owner. The effective management fee rate for the Series was calculated for the period covered by the Form 10-Q by dividing the aggregate management fees paid by such Series (whether directly to the Managing Owner, or as an embedded management fee paid to a third-party commodity trading advisor) by the aggregate assets on which such management fees were paid. For the quarter ended September 30, 2020, the effective management fee rate of the Frontier Heritage Fund was 2.50%, compared to a management fee payable to the Managing Owner of 2.50%. For the quarter ended September 30, 2020, the management and incentive fees embedded in gains (losses) from trading companies owned by the Frontier Heritage Fund was $0. 

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

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One of the six sectors traded in the Frontier Heritage Fund was profitable in Q3 2020 and two of the six were profitable YTD. Interest Rates were positive while Energies, Currencies, Metals, Agriculturals and Stock Indices were negative for the quarter. Energies and Interest Rates were profitable YTD while Agriculturals, Currencies, Metals and Stock Indices finished negative YTD.

In terms of major CTA performance, no CTA’s were positive for Q3 2020. Aspect Capital and Welton were negative for the quarter. Welton was positive YTD while Aspect Capital and Brevan Howard were negative YTD.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

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

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

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

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

Quantitative Market Risk

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

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

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

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

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

Value at Risk by Market Sectors

The following tables present the trading value at risk associated with each Series’ exposure to open positions (as held by the Trading Companies) by market sector as of September 30, 2021 and December 31, 2020. All open position trading risk exposures of the Series have been included in calculating the figures set forth below.

DOMESTIC EXPOSURE

Frontier Balanced Fund:

	September 30, 2021					December 31, 2020
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
MARKET SECTOR
Interest Rates	$	19,938		0.20	%	$	6,095		0.05	%
Currencies		803,228		7.92	%		324,038		2.68	%
Stock Indices		11,521		0.11	%		-		0.00	%
Metals		122,613		1.21	%		87,332		0.72	%
Agriculturals/Softs		45,068		0.44	%		275,253		2.27	%
Energy		122,890		1.21	%		-		0.00	%
Total:	$	1,125,258		11.10	%	$	692,718		5.72	%

The swaps owned by Frontier Heritage Fund and Frontier Select Fund (through its investment in an unconsolidated trading company) were terminated effective May 30, 2020, and the swaps owned by Frontier Balanced Fund, Frontier Long/Short Commodity Fund and Frontier Diversified Fund were terminated effective December 21, 2020. 

Value at Risk: Foreign Markets

The following tables present the trading value at risk associated with each Series’ exposure to open positions (as held by the Trading Companies) by market sector as of September 30, 2021 and December 31, 2020. All open position trading risk exposures of the Series have been included in calculating the figures set forth below.

FOREIGN EXPOSURE

Frontier Balanced Fund

	September 30, 2021					December 31, 2020
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
MARKET SECTOR
Interest Rates	$	658,503		6.49	%	$	282,145		2.33	%
Currencies		47,750		0.47	%		20,954		0.17	%
Stock Indices		25,952		0.26	%		8,652		0.07	%
Agriculturals/Softs		183,609		1.81	%		131,914		1.09	%
Total:	$	915,814		9.03	%	$	443,665		3.66	%

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

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

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Non-Trading Risk

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

Qualitative Market Risk

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

Interest Rates  

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

Frontier Master Fund Class 1 was closed as of April 1, 2021 and Frontier Diversified Fund Class 1 was closed as of July 21, 2021.

Currencies

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

Stock Indices

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

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Metals

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

Agriculturals/Softs

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

Energy

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

Other Trading Risks

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

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

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

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Cyber Risks and Security

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

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

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

Qualitative Disclosures Regarding Means of Managing Risk Exposure

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

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures  

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

127

Report on Management’s Assessment of Internal Control over Financial Reporting

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

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

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

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

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

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

Changes in Internal Control over Financial Reporting

There were no changes in the Trust’s internal control over financial reporting for the quarter ended September 30, 2021.

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

Scope of Exhibit 31 Certifications  

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

128

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

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

ITEM 1A. RISK FACTORS.

There have been no material changes to the risk factors set forth under Part I, Item 1A. “Risk Factors.” in the Trust’s annual report on Form 10-K for the fiscal year ended December 31, 2020. 

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

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

SERIES	DATE	UNITS	CONSIDERATION
NONE

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

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

None.

129

ITEM 6. EXHIBITS.

31.1	Certification of Principal Executive Officer of the Managing Owner pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934. (filed herewith)
31.2	Certification of Chief Financial Officer of the Managing Owner pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934. (filed herewith)
32.1	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished herewith)
32.2	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished herewith)
32.3	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished herewith)
32.4	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished herewith)
32.5	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished herewith)
32.6	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished herewith)
32.7	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished herewith)
32.8	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished herewith)
101.INS	Inline XBRL Instance Document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

130

SIGNATURES

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

	Frontier Funds
	(Registrant)
Date: November 15, 2021	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

Date: November 15, 2021	By:	/s/ Patrick F. HART III
		Patrick F. Hart
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

131

SIGNATURES

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

	Frontier Balanced Fund,
	a Series of Frontier Funds
	(Registrant)
Date: November 15, 2021	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund Management LLC, the Managing Owner of Frontier Funds
Date: November 15, 2021	By:	/s/ Patrick F. HART III
		Patrick F. Hart
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

132

SIGNATURES

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

	Frontier Heritage Fund,
	a Series of Frontier Funds
	(Registrant)
Date: November 15, 2021	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

Date: November 15, 2021	By:	/s/ Patrick F. HART III
		Patrick F. Hart
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

133

SIGNATURES

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

	Frontier Global Fund
	a Series of Frontier Funds
	(Registrant)
Date: November 15, 2021	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

Date: November 15, 2021	By:	/s/ Patrick F. HART III
		Patrick F. Hart
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

134

SIGNATURES

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

	Frontier Select Fund,
	a Series of Frontier Funds (Registrant)
Date: November 15, 2021	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

Date: November 15, 2021	By:	/s/ Patrick F. HART III
		Patrick F. Hart
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

135

SIGNATURES

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

	Frontier Long/Short Commodity Fund,  a Series of Frontier Funds  (Registrant)
Date: November 15, 2021	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

Date: November 15, 2021	By:	/s/ Patrick F. HART III
		Patrick F. Hart
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

136

SIGNATURES

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

	Frontier Diversified Fund,
	a Series of Frontier Funds
	(Registrant)
Date: November 15, 2021	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

Date: November 15, 2021	By:	/s/ Patrick F. HART III
		Patrick F. Hart
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

137

SIGNATURES

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

	Frontier Masters Fund,
	a Series of Frontier Funds
	(Registrant)
Date: November 15, 2021	By:	/s/ Patrick J. Kane
		Patrick J. Kane
		Chairman and Chief Financial Officer of Frontier Fund Management LLC, the Managing Owner of Frontier Funds

Date: November 15, 2021	By:	/s/ Patrick F. HART III
		Patrick F. Hart
		President and Chief Executive Officer of Frontier Fund
		Management LLC, the Managing Owner of Frontier Funds

138

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

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

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

I, Patrick F. Hart III, certify that:

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

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

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

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

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 15, 2021

/s/ Patrick F. Hart III

Patrick F. Hart III

President and Chief Executive Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

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

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

I, Patrick J. Kane, certify that:

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

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

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

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

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 15, 2021

/s/ Patrick J. Kane

Patrick J. Kane

Chairman and Chief Financial Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Frontier Funds on Form 10-Q for the period ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

/s/ Patrick J. Kane 

Patrick J. Kane

Chairman and Chief Financial Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

November 15, 2021

/s/ Patrick F. Hart III

Patrick F. Hart III

President and Chief Executive Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

November 15, 2021

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Frontier Balanced Fund, a Series of Frontier Funds on Form 10-Q for the period ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

/s/ Patrick J. Kane 

Patrick J. Kane

Chairman and Chief Financial Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

November 15, 2021

/s/ Patrick F. Hart III

Patrick F. Hart III

President and Chief Executive Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

November 15, 2021

EX-32.3

Exhibit 32.3

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Frontier Select Fund, a Series of Frontier Funds on Form 10-Q for the period ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

/s/ Patrick J. Kane 

Patrick J. Kane

Chairman and Chief Financial Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

November 15, 2021

/s/ Patrick F. Hart III

Patrick F. Hart III

President and Chief Executive Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

November 15, 2021

EX-32.4

Exhibit 32.4

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Frontier Long/Short Commodity Fund, a Series of Frontier Funds on Form 10-Q for the period ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

/s/ Patrick J. Kane 

Patrick J. Kane

Chairman and Chief Financial Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

November 15, 2021

/s/ Patrick F. Hart III

Patrick F. Hart III

President and Chief Executive Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

November 15, 2021

EX-32.5

Exhibit 32.5

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Frontier Global Fund, a Series of Frontier Funds on Form 10-Q for the period ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

/s/ Patrick J. Kane 

Patrick J. Kane

Chairman and Chief Financial Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

November 15, 2021

/s/ Patrick F. Hart III

Patrick F. Hart III

President and Chief Executive Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

November 15, 2021

EX-32.6

Exhibit 32.6

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Frontier Heritage Fund, a Series of Frontier Funds on Form 10-Q for the period ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

/s/ Patrick J. Kane 

Patrick J. Kane

Chairman and Chief Financial Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

November 15, 2021

/s/ Patrick F. Hart III

Patrick F. Hart III

President and Chief Executive Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

November 15, 2021

EX-32.7

Exhibit 32.7

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Frontier Diversified Fund, a Series of Frontier Funds on Form 10-Q for the period ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

/s/ Patrick J. Kane 

Patrick J. Kane

Chairman and Chief Financial Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

November 15, 2021

/s/ Patrick F. Hart III

Patrick F. Hart III

President and Chief Executive Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

November 15, 2021

EX-32.8

Exhibit 32.8

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Frontier Masters Fund, a Series of Frontier Funds on Form 10-Q for the period ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

/s/ Patrick J. Kane 

Patrick J. Kane

Chairman and Chief Financial Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

November 15, 2021

/s/ Patrick F. Hart III

Patrick F. Hart III

President and Chief Executive Officer of Frontier Fund

Management LLC, the Managing Owner of Frontier Funds

November 15, 2021

XML

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 10, 2021
Document Information Line Items
Entity Registrant Name	FRONTIER FUNDS
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		0
Amendment Flag	false
Entity Central Index Key	0001261379
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-51274
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-6815533
Entity Address, Address Line One	25568 Genesee Trail Road
Entity Address, City or Town	Golden
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80401
City Area Code	(303)
Local Phone Number	454-5500
Entity Interactive Data Current	Yes

XML

Statements of Financial Condition - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Frontier Funds [Member]
ASSETS
Cash and cash equivalents	$ 183,390	$ 468,466
U.S. Treasury securities, at fair value	143,896	2,282,606
Open trade equity, at fair value	84,329	100,440
Receivable from futures commission merchants	788,667	233,973
Investments in private investment companies, at fair value	22,075,333	23,089,312
Interest receivable	1,022	45,578
Receivable from related parties	38,202	26,129
Redemptions receivable from private investment companies		181,323
Total Assets	23,314,839	26,427,827
LIABILITIES
Incentive fees payable to Managing Owner	54,924
Management fees payable to Managing Owner	1,610	8,854
Risk analysis fees payable	10,470	9,513
Payables to related parties	38,202	26,129
LIABILITIES
Redemptions payable	50,041	38,128
Interest payable to Managing Owner	1,978	2,107
Service fees payable to Managing Owner	32,805	36,705
Trading fees payable to Managing Owner	75,283	81,698
Subscriptions in advance for service fee rebates	665,217	638,962
Other liabilities	17,555	16,592
Total Liabilities	948,085	858,688
CAPITAL
Managing Owner Units	237,234	283,217
Limited Owner Units	22,129,520	25,285,922
Total Owners’ Capital	22,366,754	25,569,139
Total Capital	22,366,754	25,569,139
Total Liabilities and Capital	23,314,839	26,427,827
Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member]
ASSETS
Cash and cash equivalents	42,657	87,715
U.S. Treasury securities, at fair value	33,471	427,393
Investments in private investment companies, at fair value	3,061,135	3,644,603
Investments in unconsolidated trading companies, at fair value	30,579	16,669
Interest receivable	238	8,534
Receivable from related parties	8,886	4,892
Redemptions receivable from private investment companies		31,886
Total Assets	3,176,966	4,221,692
LIABILITIES
Redemptions payable
Interest payable to Managing Owner
Service fees payable to Managing Owner	85	385
Trading fees payable to Managing Owner	9,894	12,576
Subscriptions in advance for service fee rebates	22,650	22,650
Other liabilities	3,668	3,110
Total Liabilities	36,297	38,721
CAPITAL
Total Owners’ Capital	3,140,669	4,182,971
Non-Controlling Interests
Total Capital	3,140,669	4,182,971
Total Liabilities and Capital	3,176,966	4,221,692
Frontier Masters Fund [Member] | The Series of Frontier Funds [Member]
ASSETS
Cash and cash equivalents	22,653	4,771
U.S. Treasury securities, at fair value	17,774	23,245
Investments in private investment companies, at fair value	782,240	1,014,591
Investments in unconsolidated trading companies, at fair value	16,239	907
Interest receivable	126	464
Receivable from related parties	4,719	266
Redemptions receivable from private investment companies		24,837
Total Assets	843,751	1,069,081
LIABILITIES
Redemptions payable		38,128
Interest payable to Managing Owner
Service fees payable to Managing Owner	44	70
Trading fees payable to Managing Owner	4,220	5,460
Subscriptions in advance for service fee rebates	31,725	31,725
Other liabilities	1,948	171
Total Liabilities	37,937	75,554
CAPITAL
Total Owners’ Capital	805,814	993,527
Non-Controlling Interests
Total Capital	805,814	993,527
Total Liabilities and Capital	843,751	1,069,081
Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member]
ASSETS
Cash and cash equivalents	29,728	93,327
U.S. Treasury securities, at fair value	23,326	454,738
Investments in private investment companies, at fair value	1,335,596	738,053
Investments in unconsolidated trading companies, at fair value	21,311	17,736
Interest receivable	166	9,080
Receivable from related parties	6,193	5,205
Redemptions receivable from private investment companies		1,251
Total Assets	1,416,320	1,319,390
LIABILITIES
Redemptions payable
Interest payable to Managing Owner	37	87
Service fees payable to Managing Owner	19	18
Trading fees payable to Managing Owner	3,295	2,281
Subscriptions in advance for service fee rebates	393	393
Other liabilities	2,557	3,308
Total Liabilities	6,301	6,087
CAPITAL
Total Owners’ Capital	1,410,019	1,313,303
Non-Controlling Interests
Total Capital	1,410,019	1,313,303
Total Liabilities and Capital	1,416,320	1,319,390
Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
ASSETS
Cash and cash equivalents		261,803
U.S. Treasury securities, at fair value		1,275,641
Open trade equity, at fair value	84,329	100,440
Receivable from futures commission merchants	788,667	233,973
Investments in private investment companies, at fair value	9,842,164	10,528,252
Investments in unconsolidated trading companies, at fair value		49,755
Interest receivable		25,471
Receivable from related parties		14,602
Redemptions receivable from private investment companies		55,473
Total Assets	10,715,160	12,545,410
LIABILITIES
Incentive fees payable to Managing Owner	54,924
Management fees payable to Managing Owner	1,610	8,854
Risk analysis fees payable	10,470	9,513
Payables to related parties	38,202
LIABILITIES
Redemptions payable	50,041
Interest payable to Managing Owner	1,063	1,376
Service fees payable to Managing Owner	18,384	21,381
Trading fees payable to Managing Owner	35,169	37,894
Subscriptions in advance for service fee rebates	363,825	346,855
Other liabilities	1,780	9,258
Total Liabilities	575,468	435,131
CAPITAL
Total Owners’ Capital	10,139,692	12,110,279
Non-Controlling Interests
Total Capital	10,139,692	12,110,279
Total Liabilities and Capital	10,715,160	12,545,410
Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
ASSETS
Cash and cash equivalents	21,764
U.S. Treasury securities, at fair value	17,077
Open trade equity, at fair value
Receivable from futures commission merchants
Investments in private investment companies, at fair value	1,555,606	1,638,665
Investments in unconsolidated trading companies, at fair value	15,601
Interest receivable	121
Receivable from related parties	4,534
Redemptions receivable from private investment companies		67,876
Total Assets	1,614,703	1,706,541
LIABILITIES
Management fees payable to Managing Owner
Risk analysis fees payable
Payables to related parties		26,129
LIABILITIES
Interest payable to Managing Owner	249	179
Service fees payable to Managing Owner	3,698	3,709
Trading fees payable to Managing Owner	4,003	3,933
Subscriptions in advance for service fee rebates	20,766	19,463
Other liabilities	1,872
Total Liabilities	30,588	53,413
CAPITAL
Total Owners’ Capital	1,584,115	1,653,128
Non-Controlling Interests
Total Capital	1,584,115	1,653,128
Total Liabilities and Capital	1,614,703	1,706,541
Frontier Global Fund [Member] | The Series of Frontier Funds [Member]
ASSETS
Cash and cash equivalents	25,316	5,694
U.S. Treasury securities, at fair value	19,864	27,742
Investments in private investment companies, at fair value	2,802,754	3,068,656
Investments in unconsolidated trading companies, at fair value	18,148	1,083
Interest receivable	141	554
Receivable from related parties	5,273	319
Total Assets	2,871,496	3,104,048
LIABILITIES
Redemptions payable
Interest payable to Managing Owner	261	326
Service fees payable to Managing Owner	5,525	6,348
Trading fees payable to Managing Owner	10,585	11,849
Subscriptions in advance for service fee rebates	157,782	154,671
Other liabilities	2,178	205
Total Liabilities	176,331	173,399
CAPITAL
Total Owners’ Capital	2,695,165	2,930,649
Non-Controlling Interests
Total Capital	2,695,165	2,930,649
Total Liabilities and Capital	2,871,496	3,104,048
Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member]
ASSETS
Cash and cash equivalents	41,272	15,156
U.S. Treasury securities, at fair value	32,384	73,847
Investments in private investment companies, at fair value	2,564,374	2,367,462
Investments in unconsolidated trading companies, at fair value	29,586	2,880
Interest receivable	230	1,475
Receivable from related parties	8,597	845
Total Assets	2,676,443	2,461,665
LIABILITIES
Redemptions payable
Interest payable to Managing Owner	368	139
Service fees payable to Managing Owner	5,050	4,794
Trading fees payable to Managing Owner	8,117	7,705
Subscriptions in advance for service fee rebates	68,076	63,205
Other liabilities	3,552	540
Total Liabilities	85,163	76,383
CAPITAL
Total Owners’ Capital	2,591,280	2,385,282
Non-Controlling Interests
Total Capital	2,591,280	2,385,282
Total Liabilities and Capital	2,676,443	2,461,665
Class 2 [Member] | Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	8,048	2,212
Limited Owner Units	$ 390,873	$ 464,012
Units Outstanding
Units Outstanding (in Shares)	4,384	5,241
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 90.99	$ 88.95
Class 2 [Member] | Frontier Masters Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	$ 4,047	$ 6,265
Limited Owner Units	$ 211,953	$ 257,673
Units Outstanding
Units Outstanding (in Shares)	2,876	3,908
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 75.1	$ 67.54
Class 2 [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	$ 4,539	$ 3,939
Limited Owner Units	$ 27,428	$ 30,334
Units Outstanding
Units Outstanding (in Shares)	323	399
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 99.09	$ 85.99
Class 2 [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	$ 50,098	$ 51,810
Limited Owner Units	$ 1,550,494	$ 1,906,359
Units Outstanding
Units Outstanding (in Shares)	11,324	15,000
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 141.34	$ 130.54
Class 2 [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	$ 17,177	$ 17,210
Limited Owner Units	$ 59,135	$ 50,769
Units Outstanding
Units Outstanding (in Shares)	689	722
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 110.77	$ 94.2
Class 2 [Member] | Frontier Global Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	$ 29,027	$ 31,366
Limited Owner Units	$ 173,450	$ 157,311
Units Outstanding
Units Outstanding (in Shares)	1,096	1,126
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 184.75	$ 167.56
Class 2 [Member] | Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	$ 27,691	$ 24,105
Limited Owner Units	$ 219,179	$ 183,565
Units Outstanding
Units Outstanding (in Shares)	1,326	1,332
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 186.17	$ 155.92
Class 2a [Member] | Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units
Limited Owner Units
Units Outstanding
Units Outstanding (in Shares)
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)
Class 2a [Member] | Frontier Masters Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units
Limited Owner Units
Units Outstanding
Units Outstanding (in Shares)
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)
Class 2a [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	$ 9,628	$ 8,274
Limited Owner Units	$ 83,512	$ 76,583
Units Outstanding
Units Outstanding (in Shares)	1,447	1,535
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 64.35	$ 55.29
Class 2a [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	$ 57,105	$ 75,416
Limited Owner Units		$ 30,961
Units Outstanding
Units Outstanding (in Shares)	466	940
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 122.65	$ 113.2
Class 2a [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units
Limited Owner Units
Units Outstanding
Units Outstanding (in Shares)
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)
Class 3 [Member] | Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	$ 24,446	$ 54,405
Limited Owner Units	$ 2,717,302	$ 3,508,082
Units Outstanding
Units Outstanding (in Shares)	32,107	42,754
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 85.39	$ 83.33
Class 3 [Member] | Frontier Masters Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	$ 4,207	$ 7,167
Limited Owner Units	$ 585,607	$ 712,682
Units Outstanding
Units Outstanding (in Shares)	8,336	11,333
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 70.76	$ 63.52
Class 3 [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units
Limited Owner Units	$ 1,056,949	$ 976,771
Units Outstanding
Units Outstanding (in Shares)	10,168	10,828
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 103.95	$ 90.21
Class 3a [Member] | Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units
Limited Owner Units
Units Outstanding
Units Outstanding (in Shares)
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)
Class 3a [Member] | Frontier Masters Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units
Limited Owner Units
Units Outstanding
Units Outstanding (in Shares)
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)
Class 3a [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Managing Owner Units	$ 1,221	$ 1,048
Limited Owner Units	$ 226,742	$ 216,354
Units Outstanding
Units Outstanding (in Shares)	3,350	3,725
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 68.04	$ 58.37
Class 3a [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units	$ 481,733	$ 507,148
Units Outstanding
Units Outstanding (in Shares)	3,941	4,495
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 122.23	$ 112.81
Class 3a [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units
Units Outstanding
Units Outstanding (in Shares)
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)
Class 1 [Member] | Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units		$ 154,260
Units Outstanding
Units Outstanding (in Shares)		2,122
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)		$ 72.68
Class 1 [Member] | Frontier Masters Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units		$ 9,740
Units Outstanding
Units Outstanding (in Shares)		177
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)		$ 55.18
Class 1 [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units
Units Outstanding
Units Outstanding (in Shares)
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)
Class 1 [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units	$ 7,933,315	$ 9,430,532
Units Outstanding
Units Outstanding (in Shares)	93,754	117,991
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 84.62	$ 79.93
Class 1 [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units	$ 1,496,992	$ 1,575,328
Units Outstanding
Units Outstanding (in Shares)	22,238	26,906
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 67.32	$ 58.55
Class 1 [Member] | Frontier Global Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units	$ 2,492,688	$ 2,741,972
Units Outstanding
Units Outstanding (in Shares)	20,849	24,725
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 119.56	$ 110.9
Class 1 [Member] | Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units	$ 2,335,536	$ 2,169,152
Units Outstanding
Units Outstanding (in Shares)	20,816	22,572
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 112.2	$ 96.1
Class 1AP [Member] | Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member]
Units Outstanding
Units Outstanding (in Shares)
Class 1AP [Member] | Frontier Masters Fund [Member] | The Series of Frontier Funds [Member]
Units Outstanding
Units Outstanding (in Shares)
Class 1AP [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member]
Units Outstanding
Units Outstanding (in Shares)
Class 1AP [Member] | Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units	$ 66,947	$ 108,053
Units Outstanding
Units Outstanding (in Shares)	639	1,116
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 104.82	$ 96.81
Class 1AP [Member] | Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units	$ 10,811	$ 9,821
Units Outstanding
Units Outstanding (in Shares)	130	138
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 83.47	$ 70.99
Class 1AP [Member] | Frontier Global Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units
Units Outstanding
Units Outstanding (in Shares)
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)
Class 1AP [Member] | Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member]
CAPITAL
Limited Owner Units	$ 8,874	$ 8,460
Units Outstanding
Units Outstanding (in Shares)	64	73
Net Asset Value per Unit
Net Asset Value per Unit (in Dollars per share)	$ 139.1	$ 116.5

XML

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Frontier Funds [Member]
Investment income:
Interest - net	$ 2,520	$ 2,941	$ 8,437	$ 12,721
Total Income/(loss)	2,520	2,941	8,437	12,721
Expenses:
Incentive Fees (rebate)	54,924		104,764
Management Fees	4,764	5,029	13,978	14,753
Service Fees - Class 1	110,307	128,178	342,856	483,402
Risk analysis Fees	1,429	1,509	4,193	4,426
Due Diligence Fees	1,347	2,268	4,392	9,111
Trading Fees	231,958	285,835	716,291	1,057,985
Total Expenses	404,729	422,864	1,186,474	1,569,760
Investment (loss) - net	(402,209)	(419,923)	(1,178,037)	(1,557,039)
Other Fees		45		83
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options	93,883	167,553	574,605	588,112
Net unrealized gain/(loss) on private investment companies	(66,860)	(2,356,309)	1,868,317	(626,550)
Net realized gain/(loss) on private investment companies	109,705	11,991	793,346	(3,962,286)
Net change in open trade equity/(deficit)	153,295	(53,834)	(16,668)	(130,869)
Net realized gain/(loss) on swap contracts		(10,318)		(200,052)
Net unrealized gain/(loss) on swap contracts		(248,865)		(7,490,322)
Net realized gain/(loss) on U.S. Treasury securities	(13,512)	(1,058)	(23,832)	44,673
Net unrealized gain/(loss) on U.S. Treasury securities	8,702	(1,105)	(1,798)	3,476
Trading commissions	(4,164)	(5,477)	(10,529)	(17,535)
Net gain/(loss) on investments	281,048	(2,497,422)	3,183,440	(11,791,353)
NET INCREASE/(DECREASE) IN OWNERS’ CAPITAL RESULTING FROM OPERATIONS	(121,161)	(2,917,345)	2,005,403	(13,348,392)
Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
Investment income:
Interest - net			2,429	2,329
Total Income/(loss)			2,429	2,329
Expenses:
Service Fees - Class 1			492	1,501
Due Diligence Fees			790	1,641
Trading Fees			40,507	83,524
Total Expenses			41,789	86,666
Investment (loss) - net			(39,360)	(84,337)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies			124,384	280,814
Net realized gain/(loss) on private investment companies			1,561	(696,820)
Net realized gain/(loss) on U.S. Treasury securities			(2,145)	6,092
Net unrealized gain/(loss) on U.S. Treasury securities			(96)	(2,674)
Change in fair value of investments in unconsolidated trading companies			12,123	(6,972)
Net gain/(loss) on investments			135,827	(419,560)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS			96,467	(503,897)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS			96,467	(503,897)
Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
Investment income:
Interest - net			2,931	2,025
Total Income/(loss)			2,931	2,025
Expenses:
Service Fees - Class 1			170	330
Due Diligence Fees			285	275
Trading Fees			28,870	25,089
Total Expenses			29,325	25,694
Investment (loss) - net			(26,394)	(23,669)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies			195,759	206,081
Net realized gain/(loss) on private investment companies			21,756	(394,032)
Net unrealized gain/(loss) on swap contracts				215,753
Net realized gain/(loss) on U.S. Treasury securities			(3,513)	6,224
Net unrealized gain/(loss) on U.S. Treasury securities			131	(1,476)
Change in fair value of investments in unconsolidated trading companies			13,296	(9,851)
Net gain/(loss) on investments			227,429	22,699
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS			201,035	(970)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS			201,035	(970)
Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
Investment income:
Interest - net			245	6,361
Total Income/(loss)			245	6,361
Expenses:
Incentive Fees (rebate)			104,764
Management Fees			13,978	14,753
Service Fees - Class 1			195,972	284,736
Risk analysis Fees			4,193	4,426
Trading Fees			332,131	465,170
Total Expenses			651,038	769,168
Investment (loss) - net			(650,793)	(762,807)
Other Fees				83
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options			574,605	588,112
Net unrealized gain/(loss) on private investment companies			570,451	(325,724)
Net realized gain/(loss) on private investment companies			304,097	(1,666,467)
Net change in open trade equity/(deficit)			(16,668)	(130,869)
Net unrealized gain/(loss) on swap contracts				(5,804,030)
Net realized gain/(loss) on U.S. Treasury securities			(6,663)	28,151
Net unrealized gain/(loss) on U.S. Treasury securities			(1,089)	(5,409)
Trading commissions			(10,529)	(17,535)
Change in fair value of investments in unconsolidated trading companies			(28,390)	(31,836)
Net gain/(loss) on investments			1,385,814	(7,365,607)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS			735,021	(8,128,414)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS			735,021	(8,128,414)
Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
Expenses:
Service Fees - Class 1			35,191	51,117
Trading Fees			35,541	42,791
Total Expenses			70,732	93,908
Investment (loss) - net			(70,732)	(93,908)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies			152,712	(49,653)
Net realized gain/(loss) on private investment companies			145,302	(285,836)
Net realized gain/(loss) on swap contracts				(102,307)
Net realized gain/(loss) on U.S. Treasury securities			(2,430)	3,374
Net unrealized gain/(loss) on U.S. Treasury securities			385	(3,372)
Change in fair value of investments in unconsolidated trading companies			9,001	87,721
Net gain/(loss) on investments			304,970	(350,073)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS			234,238	(443,981)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS			234,238	(443,981)
Frontier Global Fund [Member] | The Series of the Frontier Funds [Member]
Expenses:
Service Fees - Class 1			58,383	81,204
Trading Fees			106,684	150,154
Total Expenses			165,067	231,358
Investment (loss) - net			(165,067)	(231,358)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies			216,899	(970,042)
Net realized gain/(loss) on private investment companies			150,153	448,127
Net realized gain/(loss) on U.S. Treasury securities			(2,920)	11,338
Net unrealized gain/(loss) on U.S. Treasury securities			(531)	(3,645)
Change in fair value of investments in unconsolidated trading companies			16,611	(10,687)
Net gain/(loss) on investments			380,212	(524,909)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS			215,145	(756,267)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS			215,145	(756,267)
Frontier Heritage Fund [Member] | The Series of the Frontier Funds [Member]
Expenses:
Service Fees - Class 1			50,788	51,802
Trading Fees			75,071	83,036
Total Expenses			125,859	134,838
Investment (loss) - net			(125,859)	(134,838)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies			418,547	(75,695)
Net realized gain/(loss) on private investment companies			86,630	(56,727)
Net realized gain/(loss) on swap contracts				(97,745)
Net unrealized gain/(loss) on swap contracts				197,829
Net realized gain/(loss) on U.S. Treasury securities			(3,082)	9,015
Net unrealized gain/(loss) on U.S. Treasury securities			(178)	(7,369)
Change in fair value of investments in unconsolidated trading companies			14,708	(7,250)
Net gain/(loss) on investments			516,625	(37,942)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS			390,766	(172,780)
Less: Operations attributable to non-controlling interests				(95,914)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS			390,766	(268,694)
Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
Investment income:
Interest - net	1,208	1,143
Total Income/(loss)	1,208	1,143
Expenses:
Service Fees - Class 1	310	2,062
Due Diligence Fees	1,008	1,740
Trading Fees	29,513	50,536
Total Expenses	30,831	54,338
Investment (loss) - net	(29,623)	(53,195)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies	(140,588)	(397,041)
Net realized gain/(loss) on private investment companies	2,163	(51,059)
Net unrealized gain/(loss) on swap contracts		(75,700)
Net realized gain/(loss) on U.S. Treasury securities	(1,761)	509
Net unrealized gain/(loss) on U.S. Treasury securities	1,246	80
Change in fair value of investments in unconsolidated trading companies	66	(1,015)
Net gain/(loss) on investments	(138,874)	(524,226)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	(168,497)	(577,421)
Less: Operations attributable to non-controlling interests
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(168,497)	(577,421)
Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
Investment income:
Interest - net	597	851
Total Income/(loss)	597	851
Expenses:
Service Fees - Class 1	135	407
Due Diligence Fees	241	438
Trading Fees	12,339	21,879
Total Expenses	12,715	22,724
Investment (loss) - net	(12,118)	(21,873)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies	42,074	(226,881)
Net realized gain/(loss) on private investment companies	(12,631)	14,487
Net realized gain/(loss) on U.S. Treasury securities	(906)	(269)
Net unrealized gain/(loss) on U.S. Treasury securities	534	(76)
Change in fair value of investments in unconsolidated trading companies	322	(934)
Net gain/(loss) on investments	29,393	(213,673)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	17,275	(235,546)
Less: Operations attributable to non-controlling interests
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	17,275	(235,546)
Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
Investment income:
Interest - net	628	906
Total Income/(loss)	628	906
Expenses:
Service Fees - Class 1	58	108
Due Diligence Fees	98	90
Trading Fees	10,055	7,777
Total Expenses	10,211	7,975
Investment (loss) - net	(9,583)	(7,069)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies	20,671	29,022
Net realized gain/(loss) on private investment companies	(1,340)	(44,189)
Net unrealized gain/(loss) on swap contracts		(4,244)
Net realized gain/(loss) on U.S. Treasury securities	(1,169)	(994)
Net unrealized gain/(loss) on U.S. Treasury securities	774	25
Change in fair value of investments in unconsolidated trading companies	388	(1,058)
Net gain/(loss) on investments	19,324	(21,438)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	9,741	(28,507)
Less: Operations attributable to non-controlling interests
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	9,741	(28,507)
Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
Investment income:
Interest - net	87	41
Total Income/(loss)	87	41
Expenses:
Incentive Fees (rebate)	54,924
Management Fees	4,764	5,029
Service Fees - Class 1	62,976	73,754
Risk analysis Fees	1,429	1,509
Trading Fees	108,142	127,677
Total Expenses	232,235	208,014
Investment (loss) - net	(232,148)	(207,973)
Other Fees		45
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options	93,883	167,553
Net unrealized gain/(loss) on private investment companies	(184,050)	(961,993)
Net realized gain/(loss) on private investment companies	54,931	139,086
Net change in open trade equity/(deficit)	153,295	(53,834)
Net realized gain/(loss) on swap contracts		(168,921)
Net unrealized gain/(loss) on swap contracts	(6,033)	2,036
Net unrealized gain/(loss) on U.S. Treasury securities	4,214	(384)
Trading commissions	(4,164)	(5,477)
Change in fair value of investments in unconsolidated trading companies	(6,073)	(1,283)
Net gain/(loss) on investments	106,003	(883,217)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	(126,145)	(1,091,190)
Less: Operations attributable to non-controlling interests
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(126,145)	(1,091,190)
Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
Investment income:
Interest - net
Total Income/(loss)
Expenses:
Incentive Fees (rebate)
Management Fees
Service Fees - Class 1	11,949	13,025
Trading Fees	12,176	10,391
Total Expenses	24,125	23,416
Investment (loss) - net	(24,125)	(23,416)
Other Fees
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies	51,089	(193,003)
Net realized gain/(loss) on private investment companies	2,569	(3,202)
Net unrealized gain/(loss) on swap contracts	(1,088)	(374)
Net unrealized gain/(loss) on U.S. Treasury securities	707	(417)
Change in fair value of investments in unconsolidated trading companies	312	(728)
Net gain/(loss) on investments	53,589	(197,724)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	29,464	(221,140)
Less: Operations attributable to non-controlling interests
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	29,464	(221,140)
Frontier Global Fund [Member] | The Series of the Frontier Funds [Member]
Investment income:
Interest - net
Total Income/(loss)
Expenses:
Service Fees - Class 1	17,993	22,977
Trading Fees	34,334	42,481
Total Expenses	52,327	65,458
Investment (loss) - net	(52,327)	(65,458)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies	72,902	(465,994)
Net realized gain/(loss) on private investment companies	26,154	30,501
Net realized gain/(loss) on U.S. Treasury securities	(1,041)	(1,194)
Net unrealized gain/(loss) on U.S. Treasury securities	422	69
Change in fair value of investments in unconsolidated trading companies	1,448	(1,415)
Net gain/(loss) on investments	99,885	(438,033)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	47,558	(503,491)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	47,558	(503,491)
Frontier Heritage Fund [Member] | The Series of the Frontier Funds [Member]
Investment income:
Interest - net
Total Income/(loss)
Expenses:
Service Fees - Class 1	16,886	15,845
Trading Fees	25,399	25,094
Total Expenses	42,285	40,939
Investment (loss) - net	(42,285)	(40,939)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies	78,399	(150,921)
Net realized gain/(loss) on private investment companies	32,348	(55,592)
Net realized gain/(loss) on U.S. Treasury securities	(1,514)	(772)
Net unrealized gain/(loss) on U.S. Treasury securities	805	(402)
Change in fair value of investments in unconsolidated trading companies	1,690	(1,106)
Net gain/(loss) on investments	111,728	(208,793)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	69,443	(249,732)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$ 69,443	$ (249,732)
Frontier Funds [Member] | The Series of the Frontier Funds [Member]
Investment income:
Interest - net			2,832	2,006
Total Income/(loss)			2,832	2,006
Expenses:
Service Fees - Class 1			1,860	12,712
Due Diligence Fees			3,317	7,195
Trading Fees			97,487	208,221
Total Expenses			102,664	228,128
Investment (loss) - net			(99,832)	(226,122)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies			163,133	372,285
Net realized gain/(loss) on private investment companies			67,391	(1,295,055)
Net unrealized gain/(loss) on swap contracts				(2,099,874)
Net realized gain/(loss) on U.S. Treasury securities			(3,079)	(19,521)
Net unrealized gain/(loss) on U.S. Treasury securities			(420)	27,421
Change in fair value of investments in unconsolidated trading companies			5,538	(5,303)
Net gain/(loss) on investments			232,563	(3,020,047)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS			132,731	(3,246,169)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS			$ 132,731	$ (3,246,169)
Class 1 [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1 (in Dollars per share)			$ (55.18)	$ (20.13)
Class 1 [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1 (in Dollars per share)
Class 1 [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1 (in Dollars per share)			4.69	(45.41)
Class 1 [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1 (in Dollars per share)			8.77	(13.21)
Class 1 [Member] | Frontier Global Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1 (in Dollars per share)			8.66	(27.34)
Class 1 [Member] | Frontier Heritage Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1 (in Dollars per share)			16.1	(10.65)
Class 1 [Member] | Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1 (in Dollars per share)	$ (1.78)	$ (7.61)
Class 1 [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1 (in Dollars per share)		(9.77)
Class 1 [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1 (in Dollars per share)
Class 1 [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1 (in Dollars per share)	(1.24)	(6.77)
Class 1 [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1 (in Dollars per share)	1.15	(7.69)
Class 1 [Member] | Frontier Global Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1 (in Dollars per share)	2.28	(17.5)
Class 1 [Member] | Frontier Heritage Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1 (in Dollars per share)	2.94	(9.63)
Class 1 [Member] | Frontier Funds [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1 (in Dollars per share)			3.68	(34.62)
Class 1AP [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1AP (in Dollars per share)
Class 1AP [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1AP (in Dollars per share)				(44.2)
Class 1AP [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1AP (in Dollars per share)			8.01	(51.47)
Class 1AP [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1AP (in Dollars per share)			12.48	(14.31)
Class 1AP [Member] | Frontier Global Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1AP (in Dollars per share)				(29.04)
Class 1AP [Member] | Frontier Heritage Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1AP (in Dollars per share)			22.6	(9.62)
Class 1AP [Member] | Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1AP (in Dollars per share)
Class 1AP [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1AP (in Dollars per share)
Class 1AP [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1AP (in Dollars per share)		(44.58)
Class 1AP [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1AP (in Dollars per share)	(0.73)	(7.42)
Class 1AP [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1AP (in Dollars per share)	2.03	(8.7)
Class 1AP [Member] | Frontier Global Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1AP (in Dollars per share)		(19.96)
Class 1AP [Member] | Frontier Heritage Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1AP (in Dollars per share)	4.66	(10.72)
Class 1AP [Member] | Frontier Funds [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1AP (in Dollars per share)
Class 2 [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2 (in Dollars per share)			7.56	(23.63)
Class 2 [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2 (in Dollars per share)			13.1	(0.19)
Class 2 [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2 (in Dollars per share)			10.8	(69.4)
Class 2 [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2 (in Dollars per share)			16.57	(18.74)
Class 2 [Member] | Frontier Global Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2 (in Dollars per share)			17.19	(36.6)
Class 2 [Member] | Frontier Heritage Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2 (in Dollars per share)			30.25	(13.69)
Class 2 [Member] | Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2 (in Dollars per share)	(4.91)	(8.88)
Class 2 [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2 (in Dollars per share)	1.58	(11.58)
Class 2 [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2 (in Dollars per share)	0.6	(1.86)
Class 2 [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2 (in Dollars per share)	(1)	(10.02)
Class 2 [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2 (in Dollars per share)	2.7	(11.55)
Class 2 [Member] | Frontier Global Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2 (in Dollars per share)	4.9	(24.87)
Class 2 [Member] | Frontier Heritage Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2 (in Dollars per share)	6.24	(14.34)
Class 2 [Member] | Frontier Funds [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2 (in Dollars per share)			2.04	(40.58)
Class 2a [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2a (in Dollars per share)
Class 2a [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2a (in Dollars per share)			9.06	(0.17)
Class 2a [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2a (in Dollars per share)			9.45	(60.14)
Class 2a [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2a (in Dollars per share)
Class 2a [Member] | Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2a (in Dollars per share)
Class 2a [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2a (in Dollars per share)
Class 2a [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2a (in Dollars per share)	0.62	(1.11)
Class 2a [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2a (in Dollars per share)	(0.82)	(8.71)
Class 2a [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2a (in Dollars per share)
Class 2a [Member] | Frontier Funds [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2a (in Dollars per share)
Class 3 [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3 (in Dollars per share)			7.24	(22.05)
Class 3 [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3 (in Dollars per share)			13.74	(0.24)
Class 3 [Member] | Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3 (in Dollars per share)	(4.56)	(8.26)
Class 3 [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3 (in Dollars per share)	1.53	(10.83)
Class 3 [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3 (in Dollars per share)	0.63	(1.95)
Class 3 [Member] | Frontier Funds [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3 (in Dollars per share)			2.06	(37.78)
Class 3a [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3a (in Dollars per share)
Class 3a [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3a (in Dollars per share)			9.67	0.05
Class 3a [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3a (in Dollars per share)			9.42	(59.9)
Class 3a [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3a (in Dollars per share)
Class 3a [Member] | Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3a (in Dollars per share)
Class 3a [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3a (in Dollars per share)
Class 3a [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3a (in Dollars per share)	0.68	(1.12)
Class 3a [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3a (in Dollars per share)	(0.82)	(8.64)
Class 3a [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3a (in Dollars per share)
Class 3a [Member] | Frontier Funds [Member] | The Series of the Frontier Funds [Member]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 3a (in Dollars per share)

XML

Statements of Changes in Owners’ Capital (Unaudited) - USD ($)		3 Months Ended	9 Months Ended
		Sep. 30, 2021	Sep. 30, 2021
Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 23,382,228	$ 25,569,139
Owners’ Capital, Ending balance		22,366,754	22,366,754
Payment made by Related Party
Payment made by Managing Owner
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ (121,161)	$ 2,005,403
Sale of Units (including transfers) (in Shares)		7,000	7,000
Redemption of Units (including transfers) (in Shares)		(901,313)	(5,214,788)
Limited Owners [Member] | Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 23,140,723	$ 25,285,922
Owners’ Capital, Ending balance		22,129,520	22,129,520
Payment made by Related Party
Payment made by Managing Owner
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ (120,890)	$ 1,982,086
Sale of Units (including transfers) (in Shares)
Redemption of Units (including transfers) (in Shares)		(890,313)	(5,138,488)
Managing Owner [Member] | Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 241,505	$ 283,217
Owners’ Capital, Ending balance		237,234	237,234
Payment made by Related Party
Payment made by Managing Owner
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ (271)	$ 23,317
Sale of Units (including transfers) (in Shares)		7,000	7,000
Redemption of Units (including transfers) (in Shares)		(11,000)	(76,300)
Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 3,408,767	$ 4,182,971
Owners’ Capital, Ending balance		3,140,669	3,140,669
Sale of Units		6,000	6,000
Redemption of Units		(105,601)	(1,181,033)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(168,497)	132,731
Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		807,738	993,527
Owners’ Capital, Ending balance		805,814	805,814
Sale of Units		1,000	1,000
Redemption of Units		(20,199)	(285,180)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		17,275	96,467
Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		1,412,443	1,313,303
Owners’ Capital, Ending balance		1,410,019	1,410,019
Redemption of Units		(12,165)	(104,319)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		9,741	201,035
Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		10,804,759	12,110,279
Owners’ Capital, Ending balance		10,139,692	10,139,692
Redemption of Units		(538,922)	(2,705,608)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(126,145)	735,021
Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		1,621,807	1,653,128
Owners’ Capital, Ending balance		1,584,115	1,584,115
Redemption of Units		(67,156)	(303,251)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		29,464	234,238
Frontier Global Fund [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		2,781,113	2,930,649
Owners’ Capital, Ending balance		2,695,165	2,695,165
Redemption of Units		(133,506)	(450,629)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		47,558	215,145
Frontier Heritage Fund [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		2,545,601	2,385,282
Owners’ Capital, Ending balance		2,591,280	2,591,280
Redemption of Units		(23,764)	(184,768)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		69,443	390,766
Class 1 [Member] | Frontier Diversified Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		40,171	154,260
Owners’ Capital, Ending balance
Owners' Capital - Units, Beginning balance		517	2,122
Owners’ Capital - Units, Ending balance
Sale of Units
Redemption of Units		(39,485)	(161,099)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ (686)	$ 6,839
Sale of Units (including transfers) (in Shares)
Redemption of Units (including transfers) (in Shares)		(517)	(2,122)
Net asset value per unit, Beginning balance (in Dollars per share)		$ 77.68	$ 72.68
Change in net asset value per unit (in Dollars per share)		(77.68)	(72.68)
Net asset value per unit, Ending balance (in Dollars per share)	[1]
Class 1 [Member] | Frontier Masters Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance			$ 9,740
Owners’ Capital, Ending balance
Owners' Capital - Units, Beginning balance			177
Owners’ Capital - Units, Ending balance
Sale of Units
Redemption of Units
Transfer of Units In(Out)			(10,187)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests			$ 447
Sale of Units (including transfers) (in Shares)
Redemption of Units (including transfers) (in Shares)			(177)
Net asset value per unit, Beginning balance (in Dollars per share)			$ 55.18
Change in net asset value per unit (in Dollars per share)			(55.18)
Net asset value per unit, Ending balance (in Dollars per share)	[1]
Class 1 [Member] | Frontier Balanced Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 8,386,018	$ 9,430,532
Owners’ Capital, Ending balance		7,933,315	7,933,315
Owners' Capital - Units, Beginning balance		97,671	117,991
Owners’ Capital - Units, Ending balance		93,754	93,754
Redemption of Units		(337,506)	(2,028,537)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ (115,197)	$ 531,320
Redemption of Units (including transfers) (in Shares)		(3,917)	(24,237)
Net asset value per unit, Beginning balance (in Dollars per share)		$ 85.86	$ 79.93
Change in net asset value per unit (in Dollars per share)		(1.24)	4.69
Net asset value per unit, Ending balance (in Dollars per share)	[1]	$ 84.62	$ 84.62
Class 1 [Member] | Frontier Select Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 1,535,828	$ 1,575,328
Owners’ Capital, Ending balance		1,496,992	1,496,992
Owners' Capital - Units, Beginning balance		23,209	26,906
Owners’ Capital - Units, Ending balance		22,238	22,238
Redemption of Units		(66,156)	(299,314)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 27,320	$ 220,978
Redemption of Units (including transfers) (in Shares)		(971)	(4,668)
Net asset value per unit, Beginning balance (in Dollars per share)		$ 66.17	$ 58.55
Change in net asset value per unit (in Dollars per share)		1.15	8.77
Net asset value per unit, Ending balance (in Dollars per share)	[1]	$ 67.32	$ 67.32
Class 1 [Member] | Frontier Global Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 2,580,738	$ 2,741,972
Owners’ Capital, Ending balance		2,492,688	2,492,688
Owners' Capital - Units, Beginning balance		22,006	24,725
Owners’ Capital - Units, Ending balance		20,849	20,849
Redemption of Units		(130,506)	(445,629)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 42,456	$ 196,345
Redemption of Units (including transfers) (in Shares)		(1,157)	(3,876)
Net asset value per unit, Beginning balance (in Dollars per share)		$ 117.28	$ 110.9
Change in net asset value per unit (in Dollars per share)		2.28	8.66
Net asset value per unit, Ending balance (in Dollars per share)	[1]	$ 119.56	$ 119.56
Class 1 [Member] | Frontier Heritage Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 2,297,366	$ 2,169,152
Owners’ Capital, Ending balance		2,335,536	2,335,536
Owners' Capital - Units, Beginning balance		21,026	22,572
Owners’ Capital - Units, Ending balance		20,816	20,816
Redemption of Units		(22,764)	(182,668)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 60,934	$ 349,052
Redemption of Units (including transfers) (in Shares)		(210)	(1,756)
Net asset value per unit, Beginning balance (in Dollars per share)		$ 109.26	$ 96.1
Change in net asset value per unit (in Dollars per share)		2.94	16.1
Net asset value per unit, Ending balance (in Dollars per share)	[1]	$ 112.2	$ 112.2
Class 2 [Member] | Frontier Diversified Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 428,426	$ 464,012
Owners’ Capital, Ending balance		390,873	390,873
Owners' Capital - Units, Beginning balance		4,467	5,216
Owners’ Capital - Units, Ending balance		4,295	4,295
Sale of Units		6,000
Redemption of Units		(16,316)	(82,184)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ (27,237)	$ 9,045
Sale of Units (including transfers) (in Shares)
Redemption of Units (including transfers) (in Shares)		(172)	(921)
Net asset value per unit, Beginning balance (in Dollars per share)		$ 95.9	$ 88.95
Change in net asset value per unit (in Dollars per share)		(4.91)	2.04
Net asset value per unit, Ending balance (in Dollars per share)	[1]	$ 90.99	$ 90.99
Class 2 [Member] | Frontier Diversified Fund [Member] | Managing Owner [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 2,384	$ 2,212
Owners’ Capital, Ending balance		8,048	8,048
Owners' Capital - Units, Beginning balance		25	25
Owners’ Capital - Units, Ending balance		89	89
Sale of Units			6,000
Redemption of Units
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 5,664	$ (164)
Sale of Units (including transfers) (in Shares)		64	64
Redemption of Units (including transfers) (in Shares)
Class 2 [Member] | Frontier Masters Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 220,435	$ 257,673
Owners’ Capital, Ending balance		211,953	211,953
Owners' Capital - Units, Beginning balance		2,998	3,815
Owners’ Capital - Units, Ending balance		2,822	2,822
Sale of Units		1,000
Redemption of Units		(12,849)	(70,949)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 3,367	$ 25,229
Sale of Units (including transfers) (in Shares)
Redemption of Units (including transfers) (in Shares)		(176)	(993)
Net asset value per unit, Beginning balance (in Dollars per share)		$ 73.52	$ 67.54
Change in net asset value per unit (in Dollars per share)		1.58	7.56
Net asset value per unit, Ending balance (in Dollars per share)	[1]	$ 75.1	$ 75.1
Class 2 [Member] | Frontier Masters Fund [Member] | Managing Owner [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 2,943	$ 6,265
Owners’ Capital, Ending balance		4,047	4,047
Owners' Capital - Units, Beginning balance		40	93
Owners’ Capital - Units, Ending balance		54	54
Sale of Units			1,000
Redemption of Units			(3,500)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 1,104	$ 282
Sale of Units (including transfers) (in Shares)		14	14
Redemption of Units (including transfers) (in Shares)			(53)
Class 2 [Member] | Frontier Long/Short Commodity Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 34,265	$ 30,334
Owners’ Capital, Ending balance		27,428	27,428
Owners' Capital - Units, Beginning balance		348	353
Owners’ Capital - Units, Ending balance		277	277
Redemption of Units		(6,890)	(7,313)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 53	$ 4,407
Redemption of Units (including transfers) (in Shares)		(71)	(76)
Net asset value per unit, Beginning balance (in Dollars per share)		$ 98.49	$ 85.99
Change in net asset value per unit (in Dollars per share)		0.6	13.1
Net asset value per unit, Ending balance (in Dollars per share)	[1]	$ 99.09	$ 99.09
Class 2 [Member] | Frontier Long/Short Commodity Fund [Member] | Managing Owner [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 4,511	$ 3,939
Owners’ Capital, Ending balance		4,539	4,539
Owners' Capital - Units, Beginning balance		46	46
Owners’ Capital - Units, Ending balance		46	46
Redemption of Units
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 28	$ 600
Redemption of Units (including transfers) (in Shares)
Class 2 [Member] | Frontier Balanced Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 1,644,977	$ 1,906,359
Owners’ Capital, Ending balance		1,550,494	1,550,494
Owners' Capital - Units, Beginning balance		11,557	14,603
Owners’ Capital - Units, Ending balance		10,969	10,969
Redemption of Units		(85,706)	(495,213)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ (8,777)	$ 139,348
Redemption of Units (including transfers) (in Shares)		(588)	(3,634)
Net asset value per unit, Beginning balance (in Dollars per share)		$ 142.34	$ 130.54
Change in net asset value per unit (in Dollars per share)		(1)	10.8
Net asset value per unit, Ending balance (in Dollars per share)	[1]	$ 141.34	$ 141.34
Class 2 [Member] | Frontier Balanced Fund [Member] | Managing Owner [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 56,491	$ 51,810
Owners’ Capital, Ending balance		50,098	50,098
Owners' Capital - Units, Beginning balance		397	397
Owners’ Capital - Units, Ending balance		355	355
Redemption of Units		(6,000)	(6,000)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ (393)	$ 4,288
Redemption of Units (including transfers) (in Shares)		(42)	(42)
Class 2 [Member] | Frontier Select Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 57,694	$ 50,769
Owners’ Capital, Ending balance		59,135	59,135
Owners' Capital - Units, Beginning balance		534	539
Owners’ Capital - Units, Ending balance		534	534
Redemption of Units			(481)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 1,441	$ 8,847
Redemption of Units (including transfers) (in Shares)			(5)
Net asset value per unit, Beginning balance (in Dollars per share)		$ 108.07	$ 94.2
Change in net asset value per unit (in Dollars per share)		2.7	16.57
Net asset value per unit, Ending balance (in Dollars per share)	[1]	$ 110.77	$ 110.77
Class 2 [Member] | Frontier Select Fund [Member] | Managing Owner [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 17,737	$ 17,210
Owners’ Capital, Ending balance		17,177	17,177
Owners' Capital - Units, Beginning balance		164	183
Owners’ Capital - Units, Ending balance		155	155
Redemption of Units		(1,000)	(2,800)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 440	$ 2,767
Redemption of Units (including transfers) (in Shares)		(9)	(28)
Class 2 [Member] | Frontier Global Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 168,853	$ 157,311
Owners’ Capital, Ending balance		173,450	173,450
Owners' Capital - Units, Beginning balance		939	939
Owners’ Capital - Units, Ending balance		939	939
Redemption of Units
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 4,597	$ 16,139
Redemption of Units (including transfers) (in Shares)
Net asset value per unit, Beginning balance (in Dollars per share)		$ 179.85	$ 167.56
Change in net asset value per unit (in Dollars per share)		4.9	17.19
Net asset value per unit, Ending balance (in Dollars per share)	[1]	$ 184.75	$ 184.75
Class 2 [Member] | Frontier Global Fund [Member] | Managing Owner [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 31,522	$ 31,366
Owners’ Capital, Ending balance		29,027	29,027
Owners' Capital - Units, Beginning balance		175	187
Owners’ Capital - Units, Ending balance		157	157
Redemption of Units		(3,000)	(5,000)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 505	$ 2,661
Redemption of Units (including transfers) (in Shares)		(18)	(30)
Class 2 [Member] | Frontier Heritage Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 211,840	$ 183,565
Owners’ Capital, Ending balance		219,179	219,179
Owners' Capital - Units, Beginning balance		1,177	1,177
Owners’ Capital - Units, Ending balance		1,177	1,177
Redemption of Units
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 7,339	$ 35,614
Redemption of Units (including transfers) (in Shares)
Net asset value per unit, Beginning balance (in Dollars per share)		$ 179.93	$ 155.92
Change in net asset value per unit (in Dollars per share)		6.24	30.25
Net asset value per unit, Ending balance (in Dollars per share)	[1]	$ 186.17	$ 186.17
Class 2 [Member] | Frontier Heritage Fund [Member] | Managing Owner [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 27,818	$ 24,105
Owners’ Capital, Ending balance		27,691	27,691
Owners' Capital - Units, Beginning balance		155	155
Owners’ Capital - Units, Ending balance		149	149
Redemption of Units		(1,000)	(1,000)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 873	$ 4,586
Redemption of Units (including transfers) (in Shares)		(6)	(6)
Class 3 [Member] | Frontier Diversified Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 2,912,036	$ 3,508,082
Owners’ Capital, Ending balance		2,717,302	2,717,302
Owners' Capital - Units, Beginning balance		32,374	42,100
Owners’ Capital - Units, Ending balance		31,820	31,820
Sale of Units
Redemption of Units		(49,800)	(906,750)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ (144,934)	$ 115,970
Sale of Units (including transfers) (in Shares)
Redemption of Units (including transfers) (in Shares)		(554)	(10,280)
Net asset value per unit, Beginning balance (in Dollars per share)		$ 89.95	$ 83.33
Change in net asset value per unit (in Dollars per share)		(4.56)	2.06
Net asset value per unit, Ending balance (in Dollars per share)	[1]	$ 85.39	$ 85.39
Class 3 [Member] | Frontier Diversified Fund [Member] | Managing Owner [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 25,750	$ 54,405
Owners’ Capital, Ending balance		24,446	24,446
Owners' Capital - Units, Beginning balance		287	654
Owners’ Capital - Units, Ending balance		287	287
Sale of Units
Redemption of Units			(31,000)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ (1,304)	$ 1,041
Sale of Units (including transfers) (in Shares)
Redemption of Units (including transfers) (in Shares)			(367)
Class 3 [Member] | Frontier Masters Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 580,243	$ 712,682
Owners’ Capital, Ending balance		585,607	585,607
Owners' Capital - Units, Beginning balance		8,381	11,220
Owners’ Capital - Units, Ending balance		8,276	8,276
Sale of Units
Redemption of Units		(7,350)	(207,231)
Transfer of Units In(Out)			10,187
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 12,714	$ 69,969
Sale of Units (including transfers) (in Shares)
Redemption of Units (including transfers) (in Shares)		(105)	(2,944)
Net asset value per unit, Beginning balance (in Dollars per share)		$ 69.23	$ 63.52
Change in net asset value per unit (in Dollars per share)		1.53	7.24
Net asset value per unit, Ending balance (in Dollars per share)	[1]	$ 70.76	$ 70.76
Class 3 [Member] | Frontier Masters Fund [Member] | Managing Owner [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 4,117	$ 7,167
Owners’ Capital, Ending balance		4,207	4,207
Owners' Capital - Units, Beginning balance		60	113
Owners’ Capital - Units, Ending balance		60	60
Sale of Units
Redemption of Units			(3,500)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 90	$ 540
Sale of Units (including transfers) (in Shares)
Redemption of Units (including transfers) (in Shares)			(53)
Class 3 [Member] | Frontier Long/Short Commodity Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 1,050,928	$ 976,771
Owners’ Capital, Ending balance		1,056,949	1,056,949
Owners' Capital - Units, Beginning balance		10,172	10,828
Owners’ Capital - Units, Ending balance		10,168	10,168
Redemption of Units		(415)	(69,099)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 6,436	$ 149,277
Redemption of Units (including transfers) (in Shares)		(4)	(660)
Net asset value per unit, Beginning balance (in Dollars per share)		$ 103.32	$ 90.21
Change in net asset value per unit (in Dollars per share)		0.63	13.74
Net asset value per unit, Ending balance (in Dollars per share)	[1]	$ 103.95	$ 103.95
Noncontrolling Interest [Member] | Frontier Diversified Fund [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance
Owners’ Capital, Ending balance
Sale of Units
Redemption of Units
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests
Noncontrolling Interest [Member] | Frontier Masters Fund [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance
Owners’ Capital, Ending balance
Sale of Units
Redemption of Units
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests
Noncontrolling Interest [Member] | Frontier Long/Short Commodity Fund [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance
Owners’ Capital, Ending balance
Redemption of Units
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests
Noncontrolling Interest [Member] | Frontier Balanced Fund [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance
Owners’ Capital, Ending balance
Redemption of Units
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests
Noncontrolling Interest [Member] | Frontier Select Fund [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance
Owners’ Capital, Ending balance
Redemption of Units
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests
Noncontrolling Interest [Member] | Frontier Global Fund [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance
Owners’ Capital, Ending balance
Redemption of Units
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests
Noncontrolling Interest [Member] | Frontier Heritage Fund [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance
Owners’ Capital, Ending balance
Redemption of Units
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests
Class 2a [Member] | Frontier Long/Short Commodity Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		82,724	76,583
Owners’ Capital, Ending balance		83,512	83,512
Owners' Capital - Units, Beginning balance		1,298	1,386
Owners’ Capital - Units, Ending balance		1,298	1,298
Redemption of Units			(4,963)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 788	$ 11,892
Redemption of Units (including transfers) (in Shares)			(88)
Net asset value per unit, Beginning balance (in Dollars per share)		$ 63.74	$ 55.29
Change in net asset value per unit (in Dollars per share)		0.61	9.06
Net asset value per unit, Ending balance (in Dollars per share)	[1]	$ 64.35	$ 64.35
Class 2a [Member] | Frontier Long/Short Commodity Fund [Member] | Managing Owner [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 9,537	$ 8,274
Owners’ Capital, Ending balance		9,628	9,628
Owners' Capital - Units, Beginning balance		149	149
Owners’ Capital - Units, Ending balance		149	149
Redemption of Units
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 91	$ 1,354
Redemption of Units (including transfers) (in Shares)
Class 2a [Member] | Frontier Balanced Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 25,378	$ 30,961
Owners’ Capital, Ending balance
Owners' Capital - Units, Beginning balance		206	274
Owners’ Capital - Units, Ending balance		0	0
Redemption of Units		(25,751)	(34,162)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 373	$ 3,201
Redemption of Units (including transfers) (in Shares)		(206)	(274)
Net asset value per unit, Beginning balance (in Dollars per share)		$ 123.47	$ 113.2
Change in net asset value per unit (in Dollars per share)		(0.82)	9.45
Net asset value per unit, Ending balance (in Dollars per share)	[1]	$ 122.65	$ 122.65
Class 2a [Member] | Frontier Balanced Fund [Member] | Managing Owner [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 57,486	$ 75,416
Owners’ Capital, Ending balance		57,105	57,105
Owners' Capital - Units, Beginning balance		465	666
Owners’ Capital - Units, Ending balance		466	466
Redemption of Units			(23,500)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ (381)	$ 5,189
Redemption of Units (including transfers) (in Shares)		1	(200)
Class 3a [Member] | Frontier Long/Short Commodity Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 229,269	$ 216,354
Owners’ Capital, Ending balance		226,742	226,742
Owners' Capital - Units, Beginning balance		3,404	3,707
Owners’ Capital - Units, Ending balance		3,332	3,332
Redemption of Units		(4,860)	(22,944)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 2,333	$ 33,332
Redemption of Units (including transfers) (in Shares)		(72)	(375)
Net asset value per unit, Beginning balance (in Dollars per share)		$ 67.36	$ 58.37
Change in net asset value per unit (in Dollars per share)		0.68	9.67
Net asset value per unit, Ending balance (in Dollars per share)	[1]	$ 68.04	$ 68.04
Class 3a [Member] | Frontier Long/Short Commodity Fund [Member] | Managing Owner [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 1,209	$ 1,048
Owners’ Capital, Ending balance		1,221	1,221
Owners' Capital - Units, Beginning balance		18	18
Owners’ Capital - Units, Ending balance		18	18
Redemption of Units
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 12	$ 173
Redemption of Units (including transfers) (in Shares)
Class 3a [Member] | Frontier Balanced Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 517,629	$ 507,148
Owners’ Capital, Ending balance		481,733	481,733
Owners' Capital - Units, Beginning balance		4,207	4,495
Owners’ Capital - Units, Ending balance		3,941	3,941
Redemption of Units		(33,772)	(67,043)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ (2,124)	$ 41,628
Redemption of Units (including transfers) (in Shares)		(266)	(554)
Net asset value per unit, Beginning balance (in Dollars per share)		$ 123.05	$ 112.81
Change in net asset value per unit (in Dollars per share)		(0.82)	9.42
Net asset value per unit, Ending balance (in Dollars per share)	[1]	$ 122.23	$ 122.23
Class 1AP [Member] | Frontier Balanced Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 116,780	$ 108,053
Owners’ Capital, Ending balance		66,947	66,947
Owners' Capital - Units, Beginning balance		1,106	1,116
Owners’ Capital - Units, Ending balance		639	639
Redemption of Units		(50,187)	(51,153)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 354	$ 10,047
Redemption of Units (including transfers) (in Shares)		(467)	(477)
Net asset value per unit, Beginning balance (in Dollars per share)		$ 105.55	$ 96.81
Change in net asset value per unit (in Dollars per share)		(0.73)	8.01
Net asset value per unit, Ending balance (in Dollars per share)	[1]	$ 104.82	$ 104.82
Class 1AP [Member] | Frontier Select Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 10,548	$ 9,821
Owners’ Capital, Ending balance		10,811	10,811
Owners' Capital - Units, Beginning balance		130	138
Owners’ Capital - Units, Ending balance		130	130
Redemption of Units			(656)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 263	$ 1,646
Redemption of Units (including transfers) (in Shares)			(8)
Net asset value per unit, Beginning balance (in Dollars per share)		$ 81.44	$ 70.99
Change in net asset value per unit (in Dollars per share)		2.03	12.48
Net asset value per unit, Ending balance (in Dollars per share)	[1]	$ 83.47	$ 83.47
Class 1AP [Member] | Frontier Heritage Fund [Member] | Limited Owners [Member] | The Series of the Frontier Funds [Member]
Owners' Capital, Beginning balance		$ 8,577	$ 8,460
Owners’ Capital, Ending balance		8,874	8,874
Owners' Capital - Units, Beginning balance		64	73
Owners’ Capital - Units, Ending balance		64	64
Redemption of Units			(1,100)
Transfer of Units In(Out)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		$ 297	$ 1,514
Redemption of Units (including transfers) (in Shares)			(9)
Net asset value per unit, Beginning balance (in Dollars per share)		$ 134.45	$ 116.5
Change in net asset value per unit (in Dollars per share)		4.65	22.6
Net asset value per unit, Ending balance (in Dollars per share)	[1]	$ 139.1	$ 139.1

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

XML

Statements of Cash Flows (Unaudited) - Series of Frontier Funds [Member] - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$ 2,005,403	$ (13,348,392)
Change in:
Net change in open trade equity	16,111	175,959
Change in:
Net realized (gain)/loss on swap contracts		97,745
(Purchases) sale of:
Sales of swap contracts		1,491,965
Reduction of collateral in Swap Contracts		1,496,127
Increase and/or decrease in:
Advance on unrealized Swap Appreciation		(1,900,000)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Net change in ownership allocation of U.S. Treasury Securities	(8,606)
Net unrealized (gain)/loss on swap contracts		7,490,322
Net unrealized (gain)/loss on private investment companies	(1,868,317)	615,670
Net realized (gain)/loss on private investment companies	(793,346)	3,962,286
Net realized (gain)/loss on U.S. Treasury securities	23,832	(44,673)
Net unrealized (gain)/loss on U.S. Treasury securities	1,798	(3,476)
(Purchases) of swap contracts		(1,447,843)
(Purchases) of U.S. Treasury securities	(1,987,803)	(9,398,221)
Sales of U.S. Treasury securities	4,101,053	9,989,663
U.S. Treasury interest and premium paid/amortized	8,437	12,721
(Purchases) of Private Investment Companies	(4,904,551)	(11,118,853)
Sales of Private Investment Companies	8,580,192	19,488,768
Receivable from futures commission merchants	(554,694)	1,745,358
Interest receivable	44,556	12,660
Receivable from related parties	(12,073)	(164,351)
Incentive fees payable to Managing Owner	54,924
Management fees payable to Managing Owner	(7,244)	108
Other assets		5,700
Redemptions receivable from private investment companies	181,323	70,705
Interest payable to Managing Owner	(129)	1,092
Service fees payable to Managing Owner	(3,900)	(32,413)
Risk analysis fees payable	957	1,564
Payables to related parties	12,073	175,803
Trading fees payable to Managing Owner	(6,415)	(67,963)
Subscriptions in advance for service fee rebates	26,255	32,951
Other liabilities	963	(5,260)
Net cash provided by operating activities	4,910,799	9,335,722
Cash Flows from Financing Activities:
Proceeds from sale of capital	7,000
Payment for redemption of capital	(5,214,788)	(9,374,045)
Redemptions payable	11,913	(79,403)
Cash Flows from Financing Activities:
Net cash provided by (used in) financing activities	(5,195,875)	(9,453,448)
Net increase (decrease) in cash and cash equivalents	(285,076)	(117,726)
Cash and cash equivalents, beginning of period	468,466	367,568
Cash and cash equivalents, end of period	183,390	249,842
Frontier Diversified Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	132,731	(3,246,169)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Net change in ownership allocation of U.S. Treasury Securities	142,851	1,348,473
Net unrealized (gain)/loss on swap contracts		2,099,874
Net unrealized (gain)/loss on private investment companies	(163,133)	(372,285)
Net realized (gain)/loss on private investment companies	(67,391)	1,295,055
Net realized (gain)/loss on U.S. Treasury securities	3,079	19,521
Net unrealized (gain)/loss on U.S. Treasury securities	420	(27,421)
(Purchases) of swap contracts		(269,146)
(Purchases) of U.S. Treasury securities	(256,617)	(1,723,974)
Sales of U.S. Treasury securities	501,356	461,162
U.S. Treasury interest and premium paid/amortized	2,832	2,006
(Purchases) of Private Investment Companies	(865,067)	(2,011,773)
Sales of Private Investment Companies	1,679,059	5,931,748
Investments in unconsolidated trading companies, at fair value	(13,910)	9,618
Interest receivable	8,296	1,895
Receivable from related parties	(3,994)	(21,575)
Other assets		5,700
Redemptions receivable from private investment companies	31,886	60,241
Interest payable to Managing Owner
Service fees payable to Managing Owner	(300)	(2,760)
Trading fees payable to Managing Owner	(2,682)	(19,191)
Subscriptions in advance for service fee rebates		119
Other liabilities	558	3,054
Net cash provided by operating activities	1,129,974	3,544,172
Cash Flows from Financing Activities:
Proceeds from sale of units	6,000
Payment for redemption of units	(1,181,033)	(3,553,498)
Change in owner redemptions payable
Net cash provided by (used in) financing activities	(1,175,033)	(3,553,498)
Net increase (decrease) in cash and cash equivalents	(45,058)	(9,326)
Cash and cash equivalents, beginning of period	87,715	56,263
Cash and cash equivalents, end of period	42,657	46,937
Frontier Masters Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	96,467	(503,897)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Net change in ownership allocation of U.S. Treasury Securities	(112,616)	(386,057)
Net unrealized (gain)/loss on swap contracts
Net unrealized (gain)/loss on private investment companies	(124,384)	(280,814)
Net realized (gain)/loss on private investment companies	(1,561)	694,341
Net realized (gain)/loss on U.S. Treasury securities	2,145	(6,092)
Net unrealized (gain)/loss on U.S. Treasury securities	96	2,674
(Purchases) of swap contracts
(Purchases) of U.S. Treasury securities	(127,722)	(780,910)
Sales of U.S. Treasury securities	241,139	1,199,617
U.S. Treasury interest and premium paid/amortized	2,429	2,329
(Purchases) of Private Investment Companies	(138,239)	(1,149,732)
Sales of Private Investment Companies	496,535	1,743,952
Investments in unconsolidated trading companies, at fair value	(15,332)	872
Interest receivable	338	832
Receivable from related parties	(4,453)	(23,029)
Other assets
Redemptions receivable from private investment companies	24,837	(44,070)
Interest payable to Managing Owner
Service fees payable to Managing Owner	(26)	(79)
Trading fees payable to Managing Owner	(1,240)	(4,313)
Subscriptions in advance for service fee rebates		184
Other liabilities	1,777	1,630
Net cash provided by operating activities	340,190	467,438
Cash Flows from Financing Activities:
Proceeds from sale of units	1,000
Payment for redemption of units	(285,180)	(460,350)
Change in owner redemptions payable	(38,128)
Net cash provided by (used in) financing activities	(322,308)	(460,350)
Net increase (decrease) in cash and cash equivalents	17,882	7,088
Cash and cash equivalents, beginning of period	4,771	25,639
Cash and cash equivalents, end of period	22,653	32,727
Frontier Long/Short Commodity Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	201,035	(970)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Net change in ownership allocation of U.S. Treasury Securities	(78,990)	(286,463)
Net unrealized (gain)/loss on swap contracts		(215,753)
Net unrealized (gain)/loss on private investment companies	(195,759)	(206,081)
Net realized (gain)/loss on private investment companies	(21,756)	394,032
Net realized (gain)/loss on U.S. Treasury securities	3,513	(6,224)
Net unrealized (gain)/loss on U.S. Treasury securities	(131)	1,476
(Purchases) of swap contracts
(Purchases) of U.S. Treasury securities	(154,028)	(536,710)
Sales of U.S. Treasury securities	658,117	866,588
U.S. Treasury interest and premium paid/amortized	2,931	2,025
(Purchases) of Private Investment Companies	(664,939)	(173,665)
Sales of Private Investment Companies	284,911	277,921
Investments in unconsolidated trading companies, at fair value	(3,575)	74
Interest receivable	8,914	1,163
Receivable from related parties	(988)	(33,267)
Other assets
Redemptions receivable from private investment companies	1,251	(1,250)
Interest payable to Managing Owner	(50)	44
Service fees payable to Managing Owner	1
Trading fees payable to Managing Owner	1,014	(769)
Subscriptions in advance for service fee rebates		189
Other liabilities	(751)	2,409
Net cash provided by operating activities	40,720	84,769
Cash Flows from Financing Activities:
Proceeds from sale of units
Payment for redemption of units	(104,319)	(67,488)
Change in owner redemptions payable		(4,276)
Net cash provided by (used in) financing activities	(104,319)	(71,764)
Net increase (decrease) in cash and cash equivalents	(63,599)	13,005
Cash and cash equivalents, beginning of period	93,327	34,272
Cash and cash equivalents, end of period	29,728	47,277
Frontier Balanced Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	735,021	(8,128,414)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Net change in ownership allocation of U.S. Treasury Securities	600,692	179,457
Net unrealized (gain)/loss on swap contracts		5,804,030
Net unrealized (gain)/loss on private investment companies	(570,451)	325,724
Net realized (gain)/loss on private investment companies	(304,097)	1,666,467
Net realized (gain)/loss on U.S. Treasury securities	6,663	(28,151)
Net unrealized (gain)/loss on U.S. Treasury securities	1,089	5,409
(Purchases) of swap contracts		(1,178,697)
(Purchases) of U.S. Treasury securities	(902,849)	(3,570,232)
Sales of U.S. Treasury securities	1,569,802	3,616,957
U.S. Treasury interest and premium paid/amortized	245	6,361
(Purchases) of Private Investment Companies	(2,196,236)	(4,464,511)
Sales of Private Investment Companies	3,756,872	6,308,097
Open trade equity/(deficit), at fair value	16,111	175,959
Receivable from futures commission merchants	(554,694)	1,745,358
Control of ownership of Private Investment Companies
Investments in unconsolidated trading companies, at fair value	49,755	50,867
Interest receivable	25,471	4,270
Receivable from related parties	52,804
Incentive fees payable to Managing Owner	54,924
Management fees payable to Managing Owner	(7,244)	108
Redemptions receivable from private investment companies	55,473	184,180
Interest payable to Managing Owner	(313)	256
Service fees payable to Managing Owner	(2,997)	(21,057)
Risk analysis fees payable	957	1,564
Payables to related parties		175,803
Trading fees payable to Managing Owner	(2,725)	(28,699)
Subscriptions in advance for service fee rebates	16,970	21,905
Other liabilities	(7,478)	(1,819)
Net cash provided by operating activities	2,393,765	2,851,192
Cash Flows from Financing Activities:
Proceeds from sale of units
Payment for redemption of units	(2,705,608)	(2,955,837)
Change in owner redemptions payable	50,040	(13,861)
Net cash provided by (used in) financing activities	(2,655,568)	(2,969,698)
Net increase (decrease) in cash and cash equivalents	(261,803)	(118,506)
Cash and cash equivalents, beginning of period	261,803	118,506
Cash and cash equivalents, end of period
Frontier Select Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	234,238	(443,981)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Net change in ownership allocation of U.S. Treasury Securities	(207,641)	(218,192)
Net unrealized (gain)/loss on swap contracts
Net unrealized (gain)/loss on private investment companies	(152,712)	49,653
Net realized (gain)/loss on private investment companies	(145,302)	285,836
Net realized (gain)/loss on U.S. Treasury securities	2,430	(3,374)
Net unrealized (gain)/loss on U.S. Treasury securities	(385)	3,372
(Purchases) of swap contracts
(Purchases) of U.S. Treasury securities	(130,240)	(1,401,667)
Sales of U.S. Treasury securities	318,759	1,721,835
U.S. Treasury interest and premium paid/amortized
(Purchases) of Private Investment Companies	(235,774)	(1,911,902)
Sales of Private Investment Companies	616,847	2,323,820
Open trade equity/(deficit), at fair value
Receivable from futures commission merchants
Control of ownership of Private Investment Companies
Investments in unconsolidated trading companies, at fair value	(15,601)	500,499
Interest receivable	(121)	2,224
Receivable from related parties	(4,534)	(11,037)
Management fees payable to Managing Owner
Redemptions receivable from private investment companies	67,876	(128,396)
Interest payable to Managing Owner	70	458
Service fees payable to Managing Owner	(11)	(3,205)
Risk analysis fees payable
Payables to related parties	(26,129)
Trading fees payable to Managing Owner	70	(1,912)
Subscriptions in advance for service fee rebates	1,303	2,115
Other liabilities	1,872	(7,486)
Net cash provided by operating activities	325,015	758,660
Cash Flows from Financing Activities:
Proceeds from sale of units
Payment for redemption of units	(303,251)	(805,113)
Change in owner redemptions payable		793
Net cash provided by (used in) financing activities	(303,251)	(804,320)
Net increase (decrease) in cash and cash equivalents	21,764	(45,660)
Cash and cash equivalents, beginning of period		61,345
Cash and cash equivalents, end of period	21,764	15,685
Frontier Global Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	215,145	(756,267)
Change in:
Net realized (gain)/loss on swap contracts
(Purchases) sale of:
Sales of swap contracts
Reduction of collateral in Swap Contracts
Increase and/or decrease in:
Advance on unrealized Swap Appreciation
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Net change in ownership allocation of U.S. Treasury Securities	(225,147)	(572,676)
Net unrealized (gain)/loss on swap contracts
Net unrealized (gain)/loss on private investment companies	(216,899)	970,042
Net realized (gain)/loss on private investment companies	(150,153)	(448,127)
Net realized (gain)/loss on U.S. Treasury securities	2,920	(11,338)
Net unrealized (gain)/loss on U.S. Treasury securities	531	3,645
(Purchases) of U.S. Treasury securities	(225,077)	(580,333)
Sales of U.S. Treasury securities	454,651	1,191,317
U.S. Treasury interest and premium paid/amortized
(Purchases) of Private Investment Companies	(410,446)	(463,750)
Sales of Private Investment Companies	1,043,400	1,924,065
Investments in unconsolidated trading companies, at fair value	(17,065)	(1,461)
Interest receivable	413	871
Receivable from related parties	(4,954)	(30,180)
Other assets
Redemptions receivable from private investment companies
Interest payable to Managing Owner	(65)	174
Service fees payable to Managing Owner	(823)	(4,494)
Trading fees payable to Managing Owner	(1,264)	(9,477)
Subscriptions in advance for service fee rebates	3,111	3,718
Other liabilities	1,973	(5,750)
Net cash provided by operating activities	470,251	1,209,979
Cash Flows from Financing Activities:
Proceeds from sale of units
Payment for redemption of units	(450,629)	(1,142,297)
Change in non-controlling interest
Change in owner redemptions payable		(52,324)
Net cash provided by (used in) financing activities	(450,629)	(1,194,621)
Net increase (decrease) in cash and cash equivalents	19,622	15,358
Cash and cash equivalents, beginning of period	5,694	27,532
Cash and cash equivalents, end of period	25,316	42,890
Frontier Heritage Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	390,766	(268,694)
Change in:
Net realized (gain)/loss on swap contracts		97,745
(Purchases) sale of:
Sales of swap contracts		1,491,965
Reduction of collateral in Swap Contracts		1,496,127
Increase and/or decrease in:
Advance on unrealized Swap Appreciation		(1,900,000)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Net change in ownership allocation of U.S. Treasury Securities	(127,756)	(75,421)
Net unrealized (gain)/loss on swap contracts		(197,829)
Net unrealized (gain)/loss on private investment companies	(418,547)	75,695
Net realized (gain)/loss on private investment companies	(86,630)	56,727
Net realized (gain)/loss on U.S. Treasury securities	3,082	(9,015)
Net unrealized (gain)/loss on U.S. Treasury securities	178	7,369
(Purchases) of U.S. Treasury securities	(191,271)	(804,397)
Sales of U.S. Treasury securities	357,230	932,192
U.S. Treasury interest and premium paid/amortized
(Purchases) of Private Investment Companies	(394,302)	(941,369)
Sales of Private Investment Companies	702,567	979,165
Investments in unconsolidated trading companies, at fair value	(26,706)	(1,025)
Interest receivable	1,245	1,405
Receivable from related parties	(7,752)	(45,263)
Other assets
Redemptions receivable from private investment companies
Interest payable to Managing Owner	229	160
Service fees payable to Managing Owner	256	(818)
Trading fees payable to Managing Owner	412	(3,602)
Subscriptions in advance for service fee rebates	4,871	4,721
Other liabilities	3,012	2,701
Net cash provided by operating activities	210,884	898,539
Cash Flows from Financing Activities:
Proceeds from sale of units
Payment for redemption of units	(184,768)	(389,465)
Change in non-controlling interest		(479,024)
Change in owner redemptions payable		(9,735)
Net cash provided by (used in) financing activities	(184,768)	(878,224)
Net increase (decrease) in cash and cash equivalents	26,116	20,315
Cash and cash equivalents, beginning of period	15,156	44,011
Cash and cash equivalents, end of period	$ 41,272	$ 64,326

XML

Condensed Schedules of Investments (Unaudited)

9 Months Ended

Sep. 30, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed Schedules of Investments (Unaudited)

			Frontier					Frontier					Frontier
			Diversified Fund					Masters Fund					Long/Short Commodity Fund
			Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset
Description			Value		Value)			Value		Value)			Value		Value)
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	726,697		23.14	%	$	-		0.00	%	$	-		0.00	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		216,565		6.90	%		-		0.00	%		-		0.00	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		573,120		18.25	%		-		0.00	%		-		0.00	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		742,805		23.65	%		353,746		43.90	%		-		0.00	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		477,374		15.20	%		252,047		31.28	%		554,077		39.30	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		324,574		10.33	%		176,447		21.90	%		-		0.00	%
		Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		-		0.00	%		-		0.00	%		302,145		21.43	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-		0.00	%		-		0.00	%		479,374		34.00	%
		Total Private Investment Companies	$	3,061,135		97.47	%	$	782,240		97.07	%	$	1,335,596		94.72	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	30,579		0.97	%	$	16,239		2.02	%	$	21,311		1.51	%
		Total Investment in Unconsolidated Trading Companies	$	30,579		0.97	%	$	16,239		2.02	%	$	21,311		1.51	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value					Fair Value					Fair Value
$	116,500	US Treasury Note 6.875% due 08/15/2025 (Cost $146,667)	$	33,471		1.07	%	$	17,774		2.21	%	$	23,326		1.65	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	27,099				$	14,390				$	18,885
Additional Disclosure on U.S. Treasury Securities			Cost					Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	34,116				$	18,117				$	23,775

			Frontier						Frontier
			Balanced Fund						Select Fund
			Fair			% of Total Capital			Fair		% of Total Capital
Description			Value			(Net Asset Value)			Value		(Net Asset Value)
LONG FUTURES CONTRACTS*
		Various agriculture futures contracts (Far East)	$	(9,652	)		-0.10	%	$	-		0.00	%
		Various agriculture futures contracts (Europe)		85,119			0.84	%		-		0.00	%
		Various agriculture futures contracts (U.S.)		43,697			0.43	%		-		0.00	%
		Various base metals futures contracts (U.S.)		(39,727	)		-0.39	%		-		0.00	%
		Various currency futures contracts (Europe)		(481	)		0.00	%		-		0.00	%
		Various currency futures contracts (Far East)		(15,984	)		-0.16	%		-		0.00	%
		Various currency futures contracts (Latin America)		(9,108	)		-0.09	%		-		0.00	%
		Various currency futures contracts (U.S.)		7,388			0.07	%		-		0.00	%
		Various energy futures contracts (U.S.)		79,410			0.78	%		-		0.00	%
		Various interest rates futures contracts (Europe)		(334,215	)		-3.30	%		-		0.00	%
		Various interest rates futures contracts (Far East)		(24,169	)		-0.24	%		-		0.00	%
		Various interest rates futures contracts (U.S.)		(14,625	)		-0.14	%		-		0.00	%
		Various precious metal futures contracts (U.S.)		(5,456	)		-0.05	%		-		0.00	%
		Various stock index futures contracts (Europe)		(5,437	)		-0.05	%		-		0.00	%
		Various stock index futures contracts (Far East)		(3,432	)		-0.03	%		-		0.00	%
		Various stock index futures contracts (Oceanic)		(1,626	)		-0.02	%		-		0.00	%
		Various stock index futures contracts (U.S.)		(10,558	)		-0.10	%		-		0.00	%
		Various stock index futures contracts (Canada)		(3,951	)		-0.04	%		-		0.00	%
		Total Long Futures Contracts	$	(262,807	)		-2.59	%	$	-		0.00	%
SHORT FUTURES CONTRACTS*
		Various agriculture futures contracts (Far East)	$	3,818			0.04	%	$	-		0.00	%
		Various agriculture futures contracts (Europe)		(55,212	)		-0.54	%		-		0.00	%
		Various agriculture futures contracts (U.S.)		1,372			0.01	%		-		0.00	%
		Various base metals futures contracts (U.S.)		9,982			0.10	%		-		0.00	%
		Various currency futures contracts (Europe)		30,456			0.30	%		-		0.00	%
		Various currency futures contracts (Far East)		828			0.01	%		-		0.00	%
		Various currency futures contracts (Latin America)		20,698			0.20	%		-		0.00	%
		Various currency futures contracts (U.S.)		(4,750	)		-0.05	%		-		0.00	%
		Various energy futures contracts (U.S.)		(43,480	)		-0.43	%		-		0.00	%
		Various interest rates futures contracts (Europe)		264,970			2.61	%		-		0.00	%
		Various interest rates futures contracts (Far East)		35,149			0.35	%		-		0.00	%
		Various interest rates futures contracts (U.S.)		5,313			0.05	%		-		0.00	%
		Various precious metal futures contracts (U.S.)		67,448			0.67	%		-		0.00	%
		Various stock index futures contracts (Canada)		2,986			0.03	%		-		0.00	%
		Various stock index futures contracts (Europe)		8,521			0.08	%		-		0.00	%
		Various stock index futures contracts (U.S.)		(963	)		-0.01	%		-		0.00	%
		Total Short Futures Contracts	$	347,136			3.42	%	$	-		0.00	%
		Total Open Trade Equity (Deficit)	$	84,329			0.83	%	$	-		0.00	%
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	1,692,724			16.69	%	$	-		0.00	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		968,038			9.55	%		-		0.00	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,326,119			13.08	%		-		0.00	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,765,668			17.41	%		-		0.00	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		2,613,293			25.77	%		982,926		62.05	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC		1,476,322			14.56	%		572,680		36.15	%
		Total Private Investment Companies	$	9,842,164			97.06	%	$	1,555,606		98.20	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	-			0.00	%	$	15,601		0.98	%
		Total Investment in Unconsolidated Trading Companies	$	-			0.00	%	$	15,601		0.98	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value						Fair Value
$	116,500	US Treasury Note 6.875% due 08/15/2025 (Cost $146,667)	$	-			0.00	%	$	17,077		1.08	%
Additional Disclosure on U.S. Treasury Securities			Face Value						Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	-					$	13,826
Additional Disclosure on U.S. Treasury Securities			Cost						Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	-					$	17,406

			Frontier Global					Frontier
			Fund					Heritage Fund
			Fair		% of Total Capital			Fair		% of Total Capital
Description			Value		(Net Asset Value)			Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	2,802,754		103.99	%	$	1,657,316		63.96	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		-		-			907,058		35.00	%
		Total Private Investment Companies	$	2,802,754		103.99	%	$	2,564,374		98.96	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	18,148		0.67	%	$	29,586		1.14	%
		Total Investment in Unconsolidated Trading Companies	$	18,148		0.67	%	$	29,586		1.14	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value					Fair Value
$	116,500	US Treasury Note 6.875% due 08/15/2025 (Cost $146,667)	$	19,864		0.74	%	$	32,384		1.25	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	16,082				$	26,218
Additional Disclosure on U.S. Treasury Securities			Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	20,246				$	33,007

			Frontier					Frontier					Frontier Long/Short Commodity
			Diversified Fund					Masters Fund					Fund
			Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset
Description			Value		Value)			Value		Value)			Value		Value)
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	1,066,074		25.49	%	$	-		0.00	%	$	-		0.00	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		414,692		9.91	%		-		0.00	%		-		0.00	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		672,766		16.08	%		-		0.00	%		-		0.00	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		732,066		17.50	%		486,659		48.98	%		-		0.00	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		435,119		10.40	%		258,609		26.03	%		272,294		20.73	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		323,886		7.74	%		269,323		27.11	%		-		0.00	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-		0.00	%		-		0.00	%		465,759		35.46	%
		Total Private Investment Companies	$	3,644,603		87.12	%	$	1,014,591		102.12	%	$	738,053		56.19	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	16,669		0.40	%	$	907		0.09	%	$	17,736		1.35	%
		Total Investment in Unconsolidated Trading Companies	$	16,669		0.40	%	$	907		0.09	%	$	17,736		1.35	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value					Fair Value					Fair Value
$	1,755,000	US Treasury Note 6.875% due 08/15/2025 (Cost $2,283,228)	$	427,393		10.22	%	$	23,245		2.34	%	$	454,738		34.63	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	328,604				$	17,872				$	349,629
Additional Disclosure on U.S. Treasury Securities			Cost					Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	427,509				$	23,251				$	454,862

			Frontier						Frontier
			Balanced Fund						Select Fund
			Fair			% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset
Description			Value			Value)			Value		Value)
LONG FUTURES CONTRACTS*
		Various agriculture futures contracts (Far East)	$	72,005			0.59	%	$	-		0.00	%
		Various agriculture futures contracts (Europe)		9,803			0.08	%		-		0.00	%
		Various agriculture futures contracts (U.S.)		87,496			0.72	%		-		0.00	%
		Various base metals futures contracts (U.S.)		22,858			0.19	%		-		0.00	%
		Various currency futures contracts (Europe)		10,573			0.09	%		-		0.00	%
		Various currency futures contracts (Latin America)		5,833			0.05	%		-		0.00	%
		Various currency futures contracts (U.S.)		(100	)		0.00	%		-		0.00	%
		Various interest rates futures contracts (Europe)		148,949			1.23	%		-		0.00	%
		Various interest rates futures contracts (Far East)		2,882			0.02	%		-		0.00	%
		Various interest rates futures contracts (U.S.)		2,438			0.02	%		-		0.00	%
		Various precious metal futures contracts (U.S.)		28,625			0.24	%		-		0.00	%
		Various soft futures contracts (U.S.)		52,349			0.43	%		-		0.00	%
		Various stock index futures contracts (Far East)		5,312			0.04	%		-		-
		Total Long Futures Contracts	$	449,023			3.70	%	$	-		0.00	%
SHORT FUTURES CONTRACTS*
		Various agriculture futures contracts (Far East)	$	(30,963	)		-0.26	%	$	-		0.00	%
		Various agriculture futures contracts (Europe)		(10,797	)		-0.09	%		-		0.00	%
		Various agriculture futures contracts (U.S.)		(92,738	)		-0.77	%		-		0.00	%
		Various base metals futures contracts (U.S.)		(10,289	)		-0.08	%		-		0.00	%
		Various currency futures contracts (Europe)		(10,381	)		-0.09	%		-		0.00	%
		Various currency futures contracts (Latin America)		2,512			0.02	%		-		0.00	%
		Various currency futures contracts (U.S.)		2,300			0.02	%		-		0.00	%
		Various interest rates futures contracts (Europe)		(127,832	)		-1.06	%		-		0.00	%
		Various interest rates futures contracts (Far East)		(2,482	)		-0.02	%		-		0.00	%
		Various interest rates futures contracts (U.S.)		3,656			0.03	%		-		0.00	%
		Various precious metal futures contracts (U.S.)		(25,560	)		-0.21	%		-		0.00	%
		Various soft futures contracts (U.S.)		(42,669	)		-0.35	%		-		0.00	%
		Various stock index futures contracts (Far East)		(3,340	)		-0.03	%		-		0.00	%
		Total Short Futures Contracts	$	(348,583	)		-2.89	%	$	-		0.00	%
		Total Open Trade Equity (Deficit)	$	100,440			0.81	%	$	-		0.00	%
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	2,311,240			19.08	%	$	-		0.00	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		1,581,941			13.06	%		-		0.00	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		982,020			8.11	%		-		0.00	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,600,611			13.22	%		-		0.00	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		2,612,336			21.57	%		956,968		57.89	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		1,440,104			11.89	%		681,697		41.24	%
		Total Private Investment Companies	$	10,528,252			86.93	%	$	1,638,665		99.13	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	49,755			0.41	%	$	-		0.00	%
		Total Investment in Unconsolidated Trading Companies	$	49,755			0.41	%	$	-		0.00	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value						Fair Value
$	1,755,000	US Treasury Note 6.875% due 08/15/2025 (Cost $2,283,228)	$	1,275,641			10.53	%	$	-		0.00	%
Additional Disclosure on U.S. Treasury Securities			Face Value						Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	980,787					$	-
Additional Disclosure on U.S. Treasury Securities			Cost						Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	1,275,989					$	-

			Frontier					Frontier
			Global Fund					Heritage Fund
			Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset
Description			Value		Value)			Value		Value)
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	3,068,656		104.71	%	$	1,539,331		64.53	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		-		-			828,131		34.72	%
		Total Private Investment Companies	$	3,068,656		104.71	%	$	2,367,462		99.25	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	1,083		0.04	%	$	2,880		0.12	%
		Total Investment in Unconsolidated Trading Companies	$	1,083		0.04	%	$	2,880		0.12	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value					Fair Value
$	1,755,000	US Treasury Note 6.875% due 08/15/2025 (Cost $2,283,228)	$	27,742		0.95	%	$	73,847		3.10	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	21,330				$	56,778
Additional Disclosure on U.S. Treasury Securities			Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	27,750				$	73,867

		Fair			% of Total Capital (Net Asset
Description		Value			Value)
LONG FUTURES CONTRACTS *
	Various agriculture futures contracts (Far East)	$	(9,652	)		-0.04	%
	Various agriculture futures contracts (Europe)		85,119			0.38	%
	Various agriculture futures contracts (U.S.)		43,697			0.20	%
	Various base metals futures contracts (U.S.)		(39,727	)		-0.18	%
	Various currency futures contracts (Europe)		(481	)		0.00	%
	Various currency futures contracts (Far East)		(15,984	)		-0.07	%
	Various currency futures contracts (Latin America)		(9,108	)		-0.04	%
	Various currency futures contracts (U.S.)		7,388			0.03	%
	Various energy futures contracts (U.S.)		79,410			0.36	%
	Various interest rates futures contracts (Europe)		(334,215	)		-1.49	%
	Various interest rates futures contracts (Far East)		(24,169	)		-0.11	%
	Various interest rates futures contracts (U.S.)		(14,625	)		-0.07	%
	Various precious metal futures contracts (U.S.)		(5,456	)		-0.02	%
	Various stock index futures contracts (Europe)		(5,437	)		-0.02	%
	Various stock index futures contracts (Far East)		(3,432	)		-0.02	%
	Various stock index futures contracts (Oceanic)		(1,626	)		-0.01	%
	Various stock index futures contracts (U.S.)		(10,558	)		-0.05	%
	Various stock index futures contracts (Canada)		(3,951	)		-0.02	%
	Total Long Futures Contracts	$	(262,807	)		-1.17	%
SHORT FUTURES CONTRACTS *
	Various agriculture futures contracts (Far East)	$	3,818			0.02	%
	Various agriculture futures contracts (Europe)		(55,212	)		-0.25	%
	Various agriculture futures contracts (U.S.)		1,372			0.01	%
	Various base metals futures contracts (U.S.)		9,982			0.04	%
	Various currency futures contracts (Europe)		30,456			0.14	%
	Various currency futures contracts (Far East)		828			0.00	%
	Various currency futures contracts (Latin America)		20,698			0.09	%
	Various currency futures contracts (U.S.)		(4,750	)		-0.02	%
	Various energy futures contracts (U.S.)		(43,480	)		-0.19	%
	Various interest rates futures contracts (Europe)		264,970			1.18	%
	Various interest rates futures contracts (Far East)		35,149			0.16	%
	Various interest rates futures contracts (U.S.)		5,313			0.02	%
	Various precious metal futures contracts (U.S.)		67,448			0.30	%
	Various stock index futures contracts (Canada)		2,986			0.01	%
	Various stock index futures contracts (Europe)		8,521			0.04	%
	Various stock index futures contracts (U.S.)		(963	)		0.00	%
	Total Short Futures Contracts	$	347,136			1.55	%
	Total Open Trade Equity (Deficit)	$	84,329			0.38	%

			Fair		% of Total Capital (Net Asset
			Value		Value)
PRIVATE INVESTMENT COMPANIES (1)
		Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)	$	302,146		1.35	%
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		2,419,421		10.82	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		1,184,603		5.30	%
		Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC		131,464		0.59	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,899,239		8.49	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		7,322,291		32.74	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		5,786,775		25.87	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		2,550,021		11.40	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		479,373		2.14	%
		Total Private Investment Companies	$	22,075,333		98.70	%
U.S. TREASURY SECURITIES
FACE VALUE
$	116,500	US Treasury Note 6.875% due 08/15/2025 (Cost $146,667)	$	143,896		0.64	%
		Total U.S. Treasury Securities	$	143,896		0.64	%

			Fair			% of Total Capital (Net Asset
Description			Value			Value)
LONG FUTURES CONTRACTS *
		Various agriculture futures contracts (Far East)	$	72,005			0.28	%
		Various agriculture futures contracts (Europe)		9,803			0.04	%
		Various agriculture futures contracts (U.S.)		87,496			0.34	%
		Various base metals futures contracts (U.S.)		22,858			0.09	%
		Various currency futures contracts (U.S.)		(100	)		0.00	%
		Various currency futures contracts (Europe)		10,573			0.04	%
		Various currency futures contracts (Latin America)		5,833			0.02	%
		Various interest rates futures contracts (Europe)		148,949			0.58	%
		Various interest rates futures contracts (Far East)		2,882			0.01	%
		Various interest rates futures contracts (U.S.)		2,438			0.01	%
		Various precious metal futures contracts (U.S.)		28,625			0.11	%
		Various soft futures contracts (U.S.)		52,349			0.20	%
		Various stock index futures contracts (Far East)		5,312			0.02	%
		Total Long Futures Contracts	$	449,023			1.74	%
SHORT FUTURES CONTRACTS *
		Various agriculture futures contracts (Far East)	$	(30,963	)		-0.12	%
		Various agriculture futures contracts (Europe)		(10,797	)		-0.04	%
		Various agriculture futures contracts (U.S.)		(92,738	)		-0.36	%
		Various base metals futures contracts (U.S.)		(10,289	)		-0.04	%
		Various currency futures contracts (U.S.)		2,300			0.01	%
		Various currency futures contracts (Europe)		(10,381	)		-0.04	%
		Various currency futures contracts (Latin America)		2,512			0.01	%
		Various interest rates futures contracts (Europe)		(127,832	)		-0.50	%
		Various interest rates futures contracts (Far East)		(2,482	)		-0.01	%
		Various interest rates futures contracts (U.S.)		3,656			0.01	%
		Various precious metal futures contracts (U.S.)		(25,560	)		-0.10	%
		Various soft futures contracts (U.S.)		(42,669	)		-0.17	%
		Various stock index futures contracts (Far East)		(3,340	)		-0.01	%
		Total Short Futures Contracts	$	(348,583	)		-1.36	%
		Total Open Trade Equity (Deficit)	$	100,440			0.38	%
PRIVATE INVESTMENT COMPANIES (1)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	3,377,314			13.21	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		1,996,633			7.81	%
		Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC		89,029			0.35	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,654,786			6.47	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		7,427,324			29.05	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		5,363,456			20.98	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		2,715,008			10.62	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		465,759			1.82	%
		Total Private Investment Companies	$	23,089,312			90.31	%
U.S. TREASURY SECURITIES
FACE VALUE
$	1,755,000	US Treasury Note 6.875% due 08/15/2025 (Cost $2,283,228)	$	2,282,606			8.93	%
		Total U.S. Treasury Securities	$	2,282,606			8.93	%

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Organization and Purpose

9 Months Ended

Sep. 30, 2021

The Series of Frontier Funds [Member]

Organization and Purpose [Line Items]

Organization and Purpose

1. Organization and Purpose

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

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

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

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

The Trust, with respect to each Series:

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

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

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

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

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

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

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

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

As of September 30, 2021, the Trust, with respect to the Frontier Diversified Fund and Frontier Masters Fund, separates Units into two separate Classes—Class 2 and Class 3. The Trust, with respect to the Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund separates Units into a maximum of three separate Classes- Class 1, Class 2 and Class 1AP. The Trust, with respect to the Frontier Balanced Fund separates Units into a maximum of five separate Classes—Class 1, Class 1AP, Class 2, Class 2A and Class 3A. The Trust, with respect to the Frontier Long/Short Commodity Fund separates Units into a maximum of five separate Classes—Class 1A, Class 2A, Class 2, Class 3A and Class 3. Frontier Masters Fund Class 1 was closed as of April 1, 2021, and Frontier Diversified Fund Class 1 was closed as of July 21, 2021.  

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

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

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

Frontier Funds [Member]

Organization and Purpose [Line Items]

Organization and Purpose

1. Organization and Purpose

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

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

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

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

The Trust, with respect to each Series:

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

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

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

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

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

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

● all payments made to selling agents who are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and their associated persons that constitute underwriting compensation will be subject to the limitations set forth in Rule 2310(b)(4)(B)(ii) (formerly Rule 2810(b)(4)(B)(ii)) of the Conduct Rules of FINRA (“Rule 2310”). An investor’s Class 1 Units or Class 2 Units of any Series, or Class 1a Units or Class 2a Units of the Frontier Long/Short Commodity Fund or Frontier Balanced Fund will be classified as Class 3 or Class 3a Units of such Series, as applicable, when the Managing Owner determines that the fee limitation set forth in Rule 2310 with respect to such Units has been reached or will be reached. The service fee limit applicable to each unit sold is reached upon the earlier of when (i) the aggregate initial and ongoing service fees received by the selling agent with respect to such unit equals 9% of the purchase price of such unit or (ii) the aggregate underwriting compensation (determined in accordance with FINRA Rule 2310) paid in respect of such unit totals 10% of the purchase price of such unit. No service fees are paid with respect to Class 3 or Class 3a Units. Units of any Class in a Series may be redeemed, in whole or in part, on a daily basis, at the then current NAV per Unit for such Series on the day of the week after the date the Managing Owner is in receipt of a redemption request for at least one (1) business day to be received by the Managing Owner prior to 4:00 PM in New York. Frontier Masters Fund Class 1 was closed as of April 1, 2021 and Frontier Diversified Fund Class 1 was closed as of July 21, 2021

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

As of September 30, 2021, the Trust, with respect to the Frontier Diversified Fund and Frontier Masters Fund, separates Units into two separate Classes—Class 2 and Class 3. The Trust, with respect to the Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund separates Units into a maximum of three separate Classes—Class 1, Class 2 and Class 1AP. The Trust, with respect to the Frontier Balanced Fund separates Units into a maximum of five separate Classes—Class 1, Class 1AP, Class 2, Class 2A and Class 3A. The Trust, with respect to the Frontier Long/Short Commodity Fund separates Units into a maximum of five separate Classes—Class 1A, Class 2A, Class 2, Class 3A and Class 3. Between April 15, 2016 and May 10, 2017, a portion of the interests in Frontier Trading Company I, LLC and all of the interests in Frontier Trading Company VII, LLC, Frontier Trading Company XV, LLC, and Frontier Trading Company XXIII LLC held by Frontier Diversified Fund, Frontier Masters Fund, Frontier Select Fund, Frontier Balanced Fund and Frontier Long/Short Commodity Fund were exchanged for equivalent interests in the Galaxy Plus Managed Account Platform (“Galaxy Plus”) which is an unaffiliated, third-party managed account platform. The assets of Frontier Trading Company I, LLC, which included exposure to Quantmetrics Capital Management LLP’s Multi-Strategy Program, Quantitative Investment Management, LLC’s Quantitative Global Program, Quest Partners LLC’s Quest Tracker Index Program, Chesapeake Capital Management, LLC’s Diversified Program, and Doherty Advisors LLC’s Relative Value Moderate Program, the assets of Frontier Trading Company VII, LLC, which included exposure to Emil van Essen LLC’s Multi-Strategy Program, Red Oak Commodity Advisors, Inc.’s Fundamental Diversified Program, Rosetta Capital Management, LLC’s Rosetta Trading Program, and Landmark Trading Company’s Landmark Program, the assets of Frontier Trading Company XV, LLC, which included exposure to Transtrend B.V.’s TT Enhanced Risk (USD) Program, and the assets of Frontier Trading Company XXIII, LLC which included exposure to Fort L.P.’s Global Contrarian Program have been transferred to individual Delaware limited liability companies (“Master Funds”) in Galaxy Plus. Each Master Fund is sponsored and operated by Gemini Alternative Funds, LLC (“Sponsor”). The Sponsor has contracted with the Trading Advisors to manage the portfolios of the Master Funds pursuant to the advisors’ respective program. For those Series that invest in Galaxy Plus, approximately 30-70% of those Series assets are used to support the margin requirements of the Master Funds. The remaining assets of the Series are split between investments in Trading Companies and a pooled cash management account that invests primarily in U.S. Treasury securities. For those Series that do not invest in Galaxy Plus, their assets are split between investments in Trading Companies and investments in the pooled cash management account.

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

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

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Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

The Series of Frontier Funds [Member]

Significant Accounting Policies [Line Items]

Significant Accounting Policies

2. Significant Accounting Policies

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

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

Consolidation—The Series, through investing in the Trading Companies and Galaxy Plus entities, authorize certain Trading Advisors to place trades and manage assets at predetermined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses and a risk analysis fee (for closed Series only), all of which is allocated to the Series if consolidated by a Series. Galaxy Plus is a series of Delaware limited liability companies, sponsored by Gemini Alternative Funds, LLC, that create exposure to a variety of third party professional managed futures and foreign exchange advisors. Galaxy Plus is available to qualified high-net-worth individuals and institutional investors. Trading Companies in which a Series has a controlling and majority interest as calculated on that Series’ pro-rata net asset value in the Trading Company are consolidated by such Series. Investments in Trading Companies in which a Series does not have a controlling and majority interest and all interests in Galaxy Plus entities are accounted for using net asset value as the practical expedient, which approximates fair value. Fair value represents the proportionate share of the Series’ interest in the NAV in a Trading Company or Galaxy Plus entity. The equity interest held by Series of the Trust is shown as investments in unconsolidated Trading Companies or investments in private investment companies in the statements of financial condition. The income or loss attributable thereto in proportion of investment level is shown in the statements of operations as 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 Galaxy Plus entities. Subscriptions and redemptions by these non-affiliated investors will have a direct impact on the Series’ ownership percentage in Galaxy Plus entities. It is expected that ownership percentage will fluctuate (sometimes significantly) on a week by week basis which could also result in frequent changes in the consolidating Series. Such fluctuations make consolidating the financial statements of the Galaxy Plus entities both impractical and misleading. Non-consolidation of these Galaxy Plus entities presents a more useful financial statement for the readers. As such, management has decided that presenting Galaxy Plus entities on a non-consolidated basis as investments in other investments companies (a “fund of funds” approach) is appropriate and preferable to the users of these financial statements. Refer to Note 5 for additional disclosures related to these private investment companies.

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

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

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

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

Receivable From Futures Commission Merchants—The Series of the Trust deposit assets with an FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust, with respect to the Series, earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of September 30, 2021 and December 31, 2020 included restricted cash for margin requirements of $791,090 and $321,638 respectively, for the Frontier Balanced Fund.

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

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

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

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

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

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

Investments and Swaps—The Trust, with respect to the Series, records investment transactions on a trade date basis and at fair value, with changes in fair value reported as a component of realized and unrealized gains/(losses) on investments in the statements of operations. Investments in private investment companies are valued utilizing the net asset values as a practical expedient. Certain Series of the Trust can strategically invest a portion or all of their assets in total return swaps, selected at the discretion of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more underlying investment products or indices. In a typical swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. The valuation of swap contracts requires significant estimates. Swap contracts are reported at fair value based upon daily reports from the counterparty. The Managing Owner reviews, compares and approves current day pricing of the commodity trading advisor (“CTA”) positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, that is used to determine a daily fair value NAV for the swap contracts. For the quarter ended September 30, 2021, the Trust did not have any total return swap investments.

Income Taxes—The Trust, with respect to the Series, applies the provisions of ASC 740 Income Taxes (“ASC 740”), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust, with respect to the Series’, financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Trust’s level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year.

The 2017 through 2020 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

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

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

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

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

Each Series is charged service fees as outlined above. In some cases, amounts paid to selling agents might be less than the amount charged to the Series. When this occurs, the service fee is rebated back to the investor in the form of additional units. During 2018, 2019 and 2020 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 2021 when the Series are allowed to sell shares again. As such, the Managing Owner has calculated the amounts for additional units of the relevant series which will be purchased and classified such amounts as Subscriptions in advance for service fee rebates of $22,650, $393, $31,725, $363,825, $20,766, $157,782 and $68,076 for the Frontier Diversified, Long/Short Commodity, Masters, Balanced, Select, Global and Heritage Funds, respectively, as of September 30, 2021.

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

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

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

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

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

Frontier Funds [Member]

Significant Accounting Policies [Line Items]

Significant Accounting Policies

2. Significant Accounting Policies

The following are the significant accounting policies of the Trust.

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

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

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

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

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

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

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

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

Receivable from Futures Commission Merchants—The Trust deposits assets with an FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of September 30, 2021 and December 31, 2020 and included restricted cash for margin requirements of $791,090 and $321,638 for the Frontier Balanced Fund. 

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

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

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

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

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

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

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

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

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

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

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

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

Each Series is charged service fees as outlined above. In some cases, amounts paid to selling agents might be less than the amount charged to the Series. When this occurs, the service fee is rebated back to the investor in the form of additional units. During 2020, 2019 and 2018, 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 2021 when the Series are allowed to sell shares again. As such, the Managing Owner has calculated the amounts for additional units of the relevant series which will be purchased and classified such amounts as Subscriptions in advance for service fee rebates of $665,217 and $638,962 as of September 30, 2021 and December 31, 2020, respectively.

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

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

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

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

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

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Fair Value Measurements

9 Months Ended

Sep. 30, 2021

The Series of Frontier Funds [Member]

Fair Value Measurements [Line Items]

Fair Value Measurements

3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

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

Level 3 Inputs

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

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

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

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

Swap contracts are reported at fair value.  Valuation reports are generated and disseminated daily from the swap counterparty to the third-party administrator.  The fair value is applied by the third-party administrator to calculate the daily performance.  The Managing Owner reviews the third-party administrator performance reports and any noticeable exceptions are investigated.  Unexplained exceptions are escalated to the Managing Owner’s Valuation Committee for further evaluation and resolution.  Swap contracts are reported at fair value using Level 3 inputs. For the quarter ended September 30, 2021, the Trust did not have any total return swap investments.

Investment in Unconsolidated Trading Companies. This investment represents the fair value of the allocation of cash, futures, forwards, options and swaps to each respective Series relative to its trading allocations from unconsolidated Trading Companies. A Series may redeem its investment in any of the Trading Companies on a daily basis at the Trading Company’s stated net asset value. Each of the Series, all of which are under the same management as the Trading Companies, has access to the underlying positions of the Trading Companies, and as such, the level determination is reflected on that look-through basis. Any redemption of an investment in a Trading Company classified as Level 3 will reflect that classification of the underlying investment owned by the Trading Company. As such, the Series report investments in unconsolidated Trading Companies at fair value using the corresponding inputs of the underlying securities of the Trading Companies which results in the Series reporting the corresponding level determination from the inputs of the Trading Company.

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

The following table summarizes investment in each Series measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value.

September 30, 2021	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	30,579	$	-	$	-	$	30,579
U.S. Treasury Securities		33,471		-		-		33,471
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		16,239		-		-		16,239
U.S. Treasury Securities		17,774		-		-		17,774
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		21,311		-		-		21,311
U.S. Treasury Securities		23,326		-		-		23,326
Frontier Balanced Fund
Open Trade Equity (Deficit)		84,329		-		-		84,329
Frontier Select Fund				-
Investment in Unconsolidated Trading Companies		15,601		-		-		15,601
U.S. Treasury Securities		17,077		-		-		17,077
Frontier Global Fund				-
Investment in Unconsolidated Trading Companies		18,148		-		-		18,148
U.S. Treasury Securities		19,864		-		-		19,864
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		29,586		-		-		29,586
U.S. Treasury Securities		32,384		-		-		32,384

December 31, 2020	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	16,669	$	-	$	-	$	16,669
U.S. Treasury Securities		427,393		-		-		427,393
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		907		-		-		907
U.S. Treasury Securities		23,245		-		-		23,245
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		17,736		-		-		17,736
U.S. Treasury Securities		454,738		-		-		454,738
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		49,755		-		-		49,755
Open Trade Equity (Deficit)		100,440		-		-		100,440
U.S. Treasury Securities		1,275,641		-		-		1,275,641
Frontier Global Fund
Investment in Unconsolidated Trading Companies		1,083		-		-		1,083
U.S. Treasury Securities		27,742		-		-		27,742
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		2,880		-		-		2,880
U.S. Treasury Securities		73,847		-		-		73,847

The changes in Level 3 assets measured at fair value on a recurring basis are summarized in the following tables. Swap contract asset gains and losses included in earnings are classified in “realized and unrealized gain (loss) on investments – net unrealized gain/(loss) on swap contracts” on the statements of operations. Investment in unconsolidated trading company asset gains and losses (realized/unrealized) included in earnings are classified in “Change in fair value of investments in unconsolidated trading companies”. During year ended December 2020, all identified Level 3 assets were components of the Frontier Diversified Fund, Frontier Long/Short Commodity Fund, Frontier Balanced Fund, Frontier Select Fund, and Frontier Heritage Fund. During the year ended December 31, 2020, the entire investments in the swaps were sold.

For the Year Ended December 31, 2020

Swaps 

	Frontier Balanced Fund			Frontier Long/Short Commodity Fund
Balance of recurring Level 3 assets as of  January 1, 2020	$	11,944,753		$	362,521
Total gains or losses (realized/unrealized):
Included in earnings-realized		(2,448,166	)		188,100
Included in earnings-unrealized		(3,088,917	)		44,277
Proceeds from collateral reduction		(6,176,555	)		(115,000	)
Sale of investments		(7,586,366	)		(594,898	)
Purchase of investments		7,355,251			115,000
Change in ownership allocation		-			-
Transfers in and/or out of Level 3		-			-
Balance of recurring Level 3 assets as of December 31, 2020	$	-		$	-

	Frontier Diversified Fund			Frontier Heritage Fund
Balance of recurring Level 3 assets as of  January 1, 2020	$	6,384,583		$	2,888,009
Total gains or losses (realized/unrealized):
Included in earnings-realized		(446,306	)		(97,745	)
Included in earnings-unrealized		(1,537,399	)		197,829
Proceeds from collateral reduction		(4,000,000	)		(2,474,937	)
Sale of investments		(4,870,025	)		(1,491,965	)
Purchase of investments		4,469,147			978,809
Change in ownership allocation		-			-
Transfers in and/or out of Level 3		-			-
Balance of recurring Level 3 assets as of December 31, 2020	$	-		$	-

Investments in Unconsolidated Trading Companies

	Frontier Select Fund
Balance of recurring Level 3 assets as of  January 1, 2020	$	479,024
Change in fair value of investments in unconsolidated trading companies		95,915
Proceeds from sales of investments of unconsolidated trading companies		(574,939	)
Purchases of investments of unconsolidated trading companies		-
Change in ownership allocation		-
Transfers in and/or out of Level 3		-
Balance of recurring Level 3 assets as of December 31, 2020	$	-

The Series of the Trust assess the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Series’ accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the nine months ended September 30, 2021, the Trust did not transfer any assets between Levels 1, 2 or 3.

The amounts reflected in the change in ownership allocation result from changes in ownership in the underlying Trading Companies at the Series level, which have resulted in changes in consolidation or de-consolidation by the Series. The ownership in the Trading Companies is accounted for under the equity method, which approximates fair value. The Frontier Heritage Fund and the Frontier Select Fund jointly owned the Frontier Brevan Howard swap. The Frontier Heritage Fund owned the majority interest in the Frontier Brevan Howard swap. The Frontier Select Fund (through its investment in an unconsolidated trading company) and Frontier Heritage Fund Brevan Howard swap investments were liquidated on May 30, 2020 and Frontier Balanced Fund, Frontier Long/Short Commodity Fund, Frontier Diversified Fund TRS swap investments were liquidated on December 21, 2020.

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2020.

	Frontier Diversified Fund			Frontier Long/Short Commodity Fund		Frontier Balanced Fund			Frontier Heritage Fund
Swap Contracts	$	(1,537,399	)	$	44,277	$	(3,088,917	)	$	197,829

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

Frontier Funds [Member]

Fair Value Measurements [Line Items]

Fair Value Measurements

3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

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

Level 3 Inputs

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

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

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

Swap Contracts. Certain Series of the Trust strategically invest a portion or all of their assets in total return swaps, selected at the direction of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more investment products or indices. In a typical swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between parties are calculated with respect to a “notional amount” (i.e., the amount of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. Swap contracts are reported at fair value upon daily reports from the counterparty. In addition, a third party takes the inputs from the counterparty, makes certain adjustments, and runs it through their pricing model to come up with their daily price. The fair value measurements of the swap contracts are valued using unadjusted inputs that were not internally developed. The Managing Owner reviews, compares and approves current day pricing of the CTA positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, as well as from a third party. Differences in prices exceeding 5% are investigated. Unexplainable differences are escalated to the Managing Owner’s Valuation Committee for evaluation and resolution. The Swap Contracts are reported at fair value using Level 3 inputs. The Frontier Select Fund (through its investment in an unconsolidated trading company) and Frontier Heritage Fund Brevan Howard swap investments were liquidated on May 30, 2020 and Frontier Balanced Fund, Frontier Long/Short Commodity Fund, Frontier Diversified Fund TRS swap investments were liquidated on December 21, 2020.

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

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

September 30, 2021	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	84,329	$	-	$	-	$	84,329
U.S. Treasury Securities		143,896		-		-		143,896

December 31, 2020	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	100,440	$	-	$	-	$	100,440
U.S. Treasury Securities		2,282,606		-		-		2,282,606

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

Swaps

	For the Year ended December 31, 2020
Balance of recurring Level 3 assets as of  January 1, 2020	$	21,579,865
Total gains or losses (realized/unrealized):
Included in earnings-realized		(2,896,106	)
Included in earnings-unrealized		(4,384,210	)
Proceeds from collateral reduction		(12,674,502	)
Purchase of investments		12,918,207
Sale of investments		(14,543,254	)
Transfers in and/or out of Level 3		-
Balance of recurring Level 3 assets as of December 31, 2020	$	-

The Trust assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Trust’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the nine months ended September 30, 2021 and December 31, 2020, the Trust did not transfer any assets between Levels 1, 2 and 3.

The total change in unrealized appreciation (depreciation) included in the statements of operations attributable to level 3 investments still held at December 31, 2020: Swaps $(4,384,210).

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Swap Contracts

9 Months Ended

Sep. 30, 2021

The Series of Frontier Funds [Member]

Swap Contracts [Line Items]

Swap Contracts

4. Swap Contracts

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

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

The Managing Owner follows a procedure in selecting well-established financial institutions which the Managing Owner, in its sole discretion, considers to be reputable, reliable, financially responsible and well established to act as swap counterparties. The procedure includes due diligence review of documentation on all new and existing financial institution counterparties prior to initiation of the relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owner’s minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. As of December 31, 2020, none of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain swaps and is recorded as collateral within the swap fair value within the Statements of Financial Condition. The cash held with the counterparty is not restricted.

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

To help to reduce counterparty risk on the Series, the Managing Owner has the right to reduce the Series’ exposure and remove cash from the Series’ total return swaps with Deutsche Bank AG. This cash holding shall be in excess of $250,000 and may not exceed 40% of the index exposure in total. Index exposure is defined as the total notional amount plus any profit. The Series are charged interest on this cash holding and any amount removed will be offset against the final settlement value of the swap. The Frontier Select Fund (through its investment in an unconsolidated trading company) and Frontier Heritage Fund Brevan Howard swap investments were liquidated on May 30, 2020 and Frontier Balanced Fund, Frontier Long/Short Commodity Fund, Frontier Diversified Fund TRS swap investments were liquidated on December 21, 2020.

The Series have invested in the following swaps as of and for the year ended December 31, 2020:

	Frontier Balanced  Fund			Frontier Diversified  Fund			Frontier  Long/Short Commodity Fund		Frontier Heritage Fund
	Total Return Swap			Total Return Swap			Total Return Swap		Total Return Swap
Counterparty	Deutsche Bank AG			Deutsche Bank AG			Deutsche Bank AG		Deutsche Bank AG
Realized Gain/(Loss)	$	(2,448,166	)	$	(446,306	)	$	188,100	$	(97,745	)
Change in Unrealized Gain/(Loss)	$	(3,088,917	)	$	(1,537,399	)	$	44,277	$	197,829
Fair Value as of December 31, 2020	$	0		$	0		$	0	$	0
Advance on swap appreciation	$	0		$	0		$	0	$	0

Frontier Funds [Member]

Swap Contracts [Line Items]

Swap Contracts

4. Swap Contracts

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

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

The Managing Owner follows a procedure in selecting well-established financial institutions which the Managing Owner, in its sole discretion, considers to be reputable, reliable, financially responsible and well established to act as swap counterparties. The procedure includes due diligence review of documentation on all new and existing financial institution counterparties prior to initiation of the relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owner’s minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. As of December 31, 2020, all swaps were sold so that no Trust’s assets were deposited with over-the-counter counterparties.

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

To help to reduce counterparty risk on the Series, the Managing Owner has the right to reduce the Series’ exposure and remove cash from the Series’ total return swaps with Deutsche Bank AG. This cash holding shall be in excess of $250,000 and may not exceed 40% of the index exposure in total. Index exposure is defined as the total notional amount plus any profit. The Series are charged interest on this cash holding and any amount removed will be offset against the final settlement value of the swap. The Frontier Select Fund (through its investment in an unconsolidated trading company) and Frontier Heritage Fund Brevan Howard swap investments were liquidated on May 30, 2020 and Frontier Balanced Fund, Frontier Long/Short Commodity Fund, Frontier Diversified Fund TRS swap investment were liquidated on December 21, 2020.   

The Trust had invested in the following swaps as of and for the year ended December 31, 2020:

	XXXIV Balanced select swap			XXXV Diversified select swap			XXXVII L/S select swap		Brevan Howard
	Total Return Swap			Total Return Swap			Total Return Swap		Total Return Swap
Counterparty	Deutsche Bank AG			Deutsche Bank AG			Deutsche Bank AG		Deutsche Bank AG
Realized Gain/(Loss)	$	(2,448,166	)	$	(446,306	)	$	188,100	$	(189,734	)
Change in Unrealized Gain/(Loss)	$	(3,088,917	)	$	(1,537,399	)	$	44,277	$	197,829
Fair Value as of December 31, 2020	$	0		$	0		$	0	$	0
Advance on swap appreciation	$	0		$	0		$	0	$	0

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Investments in Unconsolidated Trading Companies and Private Investment Companies

9 Months Ended

Sep. 30, 2021

The Series of Frontier Funds [Member]

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

Investments in Unconsolidated Trading Companies and Private Investment Companies

5. Investments in Unconsolidated Trading Companies and Private Investment Companies

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

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

The following table summarizes each of the Series’ investments in unconsolidated Trading Companies as of September 30, 2021 and December 31, 2020:

	As of September 30, 2021					As of December 31, 2020
	Percentage of					Percentage of
	Series Total					Series Total
	Capital Invested in					Capital Invested in
Series	Unconsolidated Trading Companies			Fair Value		Unconsolidated Trading Companies			Fair Value
Frontier Diversified Series —
Frontier Trading Company XXXVIII		0.97	%	$	30,579		0.40	%	$	16,669
Frontier Masters Fund ---
Frontier Trading Company XXXVIII		2.02	%	$	16,239		0.09	%	$	907
Frontier Long/Short Commodity Fund ---
Frontier Trading Company XXXVIII		1.51	%	$	21,311		1.35	%	$	17,736
Frontier Balanced Fund ---
Frontier Trading Company XXXVIII		0.00	%	$	-		0.41	%	$	49,755
Frontier Select Fund  ---
Frontier Trading Companies XXXVIII		0.98	%	$	15,601		0.00	%	$	-
Frontier Global Fund  ---
Frontier Trading Company XXXVIII		0.67	%	$	18,148		0.04	%	$	1,083
Frontier Heritage Fund ---
Frontier Trading Company XXXVIII		1.14	%	$	29,586		0.12	%	$	2,880

The following tables summarize each of the Series’ equity in earnings from unconsolidated Trading Companies and private investment companies for the three and nine months ended September 30, 2021 and September 30, 2020.

Three months ended September 30, 2021 and 2020

	Three Months Ended September, 2021												Three Months Ended September, 2020
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Frontier Balanced Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(7,892	)	$	(7,892	)	$	-		$	-		$	371		$	371
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,527	)		17,408			55,124			71,005			(1,694	)		(175,943	)		(21,260	)		(198,897	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-			-			105			105
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-			-			(5,782	)		(5,782	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(5,970	)		169,823			(627,689	)		(463,836	)		(4,862	)		(3,470	)		(33,133	)		(41,465	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			-			-			-			-			-			(21,170	)		(21,170	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(3,803	)		(30,844	)		222,902			188,255			(709	)		(231,484	)		107,025			(125,168	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(4,627	)		4,082			(85,162	)		(85,707	)		(3,539	)		(27,771	)		22,238			(9,072	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(13,098	)		183,530			(9,760	)		160,672			(10,562	)		101,830			(36,659	)		54,609
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(1,703	)		(20,009	)		22,204			492			(1,279	)		(396,950	)		(62,845	)		(461,074	)
Total	$	(30,728	)	$	323,990		$	(430,273	)	$	(137,011	)	$	(22,645	)	$	(733,788	)	$	(51,110	)	$	(807,543	)
Frontier Global Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	829		$	829		$	-		$	-		$	(2,540	)	$	(2,540	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(2,503	)		28,130			73,429			99,056			(3,236	)		(317,392	)		(114,867	)		(435,495	)
Total	$	(2,503	)	$	28,130		$	74,258		$	99,885		$	(3,236	)	$	(317,392	)	$	(117,407	)	$	(438,035	)
Frontier Select Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(69	)	$	(69	)	$	-		$	-		$	(1,518	)	$	(1,518	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-			-			(587	)		(587	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(4,877	)		67,663			(7,516	)		55,270			(3,352	)		33,407			(19,556	)		10,499
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			-			-			-			-			(2,763	)		(2,763	)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(686	)		(8,299	)		7,373			(1,612	)		-			-			(205,413	)		(205,413	)
Total	$	(5,563	)	$	59,364		$	(212	)	$	53,589		$	(3,352	)	$	33,407		$	(229,837	)	$	(199,782	)
Frontier Heritage Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	981		$	981		$	-		$	-		$	1,742		$	1,742
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,439	)		16,356			41,181			56,098			(1,524	)		(149,796	)		275,381			124,061
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(4,691	)		66,486			(7,146	)		54,649			(3,338	)		34,047			(22,669	)		8,040
Total	$	(6,130	)	$	82,842		$	35,016		$	111,728		$	(4,862	)	$	(115,749	)	$	254,454		$	133,843
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(7	)	$	(7	)	$	-		$	-		$	(2,028	)	$	(2,028	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-			-			(882	)		(882	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(120	)		26,360			(23,799	)		2,441			(306	)		40,222			(55,994	)		(16,078	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(2,730	)		38,119			(5,606	)		29,783			(1,198	)		12,151			(9,162	)		1,791
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(3,298	)		86,851			(96,446	)		(12,893	)		-			-			-			-
Total	$	(6,148	)	$	151,330		$	(125,858	)	$	19,324		$	(1,504	)	$	52,373		$	(68,066	)	$	(17,197	)
Frontier Diversified Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(449	)	$	(449	)	$	-		$	-		$	(426	)	$	(426	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(640	)		7,312			23,964			30,636			(1,068	)		(107,528	)		(19,659	)		(128,255	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-			-			182			182
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-			-			(3,544	)		(3,544	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(2,513	)		71,506			(271,402	)		(202,409	)		(2,034	)		(1,729	)		(18,808	)		(22,571	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			-			-			-			-			-			(9,084	)		(9,084	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(870	)		(6,983	)		50,260			42,407			(271	)		(4,480	)		(47,525	)		(52,276	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		-			-			-			-			-			-			-			-
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(2,008	)		1,764			(37,507	)		(37,751	)		(2,406	)		(18,673	)		13,323			(7,756	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(2,389	)		33,745			(2,180	)		29,176			(3,320	)		40,922			(22,756	)		14,846
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(379	)		(4,507	)		4,402			(484	)		(639	)		(198,372	)		(32,551	)		(231,562	)
Total	$	(8,799	)	$	102,837		$	(232,912	)	$	(138,874	)	$	(9,738	)	$	(289,860	)	$	(140,848	)	$	(440,446	)
Frontier Masters Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(50	)	$	(50	)	$	-		$	-		$	(1,279	)	$	(1,279	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(296	)		3,396			11,798			14,898			(608	)		(62,539	)		(9,877	)		(73,024	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-			-			(147	)		(147	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-			-			(1,242	)		(1,242	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(1,258	)		17,769			(1,385	)		15,126			(1,164	)		13,859			(11,510	)		1,185
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			-			-			-			-			(1,002	)		(1,002	)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(208	)		(2,486	)		2,113			(581	)		(365	)		(113,226	)		(22,157	)		(135,748	)
Total	$	(1,762	)	$	18,679		$	12,476		$	29,393		$	(2,137	)	$	(161,906	)	$	(47,214	)	$	(211,257	)

Nine months ended September 30, 2021 and 2020

	Nine Months Ended September, 2021												Nine Months Ended September, 2020
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Frontier Balanced Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(36,142	)	$	(36,142	)	$	-		$	-		$	(9,094	)	$	(9,094	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(4,108	)		173,578			114,603			284,073			(6,794	)		(163,459	)		(16,563	)		(186,816	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			(433	)		-			(433	)		(2,152	)		(55,735	)		25,629			(32,258	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			252			-			252			(6,408	)		(718,397	)		75,749			(649,056	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(19,136	)		464,263			(786,970	)		(341,843	)		(20,836	)		(327,914	)		156,749			(192,001	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			(1,910	)		-			(1,910	)		(502	)		(232,245	)		(42,835	)		(275,582	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(9,204	)		(233,955	)		56,175			(186,984	)		(9,264	)		(899,303	)		157,923			(750,644	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(13,536	)		121,430			(7,184	)		100,710			(5,240	)		28,824			(6,624	)		16,960
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(39,426	)		996,949			146,910			1,104,433			(23,203	)		698,761			(196,095	)		479,463
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(3,787	)		(448,411	)		368,448			(83,750	)		(1,279	)		(396,950	)		(62,845	)		(461,074	)
Total	$	(89,197	)	$	1,071,763		$	(144,160	)	$	838,406		$	(75,678	)	$	(2,066,418	)	$	81,994		$	(2,060,102	)
Frontier Global Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	13,159		$	13,159		$	-		$	-		$	(2,994	)	$	(2,994	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(6,827	)		293,622			80,258			367,053			(11,634	)		(316,235	)		(194,046	)		(521,915	)
Total	$	(6,827	)	$	293,622		$	93,417		$	380,212		$	(11,634	)	$	(316,235	)	$	(197,040	)	$	(524,909	)
Frontier Select Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	6,956		$	6,956		$	-		$	-		$	(8,190	)	$	(8,190	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			387			-			387			-			-			(2,203	)		(2,203	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(13,325	)		321,795			38,851			347,321			(7,477	)		228,470			(72,058	)		148,935
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			864			-			864			(5,392	)		(237,723	)		(35,753	)		(278,868	)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(1,599	)		(198,484	)		149,525			(50,558	)		-			-			(205,413	)		(205,413	)
Total	$	(14,924	)	$	124,562		$	195,332		$	304,970		$	(12,869	)	$	(9,253	)	$	(323,617	)	$	(345,739	)
Frontier Heritage Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	11,448		$	11,448		$	-		$	-		$	(1,582	)	$	(1,582	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(3,865	)		161,521			26,673			184,329			(4,298	)		(151,155	)		238,686			83,233
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(12,655	)		302,134			31,369			320,848			(7,216	)		215,524			(85,350	)		122,958
Total	$	(16,520	)	$	463,655		$	69,490		$	516,625		$	(11,514	)	$	64,369		$	151,754		$	204,609
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	9,914		$	9,914		$	-		$	-		$	(5,104	)	$	(5,104	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			36			-			36			(938	)		(103,100	)		7,770			(96,268	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(543	)		152,407			(126,776	)		25,088			(978	)		(76,740	)		(71,464	)		(149,182	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(7,233	)		173,929			14,090			180,786			(2,824	)		88,947			(28,627	)		57,496
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(7,807	)		107,810			(88,398	)		11,605			-			-			-			-
Total	$	(15,583	)	$	434,182		$	(191,170	)	$	227,429		$	(4,740	)	$	(90,893	)	$	(97,425	)	$	(193,058	)
Frontier Diversified Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	2,039		$	2,039		$	-		$	-		$	2,597		$	2,597
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(2,057	)		83,740			55,185			136,868			(4,438	)		(76,179	)		(9,500	)		(90,117	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			(245	)		-			(245	)		(1,348	)		(39,612	)		17,858			(23,102	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			157			-			157			(4,119	)		(463,144	)		50,394			(416,869	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(8,665	)		136,292			(259,205	)		(131,578	)		(13,164	)		(203,387	)		60,454			(156,097	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			(1,166	)		-			(1,166	)		(309	)		(144,282	)		(21,773	)		(166,364	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(2,224	)		(57,849	)		6,460			(53,613	)		(4,112	)		(248,715	)		(1,085	)		(253,912	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(7,103	)		62,491			48,289			103,677			(3,920	)		35,081			(6,574	)		24,587
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(6,964	)		172,937			30,463			196,436			(10,591	)		416,995			(40,991	)		365,413
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(858	)		(104,890	)		85,736			(20,012	)		(639	)		(198,372	)		(32,551	)		(231,562	)
Total	$	(27,871	)	$	291,467		$	(31,033	)	$	232,563		$	(42,640	)	$	(921,615	)	$	18,829		$	(945,426	)
Frontier Masters Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	9,882		$	9,882		$	-		$	-		$	(3,554	)	$	(3,554	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		-			-			-			-			-			-			-			-
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,068	)		39,319			11,837			50,088			(2,657	)		(64,127	)		(37,949	)		(104,733	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			(58	)		-			(58	)		-			-			(59	)		(59	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			52			-			52			(1,540	)		(190,409	)		30,438			(161,511	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(3,592	)		91,267			10,976			98,651			(3,172	)		109,775			(20,607	)		85,996
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			520			-			520			(1,851	)		(84,259	)		(11,424	)		(97,534	)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(536	)		(72,777	)		50,005			(23,308	)		(365	)		(113,226	)		(22,157	)		(135,748	)
Total	$	(5,196	)	$	58,323		$	82,700		$	135,827		$	(9,585	)	$	(342,246	)	$	(65,312	)	$	(417,143	)

The Series’ investments in private investment companies as of September 30, 2021 have certain redemption and liquidity restrictions which are described in the following table:

	Redemptions	Redemptions	Liquidity
	Notice Period	Permitted	Restrictions
Frontier Diversified Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Daily	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Daily	None
Frontier Masters Fund
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Weekly	None
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)	24 hours	Daily	None
Frontier Long/Short Commodity Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)	24 hours	Daily	None
Frontier Balanced Fund
Multi-Strategy
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Daily	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Daily	None
Frontier Select Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)	24 hours	Daily	None
Frontier Global Fund
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Frontier Heritage Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None

Frontier Funds [Member]

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

Investments in Unconsolidated Trading Companies and Private Investment Companies

5. Investments in Private Investment Companies

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

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

The following table summarizes the Trust’s equity in earnings from each of the private investment companies during the three and nine months ended September 30, 2021 and 2020:

Three months ended September 30, 2021 and 2020 

	Three Months Ended September, 2021												Three Months Ended September, 2020
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	(6,405	)	$	72,602		$	205,496		$	271,693		$	(8,130	)	$	(813,198	)	$	109,718		$	(711,610	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-			-			(447	)		(447	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-			-			(11,450	)		(11,450	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(8,483	)		241,329			(899,091	)		(666,245	)		(6,896	)		(5,199	)		(51,941	)		(64,036	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(120	)		26,360			(23,799	)		2,441			(306	)		40,222			(86,248	)		(46,332	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(4,673	)		(37,827	)		273,162			230,662			(980	)		(235,964	)		59,500			(177,444	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		-			-			-			-			-			-			-			-
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(6,635	)		5,846			(122,669	)		(123,458	)		(5,945	)		(46,444	)		35,561			(16,828	)
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC		-			-			(1,847	)		(1,847	)		-			-			(80,092	)		(80,092	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			-			-			-			-			(3,765	)		(3,765	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(29,043	)		407,312			(33,593	)		344,676			(22,934	)		236,216			(122,312	)		90,970
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(2,976	)		(35,301	)		36,092			(2,185	)		(2,283	)		(708,548	)		(322,966	)		(1,033,797	)
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(3,298	)		86,851			(96,446	)		(12,893	)		-			-			-			-
Total	$	(61,633	)	$	767,172			(662,695	)		42,844		$	(47,474	)	$	(1,532,915	)	$	(474,442	)	$	(2,054,831	)

Nine months ended September 30, 2021 and 2020

	Nine Months Ended September, 2021												Nine Months Ended September, 2020
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	(17,925	)	$	751,780		$	288,555		$	1,022,410		$	(29,821	)	$	(771,155	)	$	(19,372	)	$	(820,348	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			(349	)		-			(349	)		(3,500	)		(95,347	)		41,225			(57,622	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			497			-			497			(13,005	)		(1,475,050	)		164,351			(1,323,704	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(27,801	)		600,555			(1,046,175	)		(473,421	)		(34,000	)		(531,301	)		217,203			(348,098	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(543	)		149,331			(126,776	)		22,012			(1,789	)		(453,267	)		(136,072	)		(591,128	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(11,428	)		(291,804	)		62,635			(240,597	)		(13,376	)		(1,148,018	)		156,838			(1,004,556	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(20,639	)		183,921			41,105			204,387			(9,160	)		63,905			(13,198	)		41,547
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC		-			-			42,887			42,887			-			-			(80,092	)		(80,092	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			1,384			-			1,384			(7,243	)		(321,982	)		(47,177	)		(376,402	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(83,195	)		2,059,011			272,659			2,248,475			(54,483	)		1,758,472			(443,728	)		1,260,261
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(6,780	)		(824,562	)		653,714			(177,628	)		(2,283	)		(708,548	)		(322,966	)		(1,033,797	)
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(7,807	)		107,810			(88,398	)		11,605			-			-			-			-
Total	$	(176,118	)	$	2,737,574		$	100,206		$	2,661,662		$	(168,660	)	$	(3,682,291	)	$	(482,988	)	$	(4,333,939	)

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

	Redemptions	Redemptions	Liquidity
	Notice Period	Permitted	Restrictions
Frontier Funds
Multi-Strategy
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Daily	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Daily	None

XML

Transactions with Affiliates

9 Months Ended

Sep. 30, 2021

The Series of Frontier Funds [Member]

Transactions with Affiliates [Line Items]

Transactions with Affiliates

6. Transactions with Affiliates

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

Expenses

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

As of the date of this report, for a Series that was invested in a swap, a Trading Advisor did not receive any management fees directly from the Series for such swap, and instead the relevant Trading Advisor received compensation via the fees embedded in the swap. For the year ended December 31, 2020, the management fee embedded in (i) swaps owned by Frontier Diversified Fund was 1.00% per annum, (ii) swaps owned by Frontier Balanced Fund was 1.00% per annum, (iii) swaps owned by Frontier Long/Short Commodity Fund was 1.50% per annum, (iv) swaps owned by Frontier Select Fund was 1.00% per annum, and (v) swaps owned by Frontier Heritage Fund was 1.00% per annum, and the Managing Owner waived the entire management fee due to it from those Series in respect of such Series’ investment in swaps. In each case, the embedded management fee was accrued on the relevant notional amount of the swap.

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

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

Incentive Fees— Some Series pay to the Managing Owner an incentive fee of a certain percentage of new net trading profits generated in the Trading Companies by such Series, monthly or quarterly. In addition, the Managing Owner receives a quarterly incentive fee of a certain percentage of new net trading profits generated in the Galaxy Plus entities that have been allocated to the Series. The incentive fees attributable to Galaxy Plus entities are included in unrealized gain/(loss) on private investment companies on the Statements of Operations. Because the Frontier Diversified Fund, Frontier Masters Fund, Frontier Balanced Fund, Frontier Heritage Fund, Frontier Select Fund, and Frontier Long/Short Commodity Fund may each employ multiple Trading Advisors, these Series will pay the Managing Owner a monthly incentive fee calculated on a Trading Advisor by Trading Advisor basis. It is therefore possible that in any given period the Series may pay incentive fees to the Managing Owner for one or more Trading Advisors while each of these Series as a whole experiences losses. The incentive fee is 25% for the Frontier Balanced Fund and the Frontier Diversified Fund and 20% for the Frontier Global Fund, Frontier Heritage Fund, Frontier Select Fund, Frontier Long/Short Commodity Fund and Frontier Masters Fund. The Managing Owner may pay all or a portion of such incentive fees to the Trading Advisor(s) for such Series. For the year ended of this report, for a Series that was invested in a swap, the Managing Owner or Trading Advisor(s) did not receive any incentive fees directly from the Series for such swap, and instead the relevant Trading Advisor received compensation via the fees embedded in the swap. For the year ended December 31, 2020, the range of incentive fees as a percentage of net new trading profits on swaps embedded in (i) swaps owned by Frontier Diversified Fund was 20-25% per annum, (ii) swaps owned by Frontier Balanced Fund was 20-25% per annum, (iii) swaps owned by Frontier Long/Short Commodity Fund was 25% per annum, and (iv) swaps owned by Frontier Heritage Fund was 15% per annum, and the Managing Owner has waived the entire incentive fee due to it from those Series in respect of such Series’ investment in swaps. In each case, the embedded incentive fee was accrued based on the net new trading profits of the swap.

Service Fees— Investors who have purchased Class 1 or Class 1a Units of Frontier Diversified Fund, Frontier Masters Fund, and Frontier Long/Short Commodity Fund are charged a service fee of up to two percent (2.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to two percent (2.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to two percent (2.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. Investors who have purchased Class 1 or Class 1a Units of Frontier Balanced Fund, Frontier Heritage Fund, Frontier Select Fund, and Frontier Global Fund are charged a service fee of up to three percent (3.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to three percent (3.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to selling agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2

Units of the Frontier Diversified Fund and Frontier Masters Fund or Class 2a Units of the Frontier Long/Short Commodity Fund sold) until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series for administrative purposes. Currently the service fee is not charged to Class 1AP investors. The Managing Owner may also pay selling agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such selling agents.

The Managing Owner has determined that the purchase of additional units of the relevant series will commence in 2021. As such, the Managing Owner has calculated the amounts for additional units of the relevant series which will be purchased and classified such amounts as Subscriptions in advance for service fee rebates of $22,650, $393, $31,725, $363,825, $20,766, $157,782 and $68,076 for the Frontier Diversified, Long/Short Commodity, Masters, Balanced, Select, Global and Heritage Funds, respectively, as of September 30, 2021.

The following table summarizes fees earned by the Managing Owner for the three and nine months ended September 30, 2021 and September 30, 2020, respectively.

Three Months Ended September 30, 2021	Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	-	$	310	$	29,513
Frontier Masters Fund		-		-		135		12,339
Frontier Long/Short Commodity Fund		-		-		58		10,055
Frontier Balanced Fund		54,924		4,764		62,976		108,142
Frontier Select Fund		-		-		11,949		12,176
Frontier Global Fund		-		-		17,993		34,334
Frontier Heritage Fund		-		-		16,886		25,399
Three Months Ended September 30, 2020		Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	-	$	2,062	$	50,536
Frontier Masters Fund		-		-		407		21,879
Frontier Long/Short Commodity Fund		-		-		108		7,777
Frontier Balanced Fund		-		5,029		73,754		127,677
Frontier Select Fund		-		-		13,025		10,391
Frontier Global Fund		-		-		22,977		42,481
Frontier Heritage Fund		-		-		15,845		25,094
Nine Months Ended September 30, 2021		Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	-	$	1,860	$	97,487
Frontier Masters Fund		-		-		492		40,507
Frontier Long/Short Commodity Fund		-		-		170		28,870
Frontier Balanced Fund		104,764		13,978		195,972		332,131
Frontier Select Fund		-		-		35,191		35,541
Frontier Global Fund		-		-		58,383		106,684
Frontier Heritage Fund		-		-		50,788		75,071

Nine Months Ended September 30, 2020		Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	-	$	12,712	$	208,221
Frontier Masters Fund		-		-		1,501		83,524
Frontier Long/Short Commodity Fund		-		-		330		25,089
Frontier Balanced Fund		-		14,753		284,736		465,170
Frontier Select Fund		-		-		51,117		42,791
Frontier Global Fund		-		-		81,204		150,154
Frontier Heritage Fund		-		-		51,802		83,036

The following table summarizes fees payable to the Managing Owner as of September 30, 2021 and December 31, 2020.

As of September 30, 2021	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	-	$	-	$	-	$	85	$	9,894
Frontier Masters Fund		-		-		-		44		4,220
Frontier Long/Short Commodity Fund		-		-		37		19		3,295
Frontier Balanced Fund		54,924		1,610		1,063		18,384		35,169
Frontier Select Fund		-		-		249		3,698		4,003
Frontier Global Fund		-		-		261		5,525		10,585
Frontier Heritage Fund		-		-		368		5,050		8,117

As of December 31, 2020	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	-	$	-	$	-	$	385	$	12,576
Frontier Masters Fund		-		-		-		70		5,460
Frontier Long/Short Commodity Fund		-		-		87		18		2,281
Frontier Balanced Fund		-		8,854		1,376		21,381		37,894
Frontier Select Fund		-		-		179		3,709		3,933
Frontier Global Fund		-		-		326		6,348		11,849
Frontier Heritage Fund		-		-		139		4,794		7,705

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

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

Frontier Masters Fund Class 1 was closed as of April 1, 2021 and Frontier Diversified Fund Class 1 was closed as of July 21, 2021. All swaps were sold as of December 31, 2020.

The following table outlines the interest paid by each series to the Managing owner and its ratio to average net assets for the three and nine months ended September 30, 2021 and 2020.

Three Months Ended	September 30, 2021		September 30, 2020		September 30, 2021			September 30, 2020
	Gross Amount Paid to the Managing Owner		Gross Amount Paid to the Managing Owner		Ratio to Average Net Assets			Ratio to Average Net Assets
Frontier Long/Short Commodity Fund Class 2		4		6		0.01	%		0.02	%
Frontier Long/Short Commodity Fund Class 3		111		158		0.01	%		0.02	%
Frontier Balanced Fund Class 1		3,661		1,019		0.04	%		0.01	%
Frontier Balanced Fund Class 1AP		48		16		0.05	%		0.01	%
Frontier Balanced Fund Class 2		738		215		0.04	%		0.01	%
Frontier Balanced Fund Class 2a		7		2		0.01	%		0.00	%
Frontier Balanced Fund Class 3a		45		11		0.01	%		0.00	%
Frontier Select Fund Class 1		640		1,349		0.04	%		0.08	%
Frontier Select Fund Class 1AP		4		8		0.04	%		0.08	%
Frontier Select Fund Class 2		32		54		0.04	%		0.08	%
Frontier Global Fund Class 1		388		901		0.02	%		0.03	%
Frontier Global Fund Class 1AP		-		9		0.00	%		0.03	%
Frontier Global Fund Class 2		31		57		0.02	%		0.03	%
Frontier Heritage Fund Class 1		660		1,151		0.03	%		0.05	%
Frontier Heritage Fund Class 1AP		2		4		0.02	%		0.05	%
Frontier Heritage Fund Class 2		69		235		0.03	%		0.06	%
Total	$	6,440	$	5,195

Nine months ended	September 30, 2021		September 30, 2020		September 30, 2021			September 30, 2020
	Gross Amount Paid to the Managing Owner		Gross Amount Paid to the Managing Owner		Ratio to Average Net Assets			Ratio to Average Net Assets
Frontier Long/Short Commodity Fund Class 2		18		14		0.05	%		0.04	%
Frontier Long/Short Commodity Fund Class 3		518		354		0.05	%		0.04	%
Frontier Balanced Fund Class 1		7,208		5,419		0.08	%		0.04	%
Frontier Balanced Fund Class 1AP		96		79		0.09	%		0.04	%
Frontier Balanced Fund Class 2		1,456		1,074		0.08	%		0.04	%
Frontier Balanced Fund Class 2a		14		12		0.02	%		0.01	%
Frontier Balanced Fund Class 3a		87		58		0.02	%		0.01	%
Frontier Select Fund Class 1		2,208		3,081		0.14	%		0.14	%
Frontier Select Fund Class 1AP		15		15		0.14	%		0.14	%
Frontier Select Fund Class 2		104		112		0.14	%		0.14	%
Frontier Global Fund Class 1		2,492		2,649		0.10	%		0.07	%
Frontier Global Fund Class 1AP		-		24		0.00	%		0.07	%
Frontier Global Fund Class 2		183		208		0.09	%		0.07	%
Frontier Heritage Fund Class 1		2,708		2,800		0.12	%		0.12	%
Frontier Heritage Fund Class 1AP		10		11		0.12	%		0.12	%
Frontier Heritage Fund Class 2		277		623		0.12	%		0.12	%
Total	$	17,394	$	16,533

Frontier Funds [Member]

Transactions with Affiliates [Line Items]

Transactions with Affiliates

6. Transactions with Affiliates

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

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

Expenses

Management Fees—Each Series of Units pays to the Managing Owner a monthly management fee equal to a percentage of the notional assets of such Series allocated to Trading Companies, calculated on a daily basis. The percentage basis of the fees varies and are in line with the amounts being disclosed below. In addition, the Managing Owner receives a monthly management equal to a certain percentage of the assets in the Galaxy Plus entities attributable to such Series’ (including notional assets), calculated on a monthly basis. The management fees attributable to Galaxy Plus entities are included in unrealized gain/(loss) on private investment companies on the Statements of Operations. The total amount of assets of a Series allocated to Trading Advisors and/or reference programs, including (i) actual funds deposited in accounts directed by the Trading Advisors or deposited as margin in respect of swaps or other derivative instruments referencing a reference program plus (ii) any notional equity allocated to the Trading Advisors and any reference programs, is referred to herein as the “notional assets” of the Series. The annual rate of the management fee is: 0.5% for the Frontier Balanced Fund Class 1 and Class 2, 1.0% for the Frontier Balanced Fund Class 1AP, Class 2a and Class 3a, 2.0% for the Frontier Global Fund, Frontier Long/Short Commodity Fund Class 1a, Class 2a and Class 3a and Frontier Masters Fund, 0.75% for Frontier Diversified Fund, 2.5% for the Frontier Heritage Fund and Frontier Select Fund, and 3.5% for the Frontier Long/Short Commodity Fund Class 2 and Class 3. The Managing Owner may pay all or a portion of such management fees to the Trading Advisor(s) and/or waive (up to the percentage specified) any such management fee to the extent any related management fee is paid by a trading company or estimated management fee is embedded in a swap or other derivative instrument. Any management fee embedded in a swap or other derivative instrument may be greater or less than the management fee that would otherwise be charged to the Series by the Managing Owner. As of the date of this report, for a Series that was invested in a swap, the Managing Owner or Trading Advisor(s) did not receive any management fees directly from the Series for such swap, and instead the relevant Trading Advisor received compensation via the fees embedded in the swap. As of December 31, 2020, the range of management fees embedded based on fair value of swaps in (i) swaps owned by Frontier Diversified Fund was 1.00% per annum, (ii) swaps owned by Frontier Balanced Fund was 1.00% per annum, (iii) swaps owned by Frontier Long/Short Commodity Fund was 1.50% per annum, and (iv) swaps owned by Frontier Heritage Fund was 1.00% per annum, and the Managing Owner has waived the entire management fee due to it from those Series in respect of such Series’ investment in swaps. In each case, the embedded management fee was accrued on the relevant notional amount of the swap.

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

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

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

It is therefore possible that in any given period the Series may pay incentive fees to the Managing Owner for one or more Trading Advisors while each of these Series as a whole experiences losses. The incentive fee is 25% for the Frontier Balanced Fund and the Frontier Diversified Fund and 20% for the Frontier Global Fund, Frontier Heritage Fund, Frontier Select Fund, Frontier Long/Short Commodity Fund and Frontier Masters Fund. The Managing Owner may pay all or a portion of such incentive fees to the Trading Advisor(s) for such Series. As of the date of this report, for a Series that was invested in a swap, the Managing Owner or Trading Advisor(s) did not receive any incentive fees directly from the Series for such swap, and instead the relevant Trading Advisor received compensation via the fees embedded in the swap. As of December 31, 2020, the range of incentive fees as a percentage of net new trading profits on swaps embedded in (i) swaps owned by Frontier Diversified Fund was 20-25% per annum, (ii) swaps owned by Frontier Balanced Fund was 20-25% per annum, (iii) swaps owned by Frontier Long/Short Commodity Fund was 25% per annum, and (iv) swaps owned by Frontier Heritage Fund was 15% per annum, and the Managing Owner has waived the entire incentive fee due to it from those Series in respect of such Series’ investment in swaps. In each case, the embedded incentive fee was accrued based on the net new trading profits of the swap.

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

As of September 30, 2021, the Trust had a payable to the Managing Owner in the amounts of $54,924, $1,610, $1,978, $75,283 and $32,805 for incentive fees, management fees, interest, trading fees, and service fees, respectively.

As of December 31, 2020, the Trust had a payable to the Managing Owner in the amounts of $0, $8,854, $2,107, $81,698, and $36,705 for incentive fees, management fees, interest, trading fees, and service fees, respectively.

For the three months ended September 30, 2021, the Managing Owner earned $54,924, $4,764, $1,429, $110,307 and $231,958 for incentive fees, management fees, risk analysis fees, service fees, and trading fees, respectively.

For the three months ended September 30, 2020, the Managing Owner earned $0, $5,029, $1,509, $128,178 and $285,835 for incentive fees, management fees, risk analysis fees, service fees, and trading fees, respectively.

For the nine months ended September 30, 2021, the Managing Owner earned $104,764, 13,978, 4,193, 342,856, and $716,291, for incentive fees, management fees, risk analysis fees, service fees, and trading fees, respectively.

For the nine months ended September 30, 2020, the Managing Owner earned $0, $14,753, $4,426, $483,402, and $1,057,985, for incentive fees, management fees, risk analysis fees, service fees, and trading fees, respectively. 

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

Aggregate interest income from all sources, including U.S. Treasury Securities assets net of premiums and cash held at clearing brokers, of up to the first 2% (annualized) is paid to the Managing Owner by the Frontier Balanced Fund (Class 1 and Class 2 only), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Global Fund, Frontier Select Fund, and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (for the three months ended September 30, 2021, and September 30, 2020 amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees Class 1a, Class 2a and Class 3a), Frontier Masters Fund, and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 100% of the interest is retained by the respective Series.

During the three months ended September 30, 2021 and September 30, 2020 and, the Trust paid $6,809, and $5,196, respectively of such interest income to the Managing Owner. Such amounts are not included in the consolidated statements of operations of the Trust. All other interest income is recorded by the Trust on the consolidated statements of operations. 

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Financial Highlights

9 Months Ended

Sep. 30, 2021

The Series of the Frontier Funds [Member]

Financial Highlights [Line Items]

Financial Highlights

7. Financial Highlights

The following information presents the financial highlights of the Series, for the three and nine months ended September 30, 2021 and 2020. This data has been derived from the information presented in the financial statements.

For the three months ended September 30, 2021

	Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, June 30, 2021	$	77.68		$	95.90		$	89.95		$	-		$	73.52		$	69.23		$	98.49		$	63.74		$	103.32		$	67.36
Net operating results:
Interest income		0.03			0.03			0.03			-			0.05			0.05			0.04			0.03			0.05			0.03
Expenses		(1.30	)		(0.87	)		(0.81	)		-			(1.10	)		(1.09	)		(0.71	)		(0.46	)		(0.74	)		(0.49	)
Net gain/(loss) on investments, net of non-controlling interests		(76.41	)		(4.08	)		(3.77	)		-	*		2.63			2.57			1.27			1.04			1.33			1.14
Net income/(loss)		(77.68	)		(4.91	)		(4.56	)		-	*		1.58			1.53			0.60			0.61			0.63			0.68
Net asset value, September 30, 2021	$	-		$	90.99		$	85.39		$	-	*	$	75.10		$	70.76		$	99.09		$	64.35		$	103.95		$	68.04
Ratios to average net assets
Net investment income/(loss)		-6.53	%		-3.45	%		-3.45	%		0.00	%		-5.88	%		-5.88	%		-2.67	%		-2.67	%		-2.67	%		-2.67	%
Expenses before incentive fees (3)(4)		6.67	%		3.60	%		3.60	%		0.00	%		6.17	%		6.17	%		2.85	%		2.85	%		2.85	%		2.85	%
Expenses after incentive fees (3)(4)		6.67	%		3.60	%		3.60	%		0.00	%		6.17	%		6.17	%		2.85	%		2.85	%		2.85	%		2.85	%
Total return before incentive fees (2)		-1.71	%*		-5.12	%		-5.07	%		0.00	%*		2.15	%		2.21	%		0.61	%		0.96	%		0.61	%		1.01	%
Total return after incentive fees (2)		-1.71	%*		-5.12	%		-5.07	%		0.00	%*		2.15	%		2.21	%		0.61	%		0.96	%		0.61	%		1.01	%

	Frontier Balanced Fund															Frontier Select Fund
	Class 1			Class 1AP			Class 2			Class 2a			Class 3a			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2021	$	85.86		$	105.55		$	142.34		$	123.47		$	123.05		$	66.17		$	81.44		$	108.07
Net operating results:
Interest income		0.00			0.00			0.02			0.00			0.00			0.00			0.00			0.00
Expenses		(2.03	)		(1.70	)		(46.17	)		(1.99	)		(1.98	)		(1.03	)		(0.62	)		(0.83	)
Net gain/(loss) on investments, net of non-controlling interests		0.79			0.96			45.15			1.17			1.16			2.18			2.66			3.52
Net income/(loss)		(1.24	)		(0.73	)		(1.00	)		(0.82	)		(0.82	)		1.15			2.03			2.70
Net asset value, September 30, 2021	$	84.62		$	104.82		$	141.34		$	122.65		$	122.23		$	67.32		$	83.47		$	110.77
Ratios to average net assets
Net investment income/(loss)		-7.75	%		-4.75	%		-4.75	%		-4.75	%		-4.75	%		-5.89	%		-2.89	%		-2.89	%
Expenses before incentive fees (3)(4)		7.24	%		4.24	%		4.24	%		4.24	%		4.24	%		5.89	%		2.89	%		2.89	%
Expenses after incentive fees (3)(4)		7.75	%		4.75	%		4.75	%		4.75	%		4.75	%		5.89	%		2.89	%		2.89	%
Total return before incentive fees (2)		-0.93	%		-0.18	%		-0.19	%		-0.15	%		-0.15	%		1.73	%		2.49	%		2.49	%
Total return after incentive fees (2)		-1.45	%		-0.70	%		-0.70	%		-0.66	%		-0.67	%		1.73	%		2.49	%		2.49	%
Incentive fee per share		0.45			0.55			14.98			0.64			0.64			-			-			-
Incentive Fee to ANA		0.51	%		0.51	%		0.51	%		0.51	%		0.51	%		0.00	%		0.00	%		0.00	%

	Frontier Global Fund						Frontier Heritage Fund
	Class 1			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2021	$	117.28		$	179.85		$	109.26		$	134.44		$	179.93
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00
Expenses		(2.33	)		(2.29	)		(1.90	)		(1.45	)		(1.81	)
Net gain/(loss) on investments, net of non-controlling interests		4.61			7.19			4.84			6.12			8.04
Net income/(loss)		2.28			4.90			2.94			4.66			6.24
Net asset value, September 30, 2021	$	119.56		$	184.75		$	112.20		$	139.10		$	186.17
Ratios to average net assets
Net investment income/(loss)		-8.28	%		-5.29	%		-7.05	%		-4.06	%		-4.06	%
Expenses before incentive fees (3)(4)		8.28	%		5.29	%		7.05	%		4.06	%		4.06	%
Expenses after incentive fees (3)(4)		8.28	%		5.29	%		7.05	%		4.06	%		4.06	%
Total return before incentive fees (2)		1.95	%		2.72	%		2.69	%		3.47	%		3.47	%
Total return after incentive fees (2)		1.95	%		2.72	%		2.69	%		3.47	%		3.47	%

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

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

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

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

* Class 1 of Frontier Master Fund was closed as of April 1, 2021 and Frontier Diversified Fund Class 1 was closed as of July 21, 2021.

For the three months ended September 30, 2020

		Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
		Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, June 30, 2020	$	74.09		$	89.88		$	84.09		$	61.92		$	75.13		$	70.56		$	44.58		$	83.27		$	53.49		$	87.35		$	56.38
Net operating results:
Interest income		0.01			0.02			0.02			0.03			0.04			0.04			0.03			0.06			0.04			0.06			0.04
Expenses		(1.46	)		(0.76	)		(0.71	)		(3.18	)		(1.05	)		(1.00	)		(0.69	)		(0.50	)		(0.32	)		(0.52	)		(0.34	)
Net gain/(loss) on investments, net of non-controlling interests		(6.17	)		(8.14	)		(7.57	)		(6.62	)		(10.57	)		(9.87	)		(43.93	)*		(1.42	)		(0.82	)		(1.49	)		0.82
Net income/(loss)		(7.61	)		(8.88	)		(8.26	)		(9.77	)		(11.58	)		(10.83	)		(44.58	)*		(1.86	)		(1.11	)		(1.95	)		(1.12	)
Net asset value, September 30, 2020	$	66.48		$	81.00		$	75.83		$	52.15		$	63.55		$	59.73		$	-	*	$	81.41		$	52.39		$	85.40		$	55.27
Ratios to average net assets
Net investment income/(loss)		-8.16	%		-3.45	%		-3.45	%		-21.78	%		-5.83	%		-5.83	%		-6.06	%		-2.17	%		-2.17	%		-2.17	%		-2.17	%
Expenses before incentive fees (3)(4)		8.24	%		3.53	%		3.53	%		22.02	%		6.06	%		6.06	%		6.34	%		2.45	%		2.45	%		2.45	%		2.45	%
Expenses after incentive fees (3)(4)		8.24	%		3.53	%		3.53	%		22.02	%		6.06	%		6.06	%		6.34	%		2.45	%		2.45	%		2.45	%		2.45	%
Total return before incentive fees (2)		-10.28	%		-9.88	%		-9.83	%		-15.78	%		-15.41	%		-15.35	%		-2.46	%*		-2.23	%		-2.07	%		-2.23	%		-1.98	%
Total return after incentive fees (2)		-10.28	%		-9.88	%		-9.83	%		-15.78	%		-15.41	%		-15.35	%		-2.46	%*		-2.23	%		-2.07	%		-2.23	%		-1.98	%
Incentive fee per share		-			-			-			-			-			-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

	Frontier Balanced Fund															Frontier Select Fund
	Class 1			Class 1AP			Class 2			Class 2a			Class 3a			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2020	$	78.59		$	93.76		$	126.44		$	109.61		$	109.24		$	61.04		$	72.91		$	96.75
Net operating results:
Interest income		0.00			0.00			0.01			0.00			0.00			0.00			0.00			0.00
Expenses		(1.39	)		(0.97	)		(20.94	)		(1.13	)		(1.13	)		(0.78	)		(0.41	)		(0.54	)
Net gain/(loss) on investments, net of non-controlling interests		(5.38	)		(6.46	)		10.92			(7.58	)		(7.51	)		(6.91	)		(8.30	)		(11.01	)
Net income/(loss)		(6.77	)		(7.42	)		(10.02	)		(8.71	)		(8.64	)		(7.69	)		(8.70	)		(11.55	)
Net asset value, September 30, 2020	$	71.82		$	86.34		$	116.42		$	100.90		$	100.60		$	53.35		$	64.20		$	85.20
Ratios to average net assets
Net investment income/(loss)		-7.30	%		-4.27	%		-4.27	%		-4.27	%		-4.27	%		-5.35	%		-2.32	%		-2.32	%
Expenses before incentive fees (3)(4)		7.31	%		4.27	%		4.27	%		4.27	%		4.27	%		5.35	%		2.32	%		2.32	%
Expenses after incentive fees (3)(4)		7.31	%		4.27	%		4.27	%		4.27	%		4.27	%		5.35	%		2.32	%		2.32	%
Total return before incentive fees (2)		-8.61	%		-7.92	%		-7.92	%		-7.95	%		-7.91	%		-12.60	%		-11.93	%		-11.93	%
Total return after incentive fees (2)		-8.61	%		-7.92	%		-7.92	%		-7.95	%		-7.91	%		-12.60	%		-11.93	%		-11.93	%
Incentive fee per share		-			-			-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

	Frontier Global Fund									Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2020	$	121.68		$	145.35		$	181.09		$	96.51		$	115.25		$	154.24
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(2.33	)		(1.77	)		(2.20	)		(1.62	)		(1.10	)		(1.49	)
Net gain/(loss) on investments, net of non-controlling interests		(15.17	)		(18.19	)		(22.67	)		(8.01	)		(9.62	)		(12.85	)
Net income/(loss)		(17.50	)		(19.96	)		(24.87	)		(9.63	)		(10.72	)		(14.34	)
Net asset value, September 30, 2020	$	104.18		$	125.39		$	156.22		$	86.88		$	104.53		$	139.90
Ratios to average net assets
Net investment income/(loss)		-8.26	%		-5.23	%		-5.23	%		-7.04	%		-4.01	%		-4.01	%
Expenses before incentive fees (3)(4)		8.26	%		5.23	%		5.23	%		7.04	%		4.01	%		4.01	%
Expenses after incentive fees (3)(4)		8.26	%		5.23	%		5.23	%		7.04	%		4.01	%		4.01	%
Total return before incentive fees (2)		-14.38	%		-13.73	%		-13.74	%		-9.98	%		-9.30	%		-9.29	%
Total return after incentive fees (2)		-14.38	%		-13.73	%		-13.74	%		-9.98	%		-9.30	%		-9.29	%
Incentive fee per share		-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

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

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

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

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

* Class 1a of Frontier Long/Short Commodity Fund was liquidated as of September 30, 2020.

For the nine months ended September 30, 2021

	Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2020	$	72.68		$	88.95		$	83.33		$	55.18		$	67.54		$	63.52		$	85.99		$	55.29		$	90.21		$	58.37
Net operating results:
Interest income		0.06			0.07			0.07			0.15			0.20			0.19			0.20			0.13			0.21			0.14
Expenses		(3.52	)		(2.49	)		(2.39	)		(5.34	)		(3.37	)		(3.16	)		(2.03	)		(1.28	)		(2.10	)		(1.36	)
Net gain/(loss) on investments, net of non-controlling interests		(69.21	)*		4.46			4.38			(49.99	)*		10.73			10.21			14.92			10.22			15.63			10.89
Net income/(loss)		(72.68	)*		2.04			2.06			(55.18	)*		7.56			7.24			13.10			9.06			13.74			9.67
Net asset value, September 30, 2021	$	-	*	$	90.99		$	85.39		$	-	*	$	75.10		$	70.76		$	99.09		$	64.35		$	103.95		$	68.04
Ratios to average net assets
Net investment income/(loss)		-8.89	%		-5.12	%		-5.12	%		-18.61	%		-8.50	%		-8.50	%		-3.80	%		-3.80	%		-3.80	%		-3.80	%
Expenses before incentive fees (3)(4)		9.04	%		5.27	%		5.27	%		19.14	%		9.03	%		9.03	%		4.22	%		4.22	%		4.22	%		4.22	%
Expenses after incentive fees (3)(4)		9.04	%		5.27	%		5.27	%		19.14	%		9.03	%		9.03	%		4.22	%		4.22	%		4.22	%		4.22	%
Total return before incentive fees (2)		5.06	%*		2.29	%		2.48	%		4.59	%*		11.19	%		11.39	%		15.24	%		16.39	%		15.23	%		16.57	%
Total return after incentive fees (2)		5.06	%*		2.29	%		2.48	%		4.59	%*		11.19	%		11.39	%		15.24	%		16.39	%		15.23	%		16.57	%

	Frontier Balanced Fund															Frontier Select Fund
	Class 1			Class 1AP			Class 2			Class 2a			Class 3a			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2020	$	79.93		$	96.81		$	130.54		$	113.20		$	112.81		$	58.55		$	70.99		$	94.20
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(5.36	)		(4.24	)		(5.68	)		(5.25	)		(4.83	)		(2.85	)		(1.67	)		(2.22	)
Net gain/(loss) on investments, net of non-controlling interests		10.04			12.24			16.48			14.69			14.25			11.62			14.15			18.78
Net income/(loss)		4.69			8.01			10.80			9.45			9.42			8.77			12.48			16.57
Net asset value, September 30, 2021	$	84.62		$	104.82		$	141.34		$	122.65		$	122.23		$	67.32		$	83.47		$	110.77
Ratios to average net assets
Net investment income/(loss)		-11.56	%		-7.12	%		-7.12	%		-7.12	%		-7.12	%		-8.94	%		-4.38	%		-4.38	%
Expenses before incentive fees (3)(4)		10.65	%		6.21	%		6.21	%		6.21	%		6.21	%		8.94	%		4.38	%		4.38	%
Expenses after incentive fees (3)(4)		11.57	%		7.13	%		7.13	%		7.13	%		7.13	%		8.94	%		4.38	%		4.38	%
Total return before incentive fees (2)		6.78	%		9.19	%		9.19	%		9.27	%		9.27	%		14.97	%		17.58	%		17.59	%
Total return after incentive fees (2)		5.87	%		8.27	%		8.28	%		8.35	%		8.35	%		14.97	%		17.58	%		17.59	%
Incentive fee per share		0.79			0.98			1.31			1.21			1.11			-			-			-
Incentive Fee to ANA		0.92	%		0.92	%		0.92	%		0.92	%		0.92	%		0.00	%		0.00	%		0.00	%

	Frontier Global Fund						Frontier Heritage Fund
	Class 1			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2020	$	110.90		$	167.56		$	96.10		$	116.50		$	155.92
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00
Expenses		(6.99	)		(6.57	)		(5.57	)		(3.91	)		(5.18	)
Net gain/(loss) on investments, net of non-controlling interests		15.65			23.76			21.67			26.52			35.42
Net income/(loss)		8.66			17.19			16.10			22.60			30.25
Net asset value, September 30, 2021	$	119.56		$	184.75		$	112.20		$	139.10		$	186.17
Ratios to average net assets
Net investment income/(loss)		-11.77	%		-7.42	%		-10.56	%		-6.04	%		-6.04	%
Expenses before incentive fees (3)(4)		11.77	%		7.42	%		10.56	%		6.04	%		6.04	%
Expenses after incentive fees (3)(4)		11.77	%		7.42	%		10.56	%		6.04	%		6.04	%
Total return before incentive fees (2)		7.81	%		10.26	%		16.75	%		19.40	%		19.40	%
Total return after incentive fees (2)		7.81	%		10.26	%		16.75	%		19.40	%		19.40	%

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

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

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

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

* Class 1 of Frontier Masters Fund was closed as of April 1, 2021. Frontier Diversified Fund Class 1 was closed as of July 21, 2021.

For the nine months ended September 30, 2020

	Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2019	$	101.10		$	121.58		$	113.61		$	72.28		$	87.18		$	81.78		$	44.20		$	81.60		$	52.55		$	85.64		$	55.31
Net operating results:
Interest income		0.02			0.03			0.02			0.08			0.10			0.10			0.07			0.13			0.08			0.13			0.09
Expenses		(4.88	)		(2.82	)		(2.50	)		(11.57	)		(3.75	)		(3.52	)		(2.13	)		(1.59	)		(1.02	)		(1.67	)		(1.08	)
Net gain/(loss) on investments, net of non-controlling interests		(29.76	)		(37.79	)		(35.30	)		(8.64	)		(19.99	)		(18.63	)		(42.14	)*		1.27			0.78			1.30			0.94
Net income/(loss)		(34.62	)		(40.58	)		(37.78	)		(20.13	)		(23.63	)		(22.05	)		(44.20	)*		(0.19	)		(0.17	)		(0.24	)		(0.05	)
Net asset value, September 30, 2020	$	66.48		$	81.00		$	75.83		$	52.15		$	63.55		$	59.73		$	-	*	$	81.41		$	52.39		$	85.40		$	55.27
Ratios to average net assets
Net investment income/(loss)		-10.89	%		-5.35	%		-5.35	%		-35.07	%		-9.11	%		-9.11	%		-9.27	%		-3.53	%		-3.53	%		-3.53	%		-3.53	%
Expenses before incentive fees (3)(4)		10.94	%		5.40	%		5.40	%		35.33	%		9.37	%		9.37	%		9.58	%		3.84	%		3.84	%		3.84	%		3.84	%
Expenses after incentive fees (3)(4)		10.94	%		5.40	%		5.40	%		35.33	%		9.37	%		9.37	%		9.58	%		3.84	%		3.84	%		3.84	%		3.84	%
Total return before incentive fees (2)		-34.25	%		-33.38	%		-33.25	%		-27.85	%		-27.11	%		-26.97	%		-1.62	%*		-0.23	%		-0.31	%		-0.28	%		-0.08	%
Total return after incentive fees (2)		-34.25	%		-33.38	%		-33.25	%		-27.85	%		-27.11	%		-26.97	%		-1.62	%*		-0.23	%		-0.31	%		-0.28	%		-0.08	%
Incentive fee per share		-			-			-			-			-			-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

	Frontier Balanced Fund															Frontier Select Fund
	Class 1			Class 1AP			Class 2			Class 2a			Class 3a			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2019	$	117.23		$	137.81		$	185.82		$	161.04		$	160.50		$	66.56		$	78.51		$	103.94
Net operating results:
Interest income		0.04			0.04			0.06			0.05			0.05			0.00			0.00			0.00
Expenses		(4.79	)		(3.21	)		(4.34	)		(3.79	)		(3.76	)		(2.61	)		(1.37	)		(1.83	)
Net gain/(loss) on investments, net of non-controlling interests		(40.66	)		(48.31	)		(65.11	)		(56.40	)		(56.20	)		(10.60	)		(12.93	)		(16.92	)
Net income/(loss)		(45.41	)		(51.47	)		(69.40	)		(60.14	)		(59.90	)		(13.21	)		(14.31	)		(18.74	)
Net asset value, September 30, 2020	$	71.82		$	86.34		$	116.42		$	100.90		$	100.60		$	53.35		$	64.20		$	85.20
Ratios to average net assets
Net investment income/(loss)		-10.42	%		-5.92	%		-5.92	%		-5.92	%		-5.92	%		-8.15	%		-3.64	%		-3.64	%
Expenses before incentive fees (3)(4)		10.50	%		6.00	%		6.00	%		6.00	%		6.00	%		8.15	%		3.64	%		3.64	%
Expenses after incentive fees (3)(4)		10.50	%		6.00	%		6.00	%		6.00	%		6.00	%		8.15	%		3.64	%		3.64	%
Total return before incentive fees (2)		-38.74	%		-37.35	%		-37.35	%		-37.34	%		-37.32	%		-19.84	%		-18.22	%		-18.03	%
Total return after incentive fees (2)		-38.74	%		-37.35	%		-37.35	%		-37.34	%		-37.32	%		-19.84	%		-18.22	%		-18.03	%
Incentive fee per share		-			-			-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

	Frontier Global Fund									Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2019	$	131.52		$	154.43		$	192.82		$	97.54		$	114.15		$	153.59
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(7.81	)		(5.84	)		(7.38	)		(5.22	)		(3.52	)		(4.74	)
Net gain/(loss) on investments, net of non-controlling interests		(19.53	)		(23.20	)		(29.22	)		(5.44	)		(6.11	)		(8.95	)
Net income/(loss)		(27.34	)		(29.04	)		(36.60	)		(10.65	)		(9.62	)		(13.69	)
Net asset value, September 30, 2020	$	104.18		$	125.39		$	156.22		$	86.88		$	104.53		$	139.90
Ratios to average net assets
Net investment income/(loss)		-12.20	%		-7.68	%		-7.68	%		-10.42	%		-5.90	%		-5.90	%
Expenses before incentive fees (3)(4)		12.20	%		7.68	%		7.68	%		10.42	%		5.90	%		5.90	%
Expenses after incentive fees (3)(4)		12.20	%		7.68	%		7.68	%		10.42	%		5.90	%		5.90	%
Total return before incentive fees (2)		-20.79	%		-18.80	%		-18.98	%		-10.92	%		-8.43	%		-8.91	%
Total return after incentive fees (2)		-20.79	%		-18.80	%		-18.98	%		-10.92	%		-8.43	%		-8.91	%
Incentive fee per share		-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

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

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

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

(4)	Expense ratios do not include management and incentive fees at the Galaxy Plus entities. The ratios would have been higher had those expenses been included. The impact of those fees are included in the total return.
*	Class 1a of Frontier Long/Short Commodity Fund was liquidated as of September 30, 2020.

Frontier Funds [Member]

Financial Highlights [Line Items]

Financial Highlights

7. Financial Highlights

The following information presents the financial highlights of the Trust for the nine months and three months ended September 30, 2021 and September 30, 2020. This data has been derived from the information presented in the consolidated financial statements.

Three months ended September 30

	2021			2020
Ratios to average net assets (1)
Net investment income/(loss) (1)		-6.27	%		-5.84	%
Expenses before incentive fees (3)		6.07	%		-5.88	%
Expenses after incentive fees (3)		6.32	%		-5.88	%
Total return before incentive fees (2)		-0.29	%		-10.08	%
Total return after incentive fees (2)		-0.53	%		-10.08	%

Nine months ended September 30

	2021			2020
Ratios to average net assets (1)
Net investment income/(loss) (1)		-6.43	%		-5.70	%
Expenses before incentive fees (3)		6.04	%		-5.69	%
Expenses after incentive fees (3)		6.47	%		-5.74	%
Total return before incentive fees (2)		8.81	%		-36.52	%
Total return after incentive fees (2)		8.37	%		-36.56	%

(1) Annualized with the exception of incentive fees.

(2) Total returns are not annualized.

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

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

XML

Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2021

The Series of Frontier Funds [Member]

Derivative Instruments and Hedging Activities [Line Items]

Derivative Instruments and Hedging Activities

8. Derivative Instruments and Hedging Activities

The Series’ primary business is to engage in speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts). The Series do not enter into or hold positions for hedging purposes as defined under ASC 815, Derivatives and Hedging (“ASC 815”). The detail of the fair value of the Series’ derivatives by instrument types as of September 30, 2021 and December 31, 2020 is included in the Condensed Schedules of Investments. See Note 4 for further disclosure related to each Series’ position in swap contracts.

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

For the three months ended September 30, 2021

Monthly average contracts:

	Bought		Sold
Frontier Balanced Fund		307		392

For the three months ended September 30, 2020

Monthly average contracts:

	Bought		Sold
Frontier Balanced Fund		600		726

For the nine months ended September 30, 2021

Monthly average contracts:

	Bought		Sold
Frontier Balanced Fund		293		322

For the nine Months ended September 30, 2020

Monthly average contracts:

	Bought		Sold
Frontier Balanced Fund		578		568

The following tables summarize the trading revenues for the three and nine months ended September 30, 2021, and 2020 by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2021

Type of contract	Frontier Balanced Fund
Agriculturals	$	13,487
Currencies		(20,259	)
Energies		82,010
Interest rates		5,987
Metals		155
Stock indices		12,503
Realized trading income/(loss)(1)	$	93,883

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2020

Type of contract	Frontier Balanced Fund
Agriculturals	$	107,606
Currencies		36,116
Energies		(29,190	)
Interest rates		(80,947	)
Metals		105,688
Stock indices		28,280
Realized trading income/(loss)(1)	$	167,553

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

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2021

Type of contract	Frontier Balanced Fund
Agriculturals	$	87,183
Currencies		(75,797	)
Energies		133,440
Interest rates		127,666
Metals		88,709
Stock indices		213,404
Realized trading income/(loss)(1)	$	574,605

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2020

Type of contract	Frontier Balanced Fund
Agriculturals	$	132,659
Currencies		15,372
Energies		(15,120	)
Interest rates		56,888
Metals		427,135
Stock indices		(28,822	)
Realized trading income/(loss)(1)	$	588,112

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

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

for the Three Months Ended September 30, 2021

Type of contract	Frontier Balanced Fund
Agriculturals	$	62,335
Currencies		8,416
Energies		22,030
Interest rates		(1,144	)
Metals		72,161
Stock indices		(10,502	)
Change in unrealized trading income/(loss)(1)	$	153,295

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

for the Three Months Ended September 30, 2020

Type of contract	Frontier Balanced Fund
Agriculturals	$	(73,529	)
Currencies		(12,856	)
Energies		(35,050	)
Interest rates		46,611
Metals		28,731
Stock indices		(7,741	)
Change in unrealized trading income/(loss)(1)	$	(53,834	)

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

for the Nine Months Ended September 30, 2021

Type of contract	Frontier Balanced Fund
Agriculturals	$	34,336
Currencies		(89,833	)
Energies		35,930
Interest rates		(13,046	)
Metals		30,003
Stock indices		(14,058	)
Change in unrealized trading income/(loss)(1)	$	(16,668	)

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

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

for the Nine Months Ended September 30, 2020

Type of contract	Frontier Balanced Fund
Agriculturals	$	(58,614	)
Currencies		(27,439	)
Energies		(39,325	)
Interest rates		76,647
Metals		(91,914	)
Stock indices		9,775
Change in unrealized trading income/(loss)(1)	$	(130,870	)

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

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

The following tables present gross and net information about the Series’ assets and liabilities subject to master netting arrangements as disclosed on the statements of financial condition as of September 30, 2021 and December 31, 2020.

As of September 30, 2021

Frontier Balanced Fund	Gross Amounts of recognized Derivative Assets/Liabilities		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	1,246,031	$	(1,161,702	)	$	84,329

As of December 31, 2020

Frontier Balanced Fund	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	814,743	$	(714,303	)	$	100,440

Frontier Funds [Member]

Derivative Instruments and Hedging Activities [Line Items]

Derivative Instruments and Hedging Activities

8. Derivative Instruments and Hedging Activities

The Trust’s primary business is to engage in speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts). The Trust does not enter into or hold positions for hedging purposes as defined under ASC 815. The detail of the fair value of the Trust’s derivatives by instrument types as of September 30, 2021 and December 31, 2020 is included in the Consolidated Condensed Schedules of Investments. See Note 4 for further disclosure related to the Trust’s positions in swap contracts. There are embedded management fees in transacting these swaps ranging from 1% to 1.5% based on fair value of swaps and the embedded incentive fees ranging from 15% to 25% based on net new trading profits on swaps.

For the three months ended September 30, 2021 and September 30, 2020, the monthly average of futures, forwards and options contracts bought was approximately 307 and 600, respectively and sold was approximately 392 and 726, respectively.

For the nine months ended September 30, 2021 and September 30, 2020, the monthly average of futures, forwards and options contracts bought was approximately 293 and 578, respectively and sold was approximately 322 and 568, respectively.

The following tables summarize the trading revenues for the three months ended September 30, 2021 and September 30, 2020 by contract type:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2021

Type of contract
Agriculturals	$	13,487
Currencies		(20,259	)
Energies		82,010
Interest rates		5,987
Metals		155
Stock indices		12,503
Realized trading income/(loss)(1)	$	93,883

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2020

Type of contract
Agriculturals	$	107,606
Currencies		36,116
Energies		(29,190	)
Interest rates		(80,947	)
Metals		105,688
Stock indices		28,280
Realized trading income/(loss)(1)	$	167,553

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Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2021

Type of contract
Agriculturals	$	87,183
Currencies		(75,797	)
Energies		133,440
Interest rates		127,666
Metals		88,709
Stock indices		213,404
Realized trading income/(loss)(1)	$	574,605

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2020

Type of contract
Agriculturals	$	132,659
Currencies		15,372
Energies		(15,120	)
Interest rates		56,888
Metals		427,135
Stock indices		(28,822	)
Realized trading income/(loss)(1)	$	588,112

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

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

for the Three Months Ended September 30, 2021

Type of contract
Agriculturals	$	62,335
Currencies		8,416
Energies		22,030
Interest rates		(1,144	)
Metals		72,161
Stock indices		(10,502	)
Change in unrealized trading income/(loss)(1)	$	153,295

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

for the Three Months Ended September 30, 2020 

Type of contract
Agriculturals	$	(73,529	)
Currencies		(12,856	)
Energies		(35,050	)
Interest rates		46,611
Metals		28,731
Stock indices		(7,741	)
Change in unrealized trading income/(loss)(1)	$	(53,834	)

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

for the Nine Months Ended September 30, 2021

Type of contract
Agriculturals	$	34,336
Currencies		(89,833	)
Energies		35,930
Interest rates		(13,046	)
Metals		30,003
Stock indices		(14,058	)
Change in unrealized trading income/(loss)(1)	$	(16,668	)

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

for the Nine Months Ended September 30, 2020 

Type of contract
Agriculturals	$	(58,614	)
Currencies		(27,439	)
Energies		(39,325	)
Interest rates		76,647
Metals		(91,914	)
Stock indices		9,775
Change in unrealized trading income/(loss)(1)	$	(130,870	)

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

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

The following tables present gross and net information about the Trust’s assets and liabilities subject the master netting arrangements as disclosed on the consolidated statements of financial condition as of September 30, 2021 and December 31, 2020:

As of September 30, 2021

	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial
Open Trade Equity/(Deficit)	$	1,246,031	$	(1,161,702	)	$	84,329

As of December 31, 2020

	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	814,743	$	(714,303	)	$	100,440

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Trading Activities and Related Risks

9 Months Ended

Sep. 30, 2021

The Series of the Frontier Funds [Member]

Trading Activities and Related Risks [Line Items]

Trading Activities and Related Risks

9. Trading Activities and Related Risks

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

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

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

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

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

Frontier Funds [Member]

Trading Activities and Related Risks [Line Items]

Trading Activities and Related Risks

9. Trading Activities and Related Risks

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

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

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

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

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

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Indemnifications and Guarantees noted in Management Discussion and Analysis

9 Months Ended

Sep. 30, 2021

The Series of Frontier Funds [Member]

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

Indemnifications and Guarantees noted in Management Discussion and Analysis

10. Indemnifications and Guarantees noted in Management Discussion and Analysis

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

Frontier Funds [Member]

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

Indemnifications and Guarantees noted in Management Discussion and Analysis

10. Indemnifications and Guarantees

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

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Subsequent Events

9 Months Ended

Sep. 30, 2021

The Series of the Frontier Funds [Member]

Subsequent Events [Line Items]

Subsequent Events

11. Subsequent Events

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

From October 1, 2021 through November 10, 2021, Frontier Balanced Fund, Frontier Diversified Fund, Frontier Heritage Fund, Frontier Long/Short Commodity Fund, Frontier Masters Fund, Frontier Select Fund and Frontier Global Fund paid $110,778, $19,386, $2,000, $ 1,300, $3,885, $43,866 and, $49,473 respectively, in redemptions.

Frontier Funds [Member]

Subsequent Events [Line Items]

Subsequent Events

11. Subsequent Events

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

From October 1, 2021 through November 10, 2021, the Trust paid $230,687 in redemptions.

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Accounting Policies, by Policy (Policies)

9 Months Ended

Sep. 30, 2021

The Series of Frontier Funds [Member]

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

Basis of Presentation

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

Consolidation

Consolidation—The Series, through investing in the Trading Companies and Galaxy Plus entities, authorize certain Trading Advisors to place trades and manage assets at predetermined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses and a risk analysis fee (for closed Series only), all of which is allocated to the Series if consolidated by a Series. Galaxy Plus is a series of Delaware limited liability companies, sponsored by Gemini Alternative Funds, LLC, that create exposure to a variety of third party professional managed futures and foreign exchange advisors. Galaxy Plus is available to qualified high-net-worth individuals and institutional investors. Trading Companies in which a Series has a controlling and majority interest as calculated on that Series’ pro-rata net asset value in the Trading Company are consolidated by such Series. Investments in Trading Companies in which a Series does not have a controlling and majority interest and all interests in Galaxy Plus entities are accounted for using net asset value as the practical expedient, which approximates fair value. Fair value represents the proportionate share of the Series’ interest in the NAV in a Trading Company or Galaxy Plus entity. The equity interest held by Series of the Trust is shown as investments in unconsolidated Trading Companies or investments in private investment companies in the statements of financial condition. The income or loss attributable thereto in proportion of investment level is shown in the statements of operations as 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 Galaxy Plus entities. Subscriptions and redemptions by these non-affiliated investors will have a direct impact on the Series’ ownership percentage in Galaxy Plus entities. It is expected that ownership percentage will fluctuate (sometimes significantly) on a week by week basis which could also result in frequent changes in the consolidating Series. Such fluctuations make consolidating the financial statements of the Galaxy Plus entities both impractical and misleading. Non-consolidation of these Galaxy Plus entities presents a more useful financial statement for the readers. As such, management has decided that presenting Galaxy Plus entities on a non-consolidated basis as investments in other investments companies (a “fund of funds” approach) is appropriate and preferable to the users of these financial statements. Refer to Note 5 for additional disclosures related to these private investment companies.

Use of Estimates

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

Cash and Cash Equivalents

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

Interest Income

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

U.S. Treasury Securities

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

Receivable from Futures Commission Merchants

Receivable From Futures Commission Merchants—The Series of the Trust deposit assets with an FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust, with respect to the Series, earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of September 30, 2021 and December 31, 2020 included restricted cash for margin requirements of $791,090 and $321,638 respectively, for the Frontier Balanced Fund.

Investment Transactions

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

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

Purchase and Sales of Private Investment Companies

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

Foreign Currency Transactions

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

Allocation of Earnings

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

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

Investments and Swaps

Investments and Swaps—The Trust, with respect to the Series, records investment transactions on a trade date basis and at fair value, with changes in fair value reported as a component of realized and unrealized gains/(losses) on investments in the statements of operations. Investments in private investment companies are valued utilizing the net asset values as a practical expedient. Certain Series of the Trust can strategically invest a portion or all of their assets in total return swaps, selected at the discretion of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more underlying investment products or indices. In a typical swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. The valuation of swap contracts requires significant estimates. Swap contracts are reported at fair value based upon daily reports from the counterparty. The Managing Owner reviews, compares and approves current day pricing of the commodity trading advisor (“CTA”) positions, as received from the counterparty which includes intra-day volatility and volume and daily index performance, that is used to determine a daily fair value NAV for the swap contracts. For the quarter ended September 30, 2021, the Trust did not have any total return swap investments.

Income Taxes

Income Taxes—The Trust, with respect to the Series, applies the provisions of ASC 740 Income Taxes (“ASC 740”), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust, with respect to the Series’, financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Trust’s level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year.

The 2017 through 2020 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

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

Fees and Expenses

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

Incentive Fee (rebate)

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

Service Fees

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

Each Series is charged service fees as outlined above. In some cases, amounts paid to selling agents might be less than the amount charged to the Series. When this occurs, the service fee is rebated back to the investor in the form of additional units. During 2018, 2019 and 2020 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 2021 when the Series are allowed to sell shares again. As such, the Managing Owner has calculated the amounts for additional units of the relevant series which will be purchased and classified such amounts as Subscriptions in advance for service fee rebates of $22,650, $393, $31,725, $363,825, $20,766, $157,782 and $68,076 for the Frontier Diversified, Long/Short Commodity, Masters, Balanced, Select, Global and Heritage Funds, respectively, as of September 30, 2021.

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

Pending Owner Additions

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

Owner redemptions payable

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

Recently Adopted Accounting Pronouncements

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

Subsequent Events

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

Frontier Funds [Member]

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

Basis of Presentation

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

Consolidation

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

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

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

Use of Estimates

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

Cash and Cash Equivalents

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

Interest Income

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

U.S. Treasury Securities

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

Receivable from Futures Commission Merchants

Receivable from Futures Commission Merchants—The Trust deposits assets with an FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust earns interest income on its assets deposited with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker as of September 30, 2021 and December 31, 2020 and included restricted cash for margin requirements of $791,090 and $321,638 for the Frontier Balanced Fund.

Investment Transactions

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

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

Purchase and Sales of Private Investment Companies

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

Foreign Currency Transactions

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

Allocation of Earnings

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

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

Investments and Swaps

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

Income Taxes

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

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

Fees and Expenses

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

Incentive Fee (rebate)

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

Service Fees

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

Each Series is charged service fees as outlined above. In some cases, amounts paid to selling agents might be less than the amount charged to the Series. When this occurs, the service fee is rebated back to the investor in the form of additional units. During 2020, 2019 and 2018, 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 2021 when the Series are allowed to sell shares again. As such, the Managing Owner has calculated the amounts for additional units of the relevant series which will be purchased and classified such amounts as Subscriptions in advance for service fee rebates of $665,217 and $638,962 as of September 30, 2021 and December 31, 2020, respectively.

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

Pending Owner Additions

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

Owner redemptions payable

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

Recently Adopted Accounting Pronouncements

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

Subsequent Events

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

XML

Condensed Schedules of Investments (Unaudited) (Tables)

9 Months Ended

Sep. 30, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed Schedule of investment companies (Unaudited)

			Frontier					Frontier					Frontier
			Diversified Fund					Masters Fund					Long/Short Commodity Fund
			Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset
Description			Value		Value)			Value		Value)			Value		Value)
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	726,697		23.14	%	$	-		0.00	%	$	-		0.00	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		216,565		6.90	%		-		0.00	%		-		0.00	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		573,120		18.25	%		-		0.00	%		-		0.00	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		742,805		23.65	%		353,746		43.90	%		-		0.00	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		477,374		15.20	%		252,047		31.28	%		554,077		39.30	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		324,574		10.33	%		176,447		21.90	%		-		0.00	%
		Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		-		0.00	%		-		0.00	%		302,145		21.43	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-		0.00	%		-		0.00	%		479,374		34.00	%
		Total Private Investment Companies	$	3,061,135		97.47	%	$	782,240		97.07	%	$	1,335,596		94.72	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	30,579		0.97	%	$	16,239		2.02	%	$	21,311		1.51	%
		Total Investment in Unconsolidated Trading Companies	$	30,579		0.97	%	$	16,239		2.02	%	$	21,311		1.51	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value					Fair Value					Fair Value
$	116,500	US Treasury Note 6.875% due 08/15/2025 (Cost $146,667)	$	33,471		1.07	%	$	17,774		2.21	%	$	23,326		1.65	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	27,099				$	14,390				$	18,885
Additional Disclosure on U.S. Treasury Securities			Cost					Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	34,116				$	18,117				$	23,775

			Frontier Global					Frontier
			Fund					Heritage Fund
			Fair		% of Total Capital			Fair		% of Total Capital
Description			Value		(Net Asset Value)			Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	2,802,754		103.99	%	$	1,657,316		63.96	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		-		-			907,058		35.00	%
		Total Private Investment Companies	$	2,802,754		103.99	%	$	2,564,374		98.96	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	18,148		0.67	%	$	29,586		1.14	%
		Total Investment in Unconsolidated Trading Companies	$	18,148		0.67	%	$	29,586		1.14	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value					Fair Value
$	116,500	US Treasury Note 6.875% due 08/15/2025 (Cost $146,667)	$	19,864		0.74	%	$	32,384		1.25	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	16,082				$	26,218
Additional Disclosure on U.S. Treasury Securities			Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	20,246				$	33,007

			Frontier					Frontier					Frontier Long/Short Commodity
			Diversified Fund					Masters Fund					Fund
			Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset
Description			Value		Value)			Value		Value)			Value		Value)
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	1,066,074		25.49	%	$	-		0.00	%	$	-		0.00	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		414,692		9.91	%		-		0.00	%		-		0.00	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		672,766		16.08	%		-		0.00	%		-		0.00	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		732,066		17.50	%		486,659		48.98	%		-		0.00	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		435,119		10.40	%		258,609		26.03	%		272,294		20.73	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		323,886		7.74	%		269,323		27.11	%		-		0.00	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-		0.00	%		-		0.00	%		465,759		35.46	%
		Total Private Investment Companies	$	3,644,603		87.12	%	$	1,014,591		102.12	%	$	738,053		56.19	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	16,669		0.40	%	$	907		0.09	%	$	17,736		1.35	%
		Total Investment in Unconsolidated Trading Companies	$	16,669		0.40	%	$	907		0.09	%	$	17,736		1.35	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value					Fair Value					Fair Value
$	1,755,000	US Treasury Note 6.875% due 08/15/2025 (Cost $2,283,228)	$	427,393		10.22	%	$	23,245		2.34	%	$	454,738		34.63	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	328,604				$	17,872				$	349,629
Additional Disclosure on U.S. Treasury Securities			Cost					Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	427,509				$	23,251				$	454,862

			Frontier					Frontier
			Global Fund					Heritage Fund
			Fair		% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset
Description			Value		Value)			Value		Value)
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	3,068,656		104.71	%	$	1,539,331		64.53	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		-		-			828,131		34.72	%
		Total Private Investment Companies	$	3,068,656		104.71	%	$	2,367,462		99.25	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	1,083		0.04	%	$	2,880		0.12	%
		Total Investment in Unconsolidated Trading Companies	$	1,083		0.04	%	$	2,880		0.12	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value					Fair Value
$	1,755,000	US Treasury Note 6.875% due 08/15/2025 (Cost $2,283,228)	$	27,742		0.95	%	$	73,847		3.10	%
Additional Disclosure on U.S. Treasury Securities			Face Value					Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	21,330				$	56,778
Additional Disclosure on U.S. Treasury Securities			Cost					Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	27,750				$	73,867

			Fair		% of Total Capital (Net Asset
			Value		Value)
PRIVATE INVESTMENT COMPANIES (1)
		Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)	$	302,146		1.35	%
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		2,419,421		10.82	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		1,184,603		5.30	%
		Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC		131,464		0.59	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,899,239		8.49	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		7,322,291		32.74	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		5,786,775		25.87	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		2,550,021		11.40	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		479,373		2.14	%
		Total Private Investment Companies	$	22,075,333		98.70	%
U.S. TREASURY SECURITIES
FACE VALUE
$	116,500	US Treasury Note 6.875% due 08/15/2025 (Cost $146,667)	$	143,896		0.64	%
		Total U.S. Treasury Securities	$	143,896		0.64	%

Condensed Schedule of futures contracts and investment companies (Unaudited)

			Frontier						Frontier
			Balanced Fund						Select Fund
			Fair			% of Total Capital			Fair		% of Total Capital
Description			Value			(Net Asset Value)			Value		(Net Asset Value)
LONG FUTURES CONTRACTS*
		Various agriculture futures contracts (Far East)	$	(9,652	)		-0.10	%	$	-		0.00	%
		Various agriculture futures contracts (Europe)		85,119			0.84	%		-		0.00	%
		Various agriculture futures contracts (U.S.)		43,697			0.43	%		-		0.00	%
		Various base metals futures contracts (U.S.)		(39,727	)		-0.39	%		-		0.00	%
		Various currency futures contracts (Europe)		(481	)		0.00	%		-		0.00	%
		Various currency futures contracts (Far East)		(15,984	)		-0.16	%		-		0.00	%
		Various currency futures contracts (Latin America)		(9,108	)		-0.09	%		-		0.00	%
		Various currency futures contracts (U.S.)		7,388			0.07	%		-		0.00	%
		Various energy futures contracts (U.S.)		79,410			0.78	%		-		0.00	%
		Various interest rates futures contracts (Europe)		(334,215	)		-3.30	%		-		0.00	%
		Various interest rates futures contracts (Far East)		(24,169	)		-0.24	%		-		0.00	%
		Various interest rates futures contracts (U.S.)		(14,625	)		-0.14	%		-		0.00	%
		Various precious metal futures contracts (U.S.)		(5,456	)		-0.05	%		-		0.00	%
		Various stock index futures contracts (Europe)		(5,437	)		-0.05	%		-		0.00	%
		Various stock index futures contracts (Far East)		(3,432	)		-0.03	%		-		0.00	%
		Various stock index futures contracts (Oceanic)		(1,626	)		-0.02	%		-		0.00	%
		Various stock index futures contracts (U.S.)		(10,558	)		-0.10	%		-		0.00	%
		Various stock index futures contracts (Canada)		(3,951	)		-0.04	%		-		0.00	%
		Total Long Futures Contracts	$	(262,807	)		-2.59	%	$	-		0.00	%
SHORT FUTURES CONTRACTS*
		Various agriculture futures contracts (Far East)	$	3,818			0.04	%	$	-		0.00	%
		Various agriculture futures contracts (Europe)		(55,212	)		-0.54	%		-		0.00	%
		Various agriculture futures contracts (U.S.)		1,372			0.01	%		-		0.00	%
		Various base metals futures contracts (U.S.)		9,982			0.10	%		-		0.00	%
		Various currency futures contracts (Europe)		30,456			0.30	%		-		0.00	%
		Various currency futures contracts (Far East)		828			0.01	%		-		0.00	%
		Various currency futures contracts (Latin America)		20,698			0.20	%		-		0.00	%
		Various currency futures contracts (U.S.)		(4,750	)		-0.05	%		-		0.00	%
		Various energy futures contracts (U.S.)		(43,480	)		-0.43	%		-		0.00	%
		Various interest rates futures contracts (Europe)		264,970			2.61	%		-		0.00	%
		Various interest rates futures contracts (Far East)		35,149			0.35	%		-		0.00	%
		Various interest rates futures contracts (U.S.)		5,313			0.05	%		-		0.00	%
		Various precious metal futures contracts (U.S.)		67,448			0.67	%		-		0.00	%
		Various stock index futures contracts (Canada)		2,986			0.03	%		-		0.00	%
		Various stock index futures contracts (Europe)		8,521			0.08	%		-		0.00	%
		Various stock index futures contracts (U.S.)		(963	)		-0.01	%		-		0.00	%
		Total Short Futures Contracts	$	347,136			3.42	%	$	-		0.00	%
		Total Open Trade Equity (Deficit)	$	84,329			0.83	%	$	-		0.00	%
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	1,692,724			16.69	%	$	-		0.00	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		968,038			9.55	%		-		0.00	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,326,119			13.08	%		-		0.00	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,765,668			17.41	%		-		0.00	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		2,613,293			25.77	%		982,926		62.05	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC		1,476,322			14.56	%		572,680		36.15	%
		Total Private Investment Companies	$	9,842,164			97.06	%	$	1,555,606		98.20	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	-			0.00	%	$	15,601		0.98	%
		Total Investment in Unconsolidated Trading Companies	$	-			0.00	%	$	15,601		0.98	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value						Fair Value
$	116,500	US Treasury Note 6.875% due 08/15/2025 (Cost $146,667)	$	-			0.00	%	$	17,077		1.08	%
Additional Disclosure on U.S. Treasury Securities			Face Value						Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	-					$	13,826
Additional Disclosure on U.S. Treasury Securities			Cost						Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	-					$	17,406

			Frontier						Frontier
			Balanced Fund						Select Fund
			Fair			% of Total Capital (Net Asset			Fair		% of Total Capital (Net Asset
Description			Value			Value)			Value		Value)
LONG FUTURES CONTRACTS*
		Various agriculture futures contracts (Far East)	$	72,005			0.59	%	$	-		0.00	%
		Various agriculture futures contracts (Europe)		9,803			0.08	%		-		0.00	%
		Various agriculture futures contracts (U.S.)		87,496			0.72	%		-		0.00	%
		Various base metals futures contracts (U.S.)		22,858			0.19	%		-		0.00	%
		Various currency futures contracts (Europe)		10,573			0.09	%		-		0.00	%
		Various currency futures contracts (Latin America)		5,833			0.05	%		-		0.00	%
		Various currency futures contracts (U.S.)		(100	)		0.00	%		-		0.00	%
		Various interest rates futures contracts (Europe)		148,949			1.23	%		-		0.00	%
		Various interest rates futures contracts (Far East)		2,882			0.02	%		-		0.00	%
		Various interest rates futures contracts (U.S.)		2,438			0.02	%		-		0.00	%
		Various precious metal futures contracts (U.S.)		28,625			0.24	%		-		0.00	%
		Various soft futures contracts (U.S.)		52,349			0.43	%		-		0.00	%
		Various stock index futures contracts (Far East)		5,312			0.04	%		-		-
		Total Long Futures Contracts	$	449,023			3.70	%	$	-		0.00	%
SHORT FUTURES CONTRACTS*
		Various agriculture futures contracts (Far East)	$	(30,963	)		-0.26	%	$	-		0.00	%
		Various agriculture futures contracts (Europe)		(10,797	)		-0.09	%		-		0.00	%
		Various agriculture futures contracts (U.S.)		(92,738	)		-0.77	%		-		0.00	%
		Various base metals futures contracts (U.S.)		(10,289	)		-0.08	%		-		0.00	%
		Various currency futures contracts (Europe)		(10,381	)		-0.09	%		-		0.00	%
		Various currency futures contracts (Latin America)		2,512			0.02	%		-		0.00	%
		Various currency futures contracts (U.S.)		2,300			0.02	%		-		0.00	%
		Various interest rates futures contracts (Europe)		(127,832	)		-1.06	%		-		0.00	%
		Various interest rates futures contracts (Far East)		(2,482	)		-0.02	%		-		0.00	%
		Various interest rates futures contracts (U.S.)		3,656			0.03	%		-		0.00	%
		Various precious metal futures contracts (U.S.)		(25,560	)		-0.21	%		-		0.00	%
		Various soft futures contracts (U.S.)		(42,669	)		-0.35	%		-		0.00	%
		Various stock index futures contracts (Far East)		(3,340	)		-0.03	%		-		0.00	%
		Total Short Futures Contracts	$	(348,583	)		-2.89	%	$	-		0.00	%
		Total Open Trade Equity (Deficit)	$	100,440			0.81	%	$	-		0.00	%
PRIVATE INVESTMENT COMPANIES (3)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	2,311,240			19.08	%	$	-		0.00	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		1,581,941			13.06	%		-		0.00	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		982,020			8.11	%		-		0.00	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,600,611			13.22	%		-		0.00	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		2,612,336			21.57	%		956,968		57.89	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		1,440,104			11.89	%		681,697		41.24	%
		Total Private Investment Companies	$	10,528,252			86.93	%	$	1,638,665		99.13	%
INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (3)
		Frontier Trading Company XXXVIII, LLC	$	49,755			0.41	%	$	-		0.00	%
		Total Investment in Unconsolidated Trading Companies	$	49,755			0.41	%	$	-		0.00	%
U.S. TREASURY SECURITIES (2)
FACE VALUE			Fair Value						Fair Value
$	1,755,000	US Treasury Note 6.875% due 08/15/2025 (Cost $2,283,228)	$	1,275,641			10.53	%	$	-		0.00	%
Additional Disclosure on U.S. Treasury Securities			Face Value						Face Value
		US Treasury Note 6.875% due 08/15/2025 (2)	$	980,787					$	-
Additional Disclosure on U.S. Treasury Securities			Cost						Cost
		US Treasury Note 6.875% due 08/15/2025 (2)	$	1,275,989					$	-

		Fair			% of Total Capital (Net Asset
Description		Value			Value)
LONG FUTURES CONTRACTS *
	Various agriculture futures contracts (Far East)	$	(9,652	)		-0.04	%
	Various agriculture futures contracts (Europe)		85,119			0.38	%
	Various agriculture futures contracts (U.S.)		43,697			0.20	%
	Various base metals futures contracts (U.S.)		(39,727	)		-0.18	%
	Various currency futures contracts (Europe)		(481	)		0.00	%
	Various currency futures contracts (Far East)		(15,984	)		-0.07	%
	Various currency futures contracts (Latin America)		(9,108	)		-0.04	%
	Various currency futures contracts (U.S.)		7,388			0.03	%
	Various energy futures contracts (U.S.)		79,410			0.36	%
	Various interest rates futures contracts (Europe)		(334,215	)		-1.49	%
	Various interest rates futures contracts (Far East)		(24,169	)		-0.11	%
	Various interest rates futures contracts (U.S.)		(14,625	)		-0.07	%
	Various precious metal futures contracts (U.S.)		(5,456	)		-0.02	%
	Various stock index futures contracts (Europe)		(5,437	)		-0.02	%
	Various stock index futures contracts (Far East)		(3,432	)		-0.02	%
	Various stock index futures contracts (Oceanic)		(1,626	)		-0.01	%
	Various stock index futures contracts (U.S.)		(10,558	)		-0.05	%
	Various stock index futures contracts (Canada)		(3,951	)		-0.02	%
	Total Long Futures Contracts	$	(262,807	)		-1.17	%
SHORT FUTURES CONTRACTS *
	Various agriculture futures contracts (Far East)	$	3,818			0.02	%
	Various agriculture futures contracts (Europe)		(55,212	)		-0.25	%
	Various agriculture futures contracts (U.S.)		1,372			0.01	%
	Various base metals futures contracts (U.S.)		9,982			0.04	%
	Various currency futures contracts (Europe)		30,456			0.14	%
	Various currency futures contracts (Far East)		828			0.00	%
	Various currency futures contracts (Latin America)		20,698			0.09	%
	Various currency futures contracts (U.S.)		(4,750	)		-0.02	%
	Various energy futures contracts (U.S.)		(43,480	)		-0.19	%
	Various interest rates futures contracts (Europe)		264,970			1.18	%
	Various interest rates futures contracts (Far East)		35,149			0.16	%
	Various interest rates futures contracts (U.S.)		5,313			0.02	%
	Various precious metal futures contracts (U.S.)		67,448			0.30	%
	Various stock index futures contracts (Canada)		2,986			0.01	%
	Various stock index futures contracts (Europe)		8,521			0.04	%
	Various stock index futures contracts (U.S.)		(963	)		0.00	%
	Total Short Futures Contracts	$	347,136			1.55	%
	Total Open Trade Equity (Deficit)	$	84,329			0.38	%

			Fair			% of Total Capital (Net Asset
Description			Value			Value)
LONG FUTURES CONTRACTS *
		Various agriculture futures contracts (Far East)	$	72,005			0.28	%
		Various agriculture futures contracts (Europe)		9,803			0.04	%
		Various agriculture futures contracts (U.S.)		87,496			0.34	%
		Various base metals futures contracts (U.S.)		22,858			0.09	%
		Various currency futures contracts (U.S.)		(100	)		0.00	%
		Various currency futures contracts (Europe)		10,573			0.04	%
		Various currency futures contracts (Latin America)		5,833			0.02	%
		Various interest rates futures contracts (Europe)		148,949			0.58	%
		Various interest rates futures contracts (Far East)		2,882			0.01	%
		Various interest rates futures contracts (U.S.)		2,438			0.01	%
		Various precious metal futures contracts (U.S.)		28,625			0.11	%
		Various soft futures contracts (U.S.)		52,349			0.20	%
		Various stock index futures contracts (Far East)		5,312			0.02	%
		Total Long Futures Contracts	$	449,023			1.74	%
SHORT FUTURES CONTRACTS *
		Various agriculture futures contracts (Far East)	$	(30,963	)		-0.12	%
		Various agriculture futures contracts (Europe)		(10,797	)		-0.04	%
		Various agriculture futures contracts (U.S.)		(92,738	)		-0.36	%
		Various base metals futures contracts (U.S.)		(10,289	)		-0.04	%
		Various currency futures contracts (U.S.)		2,300			0.01	%
		Various currency futures contracts (Europe)		(10,381	)		-0.04	%
		Various currency futures contracts (Latin America)		2,512			0.01	%
		Various interest rates futures contracts (Europe)		(127,832	)		-0.50	%
		Various interest rates futures contracts (Far East)		(2,482	)		-0.01	%
		Various interest rates futures contracts (U.S.)		3,656			0.01	%
		Various precious metal futures contracts (U.S.)		(25,560	)		-0.10	%
		Various soft futures contracts (U.S.)		(42,669	)		-0.17	%
		Various stock index futures contracts (Far East)		(3,340	)		-0.01	%
		Total Short Futures Contracts	$	(348,583	)		-1.36	%
		Total Open Trade Equity (Deficit)	$	100,440			0.38	%
PRIVATE INVESTMENT COMPANIES (1)
		Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	3,377,314			13.21	%
		Galaxy Plus Fund - QIM Feeder Fund (526) LLC		1,996,633			7.81	%
		Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC		89,029			0.35	%
		Galaxy Plus Fund - Quest Feeder Fund (517) LLC		1,654,786			6.47	%
		Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		7,427,324			29.05	%
		Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		5,363,456			20.98	%
		Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		2,715,008			10.62	%
		Galaxy Plus Fund - LRR Feeder Fund (522) LLC		465,759			1.82	%
		Total Private Investment Companies	$	23,089,312			90.31	%
U.S. TREASURY SECURITIES
FACE VALUE
$	1,755,000	US Treasury Note 6.875% due 08/15/2025 (Cost $2,283,228)	$	2,282,606			8.93	%
		Total U.S. Treasury Securities	$	2,282,606			8.93	%

XML

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

The Series of Frontier Funds [Member]

Fair Value Measurements (Tables) [Line Items]

Schedule of financial asset portfolio measured at fair value

September 30, 2021	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	30,579	$	-	$	-	$	30,579
U.S. Treasury Securities		33,471		-		-		33,471
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		16,239		-		-		16,239
U.S. Treasury Securities		17,774		-		-		17,774
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		21,311		-		-		21,311
U.S. Treasury Securities		23,326		-		-		23,326
Frontier Balanced Fund
Open Trade Equity (Deficit)		84,329		-		-		84,329
Frontier Select Fund				-
Investment in Unconsolidated Trading Companies		15,601		-		-		15,601
U.S. Treasury Securities		17,077		-		-		17,077
Frontier Global Fund				-
Investment in Unconsolidated Trading Companies		18,148		-		-		18,148
U.S. Treasury Securities		19,864		-		-		19,864
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		29,586		-		-		29,586
U.S. Treasury Securities		32,384		-		-		32,384

December 31, 2020	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$	16,669	$	-	$	-	$	16,669
U.S. Treasury Securities		427,393		-		-		427,393
Frontier Masters Fund
Investment in Unconsolidated Trading Companies		907		-		-		907
U.S. Treasury Securities		23,245		-		-		23,245
Frontier Long/Short Commodity Fund
Investment in Unconsolidated Trading Companies		17,736		-		-		17,736
U.S. Treasury Securities		454,738		-		-		454,738
Frontier Balanced Fund
Investment in Unconsolidated Trading Companies		49,755		-		-		49,755
Open Trade Equity (Deficit)		100,440		-		-		100,440
U.S. Treasury Securities		1,275,641		-		-		1,275,641
Frontier Global Fund
Investment in Unconsolidated Trading Companies		1,083		-		-		1,083
U.S. Treasury Securities		27,742		-		-		27,742
Frontier Heritage Fund
Investment in Unconsolidated Trading Companies		2,880		-		-		2,880
U.S. Treasury Securities		73,847		-		-		73,847

Schedule of change in Level 3 assets measured at fair value on recurring basis

	Frontier Balanced Fund			Frontier Long/Short Commodity Fund
Balance of recurring Level 3 assets as of  January 1, 2020	$	11,944,753		$	362,521
Total gains or losses (realized/unrealized):
Included in earnings-realized		(2,448,166	)		188,100
Included in earnings-unrealized		(3,088,917	)		44,277
Proceeds from collateral reduction		(6,176,555	)		(115,000	)
Sale of investments		(7,586,366	)		(594,898	)
Purchase of investments		7,355,251			115,000
Change in ownership allocation		-			-
Transfers in and/or out of Level 3		-			-
Balance of recurring Level 3 assets as of December 31, 2020	$	-		$	-

	Frontier Diversified Fund			Frontier Heritage Fund
Balance of recurring Level 3 assets as of  January 1, 2020	$	6,384,583		$	2,888,009
Total gains or losses (realized/unrealized):
Included in earnings-realized		(446,306	)		(97,745	)
Included in earnings-unrealized		(1,537,399	)		197,829
Proceeds from collateral reduction		(4,000,000	)		(2,474,937	)
Sale of investments		(4,870,025	)		(1,491,965	)
Purchase of investments		4,469,147			978,809
Change in ownership allocation		-			-
Transfers in and/or out of Level 3		-			-
Balance of recurring Level 3 assets as of December 31, 2020	$	-		$	-

	Frontier Select Fund
Balance of recurring Level 3 assets as of  January 1, 2020	$	479,024
Change in fair value of investments in unconsolidated trading companies		95,915
Proceeds from sales of investments of unconsolidated trading companies		(574,939	)
Purchases of investments of unconsolidated trading companies		-
Change in ownership allocation		-
Transfers in and/or out of Level 3		-
Balance of recurring Level 3 assets as of December 31, 2020	$	-

Schedule of total change in unrealized appreciation (depreciation) included in statements of operations attributable to level 3 investments

	Frontier Diversified Fund			Frontier Long/Short Commodity Fund		Frontier Balanced Fund			Frontier Heritage Fund
Swap Contracts	$	(1,537,399	)	$	44,277	$	(3,088,917	)	$	197,829

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

Frontier Funds [Member]

Fair Value Measurements (Tables) [Line Items]

Schedule of financial asset portfolio measured at fair value

September 30, 2021	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	84,329	$	-	$	-	$	84,329
U.S. Treasury Securities		143,896		-		-		143,896

December 31, 2020	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	100,440	$	-	$	-	$	100,440
U.S. Treasury Securities		2,282,606		-		-		2,282,606

Schedule of change in unrealized appreciation (depreciation)

	For the Year ended December 31, 2020
Balance of recurring Level 3 assets as of  January 1, 2020	$	21,579,865
Total gains or losses (realized/unrealized):
Included in earnings-realized		(2,896,106	)
Included in earnings-unrealized		(4,384,210	)
Proceeds from collateral reduction		(12,674,502	)
Purchase of investments		12,918,207
Sale of investments		(14,543,254	)
Transfers in and/or out of Level 3		-
Balance of recurring Level 3 assets as of December 31, 2020	$	-

XML

Swap Contracts (Tables)

9 Months Ended

Sep. 30, 2021

The Series of Frontier Funds [Member]

Swap Contracts (Tables) [Line Items]

Schedule of Investments in following swap

	Frontier Balanced  Fund			Frontier Diversified  Fund			Frontier  Long/Short Commodity Fund		Frontier Heritage Fund
	Total Return Swap			Total Return Swap			Total Return Swap		Total Return Swap
Counterparty	Deutsche Bank AG			Deutsche Bank AG			Deutsche Bank AG		Deutsche Bank AG
Realized Gain/(Loss)	$	(2,448,166	)	$	(446,306	)	$	188,100	$	(97,745	)
Change in Unrealized Gain/(Loss)	$	(3,088,917	)	$	(1,537,399	)	$	44,277	$	197,829
Fair Value as of December 31, 2020	$	0		$	0		$	0	$	0
Advance on swap appreciation	$	0		$	0		$	0	$	0

Frontier Funds [Member]

Swap Contracts (Tables) [Line Items]

Schedule of Investments in following swap

	XXXIV Balanced select swap			XXXV Diversified select swap			XXXVII L/S select swap		Brevan Howard
	Total Return Swap			Total Return Swap			Total Return Swap		Total Return Swap
Counterparty	Deutsche Bank AG			Deutsche Bank AG			Deutsche Bank AG		Deutsche Bank AG
Realized Gain/(Loss)	$	(2,448,166	)	$	(446,306	)	$	188,100	$	(189,734	)
Change in Unrealized Gain/(Loss)	$	(3,088,917	)	$	(1,537,399	)	$	44,277	$	197,829
Fair Value as of December 31, 2020	$	0		$	0		$	0	$	0
Advance on swap appreciation	$	0		$	0		$	0	$	0

XML

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

9 Months Ended

Sep. 30, 2021

The Series of Frontier Funds [Member]

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

Schedule of investments in unconsolidated trading companies

	As of September 30, 2021					As of December 31, 2020
	Percentage of					Percentage of
	Series Total					Series Total
	Capital Invested in					Capital Invested in
Series	Unconsolidated Trading Companies			Fair Value		Unconsolidated Trading Companies			Fair Value
Frontier Diversified Series —
Frontier Trading Company XXXVIII		0.97	%	$	30,579		0.40	%	$	16,669
Frontier Masters Fund ---
Frontier Trading Company XXXVIII		2.02	%	$	16,239		0.09	%	$	907
Frontier Long/Short Commodity Fund ---
Frontier Trading Company XXXVIII		1.51	%	$	21,311		1.35	%	$	17,736
Frontier Balanced Fund ---
Frontier Trading Company XXXVIII		0.00	%	$	-		0.41	%	$	49,755
Frontier Select Fund  ---
Frontier Trading Companies XXXVIII		0.98	%	$	15,601		0.00	%	$	-
Frontier Global Fund  ---
Frontier Trading Company XXXVIII		0.67	%	$	18,148		0.04	%	$	1,083
Frontier Heritage Fund ---
Frontier Trading Company XXXVIII		1.14	%	$	29,586		0.12	%	$	2,880

Schedule of equity in earnings from unconsolidated trading companies and private investment companies

	Three Months Ended September, 2021												Three Months Ended September, 2020
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Frontier Balanced Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(7,892	)	$	(7,892	)	$	-		$	-		$	371		$	371
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,527	)		17,408			55,124			71,005			(1,694	)		(175,943	)		(21,260	)		(198,897	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-			-			105			105
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-			-			(5,782	)		(5,782	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(5,970	)		169,823			(627,689	)		(463,836	)		(4,862	)		(3,470	)		(33,133	)		(41,465	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			-			-			-			-			-			(21,170	)		(21,170	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(3,803	)		(30,844	)		222,902			188,255			(709	)		(231,484	)		107,025			(125,168	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(4,627	)		4,082			(85,162	)		(85,707	)		(3,539	)		(27,771	)		22,238			(9,072	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(13,098	)		183,530			(9,760	)		160,672			(10,562	)		101,830			(36,659	)		54,609
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(1,703	)		(20,009	)		22,204			492			(1,279	)		(396,950	)		(62,845	)		(461,074	)
Total	$	(30,728	)	$	323,990		$	(430,273	)	$	(137,011	)	$	(22,645	)	$	(733,788	)	$	(51,110	)	$	(807,543	)
Frontier Global Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	829		$	829		$	-		$	-		$	(2,540	)	$	(2,540	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(2,503	)		28,130			73,429			99,056			(3,236	)		(317,392	)		(114,867	)		(435,495	)
Total	$	(2,503	)	$	28,130		$	74,258		$	99,885		$	(3,236	)	$	(317,392	)	$	(117,407	)	$	(438,035	)
Frontier Select Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(69	)	$	(69	)	$	-		$	-		$	(1,518	)	$	(1,518	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-			-			(587	)		(587	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(4,877	)		67,663			(7,516	)		55,270			(3,352	)		33,407			(19,556	)		10,499
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			-			-			-			-			(2,763	)		(2,763	)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(686	)		(8,299	)		7,373			(1,612	)		-			-			(205,413	)		(205,413	)
Total	$	(5,563	)	$	59,364		$	(212	)	$	53,589		$	(3,352	)	$	33,407		$	(229,837	)	$	(199,782	)
Frontier Heritage Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	981		$	981		$	-		$	-		$	1,742		$	1,742
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,439	)		16,356			41,181			56,098			(1,524	)		(149,796	)		275,381			124,061
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(4,691	)		66,486			(7,146	)		54,649			(3,338	)		34,047			(22,669	)		8,040
Total	$	(6,130	)	$	82,842		$	35,016		$	111,728		$	(4,862	)	$	(115,749	)	$	254,454		$	133,843
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(7	)	$	(7	)	$	-		$	-		$	(2,028	)	$	(2,028	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-			-			(882	)		(882	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(120	)		26,360			(23,799	)		2,441			(306	)		40,222			(55,994	)		(16,078	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(2,730	)		38,119			(5,606	)		29,783			(1,198	)		12,151			(9,162	)		1,791
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(3,298	)		86,851			(96,446	)		(12,893	)		-			-			-			-
Total	$	(6,148	)	$	151,330		$	(125,858	)	$	19,324		$	(1,504	)	$	52,373		$	(68,066	)	$	(17,197	)
Frontier Diversified Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(449	)	$	(449	)	$	-		$	-		$	(426	)	$	(426	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(640	)		7,312			23,964			30,636			(1,068	)		(107,528	)		(19,659	)		(128,255	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-			-			182			182
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-			-			(3,544	)		(3,544	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(2,513	)		71,506			(271,402	)		(202,409	)		(2,034	)		(1,729	)		(18,808	)		(22,571	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			-			-			-			-			-			(9,084	)		(9,084	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(870	)		(6,983	)		50,260			42,407			(271	)		(4,480	)		(47,525	)		(52,276	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		-			-			-			-			-			-			-			-
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(2,008	)		1,764			(37,507	)		(37,751	)		(2,406	)		(18,673	)		13,323			(7,756	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(2,389	)		33,745			(2,180	)		29,176			(3,320	)		40,922			(22,756	)		14,846
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(379	)		(4,507	)		4,402			(484	)		(639	)		(198,372	)		(32,551	)		(231,562	)
Total	$	(8,799	)	$	102,837		$	(232,912	)	$	(138,874	)	$	(9,738	)	$	(289,860	)	$	(140,848	)	$	(440,446	)
Frontier Masters Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(50	)	$	(50	)	$	-		$	-		$	(1,279	)	$	(1,279	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(296	)		3,396			11,798			14,898			(608	)		(62,539	)		(9,877	)		(73,024	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-			-			(147	)		(147	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-			-			(1,242	)		(1,242	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(1,258	)		17,769			(1,385	)		15,126			(1,164	)		13,859			(11,510	)		1,185
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			-			-			-			-			(1,002	)		(1,002	)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(208	)		(2,486	)		2,113			(581	)		(365	)		(113,226	)		(22,157	)		(135,748	)
Total	$	(1,762	)	$	18,679		$	12,476		$	29,393		$	(2,137	)	$	(161,906	)	$	(47,214	)	$	(211,257	)

	Nine Months Ended September, 2021												Nine Months Ended September, 2020
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Frontier Balanced Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	(36,142	)	$	(36,142	)	$	-		$	-		$	(9,094	)	$	(9,094	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(4,108	)		173,578			114,603			284,073			(6,794	)		(163,459	)		(16,563	)		(186,816	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			(433	)		-			(433	)		(2,152	)		(55,735	)		25,629			(32,258	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			252			-			252			(6,408	)		(718,397	)		75,749			(649,056	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(19,136	)		464,263			(786,970	)		(341,843	)		(20,836	)		(327,914	)		156,749			(192,001	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			(1,910	)		-			(1,910	)		(502	)		(232,245	)		(42,835	)		(275,582	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(9,204	)		(233,955	)		56,175			(186,984	)		(9,264	)		(899,303	)		157,923			(750,644	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(13,536	)		121,430			(7,184	)		100,710			(5,240	)		28,824			(6,624	)		16,960
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(39,426	)		996,949			146,910			1,104,433			(23,203	)		698,761			(196,095	)		479,463
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(3,787	)		(448,411	)		368,448			(83,750	)		(1,279	)		(396,950	)		(62,845	)		(461,074	)
Total	$	(89,197	)	$	1,071,763		$	(144,160	)	$	838,406		$	(75,678	)	$	(2,066,418	)	$	81,994		$	(2,060,102	)
Frontier Global Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	13,159		$	13,159		$	-		$	-		$	(2,994	)	$	(2,994	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(6,827	)		293,622			80,258			367,053			(11,634	)		(316,235	)		(194,046	)		(521,915	)
Total	$	(6,827	)	$	293,622		$	93,417		$	380,212		$	(11,634	)	$	(316,235	)	$	(197,040	)	$	(524,909	)
Frontier Select Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	6,956		$	6,956		$	-		$	-		$	(8,190	)	$	(8,190	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			387			-			387			-			-			(2,203	)		(2,203	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(13,325	)		321,795			38,851			347,321			(7,477	)		228,470			(72,058	)		148,935
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			864			-			864			(5,392	)		(237,723	)		(35,753	)		(278,868	)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(1,599	)		(198,484	)		149,525			(50,558	)		-			-			(205,413	)		(205,413	)
Total	$	(14,924	)	$	124,562		$	195,332		$	304,970		$	(12,869	)	$	(9,253	)	$	(323,617	)	$	(345,739	)
Frontier Heritage Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	11,448		$	11,448		$	-		$	-		$	(1,582	)	$	(1,582	)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(3,865	)		161,521			26,673			184,329			(4,298	)		(151,155	)		238,686			83,233
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(12,655	)		302,134			31,369			320,848			(7,216	)		215,524			(85,350	)		122,958
Total	$	(16,520	)	$	463,655		$	69,490		$	516,625		$	(11,514	)	$	64,369		$	151,754		$	204,609
Frontier Long/Short Commodity Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	9,914		$	9,914		$	-		$	-		$	(5,104	)	$	(5,104	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			36			-			36			(938	)		(103,100	)		7,770			(96,268	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(543	)		152,407			(126,776	)		25,088			(978	)		(76,740	)		(71,464	)		(149,182	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(7,233	)		173,929			14,090			180,786			(2,824	)		88,947			(28,627	)		57,496
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(7,807	)		107,810			(88,398	)		11,605			-			-			-			-
Total	$	(15,583	)	$	434,182		$	(191,170	)	$	227,429		$	(4,740	)	$	(90,893	)	$	(97,425	)	$	(193,058	)
Frontier Diversified Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	2,039		$	2,039		$	-		$	-		$	2,597		$	2,597
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(2,057	)		83,740			55,185			136,868			(4,438	)		(76,179	)		(9,500	)		(90,117	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			(245	)		-			(245	)		(1,348	)		(39,612	)		17,858			(23,102	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			157			-			157			(4,119	)		(463,144	)		50,394			(416,869	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(8,665	)		136,292			(259,205	)		(131,578	)		(13,164	)		(203,387	)		60,454			(156,097	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		-			(1,166	)		-			(1,166	)		(309	)		(144,282	)		(21,773	)		(166,364	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(2,224	)		(57,849	)		6,460			(53,613	)		(4,112	)		(248,715	)		(1,085	)		(253,912	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(7,103	)		62,491			48,289			103,677			(3,920	)		35,081			(6,574	)		24,587
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(6,964	)		172,937			30,463			196,436			(10,591	)		416,995			(40,991	)		365,413
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(858	)		(104,890	)		85,736			(20,012	)		(639	)		(198,372	)		(32,551	)		(231,562	)
Total	$	(27,871	)	$	291,467		$	(31,033	)	$	232,563		$	(42,640	)	$	(921,615	)	$	18,829		$	(945,426	)
Frontier Masters Fund
Frontier Trading Company XXXVIII, LLC	$	-		$	-		$	9,882		$	9,882		$	-		$	-		$	(3,554	)	$	(3,554	)
Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC		-			-			-			-			-			-			-			-
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		(1,068	)		39,319			11,837			50,088			(2,657	)		(64,127	)		(37,949	)		(104,733	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			(58	)		-			(58	)		-			-			(59	)		(59	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			52			-			52			(1,540	)		(190,409	)		30,438			(161,511	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(3,592	)		91,267			10,976			98,651			(3,172	)		109,775			(20,607	)		85,996
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			520			-			520			(1,851	)		(84,259	)		(11,424	)		(97,534	)
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(536	)		(72,777	)		50,005			(23,308	)		(365	)		(113,226	)		(22,157	)		(135,748	)
Total	$	(5,196	)	$	58,323		$	82,700		$	135,827		$	(9,585	)	$	(342,246	)	$	(65,312	)	$	(417,143	)

Schedule of private investment companies have certain redemption and liquidity restrictions

	Redemptions	Redemptions	Liquidity
	Notice Period	Permitted	Restrictions
Frontier Diversified Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Daily	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Daily	None
Frontier Masters Fund
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Weekly	None
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)	24 hours	Daily	None
Frontier Long/Short Commodity Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)	24 hours	Daily	None
Frontier Balanced Fund
Multi-Strategy
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Daily	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Daily	None
Frontier Select Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)	24 hours	Daily	None
Frontier Global Fund
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Frontier Heritage Fund
Multi-Strategy
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None

Frontier Funds [Member]

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

Schedule of equity in earnings from unconsolidated trading companies and private investment companies

	Three Months Ended September, 2021												Three Months Ended September, 2020
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	(6,405	)	$	72,602		$	205,496		$	271,693		$	(8,130	)	$	(813,198	)	$	109,718		$	(711,610	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			-			-			-			-			-			(447	)		(447	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			-			-			-			-			-			(11,450	)		(11,450	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(8,483	)		241,329			(899,091	)		(666,245	)		(6,896	)		(5,199	)		(51,941	)		(64,036	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(120	)		26,360			(23,799	)		2,441			(306	)		40,222			(86,248	)		(46,332	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(4,673	)		(37,827	)		273,162			230,662			(980	)		(235,964	)		59,500			(177,444	)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC		-			-			-			-			-			-			-			-
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(6,635	)		5,846			(122,669	)		(123,458	)		(5,945	)		(46,444	)		35,561			(16,828	)
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC		-			-			(1,847	)		(1,847	)		-			-			(80,092	)		(80,092	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			-			-			-			-			-			(3,765	)		(3,765	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(29,043	)		407,312			(33,593	)		344,676			(22,934	)		236,216			(122,312	)		90,970
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(2,976	)		(35,301	)		36,092			(2,185	)		(2,283	)		(708,548	)		(322,966	)		(1,033,797	)
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(3,298	)		86,851			(96,446	)		(12,893	)		-			-			-			-
Total	$	(61,633	)	$	767,172			(662,695	)		42,844		$	(47,474	)	$	(1,532,915	)	$	(474,442	)	$	(2,054,831	)

	Nine Months Ended September, 2021												Nine Months Ended September, 2020
							Change in												Change in
	Trading			Realized			Unrealized			Net Income			Trading			Realized			Unrealized			Net Income
	Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)			Commissions			Gain/(Loss)			Gain/(Loss)			(Loss)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	(17,925	)	$	751,780		$	288,555		$	1,022,410		$	(29,821	)	$	(771,155	)	$	(19,372	)	$	(820,348	)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC		-			(349	)		-			(349	)		(3,500	)		(95,347	)		41,225			(57,622	)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC		-			497			-			497			(13,005	)		(1,475,050	)		164,351			(1,323,704	)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC		(27,801	)		600,555			(1,046,175	)		(473,421	)		(34,000	)		(531,301	)		217,203			(348,098	)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC		(543	)		149,331			(126,776	)		22,012			(1,789	)		(453,267	)		(136,072	)		(591,128	)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		(11,428	)		(291,804	)		62,635			(240,597	)		(13,376	)		(1,148,018	)		156,838			(1,004,556	)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		(20,639	)		183,921			41,105			204,387			(9,160	)		63,905			(13,198	)		41,547
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC		-			-			42,887			42,887			-			-			(80,092	)		(80,092	)
Galaxy Plus Fund - TT Feeder Fund (531) LLC		-			1,384			-			1,384			(7,243	)		(321,982	)		(47,177	)		(376,402	)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		(83,195	)		2,059,011			272,659			2,248,475			(54,483	)		1,758,472			(443,728	)		1,260,261
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)		(6,780	)		(824,562	)		653,714			(177,628	)		(2,283	)		(708,548	)		(322,966	)		(1,033,797	)
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)		(7,807	)		107,810			(88,398	)		11,605			-			-			-			-
Total	$	(176,118	)	$	2,737,574		$	100,206		$	2,661,662		$	(168,660	)	$	(3,682,291	)	$	(482,988	)	$	(4,333,939	)

Schedule of private investment companies have certain redemption and liquidity restrictions

	Redemptions	Redemptions	Liquidity
	Notice Period	Permitted	Restrictions
Frontier Funds
Multi-Strategy
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC)	24 hours	Daily	None
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC	24 hours	Daily	None
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC)	24 hours	Daily	None
Trend Following
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	24 hours	Daily	None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	24 hours	Daily	None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC	24 hours	Daily	None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC	24 hours	Daily	None

XML

Transactions with Affiliates (Tables) - The Series of Frontier Funds [Member]

9 Months Ended

Sep. 30, 2021

Transactions with Affiliates (Tables) [Line Items]

Schedule of fees earned by managing owner

Three Months Ended September 30, 2021	Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	-	$	310	$	29,513
Frontier Masters Fund		-		-		135		12,339
Frontier Long/Short Commodity Fund		-		-		58		10,055
Frontier Balanced Fund		54,924		4,764		62,976		108,142
Frontier Select Fund		-		-		11,949		12,176
Frontier Global Fund		-		-		17,993		34,334
Frontier Heritage Fund		-		-		16,886		25,399
Three Months Ended September 30, 2020		Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	-	$	2,062	$	50,536
Frontier Masters Fund		-		-		407		21,879
Frontier Long/Short Commodity Fund		-		-		108		7,777
Frontier Balanced Fund		-		5,029		73,754		127,677
Frontier Select Fund		-		-		13,025		10,391
Frontier Global Fund		-		-		22,977		42,481
Frontier Heritage Fund		-		-		15,845		25,094
Nine Months Ended September 30, 2021		Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	-	$	1,860	$	97,487
Frontier Masters Fund		-		-		492		40,507
Frontier Long/Short Commodity Fund		-		-		170		28,870
Frontier Balanced Fund		104,764		13,978		195,972		332,131
Frontier Select Fund		-		-		35,191		35,541
Frontier Global Fund		-		-		58,383		106,684
Frontier Heritage Fund		-		-		50,788		75,071

Nine Months Ended September 30, 2020		Incentive (Rebate) Fees		Management Fee		Service Fee		Trading Fee
Frontier Diversified Fund	$	-	$	-	$	12,712	$	208,221
Frontier Masters Fund		-		-		1,501		83,524
Frontier Long/Short Commodity Fund		-		-		330		25,089
Frontier Balanced Fund		-		14,753		284,736		465,170
Frontier Select Fund		-		-		51,117		42,791
Frontier Global Fund		-		-		81,204		150,154
Frontier Heritage Fund		-		-		51,802		83,036

Schedule of fees payable to managing owner

As of September 30, 2021	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	-	$	-	$	-	$	85	$	9,894
Frontier Masters Fund		-		-		-		44		4,220
Frontier Long/Short Commodity Fund		-		-		37		19		3,295
Frontier Balanced Fund		54,924		1,610		1,063		18,384		35,169
Frontier Select Fund		-		-		249		3,698		4,003
Frontier Global Fund		-		-		261		5,525		10,585
Frontier Heritage Fund		-		-		368		5,050		8,117

As of December 31, 2020	Incentive Fees		Management Fees		Interest Fees		Service Fees		Trading Fees
Frontier Diversified Fund	$	-	$	-	$	-	$	385	$	12,576
Frontier Masters Fund		-		-		-		70		5,460
Frontier Long/Short Commodity Fund		-		-		87		18		2,281
Frontier Balanced Fund		-		8,854		1,376		21,381		37,894
Frontier Select Fund		-		-		179		3,709		3,933
Frontier Global Fund		-		-		326		6,348		11,849
Frontier Heritage Fund		-		-		139		4,794		7,705

Schedule of interest paid by each series to managing owner

Three Months Ended	September 30, 2021		September 30, 2020		September 30, 2021			September 30, 2020
	Gross Amount Paid to the Managing Owner		Gross Amount Paid to the Managing Owner		Ratio to Average Net Assets			Ratio to Average Net Assets
Frontier Long/Short Commodity Fund Class 2		4		6		0.01	%		0.02	%
Frontier Long/Short Commodity Fund Class 3		111		158		0.01	%		0.02	%
Frontier Balanced Fund Class 1		3,661		1,019		0.04	%		0.01	%
Frontier Balanced Fund Class 1AP		48		16		0.05	%		0.01	%
Frontier Balanced Fund Class 2		738		215		0.04	%		0.01	%
Frontier Balanced Fund Class 2a		7		2		0.01	%		0.00	%
Frontier Balanced Fund Class 3a		45		11		0.01	%		0.00	%
Frontier Select Fund Class 1		640		1,349		0.04	%		0.08	%
Frontier Select Fund Class 1AP		4		8		0.04	%		0.08	%
Frontier Select Fund Class 2		32		54		0.04	%		0.08	%
Frontier Global Fund Class 1		388		901		0.02	%		0.03	%
Frontier Global Fund Class 1AP		-		9		0.00	%		0.03	%
Frontier Global Fund Class 2		31		57		0.02	%		0.03	%
Frontier Heritage Fund Class 1		660		1,151		0.03	%		0.05	%
Frontier Heritage Fund Class 1AP		2		4		0.02	%		0.05	%
Frontier Heritage Fund Class 2		69		235		0.03	%		0.06	%
Total	$	6,440	$	5,195

Nine months ended	September 30, 2021		September 30, 2020		September 30, 2021			September 30, 2020
	Gross Amount Paid to the Managing Owner		Gross Amount Paid to the Managing Owner		Ratio to Average Net Assets			Ratio to Average Net Assets
Frontier Long/Short Commodity Fund Class 2		18		14		0.05	%		0.04	%
Frontier Long/Short Commodity Fund Class 3		518		354		0.05	%		0.04	%
Frontier Balanced Fund Class 1		7,208		5,419		0.08	%		0.04	%
Frontier Balanced Fund Class 1AP		96		79		0.09	%		0.04	%
Frontier Balanced Fund Class 2		1,456		1,074		0.08	%		0.04	%
Frontier Balanced Fund Class 2a		14		12		0.02	%		0.01	%
Frontier Balanced Fund Class 3a		87		58		0.02	%		0.01	%
Frontier Select Fund Class 1		2,208		3,081		0.14	%		0.14	%
Frontier Select Fund Class 1AP		15		15		0.14	%		0.14	%
Frontier Select Fund Class 2		104		112		0.14	%		0.14	%
Frontier Global Fund Class 1		2,492		2,649		0.10	%		0.07	%
Frontier Global Fund Class 1AP		-		24		0.00	%		0.07	%
Frontier Global Fund Class 2		183		208		0.09	%		0.07	%
Frontier Heritage Fund Class 1		2,708		2,800		0.12	%		0.12	%
Frontier Heritage Fund Class 1AP		10		11		0.12	%		0.12	%
Frontier Heritage Fund Class 2		277		623		0.12	%		0.12	%
Total	$	17,394	$	16,533

XML

Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2021

The Series of the Frontier Funds [Member]

Financial Highlights (Tables) [Line Items]

Schedule of financial highlights of trust

	Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, June 30, 2021	$	77.68		$	95.90		$	89.95		$	-		$	73.52		$	69.23		$	98.49		$	63.74		$	103.32		$	67.36
Net operating results:
Interest income		0.03			0.03			0.03			-			0.05			0.05			0.04			0.03			0.05			0.03
Expenses		(1.30	)		(0.87	)		(0.81	)		-			(1.10	)		(1.09	)		(0.71	)		(0.46	)		(0.74	)		(0.49	)
Net gain/(loss) on investments, net of non-controlling interests		(76.41	)		(4.08	)		(3.77	)		-	*		2.63			2.57			1.27			1.04			1.33			1.14
Net income/(loss)		(77.68	)		(4.91	)		(4.56	)		-	*		1.58			1.53			0.60			0.61			0.63			0.68
Net asset value, September 30, 2021	$	-		$	90.99		$	85.39		$	-	*	$	75.10		$	70.76		$	99.09		$	64.35		$	103.95		$	68.04
Ratios to average net assets
Net investment income/(loss)		-6.53	%		-3.45	%		-3.45	%		0.00	%		-5.88	%		-5.88	%		-2.67	%		-2.67	%		-2.67	%		-2.67	%
Expenses before incentive fees (3)(4)		6.67	%		3.60	%		3.60	%		0.00	%		6.17	%		6.17	%		2.85	%		2.85	%		2.85	%		2.85	%
Expenses after incentive fees (3)(4)		6.67	%		3.60	%		3.60	%		0.00	%		6.17	%		6.17	%		2.85	%		2.85	%		2.85	%		2.85	%
Total return before incentive fees (2)		-1.71	%*		-5.12	%		-5.07	%		0.00	%*		2.15	%		2.21	%		0.61	%		0.96	%		0.61	%		1.01	%
Total return after incentive fees (2)		-1.71	%*		-5.12	%		-5.07	%		0.00	%*		2.15	%		2.21	%		0.61	%		0.96	%		0.61	%		1.01	%

	Frontier Balanced Fund															Frontier Select Fund
	Class 1			Class 1AP			Class 2			Class 2a			Class 3a			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2021	$	85.86		$	105.55		$	142.34		$	123.47		$	123.05		$	66.17		$	81.44		$	108.07
Net operating results:
Interest income		0.00			0.00			0.02			0.00			0.00			0.00			0.00			0.00
Expenses		(2.03	)		(1.70	)		(46.17	)		(1.99	)		(1.98	)		(1.03	)		(0.62	)		(0.83	)
Net gain/(loss) on investments, net of non-controlling interests		0.79			0.96			45.15			1.17			1.16			2.18			2.66			3.52
Net income/(loss)		(1.24	)		(0.73	)		(1.00	)		(0.82	)		(0.82	)		1.15			2.03			2.70
Net asset value, September 30, 2021	$	84.62		$	104.82		$	141.34		$	122.65		$	122.23		$	67.32		$	83.47		$	110.77
Ratios to average net assets
Net investment income/(loss)		-7.75	%		-4.75	%		-4.75	%		-4.75	%		-4.75	%		-5.89	%		-2.89	%		-2.89	%
Expenses before incentive fees (3)(4)		7.24	%		4.24	%		4.24	%		4.24	%		4.24	%		5.89	%		2.89	%		2.89	%
Expenses after incentive fees (3)(4)		7.75	%		4.75	%		4.75	%		4.75	%		4.75	%		5.89	%		2.89	%		2.89	%
Total return before incentive fees (2)		-0.93	%		-0.18	%		-0.19	%		-0.15	%		-0.15	%		1.73	%		2.49	%		2.49	%
Total return after incentive fees (2)		-1.45	%		-0.70	%		-0.70	%		-0.66	%		-0.67	%		1.73	%		2.49	%		2.49	%
Incentive fee per share		0.45			0.55			14.98			0.64			0.64			-			-			-
Incentive Fee to ANA		0.51	%		0.51	%		0.51	%		0.51	%		0.51	%		0.00	%		0.00	%		0.00	%

	Frontier Global Fund						Frontier Heritage Fund
	Class 1			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2021	$	117.28		$	179.85		$	109.26		$	134.44		$	179.93
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00
Expenses		(2.33	)		(2.29	)		(1.90	)		(1.45	)		(1.81	)
Net gain/(loss) on investments, net of non-controlling interests		4.61			7.19			4.84			6.12			8.04
Net income/(loss)		2.28			4.90			2.94			4.66			6.24
Net asset value, September 30, 2021	$	119.56		$	184.75		$	112.20		$	139.10		$	186.17
Ratios to average net assets
Net investment income/(loss)		-8.28	%		-5.29	%		-7.05	%		-4.06	%		-4.06	%
Expenses before incentive fees (3)(4)		8.28	%		5.29	%		7.05	%		4.06	%		4.06	%
Expenses after incentive fees (3)(4)		8.28	%		5.29	%		7.05	%		4.06	%		4.06	%
Total return before incentive fees (2)		1.95	%		2.72	%		2.69	%		3.47	%		3.47	%
Total return after incentive fees (2)		1.95	%		2.72	%		2.69	%		3.47	%		3.47	%

		Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
		Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, June 30, 2020	$	74.09		$	89.88		$	84.09		$	61.92		$	75.13		$	70.56		$	44.58		$	83.27		$	53.49		$	87.35		$	56.38
Net operating results:
Interest income		0.01			0.02			0.02			0.03			0.04			0.04			0.03			0.06			0.04			0.06			0.04
Expenses		(1.46	)		(0.76	)		(0.71	)		(3.18	)		(1.05	)		(1.00	)		(0.69	)		(0.50	)		(0.32	)		(0.52	)		(0.34	)
Net gain/(loss) on investments, net of non-controlling interests		(6.17	)		(8.14	)		(7.57	)		(6.62	)		(10.57	)		(9.87	)		(43.93	)*		(1.42	)		(0.82	)		(1.49	)		0.82
Net income/(loss)		(7.61	)		(8.88	)		(8.26	)		(9.77	)		(11.58	)		(10.83	)		(44.58	)*		(1.86	)		(1.11	)		(1.95	)		(1.12	)
Net asset value, September 30, 2020	$	66.48		$	81.00		$	75.83		$	52.15		$	63.55		$	59.73		$	-	*	$	81.41		$	52.39		$	85.40		$	55.27
Ratios to average net assets
Net investment income/(loss)		-8.16	%		-3.45	%		-3.45	%		-21.78	%		-5.83	%		-5.83	%		-6.06	%		-2.17	%		-2.17	%		-2.17	%		-2.17	%
Expenses before incentive fees (3)(4)		8.24	%		3.53	%		3.53	%		22.02	%		6.06	%		6.06	%		6.34	%		2.45	%		2.45	%		2.45	%		2.45	%
Expenses after incentive fees (3)(4)		8.24	%		3.53	%		3.53	%		22.02	%		6.06	%		6.06	%		6.34	%		2.45	%		2.45	%		2.45	%		2.45	%
Total return before incentive fees (2)		-10.28	%		-9.88	%		-9.83	%		-15.78	%		-15.41	%		-15.35	%		-2.46	%*		-2.23	%		-2.07	%		-2.23	%		-1.98	%
Total return after incentive fees (2)		-10.28	%		-9.88	%		-9.83	%		-15.78	%		-15.41	%		-15.35	%		-2.46	%*		-2.23	%		-2.07	%		-2.23	%		-1.98	%
Incentive fee per share		-			-			-			-			-			-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

	Frontier Balanced Fund															Frontier Select Fund
	Class 1			Class 1AP			Class 2			Class 2a			Class 3a			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2020	$	78.59		$	93.76		$	126.44		$	109.61		$	109.24		$	61.04		$	72.91		$	96.75
Net operating results:
Interest income		0.00			0.00			0.01			0.00			0.00			0.00			0.00			0.00
Expenses		(1.39	)		(0.97	)		(20.94	)		(1.13	)		(1.13	)		(0.78	)		(0.41	)		(0.54	)
Net gain/(loss) on investments, net of non-controlling interests		(5.38	)		(6.46	)		10.92			(7.58	)		(7.51	)		(6.91	)		(8.30	)		(11.01	)
Net income/(loss)		(6.77	)		(7.42	)		(10.02	)		(8.71	)		(8.64	)		(7.69	)		(8.70	)		(11.55	)
Net asset value, September 30, 2020	$	71.82		$	86.34		$	116.42		$	100.90		$	100.60		$	53.35		$	64.20		$	85.20
Ratios to average net assets
Net investment income/(loss)		-7.30	%		-4.27	%		-4.27	%		-4.27	%		-4.27	%		-5.35	%		-2.32	%		-2.32	%
Expenses before incentive fees (3)(4)		7.31	%		4.27	%		4.27	%		4.27	%		4.27	%		5.35	%		2.32	%		2.32	%
Expenses after incentive fees (3)(4)		7.31	%		4.27	%		4.27	%		4.27	%		4.27	%		5.35	%		2.32	%		2.32	%
Total return before incentive fees (2)		-8.61	%		-7.92	%		-7.92	%		-7.95	%		-7.91	%		-12.60	%		-11.93	%		-11.93	%
Total return after incentive fees (2)		-8.61	%		-7.92	%		-7.92	%		-7.95	%		-7.91	%		-12.60	%		-11.93	%		-11.93	%
Incentive fee per share		-			-			-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

	Frontier Global Fund									Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2020	$	121.68		$	145.35		$	181.09		$	96.51		$	115.25		$	154.24
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(2.33	)		(1.77	)		(2.20	)		(1.62	)		(1.10	)		(1.49	)
Net gain/(loss) on investments, net of non-controlling interests		(15.17	)		(18.19	)		(22.67	)		(8.01	)		(9.62	)		(12.85	)
Net income/(loss)		(17.50	)		(19.96	)		(24.87	)		(9.63	)		(10.72	)		(14.34	)
Net asset value, September 30, 2020	$	104.18		$	125.39		$	156.22		$	86.88		$	104.53		$	139.90
Ratios to average net assets
Net investment income/(loss)		-8.26	%		-5.23	%		-5.23	%		-7.04	%		-4.01	%		-4.01	%
Expenses before incentive fees (3)(4)		8.26	%		5.23	%		5.23	%		7.04	%		4.01	%		4.01	%
Expenses after incentive fees (3)(4)		8.26	%		5.23	%		5.23	%		7.04	%		4.01	%		4.01	%
Total return before incentive fees (2)		-14.38	%		-13.73	%		-13.74	%		-9.98	%		-9.30	%		-9.29	%
Total return after incentive fees (2)		-14.38	%		-13.73	%		-13.74	%		-9.98	%		-9.30	%		-9.29	%
Incentive fee per share		-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

	Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2020	$	72.68		$	88.95		$	83.33		$	55.18		$	67.54		$	63.52		$	85.99		$	55.29		$	90.21		$	58.37
Net operating results:
Interest income		0.06			0.07			0.07			0.15			0.20			0.19			0.20			0.13			0.21			0.14
Expenses		(3.52	)		(2.49	)		(2.39	)		(5.34	)		(3.37	)		(3.16	)		(2.03	)		(1.28	)		(2.10	)		(1.36	)
Net gain/(loss) on investments, net of non-controlling interests		(69.21	)*		4.46			4.38			(49.99	)*		10.73			10.21			14.92			10.22			15.63			10.89
Net income/(loss)		(72.68	)*		2.04			2.06			(55.18	)*		7.56			7.24			13.10			9.06			13.74			9.67
Net asset value, September 30, 2021	$	-	*	$	90.99		$	85.39		$	-	*	$	75.10		$	70.76		$	99.09		$	64.35		$	103.95		$	68.04
Ratios to average net assets
Net investment income/(loss)		-8.89	%		-5.12	%		-5.12	%		-18.61	%		-8.50	%		-8.50	%		-3.80	%		-3.80	%		-3.80	%		-3.80	%
Expenses before incentive fees (3)(4)		9.04	%		5.27	%		5.27	%		19.14	%		9.03	%		9.03	%		4.22	%		4.22	%		4.22	%		4.22	%
Expenses after incentive fees (3)(4)		9.04	%		5.27	%		5.27	%		19.14	%		9.03	%		9.03	%		4.22	%		4.22	%		4.22	%		4.22	%
Total return before incentive fees (2)		5.06	%*		2.29	%		2.48	%		4.59	%*		11.19	%		11.39	%		15.24	%		16.39	%		15.23	%		16.57	%
Total return after incentive fees (2)		5.06	%*		2.29	%		2.48	%		4.59	%*		11.19	%		11.39	%		15.24	%		16.39	%		15.23	%		16.57	%

	Frontier Balanced Fund															Frontier Select Fund
	Class 1			Class 1AP			Class 2			Class 2a			Class 3a			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2020	$	79.93		$	96.81		$	130.54		$	113.20		$	112.81		$	58.55		$	70.99		$	94.20
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(5.36	)		(4.24	)		(5.68	)		(5.25	)		(4.83	)		(2.85	)		(1.67	)		(2.22	)
Net gain/(loss) on investments, net of non-controlling interests		10.04			12.24			16.48			14.69			14.25			11.62			14.15			18.78
Net income/(loss)		4.69			8.01			10.80			9.45			9.42			8.77			12.48			16.57
Net asset value, September 30, 2021	$	84.62		$	104.82		$	141.34		$	122.65		$	122.23		$	67.32		$	83.47		$	110.77
Ratios to average net assets
Net investment income/(loss)		-11.56	%		-7.12	%		-7.12	%		-7.12	%		-7.12	%		-8.94	%		-4.38	%		-4.38	%
Expenses before incentive fees (3)(4)		10.65	%		6.21	%		6.21	%		6.21	%		6.21	%		8.94	%		4.38	%		4.38	%
Expenses after incentive fees (3)(4)		11.57	%		7.13	%		7.13	%		7.13	%		7.13	%		8.94	%		4.38	%		4.38	%
Total return before incentive fees (2)		6.78	%		9.19	%		9.19	%		9.27	%		9.27	%		14.97	%		17.58	%		17.59	%
Total return after incentive fees (2)		5.87	%		8.27	%		8.28	%		8.35	%		8.35	%		14.97	%		17.58	%		17.59	%
Incentive fee per share		0.79			0.98			1.31			1.21			1.11			-			-			-
Incentive Fee to ANA		0.92	%		0.92	%		0.92	%		0.92	%		0.92	%		0.00	%		0.00	%		0.00	%

	Frontier Global Fund						Frontier Heritage Fund
	Class 1			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2020	$	110.90		$	167.56		$	96.10		$	116.50		$	155.92
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00
Expenses		(6.99	)		(6.57	)		(5.57	)		(3.91	)		(5.18	)
Net gain/(loss) on investments, net of non-controlling interests		15.65			23.76			21.67			26.52			35.42
Net income/(loss)		8.66			17.19			16.10			22.60			30.25
Net asset value, September 30, 2021	$	119.56		$	184.75		$	112.20		$	139.10		$	186.17
Ratios to average net assets
Net investment income/(loss)		-11.77	%		-7.42	%		-10.56	%		-6.04	%		-6.04	%
Expenses before incentive fees (3)(4)		11.77	%		7.42	%		10.56	%		6.04	%		6.04	%
Expenses after incentive fees (3)(4)		11.77	%		7.42	%		10.56	%		6.04	%		6.04	%
Total return before incentive fees (2)		7.81	%		10.26	%		16.75	%		19.40	%		19.40	%
Total return after incentive fees (2)		7.81	%		10.26	%		16.75	%		19.40	%		19.40	%

	Frontier Diversified Fund									Frontier Masters Fund									Frontier Long/Short Commodity Fund
	Class 1			Class 2			Class 3			Class 1			Class 2			Class 3			Class 1a			Class 2			Class 2a			Class 3			Class 3a
Per unit operating performance (1)
Net asset value, December 31, 2019	$	101.10		$	121.58		$	113.61		$	72.28		$	87.18		$	81.78		$	44.20		$	81.60		$	52.55		$	85.64		$	55.31
Net operating results:
Interest income		0.02			0.03			0.02			0.08			0.10			0.10			0.07			0.13			0.08			0.13			0.09
Expenses		(4.88	)		(2.82	)		(2.50	)		(11.57	)		(3.75	)		(3.52	)		(2.13	)		(1.59	)		(1.02	)		(1.67	)		(1.08	)
Net gain/(loss) on investments, net of non-controlling interests		(29.76	)		(37.79	)		(35.30	)		(8.64	)		(19.99	)		(18.63	)		(42.14	)*		1.27			0.78			1.30			0.94
Net income/(loss)		(34.62	)		(40.58	)		(37.78	)		(20.13	)		(23.63	)		(22.05	)		(44.20	)*		(0.19	)		(0.17	)		(0.24	)		(0.05	)
Net asset value, September 30, 2020	$	66.48		$	81.00		$	75.83		$	52.15		$	63.55		$	59.73		$	-	*	$	81.41		$	52.39		$	85.40		$	55.27
Ratios to average net assets
Net investment income/(loss)		-10.89	%		-5.35	%		-5.35	%		-35.07	%		-9.11	%		-9.11	%		-9.27	%		-3.53	%		-3.53	%		-3.53	%		-3.53	%
Expenses before incentive fees (3)(4)		10.94	%		5.40	%		5.40	%		35.33	%		9.37	%		9.37	%		9.58	%		3.84	%		3.84	%		3.84	%		3.84	%
Expenses after incentive fees (3)(4)		10.94	%		5.40	%		5.40	%		35.33	%		9.37	%		9.37	%		9.58	%		3.84	%		3.84	%		3.84	%		3.84	%
Total return before incentive fees (2)		-34.25	%		-33.38	%		-33.25	%		-27.85	%		-27.11	%		-26.97	%		-1.62	%*		-0.23	%		-0.31	%		-0.28	%		-0.08	%
Total return after incentive fees (2)		-34.25	%		-33.38	%		-33.25	%		-27.85	%		-27.11	%		-26.97	%		-1.62	%*		-0.23	%		-0.31	%		-0.28	%		-0.08	%
Incentive fee per share		-			-			-			-			-			-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

	Frontier Balanced Fund															Frontier Select Fund
	Class 1			Class 1AP			Class 2			Class 2a			Class 3a			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2019	$	117.23		$	137.81		$	185.82		$	161.04		$	160.50		$	66.56		$	78.51		$	103.94
Net operating results:
Interest income		0.04			0.04			0.06			0.05			0.05			0.00			0.00			0.00
Expenses		(4.79	)		(3.21	)		(4.34	)		(3.79	)		(3.76	)		(2.61	)		(1.37	)		(1.83	)
Net gain/(loss) on investments, net of non-controlling interests		(40.66	)		(48.31	)		(65.11	)		(56.40	)		(56.20	)		(10.60	)		(12.93	)		(16.92	)
Net income/(loss)		(45.41	)		(51.47	)		(69.40	)		(60.14	)		(59.90	)		(13.21	)		(14.31	)		(18.74	)
Net asset value, September 30, 2020	$	71.82		$	86.34		$	116.42		$	100.90		$	100.60		$	53.35		$	64.20		$	85.20
Ratios to average net assets
Net investment income/(loss)		-10.42	%		-5.92	%		-5.92	%		-5.92	%		-5.92	%		-8.15	%		-3.64	%		-3.64	%
Expenses before incentive fees (3)(4)		10.50	%		6.00	%		6.00	%		6.00	%		6.00	%		8.15	%		3.64	%		3.64	%
Expenses after incentive fees (3)(4)		10.50	%		6.00	%		6.00	%		6.00	%		6.00	%		8.15	%		3.64	%		3.64	%
Total return before incentive fees (2)		-38.74	%		-37.35	%		-37.35	%		-37.34	%		-37.32	%		-19.84	%		-18.22	%		-18.03	%
Total return after incentive fees (2)		-38.74	%		-37.35	%		-37.35	%		-37.34	%		-37.32	%		-19.84	%		-18.22	%		-18.03	%
Incentive fee per share		-			-			-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

	Frontier Global Fund									Frontier Heritage Fund
	Class 1			Class 1AP			Class 2			Class 1			Class 1AP			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2019	$	131.52		$	154.43		$	192.82		$	97.54		$	114.15		$	153.59
Net operating results:
Interest income		0.00			0.00			0.00			0.00			0.00			0.00
Expenses		(7.81	)		(5.84	)		(7.38	)		(5.22	)		(3.52	)		(4.74	)
Net gain/(loss) on investments, net of non-controlling interests		(19.53	)		(23.20	)		(29.22	)		(5.44	)		(6.11	)		(8.95	)
Net income/(loss)		(27.34	)		(29.04	)		(36.60	)		(10.65	)		(9.62	)		(13.69	)
Net asset value, September 30, 2020	$	104.18		$	125.39		$	156.22		$	86.88		$	104.53		$	139.90
Ratios to average net assets
Net investment income/(loss)		-12.20	%		-7.68	%		-7.68	%		-10.42	%		-5.90	%		-5.90	%
Expenses before incentive fees (3)(4)		12.20	%		7.68	%		7.68	%		10.42	%		5.90	%		5.90	%
Expenses after incentive fees (3)(4)		12.20	%		7.68	%		7.68	%		10.42	%		5.90	%		5.90	%
Total return before incentive fees (2)		-20.79	%		-18.80	%		-18.98	%		-10.92	%		-8.43	%		-8.91	%
Total return after incentive fees (2)		-20.79	%		-18.80	%		-18.98	%		-10.92	%		-8.43	%		-8.91	%
Incentive fee per share		-			-			-			-			-			-
Incentive Fee to ANA		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

Frontier Funds [Member]

Financial Highlights (Tables) [Line Items]

Schedule of financial highlights of trust

	2021			2020
Ratios to average net assets (1)
Net investment income/(loss) (1)		-6.27	%		-5.84	%
Expenses before incentive fees (3)		6.07	%		-5.88	%
Expenses after incentive fees (3)		6.32	%		-5.88	%
Total return before incentive fees (2)		-0.29	%		-10.08	%
Total return after incentive fees (2)		-0.53	%		-10.08	%

	2021			2020
Ratios to average net assets (1)
Net investment income/(loss) (1)		-6.43	%		-5.70	%
Expenses before incentive fees (3)		6.04	%		-5.69	%
Expenses after incentive fees (3)		6.47	%		-5.74	%
Total return before incentive fees (2)		8.81	%		-36.52	%
Total return after incentive fees (2)		8.37	%		-36.56	%

XML

Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2021

The Series of Frontier Funds [Member]

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

Schedule of averages futures contracts

	Bought		Sold
Frontier Balanced Fund		307		392

	Bought		Sold
Frontier Balanced Fund		600		726

	Bought		Sold
Frontier Balanced Fund		293		322

	Bought		Sold
Frontier Balanced Fund		578		568

Schedule of realized trading revenue from futures, forwards and options

Type of contract	Frontier Balanced Fund
Agriculturals	$	13,487
Currencies		(20,259	)
Energies		82,010
Interest rates		5,987
Metals		155
Stock indices		12,503
Realized trading income/(loss)(1)	$	93,883

Type of contract	Frontier Balanced Fund
Agriculturals	$	107,606
Currencies		36,116
Energies		(29,190	)
Interest rates		(80,947	)
Metals		105,688
Stock indices		28,280
Realized trading income/(loss)(1)	$	167,553

Type of contract	Frontier Balanced Fund
Agriculturals	$	87,183
Currencies		(75,797	)
Energies		133,440
Interest rates		127,666
Metals		88,709
Stock indices		213,404
Realized trading income/(loss)(1)	$	574,605

Type of contract	Frontier Balanced Fund
Agriculturals	$	132,659
Currencies		15,372
Energies		(15,120	)
Interest rates		56,888
Metals		427,135
Stock indices		(28,822	)
Realized trading income/(loss)(1)	$	588,112

Schedule of net trading gain loss

Type of contract	Frontier Balanced Fund
Agriculturals	$	62,335
Currencies		8,416
Energies		22,030
Interest rates		(1,144	)
Metals		72,161
Stock indices		(10,502	)
Change in unrealized trading income/(loss)(1)	$	153,295

Type of contract	Frontier Balanced Fund
Agriculturals	$	(73,529	)
Currencies		(12,856	)
Energies		(35,050	)
Interest rates		46,611
Metals		28,731
Stock indices		(7,741	)
Change in unrealized trading income/(loss)(1)	$	(53,834	)

Type of contract	Frontier Balanced Fund
Agriculturals	$	34,336
Currencies		(89,833	)
Energies		35,930
Interest rates		(13,046	)
Metals		30,003
Stock indices		(14,058	)
Change in unrealized trading income/(loss)(1)	$	(16,668	)

Type of contract	Frontier Balanced Fund
Agriculturals	$	(58,614	)
Currencies		(27,439	)
Energies		(39,325	)
Interest rates		76,647
Metals		(91,914	)
Stock indices		9,775
Change in unrealized trading income/(loss)(1)	$	(130,870	)

Schedule of gross and net information about the trust's assets and liabilities

Frontier Balanced Fund	Gross Amounts of recognized Derivative Assets/Liabilities		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	1,246,031	$	(1,161,702	)	$	84,329

Frontier Balanced Fund	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	814,743	$	(714,303	)	$	100,440

Frontier Funds [Member]

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

Schedule of realized trading revenue from futures, forwards and options

Type of contract
Agriculturals	$	13,487
Currencies		(20,259	)
Energies		82,010
Interest rates		5,987
Metals		155
Stock indices		12,503
Realized trading income/(loss)(1)	$	93,883

Type of contract
Agriculturals	$	107,606
Currencies		36,116
Energies		(29,190	)
Interest rates		(80,947	)
Metals		105,688
Stock indices		28,280
Realized trading income/(loss)(1)	$	167,553

Type of contract
Agriculturals	$	87,183
Currencies		(75,797	)
Energies		133,440
Interest rates		127,666
Metals		88,709
Stock indices		213,404
Realized trading income/(loss)(1)	$	574,605

Type of contract
Agriculturals	$	132,659
Currencies		15,372
Energies		(15,120	)
Interest rates		56,888
Metals		427,135
Stock indices		(28,822	)
Realized trading income/(loss)(1)	$	588,112

Schedule of net trading gain loss

Type of contract
Agriculturals	$	62,335
Currencies		8,416
Energies		22,030
Interest rates		(1,144	)
Metals		72,161
Stock indices		(10,502	)
Change in unrealized trading income/(loss)(1)	$	153,295

Type of contract
Agriculturals	$	(73,529	)
Currencies		(12,856	)
Energies		(35,050	)
Interest rates		46,611
Metals		28,731
Stock indices		(7,741	)
Change in unrealized trading income/(loss)(1)	$	(53,834	)

Type of contract
Agriculturals	$	34,336
Currencies		(89,833	)
Energies		35,930
Interest rates		(13,046	)
Metals		30,003
Stock indices		(14,058	)
Change in unrealized trading income/(loss)(1)	$	(16,668	)

Type of contract
Agriculturals	$	(58,614	)
Currencies		(27,439	)
Energies		(39,325	)
Interest rates		76,647
Metals		(91,914	)
Stock indices		9,775
Change in unrealized trading income/(loss)(1)	$	(130,870	)

Schedule of gross and net information about the trust's assets and liabilities

	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial
Open Trade Equity/(Deficit)	$	1,246,031	$	(1,161,702	)	$	84,329

	Gross Amounts of recognized Derivative Assets		Gross Amounts offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	814,743	$	(714,303	)	$	100,440

XML

Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) - USD ($)		Sep. 30, 2021	Dec. 31, 2020
Private Investment Companies [Member] | Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 131,464
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.59%
Private Investment Companies [Member] | Frontier Funds [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 2,419,421
Investment Owned, % of Total Capital (Net Asset Value)	[1]	10.82%
Private Investment Companies [Member] | Frontier Funds [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 1,184,603
Investment Owned, % of Total Capital (Net Asset Value)	[1]	5.30%
Private Investment Companies [Member] | Frontier Funds [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 1,899,239
Investment Owned, % of Total Capital (Net Asset Value)	[1]	8.49%
Private Investment Companies [Member] | Frontier Funds [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 7,322,291
Investment Owned, % of Total Capital (Net Asset Value)	[1]	32.74%
Private Investment Companies [Member] | Frontier Funds [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 5,786,775
Investment Owned, % of Total Capital (Net Asset Value)	[1]	25.87%
Private Investment Companies [Member] | Frontier Funds [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 2,550,021
Investment Owned, % of Total Capital (Net Asset Value)	[1]	11.40%
Private Investment Companies [Member] | Frontier Funds [Member] | Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 302,146
Investment Owned, % of Total Capital (Net Asset Value)	[1]	1.35%
Private Investment Companies [Member] | Frontier Funds [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 479,373
Investment Owned, % of Total Capital (Net Asset Value)	[1]	2.14%
US Treasury Securities [Member] | The Series of Frontier Funds [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Underlying Face Amount, at Face Value	[1]	$ 116,500	$ 1,755,000
US Treasury Securities [Member] | Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 143,896
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.64%
US Treasury Securities [Member] | Frontier Funds [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 143,896
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.64%
Total Private Investment Companies [Member] | Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 22,075,333
Investment Owned, % of Total Capital (Net Asset Value)	[1]	98.70%
Frontier Diversified Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 3,061,135	$ 3,644,603
Investment Owned, % of Total Capital (Net Asset Value)		97.47%	87.12%
Frontier Diversified Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 726,697	$ 1,066,074
Investment Owned, % of Total Capital (Net Asset Value)		23.14%	25.49%
Frontier Diversified Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 216,565	$ 414,692
Investment Owned, % of Total Capital (Net Asset Value)		6.90%	9.91%
Frontier Diversified Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 573,120	$ 672,766
Investment Owned, % of Total Capital (Net Asset Value)		18.25%	16.08%
Frontier Diversified Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 742,805	$ 732,066
Investment Owned, % of Total Capital (Net Asset Value)		23.65%	17.50%
Frontier Diversified Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 477,374	$ 435,119
Investment Owned, % of Total Capital (Net Asset Value)		15.20%	10.40%
Frontier Diversified Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 324,574	$ 323,886
Investment Owned, % of Total Capital (Net Asset Value)		10.33%	7.74%
Frontier Diversified Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
Frontier Diversified Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%	0.00%
Frontier Diversified Fund [Member] | Investment in Unconsolidated Trading Companies [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 30,579	$ 16,669
Investment Owned, % of Total Capital (Net Asset Value)		0.97%	0.40%
Frontier Diversified Fund [Member] | Investment in Unconsolidated Trading Companies [Member] | The Series of Frontier Funds [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 30,579	$ 16,669
Investment Owned, % of Total Capital (Net Asset Value)		0.97%	0.40%
Frontier Diversified Fund [Member] | US Treasury Securities [Member] | The Series of Frontier Funds [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 33,471	$ 427,393
Investment Owned, % of Total Capital (Net Asset Value)	[1]	1.07%	10.22%
Investment Owned, Underlying Face Amount, at Face Value	[1]	$ 116,500
Frontier Diversified Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | The Series of Frontier Funds [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	27,099	$ 328,604
Frontier Diversified Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | The Series of Frontier Funds [Member] | Cost [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	34,116	427,509
Frontier Masters Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 782,240	$ 1,014,591
Investment Owned, % of Total Capital (Net Asset Value)		97.07%	102.12%
Frontier Masters Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%	0.00%
Frontier Masters Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%	0.00%
Frontier Masters Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%	0.00%
Frontier Masters Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 353,746	$ 486,659
Investment Owned, % of Total Capital (Net Asset Value)		43.90%	48.98%
Frontier Masters Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 252,047	$ 258,609
Investment Owned, % of Total Capital (Net Asset Value)		31.28%	26.03%
Frontier Masters Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 176,447	$ 269,323
Investment Owned, % of Total Capital (Net Asset Value)		21.90%	27.11%
Frontier Masters Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
Frontier Masters Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%	0.00%
Frontier Masters Fund [Member] | Investment in Unconsolidated Trading Companies [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 16,239	$ 907
Investment Owned, % of Total Capital (Net Asset Value)		2.02%	0.09%
Frontier Masters Fund [Member] | Investment in Unconsolidated Trading Companies [Member] | The Series of Frontier Funds [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 16,239	$ 907
Investment Owned, % of Total Capital (Net Asset Value)		2.02%	0.09%
Frontier Masters Fund [Member] | US Treasury Securities [Member] | The Series of Frontier Funds [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 17,774	$ 23,245
Investment Owned, % of Total Capital (Net Asset Value)	[1]	2.21%	2.34%
Frontier Masters Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | The Series of Frontier Funds [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 14,390	$ 17,872
Frontier Masters Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | The Series of Frontier Funds [Member] | Cost [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	18,117	23,251
Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 1,335,596	$ 738,053
Investment Owned, % of Total Capital (Net Asset Value)		94.72%	56.19%
Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%	0.00%
Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%	0.00%
Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%	0.00%
Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%	0.00%
Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 554,077	$ 272,294
Investment Owned, % of Total Capital (Net Asset Value)		39.30%	20.73%
Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%	0.00%
Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 302,145
Investment Owned, % of Total Capital (Net Asset Value)		21.43%
Frontier Long/Short Commodity Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 479,374	$ 465,759
Investment Owned, % of Total Capital (Net Asset Value)		34.00%	35.46%
Frontier Long/Short Commodity Fund [Member] | Investment in Unconsolidated Trading Companies [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 21,311	$ 17,736
Investment Owned, % of Total Capital (Net Asset Value)		1.51%	1.35%
Frontier Long/Short Commodity Fund [Member] | Investment in Unconsolidated Trading Companies [Member] | The Series of Frontier Funds [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 21,311	$ 17,736
Investment Owned, % of Total Capital (Net Asset Value)		1.51%	1.35%
Frontier Long/Short Commodity Fund [Member] | US Treasury Securities [Member] | The Series of Frontier Funds [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 23,326	$ 454,738
Investment Owned, % of Total Capital (Net Asset Value)	[1]	1.65%	34.63%
Frontier Long/Short Commodity Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | The Series of Frontier Funds [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 18,885	$ 349,629
Frontier Long/Short Commodity Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | The Series of Frontier Funds [Member] | Cost [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	23,775	454,862
Frontier Global Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 2,802,754	$ 3,068,656
Investment Owned, % of Total Capital (Net Asset Value)		103.99%	104.71%
Frontier Global Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 2,802,754	$ 3,068,656
Investment Owned, % of Total Capital (Net Asset Value)		103.99%	104.71%
Frontier Global Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)
Frontier Global Fund [Member] | Investment in Unconsolidated Trading Companies [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 18,148	$ 1,083
Investment Owned, % of Total Capital (Net Asset Value)		0.67%	0.04%
Frontier Global Fund [Member] | Investment in Unconsolidated Trading Companies [Member] | The Series of Frontier Funds [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 18,148	$ 1,083
Investment Owned, % of Total Capital (Net Asset Value)		0.67%	0.04%
Frontier Global Fund [Member] | US Treasury Securities [Member] | The Series of Frontier Funds [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 19,864	$ 27,742
Investment Owned, % of Total Capital (Net Asset Value)	[1]	0.74%	0.95%
Frontier Global Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | The Series of Frontier Funds [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 16,082	$ 21,330
Frontier Global Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | The Series of Frontier Funds [Member] | Cost [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	20,246	27,750
Frontier Heritage Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 2,564,374	$ 2,367,462
Investment Owned, % of Total Capital (Net Asset Value)		98.96%	99.25%
Frontier Heritage Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 1,657,316	$ 1,539,331
Investment Owned, % of Total Capital (Net Asset Value)		63.96%	64.53%
Frontier Heritage Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 907,058	$ 828,131
Investment Owned, % of Total Capital (Net Asset Value)		35.00%	34.72%
Frontier Heritage Fund [Member] | Investment in Unconsolidated Trading Companies [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 29,586	$ 2,880
Investment Owned, % of Total Capital (Net Asset Value)		1.14%	0.12%
Frontier Heritage Fund [Member] | Investment in Unconsolidated Trading Companies [Member] | The Series of Frontier Funds [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 29,586	$ 2,880
Investment Owned, % of Total Capital (Net Asset Value)		1.14%	0.12%
Frontier Heritage Fund [Member] | US Treasury Securities [Member] | The Series of Frontier Funds [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 32,384	$ 73,847
Investment Owned, % of Total Capital (Net Asset Value)	[1]	1.25%	3.10%
Frontier Heritage Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | The Series of Frontier Funds [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 26,218	$ 56,778
Frontier Heritage Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | The Series of Frontier Funds [Member] | Cost [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]	$ 33,007	$ 73,867

[1] See Note 5 to the Financial Statements.

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Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) (Parentheticals) - US Treasury Note [Member] - USD ($)	Sep. 30, 2021	Dec. 31, 2020
US Treasury Securities [Member] | Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) (Parentheticals) [Line Items]
Investment Owned, at Cost	$ 146,667
Frontier Diversified Fund [Member] | US Treasury Securities [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) (Parentheticals) [Line Items]
Investment Owned, at Cost	146,667
Frontier Diversified Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) (Parentheticals) [Line Items]
Investment Owned, at Cost		$ 2,283,228
Frontier Global Fund [Member] | US Treasury Securities [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of investment companies (Unaudited) (Parentheticals) [Line Items]
Investment Owned, at Cost	$ 146,667	$ 2,283,228

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Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) - USD ($)		Sep. 30, 2021		Dec. 31, 2020
Frontier Funds [Member] | LONG FUTURES CONTRACTS [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value				$ 449,023
Investment Owned, % of Total Capital (Net Asset Value)				1.74%
Frontier Funds [Member] | SHORT FUTURES CONTRACTS [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value				$ (348,583)
Investment Owned, % of Total Capital (Net Asset Value)				(1.36%)
Frontier Funds [Member] | Open Trade Equity/(Deficit) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value				$ 100,440
Investment Owned, % of Total Capital (Net Asset Value)				0.38%
Frontier Funds [Member] | Private Investment Companies [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]			$ 23,089,312
Investment Owned, % of Total Capital (Net Asset Value)	[1]			90.31%
LONG FUTURES CONTRACTS [Member] | Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (262,807)
Investment Owned, % of Total Capital (Net Asset Value)		(1.17%)
LONG FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various agriculture futures contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (9,652)		$ 72,005
Investment Owned, % of Total Capital (Net Asset Value)		(0.04%)		0.28%
LONG FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various Agriculture Futures Contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 85,119		$ 9,803
Investment Owned, % of Total Capital (Net Asset Value)		0.38%		0.04%
LONG FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various Agriculture Futures Contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 43,697		$ 87,496
Investment Owned, % of Total Capital (Net Asset Value)		0.20%		0.34%
LONG FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (39,727)		$ 22,858
Investment Owned, % of Total Capital (Net Asset Value)		(0.18%)		0.09%
LONG FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various Currency Futures Contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (481)		$ 10,573
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.04%
LONG FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various currency futures contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (15,984)
Investment Owned, % of Total Capital (Net Asset Value)		(0.07%)
LONG FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various Currency Futures Contracts (Latin America) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (9,108)		$ 5,833
Investment Owned, % of Total Capital (Net Asset Value)		(0.04%)		0.02%
LONG FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various currency futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 7,388		$ (100)
Investment Owned, % of Total Capital (Net Asset Value)		0.03%		0.00%
LONG FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various energy futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 79,410
Investment Owned, % of Total Capital (Net Asset Value)		0.36%
LONG FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (334,215)		$ 148,949
Investment Owned, % of Total Capital (Net Asset Value)		(1.49%)		0.58%
LONG FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (24,169)		$ 2,882
Investment Owned, % of Total Capital (Net Asset Value)		(0.11%)		0.01%
LONG FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various interest rates futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (14,625)		$ 2,438
Investment Owned, % of Total Capital (Net Asset Value)		(0.07%)		0.01%
LONG FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various precious metal futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (5,456)		$ 28,625
Investment Owned, % of Total Capital (Net Asset Value)		(0.02%)		0.11%
LONG FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various stock index futures contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (5,437)
Investment Owned, % of Total Capital (Net Asset Value)		(0.02%)
LONG FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various stock index futures contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (3,432)		$ 5,312
Investment Owned, % of Total Capital (Net Asset Value)		(0.02%)		0.02%
LONG FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various stock index futures contracts (Oceanic) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (1,626)
Investment Owned, % of Total Capital (Net Asset Value)		(0.01%)
LONG FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various stock index futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (10,558)
Investment Owned, % of Total Capital (Net Asset Value)		(0.05%)
LONG FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various stock index futures contracts (Canada) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (3,951)
Investment Owned, % of Total Capital (Net Asset Value)		(0.02%)
LONG FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various soft futures contracts (U.S.) One [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value				$ 52,349
Investment Owned, % of Total Capital (Net Asset Value)				0.20%
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 347,136
Investment Owned, % of Total Capital (Net Asset Value)		1.55%
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various agriculture futures contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 3,818
Investment Owned, % of Total Capital (Net Asset Value)		0.02%
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various Agriculture Futures Contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (55,212)
Investment Owned, % of Total Capital (Net Asset Value)		(0.25%)
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various Agriculture Futures Contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 1,372
Investment Owned, % of Total Capital (Net Asset Value)		0.01%
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various Currency Futures Contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 30,456
Investment Owned, % of Total Capital (Net Asset Value)		0.14%
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various currency futures contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 828
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various Currency Futures Contracts (Latin America) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 20,698
Investment Owned, % of Total Capital (Net Asset Value)		0.09%
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various currency futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (4,750)
Investment Owned, % of Total Capital (Net Asset Value)		(0.02%)
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various energy futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (43,480)
Investment Owned, % of Total Capital (Net Asset Value)		(0.19%)
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 264,970		$ (127,832)
Investment Owned, % of Total Capital (Net Asset Value)		1.18%		(0.50%)
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 35,149
Investment Owned, % of Total Capital (Net Asset Value)		0.16%
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various interest rates futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 5,313
Investment Owned, % of Total Capital (Net Asset Value)		0.02%
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various precious metal futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 67,448		$ (25,560)
Investment Owned, % of Total Capital (Net Asset Value)		0.30%		(0.10%)
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various stock index futures contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 8,521
Investment Owned, % of Total Capital (Net Asset Value)		0.04%
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various stock index futures contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value				$ (3,340)
Investment Owned, % of Total Capital (Net Asset Value)				(0.01%)
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various stock index futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (963)
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various stock index futures contracts (Canada) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 2,986
Investment Owned, % of Total Capital (Net Asset Value)		0.01%
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various soft futures contracts (U.S.) One [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value				$ (42,669)
Investment Owned, % of Total Capital (Net Asset Value)				(0.17%)
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various agriculture futures contracts (Far East) One [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value				$ (30,963)
Investment Owned, % of Total Capital (Net Asset Value)				(0.12%)
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various agriculture futures contracts (Europe) One [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value				$ (10,797)
Investment Owned, % of Total Capital (Net Asset Value)				(0.04%)
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various Agriculture Futures Contracts (U.S.) One [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value				$ (92,738)
Investment Owned, % of Total Capital (Net Asset Value)				(0.36%)
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various base metals futures contracts (U.S.) One [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value				$ (10,289)
Investment Owned, % of Total Capital (Net Asset Value)				(0.04%)
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various currency futures contracts (U.S.) One [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value				$ 2,300
Investment Owned, % of Total Capital (Net Asset Value)				0.01%
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various currency futures contracts (Europe) One [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value				$ (10,381)
Investment Owned, % of Total Capital (Net Asset Value)				(0.04%)
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various currency futures contracts (Latin America) One [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value				$ 2,512
Investment Owned, % of Total Capital (Net Asset Value)				0.01%
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various interest rates futures contracts (Far East) One [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value				$ (2,482)
Investment Owned, % of Total Capital (Net Asset Value)				(0.01%)
SHORT FUTURES CONTRACTS [Member] | Frontier Funds [Member] | Various interest rates futures contracts (U.S.) One [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value				$ 3,656
Investment Owned, % of Total Capital (Net Asset Value)				0.01%
Open Trade Equity (Deficit) [Member] | Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 84,329
Investment Owned, % of Total Capital (Net Asset Value)		0.38%
Private Investment Companies [Member] | Frontier Funds [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]			$ 3,377,314
Investment Owned, % of Total Capital (Net Asset Value)	[1]			13.21%
Private Investment Companies [Member] | Frontier Funds [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]			$ 1,996,633
Investment Owned, % of Total Capital (Net Asset Value)	[1]			7.81%
Private Investment Companies [Member] | Frontier Funds [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]			$ 1,654,786
Investment Owned, % of Total Capital (Net Asset Value)	[1]			6.47%
Private Investment Companies [Member] | Frontier Funds [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]			$ 7,427,324
Investment Owned, % of Total Capital (Net Asset Value)	[1]			29.05%
Private Investment Companies [Member] | Frontier Funds [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]			$ 5,363,456
Investment Owned, % of Total Capital (Net Asset Value)	[1]			20.98%
Private Investment Companies [Member] | Frontier Funds [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]			$ 2,715,008
Investment Owned, % of Total Capital (Net Asset Value)	[1]			10.62%
Private Investment Companies [Member] | Frontier Funds [Member] | Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]			$ 89,029
Investment Owned, % of Total Capital (Net Asset Value)	[1]			0.35%
Private Investment Companies [Member] | Frontier Funds [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[1]			$ 465,759
Investment Owned, % of Total Capital (Net Asset Value)	[1]			1.82%
U.S. TREASURY SECURITIES [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 116,500	[2]	$ 1,755,000
U.S. TREASURY SECURITIES [Member] | Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value				$ 2,282,606
Investment Owned, % of Total Capital (Net Asset Value)				8.93%
U.S. TREASURY SECURITIES [Member] | Frontier Funds [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 9,982
Investment Owned, % of Total Capital (Net Asset Value)		0.04%
U.S. TREASURY SECURITIES [Member] | Frontier Funds [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value				$ 2,282,606
Investment Owned, % of Total Capital (Net Asset Value)				8.93%
Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member] | Open Trade Equity (Deficit) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value				$ 100,440
Investment Owned, % of Total Capital (Net Asset Value)				0.81%
Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (262,807)		$ 449,023
Investment Owned, % of Total Capital (Net Asset Value)		(2.59%)		3.70%
Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various agriculture futures contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (9,652)		$ 72,005
Investment Owned, % of Total Capital (Net Asset Value)		(0.10%)		0.59%
Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Agriculture Futures Contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 85,119		$ 9,803
Investment Owned, % of Total Capital (Net Asset Value)		0.84%		0.08%
Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Agriculture Futures Contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 43,697		$ 87,496
Investment Owned, % of Total Capital (Net Asset Value)		0.43%		0.72%
Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (39,727)		$ 22,858
Investment Owned, % of Total Capital (Net Asset Value)		(0.39%)		0.19%
Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Currency Futures Contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (481)		$ 10,573
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.09%
Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various currency futures contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (15,984)
Investment Owned, % of Total Capital (Net Asset Value)		(0.16%)
Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Currency Futures Contracts (Latin America) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (9,108)		$ 5,833
Investment Owned, % of Total Capital (Net Asset Value)		(0.09%)		0.05%
Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various currency futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 7,388		$ (100)
Investment Owned, % of Total Capital (Net Asset Value)		0.07%		0.00%
Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various energy futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 79,410
Investment Owned, % of Total Capital (Net Asset Value)		0.78%
Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (334,215)		$ 148,949
Investment Owned, % of Total Capital (Net Asset Value)		(3.30%)		1.23%
Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (24,169)		$ 2,882
Investment Owned, % of Total Capital (Net Asset Value)		(0.24%)		0.02%
Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various interest rates futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (14,625)		$ 2,438
Investment Owned, % of Total Capital (Net Asset Value)		(0.14%)		0.02%
Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various precious metal futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (5,456)		$ 28,625
Investment Owned, % of Total Capital (Net Asset Value)		(0.05%)		0.24%
Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various stock index futures contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (5,437)
Investment Owned, % of Total Capital (Net Asset Value)		(0.05%)
Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various stock index futures contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (3,432)		$ 5,312
Investment Owned, % of Total Capital (Net Asset Value)		(0.03%)		0.04%
Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various stock index futures contracts (Oceanic) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (1,626)
Investment Owned, % of Total Capital (Net Asset Value)		(0.02%)
Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various stock index futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (10,558)
Investment Owned, % of Total Capital (Net Asset Value)		(0.10%)
Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various stock index futures contracts (Canada) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (3,951)
Investment Owned, % of Total Capital (Net Asset Value)		(0.04%)
Frontier Balanced Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various soft futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value				$ 52,349
Investment Owned, % of Total Capital (Net Asset Value)				0.43%
Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 347,136		$ (348,583)
Investment Owned, % of Total Capital (Net Asset Value)		3.42%		(2.89%)
Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various agriculture futures contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 3,818		$ (30,963)
Investment Owned, % of Total Capital (Net Asset Value)		0.04%		(0.26%)
Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Agriculture Futures Contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (55,212)		$ (10,797)
Investment Owned, % of Total Capital (Net Asset Value)		(0.54%)		(0.09%)
Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Agriculture Futures Contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 1,372		$ (92,738)
Investment Owned, % of Total Capital (Net Asset Value)		0.01%		(0.77%)
Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 9,982		$ (10,289)
Investment Owned, % of Total Capital (Net Asset Value)		0.10%		(0.08%)
Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Currency Futures Contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 30,456		$ (10,381)
Investment Owned, % of Total Capital (Net Asset Value)		0.30%		(0.09%)
Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various currency futures contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 828
Investment Owned, % of Total Capital (Net Asset Value)		0.01%
Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Currency Futures Contracts (Latin America) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 20,698		$ 2,512
Investment Owned, % of Total Capital (Net Asset Value)		0.20%		0.02%
Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various currency futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (4,750)		$ 2,300
Investment Owned, % of Total Capital (Net Asset Value)		(0.05%)		0.02%
Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various energy futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (43,480)
Investment Owned, % of Total Capital (Net Asset Value)		(0.43%)
Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 264,970		$ (127,832)
Investment Owned, % of Total Capital (Net Asset Value)		2.61%		(1.06%)
Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 35,149		$ (2,482)
Investment Owned, % of Total Capital (Net Asset Value)		0.35%		(0.02%)
Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various interest rates futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 5,313		$ 3,656
Investment Owned, % of Total Capital (Net Asset Value)		0.05%		0.03%
Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various precious metal futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 67,448		$ (25,560)
Investment Owned, % of Total Capital (Net Asset Value)		0.67%		(0.21%)
Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various stock index futures contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 8,521
Investment Owned, % of Total Capital (Net Asset Value)		0.08%
Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various stock index futures contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value				$ (3,340)
Investment Owned, % of Total Capital (Net Asset Value)				(0.03%)
Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various stock index futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ (963)
Investment Owned, % of Total Capital (Net Asset Value)		(0.01%)
Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various stock index futures contracts (Canada) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 2,986
Investment Owned, % of Total Capital (Net Asset Value)		0.03%
Frontier Balanced Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various soft futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value				$ (42,669)
Investment Owned, % of Total Capital (Net Asset Value)				(0.35%)
Frontier Balanced Fund [Member] | Open Trade Equity (Deficit) [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value		$ 84,329
Investment Owned, % of Total Capital (Net Asset Value)		0.83%
Frontier Balanced Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[3]	$ 9,842,164		$ 10,528,252
Investment Owned, % of Total Capital (Net Asset Value)	[3]	97.06%		86.93%
Frontier Balanced Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[3]	$ 1,692,724		$ 2,311,240
Investment Owned, % of Total Capital (Net Asset Value)	[3]	16.69%		19.08%
Frontier Balanced Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[3]	$ 968,038		$ 1,581,941
Investment Owned, % of Total Capital (Net Asset Value)	[3]	9.55%		13.06%
Frontier Balanced Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[3]	$ 1,326,119		$ 982,020
Investment Owned, % of Total Capital (Net Asset Value)	[3]	13.08%		8.11%
Frontier Balanced Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[3]	$ 1,765,668		$ 1,600,611
Investment Owned, % of Total Capital (Net Asset Value)	[3]	17.41%		13.22%
Frontier Balanced Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[3]	$ 2,613,293		$ 2,612,336
Investment Owned, % of Total Capital (Net Asset Value)	[3]	25.77%		21.57%
Frontier Balanced Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[3]	$ 1,476,322		$ 1,440,104
Investment Owned, % of Total Capital (Net Asset Value)	[3]	14.56%		11.89%
Frontier Balanced Fund [Member] | Investment in Unconsolidated Companies [Member] | The Series of Frontier Funds [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[3]
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.00%
Frontier Balanced Fund [Member] | Investment in Unconsolidated Trading Companies [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[3]			$ 49,755
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.00%		0.41%
Frontier Balanced Fund [Member] | Investment in Unconsolidated Trading Companies [Member] | The Series of Frontier Funds [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[3]			$ 49,755
Investment Owned, % of Total Capital (Net Asset Value)	[3]			0.41%
Frontier Balanced Fund [Member] | U.S. TREASURY SECURITIES [Member] | The Series of Frontier Funds [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]			$ 1,275,641
Investment Owned, % of Total Capital (Net Asset Value)	[2]	0.00%		10.53%
Frontier Balanced Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | The Series of Frontier Funds [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]			$ 980,787
Investment Owned, at Cost	[2]			1,275,989
Frontier Select Fund [Member] | The Series of Frontier Funds [Member] | Open Trade Equity (Deficit) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)				0.00%
Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various agriculture futures contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Agriculture Futures Contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Agriculture Futures Contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Currency Futures Contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various currency futures contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Currency Futures Contracts (Latin America) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various currency futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various energy futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various interest rates futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various precious metal futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various stock index futures contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various stock index futures contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various stock index futures contracts (Oceanic) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various stock index futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various stock index futures contracts (Canada) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
Frontier Select Fund [Member] | LONG FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various soft futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)				0.00%
Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various agriculture futures contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Agriculture Futures Contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Agriculture Futures Contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Currency Futures Contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various currency futures contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Currency Futures Contracts (Latin America) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various currency futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various energy futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various interest rates futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various precious metal futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%		0.00%
Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various stock index futures contracts (Europe) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various stock index futures contracts (Far East) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)				0.00%
Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various stock index futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various stock index futures contracts (Canada) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
Frontier Select Fund [Member] | SHORT FUTURES CONTRACTS [Member] | The Series of Frontier Funds [Member] | Various soft futures contracts (U.S.) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)				0.00%
Frontier Select Fund [Member] | Open Trade Equity (Deficit) [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value
Investment Owned, % of Total Capital (Net Asset Value)		0.00%
Frontier Select Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[3]	$ 1,555,606		$ 1,638,665
Investment Owned, % of Total Capital (Net Asset Value)	[3]	98.20%		99.13%
Frontier Select Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[3]
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.00%		0.00%
Frontier Select Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[3]
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.00%		0.00%
Frontier Select Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[3]
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.00%		0.00%
Frontier Select Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[3]
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.00%		0.00%
Frontier Select Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[3]	$ 982,926		$ 956,968
Investment Owned, % of Total Capital (Net Asset Value)	[3]	62.05%		57.89%
Frontier Select Fund [Member] | Private Investment Companies [Member] | The Series of Frontier Funds [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[3]	$ 572,680		$ 681,697
Investment Owned, % of Total Capital (Net Asset Value)		36.15%		41.24%	[3]
Frontier Select Fund [Member] | Investment in Unconsolidated Companies [Member] | The Series of Frontier Funds [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[3]	$ 15,601
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.98%
Frontier Select Fund [Member] | Investment in Unconsolidated Trading Companies [Member] | The Series of Frontier Funds [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[3]	$ 15,601
Investment Owned, % of Total Capital (Net Asset Value)	[3]	0.98%		0.00%	[2]
Frontier Select Fund [Member] | Investment in Unconsolidated Trading Companies [Member] | The Series of Frontier Funds [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[3]
Investment Owned, % of Total Capital (Net Asset Value)	[3]			0.00%
Frontier Select Fund [Member] | U.S. TREASURY SECURITIES [Member] | The Series of Frontier Funds [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	$ 17,077
Investment Owned, % of Total Capital (Net Asset Value)	[2]	1.08%		0.00%
Frontier Select Fund [Member] | Additional Disclosure on U.S. Treasury Securities [Member] | The Series of Frontier Funds [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) [Line Items]
Investment Owned, Fair Value	[2]	$ 13,826
Investment Owned, at Cost	[2]	$ 17,406

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

[2] See Note 2 to the Financial Statements.

[3] See Note 5 to the Financial Statements.

XML

Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) (Parentheticals) - Frontier Balanced Fund [Member] - The Series of Frontier Funds [Member] - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) (Parentheticals) [Line Items]
Investment Owned, at Cost		$ 2,283,228
US Treasury Securities [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) (Parentheticals) [Line Items]
Investment Owned, at Cost	$ 146,667
U.S. TREASURY SECURITIES [Member] | US Treasury Note [Member]
Condensed Schedules of Investments (Unaudited) (Details) - Condensed Schedule of futures contracts and investment companies (Unaudited) (Parentheticals) [Line Items]
Investment Owned, at Cost		$ 2,283,228

XML

Organization and Purpose (Details)	6 Months Ended	9 Months Ended
	Jun. 30, 2021	Sep. 30, 2021
The Series of Frontier Funds [Member]
Organization and Purpose (Details) [Line Items]
Managing owner contributions to the series of the trust percentage		1.00%
Service fee percentage		2.00%
Amortized monthly annual rate		2.00%
Redemption fee percentage		10.00%
Percentage of average daily NAV charged as a service fees		3.00%
Aggregate initial and ongoing service fees		9.00%
Redemption fee percentage		2.00%
Frontier Funds [Member]
Organization and Purpose (Details) [Line Items]
Managing owner contributions to the series of the trust percentage		1.00%
Service fee percentage		2.00%
Percentage of NAV charged as a service fees		3.00%
Aggregate initial and ongoing service fees		9.00%
Aggregate underwriting compensation percentage	10.00%
Minimum [Member] | The Series of Frontier Funds [Member]
Organization and Purpose (Details) [Line Items]
Assets normally invested in one or more trading companies		30.00%
Minimum [Member] | Frontier Funds [Member]
Organization and Purpose (Details) [Line Items]
Assets normally invested in one or more trading companies		30.00%
Maximum [Member] | The Series of Frontier Funds [Member]
Organization and Purpose (Details) [Line Items]
Assets normally invested in one or more trading companies		70.00%
Maximum [Member] | Frontier Funds [Member]
Organization and Purpose (Details) [Line Items]
Assets normally invested in one or more trading companies		70.00%
Class 1 or Class 1a [Member] | The Series of Frontier Funds [Member]
Organization and Purpose (Details) [Line Items]
Service fee percentage		2.00%
Amortized monthly annual rate		2.00%
Redemption fee percentage		2.00%
Percentage of average daily NAV charged as a service fees		3.00%
Percentage of NAV charged as a service fees		3.00%
Class 1 or Class 1a [Member] | Frontier Funds [Member]
Organization and Purpose (Details) [Line Items]
Service fee percentage		2.00%
Amortized monthly annual rate		2.00%
Percentage of average daily NAV charged as a service fees		3.00%
Redemption fee percentage		2.00%
Class 2 or Class 2a [Member] | The Series of Frontier Funds [Member]
Organization and Purpose (Details) [Line Items]
Service fee percentage		0.50%
Percentage of NAV charged as a service fees		0.25%
Class 2 and Class 2a [Member] | Frontier Funds [Member]
Organization and Purpose (Details) [Line Items]
Service fee percentage		0.50%
Service fee charged to limited owners		0.25%

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Significant Accounting Policies (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
The Series of Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Managing owner percentage	2.00%
Restricted cash (in Dollars)	$ 791,090	$ 321,638
Gross income of the Trust constitutes qualifying income	90.00%
Incentive fees percentage	10.00%
Incentive fee, description	If the Managing Owner’s share of the incentive fee exceeds 10% of new net profits during the period for a particular series, then the Managing Owner is obligated to return any amount in excess to the Series. The returned amounts are recorded as Incentive Fee (Rebate) on the Statements of Operations.
Service fee percentage	2.00%
Amortized monthly annual rate	2.00%
Redemption fee percentage	2.00%
Percentage of average daily NAV charged as a service fees	3.00%
Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Gross income of the Trust constitutes qualifying income	90.00%
Service fee percentage	2.00%
Subscriptions in advance (in Dollars)	$ 665,217	638,962
Frontier Funds [Member] | Frontier Trading Company I LLC [Member]
Significant Accounting Policies (Details) [Line Items]
Restricted cash (in Dollars)	$ 791,090	$ 321,638
Class 1 or Class 1a [Member] | The Series of Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Aggregate interest income percentage	100.00%
Service fee percentage	2.00%
Amortized monthly annual rate	2.00%
Percentage of average daily NAV charged as a service fees	3.00%
Class 1 or Class 1a [Member] | Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Service fee percentage	2.00%
Amortized monthly annual rate	2.00%
Redemption fee percentage	2.00%
Percentage of average daily NAV charged as a service fees	3.00%
Class 1 or Class 1a [Member] | Frontier Balanced Fund [Member] | Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Service fee percentage	3.00%
Amortized monthly annual rate	3.00%
Redemption fee percentage	3.00%
Class 2 or Class 2a [Member] | The Series of Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Service fee percentage	0.50%
Frontier Diversified Fund [Member] | The Series of Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Advance for service fee (in Dollars)	$ 22,650
Frontier Long/Short Commodity Fund [Member] | The Series of Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Advance for service fee (in Dollars)	393
Frontier Masters Fund [Member] | The Series of Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Advance for service fee (in Dollars)	31,725
Frontier Balanced Fund [Member] | The Series of Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Advance for service fee (in Dollars)	363,825
Frontier Select Fund [Member] | The Series of Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Advance for service fee (in Dollars)	$ 20,766
Frontier Global Fund [Member] | The Series of Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Purchase and Sales of Private Investment Companies	$157,782
Frontier Heritage Fund [Member] | The Series of Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Advance for service fee (in Dollars)	$ 68,076
Class 1AP, Class 2a and Class 3a [Member] | Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Interest percentage	100.00%
Class 2 and Class 2a [Member] | Frontier Funds [Member]
Significant Accounting Policies (Details) [Line Items]
Service fee percentage	0.50%
Service fee charged to limited owners	0.25%

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Fair Value Measurements (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)
Swaps [Member] | Frontier Funds [Member]
Fair Value Measurements (Details) [Line Items]
Total change in unrealized appreciation (depreciation)	$ (4,384,210)

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Fair Value Measurements (Details) - Schedule of financial asset portfolio measured at fair value - The Series of Frontier Funds [Member] - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Frontier Diversified Fund [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	$ 30,579	$ 16,669
U.S. Treasury Securities	33,471	427,393
Frontier Diversified Fund [Member] | Level 1 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	30,579	16,669
U.S. Treasury Securities	33,471	427,393
Frontier Diversified Fund [Member] | Level 2 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Diversified Fund [Member] | Level 3 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Masters Fund [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	16,239	907
U.S. Treasury Securities	17,774	23,245
Frontier Masters Fund [Member] | Level 1 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	16,239	907
U.S. Treasury Securities	17,774	23,245
Frontier Masters Fund [Member] | Level 2 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Masters Fund [Member] | Level 3 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Long/Short Commodity Fund [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	21,311	17,736
U.S. Treasury Securities	23,326	454,738
Frontier Long/Short Commodity Fund [Member] | Level 1 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	21,311	17,736
U.S. Treasury Securities	23,326	454,738
Frontier Long/Short Commodity Fund [Member] | Level 2 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Long/Short Commodity Fund [Member] | Level 3 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Balanced Fund [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies		49,755
U.S. Treasury Securities		1,275,641
Frontier Balanced Fund
Open Trade Equity (Deficit)	84,329	100,440
Frontier Balanced Fund [Member] | Level 1 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies		49,755
U.S. Treasury Securities		1,275,641
Frontier Balanced Fund
Open Trade Equity (Deficit)	84,329	100,440
Frontier Balanced Fund [Member] | Level 2 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Balanced Fund
Open Trade Equity (Deficit)
Frontier Balanced Fund [Member] | Level 3 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Balanced Fund
Open Trade Equity (Deficit)
Frontier Select Fund [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	15,601
U.S. Treasury Securities	17,077
Frontier Select Fund [Member] | Level 1 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	15,601
U.S. Treasury Securities	17,077
Frontier Select Fund [Member] | Level 2 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Select Fund [Member] | Level 3 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Global Fund [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	18,148	1,083
U.S. Treasury Securities	19,864	27,742
Frontier Global Fund [Member] | Level 1 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	18,148	1,083
U.S. Treasury Securities	19,864	27,742
Frontier Global Fund [Member] | Level 2 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Global Fund [Member] | Level 3 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Heritage Fund [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	29,586	2,880
U.S. Treasury Securities		73,847
Frontier Heritage Fund [Member]
Frontier Diversified Fund
U.S. Treasury Securities	32,384
Frontier Heritage Fund [Member] | Level 1 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies	29,586	2,880
U.S. Treasury Securities		73,847
Frontier Heritage Fund [Member] | Level 1 Inputs [Member]
Frontier Diversified Fund
U.S. Treasury Securities	32,384
Frontier Heritage Fund [Member] | Level 2 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Heritage Fund [Member] | Level 2 Inputs [Member]
Frontier Diversified Fund
U.S. Treasury Securities
Frontier Heritage Fund [Member] | Level 3 Inputs [Member]
Frontier Diversified Fund
Investment in Unconsolidated Trading Companies
U.S. Treasury Securities
Frontier Heritage Fund [Member] | Level 3 Inputs [Member]
Frontier Diversified Fund
U.S. Treasury Securities

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Fair Value Measurements (Details) - Schedule of change in Level 3 assets measured at fair value on recurring basis - Level 3 Inputs [Member] - The Series of Frontier Funds [Member]	12 Months Ended
	Dec. 31, 2020 USD ($)
Frontier Balanced Fund [Member] | Swap [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance of recurring Level 3 assets	$ 11,944,753
Total gains or losses (realized/unrealized):
Included in earnings-realized	(2,448,166)
Included in earnings-unrealized	(3,088,917)
Proceeds from collateral reduction	(6,176,555)
Sale of investments	(7,586,366)
Purchase of investments	7,355,251
Change in ownership allocation
Transfers in and/or out of Level 3
Balance of recurring Level 3 assets
Frontier Long/Short Commodity Fund [Member] | Swap [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance of recurring Level 3 assets	362,521
Total gains or losses (realized/unrealized):
Included in earnings-realized	188,100
Included in earnings-unrealized	44,277
Proceeds from collateral reduction	(115,000)
Sale of investments	(594,898)
Purchase of investments	115,000
Change in ownership allocation
Transfers in and/or out of Level 3
Balance of recurring Level 3 assets
Frontier Diversified Fund [Member] | Swap [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance of recurring Level 3 assets	6,384,583
Total gains or losses (realized/unrealized):
Included in earnings-realized	(446,306)
Included in earnings-unrealized	(1,537,399)
Proceeds from collateral reduction	(4,000,000)
Sale of investments	(4,870,025)
Purchase of investments	4,469,147
Change in ownership allocation
Transfers in and/or out of Level 3
Balance of recurring Level 3 assets
Frontier Heritage Fund [Member] | Swap [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance of recurring Level 3 assets	2,888,009
Total gains or losses (realized/unrealized):
Included in earnings-realized	(97,745)
Included in earnings-unrealized	197,829
Proceeds from collateral reduction	(2,474,937)
Sale of investments	(1,491,965)
Purchase of investments	978,809
Change in ownership allocation
Transfers in and/or out of Level 3
Balance of recurring Level 3 assets
Frontier Select Fund [Member] | Investment in Unconsolidated Trading Companies [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance of recurring Level 3 assets	479,024
Change in fair value of investments in unconsolidated trading companies	95,915
Proceeds from sales of investments of unconsolidated trading companies	(574,939)
Purchases of investments of unconsolidated trading companies
Total gains or losses (realized/unrealized):
Change in ownership allocation
Transfers in and/or out of Level 3
Balance of recurring Level 3 assets

XML

Fair Value Measurements (Details) - Schedule of total change in unrealized appreciation (depreciation) included in statements of operations attributable to level 3 investments - The Series of Frontier Funds [Member]	Dec. 31, 2020 USD ($)
Frontier Diversified Fund [Member]
Fair Value Measurements (Details) - Schedule of total change in unrealized appreciation (depreciation) included in statements of operations attributable to level 3 investments [Line Items]
Swap Contracts	$ (1,537,399)
Frontier Long/Short Commodity Fund [Member]
Fair Value Measurements (Details) - Schedule of total change in unrealized appreciation (depreciation) included in statements of operations attributable to level 3 investments [Line Items]
Swap Contracts	44,277
Frontier Balanced Fund [Member]
Fair Value Measurements (Details) - Schedule of total change in unrealized appreciation (depreciation) included in statements of operations attributable to level 3 investments [Line Items]
Swap Contracts	(3,088,917)
Frontier Heritage Fund [Member]
Fair Value Measurements (Details) - Schedule of total change in unrealized appreciation (depreciation) included in statements of operations attributable to level 3 investments [Line Items]
Swap Contracts	197,829
Frontier Select Fund [Member]
Fair Value Measurements (Details) - Schedule of total change in unrealized appreciation (depreciation) included in statements of operations attributable to level 3 investments [Line Items]
Investments in Unconsolidated Trading Companies	$ (91,989)

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Swap Contracts (Details)	Sep. 30, 2021 USD ($)
The Series of Frontier Funds [Member]
Swap Contracts (Details) [Line Items]
Cash holding shall be in excess amount	$ 250,000
Percentage of index exposure total	40.00%
Frontier Funds [Member]
Swap Contracts (Details) [Line Items]
Cash holding shall be in excess amount	$ 250,000
Percentage of index exposure total	40.00%

XML

Swap Contracts (Details) - Schedule of investments in following swap - DeutscheBank AG [Member] - The Series of the Frontier Funds [Member] - Swap [Member]	12 Months Ended
	Dec. 31, 2020 USD ($)
Frontier Balanced Fund [Member]
Swap Contracts (Details) - Schedule of investments in following swap [Line Items]
Realized Gain/(Loss)	$ (2,448,166)
Change in Unrealized Gain/(Loss)	(3,088,917)
Fair Value as of December 31, 2020	0
Advance on swap appreciation	0
Frontier Diversified Fund [Member]
Swap Contracts (Details) - Schedule of investments in following swap [Line Items]
Realized Gain/(Loss)	(446,306)
Change in Unrealized Gain/(Loss)	(1,537,399)
Fair Value as of December 31, 2020	0
Advance on swap appreciation	0
Frontier Long/Short Commodity Fund [Member]
Swap Contracts (Details) - Schedule of investments in following swap [Line Items]
Realized Gain/(Loss)	188,100
Change in Unrealized Gain/(Loss)	44,277
Fair Value as of December 31, 2020	0
Advance on swap appreciation	0
Frontier Heritage Fund [Member]
Swap Contracts (Details) - Schedule of investments in following swap [Line Items]
Realized Gain/(Loss)	(97,745)
Change in Unrealized Gain/(Loss)	197,829
Fair Value as of December 31, 2020	0
Advance on swap appreciation	$ 0

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Investments in Unconsolidated Trading Companies and Private Investment Companies (Details)	Sep. 30, 2021	Jun. 30, 2021
The Series of Frontier Funds [Member]
Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) [Line Items]
Percentage of trust’s total capital		5.00%
The Series of the Frontier Funds [Member]
Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) [Line Items]
Trust’s total capital	5.00%

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Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) - Schedule of investments in unconsolidated trading companies - The Series of Frontier Funds [Member] - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Frontier Diversified Series [Member] | Frontier Trading Company XXXVIII [Member]
Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) - Schedule of investments in unconsolidated trading companies [Line Items]
Percentage of Series Total Capital Invested in Unconsolidated Trading Companies	0.97%	0.40%
Fair Value	$ 30,579	$ 16,669
Frontier Masters Fund [Member] | Frontier Trading Company XXXVIII [Member]
Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) - Schedule of investments in unconsolidated trading companies [Line Items]
Percentage of Series Total Capital Invested in Unconsolidated Trading Companies	2.02%	0.09%
Fair Value	$ 16,239	$ 907
Frontier Long/Short Commodity Fund [Member] | Frontier Trading Company XXXVIII [Member]
Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) - Schedule of investments in unconsolidated trading companies [Line Items]
Percentage of Series Total Capital Invested in Unconsolidated Trading Companies	1.51%	1.35%
Fair Value	$ 21,311	$ 17,736
Frontier Balanced Fund [Member] | Frontier Trading Company XXXVIII [Member]
Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) - Schedule of investments in unconsolidated trading companies [Line Items]
Percentage of Series Total Capital Invested in Unconsolidated Trading Companies	0.00%	0.41%
Fair Value		$ 49,755
Frontier Select Fund [Member] | Frontier Trading Companies XXXVIII [Member]
Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) - Schedule of investments in unconsolidated trading companies [Line Items]
Percentage of Series Total Capital Invested in Unconsolidated Trading Companies	0.98%	0.00%
Fair Value	$ 15,601
Frontier Global Fund [Member] | Frontier Trading Company XXXVIII [Member]
Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) - Schedule of investments in unconsolidated trading companies [Line Items]
Percentage of Series Total Capital Invested in Unconsolidated Trading Companies	0.67%	0.04%
Fair Value	$ 18,148	$ 1,083
Frontier Heritage Fund [Member] | Frontier Trading Company XXXVIII [Member]
Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) - Schedule of investments in unconsolidated trading companies [Line Items]
Percentage of Series Total Capital Invested in Unconsolidated Trading Companies	1.14%	0.12%
Fair Value	$ 29,586	$ 2,880

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Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) - Schedule of equity in earnings from unconsolidated trading companies and private investment companies - The Series of Frontier Funds [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Frontier Balanced Fund [Member]
Frontier Balanced Fund
Trading Commissions	$ (30,728)	$ (22,645)	$ (89,197)	$ (75,678)
Realized Gain/(Loss)	323,990	(733,788)	1,071,763	(2,066,418)
Change in Unrealized Gain/(Loss)	(430,273)	(51,110)	(144,160)	81,994
Net Income (Loss)	(137,011)	(807,543)	838,406	(2,060,102)
Frontier Balanced Fund [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Frontier Balanced Fund
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	(7,892)	371	(36,142)	(9,094)
Net Income (Loss)	(7,892)	371	(36,142)	(9,094)
Frontier Balanced Fund [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Frontier Balanced Fund
Trading Commissions	(1,527)	(1,694)	(4,108)	(6,794)
Realized Gain/(Loss)	17,408	(175,943)	173,578	(163,459)
Change in Unrealized Gain/(Loss)	55,124	(21,260)	114,603	(16,563)
Net Income (Loss)	71,005	(198,897)	284,073	(186,816)
Frontier Balanced Fund [Member] | Galaxy Plus Fund - Doherty Feeder Fund (528) LLC [Member]
Frontier Balanced Fund
Trading Commissions				(2,152)
Realized Gain/(Loss)			(433)	(55,735)
Change in Unrealized Gain/(Loss)		105		25,629
Net Income (Loss)		105	(433)	(32,258)
Frontier Balanced Fund [Member] | Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC [Member]
Frontier Balanced Fund
Trading Commissions				(6,408)
Realized Gain/(Loss)			252	(718,397)
Change in Unrealized Gain/(Loss)		(5,782)		75,749
Net Income (Loss)		(5,782)	252	(649,056)
Frontier Balanced Fund [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Frontier Balanced Fund
Trading Commissions	(5,970)	(4,862)	(19,136)	(20,836)
Realized Gain/(Loss)	169,823	(3,470)	464,263	(327,914)
Change in Unrealized Gain/(Loss)	(627,689)	(33,133)	(786,970)	156,749
Net Income (Loss)	(463,836)	(41,465)	(341,843)	(192,001)
Frontier Balanced Fund [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Frontier Balanced Fund
Trading Commissions				(502)
Realized Gain/(Loss)			(1,910)	(232,245)
Change in Unrealized Gain/(Loss)		(21,170)		(42,835)
Net Income (Loss)		(21,170)	(1,910)	(275,582)
Frontier Balanced Fund [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Frontier Balanced Fund
Trading Commissions	(3,803)	(709)	(9,204)	(9,264)
Realized Gain/(Loss)	(30,844)	(231,484)	(233,955)	(899,303)
Change in Unrealized Gain/(Loss)	222,902	107,025	56,175	157,923
Net Income (Loss)	188,255	(125,168)	(186,984)	(750,644)
Frontier Balanced Fund [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Frontier Balanced Fund
Trading Commissions	(4,627)	(3,539)	(13,536)	(5,240)
Realized Gain/(Loss)	4,082	(27,771)	121,430	28,824
Change in Unrealized Gain/(Loss)	(85,162)	22,238	(7,184)	(6,624)
Net Income (Loss)	(85,707)	(9,072)	100,710	16,960
Frontier Balanced Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Frontier Balanced Fund
Trading Commissions	(13,098)	(10,562)	(39,426)	(23,203)
Realized Gain/(Loss)	183,530	101,830	996,949	698,761
Change in Unrealized Gain/(Loss)	(9,760)	(36,659)	146,910	(196,095)
Net Income (Loss)	160,672	54,609	1,104,433	479,463
Frontier Balanced Fund [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Frontier Balanced Fund
Trading Commissions	(1,703)	(1,279)	(3,787)	(1,279)
Realized Gain/(Loss)	(20,009)	(396,950)	(448,411)	(396,950)
Change in Unrealized Gain/(Loss)	22,204	(62,845)	368,448	(62,845)
Net Income (Loss)	492	(461,074)	(83,750)	(461,074)
Frontier Global Fund [Member]
Frontier Balanced Fund
Trading Commissions	(2,503)	(3,236)	(6,827)	(11,634)
Realized Gain/(Loss)	28,130	(317,392)	293,622	(316,235)
Change in Unrealized Gain/(Loss)	74,258	(117,407)	93,417	(197,040)
Net Income (Loss)	99,885	(438,035)	380,212	(524,909)
Frontier Global Fund [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Frontier Balanced Fund
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	829	(2,540)	13,159	(2,994)
Net Income (Loss)	829	(2,540)	13,159	(2,994)
Frontier Global Fund [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Frontier Balanced Fund
Trading Commissions	(2,503)	(3,236)	(6,827)	(11,634)
Realized Gain/(Loss)	28,130	(317,392)	293,622	(316,235)
Change in Unrealized Gain/(Loss)	73,429	(114,867)	80,258	(194,046)
Net Income (Loss)	99,056	(435,495)	367,053	(521,915)
Frontier Select Fund [Member]
Frontier Balanced Fund
Trading Commissions	(5,563)	(3,352)	(14,924)	(12,869)
Realized Gain/(Loss)	59,364	33,407	124,562	(9,253)
Change in Unrealized Gain/(Loss)	(212)	(229,837)	195,332	(323,617)
Net Income (Loss)	53,589	(199,782)	304,970	(345,739)
Frontier Select Fund [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Frontier Balanced Fund
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	(69)	(1,518)	6,956	(8,190)
Net Income (Loss)	(69)	(1,518)	6,956	(8,190)
Frontier Select Fund [Member] | Galaxy Plus Fund - Doherty Feeder Fund (528) LLC [Member]
Frontier Balanced Fund
Trading Commissions
Realized Gain/(Loss)			387
Change in Unrealized Gain/(Loss)		(587)		(2,203)
Net Income (Loss)		(587)	387	(2,203)
Frontier Select Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Frontier Balanced Fund
Trading Commissions	(4,877)	(3,352)	(13,325)	(7,477)
Realized Gain/(Loss)	67,663	33,407	321,795	228,470
Change in Unrealized Gain/(Loss)	(7,516)	(19,556)	38,851	(72,058)
Net Income (Loss)	55,270	10,499	347,321	148,935
Frontier Select Fund [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Frontier Balanced Fund
Trading Commissions	(686)		(1,599)
Realized Gain/(Loss)	(8,299)		(198,484)
Change in Unrealized Gain/(Loss)	7,373	(205,413)	149,525	(205,413)
Net Income (Loss)	(1,612)	(205,413)	(50,558)	(205,413)
Frontier Select Fund [Member] | Galaxy Plus Fund - TT Feeder Fund (531) LLC [Member]
Frontier Balanced Fund
Trading Commissions				(5,392)
Realized Gain/(Loss)			864	(237,723)
Change in Unrealized Gain/(Loss)		(2,763)		(35,753)
Net Income (Loss)		(2,763)	864	(278,868)
Frontier Heritage Fund [Member]
Frontier Balanced Fund
Trading Commissions	(6,130)	(4,862)	(16,520)	(11,514)
Realized Gain/(Loss)	82,842	(115,749)	463,655	64,369
Change in Unrealized Gain/(Loss)	35,016	254,454	69,490	151,754
Net Income (Loss)	111,728	133,843	516,625	204,609
Frontier Heritage Fund [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Frontier Balanced Fund
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	981	1,742	11,448	(1,582)
Net Income (Loss)	981	1,742	11,448	(1,582)
Frontier Heritage Fund [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Frontier Balanced Fund
Trading Commissions	(1,439)	(1,524)	(3,865)	(4,298)
Realized Gain/(Loss)	16,356	(149,796)	161,521	(151,155)
Change in Unrealized Gain/(Loss)	41,181	275,381	26,673	238,686
Net Income (Loss)	56,098	124,061	184,329	83,233
Frontier Heritage Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Frontier Balanced Fund
Trading Commissions	(4,691)	(3,338)	(12,655)	(7,216)
Realized Gain/(Loss)	66,486	34,047	302,134	215,524
Change in Unrealized Gain/(Loss)	(7,146)	(22,669)	31,369	(85,350)
Net Income (Loss)	54,649	8,040	320,848	122,958
Frontier Long/Short Commodity Fund [Member]
Frontier Balanced Fund
Trading Commissions	(6,148)	(1,504)	(15,583)	(4,740)
Realized Gain/(Loss)	151,330	52,373	434,182	(90,893)
Change in Unrealized Gain/(Loss)	(125,858)	(68,066)	(191,170)	(97,425)
Net Income (Loss)	19,324	(17,197)	227,429	(193,058)
Frontier Long/Short Commodity Fund [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Frontier Balanced Fund
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	(7)	(2,028)	9,914	(5,104)
Net Income (Loss)	(7)	(2,028)	9,914	(5,104)
Frontier Long/Short Commodity Fund [Member] | Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC [Member]
Frontier Balanced Fund
Trading Commissions				(938)
Realized Gain/(Loss)			36	(103,100)
Change in Unrealized Gain/(Loss)		(882)		7,770
Net Income (Loss)		(882)	36	(96,268)
Frontier Long/Short Commodity Fund [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Frontier Balanced Fund
Trading Commissions	(120)	(306)	(543)	(978)
Realized Gain/(Loss)	26,360	40,222	152,407	(76,740)
Change in Unrealized Gain/(Loss)	(23,799)	(55,994)	(126,776)	(71,464)
Net Income (Loss)	2,441	(16,078)	25,088	(149,182)
Frontier Long/Short Commodity Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Frontier Balanced Fund
Trading Commissions	(2,730)	(1,198)	(7,233)	(2,824)
Realized Gain/(Loss)	38,119	12,151	173,929	88,947
Change in Unrealized Gain/(Loss)	(5,606)	(9,162)	14,090	(28,627)
Net Income (Loss)	29,783	1,791	180,786	57,496
Frontier Long/Short Commodity Fund [Member] | Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC) [Member]
Frontier Balanced Fund
Trading Commissions	(3,298)		(7,807)
Realized Gain/(Loss)	86,851		107,810
Change in Unrealized Gain/(Loss)	(96,446)		(88,398)
Net Income (Loss)	(12,893)		11,605
Frontier Diversified Fund [Member]
Frontier Balanced Fund
Trading Commissions	(8,799)	(9,738)	(27,871)	(42,640)
Realized Gain/(Loss)	102,837	(289,860)	291,467	(921,615)
Change in Unrealized Gain/(Loss)	(232,912)	(140,848)	(31,033)	18,829
Net Income (Loss)	(138,874)	(440,446)	232,563	(945,426)
Frontier Diversified Fund [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Frontier Balanced Fund
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	(449)	(426)	2,039	2,597
Net Income (Loss)	(449)	(426)	2,039	2,597
Frontier Diversified Fund [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Frontier Balanced Fund
Trading Commissions	(640)	(1,068)	(2,057)	(4,438)
Realized Gain/(Loss)	7,312	(107,528)	83,740	(76,179)
Change in Unrealized Gain/(Loss)	23,964	(19,659)	55,185	(9,500)
Net Income (Loss)	30,636	(128,255)	136,868	(90,117)
Frontier Diversified Fund [Member] | Galaxy Plus Fund - Doherty Feeder Fund (528) LLC [Member]
Frontier Balanced Fund
Trading Commissions				(1,348)
Realized Gain/(Loss)			(245)	(39,612)
Change in Unrealized Gain/(Loss)		182		17,858
Net Income (Loss)		182	(245)	(23,102)
Frontier Diversified Fund [Member] | Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC [Member]
Frontier Balanced Fund
Trading Commissions				(4,119)
Realized Gain/(Loss)			157	(463,144)
Change in Unrealized Gain/(Loss)		(3,544)		50,394
Net Income (Loss)		(3,544)	157	(416,869)
Frontier Diversified Fund [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Frontier Balanced Fund
Trading Commissions	(2,513)	(2,034)	(8,665)	(13,164)
Realized Gain/(Loss)	71,506	(1,729)	136,292	(203,387)
Change in Unrealized Gain/(Loss)	(271,402)	(18,808)	(259,205)	60,454
Net Income (Loss)	(202,409)	(22,571)	(131,578)	(156,097)
Frontier Diversified Fund [Member] | Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Frontier Balanced Fund
Trading Commissions				(309)
Realized Gain/(Loss)			(1,166)	(144,282)
Change in Unrealized Gain/(Loss)		(9,084)		(21,773)
Net Income (Loss)		(9,084)	(1,166)	(166,364)
Frontier Diversified Fund [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Frontier Balanced Fund
Trading Commissions	(870)	(271)	(2,224)	(4,112)
Realized Gain/(Loss)	(6,983)	(4,480)	(57,849)	(248,715)
Change in Unrealized Gain/(Loss)	50,260	(47,525)	6,460	(1,085)
Net Income (Loss)	42,407	(52,276)	(53,613)	(253,912)
Frontier Diversified Fund [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Frontier Balanced Fund
Trading Commissions	(2,008)	(2,406)	(7,103)	(3,920)
Realized Gain/(Loss)	1,764	(18,673)	62,491	35,081
Change in Unrealized Gain/(Loss)	(37,507)	13,323	48,289	(6,574)
Net Income (Loss)	(37,751)	(7,756)	103,677	24,587
Frontier Diversified Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Frontier Balanced Fund
Trading Commissions	(2,389)	(3,320)	(6,964)	(10,591)
Realized Gain/(Loss)	33,745	40,922	172,937	416,995
Change in Unrealized Gain/(Loss)	(2,180)	(22,756)	30,463	(40,991)
Net Income (Loss)	29,176	14,846	196,436	365,413
Frontier Diversified Fund [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Frontier Balanced Fund
Trading Commissions	(379)	(639)	(858)	(639)
Realized Gain/(Loss)	(4,507)	(198,372)	(104,890)	(198,372)
Change in Unrealized Gain/(Loss)	4,402	(32,551)	85,736	(32,551)
Net Income (Loss)	(484)	(231,562)	(20,012)	(231,562)
Frontier Diversified Fund [Member] | Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC [Member]
Frontier Balanced Fund
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)
Net Income (Loss)
Frontier Masters Fund [Member]
Frontier Balanced Fund
Trading Commissions	(1,762)	(2,137)	(5,196)	(9,585)
Realized Gain/(Loss)	18,679	(161,906)	58,323	(342,246)
Change in Unrealized Gain/(Loss)	12,476	(47,214)	82,700	(65,312)
Net Income (Loss)	29,393	(211,257)	135,827	(417,143)
Frontier Masters Fund [Member] | Frontier Trading Company XXXVIII, LLC [Member]
Frontier Balanced Fund
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	(50)	(1,279)	9,882	(3,554)
Net Income (Loss)	(50)	(1,279)	9,882	(3,554)
Frontier Masters Fund [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Frontier Balanced Fund
Trading Commissions	(296)	(608)	(1,068)	(2,657)
Realized Gain/(Loss)	3,396	(62,539)	39,319	(64,127)
Change in Unrealized Gain/(Loss)	11,798	(9,877)	11,837	(37,949)
Net Income (Loss)	14,898	(73,024)	50,088	(104,733)
Frontier Masters Fund [Member] | Galaxy Plus Fund - Doherty Feeder Fund (528) LLC [Member]
Frontier Balanced Fund
Trading Commissions
Realized Gain/(Loss)			(58)
Change in Unrealized Gain/(Loss)		(147)		(59)
Net Income (Loss)		(147)	(58)	(59)
Frontier Masters Fund [Member] | Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC [Member]
Frontier Balanced Fund
Trading Commissions				(1,540)
Realized Gain/(Loss)			52	(190,409)
Change in Unrealized Gain/(Loss)		(1,242)		30,438
Net Income (Loss)		(1,242)	52	(161,511)
Frontier Masters Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Frontier Balanced Fund
Trading Commissions	(1,258)	(1,164)	(3,592)	(3,172)
Realized Gain/(Loss)	17,769	13,859	91,267	109,775
Change in Unrealized Gain/(Loss)	(1,385)	(11,510)	10,976	(20,607)
Net Income (Loss)	15,126	1,185	98,651	85,996
Frontier Masters Fund [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Frontier Balanced Fund
Trading Commissions	(208)	(365)	(536)	(365)
Realized Gain/(Loss)	(2,486)	(113,226)	(72,777)	(113,226)
Change in Unrealized Gain/(Loss)	2,113	(22,157)	50,005	(22,157)
Net Income (Loss)	(581)	(135,748)	(23,308)	(135,748)
Frontier Masters Fund [Member] | Galaxy Plus Fund - TT Feeder Fund (531) LLC [Member]
Frontier Balanced Fund
Trading Commissions				(1,851)
Realized Gain/(Loss)			520	(84,259)
Change in Unrealized Gain/(Loss)		(1,002)		(11,424)
Net Income (Loss)		$ (1,002)	520	(97,534)
Frontier Masters Fund [Member] | Galaxy Plus Fund - Chesapeake Feeder Fund (518) LLC [Member]
Frontier Balanced Fund
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)
Net Income (Loss)

XML

Investments in Unconsolidated Trading Companies and Private Investment Companies (Details) - Schedule of private investment companies have certain redemption and liquidity restrictions - The Series of the Frontier Funds [Member]	9 Months Ended
	Sep. 30, 2021
Multi-Strategy [Member] | Frontier Diversified Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Frontier Diversified Fund [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Frontier Masters Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Frontier Masters Fund [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Frontier Long/Short Commodity Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Frontier Long/Short Commodity Fund [Member] | Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC) [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Frontier Balanced Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Frontier Balanced Fund [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Frontier Select Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Frontier Select Fund [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Frontier Heritage Fund [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Frontier Diversified Fund [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Frontier Diversified Fund [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Frontier Diversified Fund [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Frontier Diversified Fund [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Frontier Masters Fund [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Weekly
Liquidity Restrictions	None
Trend Following [Member] | Frontier Balanced Fund [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Frontier Balanced Fund [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Frontier Balanced Fund [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Frontier Balanced Fund [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Frontier Global Fund [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Frontier Heritage Fund [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Multi-Strategy
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None

XML

Transactions with Affiliates (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Transactions with Affiliates (Details) [Line Items]
Trust paid for risk analysis fees (in Dollars)			$ 4,193
The Series of the Frontier Funds [Member]
Transactions with Affiliates (Details) [Line Items]
Description of range of incentive fee percentage					In each case, the embedded management fee was accrued on the relevant notional amount of the swap.
Description of service fees			Investors who have purchased Class 1 or Class 1a Units of Frontier Diversified Fund, Frontier Masters Fund, and Frontier Long/Short Commodity Fund are charged a service fee of up to two percent (2.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to two percent (2.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to two percent (2.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. Investors who have purchased Class 1 or Class 1a Units of Frontier Balanced Fund, Frontier Heritage Fund, Frontier Select Fund, and Frontier Global Fund are charged a service fee of up to three percent (3.0%) annually of the NAV (of the purchase price, in case of the initial service fee) of each Unit purchased, for the benefit of selling agents selling such Class 1 or Class 1a Units. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 and Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to three percent (3.0%) of the purchase price at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to selling agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2Units of the Frontier Diversified Fund and Frontier Masters Fund or Class 2a Units of the Frontier Long/Short Commodity Fund sold) until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series for administrative purposes. Currently the service fee is not charged to Class 1AP investors. The Managing Owner may also pay selling agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such selling agents.
Description of interest income			Aggregate interest income from all sources, including U.S. Treasury Securities assets net of premiums and cash held at clearing brokers, of up to the first 2% (annualized) of average net assets less any fair market value related to swaps is paid to the Managing Owner by the Frontier Balanced Fund (Class 1 and Class 2), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Global Fund, Frontier Select Fund, and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (Class 1a, Class 2a and Class 3a), Frontier Masters Fund, and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 100% of the interest is retained by the respective Series.
The Series of the Frontier Funds [Member] | Managing Owner [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of minimum purchase commitment			1.00%
Percentage of contributes funds to trust			1.00%
Percentage of interest			1.00%
The Series of the Frontier Funds [Member] | Frontier Balanced Fund [Member]
Transactions with Affiliates (Details) [Line Items]
Subscriptions in advance for service fee (in Dollars)	$ 363,825		$ 363,825
The Series of the Frontier Funds [Member] | Frontier Long/Short Commodity Fund [Member]
Transactions with Affiliates (Details) [Line Items]
Subscriptions in advance for service fee (in Dollars)	393		393
The Series of the Frontier Funds [Member] | Frontier Global Fund [Member]
Transactions with Affiliates (Details) [Line Items]
Subscriptions in advance for service fee (in Dollars)	$ 157,782		$ 157,782
The Series of the Frontier Funds [Member] | Frontier Diversified Fund [Member] | Managing Owner [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	0.75%		0.75%
The Series of the Frontier Funds [Member] | Frontier Heritage Fund [Member]
Transactions with Affiliates (Details) [Line Items]
Subscriptions in advance for service fee (in Dollars)	$ 68,076		$ 68,076
The Series of the Frontier Funds [Member] | Frontier Heritage Fund [Member] | Managing Owner [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	2.50%		2.50%
Percentage of FCM fee	2.25%		2.25%
The Series of the Frontier Funds [Member] | Frontier Masters Fund [Member]
Transactions with Affiliates (Details) [Line Items]
Subscriptions in advance for service fee (in Dollars)	$ 31,725		$ 31,725
The Series of the Frontier Funds [Member] | Frontier Masters Fund [Member] | Managing Owner [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of FCM fee	2.25%		2.25%
The Series of the Frontier Funds [Member] | Frontier Diversified Fund [Member]
Transactions with Affiliates (Details) [Line Items]
Subscriptions in advance for service fee (in Dollars)	$ 22,650		$ 22,650
The Series of the Frontier Funds [Member] | Frontier Select Fund [Member]
Transactions with Affiliates (Details) [Line Items]
Subscriptions in advance for service fee (in Dollars)	$ 20,766		$ 20,766
The Series of the Frontier Funds [Member] | Class 1AP [Member] | Frontier Balanced Fund [Member] | Managing Owner [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of interest in specific series of trust			1.00%
Percentage of management fee	0.50%		0.50%
The Series of the Frontier Funds [Member] | Class 2a [Member] | Frontier Balanced Fund [Member] | Managing Owner [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of interest in specific series of trust			1.00%
Percentage of management fee	0.50%		0.50%
The Series of the Frontier Funds [Member] | Class 2a [Member] | Frontier Long/Short Commodity Fund [Member] | Managing Owner [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	2.00%		2.00%
The Series of the Frontier Funds [Member] | Class 2a [Member] | Frontier Global Fund [Member] | Managing Owner [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	2.00%		2.00%
The Series of the Frontier Funds [Member] | Class 1 [Member] | Frontier Balanced Fund [Member] | Managing Owner [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	0.50%		0.50%
The Series of the Frontier Funds [Member] | Class 2 [Member] | Frontier Balanced Fund [Member] | Managing Owner [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	0.50%		0.50%
The Series of the Frontier Funds [Member] | Class 2 [Member] | Frontier Long/Short Commodity Fund [Member] | Managing Owner [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	3.50%		3.50%
The Series of the Frontier Funds [Member] | Class 3a [Member] | Frontier Balanced Fund [Member] | Managing Owner [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	0.50%		0.50%
The Series of the Frontier Funds [Member] | Class 3a [Member] | Frontier Long/Short Commodity Fund [Member] | Managing Owner [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	2.00%		2.00%
The Series of the Frontier Funds [Member] | Class 3a [Member] | Frontier Global Fund [Member] | Managing Owner [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	2.00%		2.00%
The Series of the Frontier Funds [Member] | Class 1a [Member] | Frontier Long/Short Commodity Fund [Member] | Managing Owner [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	2.00%		2.00%
The Series of the Frontier Funds [Member] | Class 1a [Member] | Frontier Global Fund [Member] | Managing Owner [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	2.00%		2.00%
The Series of the Frontier Funds [Member] | Class 3 [Member] | Frontier Long/Short Commodity Fund [Member] | Managing Owner [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	3.50%		3.50%
The Series of the Frontier Funds [Member] | Frontier Diversified Fund [Member]
Transactions with Affiliates (Details) [Line Items]
Description of range of incentive fee percentage					(i) swaps owned by Frontier Diversified Fund was 20-25% per annum, (ii) swaps owned by Frontier Balanced Fund was 20-25% per annum, (iii) swaps owned by Frontier Long/Short Commodity Fund was 25% per annum, and (iv) swaps owned by Frontier Heritage Fund was 15% per annum, and the Managing Owner has waived the entire incentive fee due to it from those Series in respect of such Series’ investment in swaps. In each case, the embedded incentive fee was accrued based on the net new trading profits of the swap.
Parent Company [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of minimum purchase commitment			1.00%
Percentage of contributes funds to trust			1.00%
Subscriptions in advance for service fee (in Dollars)	$ 665,217		$ 665,217		$ 638,962
Trust had payable for management fees (in Dollars)	1,610		1,610		8,854
Trust had payable for trading fees (in Dollars)	75,283		$ 75,283		$ 81,698
Description of interest income			Aggregate interest income from all sources, including U.S. Treasury Securities assets net of premiums and cash held at clearing brokers, of up to the first 2% (annualized) is paid to the Managing Owner by the Frontier Balanced Fund (Class 1 and Class 2 only), Frontier Long/Short Commodity Fund (Class 2 and Class 3), Frontier Global Fund, Frontier Select Fund, and Frontier Heritage Fund. For the Frontier Diversified Fund, Frontier Long/Short Commodity Fund (for the three months ended September 30, 2021, and September 30, 2020 amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees Class 1a, Class 2a and Class 3a), Frontier Masters Fund, and Frontier Balanced Fund (Class 1AP, Class 2a and Class 3a), 100% of the interest is retained by the respective Series.
Trust paid (in Dollars)	6,809	$ 5,196
Parent Company [Member] | Managing Owner [Member]
Transactions with Affiliates (Details) [Line Items]
Description of range of incentive fee percentage					(i) swaps owned by Frontier Diversified Fund was 20-25% per annum, (ii) swaps owned by Frontier Balanced Fund was 20-25% per annum, (iii) swaps owned by Frontier Long/Short Commodity Fund was 25% per annum, and (iv) swaps owned by Frontier Heritage Fund was 15% per annum, and the Managing Owner has waived the entire incentive fee due to it from those Series in respect of such Series’ investment in swaps. In each case, the embedded incentive fee was accrued based on the net new trading profits of the swap.
Trust had payable for incentive fees (in Dollars)	54,924		$ 54,924		$ 0
Trust had payable for management fees (in Dollars)	1,610		1,610		8,854
Trust had payable for interest fees (in Dollars)	1,978		1,978		2,107
Trust had payable for trading fees (in Dollars)	75,283		75,283		81,698
Trust had payable for service fees (in Dollars)	32,805		32,805		$ 36,705
Trust paid for incentive fees (in Dollars)	54,924
Trust paid for management fees (in Dollars)	4,764	5,029	13,978	$ 14,753
Trust paid for risk analysis fees (in Dollars)	1,429	1,509		4,426
Trust paid for service fees (in Dollars)	110,307	128,178	342,856	483,402
Trust paid for trading fees (in Dollars)	$ 231,958	285,835	716,291	1,057,985
Trust paid for incentive fees (in Dollars)		$ 0	$ 104,764	$ 0
Parent Company [Member] | Class 1AP Units [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of interest in specific series of trust			1.00%
Parent Company [Member] | Class 2a Units [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of interest			1.00%
Parent Company [Member] | Frontier Balanced Fund [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of FCM fee	2.25%		2.25%
Percentage of incentive fee	25.00%		25.00%
Parent Company [Member] | Frontier Long/Short Commodity Fund [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	2.00%		2.00%
Parent Company [Member] | Frontier Long/Short Commodity Fund [Member] | Class 2 and Class 3 [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	3.50%		3.50%
Parent Company [Member] | Frontier Global Fund [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of series NAV	0.12%		0.12%
Parent Company [Member] | Frontier Diversified Fund [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	0.75%		0.75%
Percentage of FCM fee	2.50%		2.50%
Percentage of incentive fee	20.00%		20.00%
Parent Company [Member] | Frontier Select Fund [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of FCM fee	2.25%		2.25%
Class 1 and Class 2 [Member] | Parent Company [Member] | Frontier Balanced Fund [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	0.50%		0.50%
Class 1AP, Class 2a and Class 3a [Member] | Parent Company [Member] | Frontier Balanced Fund [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of management fee	1.00%		1.00%
Class 1 [Member] | Parent Company [Member] | Managing Owner [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of service fee	3.00%		3.00%
Class 1a Units [Member] | Parent Company [Member] | Managing Owner [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of service fee	2.00%		2.00%
Class 2 Units [Member] | Parent Company [Member] | Managing Owner [Member]
Transactions with Affiliates (Details) [Line Items]
Percentage of service fee	0.25%		0.25%

XML

Transactions with Affiliates (Details) - Schedule of fees earned by managing owner - The Series of Frontier Funds [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Frontier Diversified Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees earned by managing owner [Line Items]
Incentive (Rebate) Fees
Management Fee
Service Fee	310	2,062	1,860	12,712
Trading Fee	29,513	50,536	97,487	208,221
Frontier Masters Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees earned by managing owner [Line Items]
Incentive (Rebate) Fees
Management Fee
Service Fee	135	407	492	1,501
Trading Fee	12,339	21,879	40,507	83,524
Frontier Long/Short Commodity Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees earned by managing owner [Line Items]
Incentive (Rebate) Fees
Management Fee
Service Fee	58	108	170	330
Trading Fee	10,055	7,777	28,870	25,089
Frontier Balanced Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees earned by managing owner [Line Items]
Incentive (Rebate) Fees	54,924		104,764
Management Fee	4,764	5,029	13,978	14,753
Service Fee	62,976	73,754	195,972	284,736
Trading Fee	108,142	127,677	332,131	465,170
Frontier Select Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees earned by managing owner [Line Items]
Incentive (Rebate) Fees
Management Fee
Service Fee	11,949	13,025	35,191	51,117
Trading Fee	12,176	10,391	35,541	42,791
Frontier Global Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees earned by managing owner [Line Items]
Incentive (Rebate) Fees
Management Fee
Service Fee	17,993	22,977	58,383	81,204
Trading Fee	34,334	42,481	106,684	150,154
Frontier Heritage Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees earned by managing owner [Line Items]
Incentive (Rebate) Fees
Management Fee
Service Fee	16,886	15,845	50,788	51,802
Trading Fee	$ 25,399	$ 25,094	$ 75,071	$ 83,036

XML

Transactions with Affiliates (Details) - Schedule of fees payable to managing owner - The Series of Frontier Funds [Member] - USD ($)	Dec. 31, 2021	Sep. 30, 2021
Frontier Diversified Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees payable to managing owner [Line Items]
Incentive Fees
Management Fees
Interest Fees
Service Fees	385	85
Trading Fees	12,576	9,894
Frontier Masters Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees payable to managing owner [Line Items]
Incentive Fees
Management Fees
Interest Fees
Service Fees	70	44
Trading Fees	5,460	4,220
Frontier Long/Short Commodity Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees payable to managing owner [Line Items]
Incentive Fees
Management Fees
Interest Fees	87	37
Service Fees	18	19
Trading Fees	2,281	3,295
Frontier Balanced Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees payable to managing owner [Line Items]
Incentive Fees		54,924
Management Fees	8,854	1,610
Interest Fees	1,376	1,063
Service Fees	21,381	18,384
Trading Fees	37,894	35,169
Frontier Select Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees payable to managing owner [Line Items]
Incentive Fees
Management Fees
Interest Fees	179	249
Service Fees	3,709	3,698
Trading Fees	3,933	4,003
Frontier Global Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees payable to managing owner [Line Items]
Incentive Fees
Management Fees
Interest Fees	326	261
Service Fees	6,348	5,525
Trading Fees	11,849	10,585
Frontier Heritage Fund [Member]
Transactions with Affiliates (Details) - Schedule of fees payable to managing owner [Line Items]
Incentive Fees
Management Fees
Interest Fees	139	368
Service Fees	4,794	5,050
Trading Fees	$ 7,705	$ 8,117

XML

Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner - The Series of Frontier Funds [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 6,440	$ 5,195	$ 17,394	$ 16,533
Class 2 [Member] | Frontier Long/Short Commodity Fund [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 4	$ 6	$ 18	$ 14
Ratio to Average Net Assets	0.01%	0.02%	0.05%	0.04%
Class 2 [Member] | Frontier Balanced Fund [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 738	$ 215	$ 1,456	$ 1,074
Ratio to Average Net Assets	0.04%	0.01%	0.08%	0.04%
Class 2 [Member] | Frontier Select Fund [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 32	$ 54	$ 104	$ 112
Ratio to Average Net Assets	0.04%	0.08%	0.14%	0.14%
Class 2 [Member] | Frontier Global Fund [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 31	$ 57	$ 183	$ 208
Ratio to Average Net Assets	0.02%	0.03%	0.09%	0.07%
Class 2 [Member] | Frontier Heritage Fund [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 69	$ 235	$ 277	$ 623
Ratio to Average Net Assets	0.03%	0.06%	0.12%	0.12%
Class 3 [Member] | Frontier Long/Short Commodity Fund [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 111	$ 158	$ 518	$ 354
Ratio to Average Net Assets	0.01%	0.02%	0.05%	0.04%
Class 1 [Member] | Frontier Balanced Fund [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 3,661	$ 1,019	$ 7,208	$ 5,419
Ratio to Average Net Assets	0.04%	0.01%	0.08%	0.04%
Class 1 [Member] | Frontier Select Fund [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 640	$ 1,349	$ 2,208	$ 3,081
Ratio to Average Net Assets	0.04%	0.08%	0.14%	0.14%
Class 1 [Member] | Frontier Global Fund [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 388	$ 901	$ 2,492	$ 2,649
Ratio to Average Net Assets	0.02%	0.03%	0.10%	0.07%
Class 1 [Member] | Frontier Heritage Fund [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 660	$ 1,151	$ 2,708	$ 2,800
Ratio to Average Net Assets	0.03%	0.05%	0.12%	0.12%
Class 1AP [Member] | Frontier Balanced Fund [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 48	$ 16	$ 96	$ 79
Ratio to Average Net Assets	0.05%	0.01%	0.09%	0.04%
Class 1AP [Member] | Frontier Select Fund [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 4	$ 8	$ 15	$ 15
Ratio to Average Net Assets	0.04%	0.08%	0.14%	0.14%
Class 1AP [Member] | Frontier Global Fund [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner		$ 9		$ 24
Ratio to Average Net Assets	0.00%	0.03%	0.00%	0.07%
Class 1AP [Member] | Frontier Heritage Fund [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 2	$ 4	$ 10	$ 11
Ratio to Average Net Assets	0.02%	0.05%	0.12%	0.12%
Class 1a [Member] | Frontier Balanced Fund [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 7	$ 2
Ratio to Average Net Assets	0.01%	0.00%
Class 3a [Member] | Frontier Balanced Fund [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner	$ 45	$ 11	$ 87	$ 58
Ratio to Average Net Assets	0.01%	0.00%	0.02%	0.01%
Class 2a [Member] | Frontier Balanced Fund [Member]
Transactions with Affiliates (Details) - Schedule of interest paid by each series to managing owner [Line Items]
Gross Amount Paid to the Managing Owner			$ 14	$ 12
Ratio to Average Net Assets			0.02%	0.01%

XML

Financial Highlights (Details) - Schedule of financial highlights of trust - The Series of the Frontier Funds [Member] - $ / shares		3 Months Ended			9 Months Ended
		Sep. 30, 2021		Sep. 30, 2020	Sep. 30, 2021		Sep. 30, 2020
Class 1 [Member] | Frontier Diversified Fund [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 77.68			$ 72.68		$ 101.1
Net operating results:
Interest income	[1]	0.03			0.06		0.02
Expenses	[1]	(1.3)			(3.52)		(4.88)
Net gain/(loss) on investments, net of non-controlling interests	[1]	(76.41)			(69.21)	[2]	(29.76)
Net income/(loss)	[1]	(77.68)			(72.68)	[2]	(34.62)
Net asset value	[1]			$ 66.48			$ 66.48
Ratios to average net assets
Net investment income/(loss)		(6.53%)			(8.89%)		(10.89%)
Expenses before incentive fees	[3],[4]	6.67%			9.04%		10.94%
Expenses after incentive fees	[3],[4]	6.67%			9.04%		10.94%
Total return before incentive fees	[5]	(1.71%)	[2]		5.06%		(34.25%)
Total return after incentive fees	[5]	(1.71%)	[2]		5.06%		(34.25%)
Incentive fee per share
Incentive Fee to ANA							0.00%
Class 1 [Member] | Frontier Masters Fund [Member]
Per unit operating performance (1)
Net asset value	[1]
Net operating results:
Interest income	[1]
Expenses	[1]
Net gain/(loss) on investments, net of non-controlling interests	[1],[2]
Net income/(loss)	[1],[2]
Net asset value	[1],[2]
Ratios to average net assets
Net investment income/(loss)		0.00%
Expenses before incentive fees	[3],[4]	0.00%
Expenses after incentive fees	[3],[4]	0.00%
Total return before incentive fees	[5]	0.00%
Total return after incentive fees	[5]	0.00%
Class 1 [Member] | Frontier Balanced Fund [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 85.86
Net operating results:
Interest income	[1]	0
Expenses	[1]	(2.03)
Net gain/(loss) on investments, net of non-controlling interests	[1]	0.79
Net income/(loss)	[1]	(1.24)
Net asset value	[1]	$ 84.62			84.62
Ratios to average net assets
Net investment income/(loss)		(7.75%)
Expenses before incentive fees	[3],[4]	7.24%
Expenses after incentive fees	[3],[4]	7.75%
Total return before incentive fees	[5]	(0.93%)
Total return after incentive fees	[5]	(1.45%)
Incentive fee per share		$ 0.45
Incentive Fee to ANA		0.51%
Class 1 [Member] | Frontier Select Fund [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 66.17			58.55
Net operating results:
Interest income	[1]	0			0
Expenses	[1]	(1.03)			(2.85)
Net gain/(loss) on investments, net of non-controlling interests	[1]	2.18			11.62
Net income/(loss)	[1]	1.15			8.77
Net asset value	[1]	$ 67.32			$ 67.32
Ratios to average net assets
Net investment income/(loss)		(5.89%)			(8.94%)
Expenses before incentive fees	[3],[4]	5.89%			8.94%
Expenses after incentive fees	[3],[4]	5.89%			8.94%
Total return before incentive fees	[5]	1.73%			14.97%
Total return after incentive fees	[5]	1.73%			14.97%
Incentive fee per share
Incentive Fee to ANA		0.00%			0.00%
Class 1 [Member] | Frontier Global Fund [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 117.28					$ 131.52
Net operating results:
Interest income	[1]	0					0
Expenses	[1]	(2.33)					(7.81)
Net gain/(loss) on investments, net of non-controlling interests	[1]	4.61					(19.53)
Net income/(loss)	[1]	2.28					(27.34)
Net asset value	[1]	$ 119.56		104.18	$ 119.56		$ 104.18
Ratios to average net assets
Net investment income/(loss)		(8.28%)					(12.20%)
Expenses before incentive fees	[3],[4]	8.28%					12.20%
Expenses after incentive fees	[3],[4]	8.28%					12.20%
Total return before incentive fees	[5]	1.95%					(20.79%)
Total return after incentive fees	[5]	1.95%					(20.79%)
Incentive fee per share
Incentive Fee to ANA							0.00%
Class 1 [Member] | Frontier Heritage Fund [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 109.26					$ 97.54
Net operating results:
Interest income	[1]	0					0
Expenses	[1]	(1.9)					(5.22)
Net gain/(loss) on investments, net of non-controlling interests	[1]	4.84					(5.44)
Net income/(loss)	[1]	2.94					(10.65)
Net asset value	[1]	$ 112.2		86.88	112.2		$ 86.88
Ratios to average net assets
Net investment income/(loss)		(7.05%)					(10.42%)
Expenses before incentive fees	[3],[4]	7.05%					10.42%
Expenses after incentive fees	[3],[4]	7.05%					10.42%
Total return before incentive fees	[5]	2.69%					(10.92%)
Total return after incentive fees	[5]	2.69%					(10.92%)
Incentive fee per share
Incentive Fee to ANA							0.00%
Class 1 [Member] | Frontier Diversified Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			74.09
Net operating results:
Interest income	[1]			0.01
Expenses	[1]			(1.46)
Net gain/(loss) on investments, net of non-controlling interests	[1]			(6.17)
Net income/(loss)	[1]			(7.61)
Net asset value	[1]			$ 66.48			$ 66.48
Ratios to average net assets
Net investment income/(loss)				(8.16%)
Expenses before incentive fees	[3],[4]			8.24%
Expenses after incentive fees	[3],[4]			8.24%
Total return before incentive fees	[5]			(10.28%)
Total return after incentive fees	[5]			(10.28%)
Incentive fee per share
Incentive Fee to ANA				0.00%
Class 1 [Member] | Frontier Masters Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			$ 61.92	55.18		72.28
Net operating results:
Interest income	[1]			0.03	0.15		0.08
Expenses	[1]			(3.18)	(5.34)		(11.57)
Net gain/(loss) on investments, net of non-controlling interests	[1]			(6.62)	(49.99)	[2]	(8.64)
Net income/(loss)	[1]			(9.77)	(55.18)	[2]	(20.13)
Net asset value	[1]			$ 52.15			$ 52.15
Ratios to average net assets
Net investment income/(loss)				(21.78%)	(18.61%)		(35.07%)
Expenses before incentive fees	[3],[4]			22.02%	19.14%		35.33%
Expenses after incentive fees	[3],[4]			22.02%	19.14%		35.33%
Total return before incentive fees	[5]			(15.78%)	4.59%		(27.85%)
Total return after incentive fees	[5]			(15.78%)	4.59%		(27.85%)
Incentive fee per share
Incentive Fee to ANA				0.00%			0.00%
Class 1 [Member] | Frontier Balanced Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			$ 78.59
Net operating results:
Interest income	[1]			0
Expenses	[1]			(1.39)
Net gain/(loss) on investments, net of non-controlling interests	[1]			(5.38)
Net income/(loss)	[1]			(6.77)
Net asset value	[1]			$ 71.82			$ 71.82
Ratios to average net assets
Net investment income/(loss)				(7.30%)
Expenses before incentive fees	[3],[4]			7.31%
Expenses after incentive fees	[3],[4]			7.31%
Total return before incentive fees	[5]			(8.61%)
Total return after incentive fees	[5]			(8.61%)
Incentive fee per share
Incentive Fee to ANA				0.00%
Class 1 [Member] | Frontier Select Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			$ 61.04			66.56
Net operating results:
Interest income	[1]			0			0
Expenses	[1]			(0.78)			(2.61)
Net gain/(loss) on investments, net of non-controlling interests	[1]			(6.91)			(10.6)
Net income/(loss)	[1]			(7.69)			(13.21)
Net asset value	[1]			$ 53.35			$ 53.35
Ratios to average net assets
Net investment income/(loss)				(5.35%)			(8.15%)
Expenses before incentive fees	[3],[4]			5.35%			8.15%
Expenses after incentive fees	[3],[4]			5.35%			8.15%
Total return before incentive fees	[5]			(12.60%)			(19.84%)
Total return after incentive fees	[5]			(12.60%)			(19.84%)
Incentive fee per share
Incentive Fee to ANA				0.00%			0.00%
Class 1 [Member] | Frontier Global Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			$ 121.68	$ 110.9
Net operating results:
Interest income	[1]			0	0
Expenses	[1]			(2.33)	(6.99)
Net gain/(loss) on investments, net of non-controlling interests	[1]			(15.17)	15.65
Net income/(loss)	[1]			(17.5)	8.66
Net asset value	[1]	119.56		$ 104.18	$ 119.56		$ 104.18
Ratios to average net assets
Net investment income/(loss)				(8.26%)	(11.77%)
Expenses before incentive fees	[3],[4]			8.26%	11.77%
Expenses after incentive fees	[3],[4]			8.26%	11.77%
Total return before incentive fees	[5]			(14.38%)	7.81%
Total return after incentive fees	[5]			(14.38%)	7.81%
Incentive fee per share
Incentive Fee to ANA				0.00%
Class 1 [Member] | Frontier Heritage Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			$ 96.51	$ 96.1
Net operating results:
Interest income	[1]			0	0
Expenses	[1]			(1.62)	(5.57)
Net gain/(loss) on investments, net of non-controlling interests	[1]			(8.01)	21.67
Net income/(loss)	[1]			(9.63)	16.1
Net asset value	[1]	112.2		$ 86.88	$ 112.2		86.88
Ratios to average net assets
Net investment income/(loss)				(7.04%)	(10.56%)
Expenses before incentive fees	[3],[4]			7.04%	10.56%
Expenses after incentive fees	[3],[4]			7.04%	10.56%
Total return before incentive fees	[5]			(9.98%)	16.75%
Total return after incentive fees	[5]			(9.98%)	16.75%
Incentive fee per share
Incentive Fee to ANA				0.00%
Class 1 [Member] | Frontier Balanced Fund [Member]
Per unit operating performance (1)
Net asset value	[1]				$ 79.93		117.23
Net operating results:
Interest income	[1]				0		0.04
Expenses	[1]				(5.36)		(4.79)
Net gain/(loss) on investments, net of non-controlling interests	[1]				10.04		(40.66)
Net income/(loss)	[1]				4.69		(45.41)
Net asset value	[1]	84.62		$ 71.82	$ 84.62		$ 71.82
Ratios to average net assets
Net investment income/(loss)					(11.56%)		(10.42%)
Expenses before incentive fees	[3],[4]				10.65%		10.50%
Expenses after incentive fees	[3],[4]				11.57%		10.50%
Total return before incentive fees	[5]				6.78%		(38.74%)
Total return after incentive fees	[5]				5.87%		(38.74%)
Incentive fee per share					$ 0.79
Incentive Fee to ANA					0.92%		0.00%
Class 2 [Member]
Per unit operating performance (1)
Net asset value	[1]			89.88
Net operating results:
Interest income	[1]			0.02
Expenses	[1]			(0.76)
Net gain/(loss) on investments, net of non-controlling interests	[1]			(8.14)
Net income/(loss)	[1]			(8.88)
Net asset value	[1]			$ 81			$ 81
Ratios to average net assets
Net investment income/(loss)				(3.45%)
Expenses before incentive fees	[3],[4]			3.53%
Expenses after incentive fees	[3],[4]			3.53%
Total return before incentive fees	[5]			(9.88%)
Total return after incentive fees	[5]			(9.88%)
Incentive fee per share
Incentive Fee to ANA				0.00%
Class 2 [Member] | Frontier Diversified Fund [Member]
Per unit operating performance (1)
Net asset value	[1]	95.9			$ 88.95		121.58
Net operating results:
Interest income	[1]	0.03			0.07		0.03
Expenses	[1]	(0.87)			(2.49)		(2.82)
Net gain/(loss) on investments, net of non-controlling interests	[1]	(4.08)			4.46		(37.79)
Net income/(loss)	[1]	(4.91)			2.04		(40.58)
Net asset value	[1]	$ 90.99		$ 81	$ 90.99		$ 81
Ratios to average net assets
Net investment income/(loss)		(3.45%)			(5.12%)		(5.35%)
Expenses before incentive fees	[3],[4]	3.60%			5.27%		5.40%
Expenses after incentive fees	[3],[4]	3.60%			5.27%		5.40%
Total return before incentive fees	[5]	(5.12%)			2.29%		(33.38%)
Total return after incentive fees	[5]	(5.12%)			2.29%		(33.38%)
Incentive fee per share
Incentive Fee to ANA							0.00%
Class 2 [Member] | Frontier Masters Fund [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 73.52
Net operating results:
Interest income	[1]	0.05
Expenses	[1]	(1.1)
Net gain/(loss) on investments, net of non-controlling interests	[1]	2.63
Net income/(loss)	[1]	1.58
Net asset value	[1]	$ 75.1			$ 75.1
Ratios to average net assets
Net investment income/(loss)		(5.88%)
Expenses before incentive fees	[3],[4]	6.17%
Expenses after incentive fees	[3],[4]	6.17%
Total return before incentive fees	[5]	2.15%
Total return after incentive fees	[5]	2.15%
Class 2 [Member] | Frontier Long/Short Commodity Fund [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 98.49
Net operating results:
Interest income	[1]	0.04
Expenses	[1]	(0.71)
Net gain/(loss) on investments, net of non-controlling interests	[1]	1.27
Net income/(loss)	[1]	0.6
Net asset value	[1]	$ 99.09			99.09
Ratios to average net assets
Net investment income/(loss)		(2.67%)
Expenses before incentive fees	[3],[4]	2.85%
Expenses after incentive fees	[3],[4]	2.85%
Total return before incentive fees	[5]	0.61%
Total return after incentive fees	[5]	0.61%
Class 2 [Member] | Frontier Balanced Fund [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 142.34
Net operating results:
Interest income	[1]	0.02
Expenses	[1]	(46.17)
Net gain/(loss) on investments, net of non-controlling interests	[1]	45.15
Net income/(loss)	[1]	(1)
Net asset value	[1]	$ 141.34			141.34
Ratios to average net assets
Net investment income/(loss)		(4.75%)
Expenses before incentive fees	[3],[4]	4.24%
Expenses after incentive fees	[3],[4]	4.75%
Total return before incentive fees	[5]	(0.19%)
Total return after incentive fees	[5]	(0.70%)
Incentive fee per share		$ 14.98
Incentive Fee to ANA		0.51%
Class 2 [Member] | Frontier Select Fund [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 108.07			94.2
Net operating results:
Interest income	[1]	0			0
Expenses	[1]	(0.83)			(2.22)
Net gain/(loss) on investments, net of non-controlling interests	[1]	3.52			18.78
Net income/(loss)	[1]	2.7			16.57
Net asset value	[1]	$ 110.77			$ 110.77
Ratios to average net assets
Net investment income/(loss)		(2.89%)			(4.38%)
Expenses before incentive fees	[3],[4]	2.89%			4.38%
Expenses after incentive fees	[3],[4]	2.89%			4.38%
Total return before incentive fees	[5]	2.49%			17.59%
Total return after incentive fees	[5]	2.49%			17.59%
Incentive fee per share
Incentive Fee to ANA		0.00%			0.00%
Class 2 [Member] | Frontier Global Fund [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 179.85			$ 167.56		$ 192.82
Net operating results:
Interest income	[1]	0			0		0
Expenses	[1]	(2.29)			(6.57)		(7.38)
Net gain/(loss) on investments, net of non-controlling interests	[1]	7.19			23.76		(29.22)
Net income/(loss)	[1]	4.9			17.19		(36.6)
Net asset value	[1]	$ 184.75		156.22	$ 184.75		$ 156.22
Ratios to average net assets
Net investment income/(loss)		(5.29%)			(7.42%)		(7.68%)
Expenses before incentive fees	[3],[4]	5.29%			7.42%		7.68%
Expenses after incentive fees	[3],[4]	5.29%			7.42%		7.68%
Total return before incentive fees	[5]	2.72%			10.26%		(18.98%)
Total return after incentive fees	[5]	2.72%			10.26%		(18.98%)
Incentive fee per share
Incentive Fee to ANA							0.00%
Class 2 [Member] | Frontier Heritage Fund [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 179.93					$ 153.59
Net operating results:
Interest income	[1]	0					0
Expenses	[1]	(1.81)					(4.74)
Net gain/(loss) on investments, net of non-controlling interests	[1]	8.04					(8.95)
Net income/(loss)	[1]	6.24					(13.69)
Net asset value	[1]	$ 186.17		139.9	$ 186.17		$ 139.9
Ratios to average net assets
Net investment income/(loss)		(4.06%)					(5.90%)
Expenses before incentive fees	[3],[4]	4.06%					5.90%
Expenses after incentive fees	[3],[4]	4.06%					5.90%
Total return before incentive fees	[5]	3.47%					(8.91%)
Total return after incentive fees	[5]	3.47%					(8.91%)
Incentive fee per share
Incentive Fee to ANA							0.00%
Class 2 [Member] | Frontier Masters Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			75.13	67.54		$ 87.18
Net operating results:
Interest income	[1]			0.04	0.2		0.1
Expenses	[1]			(1.05)	(3.37)		(3.75)
Net gain/(loss) on investments, net of non-controlling interests	[1]			(10.57)	10.73		(19.99)
Net income/(loss)	[1]			(11.58)	7.56		(23.63)
Net asset value	[1]	$ 75.1		$ 63.55	$ 75.1		$ 63.55
Ratios to average net assets
Net investment income/(loss)				(5.83%)	(8.50%)		(9.11%)
Expenses before incentive fees	[3],[4]			6.06%	9.03%		9.37%
Expenses after incentive fees	[3],[4]			6.06%	9.03%		9.37%
Total return before incentive fees	[5]			(15.41%)	11.19%		(27.11%)
Total return after incentive fees	[5]			(15.41%)	11.19%		(27.11%)
Incentive fee per share
Incentive Fee to ANA				0.00%			0.00%
Class 2 [Member] | Frontier Long/Short Commodity Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			$ 83.27	$ 85.99		$ 81.6
Net operating results:
Interest income	[1]			0.06	0.2		0.13
Expenses	[1]			(0.5)	(2.03)		(1.59)
Net gain/(loss) on investments, net of non-controlling interests	[1]			(1.42)	14.92		1.27
Net income/(loss)	[1]			(1.86)	13.1		(0.19)
Net asset value	[1]	99.09		$ 81.41	$ 99.09		$ 81.41
Ratios to average net assets
Net investment income/(loss)				(2.17%)	(3.80%)		(3.53%)
Expenses before incentive fees	[3],[4]			2.45%	4.22%		3.84%
Expenses after incentive fees	[3],[4]			2.45%	4.22%		3.84%
Total return before incentive fees	[5]			(2.23%)	15.24%		(0.23%)
Total return after incentive fees	[5]			(2.23%)	15.24%		(0.23%)
Incentive fee per share
Incentive Fee to ANA				0.00%			0.00%
Class 2 [Member] | Frontier Balanced Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			$ 126.44
Net operating results:
Interest income	[1]			0.01
Expenses	[1]			(20.94)
Net gain/(loss) on investments, net of non-controlling interests	[1]			10.92
Net income/(loss)	[1]			(10.02)
Net asset value	[1]			$ 116.42			$ 116.42
Ratios to average net assets
Net investment income/(loss)				(4.27%)
Expenses before incentive fees	[3],[4]			4.27%
Expenses after incentive fees	[3],[4]			4.27%
Total return before incentive fees	[5]			(7.92%)
Total return after incentive fees	[5]			(7.92%)
Incentive fee per share
Incentive Fee to ANA				0.00%
Class 2 [Member] | Frontier Select Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			$ 96.75			103.94
Net operating results:
Interest income	[1]			0			0
Expenses	[1]			(0.54)			(1.83)
Net gain/(loss) on investments, net of non-controlling interests	[1]			(11.01)			(16.92)
Net income/(loss)	[1]			(11.55)			(18.74)
Net asset value	[1]			$ 85.2			$ 85.2
Ratios to average net assets
Net investment income/(loss)				(2.32%)			(3.64%)
Expenses before incentive fees	[3],[4]			2.32%			3.64%
Expenses after incentive fees	[3],[4]			2.32%			3.64%
Total return before incentive fees	[5]			(11.93%)			(18.03%)
Total return after incentive fees	[5]			(11.93%)			(18.03%)
Incentive fee per share
Incentive Fee to ANA				0.00%			0.00%
Class 2 [Member] | Frontier Global Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			$ 181.09
Net operating results:
Interest income	[1]			0
Expenses	[1]			(2.2)
Net gain/(loss) on investments, net of non-controlling interests	[1]			(22.67)
Net income/(loss)	[1]			(24.87)
Net asset value	[1]			$ 156.22			$ 156.22
Ratios to average net assets
Net investment income/(loss)				(5.23%)
Expenses before incentive fees	[3],[4]			5.23%
Expenses after incentive fees	[3],[4]			5.23%
Total return before incentive fees	[5]			(13.74%)
Total return after incentive fees	[5]			(13.74%)
Incentive fee per share
Incentive Fee to ANA				0.00%
Class 2 [Member] | Frontier Heritage Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			$ 154.24	$ 155.92
Net operating results:
Interest income	[1]			0	0
Expenses	[1]			(1.49)	(5.18)
Net gain/(loss) on investments, net of non-controlling interests	[1]			(12.85)	35.42
Net income/(loss)	[1]			(14.34)	30.25
Net asset value	[1]	186.17		$ 139.9	$ 186.17		139.9
Ratios to average net assets
Net investment income/(loss)				(4.01%)	(6.04%)
Expenses before incentive fees	[3],[4]			4.01%	6.04%
Expenses after incentive fees	[3],[4]			4.01%	6.04%
Total return before incentive fees	[5]			(9.29%)	19.40%
Total return after incentive fees	[5]			(9.29%)	19.40%
Incentive fee per share
Incentive Fee to ANA				0.00%
Class 2 [Member] | Frontier Balanced Fund [Member]
Per unit operating performance (1)
Net asset value	[1]				$ 130.54		185.82
Net operating results:
Interest income	[1]				0		0.06
Expenses	[1]				(5.68)		(4.34)
Net gain/(loss) on investments, net of non-controlling interests	[1]				16.48		(65.11)
Net income/(loss)	[1]				10.8		(69.4)
Net asset value	[1]	141.34		$ 116.42	$ 141.34		$ 116.42
Ratios to average net assets
Net investment income/(loss)					(7.12%)		(5.92%)
Expenses before incentive fees	[3],[4]				6.21%		6.00%
Expenses after incentive fees	[3],[4]				7.13%		6.00%
Total return before incentive fees	[5]				9.19%		(37.35%)
Total return after incentive fees	[5]				8.28%		(37.35%)
Incentive fee per share					$ 1.31
Incentive Fee to ANA					0.92%		0.00%
Class 3 [Member] | Frontier Diversified Fund [Member]
Per unit operating performance (1)
Net asset value	[1]	89.95			$ 83.33		$ 113.61
Net operating results:
Interest income	[1]	0.03			0.07		0.02
Expenses	[1]	(0.81)			(2.39)		(2.5)
Net gain/(loss) on investments, net of non-controlling interests	[1]	(3.77)			4.38		(35.3)
Net income/(loss)	[1]	(4.56)			2.06		(37.78)
Net asset value	[1]	$ 85.39		75.83	$ 85.39		$ 75.83
Ratios to average net assets
Net investment income/(loss)		(3.45%)			(5.12%)		(5.35%)
Expenses before incentive fees	[3],[4]	3.60%			5.27%		5.40%
Expenses after incentive fees	[3],[4]	3.60%			5.27%		5.40%
Total return before incentive fees	[5]	(5.07%)			2.48%		(33.25%)
Total return after incentive fees	[5]	(5.07%)			2.48%		(33.25%)
Incentive fee per share
Incentive Fee to ANA							0.00%
Class 3 [Member] | Frontier Masters Fund [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 69.23
Net operating results:
Interest income	[1]	0.05
Expenses	[1]	(1.09)
Net gain/(loss) on investments, net of non-controlling interests	[1]	2.57
Net income/(loss)	[1]	1.53
Net asset value	[1]	$ 70.76			$ 70.76
Ratios to average net assets
Net investment income/(loss)		(5.88%)
Expenses before incentive fees	[3],[4]	6.17%
Expenses after incentive fees	[3],[4]	6.17%
Total return before incentive fees	[5]	2.21%
Total return after incentive fees	[5]	2.21%
Class 3 [Member] | Frontier Long/Short Commodity Fund [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 103.32
Net operating results:
Interest income	[1]	0.05
Expenses	[1]	(0.74)
Net gain/(loss) on investments, net of non-controlling interests	[1]	1.33
Net income/(loss)	[1]	0.63
Net asset value	[1]	$ 103.95			103.95
Ratios to average net assets
Net investment income/(loss)		(2.67%)
Expenses before incentive fees	[3],[4]	2.85%
Expenses after incentive fees	[3],[4]	2.85%
Total return before incentive fees	[5]	0.61%
Total return after incentive fees	[5]	0.61%
Class 3 [Member] | Frontier Diversified Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			84.09
Net operating results:
Interest income	[1]			0.02
Expenses	[1]			(0.71)
Net gain/(loss) on investments, net of non-controlling interests	[1]			(7.57)
Net income/(loss)	[1]			(8.26)
Net asset value	[1]			$ 75.83			$ 75.83
Ratios to average net assets
Net investment income/(loss)				(3.45%)
Expenses before incentive fees	[3],[4]			3.53%
Expenses after incentive fees	[3],[4]			3.53%
Total return before incentive fees	[5]			(9.83%)
Total return after incentive fees	[5]			(9.83%)
Incentive fee per share
Incentive Fee to ANA				0.00%
Class 3 [Member] | Frontier Masters Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			$ 70.56	63.52		81.78
Net operating results:
Interest income	[1]			0.04	0.19		0.1
Expenses	[1]			(1)	(3.16)		(3.52)
Net gain/(loss) on investments, net of non-controlling interests	[1]			(9.87)	10.21		(18.63)
Net income/(loss)	[1]			(10.83)	7.24		(22.05)
Net asset value	[1]	$ 70.76		$ 59.73	$ 70.76		$ 59.73
Ratios to average net assets
Net investment income/(loss)				(5.83%)	(8.50%)		(9.11%)
Expenses before incentive fees	[3],[4]			6.06%	9.03%		9.37%
Expenses after incentive fees	[3],[4]			6.06%	9.03%		9.37%
Total return before incentive fees	[5]			(15.35%)	11.39%		(26.97%)
Total return after incentive fees	[5]			(15.35%)	11.39%		(26.97%)
Incentive fee per share
Incentive Fee to ANA				0.00%			0.00%
Class 3 [Member] | Frontier Long/Short Commodity Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			$ 87.35	$ 90.21		$ 85.64
Net operating results:
Interest income	[1]			0.06	0.21		0.13
Expenses	[1]			(0.52)	(2.1)		(1.67)
Net gain/(loss) on investments, net of non-controlling interests	[1]			(1.49)	15.63		1.3
Net income/(loss)	[1]			(1.95)	13.74		(0.24)
Net asset value	[1]	103.95		$ 85.4	$ 103.95		$ 85.4
Ratios to average net assets
Net investment income/(loss)				(2.17%)	(3.80%)		(3.53%)
Expenses before incentive fees	[3],[4]			2.45%	4.22%		3.84%
Expenses after incentive fees	[3],[4]			2.45%	4.22%		3.84%
Total return before incentive fees	[5]			(2.23%)	15.23%		(0.28%)
Total return after incentive fees	[5]			(2.23%)	15.23%		(0.28%)
Incentive fee per share
Incentive Fee to ANA				0.00%			0.00%
Class 2a [Member] | Frontier Long/Short Commodity Fund [Member]
Per unit operating performance (1)
Net asset value	[1]	63.74
Net operating results:
Interest income	[1]	0.03
Expenses	[1]	(0.46)
Net gain/(loss) on investments, net of non-controlling interests	[1]	1.04
Net income/(loss)	[1]	0.61
Net asset value	[1]	$ 64.35			$ 64.35
Ratios to average net assets
Net investment income/(loss)		(2.67%)
Expenses before incentive fees	[3],[4]	2.85%
Expenses after incentive fees	[3],[4]	2.85%
Total return before incentive fees	[5]	0.96%
Total return after incentive fees	[5]	0.96%
Class 2a [Member] | Frontier Balanced Fund [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 123.47
Net operating results:
Interest income	[1]	0
Expenses	[1]	(1.99)
Net gain/(loss) on investments, net of non-controlling interests	[1]	1.17
Net income/(loss)	[1]	(0.82)
Net asset value	[1]	$ 122.65			122.65
Ratios to average net assets
Net investment income/(loss)		(4.75%)
Expenses before incentive fees	[3],[4]	4.24%
Expenses after incentive fees	[3],[4]	4.75%
Total return before incentive fees	[5]	(0.15%)
Total return after incentive fees	[5]	(0.66%)
Incentive fee per share		$ 0.64
Incentive Fee to ANA		0.51%
Class 2a [Member] | Frontier Long/Short Commodity Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			$ 53.49	55.29		$ 52.55
Net operating results:
Interest income	[1]			0.04	0.13		0.08
Expenses	[1]			(0.32)	(1.28)		(1.02)
Net gain/(loss) on investments, net of non-controlling interests	[1]			(0.82)	10.22		0.78
Net income/(loss)	[1]			(1.11)	9.06		(0.17)
Net asset value	[1]	$ 64.35		$ 52.39	$ 64.35		$ 52.39
Ratios to average net assets
Net investment income/(loss)				(2.17%)	(3.80%)		(3.53%)
Expenses before incentive fees	[3],[4]			2.45%	4.22%		3.84%
Expenses after incentive fees	[3],[4]			2.45%	4.22%		3.84%
Total return before incentive fees	[5]			(2.07%)	16.39%		(0.31%)
Total return after incentive fees	[5]			(2.07%)	16.39%		(0.31%)
Incentive fee per share
Incentive Fee to ANA				0.00%			0.00%
Class 2a [Member] | Frontier Balanced Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			$ 109.61
Net operating results:
Interest income	[1]			0
Expenses	[1]			(1.13)
Net gain/(loss) on investments, net of non-controlling interests	[1]			(7.58)
Net income/(loss)	[1]			(8.71)
Net asset value	[1]			$ 100.9			$ 100.9
Ratios to average net assets
Net investment income/(loss)				(4.27%)
Expenses before incentive fees	[3],[4]			4.27%
Expenses after incentive fees	[3],[4]			4.27%
Total return before incentive fees	[5]			(7.95%)
Total return after incentive fees	[5]			(7.95%)
Incentive fee per share
Incentive Fee to ANA				0.00%
Class 2a [Member] | Frontier Balanced Fund [Member]
Per unit operating performance (1)
Net asset value	[1]				$ 113.2		161.04
Net operating results:
Interest income	[1]				0		0.05
Expenses	[1]				(5.25)		(3.79)
Net gain/(loss) on investments, net of non-controlling interests	[1]				14.69		(56.4)
Net income/(loss)	[1]				9.45		(60.14)
Net asset value	[1]	122.65		$ 100.9	$ 122.65		$ 100.9
Ratios to average net assets
Net investment income/(loss)					(7.12%)		(5.92%)
Expenses before incentive fees	[3],[4]				6.21%		6.00%
Expenses after incentive fees	[3],[4]				7.13%		6.00%
Total return before incentive fees	[5]				9.27%		(37.34%)
Total return after incentive fees	[5]				8.35%		(37.34%)
Incentive fee per share					$ 1.21
Incentive Fee to ANA					0.92%		0.00%
Class 3a [Member] | Frontier Long/Short Commodity Fund [Member]
Per unit operating performance (1)
Net asset value	[1]	67.36
Net operating results:
Interest income	[1]	0.03
Expenses	[1]	(0.49)
Net gain/(loss) on investments, net of non-controlling interests	[1]	1.14
Net income/(loss)	[1]	0.68
Net asset value	[1]	$ 68.04			$ 68.04
Ratios to average net assets
Net investment income/(loss)		(2.67%)
Expenses before incentive fees	[3],[4]	2.85%
Expenses after incentive fees	[3],[4]	2.85%
Total return before incentive fees	[5]	1.01%
Total return after incentive fees	[5]	1.01%
Class 3a [Member] | Frontier Balanced Fund [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 123.05					$ 160.5
Net operating results:
Interest income	[1]	0					0.05
Expenses	[1]	(1.98)					(3.76)
Net gain/(loss) on investments, net of non-controlling interests	[1]	1.16					(56.2)
Net income/(loss)	[1]	(0.82)					(59.9)
Net asset value	[1]	$ 122.23		100.6	122.23		$ 100.6
Ratios to average net assets
Net investment income/(loss)		(4.75%)					(5.92%)
Expenses before incentive fees	[3],[4]	4.24%					6.00%
Expenses after incentive fees	[3],[4]	4.75%					6.00%
Total return before incentive fees	[5]	(0.15%)					(37.32%)
Total return after incentive fees	[5]	(0.67%)					(37.32%)
Incentive fee per share		$ 0.64
Incentive Fee to ANA		0.51%					0.00%
Class 3a [Member] | Frontier Long/Short Commodity Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			56.38	58.37		$ 55.31
Net operating results:
Interest income	[1]			0.04	0.14		0.09
Expenses	[1]			(0.34)	(1.36)		(1.08)
Net gain/(loss) on investments, net of non-controlling interests	[1]			0.82	10.89		0.94
Net income/(loss)	[1]			(1.12)	9.67		(0.05)
Net asset value	[1]	$ 68.04		$ 55.27	$ 68.04		$ 55.27
Ratios to average net assets
Net investment income/(loss)				(2.17%)	(3.80%)		(3.53%)
Expenses before incentive fees	[3],[4]			2.45%	4.22%		3.84%
Expenses after incentive fees	[3],[4]			2.45%	4.22%		3.84%
Total return before incentive fees	[5]			(1.98%)	16.57%		(0.08%)
Total return after incentive fees	[5]			(1.98%)	16.57%		(0.08%)
Incentive fee per share
Incentive Fee to ANA				0.00%			0.00%
Class 3a [Member] | Frontier Balanced Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			$ 109.24
Net operating results:
Interest income	[1]			0
Expenses	[1]			(1.13)
Net gain/(loss) on investments, net of non-controlling interests	[1]			(7.51)
Net income/(loss)	[1]			(8.64)
Net asset value	[1]			$ 100.6			$ 100.6
Ratios to average net assets
Net investment income/(loss)				(4.27%)
Expenses before incentive fees	[3],[4]			4.27%
Expenses after incentive fees	[3],[4]			4.27%
Total return before incentive fees	[5]			(7.91%)
Total return after incentive fees	[5]			(7.91%)
Incentive fee per share
Incentive Fee to ANA				0.00%
Class 3a [Member] | Frontier Balanced Fund [Member]
Per unit operating performance (1)
Net asset value	[1]				$ 112.81
Net operating results:
Interest income	[1]				0
Expenses	[1]				(4.83)
Net gain/(loss) on investments, net of non-controlling interests	[1]				14.25
Net income/(loss)	[1]				9.42
Net asset value	[1]	122.23			$ 122.23
Ratios to average net assets
Net investment income/(loss)					(7.12%)
Expenses before incentive fees	[3],[4]				6.21%
Expenses after incentive fees	[3],[4]				7.13%
Total return before incentive fees	[5]				9.27%
Total return after incentive fees	[5]				8.35%
Incentive fee per share					$ 1.11
Incentive Fee to ANA					0.92%
Class 1AP [Member] | Frontier Balanced Fund [Member]
Per unit operating performance (1)
Net asset value	[1]	105.55
Net operating results:
Interest income	[1]	0
Expenses	[1]	(1.7)
Net gain/(loss) on investments, net of non-controlling interests	[1]	0.96
Net income/(loss)	[1]	(0.73)
Net asset value	[1]	$ 104.82			$ 104.82
Ratios to average net assets
Net investment income/(loss)		(4.75%)
Expenses before incentive fees	[3],[4]	4.24%
Expenses after incentive fees	[3],[4]	4.75%
Total return before incentive fees	[5]	(0.18%)
Total return after incentive fees	[5]	(0.70%)
Incentive fee per share		$ 0.55
Incentive Fee to ANA		0.51%
Class 1AP [Member] | Frontier Select Fund [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 81.44			70.99
Net operating results:
Interest income	[1]	0			0
Expenses	[1]	(0.62)			(1.67)
Net gain/(loss) on investments, net of non-controlling interests	[1]	2.66			14.15
Net income/(loss)	[1]	2.03			12.48
Net asset value	[1]	$ 83.47			$ 83.47
Ratios to average net assets
Net investment income/(loss)		(2.89%)			(4.38%)
Expenses before incentive fees	[3],[4]	2.89%			4.38%
Expenses after incentive fees	[3],[4]	2.89%			4.38%
Total return before incentive fees	[5]	2.49%			17.58%
Total return after incentive fees	[5]	2.49%			17.58%
Incentive fee per share
Incentive Fee to ANA		0.00%			0.00%
Class 1AP [Member] | Frontier Global Fund [Member]
Per unit operating performance (1)
Net asset value	[1]						154.43
Net operating results:
Interest income	[1]						0
Expenses	[1]						(5.84)
Net gain/(loss) on investments, net of non-controlling interests	[1]						(23.2)
Net income/(loss)	[1]						(29.04)
Net asset value	[1]			$ 125.39			$ 125.39
Ratios to average net assets
Net investment income/(loss)							(7.68%)
Expenses before incentive fees	[3],[4]						7.68%
Expenses after incentive fees	[3],[4]						7.68%
Total return before incentive fees	[5]						(18.80%)
Total return after incentive fees	[5]						(18.80%)
Incentive fee per share
Incentive Fee to ANA							0.00%
Class 1AP [Member] | Frontier Heritage Fund [Member]
Per unit operating performance (1)
Net asset value	[1]	$ 134.44					$ 114.15
Net operating results:
Interest income	[1]	0					0
Expenses	[1]	(1.45)					(3.52)
Net gain/(loss) on investments, net of non-controlling interests	[1]	6.12					(6.11)
Net income/(loss)	[1]	4.66					(9.62)
Net asset value	[1]	$ 139.1		104.53	$ 139.1		$ 104.53
Ratios to average net assets
Net investment income/(loss)		(4.06%)					(5.90%)
Expenses before incentive fees	[3],[4]	4.06%					5.90%
Expenses after incentive fees	[3],[4]	4.06%					5.90%
Total return before incentive fees	[5]	3.47%					(8.43%)
Total return after incentive fees	[5]	3.47%					(8.43%)
Incentive fee per share
Incentive Fee to ANA							0.00%
Class 1AP [Member] | Frontier Balanced Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			93.76
Net operating results:
Interest income	[1]			0
Expenses	[1]			(0.97)
Net gain/(loss) on investments, net of non-controlling interests	[1]			(6.46)
Net income/(loss)	[1]			(7.42)
Net asset value	[1]			$ 86.34			$ 86.34
Ratios to average net assets
Net investment income/(loss)				(4.27%)
Expenses before incentive fees	[3],[4]			4.27%
Expenses after incentive fees	[3],[4]			4.27%
Total return before incentive fees	[5]			(7.92%)
Total return after incentive fees	[5]			(7.92%)
Incentive fee per share
Incentive Fee to ANA				0.00%
Class 1AP [Member] | Frontier Select Fund [Member]
Per unit operating performance (1)
Net asset value	[1]						78.51
Net operating results:
Interest income	[1]						0
Expenses	[1]						(1.37)
Net gain/(loss) on investments, net of non-controlling interests	[1]						(12.93)
Net income/(loss)	[1]						(14.31)
Net asset value	[1]			$ 64.2			$ 64.2
Ratios to average net assets
Net investment income/(loss)							(3.64%)
Expenses before incentive fees	[3],[4]						3.64%
Expenses after incentive fees	[3],[4]						3.64%
Total return before incentive fees	[5]						(18.22%)
Total return after incentive fees	[5]						(18.22%)
Incentive fee per share
Incentive Fee to ANA							0.00%
Class 1AP [Member] | Frontier Global Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			145.35
Net operating results:
Interest income	[1]			0
Expenses	[1]			(1.77)
Net gain/(loss) on investments, net of non-controlling interests	[1]			(18.19)
Net income/(loss)	[1]			(19.96)
Net asset value	[1]			$ 125.39			$ 125.39
Ratios to average net assets
Net investment income/(loss)				(5.23%)
Expenses before incentive fees	[3],[4]			5.23%
Expenses after incentive fees	[3],[4]			5.23%
Total return before incentive fees	[5]			(13.73%)
Total return after incentive fees	[5]			(13.73%)
Incentive fee per share
Incentive Fee to ANA				0.00%
Class 1AP [Member] | Frontier Heritage Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			$ 115.25	116.5
Net operating results:
Interest income	[1]			0	0
Expenses	[1]			(1.1)	(3.91)
Net gain/(loss) on investments, net of non-controlling interests	[1]			(9.62)	26.52
Net income/(loss)	[1]			(10.72)	22.6
Net asset value	[1]	$ 139.1		$ 104.53	$ 139.1		104.53
Ratios to average net assets
Net investment income/(loss)				(4.01%)	(6.04%)
Expenses before incentive fees	[3],[4]			4.01%	6.04%
Expenses after incentive fees	[3],[4]			4.01%	6.04%
Total return before incentive fees	[5]			(9.30%)	19.40%
Total return after incentive fees	[5]			(9.30%)	19.40%
Incentive fee per share
Incentive Fee to ANA				0.00%
Class 1AP [Member] | Frontier Balanced Fund [Member]
Per unit operating performance (1)
Net asset value	[1]				$ 96.81		137.81
Net operating results:
Interest income	[1]				0		0.04
Expenses	[1]				(4.24)		(3.21)
Net gain/(loss) on investments, net of non-controlling interests	[1]				12.24		(48.31)
Net income/(loss)	[1]				8.01		(51.47)
Net asset value	[1]	$ 104.82		$ 86.34	$ 104.82		$ 86.34
Ratios to average net assets
Net investment income/(loss)					(7.12%)		(5.92%)
Expenses before incentive fees	[3],[4]				6.21%		6.00%
Expenses after incentive fees	[3],[4]				7.13%		6.00%
Total return before incentive fees	[5]				9.19%		(37.35%)
Total return after incentive fees	[5]				8.27%		(37.35%)
Incentive fee per share					$ 0.98
Incentive Fee to ANA					0.92%		0.00%
Class 1a [Member] | Frontier Long/Short Commodity Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			44.58			$ 44.2
Net operating results:
Interest income	[1]			0.03			0.07
Expenses	[1]			(0.69)			(2.13)
Net gain/(loss) on investments, net of non-controlling interests	[1],[2]			(43.93)			(42.14)
Net income/(loss)	[1],[2]			(44.58)			(44.2)
Net asset value	[1]
Ratios to average net assets
Net investment income/(loss)				(6.06%)			(9.27%)
Expenses before incentive fees	[3],[4]			6.34%			9.58%
Expenses after incentive fees	[3],[4]			6.34%			9.58%
Total return before incentive fees	[5]			(2.46%)			(1.62%)
Total return after incentive fees	[5]			(2.46%)			(1.62%)
Incentive fee per share
Incentive Fee to ANA				0.00%			0.00%
Class 1a [Member] | Frontier Select Fund [Member]
Per unit operating performance (1)
Net asset value	[1]			$ 72.91
Net operating results:
Interest income	[1]			0
Expenses	[1]			(0.41)
Net gain/(loss) on investments, net of non-controlling interests	[1]			(8.3)
Net income/(loss)	[1]			(8.7)
Net asset value	[1]			$ 64.2			$ 64.2
Ratios to average net assets
Net investment income/(loss)				(2.32%)
Expenses before incentive fees	[3],[4]			2.32%
Expenses after incentive fees	[3],[4]			2.32%
Total return before incentive fees	[5]			(11.93%)
Total return after incentive fees	[5]			(11.93%)
Incentive fee per share
Incentive Fee to ANA				0.00%

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

[2] Class 1 of Frontier Master Fund was closed as of April 1, 2021 and Frontier Diversified Fund Class 1 was closed as of July 21, 2021.

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

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

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

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Derivative Instruments and Hedging Activities (Details) - Frontier Fund [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments and Hedging Activities (Details) [Line Items]
Monthly average of forwards, options and futures contracts bought	$ 307	$ 600	$ 293	$ 568
Monthly average of forwards, options and futures contracts sold	$ 392	$ 726	$ 322	$ 578
Minimum [Member]
Derivative Instruments and Hedging Activities (Details) [Line Items]
Percentage of embedded management fees	1.00%		1.00%
Percentage of fair value of swaps and embedded incentive fees	15.00%		15.00%
Maximum [Member]
Derivative Instruments and Hedging Activities (Details) [Line Items]
Percentage of embedded management fees	1.50%		1.50%
Percentage of fair value of swaps and embedded incentive fees	25.00%		25.00%

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Derivative Instruments and Hedging Activities (Details) - Schedule of averages futures contracts - The Series of Frontier Funds [Member] - Frontier Balanced Fund [Member]	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments and Hedging Activities (Details) - Schedule of averages futures contracts [Line Items]
Derivative Numbers of Instruments Bought	307	600	293	578
Derivative Numbers of Instruments Sold	392	726	322	568

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Derivative Instruments and Hedging Activities (Details) - Schedule of realized trading revenue from futures, forwards and options - Frontier Balanced Fund [Member] - Realized Trading Revenue from Futures, Forwards and Options [Member] - The Series of Frontier Funds [Member] - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)	[1]	$ 93,883	$ 167,553	$ 574,605	$ 588,112
Agriculturals [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		13,487	107,606	87,183	132,659
Currencies [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		(20,259)	36,116	(75,797)	15,372
Energies [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		82,010	(29,190)	133,440	(15,120)
Interest rates [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		5,987	(80,947)	127,666	56,888
Metals [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		155	105,688	88,709	427,135
Stock indices [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		$ 12,503	$ 28,280	$ 213,404	$ (28,822)

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

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Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss - Frontier Balanced Fund [Member] - Unrealized Trading Revenue from Futures, Forwards and Options [Member] - The Series of the Frontier Funds [Member] - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)	[1]	$ 153,295	$ (53,834)	$ (16,668)	$ (130,870)
Agriculturals [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)		62,335	(73,529)	34,336	(58,614)
Currencies [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)		8,416	(12,856)	(89,833)	(27,439)
Energies [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)		22,030	(35,050)	35,930	(39,325)
Interest rates [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)		(1,144)	46,611	(13,046)	76,647
Metals [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)		72,161	28,731	30,003	(91,914)
Stock indices [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)		$ (10,502)	$ (7,741)	$ (14,058)	$ 9,775

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

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Derivative Instruments and Hedging Activities (Details) - Schedule of gross and net information about the trust's assets and liabilities - Frontier Balanced Fund [Member] - The Series of Frontier Funds [Member] - Open Trade Equity/(Deficit) [Member] - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities (Details) - Schedule of gross and net information about the trust's assets and liabilities [Line Items]
Gross Amounts of recognized Derivative Assets/Liabilities	$ 1,246,031	$ 814,743
Gross Amounts offset in the Statements of Financial Condition	(1,161,702)	(714,303)
Net Amounts Presented in the Statements of Financial Condition	$ 84,329	$ 100,440

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Trading Activities and Related Risks (Details)	9 Months Ended
	Sep. 30, 2021
The Series of Frontier Funds [Member]
Trading Activities and Related Risks (Details) [Line Items]
Description of trading activities and related risks	If the markets should move against all of the futures positions held by a Trading Company or Galaxy Plus entity in respect of any Series at the same time, and if the Trading Advisor(s) of such Trading Company or Galaxy Plus entity are unable to offset such futures interests positions, such Trading Company or Galaxy Plus entity could lose all of its assets and the holders of Units of such Series would realize a 100% loss. The Managing Owner will seek to minimize market risk through real-time monitoring of open positions and the level of diversification of each Trading Advisor’s portfolio. It is anticipated that any Trading Advisor’s margin-to-equity ratio will typically not exceed approximately 35% although the actual ratio could be higher or lower from time to time.
Frontier Funds [Member]
Trading Activities and Related Risks (Details) [Line Items]
Description of trading activities and related risks	If the markets should move against all of the futures positions held by a Trading Company or Galaxy Plus entity in respect of any Series at the same time, and if the Trading Advisor(s) of such Trading Company or Galaxy Plus entity are unable to offset such futures interests positions, such Trading Company or Galaxy Plus entity could lose all of its assets and the holders of Units of such Series would realize a 100% loss. The Managing Owner will seek to minimize market risk through real-time monitoring of open positions and the level of diversification of each Trading Advisor’s portfolio. It is anticipated that any Trading Advisor’s margin- to-equity ratio will typically not exceed approximately 35% although the actual ratio could be higher or lower from time to time.

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Subsequent Events (Details)	1 Months Ended
	Nov. 04, 2021 USD ($)
Frontier Balanced Fund [Member]
Subsequent Events (Details) [Line Items]
Paid in redemptions	$ 110,778
Frontier Diversified Fund [Member]
Subsequent Events (Details) [Line Items]
Paid in redemptions	19,386
Frontier Heritage Fund [Member]
Subsequent Events (Details) [Line Items]
Paid in redemptions	2,000
Frontier Long/Short Commodity Fund [Member]
Subsequent Events (Details) [Line Items]
Paid in redemptions	1,300
Frontier Masters Fund [Member]
Subsequent Events (Details) [Line Items]
Paid in redemptions	3,885
Frontier Select Fund [Member]
Subsequent Events (Details) [Line Items]
Paid in redemptions	43,866
Frontier Global Fund [Member]
Subsequent Events (Details) [Line Items]
Paid in redemptions	49,473
Frontier Funds [Member]
Subsequent Events (Details) [Line Items]
Paid in redemptions	$ 230,687

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Fair Value Measurements (Details) - Schedule of financial asset portfolio measured at fair value (Frontier Funds) - Frontier Funds [Member] - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Fair Value Measurements (Details) - Schedule of financial asset portfolio measured at fair value (Frontier Funds) [Line Items]
Open Trade Equity (Deficit)	$ 84,329	$ 100,440
U.S. Treasury Securities	143,896	2,282,606
Level 1 Inputs [Member]
Fair Value Measurements (Details) - Schedule of financial asset portfolio measured at fair value (Frontier Funds) [Line Items]
Open Trade Equity (Deficit)	84,329	100,440
U.S. Treasury Securities	143,896	2,282,606
Level 2 Inputs [Member]
Fair Value Measurements (Details) - Schedule of financial asset portfolio measured at fair value (Frontier Funds) [Line Items]
Open Trade Equity (Deficit)
U.S. Treasury Securities
Level 3 Inputs [Member]
Fair Value Measurements (Details) - Schedule of financial asset portfolio measured at fair value (Frontier Funds) [Line Items]
Open Trade Equity (Deficit)
U.S. Treasury Securities

XML

Fair Value Measurements (Details) - Schedule of change in unrealized appreciation (depreciation) (Frontier Funds) - Level 3 Inputs [Member] - Frontier Funds [Member]	12 Months Ended
	Dec. 31, 2020 USD ($)
Fair Value Measurements (Details) - Schedule of change in unrealized appreciation (depreciation) (Frontier Funds) [Line Items]
Balance of recurring Level 3 assets	$ 21,579,865
Total gains or losses (realized/unrealized):
Included in earnings-realized	(2,896,106)
Included in earnings-unrealized	(4,384,210)
Proceeds from collateral reduction	(12,674,502)
Purchase of investments	12,918,207
Sale of investments	(14,543,254)
Transfers in and/or out of Level 3
Balance of recurring Level 3 assets

XML

Swap Contracts (Details) - Schedule of Investments in following swap - DeutscheBank AG [Member] - Swap [Member] - Parent Company [Member]	12 Months Ended
	Dec. 31, 2020 USD ($)
XXXIV Balanced Select Swap [Member]
Swap Contracts (Details) - Schedule of Investments in following swap [Line Items]
Realized Gain/(Loss)	$ (2,448,166)
Change in Unrealized Gain/(Loss)	(3,088,917)
Fair Value as of December 31, 2020	0
Advance on swap appreciation	0
XXXV Diversified Select Swap [Member]
Swap Contracts (Details) - Schedule of Investments in following swap [Line Items]
Realized Gain/(Loss)	(446,306)
Change in Unrealized Gain/(Loss)	(1,537,399)
Fair Value as of December 31, 2020	0
Advance on swap appreciation	0
XXXVII L/S Select Swap [Member]
Swap Contracts (Details) - Schedule of Investments in following swap [Line Items]
Realized Gain/(Loss)	188,100
Change in Unrealized Gain/(Loss)	44,277
Fair Value as of December 31, 2020	0
Advance on swap appreciation	0
Brevan Howard [Member]
Swap Contracts (Details) - Schedule of Investments in following swap [Line Items]
Realized Gain/(Loss)	(189,734)
Change in Unrealized Gain/(Loss)	197,829
Fair Value as of December 31, 2020	0
Advance on swap appreciation	$ 0

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Investments in Private Investment Companies (Details) - Schedule of equity in earnings from unconsolidated trading companies and private investment companies - Frontier Funds [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from unconsolidated trading companies and private investment companies [Line Items]
Trading Commissions	$ (61,633)	$ (47,474)	$ (176,118)	$ (168,660)
Realized Gain/(Loss)	767,172	(1,532,915)	2,737,574	(3,682,291)
Change in Unrealized Gain/(Loss)	(662,695)	(474,442)	100,206	(482,988)
Net Income (Loss)	42,844	(2,054,831)	2,661,662	(4,333,939)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from unconsolidated trading companies and private investment companies [Line Items]
Trading Commissions	(6,405)	(8,130)	(17,925)	(29,821)
Realized Gain/(Loss)	72,602	(813,198)	751,780	(771,155)
Change in Unrealized Gain/(Loss)	205,496	109,718	288,555	(19,372)
Net Income (Loss)	271,693	(711,610)	1,022,410	(820,348)
Galaxy Plus Fund - Doherty Feeder Fund (528) LLC [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from unconsolidated trading companies and private investment companies [Line Items]
Trading Commissions				(3,500)
Realized Gain/(Loss)			(349)	(95,347)
Change in Unrealized Gain/(Loss)		(447)		41,225
Net Income (Loss)		(447)	(349)	(57,622)
Galaxy Plus Fund - EvE STP Feeder Fund (516) LLC [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from unconsolidated trading companies and private investment companies [Line Items]
Trading Commissions				(13,005)
Realized Gain/(Loss)			497	(1,475,050)
Change in Unrealized Gain/(Loss)		(11,450)		164,351
Net Income (Loss)		(11,450)	497	(1,323,704)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from unconsolidated trading companies and private investment companies [Line Items]
Trading Commissions	(8,483)	(6,896)	(27,801)	(34,000)
Realized Gain/(Loss)	241,329	(5,199)	600,555	(531,301)
Change in Unrealized Gain/(Loss)	(899,091)	(51,941)	(1,046,175)	217,203
Net Income (Loss)	(666,245)	(64,036)	(473,421)	(348,098)
Galaxy Plus Fund - LRR Feeder Fund (522) LLC [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from unconsolidated trading companies and private investment companies [Line Items]
Trading Commissions	(120)	(306)	(543)	(1,789)
Realized Gain/(Loss)	26,360	40,222	149,331	(453,267)
Change in Unrealized Gain/(Loss)	(23,799)	(86,248)	(126,776)	(136,072)
Net Income (Loss)	2,441	(46,332)	22,012	(591,128)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from unconsolidated trading companies and private investment companies [Line Items]
Trading Commissions	(4,673)	(980)	(11,428)	(13,376)
Realized Gain/(Loss)	(37,827)	(235,964)	(291,804)	(1,148,018)
Change in Unrealized Gain/(Loss)	273,162	59,500	62,635	156,838
Net Income (Loss)	230,662	(177,444)	(240,597)	(1,004,556)
Galaxy Plus Fund - Quantmetrics Feeder Fund (527) LLC [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from unconsolidated trading companies and private investment companies [Line Items]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)
Net Income (Loss)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from unconsolidated trading companies and private investment companies [Line Items]
Trading Commissions	(6,635)	(5,945)	(20,639)	(9,160)
Realized Gain/(Loss)	5,846	(46,444)	183,921	63,905
Change in Unrealized Gain/(Loss)	(122,669)	35,561	41,105	(13,198)
Net Income (Loss)	(123,458)	(16,828)	204,387	41,547
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from unconsolidated trading companies and private investment companies [Line Items]
Trading Commissions
Realized Gain/(Loss)
Change in Unrealized Gain/(Loss)	(1,847)	(80,092)	42,887	(80,092)
Net Income (Loss)	(1,847)	(80,092)	42,887	(80,092)
Galaxy Plus Fund - TT Feeder Fund (531) LLC [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from unconsolidated trading companies and private investment companies [Line Items]
Trading Commissions				(7,243)
Realized Gain/(Loss)			1,384	(321,982)
Change in Unrealized Gain/(Loss)		(3,765)		(47,177)
Net Income (Loss)		(3,765)	1,384	(376,402)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from unconsolidated trading companies and private investment companies [Line Items]
Trading Commissions	(29,043)	(22,934)	(83,195)	(54,483)
Realized Gain/(Loss)	407,312	236,216	2,059,011	1,758,472
Change in Unrealized Gain/(Loss)	(33,593)	(122,312)	272,659	(443,728)
Net Income (Loss)	344,676	90,970	2,248,475	1,260,261
Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from unconsolidated trading companies and private investment companies [Line Items]
Trading Commissions	(2,976)	(2,283)	(6,780)	(2,283)
Realized Gain/(Loss)	(35,301)	(708,548)	(824,562)	(708,548)
Change in Unrealized Gain/(Loss)	36,092	(322,966)	653,714	(322,966)
Net Income (Loss)	(2,185)	(1,033,797)	(177,628)	(1,033,797)
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC) [Member]
Investments in Private Investment Companies (Details) - Schedule of equity in earnings from unconsolidated trading companies and private investment companies [Line Items]
Trading Commissions	(3,298)		(7,807)
Realized Gain/(Loss)	86,851		107,810
Change in Unrealized Gain/(Loss)	(96,446)		(88,398)
Net Income (Loss)	$ (12,893)		$ 11,605

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Investments in Private Investment Companies (Details) - Schedule of private investment companies have certain redemption and liquidity restrictions - Frontier Funds [Member]	9 Months Ended
	Sep. 30, 2021
Multi-Strategy [Member] | Galaxy Plus Fund – JL Cyril Systematic Feeder Fund (547) LLC) [Member]
Frontier Funds
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC [Member]
Frontier Funds
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Multi-Strategy [Member] | Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC) [Member]
Frontier Funds
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - Aspect Feeder Fund (532) LLC [Member]
Frontier Funds
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC [Member]
Frontier Funds
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - QIM Feeder Fund (526) LLC [Member]
Frontier Funds
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None
Trend Following [Member] | Galaxy Plus Fund - Quest Feeder Fund (517) LLC [Member]
Frontier Funds
Redemptions Notice Period	24 hours
Redemptions Permitted	Daily
Liquidity Restrictions	None

XML

Financial Highlights (Details) - Schedule of financial highlights of trust - Frontier Funds [Member]		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Ratios to average net assets (1)
Net investment income/(loss)	[1]	(6.27%)	(5.84%)	(6.43%)	(5.70%)
Expenses before incentive fees	[2]	6.07%	(5.88%)	6.04%	(5.69%)
Expenses after incentive fees	[2]	6.32%	(5.88%)	6.47%	(5.74%)
Total return before incentive fees	[3]	(0.29%)	(10.08%)	8.81%	(36.52%)
Total return after incentive fees	[3]	(0.53%)	(10.08%)	8.37%	(36.56%)

[1] Annualized with the exception of incentive fees.

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

[3] Total returns are not annualized.

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Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss - Realized Trading Revenue from Futures, Forwards and Options [Member] - Frontier Funds [Member] - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)	[1]	$ 93,883	$ 167,553	$ 574,605	$ 588,112
Agriculturals [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		13,487	107,606	87,183	132,659
Currencies [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		(20,259)	36,116	(75,797)	15,372
Energies [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		82,010	(29,190)	133,440	(15,120)
Interest rates [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		5,987	(80,947)	127,666	56,888
Metals [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		155	105,688	88,709	427,135
Stock indices [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized trading income/(loss)		$ 12,503	$ 28,280	$ 213,404	$ (28,822)

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

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Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss - Net Change in Open Trade Equity from Futures, Forwards and Options [Member] - Frontier Fund [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)	$ 153,295	$ (53,834)	$ (16,668)	$ (130,870)
Agriculturals [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)	62,335	(73,529)	34,336	(58,614)
Currencies [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)	8,416	(12,856)	(89,833)	(27,439)
Energies [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)	22,030	(35,050)	35,930	(39,325)
Interest rates [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)	(1,144)	46,611	(13,046)	76,647
Metals [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)	72,161	28,731	30,003	(91,914)
Stock indices [Member]
Derivative Instruments and Hedging Activities (Details) - Schedule of net trading gain loss [Line Items]
Change in unrealized trading income/(loss)	$ (10,502)	$ (7,741)	$ (14,058)	$ 9,775

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Derivative Instruments and Hedging Activities (Details) - Schedule of gross and net information about the Trust's assets and liabilities - Frontier Funds [Member] - Open Trade Equity/(Deficit) [Member] - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities (Details) - Schedule of gross and net information about the Trust's assets and liabilities [Line Items]
Gross Amounts of recognized Derivative Assets	$ 1,246,031	$ 814,743
Gross Amounts offset in the Statements of Financial Condition	(1,161,702)	(714,303)
Net Amounts Presented in the Statements of Financial	$ 84,329	$ 100,440