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 June 30, 2025

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

For the transition period from to

Commission File Number 000-51274

FRONTIER FUNDS

FRONTIER DIVERSIFIED FUND;

FRONTIER LONG/SHORT COMMODITY FUND;

FRONTIER MASTERS FUND;

FRONTIER BALANCED FUND;

FRONTIER SELECT FUND;

FRONTIER GLOBAL FUND;

FRONTIER HERITAGE FUND

(Exact Name of Registrant as specified in Its Charter)

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

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

(Address of Principal Executive Offices)

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

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

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

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

Title of Each Class

Frontier Diversified Fund Class 2 and Class 3 Units;

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

Frontier Masters Fund Class 2 and Class 3 Units;

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

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

Frontier Global Fund Class 1 and Class 2 Units;

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

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

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

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

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

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

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

The Frontier Funds’ units of beneficial interest are not traded on any market and, accordingly, do not have an aggregate market value. Units outstanding as of June 30, 2025 were: 14,531 for the Frontier Diversified Fund, 4,511 for the Frontier Masters Fund, 5,677 for the Frontier Long/Short Commodity Fund, 49,352 for the Frontier Balanced Fund, 13,647 for the Frontier Select Fund, 6,467 for the Frontier Global Fund and 13,121 for the Frontier Heritage Fund.

Table of Contents

		Pages

PART I – FINANCIAL INFORMATION

Item 1.	Series Financial Statements	1

	Consolidated Statements of Financial Condition as of June 30, 2025 (Unaudited) and December 31, 2024	1

	Consolidated Condensed Schedules of Investments as of June 30, 2025 (Unaudited) and December 31, 2024	4

	Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited)	10

	Consolidated Statements of Changes in Owners’ Capital for the three and six months ended June 30, 2025 (Unaudited)	16

	Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited)	24

	Notes to Financial Statements (Unaudited)	27

	Trust Financial Statements (1)

	Combined Consolidated Statements of Financial Condition as of June 30, 2025 (Unaudited) and December 31, 2024	57

	Combined Consolidated Condensed Schedules of Investments as of June 30, 2025 (Unaudited) and December 31, 2024	58

	Combined Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited)	60

	Combined Consolidated Statement of Changes in Owners’ Capital for the three and six months ended June 30, 2025 (Unaudited)	62

	Combined Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited)	63

	Notes to Consolidated Financial Statements (Unaudited)	64

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	83

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	107

Item 4.	Controls and Procedures	112

PART II – OTHER INFORMATION		113

Item 1.	Legal Proceedings	113

Item 1A.	Risk Factors	113

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	113

Item 3.	Defaults Upon Senior Securities	113

Item 4.	Mine Safety Disclosures	113

Item 5.	Other Information	113

Item 6.	Exhibits	114

SIGNATURES		115

(1)

These financial statements represent the combined consolidated financial statements of the Series of the Trust.

Special Note About Forward-Looking Statements

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

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

UNLESS EXPRESSLY STATED OTHERWISE, ALL INFORMATION IN THIS REPORT IS AS OF JUNE 30, 2025, AND THE MANAGING OWNER UNDERTAKES NO OBLIGATION TO UPDATE THIS INFORMATION.

The Series of Frontier Funds

Consolidated Statements of Financial Condition

June 30, 2025 (Unaudited) and December 31, 2024

	Frontier				Frontier				Frontier
	Diversified Fund				Masters Fund				Long/Short Commodity Fund
	6/30/2025		12/31/2024		6/30/2025		12/31/2024		6/30/2025		12/31/2024
ASSETS
Cash and cash equivalents	$	13,185	$	30,763	$	4,156	$	17,336	$	3,999	$	17,526
U.S. Treasury securities, at fair value		3,630		1,945		1,144		1,096		1,101		1,108
Investments in private investment companies, at fair value		543,546		924,439		161,815		269,394		176,035		239,475
Investments in unconsolidated trading companies, at fair value		33,642		23,131		10,603		13,036		10,203		13,179
Interest receivable		135		160		43		90		41		91

Total Assets	$	594,138	$	980,438	$	177,761	$	300,952	$	191,379	$	271,379

LIABILITIES & CAPITAL

LIABILITIES
Interest payable to Managing Owner	$	-	$	-	$	-	$	-	$	13	$	18
Service fees payable to Managing Owner		19		30		8		15		2		3
Trading fees payable to Managing Owner		1,792		3,057		1,050		1,767		542		695
Subscriptions in advance for service fee rebates		22,650		22,650		31,725		31,725		393		393
Other liabilities		726		363		230		204		220		205

Total Liabilities		25,187		26,100		33,013		33,711		1,170		1,314

CAPITAL
Managing Owner - Class 2		3,625		5,409		1,558		3,110		243		317
Managing Owner - Class 2a		-		-		-		-		1,340		3,909
Managing Owner - Class 3		2,566		7,684		-		-		-		-
Managing Owner - Class 3a		-		-		-		-		472		607
Limited Owner - Class 2		88,043		131,392		36,305		64,129		3,824		4,984
Limited Owner - Class 2a		-		-		-		-		6,902		8,890
Limited Owner - Class 3		474,717		809,853		106,885		200,002		133,749		191,887
Limited Owner - Class 3a		-		-		-		-		43,679		59,471

Total Owners’ Capital		568,951		954,338		144,748		267,241		190,209		270,065


Total Capital		568,951		954,338		144,748		267,241		190,209		270,065

Total Liabilities and Capital	$	594,138	$	980,438	$	177,761	$	300,952	$	191,379	$	271,379

Units Outstanding
Class 2		2,237		2,237		1,137		1,165		113		113
Class 2a		N/A		N/A		N/A		N/A		335		403
Class 3		12,294		14,128		3,374		3,648		3,549		3,906
Class 3a		N/A		N/A		N/A		N/A		1,680		1,777

Net Asset Value per Unit
Class 2	$	40.98	$	61.16	$	33.30	$	57.71	$	35.92	$	46.82
Class 2a		N/A		N/A		N/A		N/A	$	24.63	$	31.72
Class 3	$	38.82	$	57.87	$	31.67	$	54.82	$	37.68	$	49.12
Class 3a		N/A		N/A		N/A		N/A	$	26.29	$	33.81

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

The Series of Frontier Funds

Consolidated Statements of Financial Condition

June 30, 2025 (Unaudited) and December 31, 2024

	Frontier Balanced Fund				Frontier Select Fund
	6/30/2025		12/31/2024		6/30/2025		12/31/2024
ASSETS
Cash and cash equivalents	$	9,291	$	76,744	$	5,010	$	23,606
U.S. Treasury securities, at fair value		2,557		4,851		1,379		1,492
Investments in private investment companies, at fair value		2,318,452		3,616,091		329,163		563,791
Investments in unconsolidated trading companies, at fair value		23,704		57,707		12,781		17,750
Interest receivable		96		400		52		123

Total Assets	$	2,354,100	$	3,755,793	$	348,385	$	606,762

LIABILITIES & CAPITAL

LIABILITIES
Interest payable to Managing Owner	$	348	$	700	$	103	$	215
Service fees payable to Managing Owner		3,230		5,929		743		1,478
Trading fees payable to Managing Owner		8,354		13,196		1,219		2,202
Subscriptions in advance for service fee rebates		419,234		416,816		22,970		22,838
Other liabilities		512		907		277		276

Total Liabilities		431,678		437,548		25,312		27,009

CAPITAL
Managing Owner - Class 2		19,927		29,935		3,556		6,712
Managing Owner - Class 2a		2,000		13,359		-		-
Limited Owner - Class 1		1,420,064		2,478,195		307,367		541,125
Limited Owner - Class 1AP		28,021		42,095		3,704		6,004
Limited Owner - Class 2		384,971		620,599		8,446		25,912
Limited Owner - Class 3a		67,439		134,062		-		-

Total Owners’ Capital		1,922,422		3,318,245		323,073		579,753

Total Capital		1,922,422		3,318,245		323,073		579,753

Total Liabilities and Capital	$	2,354,100	$	3,755,793	$	348,385	$	606,762

Units Outstanding
Class 1		41,237		47,196		13,251		14,181
Class 1AP		587		587		115		115
Class 2		6,289		6,726		281		471
Class 2a		36		158		N/A		N/A
Class 3a		1,204		1,595		N/A		N/A

Net Asset Value per Unit
Class 1	$	34.44	$	52.51	$	23.20	$	38.16
Class 1AP	$	47.74	$	71.72	$	32.19	$	52.17
Class 2	$	64.38	$	96.71	$	42.71	$	69.23
Class 2a	$	56.22	$	84.35		N/A		N/A
Class 3a	$	56.03	$	84.06		N/A		N/A

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

The Series of Frontier Funds

Consolidated Statements of Financial Condition

June 30, 2025 (Unaudited) and December 31, 2024

	Frontier Global Fund				Frontier Heritage Fund
	6/30/2025		12/31/2024		6/30/2025		12/31/2024
ASSETS
Cash and cash equivalents	$	7,698	$	43,072	$	16,872	$	56,774
U.S. Treasury securities, at fair value		2,119		2,723		4,644		3,589
Investments in private investment companies, at fair value		608,129		985,419		755,935		1,149,833
Investments in unconsolidated trading companies, at fair value		19,639		32,387		43,046		42,692
Interest receivable		79		224		174		296

Total Assets	$	637,664	$	1,063,825	$	820,671	$	1,253,184

LIABILITIES & CAPITAL

LIABILITIES
Interest payable to Managing Owner	$	162	$	321	$	333	$	425
Service fees payable to Managing Owner		1,071		2,105		1,502		2,495
Trading fees payable to Managing Owner		2,493		3,984		3,007		4,540
Subscriptions in advance for service fee rebates		166,498		166,099		91,854		90,620
Other liabilities		425		508		933		673

Total Liabilities		170,649		173,017		97,629		98,753

CAPITAL
Managing Owner - Class 2		5,300		10,129		7,375		13,334
Limited Owner - Class 1		448,971		859,439		666,398		1,064,870
Limited Owner - Class 1AP		-		-		4,707		7,282
Limited Owner - Class 2		12,744		21,240		44,562		68,945

Total Owners’ Capital		467,015		890,808		723,042		1,154,431

Total Capital		467,015		890,808		723,042		1,154,431

Total Liabilities and Capital	$	637,664	$	1,063,825	$	820,671	$	1,253,184

Units Outstanding
Class 1		6,320		7,152		12,531		12,751
Class 1AP		N/A		N/A		64		64
Class 2		147		153		526		539

Net Asset Value per Unit
Class 1	$	71.04	$	120.17	$	53.18	$	83.51
Class 1AP		N/A		N/A	$	73.79	$	114.16
Class 2	$	122.84	$	204.73	$	98.75	$	152.78

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

The Series of Frontier Funds

Consolidated Condensed Schedule of Investments

June 30, 2025 (Unaudited)

											Frontier
	Frontier Diversified Fund					Frontier Masters Fund					Long/Short Commodity Fund
			% of Total Capital					% of Total Capital					% of Total Capital
Description	Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (2)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	112,712		19.81	%	$	-		0.00	%	$	-		0.00	%
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		95,722		16.82	%		-		0.00	%		-		0.00	%
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		137,155		24.11	%		-		0.00	%		-		0.00	%
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		113,313		19.92	%		112,848		77.96	%		-		0.00	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		31,734		5.58	%		22,616		15.62	%		29,342		15.43	%
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC		52,910		9.30	%		26,351		18.20	%		-		0.00	%
Galaxy Plus Fund - Rosetta Program Feeder Fund (522) LLC (formerly known as Galaxy Plus Fund - LRR Feeder Fund (522) LLC)		-		0.00	%		-		0.00	%		146,693		77.12	%
Total Private Investment Companies	$	543,546		95.54	%	$	161,815		111.78	%	$	176,035		92.55	%

INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)
Frontier Trading Company XXXVIII, LLC	$	33,642		5.91	%	$	10,603		7.33	%	$	10,203		5.36	%
Total Investment in Unconsolidated Trading Companies	$	33,642		5.91	%	$	10,603		7.33	%	$	10,203		5.36	%

U.S. TREASURY SECURITIES (1)
	Fair Value				Fair Value				Fair Value
US Treasury Note 6.875% due 08/15/2025	$	3,630	0.64	%	$	1,144	0.79	%	$	1,101	0.58	%

Additional Disclosure on U.S. Treasury Securities	Face Value				Face Value				Face Value
US Treasury Note 6.875% due 08/15/2025 (1)	$	3,613			$	1,139			$	1,096

Additional Disclosure on U.S. Treasury Securities	Cost				Cost				Cost
US Treasury Note 6.875% due 08/15/2025 (1)	$	3,852			$	1,214			$	1,168

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

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

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

The Series of Frontier Funds

Consolidated Condensed Schedule of Investments

June 30, 2025 (Unaudited)

	Frontier					Frontier
	Balanced Fund					Select Fund
			% of Total Capital					% of Total Capital
Description	Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (2)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	145,007		7.54	%	$	-		0.00	%
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC		304,474		15.84	%		223,627		69.22	%
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		412,642		21.46	%		-		0.00	%
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		548,966		28.56	%		-		0.00	%
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		680,431		35.39	%		-		0.00	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		102,048		5.31	%		49,709		15.39	%
Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC		124,884		6.50	%		55,827		17.28	%
Total Private Investment Companies	$	2,318,452		120.60	%	$	329,163		101.89	%

INVESTMENT IN UNCONSOLIDATED COMPANIES (2)
Frontier Trading Company XXXVIII, LLC	$	23,704		1.23	%	$	12,781		3.96	%
Total Investment in Unconsolidated Trading Companies	$	23,704		1.23	%	$	12,781		3.96	%

U.S. TREASURY SECURITIES (1)
	Fair Value				Fair Value

US Treasury Note 6.875% due 08/15/2025	$	2,557	0.13	%	$	1,379	0.43	%

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

US Treasury Note 6.875% due 08/15/2025 (1)	$	2,546			$	1,373

Additional Disclosure on U.S. Treasury Securities	Cost				Cost

US Treasury Note 6.875% due 08/15/2025 (1)	$	2,714			$	1,463

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

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

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

The Series of Frontier Funds

Consolidated Condensed Schedule of Investments

June 30, 2025 (Unaudited)

	Frontier Global					Frontier
	Fund					Heritage Fund
			% of Total Capital					% of Total Capital
Description	Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (2)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	608,129		130.22	%	$	525,762		72.72	%
Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC		-		-			173,685		24.02	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		-		-			56,488		7.81	%
Total Private Investment Companies	$	608,129		130.22	%	$	755,935		104.55	%

INVESTMENT IN UNCONSOLIDATED COMPANIES (2)
Frontier Trading Company XXXVIII, LLC	$	19,639		4.21	%	$	43,046		5.95	%
Total Investment in Unconsolidated Trading Companies	$	19,639		4.21	%	$	43,046		5.95	%

U.S. TREASURY SECURITIES (1)
	Fair Value				Fair Value

US Treasury Note 6.875% due 08/15/2025	$	2,119	0.45	%	$	4,644	0.64	%

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

US Treasury Note 6.875% due 08/15/2025 (1)	$	2,109			$	4,623

Additional Disclosure on U.S. Treasury Securities	Cost				Cost

US Treasury Note 6.875% due 08/15/2025 (1)	$	2,249			$	4,928

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

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

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

The Series of Frontier Funds

Consolidated Condensed Schedules of Investments

December 31, 2024

	Frontier					Frontier					Frontier Long/Short
	Diversified Fund					Masters Fund					Commodity Fund
			% of Total Capital					% of Total Capital					% of Total Capital
Description	Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (2)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	200,783		21.04	%	$	-		0.00	%	$	-		0.00	%
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		107,734		11.29	%		-		0.00	%		-		0.00	%
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC		97,625		10.23	%		48,601		18.19	%		-		0.00	%
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		215,875		22.62	%		-		0.00	%		-		0.00	%
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		204,509		21.43	%		177,375		66.37	%		-		0.00	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		97,913		10.26	%		43,418		16.25	%		86,661		32.09	%
Galaxy Plus Fund - Rosetta Program Feeder Fund (522) LLC (formerly known as Galaxy Plus Fund - LRR Feeder Fund (522) LLC)		-		0.00	%		-		0.00	%		152,814		56.58	%
Total Private Investment Companies	$	924,439		96.87	%	$	269,394		100.81	%	$	239,475		88.67	%

INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)
Frontier Trading Company XXXVIII, LLC	$	23,131		2.42	%	$	13,036		4.88	%	$	13,179		4.88	%
Total Investment in Unconsolidated Trading Companies	$	23,131		2.42	%	$	13,036		4.88	%	$	13,179		4.88	%

U.S. TREASURY SECURITIES (1)
	Fair Value					Fair Value					Fair Value
US Treasury Note 6.875% due 08/15/2025	$	1,945		0.20	%	$	1,096		0.41	%	$	1,108		0.41	%

Additional Disclosure on U.S. Treasury Securities	Face Value					Face Value					Face Value
US Treasury Note 6.875% due 08/15/2025 (1)	$	1,909				$	1,076				$	1,088

Additional Disclosure on U.S. Treasury Securities	Cost					Cost					Cost
US Treasury Note 6.875% due 08/15/2025 (1)	$	2,035				$	1,147				$	1,160

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

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

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

The Series of Frontier Funds

Consolidated Condensed Schedules of Investments

December 31, 2024

	Frontier					Frontier
	Balanced Fund					Select Fund
			% of Total Capital					% of Total Capital
Description	Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (2)
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC	$	267,881		8.07	%	$	-		0.00	%
Galaxy Plus Fund - QIM Feeder Fund (526) LLC		462,054		13.92	%		-		0.00	%
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC		500,760		15.09	%		333,552		57.53	%
Galaxy Plus Fund - Quest Feeder Fund (517) LLC		780,969		23.54	%		-		0.00	%
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC		1,082,825		32.63	%		-		0.00	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		293,875		8.86	%		140,978		24.32	%
Galaxy Plus Fund – Horizon3 Feeder Fund (577) LLC		227,727		6.86	%		89,261		15.40	%
Total Private Investment Companies	$	3,616,091		108.97	%	$	563,791		97.25	%

INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)
Frontier Trading Company XXXVIII, LLC	$	57,707		1.74	%	$	17,750		3.06	%
Total Investment in Unconsolidated Trading Companies	$	57,707		1.74	%	$	17,750		3.06	%

U.S. TREASURY SECURITIES (1)
	Fair Value					Fair Value

US Treasury Note 6.875% due 08/15/2025	$	4,851		0.15	%	$	1,492		0.26	%

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

US Treasury Note 6.875% due 08/15/2025 (1)	$	4,764				$	1,465

Additional Disclosure on U.S. Treasury Securities	Cost					Cost

US Treasury Note 6.875% due 08/15/2025 (1)	$	5,078				$	1,562

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

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

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

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

The Series of Frontier Funds

Consolidated Condensed Schedules of Investments

December 31, 2024

	Frontier Global					Frontier
	Fund					Heritage Fund
			% of Total Capital					% of Total Capital
Description	Fair Value		(Net Asset Value)			Fair Value		(Net Asset Value)
PRIVATE INVESTMENT COMPANIES (2)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC	$	985,419		110.62	%	$	793,570		68.74	%
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC		-		-			130,134		11.27	%
Galaxy Plus Fund – Horizon3 Feeder Fund (577) LLC		-		-			226,129		19.59	%
Total Private Investment Companies	$	985,419		110.62	%	$	1,149,833		99.60	%

INVESTMENT IN UNCONSOLIDATED TRADING COMPANIES (2)
Frontier Trading Company XXXVIII, LLC	$	32,387		3.64	%	$	42,692		3.70	%
Total Investment in Unconsolidated Trading Companies	$	32,387		3.64	%	$	42,692		3.70	%

U.S. TREASURY SECURITIES (1)
	Fair Value					Fair Value

US Treasury Note 6.875% due 08/15/2025	$	2,723		0.31	%	$	3,589		0.31	%

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

US Treasury Note 6.875% due 08/15/2025 (1)	$	2,674				$	3,524

Additional Disclosure on U.S. Treasury Securities	Cost					Cost

US Treasury Note 6.875% due 08/15/2025 (1)	$	2,850				$	3,756

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

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

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

The Series of Frontier Funds

Consolidated Statements of Operations (Unaudited)

For the Three Months Ended June 30, 2025 and 2024

	Frontier Diversified Fund						Frontier Masters Fund						Frontier Long/Short Commodity Fund
	6/30/2025			6/30/2024			6/30/2025			6/30/2024			6/30/2025			6/30/2024
Investment income:
Interest - net	$	664		$	1,264		$	245		$	374		$	247		$	680

Total Income		664			1,264			245			374			247			680

Expenses:
Service Fees - Class 1		58			134			25			58			5			14
Due Diligence Fees		178			438			46			126			16			35
Trading Fees		6,060			13,279			3,511			8,227			1,665			3,968

Total Expenses		6,296			13,851			3,582			8,411			1,686			4,017

Investment (loss) - net		(5,632	)		(12,587	)		(3,337	)		(8,037	)		(1,439	)		(3,337	)

Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		(113,609	)		(5,444	)		(46,825	)		(34,761	)		(13,607	)		79,011
Net realized gain/(loss) on private investment companies		(38,912	)		3,988			(3,691	)		3,009			(7,582	)		(155,924	)
Net realized gain/(loss) on U.S. Treasury securities		(473	)		(654	)		(171	)		(212	)		(202	)		(440	)
Net unrealized gain/(loss) on U.S. Treasury securities		(21	)		105			(8	)		44			(9	)		81
Change in fair value of investments in unconsolidated trading companies		(3,561	)		875			(1,294	)		234			(1,591	)		548

Net gain/(loss) on investments		(156,576	)		(1,130	)		(51,989	)		(31,686	)		(22,991	)		(76,724	)

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(162,208	)		(13,717	)		(55,326	)		(39,723	)		(24,430	)		(80,061	)

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(162,208	)	$	(13,717	)	$	(55,326	)	$	(39,723	)	$	(24,430	)	$	(80,061	)

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2	$	(11.08	)	$	(0.81	)	$	(12.75	)	$	(7.73	)	$	(4.56	)	$	(9.09	)
Class 2a		N/A			N/A			N/A			N/A		$	(2.91	)	$	(6.00	)
Class 3	$	(10.47	)	$	(0.72	)	$	(12.10	)	$	(7.29	)	$	(4.79	)	$	(9.53	)
Class 3a		N/A			N/A			N/A			N/A		$	(3.09	)	$	(6.36	)

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

The Series of Frontier Funds

Consolidated Statements of Operations (Unaudited)

For the Three Months Ended June 30, 2025 and 2024

	Frontier Balanced Fund						Frontier Select Fund
	6/30/2025			6/30/2024			6/30/2025			6/30/2024
Investment income:
Interest - net	$	50		$	123		$	-		$	-

Total Income/(loss)		50			123			-			-

Expenses:
Service Fees - Class 1		11,565			30,384			2,342			5,791
Trading Fees		28,739			62,586			4,107			8,819

Total Expenses		40,304			92,970			6,449			14,610

Investment (loss) - net		(40,254	)		(92,847	)		(6,449	)		(14,610	)

Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		(447,543	)		(113,200	)		(83,443	)		(100,716	)
Net realized gain/(loss) on private investment companies		(108,547	)		44,503			(11,508	)		(1,063	)
Net realized gain/(loss) on U.S. Treasury securities		(1,071	)		(1,146	)		(263	)		(486	)
Net unrealized gain/(loss) on U.S. Treasury securities		(48	)		113			(12	)		89
Change in fair value of investments in unconsolidated trading companies		(6,694	)		(1,700	)		(2,015	)		915

Net gain/(loss) on investments		(563,903	)		(71,430	)		(97,241	)		(101,261	)

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(604,157	)		(164,277	)		(103,690	)		(115,871	)

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(604,157	)	$	(164,277	)	$	(103,690	)	$	(115,871	)

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(9.79	)	$	(2.51	)	$	(7.15	)	$	(7.17	)
Class 1AP	$	(13.12	)	$	(2.65	)	$	(9.61	)	$	(9.11	)
Class 2	$	(17.70	)	$	(3.58	)	$	(12.75	)	$	(12.10	)
Class 2a	$	(15.42	)	$	(3.08	)		N/A			N/A
Class 3a	$	(15.35	)	$	(3.07	)		N/A			N/A

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

The Series of Frontier Funds

Consolidated Statements of Operations (Unaudited)

For the Three Months Ended June 30, 2025 and 2024

	Frontier Global Fund						Frontier Heritage Fund
	6/30/2025			6/30/2024			6/30/2025			6/30/2024
Investment income:
Interest - net	$	-		$	-		$	-		$	-

Total Income		-			-			-			-

Expenses:
Service Fees - Class 1		3,576			10,865			5,239			11,833
Trading Fees		8,387			20,174			9,966			20,515

Total Expenses		11,963			31,039			15,205			32,348

Investment (loss) - net		(11,963	)		(31,039	)		(15,205	)		(32,348	)

Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		(160,963	)		(105,008	)		(165,492	)		(55,125	)
Net realized gain/(loss) on private investment companies		(1,928	)		68,921			(16,019	)		11,224
Net realized gain/(loss) on U.S. Treasury securities		(420	)		(506	)		(719	)		(632	)
Net unrealized gain/(loss) on U.S. Treasury securities		(19	)		80			(32	)		97
Change in fair value of investments in unconsolidated trading companies		(3,117	)		(42	)		(5,453	)		(912	)

Net gain/(loss) on investments		(166,447	)		(36,555	)		(187,715	)		(45,348	)

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(178,410	)		(67,594	)		(202,920	)		(77,696	)

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(178,410	)	$	(67,594	)	$	(202,920	)	$	(77,696	)

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(26.29	)	$	(8.52	)	$	(14.93	)	$	(5.69	)
Class 1AP		N/A			N/A		$	(20.02	)	$	(6.43	)
Class 2	$	(44.21	)	$	(11.99	)	$	(26.78	)	$	(8.61	)

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

The Series of Frontier Funds

Consolidated Statements of Operations (Unaudited)

For the Six Months Ended June 30, 2025 and 2024

	Frontier Diversified Fund						Frontier Masters Fund						Frontier Long/Short Commodity Fund
	6/30/2025			6/30/2024			6/30/2025			6/30/2024			6/30/2025			6/30/2024

Investment income:
Interest - net	$	1,330		$	2,252		$	518		$	798		$	455		$	1,381

Total Income		1,330			2,252			518			798			455			1,381

Expenses:
Service Fees - Class 1		137			259			62			113			12			35
Due Diligence Fees		434			882			117			239			36			75
Trading Fees		14,093			26,295			8,306			14,959			3,559			8,910

Total Expenses		14,664			27,436			8,485			15,311			3,607			9,020

Investment (loss) - net		(13,334	)		(25,184	)		(7,967	)		(14,513	)		(3,152	)		(7,639	)

Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		(222,146	)		240,332			(91,875	)		73,495			(34,045	)		70,794
Net realized gain/(loss) on private investment companies		(55,896	)		(5,087	)		(5,761	)		3,787			(19,974	)		(165,874	)
Net realized gain/(loss) on U.S. Treasury securities		(872	)		(1,029	)		(333	)		(375	)		(349	)		(768	)
Net unrealized gain/(loss) on U.S. Treasury securities		(31	)		79			(12	)		27			(13	)		43
Change in fair value of investments in unconsolidated trading companies		(6,018	)		(841	)		(2,414	)		33			(2,603	)		500

Net gain/(loss) on investments		(284,963	)		233,454			(100,395	)		76,967			(56,984	)		(95,305	)

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(298,297	)		208,270			(108,362	)		62,454			(60,136	)		(102,944	)

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(298,297	)	$	208,270		$	(108,362	)	$	62,454		$	(60,136	)	$	(102,944	)

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 2	$	(20.18	)	$	10.51		$	(24.41	)	$	11.93		$	(10.90	)	$	(11.39	)
Class 2a		N/A			N/A			N/A			N/A		$	(7.09	)	$	(7.14	)
Class 3	$	(19.05	)	$	10.01		$	(23.15	)	$	11.41		$	(11.44	)	$	(11.95	)
Class 3a		N/A			N/A			N/A			N/A		$	(7.52	)	$	(7.54	)

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

The Series of Frontier Funds

Consolidated Statements of Operations (Unaudited)

For the Six Months Ended June 30, 2025 and 2024

	Frontier Balanced Fund						Frontier Select Fund
	6/30/2025			6/30/2024			6/30/2025			6/30/2024

Investment income:
Interest - net	$	127		$	282		$	-		$	-

Total Income/(loss)		127			282			-			-

Expenses:
Service Fees - Class 1		28,446			59,994			5,867			11,477
Trading Fees		64,896			120,069			9,539			16,853

Total Expenses		93,342			180,063			15,406			28,330

Investment (loss) - net		(93,215	)		(179,781	)		(15,406	)		(28,330	)

Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		(824,027	)		796,650			(164,101	)		32,653
Net realized gain/(loss) on private investment companies		(181,216	)		(1,925	)		(35,478	)		15,811
Net realized gain/(loss) on U.S. Treasury securities		(2,435	)		(2,396	)		(570	)		(834	)
Net unrealized gain/(loss) on U.S. Treasury securities		(82	)		(21	)		(20	)		49
Change in fair value of investments in unconsolidated trading companies		(16,409	)		(2,812	)		(4,093	)		773

Net gain/(loss) on investments		(1,024,169	)		789,496			(204,262	)		48,452

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(1,117,384	)		609,715			(219,668	)		20,122

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(1,117,384	)	$	609,715		$	(219,668	)	$	20,122

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(18.07	)	$	7.22		$	(14.96	)	$	0.90
Class 1AP	$	(23.98	)	$	10.97		$	(19.98	)	$	2.14
Class 2	$	(32.33	)	$	14.80		$	(26.52	)	$	2.83
Class 2a	$	(28.13	)	$	12.97			N/A			N/A
Class 3a	$	(28.03	)	$	12.93			N/A			N/A

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

The Series of Frontier Funds

Consolidated Statements of Operations (Unaudited)

For the Six Months Ended June 30, 2025 and 2024

	Frontier Global Fund						Frontier Heritage Fund
	6/30/2025			6/30/2024			6/30/2025			6/30/2024

Investment income:
Interest - net	$	-		$	-		$	-		$	-

Total Income		-			-			-			-

Expenses:
Service Fees - Class 1		9,339			20,305			12,482			23,136
Trading Fees		20,036			36,334			22,761			39,752

Total Expenses		29,375			56,639			35,243			62,888

Investment (loss) - net		(29,375	)		(56,639	)		(35,243	)		(62,888	)

Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on private investment companies		(307,032	)		307,028			(323,037	)		103,527
Net realized gain/(loss) on private investment companies		298			92,858			(44,534	)		106,990
Net realized gain/(loss) on U.S. Treasury securities		(754	)		(925	)		(1,288	)		(966	)
Net unrealized gain/(loss) on U.S. Treasury securities		(26	)		31			(46	)		57
Change in fair value of investments in unconsolidated trading companies		(5,353	)		(184	)		(9,560	)		(1,601	)

Net gain/(loss) on investments		(312,867	)		398,808			(378,465	)		208,007

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(342,242	)		342,169			(413,708	)		145,119

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(342,242	)	$	342,169		$	(413,708	)	$	145,119

NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(49.13	)	$	41.44		$	(30.33	)	$	9.52
Class 1AP		N/A			N/A		$	(40.37	)	$	14.95
Class 2	$	(81.89	)	$	72.89		$	(54.03	)	$	20.01

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

The Series of Frontier Funds

Consolidated Statements of Changes in Owners’ Capital (Unaudited)

For the Three Months Ended June 30, 2025

	Frontier Diversified Fund															Frontier Masters Fund
	Class 2			Class 2			Class 3			Class 3						Class 2			Class 2			Class 3		Class 3
	Managing Owner			Limited Owners			Managing Owner			Limited Owners			Total			Managing Owner			Limited Owners			Managing Owner		Limited Owners			Total

Owners’ Capital, March 31, 2025	$	4,604		$	111,840		$	3,258		$	645,793		$	765,495		$	2,155		$	50,204		$	-	$	147,714		$	200,073

Redemption of Units		-			-			-			(34,336	)		(34,336	)		-			-			-		1			1
Transfer of Units In(Out)		-			-			-			-			-			-			-			-		-			-
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(979	)		(23,797	)		(692	)		(136,740	)		(162,208	)		(597	)		(13,899	)		-		(40,830	)		(55,326	)

Owners’ Capital, June 30, 2025	$	3,625		$	88,043		$	2,566		$	474,717		$	568,951		$	1,558		$	36,305		$	-	$	106,885		$	144,748

Owners’ Capital - Units, March 31, 2025		89			2,148			66			13,103			15,406			46			1,091			-		3,374			4,511

Sale of Units (including transfers)		-			-			-			-			-			-			-			-		-			-
Redemption of Units (including transfers)		-			-			-			(875	)		(875	)		(0	)		-			-		-			-

Owners’ Capital - Units, June 30, 2025		89			2,148			66			12,228			14,531			46			1,091			-		3,374			4,511

Net asset value per unit at March 31, 2025				$	52.06					$	49.29								$	46.05				$	43.77

Change in net asset value per unit for the three months ended June 30, 2025					(11.08	)					(10.47	)								(12.75	)			$	(12.10	)

Net asset value per unit at June 30, 2025				$	40.98					$	38.82								$	33.30				$	31.67

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

The Series of Frontier Funds

Consolidated Statements of Changes in Owners’ Capital (Unaudited)

For the Three Months Ended June 30, 2025

	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			Total

Owners’ Capital, March 31, 2025	$	274		$	4,309		$	159,228		$	1,499		$	7,719		$	527		$	48,820		$	222,376

Sale of Units		-			-			-			-			-			-			-			-
Redemption of Units		-			-			(7,737	)		-			-			-			-			(7,737	)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(31	)		(485	)		(17,742	)		(159	)		(817	)		(55	)		(5,141	)		(24,430	)

Owners’ Capital, June 30, 2025	$	243		$	3,824		$	133,749		$	1,340		$	6,902		$	472		$	43,679		$	190,209

Owners’ Capital - Units, March 31, 2025		7			106			3,749			55			280			18			1,662			5,877

Sale of Units (including transfers)		-			-			-			-			-			-			-			-
Redemption of Units (including transfers)		-			-			(200	)		-			-			-			-			(200	)

Owners’ Capital - Units, June 30, 2025		7			106			3,549			55			280			18			1,662			5,677

Net asset value per unit at March 31, 2025				$	40.48		$	42.47					$	27.54					$	29.38

Change in net asset value per unit for the three months ended June 30, 2025					(4.56	)		(4.79	)					(2.91	)					(3.09	)

Net asset value per unit at June 30, 2025				$	35.92		$	37.68					$	24.63					$	26.29

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

The Series of Frontier Funds

Consolidated Statements of Changes in Owners’ Capital (Unaudited)

For the Three Months Ended June 30, 2025

	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			Total

Owners’ Capital, March 31, 2025	$	2,049,149		$	35,724		$	25,404		$	526,667		$	2,549		$	-		$	107,912		$	2,747,405

Sale of Units		-			-			-			-			-			-			-			-
Redemption of Units		(175,261	)		-			-			(28,481	)		-			-			(17,084	)		(220,826	)
Transfer of Units In (Out)		-			-			-			-			-			-			-			-
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(453,824	)		(7,703	)		(5,477	)		(113,215	)		(549	)		-			(23,389	)		(604,157	)

Owners’ Capital, June 30, 2025	$	1,420,064		$	28,021		$	19,927		$	384,971		$	2,000		$	-		$	67,439		$	1,922,422

Owners’ Capital - Units, March 31, 2025		46,327			587			310			6,416			36			-			1,512			55,188

Sale of Units (including transfers)		-			-			-			-			-			-			-			-
Redemption of Units (including transfers)		(5,090	)		-			-			(437	)		-			-			(308	)		(5,835	)

Owners’ Capital - Units, June 30, 2025		41,237			587			310			5,979			36			-			1,204			49,353

Net asset value per unit at March 31, 2025	$	44.23		$	60.86					$	82.08					$	71.64		$	71.38
Change in net asset value per unit for the three months ended June 30, 2025		(9.79	)		(13.12	)					(17.70	)					(15.42	)		(15.35	)
Net asset value per unit at June 30, 2025	$	34.44		$	47.74					$	64.38					$	56.22		$	56.03

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

The Series of Frontier Funds

Consolidated Statements of Changes in Owners’ Capital (Unaudited)

For the Three Months Ended June 30, 2025

	Frontier Select Fund															Frontier Global Fund												Frontier Heritage Fund
	Class 1			Class 1AP			Class 2									Class 1			Class 2									Class 1			Class 1AP			Class 2
	Limited Owners			Limited Owners			Managing Owner			Limited Owners			Total			Limited Owners			Managing Owner			Limited Owners			Total			Limited Owners			Limited Owners			Managing Owner			Limited Owners			Total

Owners’ Capital, March 31, 2025	$	413,065		$	4,810		$	4,617		$	20,760		$	443,252		$	642,724		$	7,207		$	17,330		$	667,261		$	859,383		$	5,984		$	9,376		$	56,648		$	931,391

Sale of Units		-			-			-			-			-			-			-			-			-			-			-			-			-			-
Redemption of Units		(8,820	)		-			-			(7,669	)		(16,489	)		(21,835	)		(1	)		-			(21,836	)		(5,429	)		-			-			-			(5,429	)
Transfer of Units In(Out)		-			-			-						-			-			-			-			-			-			-			-			-			-
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(96,878	)		(1,106	)		(1,061	)		(4,645	)		(103,690	)		(171,918	)		(1,906	)		(4,586	)		(178,410	)		(187,556	)		(1,277	)		(2,001	)		(12,086	)		(202,920	)

Owners’ Capital, June 30, 2025	$	307,367		$	3,704		$	3,556		$	8,446		$	323,073		$	448,971		$	5,300		$	12,744		$	467,015		$	666,398		$	4,707		$	7,375		$	44,562		$	723,042

Owners’ Capital - Units, March 31, 2025		13,612			115			84			374			14,185			6,604			43			104			6,751			12,617			64			74			452			13,207

Sale of Units (including transfers)		-			-			-			-			-			-			-			-			-			-			-			-			-			-
Redemption of Units (including transfers)		(361	)		-			(1	)		(176	)		(538	)		(284	)		-			-			(284	)		(86	)		-			-			-			(86	)

Owners’ Capital - Units, June 30, 2025		13,251			115			83			198			13,647			6,320			43			104			6,467			12,531			64			74			452			13,121

Net asset value per unit at March 31, 2025	$	30.35		$	41.80					$	55.46					$	97.33					$	167.05					$	68.11		$	93.81					$	125.53
Change in net asset value per for the three months ended June 30, 2025		(7.15	)		(9.61	)					(12.75	)					(26.29	)					(44.21	)					(14.93	)		(20.02	)					(26.78	)
Net asset value per unit at June 30, 2025	$	23.20		$	32.19					$	42.71					$	71.04					$	122.84					$	53.18		$	73.79					$	98.75

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

The Series of Frontier Funds

Consolidated Statements of Changes in Owners’ Capital (Unaudited)

For the Six Months Ended June 30, 2025

	Frontier Diversified Fund															Frontier Masters Fund
	Class 2			Class 2			Class 3			Class 3						Class 2			Class 2			Class 3		Class 3
	Managing Owner			Limited Owners			Managing Owner			Limited Owners			Total			Managing Owner			Limited Owners			Managing Owner		Limited Owners			Total

Owners’ Capital, December 31, 2024	$	5,409		$	131,392		$	7,684		$	809,853		$	954,338		$	3,110		$	64,129		$	-	$	200,002		$	267,241

Sale of Units		-			-			-			-			-			-			-			-		-			-
Redemption of Units		-			-			(3,750	)		(83,340	)		(87,090	)		(400	)		(1,226	)		-		(12,505	)		(14,131	)
Transfer of Units In(Out)		-			-			-			-			-			-			-			-		-			-
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(1,784	)		(43,349	)		(1,368	)		(251,796	)		(298,297	)		(1,152	)		(26,598	)		-		(80,612	)		(108,362	)

Owners’ Capital, June 30, 2025	$	3,625		$	88,043		$	2,566		$	474,717		$	568,951		$	1,558		$	36,305		$	-	$	106,885		$	144,748

Owners’ Capital - Units, December 31, 2024		89			2,148			133			13,995			16,365			53			1,112			-		3,648			4,813

Sale of Units (including transfers)		-			-			-			-			-			-			-			-		-			-
Redemption of Units (including transfers)		-			-			(67	)		(1,767	)		(1,834	)		(7	)		(21	)		-		(274	)		(302	)

Owners’ Capital - Units, June 30, 2025		89			2,148			66			12,228			14,531			46			1,091			-		3,374			4,511

Net asset value per unit at December 31, 2024				$	61.16					$	57.87								$	57.71				$	54.82

Change in net asset value per unit for the six months ended June 30, 2025					(20.18	)					(19.05	)								(24.41	)			$	(23.15	)

Net asset value per unit at June 30, 2025				$	40.98					$	38.82								$	33.30				$	31.67

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

The Series of Frontier Funds

Consolidated Statements of Changes in Owners’ Capital (Unaudited)

For the Six Months Ended June 30, 2025

	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			Total

Owners’ Capital, December 31, 2024	$	317		$	4,984		$	191,887		$	3,909		$	8,890		$	607		$	59,471		$	270,065

Sale of Units		-			-			-			-			-			-			-			-
Redemption of Units		-			-			(14,735	)		(2,100	)		-			-			(2,885	)		(19,720	)
Transfer of Units In(Out)		-			-			-			-			-			-			-			-
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(74	)		(1,160	)		(43,403	)		(469	)		(1,988	)		(135	)		(12,907	)		(60,136	)

Owners’ Capital, June 30, 2025	$	243		$	3,824		$	133,749		$	1,340		$	6,902		$	472		$	43,679		$	190,209

Owners’ Capital - Units, December 31, 2024		7			106			3,906			123			280			18			1,759			6,199

Sale of Units (including transfers)		-			-			-			-			-			-			-			-
Redemption of Units (including transfers)		-			-			(357	)		(68	)		-			-			(97	)		(522	)

Owners’ Capital - Units, June 30, 2025		7			106			3,549			55			280			18			1,662			5,677

Net asset value per unit at December 31, 2024				$	46.82		$	49.12					$	31.72					$	33.81

Change in net for the six months ended June 30, 2025					(10.90	)		(11.44	)					(7.09	)					(7.52	)

Net asset value per unit at June 30, 2025				$	35.92		$	37.68					$	24.63					$	26.29

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

The Series of Frontier Funds

Consolidated Statements of Changes in Owners’ Capital (Unaudited)

For the Six Months Ended June 30, 2025

	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			Total

Owners’ Capital, December 31, 2024	$	2,478,195		$	42,095		$	29,935		$	620,599		$	13,359		$	-		$	134,062		$	3,318,245

Sale of Units		-			-			-			-			-			-			-			-
Redemption of Units		(216,481	)		-			-			(28,481	)		(10,000	)		-			(23,477	)		(278,439	)
Transfer of Units In (Out)		-			-			-			-			-			-			-			-
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(841,650	)		(14,074	)		(10,008	)		(207,147	)		(1,359	)		-			(43,146	)		(1,117,384	)

Owners’ Capital, June 30, 2025	$	1,420,064		$	28,021		$	19,927		$	384,971		$	2,000		$	-		$	67,439		$	1,922,422

Owners’ Capital - Units, December 31, 2024		47,196			587			310			6,416			158			-			1,595			56,262

Sale of Units (including transfers)		-			-			-			-			-			-			-			-
Redemption of Units (including transfers)		(5,959	)		-			-			(437	)		(122	)		-			(391	)		(6,909	)

Owners’ Capital - Units, June 30, 2025		41,237			587			310			5,979			36			-			1,204			49,353

Net asset value per unit at December 31, 2024	$	52.51		$	71.72					$	96.71					$	84.35		$	84.06

Change in net asset value for the six months ended June 30, 2025		(18.07	)		(23.98	)					(32.33	)					(28.13	)		(28.03	)
Net asset value per unit at June 30, 2025	$	34.44		$	47.74					$	64.38					$	56.22		$	56.03

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

The Series of Frontier Funds

Consolidated Statements of Changes in Owners’ Capital (Unaudited)

For the Six Months Ended June 30, 2025

	Frontier Select Fund															Frontier Global Fund												Frontier Heritage Fund
	Class 1			Class 1AP			Class 2									Class 1			Class 2									Class 1			Class 1AP			Class 2
	Limited Owners			Limited Owners			Managing Owner			Limited Owners			Total			Limited Owners			Managing Owner			Limited Owners			Total			Limited Owners			Limited Owners			Managing Owner			Limited Owners			Total

Owners’ Capital, December 31, 2024	$	541,125		$	6,004		$	6,712		$	25,912		$	579,753		$	859,439		$	10,129		$	21,240		$	890,808		$	1,064,870		$	7,282		$	13,334		$	68,945		$	1,154,431

Sale of Units		-			-			-			-			-			-			-			-			-			-			-			-			-			-
Redemption of Units		(28,443	)		-			(900	)		(7,669	)		(37,012	)		(80,250	)		(1,301	)		-			(81,551	)		(15,781	)		-			(1,900	)		-			(17,681	)
Transfer of Units In(Out)		-			-			-						-			-			-			-			-			-			-			-			-			-
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(205,315	)		(2,300	)		(2,256	)		(9,797	)		(219,668	)		(330,218	)		(3,528	)		(8,496	)		(342,242	)		(382,691	)		(2,575	)		(4,059	)		(24,383	)		(413,708	)

Owners’ Capital, June 30, 2025	$	307,367		$	3,704		$	3,556		$	8,446		$	323,073		$	448,971		$	5,300		$	12,744		$	467,015		$	666,398		$	4,707		$	7,375		$	44,562		$	723,042

Owners’ Capital - Units, December 31, 2024		14,181			115			97			374			14,767			7,152			49			104			7,305			12,751			64			87			452			13,354

Sale of Units (including transfers)		-			-			-			-			-			-			-			-			-			-			-			-			-			-
Redemption of Units (including transfers)		(930	)		-			(14	)		(176	)		(1,120	)		(832	)		(6	)		-			(838	)		(220	)		-			(13	)		-			(233	)

Owners’ Capital - Units, June 30, 2025		13,251			115			83			198			13,647			6,320			43			104			6,467			12,531			64			74			452			13,121

Net asset value per unit at December 31, 2024	$	38.16		$	52.17					$	69.23					$	120.17					$	204.73					$	83.51		$	114.16					$	152.78
Change in net asset value per for the six months ended June 30, 2025		(14.96	)		(19.98	)					(26.52	)					(49.13	)					(81.89	)					(30.33	)		(40.37	)					(54.03	)
Net asset value per unit at June 30, 2025	$	23.20		$	32.19					$	42.71					$	71.04					$	122.84					$	53.18		$	73.79					$	98.75

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

The Series of Frontier Funds

Consolidated Statements of Cash Flows (Unaudited)

For the Six Months Ended June 30, 2025 and 2024

	Frontier Diversified Fund						Frontier Masters Fund						Frontier Long/Short Commodity Fund
	6/30/2025			6/30/2024			6/30/2025			6/30/2024			6/30/2025			6/30/2024

Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	(298,297	)	$	208,270		$	(108,362	)	$	62,454		$	(60,136	)	$	(102,944	)
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		(3,918	)		(3,460	)		(911	)		(1,984	)		(810	)		(2,789	)
Net unrealized (gain)/loss on U.S. Treasury securities		31			(79	)		12			(27	)		13			(43	)
Net realized (gain)/loss on U.S. Treasuries securities		872			1,029			333			375			349			768
Net unrealized (gain)/loss on private investment companies		222,146			(240,332	)		91,875			(73,495	)		34,045			(70,794	)
Net realized (gain)/loss on private investment companies		55,896			5,087			5,761			(3,787	)		19,974			165,874
(Purchases) sales of:
Sales of U.S. Treasury securities		-			3,519			-			1,371			-			2,649
U.S. Treasury interest and premium paid/amortized		1,330			2,252			518			798			455			1,381
(Purchases) of Private Investment Companies		(49,257	)		(140,852	)		(23,300	)		(50,625	)		(18,562	)		(66,041	)
Sale of Private Investment Companies		152,108			418,816			33,243			85,933			27,983			318,351
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value		(10,511	)		3,052			2,433			(3,338	)		2,976			5,151
Interest receivable		25			215			47			32			50			133
Interest payable to Managing Owner		-			-			-			-			(5	)		(11	)
Trading fees payable to Managing Owner		(1,265	)		(251	)		(717	)		(61	)		(153	)		(1,010	)
Service fees payable to Managing Owner		(11	)		(5	)		(7	)		1			(1	)		(4	)
Other liabilities		363			1,406			26			622			15			507

Net cash provided by (used in) operating activities		69,512			258,667			951			18,269			6,193			251,178

Cash Flows from Financing Activities:
Payments for redemption of units		(87,090	)		(274,709	)		(14,131	)		(17,216	)		(19,720	)		(277,529	)
Change in owner redemptions payable		-			(21,822	)		-			(2,601	)		-			(485	)

Net cash provided by (used in) financing activities		(87,090	)		(296,531	)		(14,131	)		(19,817	)		(19,720	)		(278,014	)

Net increase (decrease) in cash and cash equivalents		(17,578	)		(37,864	)		(13,180	)		(1,548	)		(13,527	)		(26,836	)

Cash and cash equivalents, beginning of period		30,763			98,119			17,336			25,514			17,526			50,991
Cash and cash equivalents, end of period	$	13,185		$	60,255		$	4,156		$	23,966		$	3,999		$	24,155

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

The Series of Frontier Funds

Consolidated Statements of Cash Flows (Unaudited)

For the Six Months Ended June 30, 2025 and 2024

	Frontier Balanced Fund						Frontier Select Fund
	6/30/2025			6/30/2024			6/30/2025			6/30/2024

Cash Flows from Operating Activities:

Net increase/(decrease) in capital resulting from operations	$	(1,117,384	)	$	609,715		$	(219,668	)	$	20,122
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Change in:
Net realized (gain)/loss on futures, forwards and options		-			(14,434	)		-			-
Net change in ownership allocation of U.S. Treasury securities		(350	)		(426	)		(477	)		27
Net unrealized (gain)/loss on U.S. Treasury securities		82			21			20			(49	)
Net realized (gain)/loss on U.S. Treasury securities		2,435			2,396			570			834
Net unrealized (gain)/loss on private investment companies		824,027			(796,650	)		164,101			(32,653	)
Net realized (gain)/loss on private investment companies		181,216			1,925			35,478			(15,811	)
(Purchases) sales of:
Sales of U.S. Treasury securities		-			4,244			-			2,909
U.S. Treasury interest and premium paid/amortized		127			282			-			-
(Purchases) of Private Investment Companies		(136,721	)		(884,212	)		(37,943	)		(255,363	)
Sale of Private Investment Companies		429,117			946,305			72,992			257,521
Increase and/or decrease in:
Receivable from futures commission merchants		-			769,384			-			-
Investments in unconsolidated trading companies, at fair value		34,003			(8,001	)		4,969			11,667
Interest receivable		304			421			71			252
Incentive fees payable to Managing Owner		-			(692	)		-			-
Management fees payable to Managing Owner		-			(2,440	)		-			-
Interest payable to Managing Owner		(352	)		(423	)		(112	)		(63	)
Trading fees payable to Managing Owner		(4,842	)		(335	)		(983	)		453
Service fees payable to Managing Owner		(2,699	)		(330	)		(735	)		(138	)
Risk analysis fees payable		-			(11,307	)		-			-
Subscriptions in advance for service fee rebates		2,418			7,239			132			149
Other liabilities		(395	)		4,546			1			772

Net cash provided by (used in) operating activities		210,986			627,228			18,416			(9,371	)

Cash Flows from Financing Activities:
Payments for redemption of units		(278,439	)		(685,815	)		(37,012	)		(43,750	)

Net cash provided by (used in) financing activities		(278,439	)		(685,815	)		(37,012	)		(43,750	)

Net increase (decrease) in cash and cash equivalents		(67,453	)		(58,587	)		(18,596	)		(53,121	)

Cash and cash equivalents, beginning of period		76,744			230,796			23,606			91,807
Cash and cash equivalents, end of period	$	9,291		$	172,209		$	5,010		$	38,686

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

The Series of Frontier Funds

Consolidated Statements of Cash Flows (Unaudited)

For the Six Months Ended June 30, 2025 and 2024

	Frontier Global Fund						Frontier Heritage Fund
	6/30/2025			6/30/2024			6/30/2025			6/30/2024

Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	(342,242	)	$	342,169		$	(413,708	)	$	145,119
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		(176	)		(922	)		(2,389	)		(1,620	)
Net unrealized (gain)/loss on U.S. Treasury securities		26			(31	)		46			(57	)
Net realized (gain)/loss on U.S. Treasury securities		754			925			1,288			966
Net unrealized (gain)/loss on private investment companies		307,032			(307,028	)		323,037			(103,527	)
Net realized (gain)/loss on private investment companies		(298	)		(92,858	)		44,534			(106,990	)
(Purchases) sale of:
Sales of U.S. Treasury Securities		-			2,629			-			3,166
(Purchases) of Private Investment Companies		(34,868	)		(101,299	)		(48,955	)		(727,193	)
Sale of Private Investment Companies		105,424			233,704			75,282			952,373
Increase and/or decrease in:
Investments in unconsolidated trading companies, at fair value		12,748			(627	)		(354	)		(3,663	)
Interest receivable		145			170			122			158
Interest payable to Managing Owner		(159	)		(176	)		(92	)		(128	)
Trading fees payable to Managing Owner		(1,491	)		1,070			(1,533	)		(384	)
Service fees payable to Managing Owner		(1,034	)		471			(993	)		(184	)
Subscriptions in advance for service fee rebates		399			947			1,234			2,382
Other liabilities		(83	)		1,431			260			1,665

Net cash provided by (used in) operating activities		46,177			80,575			(22,221	)		162,083

Cash Flows from Financing Activities:
Payments for redemption of units		(81,551	)		(107,069	)		(17,681	)		(183,373	)

Net cash provided by (used in) financing activities		(81,551	)		(107,069	)		(17,681	)		(183,373	)

Net increase (decrease) in cash and cash equivalents		(35,374	)		(26,494	)		(39,902	)		(21,290	)

Cash and cash equivalents, beginning of period		43,072			85,804			56,774			88,561
Cash and cash equivalents, end of period	$	7,698		$	59,310		$	16,872		$	67,271

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

Notes to Financial Statements

1. Organization and Purpose

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

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

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

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

Frontier Funds 10-Q