UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 WASHINGTON, DC 20549

 FORM 10-K

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

 For the fiscal year ended December 31, 2024

 or

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

 For the transition period from to

 Commission File Number 000-51274

 FRONTIER FUNDS

 FRONTIER DIVERSIFIED FUND;

 FRONTIER LONG/SHORT COMMODITY FUND;

 FRONTIER MASTERS FUND;

 FRONTIER BALANCED FUND;

 FRONTIER SELECT FUND;

 FRONTIER GLOBAL FUND;

 FRONTIER HERITAGE FUND

 (Exact Name of Registrant as specified in Its
Charter)

 Delaware

 36-6815533

 (State or Other Jurisdiction of

Incorporation or Organization)

 (IRS Employer

Identification No.)

 c/o Frontier Fund Management, LLC

 25568 Genesee Trail Road

 Golden, Colorado 80401

 (Address of Principal Executive Offices)

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

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

 Title of each class

 Trading Symbol(s)

 Name of each exchange on which registered

 N/A

 N/A

 N/A

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

 Title of Each Class

 Frontier Diversified
Fund Class 2 and Class 3 Units;

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

Class 2 and Class 3 Units;

Class 1, Class 1AP, Class 2, Class 2a and Class 3a Units;

Class 1, Class 1AP, and Class 2 Units;

Class 1 and Class 2 Units;

Class 1, Class 1AP, and Class 2 Units

 Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

 Indicate by check mark if the registrant is not
required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No

 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
has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared
or issued its audit report.

 If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements.

 Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's
executive officers during the relevant recovery period pursuant to § 240.10D-1(b).

 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 December 31, 2024
were: 16,365 for the Frontier Diversified Fund, 4,813 for the Frontier Masters Fund, 6,199 for the Frontier Long/Short Commodity Fund,
 56,262 for the Frontier Balanced Fund, 14,767 for the Frontier Select Fund, 7,305 for the Frontier Global Fund and 13,354 for the Frontier
Heritage Fund.

 Documents Incorporated by Reference

 Portions of the Prospectus filed by the registrant
on February 11, 2019 pursuant to rule 424(b)(3) of the Securities Act (File No. 333-210313) are incorporated by reference into Part I
and Part II of this report.

 Special Note About Forward-Looking Statements

 THIS ANNUAL 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 DECEMBER 31, 2024, AND THE MANAGING OWNER UNDERTAKES NO OBLIGATION TO UPDATE THIS INFORMATION.

 Page

 Item 1.

 Business

 Item 1A.

 Risk Factors

 Item 1B.

 Unresolved Staff Comments

 Item 1C.

 Cybersecurity

 Item 2.

 Properties

 Item 3.

 Legal Proceedings

 Item 4.

 Mine Safety Disclosures

 Item 5.

 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item 6.

 [RESERVED]

 Item 7.

 Management's Discussion and Analysis of Financial Condition and Results of Operations

 Item 7A.

 Quantitative and Qualitative Disclosures About Market Risk

 Item 8.

 Financial Statements and Supplementary Data

 Item 9.

 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9A

 Controls and Procedures

 Item 9B.

 Other Information

 Item 9C.

 Disclosure Regarding Foreign Jurisdictions that
 Prevent Inspections

 Item 10.

 Directors, Executive Officers and Corporate Governance

 Item 11.

 Executive Compensation

 Item 12.

 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13.

 Certain Relationships and Related Transactions

 Item 14.

 Principal Accountant Fees and Services

 Item 15.

 Exhibits and Financial Statement Schedules

 Index to Financial Statements

 Signatures

 73 - 80

 i

 Summary of Risk Factors

 An investment in the Units beneficial interest
(the "Units") of each Series (the "Series") of Frontier Funds (the "Trust") is subject to a number
of risks of which you should be aware before making an investment decision. The following summary should not be considered an exhaustive
summary of the material risks facing the Trust, and it should be read in conjunction with the "Risk Factors" section and the
other information contained in this Form 10-K.

 Structural Risks

 The Trust, the Trading Companies (as defined below) and the Galaxy
Plus entities (as defined below) are not registered investment companies.

 Certain
restrictions on redemption and transfer of the Units apply, redemptions may be temporarily suspended, and a substantial number of redemption
requests in a short period may result in losses.

 Unitholders
have limited rights, including not being able to review any Series' holdings on a daily basis, inability to prevent the Trust from
taking actions which could cause losses, and lack of awareness of changes to trading programs or investments into, or divestments from,
any Galaxy Plus entities.

Fund Management, LLC (the "Managing Owner") may allocate nominal assets in respect of a Series in excess of its Net Asset
Value, and it may adjust the leverage employed by a Trading Advisor in its sole discretion.

 Each
Series may be charged substantial fees and expenses regardless of profitability, including indirect fees and expenses associated with
derivative instruments.

 The
failure by one or more of a Series' counterparties could result in a substantial loss of such Series' assets.

 There
are certain risks associated with investments in series LLCs (such as certain of the Trading Companies and the Galaxy Plus entities),
and certain conflicts of interest exist in the structure and operation of the Trust.

 The
Managing Owner is leanly staffed and relies heavily on its key personnel to manage the Trust's trading activities, and the loss
of such personnel could adversely affect the Trust. Unitholders do not have privity of contract with service providers to the Trust or
any Series, including the Trading Advisors.

 Risks Relating to Trading and the Markets

 The
Trading Advisors may trade in futures, options, and swaps, each of which carry distinct risks.

 The
trading on behalf of each Series will be margined, which means that sharp declines in prices could lead to large losses.

 Trading
on unregulated or foreign exchanges involves risks that trading on regulated or U.S. exchanges does not, such as lack of investor protection
regulation, possible government intervention, relatively new markets and exchange-rate exposure.

 The
Trading Advisors' positions may be concentrated from time to time, which may render each Series susceptible to larger losses than
if the positions were more diversified.

 Turnover
in each Series' portfolio may be high which could result in higher brokerage commissions and transaction fees and expenses.

 There
are certain risks associated with the Trust's investment in U.S. government debt securities, including market risk, interest rate
risk and credit risk.

 Investments in reference programs through a swap or other derivative
instrument may not always replicate exactly the performance of the relevant commodity trading advisor ("CTA") trading program(s).

 ii

 Risks Relating to the Trading Advisors

 There
are disadvantages to making trading decisions based on technical analysis and fundamental analysis.

 Increased
competition from other systematic traders could reduce the Trading Advisors' profitability.

 The
incentive fees could be an incentive to the Trading Advisors to make riskier investments.

 The
risk management approaches of one or all of the Trading Advisors may not be fully effective, and a Series may incur losses.

 Increases
in assets under management of any of the Trading Advisors could lead to diminished returns.

 Each
Series relies on its Trading Advisor(s) for success, and if a Trading Advisor's trading is unsuccessful, the Series may incur losses.

 The
Managing Owner's allocation of the Trust's assets among Trading Advisors may result in less than optimal performance by the
Trust.

 Each
Trading Advisor advises other clients and may achieve more favorable results for its other accounts.

 The
Managing Owner places significant reliance on the Trading Advisors and their key personnel; the loss of such personnel could adversely
affect a Series.

 The
success of each Series depends on the ability of the personnel of its Trading Advisor(s) to accurately implement their trading systems,
and any failure to do so could subject a Series to losses.

 Stop-loss
orders may not prevent large losses.

 Risks Relating to the Galaxy Plus Platform

 The
success of each Series depends on the performance of the Galaxy Plus entities in which each Series invests.

 The
Galaxy Plus Platform is recently established and has a limited operating history and the Galaxy Plus entities have limited or no operating
history or track record.

 A
Series may incur losses related to other investors' large redemptions from, or investments into, a Galaxy Plus entity.

 The
Galaxy Plus Platform operates independently from each Series, the Trust and the Managing Owner, and the Managing Owner will have no control
over, or involvement in, the operation and administration of the commodity pools.

 The
Galaxy Plus Platform and New Hyde Park Alts, LLC ("New Hyde Park") may limit the ability of a Series to invest in, or divest
from, a Galaxy Plus entity. New Hyde Park is the Galaxy Plus Platform sponsor and operator.

 Cessation
of, or changes to, the operation of the Galaxy Plus Platform could adversely impact the performance of a Series.

in Galaxy Plus entities presents operational, administrative risk to each Series.

 The
use of multiple Trading Advisors may result in offsetting or opposing trading positions and may also require one Trading Advisor to fund
the margin requirements of another Trading Advisor.

 The Trading Advisors' trading programs bear some similarities
and, therefore, may lessen the benefits to the Series which have multiple Trading Advisors.

 iii

 Operating Risks

 The
Managing Owner may allocate notional assets in respect of a Series that are in excess of the net asset value of such Series.

 Differing
levels of fees received may create an incentive for the Managing Owner to favor certain Series over others.

 The
Managing Owner may terminate, replace and/or add Trading Advisors in its sole discretion which may disrupt trading, adversely affecting
the net asset value of a Series.

 Taxation and Benefits Risks

 You
may have tax liability attributable to your investment in a series even if you have received no distributions and redeemed no units,
and even if the series generated an economic loss, you may be subject to tax on gains that the Trust never realizes, and you will likely
recognize short-term capital gain.

 Partnership
treatment is not assured, and if the Trust or any Series is not treated as a Partnership, you could suffer adverse tax consequences.

 The
IRS could challenge allocations of recognized gains to Unitholders who redeem.

 The
IRS could take the position that deductions for certain Trust expenses are subject to various limitations.

 The
investment of Benefit Plan Investors (as defined below) may be limited and/or subject to mandatory redemption in certain circumstances.

 Foreign
investors may face exchange rate risk and local tax consequences.

 Regulatory Risks

 Regulation
of the commodity interest markets is extensive and constantly changing; future regulatory developments are impossible to predict, but
may significantly and adversely affect the Trust.

 The
Series, the Trading Companies or Galaxy Plus entities are subject to speculative position limits.

 Commodity
Futures Trading Commission ("CFTC") registrations could be terminated which could adversely affect the Trust or a Series.

 iv

 Item 1. BUSINESS.

 Overview

 Frontier Funds, which is referred to in this report
as "the Trust", was formed on August 8, 2003, as a Delaware statutory trust. 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"). The Trust 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 amended from time to time (the "Trust Agreement"), unitholders in a Delaware statutory 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 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 to engage in 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 interests 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 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 affiliated with the Managing Owner ("Trading Company" or "Trading Companies") or to an unaffiliated series limited liability company ("Galaxy Plus entities" or "Galaxy Plus entity"), each of which has one-year renewable contracts with its own independent trading advisor(s) (each a "Trading Advisor") 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 vested in such Trading Company or Galaxy Plus entity. The assets of each Trading Company and Galaxy Plus entity will be segregated from the assets of the other Trading Companies and Galaxy Plus entities.

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

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

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

 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 (or 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, 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. 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 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 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, is maintained in the books and records of each Series.

 As of December 31, 2024, the Trust, with respect
to the Frontier Diversified Fund and Frontier Masters Fund, separates Units into two separate Classes—Class 2 and Class 3. The Trust,
with respect to the Frontier Select Fund and Frontier Heritage Fund, separates Units into 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 four separate Classes—Class 2a, Class 2, Class 3a and Class 3. The Trust, with respect to the Frontier Global Fund,
separates Units into two separate classes—Class 1 and Class 2. For those Series that invest in Galaxy Plus entities, approximately
75-95% of those Series assets are used for 30-7 requirements of the Master Funds (as defined below). The remaining assets of the Series
are split between investments in Trading Companies and a pooled cash management account that invests primarily in U.S. Treasury securities.
For those Series that do not invest in Galaxy Plus entities, their assets are split between investments in Trading Companies and investments
in the pooled cash management account.

 As of December 31, 2024, Frontier Global Fund
has invested a portion of its assets in a single Trading Company, and a single Trading Advisor manages 100% of the assets invested in
such Trading Company. Each of the remaining Series has invested a portion of its assets in several different Trading Companies or Galaxy
Plus entities and one or more Trading Advisors may manage the assets invested in such Trading Companies or Galaxy Plus entities.

 Trading Advisors are responsible for the trading
decisions of the respective Trading Companies or Galaxy Plus entities for which they trade. It is expected that between 75% and 95% of
each Series' assets normally will be invested in one or more Trading Companies or Galaxy Plus entities to be committed as margin
for trading positions but, from time to time, these percentages may be substantially more or less. The remainder of each Series'
assets is maintained at the Trust level for cash management. Each of the respective Series has invested monies into pooled cash management
assets which have included purchases of U.S. Treasury securities. Each Series' ownership in these investments is based on its percentage
ownership in the pooled cash management assets on the reporting date.

 The Trading Advisors were selected based upon
the Managing Owner's evaluation of each Trading Advisor's past performance, trading portfolios and strategies, as well as
how each Trading Advisor's performance, portfolio and strategies complement and differ from those of the other Trading Advisors.

 The Managing Owner is a Delaware Limited Liability
Company formed in November 2016. The Managing Owner has delegated its commodity pool operator ("CPO") responsibilities to
Wakefield Advisors LLC pursuant to the Commodity Pool Operator Delegation Agreement between the Managing Owner and Wakefield Advisors
LLC, which has been registered with the CFTC as a CPO since January 7, 2013 and has been a member of the National Futures Association
("NFA") since that date. The Managing Owner remains jointly and severally liable with Wakefield Advisors LLC for violations
of the Commodity Exchange Act of 1936, as amended (the "CEA"), and CFTC regulations thereunder ("CPO Regulations").
However, Wakefield Advisors LLC will indemnify the Managing Owner from and against any and all loss, liability, damage, penalty, fine,
cost, and expense (including attorneys', accountants', experts', and other professionals' fees and expenses incurred
in investigation or defense of any and all demands, claims, actions, suits, or arbitrations) actually and reasonably incurred by the Managing
Owner, based upon, arising out of or from, or in any way in connection with, any act, activity, conduct, performance, omission, or non-performance
by the Wakefield Advisors LLC of any of its functions as a CPO or which violates the CEA or CPO Regulations in connection with its functions
as CPO.

 The Managing Owner's main business office
is located at 25568 Genesee Trail Road, Golden, Colorado 80401, telephone (303) 454-5500. A description of the Managing Owner's
responsibilities to the Trust is contained in a Prospectus filed February 11, 2019 with the SEC and made effective February 1, 2019 pursuant
to Rule 424(b)(3) of the Securities Act of 1933, as amended (File No. 333-210313), which is referred to herein as the "Prospectus,"
under the section captioned "The Managing Owner," and such description is incorporated herein by reference from the Prospectus.

 Regulation

 Under the CEA, commodity
exchanges and commodity futures trading are subject to regulation by the CFTC. The NFA, a registered futures association under the CEA,
is the only non-exchange self-regulatory organization for commodity industry professionals. The CFTC has delegated responsibility to the
NFA for the registration of "commodity trading advisors", "commodity pool operators," "futures commission
merchants," "introducing brokers" and their respective "associated persons" and "floor brokers."
The CEA requires "commodity pool operators," such as the Managing Owner, "commodity trading advisors," and commodity
brokers or "futures commission merchants," such as the Trust's commodity brokers, to be registered and to comply with
various reporting and recordkeeping requirements. The Managing Owner and the Trust's commodity brokers are members of the NFA. The
CFTC may suspend a commodity pool operator's or a commodity trading advisor's registration if it finds that its trading practices
tend to disrupt orderly market conditions, or as the result of violations of the CEA or rules and regulations promulgated thereunder.
In the event that the Managing Owner's registration as a commodity pool operator were terminated or suspended, the Managing Owner
would be unable to continue to manage the business of the Trust. Should the Managing Owner's registration be suspended, termination
of the Trust may result.

 In addition to such registration
requirements, the CFTC and certain commodity exchanges have established limits on the maximum net long and net short positions that any
person, including the Trust, may hold or control in particular commodities. Most exchanges also limit the maximum changes in futures contract
prices that may occur during a single trading day. The Trust also trades in dealer markets for forward and swap contracts, many of which
were brought under the regulation of the CFTC by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank
Act"). In addition, the Trust trades on foreign commodity exchanges, which are not subject to regulation by any U.S. government
agency.

 Operations

 A description of the
business of the Trust, including trading approaches for each Series of Units, rights and obligations of the Limited Owners, compensation
arrangements, and fees and expenses is contained in the Prospectus, under the sections captioned "Risk Disclosure Statement,"
"Summary," "Risk Factors," "Frontier Funds Trust," "The Offering," "Trading Limitations,
Policies and swaps," "The Trustee," "The Managing Owner," "Actual and Potential Conflicts of Interest,"
"Fees and Expenses" and the appendix attached to the Prospectus for each Series of Units, and such description is incorporated
herein by reference from the Prospectus.

and Galaxy Plus entities for each Series of Units engage in the speculative trading of a diversified portfolio of futures, forwards (including
interbank foreign currencies), options contracts and other derivative instruments (including swaps) and may, from time to time, engage
in cash and spot transactions. A brief description of the Trust's main types of investments is set forth below:

 A futures contract is a standardized contract traded on an exchange that calls for the future delivery of a specified quantity of a commodity at a specified time and place.

 A forward contract is an individually negotiated contract between principals, not traded on an exchange, to buy or sell a specified quantity of a commodity at or before a specified date at a specified price.

 An option on a futures contract, forward contract or a commodity gives the buyer of the option the right, but not the obligation, to buy or sell a futures contract, forward contract or a commodity, as applicable, at a specified price on or before a specified date. Options on futures contracts are standardized contracts traded on an exchange, while options on forward contracts and commodities, referred to collectively in this prospectus as over-the-counter options, generally are individually negotiated, principal-to-principal contracts not traded on an exchange.

 A swap contract generally involves an exchange of a stream of payments between the contracting parties. Certain swap contracts are required to be executed on organized exchanges, while others are traded over-the-counter ("OTC").

 Certain of the Trading Companies and Galaxy Plus
entities have entered into contractual arrangements with independent CTAs that will manage all or a portion of such Trading Company's
and Galaxy Plus entity's assets and make the trading decisions with respect to the assets of such Trading Company or Galaxy Plus
entity.

 Selection and Replacement of Trading
Advisors

 The Managing Owner 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 Managing Owner may otherwise vary such percentages from time to time in its sole discretion. The Managing
Owner 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 Managing Owner utilizes
certain quantitative and qualitative analysis in connection with the identification, evaluation and selection of the Trading Advisors.
The Managing Owner's proprietary and commercial analytical software programs and comprehensive Trading Advisor database provide
the quantitative basis for the Trading Advisor selection, portfolio implementation process, and ongoing risk management, monitoring, and
review.

 The Managing Owner's
research department is continually refining ways to assimilate vast amounts of Trading Advisor performance data and due-diligence information.
The proprietary and commercial 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 Managing Owner's analytical software
system applies a variety of statistical measures towards the evaluation of current and historical advisor performance data. Statistical
measures 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.

 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 in the Managing Owner's top decile universe initially undergoes extensive qualitative review by the Managing
Owner's research department, as well as continual monitoring. This analysis generally includes 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. This information allows a thorough review of each Trading Advisor's trading philosophy, trading systems and corporate structure.

 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, resulting in more
consistent performance returns and overall lower volatility.

 As of December 31, 2024, the trading system 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

 Fort, L.P.

 Horizon3 Investment Management LLP*

 Quantica Capital AG

 Quantitative Investment Management, LLC

 Quest Partners LLC

 Rosetta Capital Management, LLC

 Discretionary

 Welton Investment Partners LLC

 As of December 31, 2024, the allocation of the
assets of each applicable Series of the Trust among the Trading Advisors was as follows:

 Allocation as of December 31, 2024 (expressed
as a percentage of aggregate notional exposure to commodity trading programs)

 Diversified

 Fund

 Long/Short

 Commodity

 Fund

 Masters

 Fund

 Balanced

 Fund

 Select

 Fund

 Global

 Fund

 Heritage

 Fund

 Advisor

 Aspect Capital Limited

 %

 -

 %

 %

 -

 %

 %

 Fort, L.P.

 %

 -

 -

 %

 -

 -

 -

 Horizon3 Investment Management LLP

 -

 -

 -

 %

 %

 -

 %

 Quantica Capital AG

 %

 -

 %

 %

 %

 -

 -

 Quantitative Investment Management, LLC

 %

 -

 -

 %

 -

 -

 -

 Quest Partners LLC

 %

 -

 -

 %

 -

 -

 -

 Rosetta Capital Management, LLC

 -

 %

 -

 -

 -

 -

 -

 Welton Investment Partners LLC

 %

 %

 %

 %

 %

 -

 %

 A description of the trading strategies of the
major commodity trading advisors, including general trading focus and registration as a commodity pool operator and/or an investment adviser,
and a description of the advisory agreements with the commodity trading advisors is contained in the Prospectus, under the section captioned
"Summary of Agreements—Advisory Agreements" and the appendix attached to the Prospectus for each Series of Units, containing
a description of each major commodity trading advisor and its trading program, and such description is incorporated herein by reference
from the Prospectus.

 Employees

 The Trust has no employees. The Trust is managed
solely by the Managing Owner in its capacity as the managing owner of the Trust pursuant to the Trust Agreement.

 Available Information

 The Trust files quarterly,
annual and current reports, and all amendments to these reports, with the Securities and Exchange Commission ("SEC"). The
Trust and the Series do not maintain an internet website for their filings; however, the SEC maintains an internet site that contains
reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The Trust's
SEC filings are available to the public from the EDGAR database on the SEC's website at  The Trust's CIK
number is 0001261379. The Trust will provide electronic or paper copies of its filings to its investors free of charge upon request.

 Any forward-looking statements
herein are based on expectations of the Managing Owner at this time. Whether or not actual results and developments will conform to the
Managing Owner's expectations and predictions, however, is subject to a number of risks and uncertainties, including the special
considerations discussed in the Series' prospectuses, general economic, market and business conditions, changes in laws or regulations
or other actions made by governmental authorities or regulatory bodies, and other world economic and political developments. The Series
and the Managing Owner undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise.

 Item 1A.
 RISK FACTORS.

 The Trust is a venture
in a high-risk business. An investment in the Units of each Series is very speculative. You should make an investment in one or more of
the Series only after consulting with independent, qualified sources of investment and tax advice and only if your financial condition
will permit you to bear the risk of a total loss of your investment. You should consider an investment in the Units only as a long-term
investment. Moreover, to evaluate the risks of this investment properly, you must familiarize yourself with the relevant terms and concepts
relating to commodities trading and the regulation of commodities trading, which are discussed in the Prospectus in the Statement of Additional
Information below, in the section captioned "The Futures Markets," which is incorporated herein by reference.

 You should carefully
consider all the information we have included or incorporated by reference in this Form 10-K and our subsequent periodic filings with
the SEC. In particular, you should carefully consider the risk factors described below and read the risks and uncertainties as set forth
in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" Section of this Form
10-K. Any of the following risks and uncertainties could materially adversely affect the Trust, its trading activities, operating results,
financial condition and NAV and therefore could negatively impact the value of your investment. The information contained herein does
not constitute investment, legal or tax advice. You should not invest in the Units unless you can afford to lose all of your investment.

 All trading and investment activities take place
at the Trading Company level or through a Series' investment in one or more Galaxy Plus entities Platform, and since the Trust invests
substantially all of the assets of each Series in one or more Trading Companies and/or Galaxy Plus entities, each of the risks applicable
to the Trading Companies and/or Galaxy Plus entities flows through to the Series.

 Structural Risks

 Neither the Trust nor any of the
Trading Companies nor any of the Galaxy Plus entities is a registered investment company.

 Neither the Trust nor any of the Trading Companies
nor any of the Galaxy Plus entities is an investment company subject to the Investment Company Act. Accordingly, Unitholders do not have
the protections afforded by that statute. For example, the Investment Company Act requires investment companies to have a majority of
disinterested directors and regulates the relationship between the investment company and its investment adviser.

 Certain restrictions on redemption and transfer of the
Units apply.

 Unitholders generally may redeem Units daily on
one business day notice, but certain restrictions on redemption and transfer will apply. For example, if a Unitholder invests in class
1 or 1a Units and redeems all or a portion of such Units on or before the end of the 12 full months following the purchase of such Units,
a Unitholder will be charged a redemption fee of up to a percentage of the purchase price of any such Units being redeemed. Also, transfers
of Units are permitted only with the prior written consent of the Managing Owner and provided that conditions specified in the Trust Agreement
are satisfied. There is no secondary market for the Units and none is expected to develop.

 Redemptions may be temporarily suspended.

 The Managing Owner may temporarily suspend redemptions
for some or all of the Series for up to 30 days if the effect of any redemption, either alone or in conjunction with other redemptions,
would be to impair the Trust's ability to operate in pursuit of its objectives (for example, if the Managing Owner believes a redemption,
if allowed, would materially advantage one investor over another investor). The Managing Owner anticipates suspending redemptions only
under extreme circumstances, such as a natural disaster, force majeure, act of war, terrorism or other event which results in the closure
of financial markets. During any suspension of redemptions, a redeeming limited owner invested in a Series for which redemptions were
suspended would remain subject to market risk with respect to such Series.

 An unanticipated number of redemption requests over a
short period of time could result in losses.

 Substantial redemptions of Units could require
a Series to liquidate investments more rapidly than otherwise desirable in order to raise the necessary cash to fund the redemptions,
which could result in losses. Illiquidity in the markets could make it difficult to liquidate positions on favorable terms, which could
result in additional losses. It may also be difficult for the Series to achieve a market position appropriately reflecting a smaller equity
base.

 Reserves for contingent liabilities
may be established upon redemption, and the Trust may withhold a portion of a Unitholder's redemption amount.

 When a Unitholder redeems its Units, the Trust
may find it necessary to set up a reserve for undetermined or contingent liabilities and withhold a certain portion of a Unitholder's
redemption amount. This could occur, for example, if (i) some of the positions of the Series in which a Unitholder is invested were illiquid,
(ii) there are any assets which cannot be properly valued on the redemption date, or (iii) there is any pending transaction or claim by
or against the Trust involving, or which may affect, a Unitholder's capital account or a Unitholder's obligations.

 Unitholders have limited rights
and cannot prevent the Trust from taking actions which could cause losses.

 Unitholders exercise no control over the Trust's
day-to-day business. Therefore, the Trust will take certain actions and enter into certain transactions or agreements without the Unitholders'
approval. For example, the Trust may retain a trading advisor for a Series in which a Unitholder is invested, and such trading advisor
may ultimately incur losses for the Series. As a Limited Owner, a Unitholder will have no ability to influence the hiring, retention or
firing of such trading advisor. However, certain actions, such as termination or dissolution of a Series, may only be taken upon the affirmative
vote of Unitholders holding Units representing at least a majority (over 50%) of the net asset value of the Series (excluding Units owned
by the Managing Owner and its affiliates).

 Unitholders will not be able to
review any Series' holdings on a daily basis and may suffer unanticipated losses.

 The trading advisors make trading decisions on
behalf of the assets of each Series. While the Trading Advisors receive daily trade confirmations from the clearing brokers of each transaction
entered into on behalf of each Series for which they manage the trading, each Series' trading results are only reported to investors
monthly in summary fashion. Accordingly, an investment in the Units does not offer investors the same transparency that a personal trading
account offers. As a result, you may suffer unanticipated losses.

 Unitholders will not be aware of
changes to trading programs or investments into, or divestments from, any Galaxy Plus entities.

 Because of the proprietary nature of each Trading
Advisor's trading programs, you generally will not be advised if adjustments are made to a trading program or to allocations made
to one or more Galaxy Plus entities in order to accommodate additional assets under management or for any other reason.

 The Trust could terminate before
a Unitholder achieves its investment objective, causing potential loss of its investment or upsetting its investment portfolio.

 Unforeseen circumstances, including substantial
losses or withdrawal of the Trust's Managing Owner, could cause the Trust to terminate before its stated termination date of December
31, 2053. The Trust's termination would cause the liquidation and potential loss of your investment and could upset the overall
maturity and timing of your investment portfolio.

 The Managing Owner may allocate
nominal assets in respect of a Series that are in excess of the Net Asset Value of such Series.

 At any given time, the
nominal assets of a Series may exceed the net asset value of such Series depending on the amount of notional equity that is being utilized,
including through investments in the Galaxy Plus entities. The Managing Owner expects that the nominal 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. The Managing Owner also expects each of the Trading Advisors to the
Galaxy Plus entities to maintain nominal assets at a level in excess of the net asset value of such Galaxy Plus entity. To the extent
that nominal assets of a Series or Galaxy Plus entity are in excess of net asset value, investors should understand that the applicable
Series or Galaxy Plus entity will experience greater volatility as measured by net asset value than it would if the nominal assets were
maintained at a level equal to net asset value. In such case, any losses to the Series or Galaxy Plus entity will be greater as measured
by a percentage of net asset value, as compared to the percentage loss incurred in respect of nominal assets. Consequently, the allocation
of nominal assets in excess of a Series' or Galaxy Plus entity's net asset value will magnify exposure to the swings in market
prices of futures, forwards, options or other assets held by a Trading Company, Galaxy Plus entity or referenced by a swap or other derivative
instrument and result in increased volatility, and potentially greater losses. You may lose all or substantially all of your investment
in a Series.

 The Managing Owner may adjust the
leverage employed by a Trading Advisor through a Trading Company to maintain the target rate of volatility.

 In its sole discretion,
the Managing Owner may modify the allocations between the Trading Advisors used by a particular Series at any time, including adding new
Trading Advisors or terminating current Trading Advisor relationships, and the Managing Owner may also increase or decrease the amount
of leverage employed by a specific Trading Advisor by allocating notional funds to a particular Trading Advisor in accordance with the
Managing Owner's proprietary management program. The Managing Owner may increase or decrease the notional equity allocated to one
or more individual Trading Advisors over time in order to adjust the annual volatility for a Series within the target volatility range
disclosed for such Series.

 To the extent that the
Managing Owner increases the leverage employed by a particular Trading Advisor to maintain the target volatility of a Series, either by
increasing the actual funds which are traded by the Trading Advisor at a leverage of greater than 1x or by allocating notional amounts
to one or more Trading Advisors, the specific risks associated with the relevant Trading Advisors will be greater for the affected Series.
As the notional equity under management of a specific Trading Advisor increases, the diversification benefits attributable to a multi-advisor
pool will be decreased to an extent, since the Trading Advisor will manage a greater percentage of the notional exposure of the Series.
Since the Managing Owner may change the applicable leverage used by a particular Trading Advisor at any time, the diversification of risks
between the Trading Advisors is variable.

 Each Series may be charged substantial
fees and expenses regardless of profitability.

 Each Series is charged
brokerage charges, OTC dealer spreads and related transaction fees and expenses, and management fees in all cases regardless of whether
any Series' activities are profitable. In addition, the Managing Owner charges each Series an incentive fee based on a percentage
of the new trading profits generated by each Trading Advisor for such Series or the profits generated by such Series' investment
in Galaxy Plus entities. Such incentive fee is reduced by an amount equal to any performance fees paid by the Galaxy Plus entity to its
Trading Advisors, and to the extent any related incentive fee is paid by the Series to a Trading Advisor, the Managing Owner will pay
all or a portion of its incentive fee to the Series. As a result of the fact that incentive fees are calculated separately for each Trading
Advisor and Galaxy Plus entity to which the Series has allocated assets and each Series allocates assets to multiple Trading Advisors
and/or Galaxy Plus entities, it is possible that substantial incentive fees may be paid out of the net assets of a Series during periods
in which such Series has no net new trading profits or in which such Series actually loses money. In addition, each Series must earn new
trading profits and interest income sufficient to cover these fees and expenses in order for it to be profitable.

 Investors should note
that the management fee payable to the Managing Owner is based on nominal assets rather than net asset value. Therefore, the management
fee will be greater as a percentage of a Series' net asset value to the extent that the nominal assets of such Series exceed its
net asset value. The Managing Owner expects that the nominal 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. In addition, basing the management fee on nominal assets may result in the Managing Owner receiving a higher
management fee than if it was based on net asset value. This method of calculating the management fee payable to the Managing Owner may
differ from how other commodity pools that are similar to the Trust calculate their management fees.

 There are certain risks associated
with investments in Trading Companies and Galaxy Plus entities.

 Certain of the Trading
Companies and Galaxy Plus entities may be organized as series limited liability companies. This means that, under the Delaware Limited
Liability Company Act, the assets of one series are not available to pay the liabilities of another series or the trading company as a
whole. This statute has not been tested in a court of law in the United States. In the event series limited liability is not enforceable,
a segregated series could be obligated to pay the liabilities of another series or the trading company. In addition, each of the Trust's
Series is subject to, and invests a portion of its assets in Galaxy Plus entities that are subject to, risks related to the operation
and administration of the Galaxy Plus Managed Account Platform ("Galaxy Plus Platform") by officers and employees of New Hyde
Park.

 Each Series invests in
Trading Companies that, although they are organized as series limited liability companies, allocate assets to more than one commodity
trading advisor without the establishment of separate series with segregated liabilities. For these Trading Companies, losses incurred
by one commodity trading advisor may negatively impact the Trading Company as a whole, as the assets allocated to a different commodity
trading advisor may be made available to pay the liabilities of the commodity trading advisor that has incurred the loss. Since each of
the Frontier Diversified Fund, the Frontier Masters Fund and the Frontier Long/Short Commodity Fund currently invests in such Trading
Companies, this could indirectly cause the assets of one Series to be used to pay the liabilities of another Series. For Trading Companies
that allocate assets to more than one commodity trading advisor, a series may be allowed to allocate a portion of its assets to a particular
commodity trading advisor accessed by the Trading Company, rather than to the Trading Company as a whole.

 Conflicts of interest exist in the
structure and operation of the Trust.

 A number of actual and
potential conflicts of interest exist in the operation of the Trust's business. The Managing Owner, the Trading Advisors, the independent
administrator, the independent transfer agent, the clearing brokers, the Trustee and their respective principals are all engaged in other
investment activities and are not required to devote substantially all of their time to the Trust's business.

 Each Series may incur higher fees
and expenses upon renewing existing or entering into new contractual relationships.

 The clearing agreements
between the clearing brokers and the Trading Companies generally are terminable by the clearing brokers once the clearing broker has given
the Trading Company the required notice. Upon termination of a clearing agreement, the Managing Owner may be required to renegotiate that
agreement or make other arrangements for obtaining clearing. The services of the clearing brokers may not be available, or even if available,
these services may not be available on the terms as favorable as those contained in the expired or terminated clearing agreements.

 Each Series may be subject to indirect
fees and expenses associated with investments in swaps or other derivative instruments.

 A portion of each Series'
assets may be used to enter into principal-to-principal OTC derivative contracts, including swaps, which are individually negotiated
by the parties and priced by the counterparty and may include fees and expenses that are accounted for in the pricing under the applicable
contract. Such indirect embedded expenses may not be identifiable or enumerated explicitly in confirms or other transaction documentation.
Each Series may pay a fee to a counterparty in respect of any swap or derivative instruments of up to 0.50% of the notional amount of
such swap or derivative instrument. Any management fee or incentive fees embedded in a swap or other derivative instrument may be greater
or less than the management fee or incentive fees that would otherwise be charged to the Series by the Managing Owner. During the periods
covered in this report, none of the Series owned a derivative instrument or swap.

 The failure or bankruptcy of one
of its futures clearing brokers, central clearing brokers, banks, counterparties or other custodians could result in a substantial loss
of one or more Series' assets.

 The Trust is subject to the risk of insolvency
of an exchange, clearinghouse, central clearing broker, commodity broker, and counterparties with whom the Trading Companies trade. Trust
assets could be lost or impounded in such an insolvency during lengthy bankruptcy proceedings. Were a substantial portion of the Trust's
capital tied up in a bankruptcy, the Managing Owner might suspend or limit trading, perhaps causing a Series to miss significant profit
opportunities. The Trust is subject to the risk of the inability or refusal to perform on the part of the counterparties with whom contracts
are traded. In the event that the clearing brokers are unable to perform their obligations, the Trust's assets are at risk, and
investors may only recover a pro rata share of their investment, or nothing at all.

 Exchange-traded futures
and futures-styled option contracts are marked to market on a daily basis, with variations in value credited or charged to the Trust's
account on a daily basis. The clearing brokers, as futures commission merchants for the Trust's exchange-traded contracts, are required,
pursuant to CFTC regulations, to segregate from their own assets, and for the sole benefit of its commodity customers, all funds held
by such clients with respect to exchange-traded futures and futures-styled options contracts, including an amount equal to the net unrealized
gain on all open futures and futures-styled options contracts. Similar requirements apply with respect to funds held in connection with
cleared swap contracts. Bankruptcy law applicable to all U.S. futures brokers requires that, in the event of the bankruptcy of such a
broker, all property held by the broker, including certain property specifically traceable to the Trust, will be returned, transferred,
or distributed to the broker's customers only to the extent of each customer's pro rata share of the assets held
by such futures broker. The Managing Owner will attempt to limit the Trust's deposits and transactions to well-capitalized institutions
in an effort to mitigate such risks, but there can be no assurance that even a well-capitalized, major institution will not become bankrupt.

 In the event of a shortfall
in segregated customer funds held by the futures commission merchant, the Series' assets on account with the futures commission
merchant may be at risk in the event of the futures commission merchant's bankruptcy or insolvency, and, in such event, the Series
may only recover a portion of the available customer funds. If no property is available for distribution, the Series would not recover
any of its assets. With respect to a Series' OTC uncleared swaps, prior to the implementation of the provisions of the Dodd-Frank
Wall Street Reform and Consumer Protection Act, as amended (the "Dodd-Frank Act"), there was no requirement to segregate funds
held with respect to such contracts. There is now a requirement to segregate funds held as variation margin posted by a party engaging
in uncleared swaps with a swap dealer or major swap participant; moreover, a party engaging in uncleared swaps with a swap dealer or major
swap participant can ask that the initial margin posted by such party be held with an independent third-party custodian. Generally, the
party requesting segregation will pay the costs of such custodial arrangement. There may also be costs and delays involved in negotiating
the custodial arrangement and related contractual terms.

 With respect to transactions
a Series enters into that are not traded on an exchange, there are no daily settlements of variations in value, and there is no requirement
to segregate funds held with respect to such accounts. Thus, the funds that a Series invests in such transactions may not have the same
protections as funds used as margin or to guarantee exchange-traded futures and options contracts. If the counterparty becomes insolvent
and a Series has a claim for amounts deposited or profits earned on transactions with the counterparty, the Series' claim may not
receive a priority. Without a priority, the Trust is a general creditor, and its claim will be paid, along with the claims of other general
creditors, from any monies still available after priority claims are paid. Even funds of the Trust that the counterparty keeps separate
from its own operating funds may not be safe from the claims of other general and priority creditors. There are no limitations on the
amount of allocated assets a portfolio manager can trade on foreign exchanges or in forward contracts.

 A Unitholder may not be able to
establish a basis for liability against a Trading Advisor, a clearing broker or a swap counterparty.

 Each Trading Advisor,
clearing broker, and swap counterparty acts only as a Trading Advisor, clearing broker or swap counterparty, respectively, to the applicable
Series and/or Trading Company. These parties do not act as Trading Advisors, clearing brokers, or swap counterparties to you. Therefore,
you have no contractual privity with the Trading Advisors, the clearing brokers, or any swap counterparty. Due to this lack of contractual
privity, you may not be able to establish a basis for liability against a Trading Advisor, clearing broker, or swap counterparty.

 The Managing Owner is leanly staffed
and relies heavily on its key personnel to manage the Trust's trading activities. The loss of such personnel could adversely affect
the Trust.

 In managing and directing
the day-to-day activities and affairs of the Trust, the Managing Owner relies heavily on its principals. The Managing Owner is leanly
staffed, although there are back-up personnel for every key function. If any of the Managing Owner's key persons were to leave or
be unable to carry out his or her present responsibilities, it may have an adverse effect on the management of the Trust.

 Risks Relating to Trading and the Markets

 Futures interests trading is speculative
and volatile.

 The rapid fluctuations
in the market prices of futures, forwards, and options make an investment in any of the Series volatile. Volatility is caused by, among
other things: changes in supply and demand relationships; weather; agriculture, trade, fiscal, monetary and exchange control programs;
domestic and foreign political and economic events and policies; and changes in interest rates. The Trading Advisors' technical
trading methods may not take account of these factors except as they may be reflected in the technical input data analyzed by the Trading
Advisors. In addition, governments from time to time intervene, directly and by regulation, in certain markets, often with the intent
to influence prices directly. The effects of governmental intervention may be particularly significant at certain times in the financial
instrument and currency markets, and this intervention may cause these markets to move rapidly.

 Each Series' performance
will be volatile, and a Series could lose all or substantially all of its assets. The multi-advisor feature of each Series, except for
Frontier Global Fund, along with its investments in Galaxy Plus entities, may reduce the return volatility relative of the performance
of single-advisor investment funds.

 Options trading can be more volatile
and expensive than futures trading.

 Options are derivatives
that give the purchaser the option to buy (call) or sell (put) an underlying asset from or to a counterparty at a specified price (the
strike price) on or before an expiration date. Certain Trading Advisors may purchase or write (i.e., sell) put and call options on an
underlying reference it is otherwise permitted to invest in. By investing in options, the Series are exposed to the risk that they may
be required to buy or sell the underlying reference at a disadvantageous price on or before the expiration date. If a Series sells a put
option, the Series may be required to buy the underlying reference at a strike price that is above market price, resulting in a loss.
If a Series sells a call option, the Series may be required to sell the underlying reference at a strike price that is below market price,
resulting in a loss. If a Series sells a call option that is not covered (it does not own the underlying reference), the Series'
losses are potentially unlimited. Options may involve economic leverage, which could result in greater volatility in price movement. Options
may be traded on a securities exchange or in the OTC market. At or prior to maturity of an options contract, a Series may enter into an
offsetting contract and may incur a loss to the extent there has been adverse movement in options prices. Options can increase a Series'
risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest
rate risk, while also exposing the Series to correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk, pricing
risk and volatility risk.

 Certain Trading Advisors
may trade options on futures. Although successful options trading requires many of the same skills as successful futures trading, the
risks involved are somewhat different. Successful options trading requires a trader to accurately assess near-term market volatility because
that volatility is immediately reflected in the price of outstanding options. Correct assessment of market volatility can therefore be
of much greater significance in trading options than it is in many long-term futures strategies. If market volatility is incorrectly predicted,
the use of options can be extremely expensive.

 Trading Swaps Creates Distinctive
Risks.

 The Series may trade
in certain swaps. Unlike futures and options on futures contracts, most swap contracts currently are not traded on or cleared by an exchange
or clearinghouse. The CFTC currently requires only a limited class of swap contracts (certain interest rate and credit default swaps)
to be cleared and executed on an exchange or other organized trading platform. In accordance with the Dodd-Frank Act, the CFTC will determine
in the future which other classes of swap contracts will be required to be cleared and executed on an exchange or other organized trading
platform. Until such time as these transactions are cleared, the Series will be subject to a greater risk of counterparty default on its
swaps. Because swaps do not generally involve the delivery of underlying assets or principal, the amount payable upon default and early
termination is usually calculated by reference to the current market value of the contract. Swap dealers and major swap participants require
the series to deposit initial margin and variation margin as collateral to support such Series' obligation under the swap agreement
but may not themselves provide collateral for the benefit of any Series. If the counterparty to such a swap defaults, the Series would
be a general unsecured creditor for any termination amounts owed by the counterparty to the Series as well as for any collateral deposits
in excess of the amounts owed by the Series to the counterparty, which would result in losses to the Series.

 There are no limitations
on daily price movements in swaps. Speculative position limits are not currently applicable to swaps but, in the future, may be applicable
for swaps on certain commodities. In addition, participants in the swap markets are not required to make continuous markets in the swaps
they trade and determining a market value for calculation of termination amounts can lead to uncertain results.

 Trading of swaps has
been and will continue to be subject to substantial change under the Dodd-Frank Act and related regulatory action. Under the Dodd-Frank
Act, many commodity swaps will be required to be cleared through central clearing parties and executed on exchanges or other organized
trading platforms. Security-based swaps will be subject to similar requirements. Additional regulatory requirements will apply to all
swaps, whether subject to mandatory clearing or not. These include margin, collateral and capital requirements, reporting obligations,
speculative position limits for certain swaps, and other regulatory requirements. Swaps which are not offered for clearing by a clearinghouse
will continue to be traded bi-laterally. Such bi-lateral transactions will remain subject to many of the risks discussed in the preceding
paragraphs.

 Swap counterparties may
hold collateral in U.S. or non-U.S. depositories. Non-U.S. depositories are not subject to U.S. regulation. The Series' assets held
in these depositories are subject to the risk that events could occur which would hinder or prevent the availability of these funds for
distribution to customers, including the Series. Such events may include actions by the government of the jurisdiction in which the depository
is located including expropriation, taxation, moratoria and political or diplomatic events.

 The trading on behalf
of each Series will be margined, which means that sharp declines in prices could lead to large losses.

 Because the amount of
margin funds necessary to be deposited with a futures clearing broker to enter into a futures, forward contract or option position is
typically about 2% to 10% of the total value of the contract, each Trading Advisor may take positions on behalf of a Series with face
values equal to several times such Series' NAV. These low margin requirements provide a large amount of leverage. As a result of
margining, even a small movement in the price of a contract can cause major losses. Any purchase or sale of a futures or forward contract
or option position may result in losses that substantially exceed the amount invested. If severe short-term price declines occur, such
declines could force the liquidation of open positions with large losses. Margin is normally monitored through the margin-to-equity ratio
employed by each Trading Advisor. Under normal circumstances, the Trading Advisors will vary between a 10% to 30% margin-to-equity ratio.
In addition, OTC transactions present risks in addition to those associated with exchange-traded contracts, as discussed immediately below.

 The unregulated nature of uncleared
trades in the OTC markets creates counterparty risks that do not exist in futures trading on exchanges or in cleared swaps.

 Unlike futures contracts
and cleared swaps, uncleared trades, such as forward contracts, some swaps and some OTC "spot" contracts, are entered into
between private parties off an exchange or other trading platform and are not subject to clearing. As a result, the performance of those
contracts is not guaranteed by an exchange or its clearinghouse and the Series is at risk with respect to the ability of the counterparty
to perform on the contract, including the creditworthiness of the counterparty. Trading of foreign exchange spot contracts of foreign
exchange forwards and foreign exchange swaps (as such terms are defined in the Dodd-Frank Act), and of uncleared swaps is not regulated
or is subject to limited regulation; therefore, there are limited or no specific standards or regulatory supervision of trade pricing
and other trading activities that occur in those markets.

 Foreign currency and spot contracts
historically were not regulated when traded between certain "eligible contract participants" and are subject to credit risk.

 Each Series may trade forward contracts in foreign
currencies and may engage in spot commodity transactions (transactions in physical commodities). These contracts, unlike futures contracts
and options on futures, historically were not regulated by the CFTC when traded between certain "eligible contract participants,"
as defined in the CEA. However, the Dodd-Frank Act includes foreign currency forwards and foreign currency swaps (as such terms are defined
in the Dodd-Frank Act) in the definition of "swap." The CFTC has been granted authority to regulate all swaps but grants the
U.S. Treasury Department the discretion to exempt foreign currency forwards and foreign currency swaps from all aspects of the Dodd-Frank
Act other than reporting, recordkeeping and business conduct rules for swap dealers and major swap participants. In November 2012, Treasury
determined that those transactions can be carved out of the swap category, and they are subject only to the noted categories of the Dodd-Frank
Act requirements. Therefore, the Series will not receive the full benefit of CFTC regulation for certain of their foreign currency trading
activities.

 The percentage of each Series' positions
that are expected to constitute foreign currency forwards and foreign currency swaps can vary substantially from month to month.

 Trading on foreign exchanges presents
greater risks to the Series than trading on U.S. exchanges.

 Each Series trades on exchanges located outside
the United States. Trading on U.S. exchanges is subject to CFTC regulation and oversight, including, for example, minimum capital requirements
for commodity brokers, segregation of customer funds, regulation of trading practices on the exchanges, prohibitions against trading ahead
of customer orders, prohibitions against filling orders off exchanges, prescribed risk disclosure statements, testing and licensing of
industry sales personnel and other industry professionals, and recordkeeping requirements, and other requirements and restrictions for
the purpose of preventing price manipulation and other disruptions to market integrity, avoiding systemic risk, preventing fraud and promoting
innovation, competition and financial integrity of transactions. Trading on foreign exchanges is not regulated by the CFTC or any other
U.S. governmental agency or instrumentality and may be subject to regulations that are different from those to which U.S. exchange trading
is subject, provide less protection to investors than trading on U.S. exchanges, and may be less vigorously enforced than regulations
in the U.S. The CFTC has no power to compel the enforcement of the rules of a foreign exchange or applicable foreign laws. Therefore,
the Series will not receive any benefit of U.S. government regulation for these trading activities.

 Trading on foreign exchanges involves some risks
that trading on U.S. exchanges does not, such as:

 Lack of Investor Protection Regulation

 The rights of the Series
in the event of the insolvency or bankruptcy of a non-U.S. market or broker are likely to differ from rights that the Series would have
in the United States, and these rights may be more limited than in the case of failures of U.S. markets or brokers.

 Possible Governmental Intervention

 Generally, foreign brokers
are not subject to the jurisdiction of the CFTC or any other U.S. regulator. In addition, the Series' assets held outside of the
United States to margin transactions on foreign exchanges are held in accordance with the client assets protection regime and the insolvency
laws of the applicable jurisdiction. A foreign government might halt trading in a market and/or take possession of the Series' assets
maintained in its country, in which case the assets may never be recovered. The Managing Owner and the Series might have little or no
notice that such events were happening. In such circumstances, the Managing Owner may not be able to obtain the Series' assets.

 Relatively New Markets

 Some foreign exchanges on which the Series trade
may be in developmental stages so that prior price histories may not be indicative of current price patterns.

 Exchange-Rate Exposure

 The Series are valued in U.S. dollars. Contracts
on foreign exchanges are usually traded in the local currency. The Series' assets held in connection with contracts priced and settled
in a foreign currency may be held in a foreign depository in accounts denominated in a foreign currency. Changes in the value of the local
currency relative to the U.S. dollar could cause losses to the Series even if the contract traded is profitable.

 Assets held in accounts
at U.S. banks may not be fully insured.

 The assets of each Trading Company or Galaxy Plus
entity that are deposited with commodity brokers or their affiliates may be placed in deposit accounts at U.S. banks. The Federal Deposit
Insurance Corporation ("FDIC") generally insures all deposit accounts of any one accountholder held at any one insured U.S.
bank for up to $250,000 in the aggregate. If the funds in an account can be traced back to multiple individual co-owners, then each co-owner
may be separately entitled to up to $250,000 in coverage. This $250,000 maximum amount of deposit insurance coverage was made permanent
by the Dodd-Frank Act. Uninsured depositors also may receive funds in the event of a receivership of the bank holding the deposit
accounts, but uninsured depositors have a lower priority in respect of payment than insured depositors or certain other creditors, and
frequently, there are insufficient funds in a receivership estate to pay off uninsured depositors fully or at all. If the FDIC were to
become receiver of an insured U.S. bank holding deposit accounts that were established by a commodity broker or one of its affiliates,
then it is uncertain whether the commodity broker, the affiliate involved, the Trading Company or Galaxy Plus entity, the Series involved,
or the investor would be able to reclaim cash in the deposit accounts in the full amount.

 Exchanges of futures for physicals
may adversely affect performance.

 Certain Trading Advisors may engage in exchanges
of futures for physicals for client accounts. An exchange of futures for physicals is a transaction permitted under the rules of many
futures exchanges in which two parties holding futures positions may close out their positions without making an open, competitive trade
on the exchange. Generally, the holder of a short futures position buys the physical commodity, while the holder of a long futures position
sells the physical commodity. The prices at which such transactions are executed are negotiated between the parties. If a Trading Advisor
engaging in exchanges of futures for physicals were prevented from such trading as a result of regulatory changes, the performance of
client accounts of such Trading Advisor could be adversely affected.

 Cash flow needs may cause positions
to be closed which may cause substantial losses.

 Certain Trading Advisors may trade options on
futures. Futures contract gains and losses are marked-to-market daily for purposes of determining margin requirements. Option positions
generally are not marked-to-market daily, although short option positions will require additional margin if the market moves against the
position. Due to these differences in margin treatment between futures and options, there may be periods in which positions on both sides
must be closed down prematurely due to short-term cash flow needs. If this occurs during an adverse move in a spread or straddle relationship,
then a substantial loss could occur.

 Your investment could be illiquid.

 A Trading Advisor may not always be able to liquidate
its commodity interest positions at the desired time or price. It is difficult to execute a trade at a specific price when there is a
relatively small volume of buy and sell orders in a market. A market disruption, such as a foreign government taking political actions
that disrupt the market in its currency or in a major export, can also make it difficult to liquidate a position. Alternatively, limits
imposed by futures exchanges or other regulatory organizations, such as speculative position limits and daily price fluctuation limits,
may contribute to a lack of liquidity with respect to some commodity interests. There is no secondary market for the Units, and none is
expected to develop.

 The Trading Advisors' trading
is subject to execution risks.

 Although each Series generally will purchase and
sell actively traded contracts, orders may not be executed at or near the desired price, particularly in thinly traded markets, in markets
that lack trading liquidity, or because of applicable "daily price fluctuation limits," "speculative position limits"
or market disruptions. If market illiquidity or disruptions occur, major losses could result.

 An investment in Units may not diversify
an overall portfolio.

 Historically, managed futures have performed in
a manner largely independent from the general equity and debt markets. If, however, a Series does not perform in a non-correlated manner
with respect to the general financial markets or does not perform successfully, you will obtain little or no diversification benefits
by investing in the Units. An investment in any Series of the Trust could increase, rather than reduce your overall portfolio losses during
periods when the Trust and the equity and debt markets decline in value. There is no way of predicting whether the Trust will lose more
or less than stocks and bonds in declining markets. You should therefore not consider the Units to be a hedge against losses in your core
stock and bond portfolios. Past performance is not indicative of future results.

 Markets or positions may be correlated
and may expose a Series to significant risk of loss.

 Different markets traded or individual positions
held by a Series of Units may be highly correlated to one another at times. Accordingly, a significant change in one such market or position
may affect other such markets or positions. The Trading Advisors cannot always predict correlation. Correlation may expose such Series
of Units both to significant risk of loss and significant potential for profit.

 The Trading Advisors' positions
may be concentrated from time to time, which may render each Series susceptible to larger losses than if the positions were more diversified.

 One or more of the Trading Advisors may from time
to time cause a Series to hold a few relatively large positions in relation to its assets. Consequently, a loss in any such position could
result in a proportionately greater loss to such Series than if the Series' assets had been spread among a wider number of instruments.

 Turnover in each Series' portfolio
may be high which could result in higher brokerage commissions and transaction fees and expenses.

 Each Trading Advisor
will make certain trading decisions on the basis of short-term market considerations. The portfolio turnover rate may be substantial at
times, either due to such decisions or to market conditions, and this could result in one or more Series incurring substantial brokerage
commissions and other transaction fees and expenses.

 There are certain risks associated
with the Trust's investment in U.S. government debt securities.

 With respect to the portion
of the Trust's assets apportioned for cash management, the Trust may invest in U.S. government securities, which include any security
issued or guaranteed as to principal or interest by the United States, or by a person controlled by or supervised by and acting as an
instrumentality of the government of the United States pursuant to authority granted by Congress of the United States 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
(such as Ginnie Mae, Fannie Mae, or Freddie Mac). U.S. government securities are subject to market risk, interest rate risk and credit
risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit
of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices
for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States,
circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Trust. Securities
issued or guaranteed by U.S. government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and
credit of the U.S. government and no assurance can be given that the U.S. government would provide financial support. Therefore, U.S.
government-related organizations may not have the funds to meet their payment obligations in the future.

 The Trust's investment in
U.S. government debt securities will be subject to interest rate risk.

 The Trust's cash management pool includes
investments in U.S. government debt securities that change in value based on changes in interest rates. If rates increase, the value of
these investments generally declines. On the other hand, if rates fall, the value of these investments generally increases. U.S. government
securities with greater interest rate sensitivity and longer maturities tend to produce higher yields but are subject to greater fluctuations
in value. Usually, the changes in the value of fixed income securities will not affect cash income generated but may affect the value
of your investment.

 Investments in reference programs
through a swap or other derivative instrument may not always replicate exact exactly the performance of the relevant CTA trading program(s).

 From
time to time, certain Series invested in reference programs through total return swaps with Deutsche Bank AG. Such swaps reference an
index comprised of shares in segregated investment portfolios directed by CTAs selected by the Managing Owner. It is possible that the
underlying index in respect of any swap owned by a Series may not fully replicate the performance of the relevant CTA programs in respect
of other accounts traded by such CTAs. Further, the calculation of the underlying index for such swaps will include a deduction for a
fee payable to the swap counterparty. Each of these deductions will mean that the return of such investment will be less than would be
the case if no fees were deducted. During the periods covered by this report, no Series was invested in any derivative instruments
including swaps.

 Risks Relating to the Trading Advisors

 There are disadvantages to making
trading decisions based on technical analysis.

 Many of the Trading Advisors, except certain Trading
Advisors trading for the Frontier Long/Short Commodity Fund, may base their trading decisions on trading strategies that use mathematical
analyses of technical factors relating to past market performance rather than fundamental analysis. The buy and sell signals generated
by a technical, trend-following trading strategy are derived from a study of actual daily, weekly and monthly price fluctuations, volume
variations and changes in open interest in the markets. The profitability of any technical, trend-following trading strategy depends upon
the occurrence in the future of significant, sustained price moves in some of the markets traded.

 A danger for trend-following traders is whip-saw
markets, that is, markets in which a potential price trend may start to develop but reverses before an actual trend is realized. A pattern
of false starts may generate repeated entry and exit signals in technical systems, resulting in unprofitable transactions. In the past,
there have been prolonged periods without sustained price moves. Presumably these periods will continue to occur. Periods without sustained
price moves may produce substantial losses for trend-following trading strategies. Further, any factor that may lessen the prospect of
these types of moves in the future, such as increased governmental control of, or participation in, the relevant markets, may reduce the
prospect that any trend- following trading strategy will be profitable in the future.

 There are disadvantages to making
trading decisions based on fundamental analysis.

 Certain Trading Advisors will base their decisions
on trading strategies which utilize, in whole or in part fundamental analysis of underlying market forces. Fundamental analysis attempts
to examine factors external to the trading market which affect the supply and demand for a particular commodity interest in order to predict
future prices. Such analysis may not result in profitable trading because certain Trading Advisors may not have knowledge of all factors
affecting supply and demand or may incorrectly interpret the information they do have. Furthermore, prices may often be affected by unrelated
or unexpected factors, and fundamental analysis may not enable the Trading Advisor to determine whether its previous decisions were incorrect
in sufficient time to avoid substantial losses. In addition, fundamental analysis assumes that commodity markets are inefficient—i.e., that
commodity prices do not always reflect all available information—which some market analysts dispute.

 Discretionary decision-making may
result in missed opportunities or losses.

 Because each of the Trading Advisors' strategies
involves some discretionary aspects in addition to analysis of technical factors, certain Trading Advisors may occasionally use discretion
in investing the assets of a Series. For example, the Trading Advisors often use discretion in selecting contracts and markets to be followed.
In exercising such discretion, such Trading Advisor may take positions opposite to those recommended by the Trading Advisor's trading
system or signals. Discretionary decision making may also result in a Trading Advisor's failing to capitalize on certain price trends
or making unprofitable trades in a situation where another trader relying solely on a systematic approach might not have done so. Furthermore,
such use of discretion may not enable the Series to avoid losses, and in fact, such use of discretion may cause the Series to forego profits
which it may have otherwise earned had such discretion not been used.

 Increased competition from other
systematic traders could reduce the Trading Advisors' profitability.

 There has been a dramatic
increase over the past 15 to 25 years in the amount of assets managed pursuant to trading systems like those that some of the Trading
Advisors may employ. This means increased trading competition among a larger number of market participants for transactions at favorable
prices, which could operate to the detriment of some or all Series by preventing the Trading Advisors from effecting transactions at the
desired prices. It may become more difficult for the Trading Advisors to implement their trading strategies if other commodity trading
advisors using technical systems are attempting to initiate or liquidate commodity interest positions at the same time as the Trading
Advisors. The more competition there is for the same positions, the more costly and harder they will be to acquire.

 The incentive fees could be an incentive
to the Trading Advisors to make riskier investments.

 The Managing Owner pays
each Trading Advisor incentive fees based on the trading profits earned by it for the applicable Series, including unrealized appreciation
on open positions. Accordingly, it is possible that the Managing Owner will pay an incentive fee on trading profits that do not become
realized. Also, because the Trading Advisors are compensated based on the trading profits earned, each of the Trading Advisors has a financial
incentive to make investments that are riskier than might be made if a Series' assets were managed by a Trading Advisor that did
not receive performance-based compensation.

 The risk management approaches of
one or all of the Trading Advisors may not be fully effective, and a Series may incur losses.

 The
mechanisms employed by each Trading Advisor to monitor and manage the risks associated with its trading activities on behalf of the Series
for which it trades may not succeed in mitigating all identified risks. Even if a Trading Advisor's risk management approaches are
fully effective, it cannot anticipate all risks that it may face. If one or more of the Trading Advisors fails to identify and adequately
monitor and manage all of the risks associated with its trading activities, the Series for which it trades may suffer losses.

 Increases in assets under management
of any of the Trading Advisors could lead to diminished returns.

 We believe that none
of the Trading Advisors intend to limit the amount of additional equity that it may manage, and each will continue to seek major new accounts.
However, the rates of returns achieved by a Trading Advisor often diminish as the assets under its management increase. This can occur
for many reasons, including the inability of the Trading Advisor to execute larger position sizes at desired prices and because of the
need to adjust the Trading Advisor's trading program to avoid exceeding speculative position limits.

 These limits are established
by the CFTC and the exchanges on the number of speculative futures and options contracts in a commodity that one trader may own or control.
Furthermore, if the Trading Advisors for a Series, including through a Galaxy Plus entity, cannot manage any additional allocations from
the Trust, the Managing Owner may add additional Trading Advisors for such Series who may have less experience or less favorable performance
than the existing Trading Advisors.

 Each Series relies on its Trading
Advisor(s) for success, and if a Trading Advisor's trading is unsuccessful, the Series may incur losses.

 The Trading Advisor(s)
for each Series will make the commodity trading decisions for that Series. Therefore, the success of each Series depends on the judgment
and ability of the Trading Advisors. A Trading Advisor's trading for any Series may not prove successful under all or any market
conditions. If a Trading Advisor's trading is unsuccessful, the applicable Series may incur losses. Similarly, the success of each
Series that invests in swaps largely depends on the judgment and ability of the Trading Advisors whose trading programs are referenced
by swaps in which such Series invests.

 There are disadvantages associated
with terminating or replacing Trading Advisors, Trading Programs, or Reference Trading Programs

 A Trading Advisor generally
is required to recoup previous trading losses in its trading program or a reference trading program, as applicable, before it can earn
performance-based compensation. However, the Managing Owner and/or the commodity pool operator may elect to replace a Trading Advisor,
or any trading program or reference trading program, that has a "loss carryforward." In that case, the Trust would lose the
"free ride" of any potential recoupment of the prior losses of such Trading Advisor, trading program or reference trading
program. In addition, the new Trading Advisor, trading program or reference trading program, or an existing Trading Advisor in respect
of a new trading program or reference program, would earn performance-based compensation on the first dollars of investment profits.

 It is also possible that
(i) the advisory agreement with any Trading Advisor, once it expires, will not be renewed on the same terms as the current advisory
agreement for that Trading Advisor, (ii) if assets of any Series allocated to a particular Trading Advisor, trading program or reference
trading program are reallocated to a new or different Trading Advisor, trading program or reference trading program, the new or different
Trading Advisor, with respect to its applicable trading program or reference trading program, will not manage the assets on terms as favorable
to the Series as those previously negotiated, (iii) the addition of a new Trading Advisor, trading program or reference trading program
and/or the removal of one of the current Trading Advisors, trading programs or reference trading programs may cause disruptions in trading
as assets are reallocated, or (iv) the services of a replacement Trading Advisor, in respect of a trading program, reference program
or otherwise, may not be available. There is severe competition for the services of qualified Trading Advisors, and the Managing Owner
may not be able to retain replacement or additional Trading Advisors on acceptable terms. The effect of the replacement of, or the reallocation
of assets away from, a Trading Advisor, trading program or reference trading program therefore could be significant.

 The Managing Owner's allocation
of the Trust's assets among Trading Advisors may result in less than optimal performance by the Trust.

 The Managing Owner may reallocate assets among
the Trading Advisors in a Series upon termination of a Trading Advisor or retention of a new Trading Advisor, including through divestments
out of, or investments into, Galaxy Plus entities, or at the commencement of any month. Consequently, the net assets for such Series may
be allocated among the Trading Advisors in a different manner than the currently anticipated allocations. The Managing Owner's allocation
of assets of any such Series may adversely affect the profitability of the trading of such Series. For example, a Trading Advisor for
a Series may experience a high rate of return but may be managing only a small percentage of the net assets of such Series. In this case,
the Trading Advisor's performance could have a minimal effect on the NAV of such Series.

 Each Trading Advisor advises other
clients and may achieve more favorable results for its other accounts.

 Each of the Trading Advisors
currently manages other trading accounts, and each will remain free to manage additional accounts, including its own accounts, in the
future. A Trading Advisor may vary the trading strategies applicable to the Series for which it trades from those used for its other managed
accounts, or its other managed accounts may impose a different cost structure than that of the Series for which it trades. Consequently,
the results any Trading Advisor achieves for the Series for which it trades may not be similar to those achieved for other accounts managed
by the Trading Advisor or its affiliates at the same time. Moreover, it is possible that those other accounts managed by the Trading Advisor
or its affiliates may compete with the Series for which it trades for the same or similar positions in the commodity interest markets
and that those other accounts may make trades at better prices than the Series for which it trades.

 A Trading Advisor may
also have a financial incentive to favor other accounts because the compensation received from those other accounts exceeds, or may in
the future exceed, the compensation that it receives from managing the account of the Series for which it trades. Because records with
respect to other accounts are not accessible to investors in the Units, investors will not be able to determine if any Trading Advisor
is favoring other accounts.

 The Managing Owner places significant
reliance on the Trading Advisors and their key personnel; the loss of such personnel could adversely affect a Series.

 The Managing Owner relies
on the Trading Advisors to achieve trading gains for each Series, entrusting each of them with the responsibility for, and discretion
over, the investment of their allocated portions of the Trust's assets. The Trading Advisors, in turn, are dependent on the services
of a limited number of persons to develop and refine their trading approaches and strategies and execute the trading transactions. The
loss of the services of any Trading Advisor's principals or key employees, or the failure of those principals or key employees to
function effectively as a team, may have an adverse effect on that Trading Advisor's ability to manage its trading activities successfully
or may cause the Trading Advisor to cease operations entirely. This, in turn, could negatively impact one or more Series' performance.
Each of the Trading Advisors is wholly- (or majority-) owned and controlled, directly or indirectly, by single individuals who have major
roles in developing, refining and implementing the Trading Advisor's trading strategies and operating its business. The death, incapacity
or other prolonged unavailability of such individuals likely would greatly hinder these Trading Advisors' operations and could result
in their ceasing operations entirely, which could adversely affect the value of your investment.

 The success of each Series depends
on the ability of the personnel of its Trading Advisor(s) to accurately implement their trading systems, and any failure to do so could
subject a Series to losses.

 The Trading Advisors' computerized trading
systems rely on the Trading Advisors' personnel to accurately process the systems' outputs and execute the transactions called
for by the systems. In addition, each Trading Advisor relies on its staff to properly operate and maintain the computer and communications
systems upon which its trading systems rely. Execution and operation of each Trading Advisor's systems is therefore subject to human
errors. Any failure, inaccuracy or delay in implementing any of the Trading Advisors' systems and executing transactions could impair
the Trading Advisor's ability to identify profit opportunities and benefit from them. It could also result in decisions to undertake
transactions based on inaccurate or incomplete information. This could cause substantial losses.

 Stop-loss orders may not prevent
large losses.

 Certain of the Trading Advisors may use stop-loss
orders. Such stop-loss orders may not effectively prevent substantial losses, and depending on market factors at the time, may not be
able to be executed at such stop-loss levels. No risk control technique can assure that large losses will be avoided.

 Risks Relating to the Galaxy Plus Platform

 The success of each Series depends
on the performance of the Galaxy Plus entities in which each Series invests.

 The assets of each Series are substantially invested
in Galaxy Plus entities, and, accordingly, each Series' performance depends substantially upon the performance of each such Galaxy
Plus entity. Factors that may significantly affect a Galaxy Plus entity's performance include the investment strategies selected
for it by New Hyde Park and/or such Galaxy Plus entity's trading advisor, in their sole discretion, the Galaxy Plus entity's
adherence to the selected strategies, the effectiveness of such strategies and the specific trading activities of the Galaxy Plus entity's
trading advisor, including the trading advisor's selection of financial instruments. Each Galaxy Plus entity is advised by an independent
trading advisor. As a result, many of the risks outlined above with respect to the Trading advisors of each Series will also apply to
the trading advisors of each Galaxy Plus entity.

 The Galaxy Plus Platform is recently
established and has a limited operating history, and the Galaxy Plus entities have limited or no operating history or track record.

 The Galaxy Plus Platform was formed in April 2015
and has a limited history of operations. The commodity pools offered on the platform are recently established, with a limited operating
history or, in some cases, newly established with no operating history. There is a limited performance history, or in some cases, no performance
history, to serve as a factor in evaluating an investment in the commodity pools on the Galaxy Plus Platform.

 A Series may be one of multiple investors in each Galaxy
Plus entity.

 The Galaxy Plus Platform allows multiple investors
to subscribe for interests in its commodity pools. Investors other than a Series could cause a commodity pool to take, or omit to take,
actions that may adversely affect the performance of, or value of a Series' investments in, a commodity pool.

 A Series may incur losses related to other investors'
large redemptions from, or investments into, a Galaxy Plus entity.

 A commodity pool may experience relatively large
redemptions or investments related to actions of other investors in the commodity pool. In the event of such redemptions or investments,
a Trading Advisor to the commodity pool could be required to sell futures, options or other investments or to invest cash at a time when
it is not advantageous to do so, harming the performance of a Series.

 The Galaxy Plus Platform operates
independently from each Series, the Trust and the Managing Owner.

 The commodity pools on the Galaxy Plus Platform
operate independently from each Series, the Trust and the Managing Owner. The Managing Owner will have no control over, or involvement
in, the operation and administration of the commodity pools. New Hyde Park, as the sponsor of the commodity pools, may make operational
and administrative decisions that could adversely affect the performance of the commodity pool and the value of a Series' investment
in the commodity pool.

 The Galaxy Plus Platform and New
Hyde Park may limit the ability of a Series to invest in, or divest from, a Galaxy Plus entity.

 The Galaxy Plus Platform and/or its Sponsor will
have the ability to restrict investments into, or divestments from, any of the commodity pools on the Galaxy Plus Platform. The success
of each Series depends upon the ability to select Trading Advisors in the Galaxy Plus Platform through investments into, or divestments
from, one or more commodity pools. If investments into or out of a commodity pool are limited or restricted by the Galaxy Plus Platform
and/or its Sponsor, New Hyde Park, the performance of a Series may be adversely affected.

 Cessation of, or changes to, the
operation of the Galaxy Plus Platform could adversely impact the performance of a Series.

 Unlike the Trading Companies managed by the Managing
Owner, the on-going business operations of the Galaxy Plus Platform are administered by New Hyde Park. If New Hyde Park ceases operating,
or effects administrative or other changes to, the Galaxy Plus Platform, a Series may no longer be able to access one or more Trading
Advisors available through commodity pools on the Galaxy Plus Platform. The inability to gain exposure to Trading Advisors through the
Galaxy Plus Platform may materially affect the performance of a Series.

 Investment in Galaxy Plus entities
presents operational, administrative risk to each Series.

 Each Series is subject to certain risks related
to the operation and administration of the Galaxy Plus Platform by New Hyde Park as a result of its investment in one or more commodity
pools on the Galaxy Plus Platform. The investment of each Series in a commodity pool may be adversely affected due to possible human error
or fraud on the part of an employee or agent of New Hyde Park, prohibited trading activity by a commodity pool's Trading Advisors
due to a lack of internal controls or failed trading systems, New Hyde Park's noncompliance with applicable laws, rules and regulations
and external events such as service provider failure, hardware or software failure or acts of god.

 The reliance on technology by the
Managing Owner, Trading Advisors, Sponsor Clearing brokers, and Swap Counterparties may lead to loss of data and economic losses.

 In addition, as the use of technology increases,
each Series may be more susceptible to operational risks through breaches in cybersecurity. A breach in cybersecurity refers to both intentional
and unintentional events that may cause the Series to lose proprietary information or operational capacity or suffer data corruption.
As a result, each Series may incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures,
and/or financial loss. In addition, cybersecurity breaches of the Series' third-party service providers or issuers in which the
Series invest may also subject the Series to many of the same risks associated with direct cybersecurity breaches.

 The use of multiple Trading Advisors
may result in offsetting or opposing trading positions and may also require one Trading Advisor to fund the margin requirements of another
Trading Advisor.

 The use of multiple Trading Advisors for the Frontier
Diversified Fund, Frontier Masters Fund, Frontier Balanced Fund, Frontier Heritage Fund, Frontier Select Fund, and Frontier Long/Short
Commodity Fund may result in developments or positions that adversely affect the respective Series' NAV. For example, because the
Trading Advisors trading for the Frontier Diversified Fund, Frontier Masters Fund, Frontier Balanced Fund, Frontier Heritage Fund, Frontier
Select Fund, and Frontier Long/Short Commodity Fund will be acting independently, such Series could buy and sell the same futures contract,
thereby incurring additional expenses but with no net change in its holdings. The Trading Advisors also may compete, from time to time,
for the same trades or other transactions, increasing the cost to such Series of making trades or transactions or causing some of them
to be foregone altogether. Even though the margin requirements resulting from each Trading Advisor's trading for any such Series
ordinarily will be met from that Trading Advisor's allocated net assets of such Series, a Trading Advisor for the Frontier Diversified
Fund, Frontier Masters Fund, Frontier Balanced Fund, Frontier Heritage Fund, Frontier Select Fund, or Frontier Long/Short Commodity Fund
may incur losses of such magnitude that such Series is unable to meet margin calls from the allocated net assets of that Trading Advisor.
If losses of such magnitude were to occur, the clearing brokers for the Trading Company(ies) or Galaxy Plus entity(ies) in which such
Series invests its assets may require liquidations and contributions from the allocated net assets of another Trading Advisor for such
Series.

 The Trading Advisors' trading
programs bear some similarities and, therefore, may lessen the benefits to the Frontier Balanced Fund, Frontier Heritage Fund, Frontier
Select Fund, Frontier Long/Short Commodity Fund, Frontier Diversified Fund Frontier Masters Fund and Frontier Global Fund of having multiple
Trading Advisors.

 Each Trading Advisor has, over time, developed
and modified the program it will use in trading. Nevertheless, the Trading Advisors' trading programs have some similarities. These
similarities may, in fact, mitigate the positive effect of having multiple Trading Advisors for the Frontier Diversified Fund, Frontier
Masters Fund, Frontier Balanced Fund, Frontier Heritage Fund, Frontier Select Fund Frontier Long/Short Commodity Fund and Frontier Global
Fund. For example, in periods where one Trading Advisor experiences a draw-down, it is possible that these similarities will cause the
other Trading Advisors to also experience a draw-down.

 Operating Risks

 Past performance is not necessarily
indicative of future performance.

 The Managing Owner has
selected each Trading Advisor to manage the assets of each Series because each Trading Advisor performed well through the date of its
selection. You must consider, however, the uncertain significance of past performance, and you should not rely to a substantial degree
on the Trading Advisors' or the Managing Owner's records to date for predictive purposes. You should not assume that any Trading
Advisor's future trading decisions will create profit, avoid substantial losses or result in performance for the Series comparable
to that Trading Advisor's or to the Managing Owner's past performance. In fact, as a significant amount of academic study
has shown, futures funds more frequently than not under-perform the past performance records included in their prospectuses. The Managing
Owner believes that the past performance of the Trading Advisors may be of interest to prospective investors but encourages you to look
at such information as an example of the respective objectives of the Managing Owner and each Trading Advisor rather than as any indication
that the investment objectives of any Series will be achieved.

 Because you and other
investors will acquire, exchange, and redeem Units at different times, you may experience a loss on your Units even though the Series
in which you have invested as a whole, is profitable and even though other investors in that Series experience a profit. The past performance
of any Series may not be representative of each investor's investment experience in it.

 Likewise, you and other
investors will invest in different Series managed by different Trading Advisors. Each Series' assets are valued and accounted for
separately from every other Series. Consequently, the past performance of one Series has no bearing on the past performance of another
Series. You cannot, for example, consider the Frontier Balanced Fund's past performance in deciding whether to invest in any other
Series.

 The Managing Owner may allocate
notional assets in respect of a Series that are in excess of the NAV of such Series.

 At any given time, the
notional assets, which are 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, of a Series
may exceed the NAV of such Series depending on the amount of notional equity that is being utilized. The Managing Owner expects that the
notional assets of each Series will generally be maintained at a level in excess of the NAV of such Series and such excess may be substantial
to the extent the Managing Owner deems necessary to achieve the desired level of volatility. To the extent that notional assets of a Series
are in excess of NAV, investors should understand that the applicable Series will experience greater volatility as measured by NAV than
it would if the notional assets were maintained at a level equal to NAV. In such case, any losses to the Series will be greater as measured
by a percentage of NAV, as compared to the percentage loss incurred in respect of notional assets. Consequently, the allocation of notional
assets in excess of a Series' NAV will magnify exposure to the swings in market prices of futures, forwards, options or other assets
held by a Trading Company or Galaxy Plus entity or referenced by a swap or other derivative instrument and result in increased volatility,
and potentially greater losses. You may lose all or substantially all of your investment in a Series.

 Differing levels of fees received
may create an incentive for the Managing Owner to favor certain Series over others.

 The Managing Owner charges
the various Series differing levels of fees. This may create an incentive for the Managing Owner to favor certain Series over other Series
in, among other things, the amount of time and effort spent managing any given Series and the selection of Trading Advisors for a given
Series.

 The Managing Owner may terminate,
replace and/or add Trading Advisors in its sole discretion which may disrupt trading, adversely affecting the Net Asset Value of a Series.

 The Managing Owner may
terminate, substitute or retain Trading Advisors on behalf of each Series in its sole discretion. The addition of a new Trading Advisor
and/or the removal of one of the current Trading Advisors may cause disruptions in trading as assets are reallocated and new Trading Advisors
transition over, which may have an adverse effect on the NAV of the affected Series.

 Taxation and Benefits Risks

 You are strongly urged to consult your own tax
advisor and counsel about the possible tax consequences to you of an investment in the Trust. Tax consequences may differ for different
investors, and you could be affected by changes in the tax laws.

 You may have tax liability attributable
to your investment in a Series even if you have received no distributions and redeemed no Units, and even if the Series generated an economic
loss.

 If a Series has profit for a taxable year (as
determined for federal income tax purposes), the profit will be includible in your taxable income, whether or not cash or other property
is actually distributed to you by the Series. The Managing Owner does not intend to make any distributions from any Series. Accordingly,
your liability for federal income taxes as well as other taxes on your allocable share of a Series' profits will exceed the amount
of distributions to you, if any, for a taxable year. As such, you must be prepared to satisfy any tax liability from redemptions of Units
or other sources. In addition, a Series may have capital losses from trading activities that cannot be deducted against the Series'
interest income, so that you may be subject to pay taxes on interest income even if the Series generates a net economic loss for a taxable
year.

 You may be subject to tax on gains
that the Trust never realizes.

 Because a substantial portion of the Trust's
open positions are "marked-to-market" at the end of each taxable year, all or a portion of your tax liability for each taxable
year may be based on unrealized gains that the Trust may never actually realize.

 Partnership treatment is not assured,
and if the Trust or any Series is not treated as a Partnership, you could suffer adverse tax consequences.

 It is expected that each of the Trust's
Series will be treated as a separate partnership for federal income tax purposes and, assuming that at least 90% of the gross income of
the Trust and each Series each taxable year has always constituted and will continue to constitute "qualifying income" within
the meaning of Section 7704(d) of the Internal Revenue Code of 1986 ( the "Code"), neither the Trust nor any Series will be
a publicly traded partnership treated as a corporation. The Managing Owner believes that it is likely, but not certain, that the Trust,
and each Series, will meet this income test. The Trust has not requested, and does not intend to request, a ruling from the Internal Revenue
Service (the "IRS"), concerning its tax treatment or the tax treatment of any Series.

 If the Trust, or any Series, were to be treated
as a corporation for federal income tax purposes: the net income of the Trust, or the Series, would be subject to tax at corporate income
tax rates, thereby substantially reducing its distributable cash; you would not be allowed to deduct losses of the Trust, or a Series;
and distributions to you, other than liquidating distributions, would constitute dividends to the extent of the current or accumulated
earnings and profits of the Trust, or a Series, and would be taxable as such.

 There is the possibility of a tax
audit, which could result in additional taxes to you.

 The Trust's tax returns may be audited by
a taxing authority, and such an audit could result in adjustments to the Trust's returns. If an audit results in an adjustment,
you may be compelled to file amended returns and to pay additional taxes plus interest and penalties.

 You will likely recognize short-term
capital gain.

 Profits on futures contracts traded in regulated
U.S. and some foreign exchanges, foreign currency contracts traded in the interbank market, and U.S. and some foreign exchange-traded
options on commodities treated as Section 1256 contracts under the Code are generally treated as short-term capital gain to the extent
of 40% of gains with respect to section 1256 contracts. Special rules apply in the case of mixed straddles (generally, offsetting positions
where some, but not all, of the positions are marked-to-market). These special rules could have the effect of limiting the amount of gain
treated as long-term capital gain.

 The IRS could challenge allocations
of recognized gains to Unitholders who redeem.

 The Trust Agreement provides that recognized gains
may be specially allocated for tax purposes to redeeming Limited Owners. If the IRS were to successfully challenge such allocations, each
remaining Limited Owner's share of recognized gains would be increased.

 The IRS could take the position
that deductions for certain Trust expenses are subject to various limitations.

 Non-corporate taxpayers are subject to certain
limitations for deductions for "investment advisory expenses" for federal income tax and alternative minimum tax purposes.
The IRS could argue that certain expenses of the Trust are investment advisory expenses.

 The investment of Benefit Plan Investors
may be limited and/or Subject to Mandatory Redemption if any or all of the Series (or Class of any Series) are deemed to hold plan assets
or if the Trading Advisors have fiduciary relationships with certain investing Benefit Plan Investors and Benefit Plan Investors are required
to consider their fiduciary responsibilities in making an investment decision.

 Special considerations apply to investments in
the Trust by individual retirement accounts, pension, profit-sharing, stock bonus, Keogh, welfare benefit and other employee benefit plans,
whether or not subject to the Employee Retirement Income Security Act of 1974 ("ERISA") or Section 4975 of the Code,
(each, a "Plan"). A Plan that is subject to Part 4 of Subtitle B of Title I of ERISA or Section 4975 of the Code (an
"ERISA Plan"), and any entity whose underlying assets include plan assets by reason of a Plan's investment in such entity
is referred to as a "Benefit Plan Investor." While the assets of the Trust or any Series (and Class of any Series) are intended
not to constitute plan assets with respect to any Benefit Plan Investors, the United States Department of Labor (the "DOL"),
IRS or a court could disagree. If the DOL, IRS or a court were to find that the assets of some or all of the Series (or Class of any Series)
are the assets of Benefit Plan Investors, the Managing Owner and the Trading Advisors to such Series (or Class) may be fiduciaries, and
certain transactions in or by the Trust could be prohibited. For example, if the Trust were deemed to hold "plan assets,"
within the meaning of 29 C.F.R. § 2510.3-101, the Trading Advisors may have to refrain from directing certain transactions that are
currently contemplated. Furthermore, whether or not the Trust is deemed to hold plan assets, if a Benefit Plan Investor has certain pre-existing
relationships with the Managing Owner, one or more Trading Advisors, the selling agents or a clearing broker, investment in a Series may
be limited or prohibited. In the event that, for any reason, the assets of any Series (or Class of any Series) might be deemed to be "plan
assets," and if any transactions would or might constitute prohibited transactions under ERISA or the Code and an exemption for
such transaction or transactions is not available or cannot be obtained (or the Managing Owner determines not to seek such exemption),
the Managing Owner reserves the right, upon notice to, but without the consent of any Limited Owner, to mandatorily redeem Units held
by any limited owner that is a Benefit Plan Investor. Furthermore, whether or not a Series (or Class of any Series) are plan assets, Benefit
Plan Investors should consider their fiduciary responsibilities before making a decision to invest in a Series (or Class of any Series)
and Plan investors who are not subject to ERISA may be subject to similar responsibilities under state, local, or non-U.S. law.

 Foreign investors may
face exchange rate risk and local tax consequences.

 Foreign investors should note that the Units are
denominated in U.S. dollars and that changes in the rates of exchange between currencies may cause the value of their investment to decrease.

 Regulatory Risks

 Regulation of the commodity interest
markets is extensive and constantly changing; future regulatory developments are impossible to predict but may significantly and adversely
affect the Trust.

 The futures, options on futures and security
futures markets are subject to comprehensive statutes, regulations and margin requirements. With respect to traditional futures exchanges,
the CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the
retroactive implementation of speculative position limits or higher margin requirements, the establishment of daily limits and the suspension
of trading. The regulation of commodity interest transactions in the United States is a rapidly changing area of law and is subject to
ongoing modification by governmental and judicial action. In addition, various national governments have expressed concern regarding the
disruptive effects of speculative trading in the currency markets and the need to regulate the derivatives markets in general. The effect
of any future regulatory change is impossible to predict but could be substantial and adverse.

 The Series, the Trading Companies
or Galaxy Plus entities are subject to speculative position limits.

 The U.S. futures exchanges have established speculative
position limits (referred to as "position limits") on the maximum net long or net short position which any person or group
of persons may hold or control in particular futures and options on futures. Most exchanges also limit the amount of fluctuation in commodity
futures contract prices on a single trading day. Additionally, on October 15, 2020, the CFTC approved a final rule that amended the existing
federal position limits regime, as well as the framework for exchange-set position limits and exemptions (such final rule, the "Position
Limits Rule"). The Position Limits Rule established federal position limits for 25 core referenced futures contracts (comprised
of agricultural, energy and metals futures contracts), futures and options linked to the core referenced futures contracts, and swaps
that are economically equivalent to the core referenced futures contracts. Compliance with all new position limits was required by January
1, 2023. Therefore, a Trading Advisor may have to modify its trading instructions or reduce the size of its positions in one or more futures
or options contracts in order to avoid exceeding such position limits, which could adversely affect the profitability of the Trading Companies
or Galaxy Plus entities. The futures exchange may amend or adjust these position limits or the interpretation of how such limits are applied
and adversely affect the profitability of the Trading Companies or Galaxy Plus entities.

 CFTC registrations could be terminated
which could adversely affect the Trust or a Series.

 If the CEA registrations or NFA memberships of
the Managing Owner or the registered Trading Advisors were no longer effective, these entities would not be able to act for the Trust,
which could adversely affect the Trust or such Series.

 The foregoing risk factors are not a complete
explanation of all the risks involved in purchasing interests in a fund that invests in the highly speculative, highly leveraged trading
of futures, forwards and options. You should read this entire Form 10-K and the Prospectus before determining to subscribe for Units.

 Item 1B. Unresolved Staff Comments.

 Not applicable.

 Item 1C. Cybersecurity.

 The Trust understands the importance of preventing,
identifying, assessing, and managing material risks associated with cybersecurity threats. To manage material risks from cybersecurity
threats and to protect against, detect, and prepare to respond to cybersecurity incidents, the Trust undertakes the below-listed activities:

 Monitoring
 emerging data risks, laws, and regulations pertaining to cybersecurity;

 Conducting
 vulnerability scans of the Trust's digital infrastructure;

 Conducting
 training for employees, including regular phishing email simulations;

 Reviewing third-party service providers to assess each vendor's cybersecurity processes prior to engaging and on an ongoing basis;

 Implementing
 access controls that restrict third-party service provider access to systems necessary to
 provide services;

 Performing
 a cyber risk assessment, internally
 or by engaging a third party, to evaluate cybersecurity program, policies, and procedures;
 and

 The Trust's cybersecurity risk management
program is overseen by the Executive Committee of the Managing Owner. Periodically, the Chief Information Security Officer of the
Managing Owner provides an update to the Executive Committee of the Managing Owner on the Trust's cybersecurity threat risk management
and strategy processes, including potential impact on the Trust, the efforts to manage the risks that are identified, and the Trust's
disaster recovery preparations.

 As of March 31, 2025, the Trust's business
strategy, operations, or financial condition have not been materially affected by, and are not likely to be materially affected by,
any cybersecurity threats or incidents.

 Item 2. PROPERTIES.

 The Trust does not own or use any physical properties
in the conduct of its business. Its assets currently consist of cash items, Treasury Notes, and, through each Trading Company or Galaxy
entity, U.S. and international futures and forward contracts and other interests in derivative instruments, including options contracts
on futures forwards and swap contracts. The Managing Owner's main office is located at 25568 Genesee Trail Road, Golden, Colorado
80401.

 Item 3. LEGAL PROCEEDINGS.

 There are no material legal proceedings to which
the Trust or any of its affiliates is a party or of which any of their assets are the subject.

 Item 4. MINE SAFETY DISCLOSURES

 Not applicable.

 Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

 No Units in any Series are publicly traded. The
Units in each Series may be redeemed, in whole or in part, on a daily basis, subject to a notice requirement as set forth in the Prospectus.
Except as otherwise set forth in the Prospectus, Units will be redeemed at a redemption price equal to 100% of the NAV per Unit of the
applicable Series, calculated as of the point described in the Prospectus. The redemption of Units has no impact on the value of
Units that remain outstanding. The Managing Owner may temporarily suspend redemptions under limited circumstances described in the
Prospectus. The right to obtain redemption of Units of a Series is contingent upon such Series' having property sufficient to discharge
its liabilities on the date of redemption.

 Further, if a Limited Owner redeems all or a portion
of its Class 1 and 1a Units of any Series on or before the end of twelve full months following the effective date of the purchase of the
Units being redeemed, such Limited Owner is charged a redemption fee of up to 2.0% of the NAV at which the Units are redeemed. The redemption
fee charged will depend on, among other things, the particular Series of Units being redeemed. The Trust Agreement also contains restrictions
on the transfer or assignment of the Units.

 The Managing Owner has the sole discretion in
determining what distributions, if any, the Trust will make to the Limited Owners. The Trust has not effected distributions on the Units
in any Series as of the date hereof and the Managing Owner does not intend to effect any distributions in the foreseeable future.

 The proceeds of offerings are deposited in the
bank and brokerage accounts of the Trust, the Trading Companies and the Galaxy Plus entities for the purpose of engaging in trading activities
in accordance with the Trust's trading policies and its Trading Advisors' respective trading strategies.

 The following table shows the number of Limited
Owners and the number of Units outstanding in each Class of each Series as of December 31, 2024:

 Units

 Outstanding

 Frontier Diversified Fund (Class 2)

 2237

 Frontier Diversified Fund (Class 3)

 14128

 Frontier Long/Short Commodity Fund (Class 2)

 Frontier Long/Short Commodity Fund (Class 2a)

 Frontier Long/Short Commodity Fund (Class 3)

 3906

 Frontier Long/Short Commodity Fund (Class 3a)

 1777

 Frontier Masters Fund (Class 2)

 1165

 Frontier Masters Fund (Class 3)

 3648

 Frontier Balanced Fund (Class 1)

 47196

 Frontier Balanced Fund (Class 1AP)

 Frontier Balanced Fund (Class 2)

 6726

 Frontier Balanced Fund (Class 2a)

 Frontier Balanced Fund (Class 3a)

 1595

 Frontier Select Fund (Class 1)

 14181

 Frontier Select Fund (Class 1AP)

 Frontier Select Fund (Class 2)

 Frontier Global Fund (Class 1)

 7152

 Frontier Global Fund (Class 2)

 Frontier Heritage Fund (Class 1)

 12751

 Frontier Heritage Fund (Class 1AP)

 Frontier Heritage Fund (Class 2)

 No Units
are authorized for issuance by the Trust under equity compensation plans. During the year ended December 31, 2024, no unregistered Units
were sold by the Trust. In addition, the Trust did not repurchase any Units under a formal repurchase plan. All Unit redemptions during
the year ended December 31, 2024 were in the ordinary course of business. There have not been any purchases of Units by the Trust or any
affiliated purchasers during the year ended December 31, 2024.

 Item 6. [RESERVED]

 I tem
 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

 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 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 vested in such Trading Company or Galaxy 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 "BUSINESS." For a discussion of fees paid by the Trust, see Item 11 "EXECUTIVE
COMPENSATION."

 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.

 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 Combined Consolidated 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.

 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 December 31, 2024, cash deposited at the clearing brokers was $0 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. Currently, with the Federal Funds target rate at 4.25 to 4.50%, this amount is
estimated to be 4.25%. 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 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 75% to 95% 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. The remaining approximately 5% to 25% 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 December 31,
2024, total cash and cash equivalents held at banking institutions were $30,763 for the Frontier Diversified Fund, $17,526 for the Frontier
Long/Short Commodity Fund, $17,336 for the Frontier Masters Fund, $76,744 for the Frontier Balanced Fund, $23,606 for the Frontier Select
Fund, $43,072 for the Frontier Global Fund, and $56,774 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 year ended December 31, 2024, the Trust was able
to pay all redemptions on a timely basis.

 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 interest 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 interest 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.

 In the case of forward contracts traded on the
interbank market and swaps, neither is necessarily 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 Twelve Months
Ended December 31, 2024

 Series Returns and Other Information

 The returns for each Series and Class of Units
for the twelve months ended December 31, 2024, and related information, are discussed below. The activities of the Trust on a combined
consolidated basis are explained through the activity of each underlying Series. Please refer to the discussion of the Series activities
in relation to the Trust on a combined consolidated basis.

 Each Series had exposure to commodity interest
positions within one or more sectors during fiscal 2024. The performance of each Series was impacted over the course of the year 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 each 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 fourth quarter (except as otherwise noted) and for the full calendar year. Charts depicting the performance
of the various Series' positions within each of the relevant sectors during the prior three quarters were included in the Trust's
quarterly reports on Form 10-Q previously filed.

 2024

 The Frontier Diversified
Fund—Class 2 NAV lost 10.30% for the twelve months ended December 31, 2024 net of fees and expenses; the Frontier Diversified Fund—Class
3 NAV lost 10.08% for the twelve months ended December 31, 2024 net of fees and expenses.

 For the twelve months ended December 31, 2024, the Frontier Diversified
Fund recorded total expenses of $49,424, net investments loss of $45,437, and net realized/unrealized loss on investments of $44,233,
resulting in a net decrease in Owners' capital from operations of $89,670. The NAV per Unit, Class 2, decreased from $68.18 at December
31, 2023 to $61.16 as of December 31, 2024. The NAV per Unit, Class 3 decreased from $64.35 at December 31, 2023 to $57.87 as of December
31, 2024. Total Class 2 subscriptions and redemptions for the period were $0 and $52,473, respectively. Total Class 3 subscriptions and
redemptions for the period were $0 and $377,307, respectively. Ending capital at December 31, 2024 was $136,801 for Class 2, and $817,537
for Class 3.

ended December 31, 2024, 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, Agriculturals, Metals and Commodities

Advisor Attribution for the Frontier Diversified Fund

Diversified Fund were profitable in Q4 2024 and three of the six were profitable year to date ("YTD"). Agriculturals and Currencies
were profitable for the quarter while, Energies, Interest Rates, Metals and Stock Indices finished negative for the quarter.

 Agriculturals, Currencies and Stock Indices were
profitable YTD while Energies, Interest Rates and Metals finished negative YTD.

performance, two of the six major CTAs in the Frontier Diversified Fund were profitable in the quarter. Fort and QIM finished positive
while Aspect, Quantica, Quest and Welton finished negative for the quarter. In terms of YTD performance four of the six major CTAs were
positive. Aspect, Fort and Quantica finished positive while QIM, Quest and Welton were negative YTD.

 Frontier Masters
Fund

 2024

 The Frontier Masters
Fund—Class 2 NAV lost 11.74% for the twelve months ended December 31, 2024, net of fees and expenses; the Frontier Masters Fund—Class
3 NAV lost 11.53% for the twelve months ended December 31, 2024, net of fees and expenses.

ended December 31, 2024, the Frontier Masters Fund recorded total expenses of $27,454, net investment loss of $25,852, and net realized/unrealized
loss on investments of $4,175, resulting in a net decrease in Owners' capital from operations of $30,027.

2, decreased from $65.39 at December 31, 2023 to $57.71 as of December 31, 2024. The NAV per Unit, Class 3, decreased from $61.96 at December
31, 2023 to $54.82 as of December 31, 2024. Total Class 2 subscriptions and redemptions for the period were $0 and $0, respectively. Total
Class 3 subscriptions and redemptions for the period were $0 and $42,694, respectively. Ending capital at December 31, 2024 was $67,239
for Class 2, and $200,002 for Class 3.

ended December 31, 2024, Frontier Masters Fund did not own a swap investment.

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

 Sector & Major Advisor
Attribution for the Frontier Masters Fund

Masters Fund were profitable in Q4 2024 and three of the six were profitable YTD. Agriculturals and Currencies were profitable for the
quarter while Energies, Interest Rates, Metals and Stock Indices finished negative for the quarter.

 Agriculturals, Currencies and Stock Indices were
profitable YTD while, Energies, Interest Rates and Metals finished negative YTD.

 In terms of major CTA performance none of the
three major CTAs finished positive for the quarter. Aspect, Quantica and Welton all finished negative for the quarter. Quantica was positive
YTD while Aspect and Welton were negative YTD.

 Frontier Long/Short
Commodity Fund

 2024

 The Frontier Long/Short
Commodity Fund—Class 2 NAV lost 35.63% for the twelve months ended December 31, 2024, net of fees and expenses; the Frontier Long/Short
Commodity Fund—Class 3 NAV lost 35.63% for the twelve months ended December 31, 2024, net of fees and expenses; the Frontier Long/Short
Commodity Fund—Class 2a NAV lost 34.41% for the twelve months ended December 31, 2024, net of fees and expenses; the Frontier Long/Short
Commodity Fund Class 3a NAV lost 34.24% for the twelve months ended December 31, 2024, net of fees and expenses.

ended December 31, 2024, the Frontier Long/Short Commodity Fund recorded total expenses of $13,604, net investment loss of $11,520, and
net realized/unrealized loss on investments of $175,485, resulting in a net decrease in Owners' capital from operations of $187,005.

2, decreased from $72.74 as of December 31, 2023 to $46.82 at December 31, 2024. The NAV per Unit, Class 3, decreased from $76.31 as of
December 31, 2023 to $49.12 at December 31, 2024. The NAV per Unit, Class 2a, decreased from $48.36 as of December 31, 2023 to $31.72
at December 31, 2024. The NAV per Unit, Class 3a, decreased from $51.42 as of December 31, 2023 to $33.81 at December 31, 2024. Total
Class 2 subscriptions and redemptions for the twelve months were $0 and $0, respectively. Total Class 3 subscriptions and redemptions
for the twelve months were $0 and $256,605, respectively. Total Class 2a subscriptions and redemptions for the twelve months were $0 and
$18,488, respectively. Total Class 3a subscriptions and redemptions for the twelve months were $0 and $11,606, respectively. Ending capital
at December 31, 2024 is $5,301 for Class 2, $191,887 for Class 3, $12,799 for Class 2a, and $60,078 for Class 3a.

ended December 31, 2024, Frontier Long/Short Commodity Fund did not own a swap investment.

 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.

 Sector & Major Advisor
Attribution for the Frontier Long/Short Commodity Fund

 None of the seven sectors traded in the Frontier
Long/Short Commodity Fund were profitable in Q4 2024 and none of the seven were profitable YTD. Energies, Base Metals, Grains, Meats,
Precious Metals, Softs and Financials finished the quarter negative while none finished positive for the quarter.

 Energies, Base Metals, Grains, Meats, Precious
Metals, Softs and Financials finished negative YTD. None were positive YTD.

performance, no CTAs were positive for the quarter while Rosetta and Welton both finished negative. In terms of YTD performance, no CTAs
were positive while Rosetta and Welton were both negative YTD.

 Effective August 31,
2024, Volt Capital Management AB accessed through Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC, ceased to act
as a commodity trading advisor to the Trust.

 Frontier Balanced
Fund

 2024

 The Frontier Balanced
Fund—Class 1 NAV lost 16.16% for the twelve months ended December 31, 2024, net of fees and expenses; the Frontier Balanced Fund—Class
2 NAV lost 13.59% for the twelve months ended December 31, 2024, net of fees and expenses; the Frontier Balanced Fund—Class 2a NAV
lost 13.43% for the twelve months ended December 31, 2024, net of fees and expenses; the Frontier Balanced Fund—Class 3a NAV lost
13.43% for the twelve months ended December 31, 2024, net of fees and expenses; the Frontier Balanced Fund—Class 1AP NAV lost 13.60%
for the twelve months ended December 31, 2024, net of fees and expenses.

ended December 31, 2024, the Frontier Balanced Fund recorded total expenses of $319,231, net investment loss of $318,710, and net realized/unrealized
loss on investments of $253,149, resulting in a net decrease in Owners' capital from operations of $571,859.

1, decreased from $62.63 as of December 31, 2023 to $52.51 at December 31, 2024. The NAV per Unit, Class 1AP, decreased from $83.01 as
of December 31, 2023 to $71.72 at December 31, 2024. The NAV per Unit, Class 2, decreased from $111.93 as of December 31, 2023 to $96.71
at December 31, 2024. For Class 2a, the NAV per Unit decreased from $97.44 as of December 31, 2023 to $84.35 at December 31, 2024. For
Class 3a, the NAV per Unit decreased from $97.10 as of December 31, 2023 to $84.06 at December 31, 2024. Total Class 1 subscriptions and
redemptions for the twelve months were $0 and $879,719, respectively. Total Class 1AP subscriptions and redemptions for the twelve months
were $0 and $0, respectively. Total Class 2 subscriptions and redemptions for the twelve months were $0 and $155,513, respectively. Total
Class 2a subscriptions and redemptions for the twelve months were $0 and $2,750, respectively. Total Class 3a subscriptions and redemptions
for the twelve months were $0 and $129,039, respectively. Ending capital at December 31, 2024, was $2,478,195 for Class 1, $42,095 for
Class 1 AP, $650,534 for Class 2, $13,359 for Class 2a and $134,062 for Class 3a.

ended December 31, 2024, 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 Agricultural

 Sector & Major Advisor Attribution for
the Frontier Balanced Fund

 Two of the six sectors
which traded in the Frontier Balanced Fund were profitable in Q4 2024 and three of the six were profitable YTD. Agriculturals and Currencies
were profitable for the quarter while Energies, Interest Rates, Metals and Stock Indices finished negative for the quarter. Agriculturals,
Currencies and Stock Indices were profitable YTD while Energies, Interest Rates and Metals finished negative YTD.

 In terms of major CTA performance, Fort and QIM
finished positive for the quarter while Aspect, Horizon3, QIM and Quantica finished negative for the quarter. Fort and Quanitica finished
positive YTD while Aspect, Horizon3, QIM and Welton were negative YTD.

 Frontier Select
Fund

 2024

 The Frontier Select Fund—Class
1 NAV lost 16.99% for the twelve months ended December 31, 2024, net of fees and expenses; the Frontier Select Fund—Class 2 NAV
lost 14.45% for the twelve months ended December 31, 2024, net of fees and expenses; the Frontier Select Fund—Class 1AP NAV lost
14.45% for the twelve months ended December 31, 2024.

 For the twelve months ended December 31, 2024,
the Frontier Select Fund recorded total expenses of $52,306, net investment loss of $52,306, and net realized/unrealized loss on investments
of $66,997, resulting in a net decrease in Owners' capital from operations of $119,303.

1, decreased from $45.97 as of December 31, 2023 to $38.16 at December 31, 2024. The NAV per Unit, Class 1AP, decreased from $60.98 as
of December 31, 2023 to $52.17 at December 31, 2024. The NAV per Unit, Class 2, decreased from $80.92 as of December 31, 2023 to $69.23
at December 31, 2024. Total Class 1 subscriptions and redemptions for the twelve months ended December 31, 2024, were $0 and $80,126,
respectively. Total Class 1AP subscriptions and redemptions for the twelve months ended December 31, 2024, were $0 and $0, respectively.
Total Class 2 subscriptions and redemptions for the twelve months ended December 31, 2024, were $0 and $9,893, respectively. Ending capital
at December 31, 2024 was $541,125 for Class 1, $6,004 for Class 1AP, and $32,624 for Class 2.

ended December 31, 2024, 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 Agricultural

 Sector & Major Advisor
Attribution for the Frontier Select Fund

Select Fund were profitable in Q4 2024 and two of the six were profitable YTD. Agriculturals and Currencies were profitable for the quarter
while Energies, Interest Rates, Metals and Stock Indices finished negative for the quarter.

 Agriculturals and Stock Indices were profitable
YTD while Currencies, Energies, Interest Rates and Metals finished negative YTD.

 In terms of major CTA performance, no CTAs finished
positive for the quarter while Horizon3, Quantica and Welton finished negative for the quarter. Quantica finished positive YTD while Horizon3
and Welton finished negative YTD.

 Frontier Global
Fund

 2024

 The Frontier Global Fund—Class
1 NAV lost 10.72% for the twelve months ended December 31, 2024, net of fees and expenses; the Frontier Global Fund—Class 2 NAV
lost 8.00% for the twelve months ended December 31, 2024, net of fees and expenses.

ended December 31, 2024, the Frontier Global Fund recorded total expenses of $100,060, net investment loss of $100,060, and net realized/unrealized
gain on investments of $16,791, resulting in a net decrease in Owners' capital from operations of $83,269.

1, decreased from $134.60 at December 31, 2023 to $120.17 as of December 31, 2024. The NAV per Unit, Class 2, decreased from $222.53 at
December 31, 2023 to $204.73 as of December 31, 2024. Total Class 1 subscriptions and redemptions for the period were $0 and $129,139,
respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $200, respectively. Ending capital at December 31,
2024 was $859,439 for Class 1, $31,369 for Class 2.

 For the twelve months ended December 31, 2024, Frontier Global
Fund did not own a swap investment.

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

 Sector Attribution for
the Frontier Global Fund

Global Fund were profitable in Q4 2024 and two of the six were profitable YTD. Agriculturals and Currencies were profitable for the quarter
while Energies, Interest Rates, Metals and Stock Indices finished negative for the quarter.

 Agriculturals and Stock Indices were profitable
YTD while Currencies, Energies, Interest Rates and Metals finished negative YTD.

 Frontier Heritage
Fund

 2024

 The Frontier Heritage
Fund—Class 1 NAV lost 21.55% for the twelve months ended December 31, 2024, net of fees and expenses; the Frontier Heritage Fund—Class
2 NAV lost 19.15% for the twelve months ended December 31, 2024, net of fees and expenses; the Frontier Heritage Fund—Class 1AP
NAV lost 19.15% for the twelve months ended December 31, 2024, net of fees and expenses.

ended December 31, 2024, the Frontier Heritage Fund recorded total expenses of $112,925, net investment loss of $112,925, and net realized/unrealized
loss on investment of $192,461, resulting in a net decrease in Owners' capital from operations of $305,386.

1, decreased from $106.45 as of December 31, 2023 to $83.51 at December 31, 2024. The NAV per Unit, Class 1AP, decreased from $141.20
as of December 31, 2023 to $114.16 at December 31, 2024. The NAV per Unit, Class 2, decreased from $188.97 as of December 31, 2023 to
$152.78 at December 31, 2024. Total Class 1 subscriptions and redemptions for the twelve months were $0 and $131,872, respectively. Total
Class 1AP subscriptions and redemptions for the twelve months were $0 and $0, respectively. Total Class 2 subscriptions and redemptions
for the twelve months were $0 and $69,111, respectively. Ending capital at December 31, 2024 was $1,064,870 for Class 1, $7,282 for Class
1AP, and $82,279 for Class 2.

ended December 31, 2024, 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.

 Sector & Major Advisor
Attribution for the Frontier Heritage Fund

Heritage Fund were profitable in Q4 2024 and two of the six were profitable YTD. Agriculturals and Currencies were profitable for the
quarter while Energies, Interest Rates, Metals and Stock Indices finished negative for the quarter.

 Agriculturals and Stock Indices were profitable
YTD while Currencies, Energies, Interest Rates and Metals finished negative YTD.

 In terms of major CTA performance, no CTAs were
positive for the quarter while Aspect, Horizon3 and Welton were negative for the quarter. No CTAs were positive YTD while Aspect, Horizon3
and Welton were negative YTD.

 Results of Operations
for the Twelve Months Ended December 31, 2023

 Series Returns
and Other Information

 The returns for each
Series and Class of Units for the twelve months ended December 31, 2023, and related information, are discussed below. The activities
of the Trust on a combined consolidated basis are explained through the activity of each underlying Series. Please refer to the discussion
of the Series activities in relation to the Trust on a combined consolidated basis.

 Each Series had exposure
to commodity interest positions within one or more sectors during fiscal 2023. The performance of each Series was impacted over the course
of the year 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 each 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 fourth quarter (except as otherwise noted) and for the full calendar year. Charts
depicting the performance of the various Series' positions within each of the relevant sectors during the prior three quarters were
included in the Trust's quarterly reports on Form 10-Q previously filed.

 Frontier Diversified
Fund

 2023

 The Frontier Diversified
Fund—Class 2 NAV lost 29.25% for the twelve months ended December 31, 2023 net of fees and expenses; the Frontier Diversified Fund—Class
3 NAV lost 29.07% for the twelve months ended December 31, 2023 net of fees and expenses.

ended December 31, 2023 the Frontier Diversified Fund recorded total expenses of $83,415, net investment loss of $78,559, and net realized/unrealized
loss on investments of $667,781, resulting in a net decrease in Owners' capital from operations of $746,340. The NAV per Unit, Class
2, decreased from $96.37 at December 31, 2022, to $68.18 as of December 31, 2023. The NAV per Unit, Class 3, decreased from $90.72 at
December 31, 2022, to $64.35 as of December 31, 2023. Total Class 2 subscriptions and redemptions for the period were $0 and $97,165,
respectively. Total Class 3 subscriptions and redemptions for the period were $0 and $546,679, respectively. Ending capital at December
31, 2023, was $201,966 for Class 2 and $1,271,822 for Class 3.

ended December 31, 2023, 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.

Advisor Attribution for the Frontier Diversified Fund

traded in the Frontier Diversified Fund was profitable in Q4 2023. Stock Indices were positive while Agriculturals, Currencies, Energies,
Interest Rates and Metals were negative for the quarter.

 Agriculturals were positive
year-to-date ("YTD") while Currencies, Energies, Interest Rates, Metals and Stock Indices were negative YTD.

performance, no CTAs finished positive for the quarter. Aspect, Fort, Quantica, Quest, QIM and Welton finished negative for the quarter.
No CTAs were positive YTD while Aspect, Fort, Quantica, Quest, QIM, and Welton were negative YTD.

 Frontier Masters
Fund

 2023

 The Frontier Masters
Fund—Class 2 NAV lost 30.91% for the twelve months ended December 31, 2023, net of fees and expenses, the Frontier Masters Fund—Class
3 NAV lost 30.73% for the twelve months ended December 31, 2023, net of fees and expenses.

ended December 31, 2023 the Frontier Masters Fund recorded total expenses of $37,573, net investment loss of $34,998, and net realized/unrealized
loss on investments of $170,633, resulting in a net decrease in Owners' capital from operations of $205,631. The NAV per Unit, Class
2, decreased from $94.64 at December 31, 2022, to $65.39 as of December 31, 2023. The NAV per Unit, Class 3 decreased from $89.45 at December
31, 2022 to $61.96 as of December 31, 2023. Total Class 2 subscriptions and redemptions for the twelve months were $0 and $55,886, respectively.
Total Class 3 subscriptions and redemptions for the twelve months were $0 and $94,641, respectively. Ending capital at December 31, 2023,
was $76,186 for Class 2 and $263,776 for Class 3.

ended December 31, 2023, Frontier Masters Fund did not own a swap investment.

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

Advisor Attribution for the Frontier Masters Fund

traded in the Frontier Masters Fund was profitable in Q4 2023. Stock Indices were positive while Agriculturals, Currencies, Energies,
Interest Rates and Metals were negative for the quarter.

 Agriculturals were positive
YTD while Currencies, Energies, Interest Rates, Metals and Stock Indices were negative YTD.

performance, there were no CTAs that finished positive for the quarter while Aspect, Quantica and Welton were negative for the quarter.
In terms of YTD performance, no CTAs were positive while Aspect, Quantica and Welton were negative YTD.

 Frontier Long/Short
Commodity Fund

 2023

 The Frontier Long/Short
Commodity Fund—Class 2 NAV lost 33.66% for the twelve months ended December 31, 2023, net of fees and expenses; the Frontier Long/Short
Commodity Fund—Class 3 NAV lost 33.66% for the twelve months ended December 31, 2023, net of fees and expenses; the Frontier Long/Short
Commodity Fund—Class 2a NAV lost 32.77% for the twelve months ended December 31, 2023, net of fees and expenses; the Frontier Long/Short
Commodity Fund—Class 3a NAV lost 32.60% for the twelve months ended December 31, 2023, net of fees and expenses.

ended December 31, 2023, the Frontier Long/Short Commodity Fund recorded total expenses of $25,372, net investment loss of $21,707, and
net realized/unrealized loss on investments of $393,717, resulting in a net decrease in Owners' capital from operations of $415,424.
The NAV per Unit, Class 2, decreased from $109.65 at December 31, 2022, to $72.74 as of December 31, 2023. The NAV per Unit, Class 3,
decreased from $115.03 at December 31, 2022, to $76.31 as of December 31, 2023.The NAV per Unit, Class 2a, decreased from $71.93 at December
31, 2022, to $48.36 as of December 31, 2023. The NAV per Unit, Class 3a, decreased from $76.29 at December 31, 2022, to $51.42 as of December
31, 2023. Total Class 2 subscriptions and redemptions for the twelve months were $0 and $13,338, respectively. Total Class 3 subscriptions
and redemptions for the twelve months were $0 and $91,605, respectively. Total Class 2a subscriptions and redemptions for the twelve months
were $0 and $24,666, respectively. Total Class 3a subscriptions and redemptions for the twelve months were $0 and $73,472, respectively.
Ending capital at December 31, 2023, was $8,235 for Class 2, $590,578 for Class 3, $39,437 for Class 2a and $105,519 for Class 3a.

ended December 31, 2023, Frontier Long/Short Commodity Fund did not own a swap investment.

 The Frontier Long/Short
Commodity Fund may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals and Commodities
sectors, although the majority of the exposure will typically be in the Energies, Metals and Commodities sectors.

Advisor Attribution for the Frontier Long/Short Commodity Fund

 All of the seven sectors
traded in the Frontier Long/Short Commodity Fund were negative in Q4 2023. Energies, Base Metals, Grains, Meats, Precious Metals, Softs
and Financials finished negative for the quarter. There were no positive sectors for the quarter.

 Base Metals, Energies,
Financials, Grains, Meats, Precious Metals and Softs were negative YTD. There were no positive sectors YTD.

performance, no CTAs finished positive for the quarter while Rosetta, Volt and Welton were negative for the quarter.

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

 Frontier Balanced
Fund

 2023

 The Frontier Balanced
Fund—Class 1 NAV lost 36.85% for the twelve months ended December 31, 2023, net of fees and expenses; The Frontier Balanced Fund—Class
1AP NAV lost 34.93% for the twelve months ended December 31, 2023, net of fees and expenses; the Frontier Balanced Fund—Class 2
NAV lost 34.93% for the twelve months ended December 31, 2023, net of fees and expenses; the Frontier Balanced Fund—Class 2a NAV
lost 34.81% for the twelve months ended December 31, 2023, net of fees and expenses; the Frontier Balanced Fund—Class 3a NAV lost
34.81% for the twelve months ended December 31, 2023, net of fees and expenses.

ended December 31, 2023, the Frontier Balanced Fund recorded total expenses of $502,010, net investment loss of $497,226, and net realized/unrealized
loss on investments of $2,678,804, resulting in a net decrease in Owners' capital from operations of $3,176,030. The NAV per Unit,
Class 1, decreased from $99.17 at December 31, 2022, to $62.63 as of December 31, 2023. The NAV per Unit, Class 1AP, decreased from $127.56
at December 31, 2022, to $83.01 as of December 31, 2023. The NAV per Unit, Class 2, decreased from $172.01 at December 31, 2022, to $111.93
as of December 31, 2023. For Class 2a, the NAV per Unit decreased from $149.47 at December 31, 2022, to $97.44 as of December 31, 2023.
For Class 3a, the NAV per Unit decreased from $148.96 at December 31, 2022, to $97.10 as of December 31, 2023. Total Class 1 subscriptions
and redemptions for the twelve months were $0 and $853,070, respectively. Total Class 1AP subscriptions and redemptions for the twelve
months were $0 and $0, respectively. Total Class 2 subscriptions and redemptions for the twelve months were $0 and $199,732, respectively.
Total Class 2a subscriptions and redemptions for the twelve months were $0 and $13,000, respectively. Total Class 3a subscriptions and
redemptions for the twelve months were $0 and $27,771, respectively. Ending capital at December 31, 2023, was $3,815,001 for Class 1,
$48,720 for Class 1 AP, $889,894 for Class 2, $18,194 for Class 2a, and $285,316 for Class 3a.

ended December 31, 2023, 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 Commodities sectors.

Advisor Attribution for the Frontier Balanced Fund

traded in the Frontier Balanced Fund was profitable in Q4 2023. Stock Indices were positive while Agriculturals, Currencies, Energies,
Interest Rates and Metals were negative for the quarter.

 Agriculturals were positive
YTD while Currencies, Energies, Interest Rates, Metals and Stock Indices were negative YTD.

performance, no CTAs finished positive for the quarter. Aspect, Fort, Horizon3, Quantica, Quest, QIM and Welton finished negative for
the quarter. No CTAs were positive YTD while Aspect, Fort, Horizon3, Quantica, Quest, QIM, and Welton were negative YTD.

 Frontier Select
Fund

 2023

 The Frontier Select Fund—Class
1 NAV lost 35.47% for the twelve months ended December 31, 2023, net of fees and expenses; The Frontier Select Fund Frontier Select Fund—Class
1AP NAV lost 33.50% for the twelve months ended December 31, 2023, net of fees and expenses; the Frontier Select Fund—Class 2 NAV
lost 33.50% for the twelve months ended December 31, 2023, net of fees and expenses.

ended December 31, 2023, the Frontier Select Fund recorded total expenses of $65,590, net investment loss of $65,590, and net realized/unrealized
loss on investments of $443,611, resulting in a net decrease in Owners' capital from operations of $509,201. The NAV per Unit, Class
1, decreased from $71.23 at December 31, 2022, to $45.97 as of December 31, 2023. The NAV per Unit, Class 1AP, decreased from $91.71 at
December 31, 2022, to $60.98 as of December 31, 2023. The NAV per Unit, Class 2, decreased from $121.70 at December 31, 2022, to $80.92
as of December 31, 2023. Total Class 1 subscriptions and redemptions for the period were $0 and $202,580, 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 $1,750, respectively. Ending capital, at December 31, 2023, was $733,700 for Class 1, $7,018 for Class 1AP, and $48,357 for
Class 2.

ended December 31, 2023, 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, Hybrids and Commodities sectors.

Advisor Attribution for the Frontier Select Fund

traded in the Frontier Select Fund was profitable in Q4 2023. Stock Indices were positive while Agriculturals, Currencies, Energies, Interest
Rates and Metals were negative for the quarter.

 Agriculturals, Currencies,
Energies, Interest Rates, Metals and Stock Indices were negative YTD. There were no positive sectors YTD.

performance, no CTA finished positive for the quarter while Quantica and Welton finished the quarter negative. No CTAs were positive for
the year while Quantica and Welton finished the year negative.

 Frontier Global
Fund

 2023

 The Frontier Global Fund—Class
1 NAV lost 27.35% for the twelve months ended December 31, 2023, net of fees and expenses; the Frontier Global Fund—Class 2 NAV
lost 25.14% for the twelve months ended December 31, 2023, net of fees and expenses.

ended December 31, 2023, the Frontier Global Fund recorded total expenses of $150,281, net investment loss of $150,281, and net realized/unrealized
loss on investments of $405,523, resulting in a net decrease in Owners' capital from operations of $555,804. The NAV per Unit, Class
1, decreased from $185.27 at December 31, 2022 to $134.60 as of December 31, 2023. The NAV per Unit, Class 2, decreased from $297.25 at
December 31, 2022, to $222.53 as of December 31, 2023. Total Class 1 subscriptions and redemptions for the period were $0 and $1,085,295,
respectively. Total Class 2 subscriptions and redemptions for the period were $0 and $83,688, respectively. Ending capital, at December
31, 2023, was $1,069,125 for Class 1, and $34,291 for Class 2.

ended December 31, 2023, Frontier Global Fund did not own a swap investment.

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

 Sector Attribution
for the Frontier Global Fund

 Four of the six sectors
traded in the Frontier Global Fund were profitable in Q4 2023. Agriculturals, Energies, Metals and Stock Indices were positive while Currencies
and Interest Rates were negative for the quarter.

 Agriculturals were positive
YTD while Currencies, Energies, Metals, Stock Indices and Interest Rates were negative YTD.

 Frontier Heritage
Fund

 2023

 The Frontier Heritage
Fund—Class 1 NAV lost 30.94% for the twelve months ended December 31, 2023, net of fees and expenses; The Frontier Heritage Fund—Class
1AP NAV lost 28.84% for the twelve months ended December 31, 2023, net of fees and expenses; the Frontier Heritage Fund—Class 2
NAV lost 28.84% for the twelve months ended December 31, 2023, net of fees and expenses.

ended December 31, 2023, the Frontier Heritage Fund recorded total expenses of $169,079, net investment loss of $169,079, and net realized/unrealized
loss on investments of $679,714, resulting in a net decrease in Owners' capital from operations of $848,793. The NAV per Unit, Class
1, decreased from $154.14 at December 31, 2022, to $106.45 as of December 31, 2023. The NAV per Unit, Class 1AP, decreased from $198.42
at December 31, 2022, to $141.20 as of December 31, 2023. The NAV per Unit, Class 2, decreased from $265.55 at December 31, 2022, to $188.97
as of December 31, 2023. Total Class 1 subscriptions and redemptions for the period were $0 and $571,014, 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 $5,750, respectively. Ending capital, at December 31, 2023, was $1,483,520, for Class 1, $9,007 for Class 1AP, and $168,273
for Class 2.

ended December 31, 2023, 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 Commodities sectors.

Advisor Attribution for the Frontier Heritage Fund

traded in the Frontier Heritage Fund was profitable in Q4 2023. Stock Indices were positive while Agriculturals, Currencies, Energies,
Interest Rates and Metals were negative for the quarter.

 Agriculturals, Currencies,
Energies, Interest Rates, Metals and Stock Indices were negative YTD. There were no positive sectors YTD.

performance, no CTAs finished positive for the quarter, while Aspect and Welton finished the quarter negative. No CTAs were positive for
the year while Aspect and Welton finished negative.

 Results of Operations
for the Twelve Months Ended December 31, 2023

 The returns for each
Series and Class of Units for the twelve months ended December 31, 2023 can be found in our annual report on Form 10-K for the fiscal
year ended December 31, 2023, located within Part II, Item 7. "Management's Discussion and Analysis of Financial Condition
and Results of Operations"

 Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK.

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

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

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

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

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

 Quantitative Market Risk

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

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

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

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

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

 Value at Risk by Market Sectors

 The following tables present the trading value
at risk associated with each Series' exposure to open positions (as held by the Trading Companies) by market sector as of December
31, 2024 and 2023. All open position trading risk exposures of the Series have been included in calculating the figures set forth below.

 DOMESTIC EXPOSURE

 Frontier Balanced Fund:

 VALUE

 % OF TOTAL

 VALUE

 % OF TOTAL

 AT RISK

 CAPITALIZATION

 AT RISK

 CAPITALIZATION

 MARKET SECTOR

 Interest Rates

 $
 -

 0.00
 %

 $
 -

 0.00
 %

 -

 0.00
 %

 723,899

 14.31
 %

 Stock Indices

 -

 0.00
 %

 -

 0.00
 %

 -

 0.00
 %

 0.29
 %

 Agriculturals/Softs

 -

 0.00
 %

 -

 0.00
 %

 -

 0.00
 %

 -

 0.00
 %

 Total:

 $
 -

 0.00
 %

 $
 738,333

 14.60
 %

 Value at Risk: Foreign Markets

 The following table presents the portion of trading
value at risk associated with each Series' exposure to open positions (as held by the Trading Companies) by market sector as of
December 31, 2024 and 2023, on foreign markets. All open position trading risk exposures of the Series have been included in calculating
the figures set forth below.

 FOREIGN EXPOSURE

 Frontier Balanced Fund:

 31, 2023

 VALUE

 % OF TOTAL

 VALUE

 % OF TOTAL

 AT
 RISK

 CAPITALIZATION

 AT
 RISK

 CAPITALIZATION

 MARKET SECTOR

 $
 -

 0.00
 %

 $
 -

 0.00
 %

 Stock Indices

 -

 0.00
 %

 -

 0.00
 %

 Agriculturals/Softs

 -

 0.00
 %

 -

 0.00
 %

 Total:

 $
 -

 0.00
 %

 $
 -

 0.00
 %

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

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

 Non-Trading Risk

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

 Qualitative Market Risk

 The following are the primary trading risk exposures
of the Series of the Trust as of December 31, 2024, 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.

 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.

 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.

 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.

 However, because certain of the Trading Advisors'
strategies involve some discretionary aspects in addition to their technical factors, certain of the Trading Advisors may occasionally
use discretion in investing the assets of a Trading Company. For example, the Trading Advisors often use discretion in selecting contracts
and markets to be followed. In exercising such discretion, such Trading Advisor may take positions opposite to those recommended by the
Trading Advisor's trading system or signals. Discretionary decision making may also result in a Trading Advisor failing to capitalize
on certain price trends or making unprofitable trades in a situation where another trader relying solely on a systematic approach might
not have done so. Furthermore, such use of discretion may not enable the relevant Series of the Trust to avoid losses, and in fact, such
use of discretion may cause such Series to forego profits which it may have otherwise earned had such discretion not been used.

 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 8. FINANCIAL STATEMENTS AND
SUPPLEMENTARY DATA.

 Financial statements
meeting the requirements of Regulation S-X appear beginning on page F-1 of this report. The supplementary financial information specified
by Item 302 of Regulation S-K is included in this report under the heading "Selected Financial Data" above.

 Item 9. CHANGES IN AND DISAGREEMENTS
WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

 None.

 Item 9A. 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 December
31, 2024 (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 its evaluation, the management of the Managing Owner concluded that, as of the Evaluation Date, the disclosure controls and procedures
for the Trust and each Series were effective to provide reasonable assurance that they are timely alerted to the material information
relating to the Trust and each Series required to be included in the Trust's periodic SEC filing.

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

 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 December 31, 2024, 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 December 31, 2024.

 This annual 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 annual report.

 Scope of Exhibit 31 Certifications

 The certifications of
the Chairman and Chief Financial Officer, and the President and Chief Executive Officer, of the Managing Owner as
of December 31, 2024 and as of March 31, 2025 (the date of this filing) are included as Exhibits 31.1 and 31.2, respectively, to this
Form 10-K, and apply not only to the Trust as a whole but also to each Series individually.

 Item 9B. OTHER INFORMATION.

 None.

 Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT
PREVENT INSPECTIONS

 Not applicable.

 Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE
GOVERNANCE.

 The Trust has no directors or executive officers
and also does not have any employees. Frontier Fund Management LLC serves as the Managing Owner. The Managing Owner was incorporated
in Delaware in November 2016. The Managing Owner has delegated its commodity pool operator responsibilities to Wakefield Advisors LLC
pursuant to the Commodity Pool Operator Delegation Agreement between the Managing Owner and Wakefield Advisors LLC, which has been registered
with the CFTC as a commodity pool operator since January 7, 2013 and has been a member of the NFA since that date. Under the Commodity
Pool Operator Delegation Agreement, Wakefield does not receive any fees or remuneration from the Managing Owner in connection with the
performance of its obligations thereunder. The Commodity Pool Operator Delegation Agreement is effective until terminated by either the
Managing Owner or Wakefield, or until Wakefield is no longer registered as a CPO (unless excluded or exempt from CPO registration under
the CEA). The Managing Owner remains jointly and severally liable with Wakefield Advisors LLC for violations of the CEA and CPO Regulations.
However, Wakefield Advisors LLC will indemnify the Managing Owner from and against any and all loss, liability, damage, penalty, fine,
cost, and expense (including attorneys', accountants', experts', and other professionals' fees and expenses incurred
in investigation or defense of any and all demands, claims, actions, suits, or arbitrations) actually and reasonably incurred by the
Managing Owner, based upon, arising out of or from, or in any way in connection with, any act, activity, conduct, performance, omission,
or non-performance by the Wakefield Advisors LLC of any of its functions as CPO or which violates the CEA or CPO Regulations in connection
with its functions as CPO.

 Principals of the Managing Owner and Wakefield

 The current officers and directors of the Managing
Owner and Wakefield are as follows:

 Patrick J. Kane (Age 57)

 Chairman and Director, Wakefield Advisors,
LLC

 Chairman and Chief Financial Officer, Frontier
Fund Management LLC

 Patrick Kane has served as Chairman of Wakefield
since co-founding the firm in January 2012. The firm serves as Investment Advisor to the Wakefield family of mutual funds sponsored and
launched on the Wakefield Alternative Series Trust platform which is registered under the Investment Company Act of 1940, as amended,
and organized as a Delaware statutory trust. Prior to co-founding the adviser, Mr. Kane was the head of alternative investments
at Oppenheimer Asset Management until June 2011, overseeing approximately $3 billion in hedge funds and private equity investments. Mr. Kane
joined Oppenheimer in 2001 as a senior member of the fund of hedge funds team. Mr. Kane has worked in the alternative investments
industry since 1989. Prior to joining Oppenheimer in 2001, Mr. Kane worked for Dunbar Capital Management, a boutique fund of funds
manager. Mr. Kane previously worked for Brandywine Asset Management, an alternative investment firm in Thornton, PA. At Brandywine,
he was the Director of Trading, responsible for all trading on the managed futures and statistical arbitrage market-neutral equity hedge
funds. Before that, he worked for Tricon Investments, an energy focused hedge fund, based in Somerset, NJ. Mr. Kane is also a member
of the investment subcommittee that serves the University of Scranton endowment. Mr. Kane holds a Bachelor of Science in Accounting
from the University of Scranton.

 Patrick F. Hart III (Age 66)

 Chief Executive Officer, President and Director, Wakefield
Advisors, LLC

 Chief Executive Officer, Frontier Fund
Management LLC

 Patrick F. Hart III co-founded and is President
and Chief Executive Officer of Wakefield where he has been registered as a principal and associated person since December 2012 and January
2013, respectively. He also serves as the firm's Chief Compliance Officer. Mr. Hart has been involved in the alternative investment
industry for over thirty years, having specialized in the design, implementation and management of structured hedge fund and managed futures
products for private and institutional clients worldwide. Mr. Hart is also the Chief Executive Officer and President of Three Palms,
LLC (est. June 2003). Further, he is founder, Chief Executive Officer and Managing Partner of Hart Financial Group, LLC, a registered
commodity pool operator, where he has been registered as an associated person and listed as a principal since August 1998.

 Previous affiliations of Mr. Hart include
PyxisGFS, which he co-founded in October 2010. Pyxis provided administration, accounting and reporting services to alternative investment
managers and funds. Northfield Trading, LP where he was listed as a principal and registered as an associated person of the trading advisor
from March 2007 to December 2014. From June 2009 through October 2013 Mr. Hart was listed as a principal, and from July 2009 through
October 2013 he was registered as an associated person, with the trading advisory firm Strategic Capital Management, LLC. At the same
firm's affiliated commodity pool operator, Strategic Fund Management, he was listed as a principal from July 2009 through May 2013
and registered as an associated person from August 2009 through May 2013. Mr. Hart was also listed as a principal of the commodity
trading advisor, Seven Trust Global Advisors, LLC, from January 2007 to March 2011 and registered as an associated person from April 2007
through March 2011. At the same firm's affiliated commodity pool operator, CTP Fund Management, LLC, he was listed as a principal
from January 2008 to June 2011 and registered as an associated person from April 2008 through June 2011.

 Mr. Hart served nine years on the Introducing
Broker Advisory Committee of the National Futures Association, or NFA. Additionally, he has served periodically on the NFA Arbitration
and Nominating Committees since 1988. Mr. Hart has been a frequent guest speaker at international conferences and symposiums on the
topic of alternative investment strategies. Moreover, Mr. Hart has contributed to numerous articles in leading investment publications
and is a contributing author to the "Handbook of Managed Futures—Performance, Evaluation and Analysis" (McGraw-Hill
1997). Mr. Hart received a B.S. in Economics from Colorado State University in 1983. Mr. Hart is registered with Foreside Fund Services,
LLC which is not affiliated with Wakefield or its affiliates. He holds FINRA Series 7, 63, and the CFTC/NFA Series 3 registrations.

 Michael B. Egan II (Age 57)

 Executive Vice-President, Wakefield Advisors,
LLC

 Secretary, Frontier Fund Management LLC

 Michael B. Egan II has served as Executive Vice
President of Wakefield since its founding in 2012. Mr. Egan brings more than 30 years of alternative investment experience with a focus
on commodity trading advisor research and multi-advisor portfolio construction. As a member of Wakefield's portfolio management
team, Mr. Egan is involved in day-to-day portfolio and risk management for all of Wakefield's funds' offerings as well as
the development and structuring of new products. In addition, Mr. Egan has also served as Research Director of Three Palms, LLC since
its founding in June 2003. He also serves as President of Hart Financial Group, LLC, a registered Commodity Pool Operator, where he has
been registered as a principal since April 2015 and associated person since May 2006. Mr. Egan was also registered as an associated person
of the Commodity Trading Advisor Seven Trust Global Advisors, LLC from July 2008 through March 2011. From January 1991 through April 2009,
Mr. Egan was the Director of Research for Hart Asset Management Group, Inc. (formerly Hart-Bornhoft Group, Inc.), a registered Commodity
Pool Operator and Commodity Trading Advisor and was listed as a principal from December 1998 through April 2009. Mr. Egan received a Bachelor
of Science Degree in Finance from Colorado State University in 1990 and he is licensed with the NFA and CFTC and holds a Series 3 certification.

 Executive Committee of the Managing Owner

 Patrick Kane —Mr. Kane's
biography appears above under the caption "Item 10. Directors, Executive Officers and Corporate Governance—Principals
of the Managing Owner."

 Patrick Hart —Mr. Hart's
biography appears above under the caption "Item 10. Directors, Executive Officers and Corporate Governance—Principals
of the Managing Owner."

 Michael Egan —Mr. Egan's
biography appears above under the caption "Item 10. Directors, Executive Officers and Corporate Governance—Principals
of the Managing Owner."

 Section 16(a) Beneficial Ownership
Reporting Compliance

 Section 16 of the Exchange Act requires an
issuer's directors and certain executive officers and certain other beneficial owners of the issuer's equity securities to
periodically file notices of changes in their beneficial ownership with the SEC. The Trust does not have any directors or officers. However,
the officers of the Managing Owner, as well as the Managing Owner itself, file such notices regarding their beneficial ownership in the
Trust, if any.

 Audit Committee Financial Expert

 The Trust does not have a board of directors but
instead is operated and managed by the Managing Owner. The Executive Committee of the Managing Owner has created an audit committee of
the Trust consisting of all of the Executive Committee's members. The Executive Committee of the Managing Owner, in its capacity
as the audit committee for the Trust, has determined that Patrick J. Kane, the Chairman of the Managing Owner, qualifies as an "audit
committee financial expert" in accordance with the applicable rules and regulations of the SEC. Mr. Kane is not independent of management.

 Code of Ethics

 The Trust has not adopted a code of ethics because
it does not have any officers or employees. The Managing Owner has adopted a code of ethics for employees and principals of the Managing
Owner.

 In general, the Managing Owner, its principals,
and all other persons associated with the Managing Owner shall observe high standards of commercial honor and just and equitable principles
of trade in the conduct of their commodity futures business. All employees, including anyone not on the regular payroll but filling in
on a temporary basis, shall be held to the highest standards of honesty and integrity. This conduct will be valid for all duties involved
with the daily management and responsibilities as Managing Owner of the Trust.

 Employees will conduct their daily duties in a
responsible manner to ensure that all customers are treated fairly and equally. The reputation of the Managing Owner is crucial to its
business and, understanding that, the Managing Owner will make every effort to ensure the reputation of the Managing Owner is not tarnished
in any way. Employees are urged to seek the advice of their supervisor for any questions applicable to this code relative to their individual
circumstances.

 The Managing Owner has no access to non-public
information and as a result has not adopted an insider trading policy for its principals and employees.

 Item 11. EXECUTIVE COMPENSATION.

 The Trust has no directors or officers. Its affairs
are managed solely by the Managing Owner, which receives compensation for its services from the Trust, as follows:

 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 Consolidated 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. During the periods covered by this report, no Series was invested in a 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.

 In connection with each Series' trading
activities, the Frontier Balanced Fund, Frontier Select Fund, Frontier Global Fund and Frontier Heritage Fund pay 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 pay 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 Consolidated 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.

 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), thereafter 100% of the interest is retained by the respective Series.

 Other 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.

 Item 12. SECURITY OWNERSHIP OF
CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

 (a)

 Security Ownership of Certain Beneficial Ownership. As of February 28, 2025, the following table sets forth persons who beneficially own more than 5% of the Units outstanding of any Series:

 Title of Series

 Name and address of beneficial owner*

 Amount and

nature of

beneficial

ownership

class

 Kenneth Janson - IRA

 3786

 6.81
 %

 First Clearing Corp FBO Doris L Dopkin - IRA

 13.17
 %

 Raymond James Trust Company of New Hampshire FBO Robert W. Elliott - IRA

 7.52
 %

 Daniel C & Sharon N Rodrigue - JT WROS

 6.35
 %

 Jack Wayne Hammond

 5.65
 %

 Sandra J. Frueh

 1050

 14.94
 %

 Don G Lents TTEE Don G Lents Revocable Trust U/A dtd 01/02/1998

 8.94
 %

 Ruth Kaminer TTEE Kaminer Findley Limited Partnership U/A08/23/1995

 8.31
 %

 WEDBUSH SECURITIES FBO JANICE Y VALLESKEY IRA

 7.68
 %

 First Clearing Corp FBO Nancy R. McWilliams - IRA

 5.65
 %

 BJK INVESTMENTS OF FLORIDA LLC

 2727

 20.59
 %

 George R Culp

 2379

 17.97
 %

 Sandra J. Frueh

 1255

 9.48
 %

 Robert D & Nancy P Josserand

 1654

 10.47
 %

 Gregory M & Kathy A Gordon - TEN COM

 1020

 6.45
 %

 Ameriprise Trust Company FBO Carl L. Wagus - IRA

 5.79
 %

 First Clearing Corp FBO Sonya T Hamilton - SEP

 5.36
 %

 Frontier Select Fund Class

 PTC (Linsco/Private Ledger Corp) FBO Donald Eric Bishop B/O Patricia M. Bishop - IRA

 5.12
 %

 *
 The address of all beneficial owners listed in the table
is c/o Frontier Fund Management, LLC, 25568 Genesee Trail Road, Golden, Colorado 80401.

 (b)

 Security
 Ownership of Management. The Trust has no officers or directors. Its affairs are managed solely by the Managing Owner. Set forth
 in the table below is information regarding the beneficial ownership of Units of the principals of the Managing Owner as of February
 28, 2025:

 Title of Series/Class

 Units
 Owned

 Percentage

Ownership of
 Each Class

 Frontier Balanced Fund - Class 2

 4.60
 %

 Frontier Balanced Fund - Class 2A

 %

 Frontier Heritage Fund - Class 2

 14.20
 %

 Frontier Long/Short Commodity Fund - Class 2

 5.99
 %

 Frontier Select Fund - Class 2

 18.18
 %

 Frontier Global Fund - Class 2

 29.35
 %

 Frontier Diversified Fund - Class 2

 3.95
 %

 Frontier Diversified Fund - Class 3

 0.49
 %

 Frontier Long/Short Commodity Fund - Class 2A

 16.24
 %

 Frontier Long/Short Commodity Fund - Class 3A

 1.01
 %

 Frontier Masters Fund - Class 2

 4.12
 %

 Frontier Masters Fund - Class 3

 -

 0.00
 %

 *
 The Managing Owner is required to maintain at least a 1% interest in
the aggregate capital as well as in certain series, profits and losses of the Trust. The Managing Owner's interest of $64,331 in
the aggregate capital of the Trust of $6,359,290 on February 28, 2025 is 1.01%.

 Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

 The Trust has and will continue to have certain
relationships with the Managing Owner and its affiliates. However, there have been no direct financial transactions between the Trust
and the directors or officers of the Managing Owner. See "Item 11. Executive Compensation" and "Item 12. Security
Ownership of Certain Beneficial Owners and Management."

 Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 The following table sets forth the fees billed
to Frontier Fund Management LLC, the Managing Owner of the Trust, for professional services provided by Spicer Jeffries LLP, the Trust's
independent registered public accounting firm, for the years ended December 31, 2024 and 2023. In accordance with the prospectus of the
Trust, the Managing Owner has agreed to pay all costs of the Trust, and the Trust therefore bears no direct obligation to its independent
registered public accounting firm.

 FEE CATEGORY

 2024

 2023

 Audit Fees(1)

 $
 105,000

 $
 105,000

 Audit-Related Fees(2)

 $
 -

 $
 -

 Tax Fees(3)

 $
 15,000

 $
 15,000

 All Other Fees(4)

 $
 -

 $
 -

 TOTAL FEES

 $
 120,000

 $
 120,000

 (1)
 Audit Fees consist of fees for professional services rendered for the audit of the Trust's financial statements and review of financial
statements included in the Trust's quarterly reports, as well as services normally provided by the independent accountant in connection
with statutory and regulatory filings or engagements.

 (2)
 Audit-Related
Fees consist of fees for assurance and related services by Spicer Jeffries LLP that are reasonably related to the performance of the
audit or review of the Trust's financial statements and are not reported under "Audit Fees," above.

 (3)
 Tax
Fees consist of fees for professional services rendered for tax compliance, tax advice and tax planning.

 (4)
 All
Other Fees consist of any fees not otherwise reported in this table

 The Managing Owner approved
all the services provided by Spicer Jeffries LLP to the Trust described above. The Managing Owner has determined that the payments made
to Spicer Jeffries LLP for these services during 2024 and 2023 are compatible with maintaining that firm's independence. The Managing
Owner pre-approves all audit and allowed non-audit services of the Trust's independent registered public accounting firm, including
all engagement fees and terms.

 Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.

 (a)(1) and (2)

 The response to these portions of Item 15 is submitted as a separate section of this report commencing on page F-1.

 (a)(3)

 Exhibits (numbered in accordance with Item 601 of Regulation S-K).

 1.1

 Form of selling agent Agreement among the Registrant, Frontier Fund Management, LLC and the selling agents****

 1.2

 Form of Amendment Agreement among the Registrant, Frontier Fund Management, LLC and the selling agents**

 1.3

 Form of Amendment Agreement among the Registrant, Frontier Fund Management, LLC and the selling agents***

 1.4

 Form of Amendment Agreement among the Registrant, Frontier Fund Management, LLC and the selling agents***

 1.5

 Form of Amendment Agreement among the Registrant, Frontier Fund Management, LLC and the selling agents****

 1.6

 Form of Amendment Agreement among the Registrant, Frontier Fund Management, LLC and the selling agents****

 4.1

 Restated Declaration of Trust and Second Amended and Restated Trust and Trust Agreement of the Registrant +++

 4.11

 First Amendment to Second Amended and Restated Trust and Trust Agreement of the Registrant++++

 4.2

 Form of Subscription Agreement (annexed to the Prospectus as Exhibit B)****

 4.3

 Form of Exchange Request (annexed to the Prospectus as Exhibit C)****

 4.4

 Form of Request for Redemption (annexed to the Prospectus as Exhibit D)****

 4.5

 Form of Request for Additional Subscription (annexed to the Prospectus as Exhibit E)****

 4.6

 Form of Application for Transfer of Ownership / Re-registration Form (annexed to the Prospectus as Exhibit F)****

 4.7

 Form of Privacy Notice (annexed to the Prospectus as Exhibit G)****

 4.8

 Description of Registrant's Securities ####

 10.21

 Form of Brokerage Agreement between each Trading Company and Banc of America Futures Incorporated*

 10.22

 Form of Brokerage Agreement between the Managing Owner, acting as agent on behalf of certain Trading Companies, and Deutsche Bank AG London**

 10.23

 Form of Brokerage Agreement between each Trading Company and Man Financial Inc. ***

 10.24

 Form of Amendment Agreement between the Managing Owner, acting as agent on behalf of certain Trading Companies, and Deutsche Bank AG London***

 10.3

 Form of Advisory Agreement among the Registrant, the Trading Company, Frontier Fund Management LLC, and each Trading Advisor****

 10.32

 Form of License Agreement among Jefferies Financial Products, LLC, Reuters America LLC, the Registrant and Frontier Fund Management LLC***

 10.33

 Form of License Agreement among Jefferies Financial Products, the Registrant and Frontier Fund Management LLC***

 10.34

 Form of Guaranty made by Jefferies Group, Inc. in favor of Frontier Trading Company VIII, LLC***

 10.35

 Form of International Swaps and Derivatives Association Master Agreement, including all Schedules thereto and the Credit Support Annex thereto entered into for the Currency Series of the Registrant***

 10.37

 Form of International Swaps and Derivatives Association Master Agreement, including all Schedules thereto and the Credit Support Annex thereto entered into for the Frontier Balanced Fund of the Registrant+

 10.4

 Form of Cash Management Agreement between Frontier Fund Management LLC and Merrill Lynch**

 10.41

 Form of Cash Management Agreement between Frontier Fund Management LLC and STW Fixed Income Management Ltd.***

 10.5

 Form of single-member limited liability company operating agreement governing each Trading Company***

 10.6

 Form of Platform Agreement among Galaxy Plus Fund LLC, Gemini Alternative Funds, LLC and the Trust#

 10.7

 Form of Fund Services Agreement between the Trust and Gemini Fund Services, LLC##

 10.8

 Form of Administrative Services Agreement between Gemini Hedge Fund Services, LLC and the Managing Owner###

 21.1

 Subsidiaries of Registrant. (filed herewith)

 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 Principal 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)

 99.1

 Prospectus of Frontier Funds ++

 101.INS^

 101.SCH^

 101.CAL^

 101.DEF^

 101.LAB^

 101.PRE^

 104^

 *

 Previously filed as like-numbered exhibit to the initial filing or the first, second, third or fourth pre-effective amendment or the first or second post-effective amendment to Registration Statement No. 333-108397 and incorporated by reference herein.

 **

 Previously filed as like-numbered exhibit to the initial filing or the first pre-effective amendment or the first or second post-effective amendment to Registration Statement No. 333-119596 and incorporated by reference herein.

 ***

 Previously filed as like-numbered exhibit to the initial filing or the first pre-effective amendment or the first post-effective amendment to Registration Statement No. 333-129701 and incorporated by reference herein.

 ****

 Previously filed as like-numbered exhibit to the initial filing or the first pre-effective amendment or the first post-effective amendment to Registration Statement No. 333-140240 and incorporated by reference herein.

 +

 Previously filed as like-numbered exhibit on Form 10-Q for the period ended June 30, 2008.

 ++

 Previously filed on February 11, 2019 pursuant to Rule 424(b)(3) of the Securities Act (File No. 333-210313).

 +++

 Previously filed as Exhibit 3.2 on Form 8-K, filed on December 11, 2013.

 ++++

 Previously filed as Exhibit 4.1 on Form 8-K, filed on March 10, 2017.

 #

 Previously filed as Exhibit 10.1 on Form 8-K, filed on October 19, 2016.

 ##

 Previously filed as Exhibit 10.2 on Form 8-K, filed on October 19, 2016.

 ###

 Previously filed as Exhibit 10.3 on Form 8-K, filed on October 19, 2016.

 ####

 Previously filed as Exhibit 4.8 on Form 10-K for the period ended December 31, 2019, filed on March 30, 2020.

 ^

 Submitted electronically herewith.

TO THE SERIES FINANCIAL STATEMENTS

 Report of Independent Registered Public Accounting Firm (PCAOB ID # 349)

 Consolidated Statements of Financial Condition as of December 31, 2024 and 2023

 Consolidated Condensed Schedules of Investments as of December 31, 2024

 Consolidated Condensed Schedules of Investments as of December 31, 2023

 Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022

 Consolidated Statements of Changes in Owners' Capital for the years ended December 31, 2024, 2023 and 2022

 Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022

 Notes to Consolidated Financial Statements

 INDEX TO THE TRUST FINANCIAL STATEMENTS (1)

 Report of Independent Registered Public Accounting Firm

 Combined Consolidated Statements of Financial Condition as of December 31, 2024 and 2023

 Combined Consolidated Condensed Schedule of Investments as of December 31, 2024

 Combined Consolidated Condensed Schedule of Investments as of December 31, 2023

 Combined Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022

 Combined Consolidated Statements of Changes in Owners' Capital for the years ended December 31, 2024, 2023 and 2022

 Combined Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022

 Notes to Combined Consolidated Financial Statements

 F- 1

TO TRADING COMPANY FINANCIAL STATEMENTS (2)

 Statements of Financial Condition as of December 31, 2024 and 2023

 Condensed Schedules of Investments as of December 31, 2024

 Condensed Schedules of Investments as of December 31, 2023

 Statements of Operations for the years ended December 31, 2024, 2023 and 2022

 Statements of Changes in Members' Equity for the years ended December 31, 2024, 2023 and 2022

 Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022

TO GALAXY PLUS FUND FINANCIAL STATEMENTS (3)

 Financial Report for Galaxy Plus Fund LLC

 Financial Report for Galaxy Plus Fund – Quantica Managed Futures Master Fund (507) LLC

 F- 110

 Financial Report for Galaxy Plus Fund – FORT Contrarian Master Fund (510) LLC

 Financial Report for Galaxy Plus Fund – Quest Master Fund (517) LLC

 Financial Report for Galaxy Plus Fund – Rosetta Program Master Fund (522) LLC (formerly known as Galaxy Plus Fund - LRR Master Fund (522) LLC)

 Financial Report for Galaxy Plus Fund – QIM Master Fund (526) LLC

 Financial Report for Galaxy Plus Fund – Aspect Master Fund (532) LLC

 Financial Report for Galaxy Plus Fund – Welton Master Fund (538) LLC

 Financial Report for Galaxy Plus Fund – Horizon3 Master Fund (577) LLC

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

 (2)
 The
Trust holds a majority of the equity interests in the various Trading Companies, which are the trading vehicles established for the various
Series of Units of the Trust. In the financial statements of the Trust, Trading Companies in which a Series has a majority equity interest
are consolidated by such Series, and investments in Trading Companies in which a Series does not have a controlling or majority interest
are accounted for under the equity method of accounting, which approximates fair value and are carried in the statement of financial
condition of such Series at fair value. In addition, financial statements of each of the unconsolidated Trading Companies are included
in accordance with Rule 3-09 of Regulation S-X under the Securities Act of 1933, as amended.. Inclusion of these financial statements
may or may not be required pursuant to Rule 3-09 of Regulation S-X under the Securities Act of 1933, financial statements of each consolidated
Trading Company of the Trust are also included in the interest of providing a more complete presentation.

 (3)
statements of each of the Galaxy Plus entities are included in accordance with Rule 3-09 of Regulation S-X under the Securities Act of
1933, as amended. Inclusion of these financial statements may or may not be required pursuant to Rule 3-09 of Regulation S-X under the
Securities Act of 1933, financial statements of the Galaxy Plus entities are also included in the interest of providing a more complete
presentation.

 F- 2

 REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 To the Unitholders and the Executive Committee of Frontier
Funds

 Opinion on the Financial Statements

 We have audited the accompanying consolidated
statements of financial condition of Frontier Diversified Fund, Frontier Long/Short Commodity Fund, Frontier Masters Fund, Frontier Balanced
Fund, Frontier Select Fund, Frontier Global Fund, and Frontier Heritage Fund (collectively the "Series") including the consolidated
schedules of investments, as of December 31, 2024 and 2023, and the related consolidated statements of operations, changes in owners'
capital and cash flows for the years ended December 31, 2024, 2023 and 2022, and the related notes (collectively referred to as the "financial
statements"). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial
position of the Series as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years ended December
31, 2024, 2023 and 2022, in conformity with accounting principles generally accepted in the United States of America.

 These financial statements are the responsibility
of the Series' management. Our responsibility is to express an opinion on the Series' financial statements based on our audits.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.

 We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Series is not required to have, nor were we engaged to
perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Series'
internal control over financial reporting. Accordingly, we express no such opinion.

 Our audits of the financial statements included
performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for
our opinion.

 Critical Audit Matters

 Critical audit matters are matters arising from
the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and
that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,
subjective, or complex judgments. We determined that there are no critical audit matters.

 /s/ Spicer Jeffries LLP

 We have served as auditor of the Frontier Funds Trust since 2019.

 March 31, 2025

 F- 3

 The

Statements of Financial Condition

31, 2024 and December 31, 2023

 Cash and cash equivalents

 $
 30,763

 $
 98,119

 $
 17,336

 $
 25,514

 $
 17,526

 $
 50,991

 U.S. Treasury securities, at fair value

 1,945

 5,543

 1,096

 1,441

 1,108

 2,881

 924,439

 1,386,373

 269,394

 341,384

 239,475

 675,568

 8,598

 $
 980,438

 $
 1,523,482

 $
 300,952

 $
 377,037

 $
 271,379

 $
 746,822

 LIABILITIES & CAPITAL

 $
 -

 $
 -

 $
 -

 $
 -

 $

 $

 Redemptions payable

 -

 21,822

 -

 2,601

 -

 3,057

 4,735

 1,767

 2,617

 1,896

 22,650

 22,650

 31,725

 31,725

 Total Liabilities

 26,100

 49,694

 33,711

 37,075

 1,314

 3,053

 CAPITAL

 Managing Owner - Class 2

 5,409

 6,030

 3,110

 3,523

 Managing Owner - Class 2a

 -

 -

 -

 -

 3,909

 6,271

 Managing Owner - Class 3

 7,684

 9,964

 -

 -

 -

 Managing Owner - Class 3a

 -

 -

 -

 -

 Limited Owner - Class 2

 131,392

 195,936

 64,129

 72,663

 4,984

 7,743

 Limited Owner - Class 2a

 -

 -

 -

 -

 8,890

 33,166

 Limited Owner - Class 3

 809,853

 1,261,858

 200,002

 262,938

 191,887

 590,578

 Limited Owner - Class 3a

 -

 -

 -

 -

 59,471

 104,596

 Total Owners' Capital

 954,338

 1,473,788

 267,241

 339,962

 270,065

 743,769

 Total Capital

 954,338

 1,473,788

 267,241

 339,962

 270,065

 743,769

 Total Liabilities and Capital

 $
 980,438

 $
 1,523,482

 $
 300,952

 $
 377,037

 $
 271,379

 $
 746,822

 Units Outstanding

 2,237

 2,962

 1,165

 1,165

 N/A

 N/A

 N/A

 N/A

 14,128

 19,765

 3,648

 4,257

 3,906

 7,739

 N/A

 N/A

 N/A

 N/A

 1,777

 2,052

 Net Asset Value per Unit

 $
 61.16

 $
 68.18

 $
 57.71

 $
 65.39

 $
 46.82

 $
 72.74

 N/A

 N/A

 N/A

 N/A

 $
 31.72

 $
 48.36

 $
 57.87

 $
 64.35

 $
 54.82

 $
 61.96

 $
 49.12

 $
 76.31

 N/A

 N/A

 N/A

 N/A

 $
 33.81

 $
 51.42

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

 F- 4

 The

Statements of Financial Condition

31, 2024 and December 31, 2023

 Cash and cash equivalents

 $
 76,744

 $
 230,796

 $
 23,606

 $
 91,807

 U.S. Treasury securities, at fair value

 4,851

 13,038

 1,492

 5,186

 -

 -

 -

 3,616,091

 4,430,486

 563,791

 688,250

 $
 3,755,793

 $
 5,522,379

 $
 606,762

 $
 816,539

 LIABILITIES & CAPITAL

 Open trade deficit, at fair value

 $
 -

 $

 $
 -

 $
 -

 Incentive fees payable to Managing Owner

 -

 -

 -

 Management fees payable to Managing Owner

 -

 2,440

 -

 -

 5,929

 8,793

 1,478

 1,878

 13,196

 20,160

 2,202

 2,305

 Risk analysis fees payable

 -

 11,307

 -

 -

 416,816

 405,698

 22,838

 22,558

 Total Liabilities

 437,548

 465,254

 27,009

 27,464

 CAPITAL

 Managing Owner - Class 2

 29,935

 34,646

 6,712

 8,611

 Managing Owner - Class 2a

 13,359

 18,194

 -

 -

 Limited Owner - Class 1

 2,478,195

 3,815,001

 541,125

 733,700

 Limited Owner - Class 1AP

 42,095

 48,720

 6,004

 7,018

 Limited Owner - Class 2

 620,599

 855,248

 25,912

 39,746

 Limited Owner - Class 3a

 134,062

 285,316

 -

 -

 Total Owners' Capital

 3,318,245

 5,057,125

 579,753

 789,075

 Total Capital

 3,318,245

 5,057,125

 579,753

 789,075

 Total Liabilities and Capital

 $
 3,755,793

 $
 5,522,379

 $
 606,762

 $
 816,539

 Units Outstanding

 47,196

 60,916

 14,181

 15,961

 6,726

 7,950

 N/A

 N/A

 1,595

 2,938

 N/A

 N/A

 Net Asset Value per Unit

 $
 52.51

 $
 62.63

 $
 38.16

 $
 45.97

 $
 71.72

 $
 83.01

 $
 52.17

 $
 60.98

 $
 96.71

 $
 111.93

 $
 69.23

 $
 80.92

 $
 84.35

 $
 97.44

 N/A

 N/A

 $
 84.06

 $
 97.10

 N/A

 N/A

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

 F- 5

 The

Statements of Financial Condition

31, 2024 and December 31, 2023

 Cash and cash equivalents

 $
 43,072

 $
 85,804

 $
 56,774

 $
 88,561

 U.S. Treasury securities, at fair value

 2,723

 4,847

 3,589

 5,003

 985,419

 1,156,895

 1,149,833

 1,634,716

 $
 1,063,825

 $
 1,276,795

 $
 1,253,184

 $
 1,758,469

 LIABILITIES & CAPITAL

 $

 $

 $

 $

 2,105

 2,704

 2,495

 3,484

 3,984

 5,301

 4,540

 6,943

 166,099

 164,567

 90,620

 86,405

 Total Liabilities

 173,017

 173,379

 98,753

 97,669

 CAPITAL

 Managing Owner - Class 2

 10,129

 11,205

 13,334

 17,591

 Limited Owner - Class 1

 859,439

 1,069,125

 1,064,870

 1,483,520

 Limited Owner - Class 1AP

 -

 -

 7,282

 9,007

 Limited Owner - Class 2

 21,240

 23,086

 68,945

 150,682

 Total Owners' Capital

 890,808

 1,103,416

 1,154,431

 1,660,800

 Total Capital

 890,808

 1,103,416

 1,154,431

 1,660,800

 Total Liabilities and Capital

 $
 1,063,825

 $
 1,276,795

 $
 1,253,184

 $
 1,758,469

 Units Outstanding

 7,152

 7,943

 12,751

 13,937

 -

 -

 Net Asset Value per Unit

 $
 120.17

 $
 134.60

 $
 83.51

 $
 106.45

 N/A

 N/A

 $
 114.16

 $
 141.20

 $
 204.73

 $
 222.53

 $
 152.78

 $
 188.97

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

 F- 6

 The

 Fair

 Fair

 Fair

 Value

 Value

 Value

 $
 200,783

 21.04
 %

 $
 -

 0.00
 %

 $
 -

 0.00
 %

 107,734

 11.29
 %

 -

 0.00
 %

 -

 0.00
 %

 97,625

 10.23
 %

 48,601

 18.19
 %

 -

 0.00
 %

 215,875

 22.62
 %

 -

 0.00
 %

 -

 0.00
 %

 204,509

 21.43
 %

 177,375

 66.37
 %

 -

 0.00
 %

 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
 %

 $
 924,439

 96.87
 %

 $
 269,394

 100.81
 %

 $
 239,475

 88.67
 %

 $

 2.42
 %

 $

 4.88
 %

 $

 4.88
 %

 $

 2.42
 %

 $

 4.88
 %

 $

 4.88
 %

 U.S. TREASURY SECURITIES (1)

 $
 1,945

 0.20
 %

 $
 1,096

 0.41
 %

 $
 1,108

 0.41
 %

 $
 1,909

 $
 1,076

 $
 1,088

 Cost

 Cost

 Cost

 $
 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.

 F- 7

 The

 Fair

 Fair

 Value

 Value

 $
 267,881

 8.07
 %

 $
 -

 0.00
 %

 462,054

 13.92
 %

 -

 0.00
 %

 500,760

 15.09
 %

 333,552

 57.53
 %

 780,969

 23.54
 %

 -

 0.00
 %

 1,082,825

 32.63
 %

 -

 0.00
 %

 293,875

 8.86
 %

 140,978

 24.32
 %

 227,727

 6.86
 %

 89,261

 15.40
 %

 $
 3,616,091

 108.97
 %

 $
 563,791

 97.25
 %

 $

 1.74
 %

 $

 3.06
 %

 $

 1.74
 %

 $

 3.06
 %

 U.S. TREASURY SECURITIES (1)

 $
 4,851

 0.15
 %

 $
 1,492

 0.26
 %

 $
 4,764

 $
 1,465

 Cost

 Cost

 $
 5,078

 $
 1,562

 (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.

 F- 8

 The

 Global Fund

 Heritage Fund

 Fair

 Fair

 Value

 Value

 $
 985,419

 110.62
 %

 $
 793,570

 68.74
 %

 -

 -

 130,134

 11.27
 %

 -

 -

 226,129

 19.59
 %

 $
 985,419

 110.62
 %

 $
 1,149,833

 99.60
 %

 $

 3.64
 %

 $

 3.70
 %

 $

 3.64
 %

 $

 3.70
 %

 U.S. TREASURY SECURITIES (1)

 $
 2,723

 0.31
 %

 $
 3,589

 0.31
 %

 $
 2,674

 $
 3,524

 Cost

 Cost

 $
 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.

 F- 9

 Consolidated Condensed Schedules of Investments

 Fair
 Value

 % of
 Total

 (Net Asset

 Value)

 Fair
 Value

 %
 of Total

 (Net Asset

 Value)

 Fair
 Value

 % of
 Total

(Net Asset

 Value)

 $
 181,025

 12.28
 %

 $
 -

 0.00
 %

 $
 -

 0.00
 %

 117,743

 7.99
 %

 -

 0.00
 %

 -

 0.00
 %

 107,501

 7.29
 %

 83,565

 24.58
 %

 -

 0.00
 %

 403,570

 27.38
 %

 -

 0.00
 %

 -

 0.00
 %

 332,437

 22.56
 %

 184,610

 54.30
 %

 -

 0.00
 %

 244,097

 16.56
 %

 73,209

 21.53
 %

 195,171

 26.24
 %

 Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC

 -

 0.00
 %

 -

 0.00
 %

 149,233

 20.06
 %

 Plus Fund - Rosetta Program Feeder Fund (522) LLC (formerly known as Galaxy Plus Fund -
 LRR Feeder Fund (522) LLC)

 -

 0.00
 %

 -

 0.00
 %

 331,164

 44.53
 %

 Total

 $
 1,386,373

 94.06
 %

 $
 341,384

 100.41
 %

 $
 675,568

 90.83
 %

 $

 2.24
 %

 $
 8,598

 2.53
 %

 $

 2.31
 %

 Total

 $

 2.24
 %

 $
 8,598

 2.53
 %

 $

 2.31
 %

 U.S. TREASURY SECURITIES (1)

 $
 5,543

 0.38
 %

 $
 1,441

 0.42
 %

 $
 2,881

 0.39
 %

 $
 5,333

 $
 1,387

 $
 2,771

 Cost

 Cost

 Cost

 $
 5,684

 $
 1,478

 $
 2,954

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

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

 F- 10

 Consolidated Condensed Schedules of Investments

 Fair

Value

 %
 of Total Capital

 Fair

Value

 %
 of Total Capital

 SHORT FUTURES CONTRACTS*

 Various base metals futures contracts (U.S.)

 $
)

 - 0.29
 %

 $
 -

 0.00
 %

 Total Short Futures Contracts

 $
)

 - 0.29
 %

 $
 -

 0.00
 %

 Total Open Trade Equity (Deficit)

 $
)

 - 0.29
 %

 $
 -

 0.00
 %

 $
 256,616

 5.07
 %

 $
 -

 0.00
 %

 510,709

 10.10
 %

 -

 0.00
 %

 573,404

 11.34
 %

 322,247

 40.84
 %

 1,174,679

 23.23
 %

 -

 0.00
 %

 1,255,982

 24.84
 %

 -

 0.00
 %

 659,096

 13.03
 %

 366,003

 46.38
 %

 $
 4,430,486

 87.61
 %

 $
 688,250

 87.22
 %

 $

 1.54
 %

 $

 3.92
 %

 $

 1.54
 %

 $

 3.92
 %

 U.S. TREASURY SECURITIES
 (1)

 $
 13,038

 0.26
 %

 $
 5,186

 0.66
 %

 $
 12,543

 $
 4,990

 Additional Disclosure on U.S. Treasury
 Securities

 Cost

 Cost

 $
 13,370

 $
 5,319

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

 (1)

 See Note 2 to the Consolidated Financial Statements.

 (2)

 See Note 5 to the Consolidated Financial Statements.

 F- 11

 Consolidated Condensed Schedules of Investments

 Global
 Fund

 Heritage
 Fund

 Fair
 Value

 %
 of Total Capital
 (Net
 Asset Value)

 Fair
 Value

 %
 of Total Capital
 (Net
 Asset Value)

 $
 1,156,895

 104.85
 %

 $
 1,415,114

 85.21
 %

 -

 -

 219,602

 13.22
 %

 $
 1,156,895

 104.85
 %

 $
 1,634,716

 98.43
 %

 $

 2.62
 %

 $

 1.80
 %

 $

 2.62
 %

 $

 1.80
 %

 U.S. TREASURY SECURITIES
 (1)

 $
 4,847

 0.44
 %

 $
 5,003

 0.30
 %

 $
 4,663

 $
 4,813

 Cost

 Cost

 $
 4,971

 $
 5,131

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

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

 F- 12

 Consolidated Statements of Operations

2022

 Interest - net

 $
 3,987

 $
 4,856

 $
 6,281

 $
 1,602

 $
 2,575

 $
 2,815

 $
 2,084

 $
 3,665

 $
 3,427

 Total Income

 3,987

 4,856

 6,281

 1,602

 2,575

 2,815

 2,084

 3,665

 3,427

 Incentive Fees (rebate)

 -

 -

 ( 13,788
)

 -

 -

 -

 -

 ( 5,126
)

 -

 Service Fees - Class 1

 1,128

 Due Diligence Fees

 1,568

 2,590

 4,073

 1,004

 47,393

 80,028

 123,260

 26,822

 36,622

 55,575

 13,422

 30,053

 41,502

 Total Expenses

 49,424

 83,415

 114,673

 27,454

 37,573

 57,142

 13,604

 25,372

 42,222

 Investment (loss) - net

 ( 45,437
)

 ( 78,559
)

 ( 108,392
)

 ( 25,852
)

 ( 34,998
)

 ( 54,327
)

 ( 11,520
)

 ( 21,707
)

 ( 38,795
)

 Realized and unrealized gain/(loss) on investments:

 Net unrealized gain/(loss) on private investment companies

 33,844

 ( 689,973
)

 168,307

 5,503

 ( 184,930
)

 192,089

 122,606

 ( 391,844
)

 243,664

 Net realized gain/(loss) on private investment companies

 ( 73,163
)

 28,768

 251,470

 ( 7,604
)

 16,030

 89,888

 ( 296,581
)

 ( 3,650
)

 56,892

 Net realized gain/(loss) on U.S. Treasury securities

 ( 1,856
)

 ( 4,347
)

 ( 7,623
)

 ( 749
)

 ( 2,274
)

 ( 3,779
)

 ( 1,160
)

 ( 3,178
)

 ( 5,686
)

 Net unrealized gain/(loss) on U.S. Treasury securities

 ( 317
)

 ( 2,303
)

 ( 798
)

 ( 89
)

 ( 4,078
)

 ( 653
)

 Change in fair value of investments in unconsolidated trading companies

 ( 3,120
)

 ( 1,912
)

 22,808

 ( 1,346
)

 1,339

 8,287

 ( 383
)

 9,033

 12,989

 ( 44,233
)

 ( 667,781
)

 432,659

 ( 4,175
)

 ( 170,633
)

 286,396

 ( 175,485
)

 ( 393,717
)

 307,206

 NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS

 ( 89,670
)

 ( 746,340
)

 324,267

 ( 30,027
)

 ( 205,631
)

 232,069

 ( 187,005
)

 ( 415,424
)

 268,411

 NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS
 ATTRIBUTABLE TO CONTROLLING INTERESTS

 $
 ( 89,670
)

 $
 ( 746,340
)

 $
 324,267

 $
 ( 30,027
)

 $
 ( 205,631
)

 $
 232,069

 $
 ( 187,005
)

 $
 ( 415,424
)

 $
 268,411

 NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO
 CONTROLLING INTERESTS PER UNIT

 N/A

 N/A

 N/A

 N/A

 N/A

 N/A

 N/A

 N/A

 N/A

 Class 1a

 N/A

 N/A

 N/A

 N/A

 N/A

 N/A

 N/A

 N/A

 N/A

 $
 ( 7.02
)

 $
 ( 28.19
)

 $
 7.39

 $
 ( 7.68
)

 $
 ( 29.25
)

 $
 24.47

 $
 ( 25.92
)

 $
 ( 36.91
)

 $
 19.68

 N/A

 N/A

 N/A

 N/A

 N/A

 N/A

 $
 ( 16.64
)

 $
 ( 23.57
)

 $
 13.18

 $
 ( 6.48
)

 $
 ( 26.37
)

 $
 7.16

 $
 ( 7.14
)

 $
 ( 27.49
)

 $
 23.30

 $
 ( 27.19
)

 $
 ( 38.72
)

 $
 20.65

 N/A

 N/A

 N/A

 N/A

 N/A

 N/A

 $
 ( 17.61
)

 $
 ( 24.87
)

 $
 14.13

 F- 13

 Consolidated Statements of Operations

2022

 Interest - net

 $

 $
 4,784

 $
 -

 $
 -

 $
 -

 $
 -

 Total Income/(loss)

 4,784

 -

 -

 -

 -

 Incentive Fees (rebate)

 -

 -

 213,064

 -

 -

 -

 Interest - net

 -

 -

 1,626

 -

 -

 -

 -

 16,237

 18,115

 -

 -

 -

 Service Fees - Class 1

 105,197

 163,312

 263,174

 21,200

 30,349

 53,197

 Risk analysis Fees

 -

 6,391

 5,434

 -

 -

 -

 214,034

 316,070

 475,553

 31,106

 35,241

 60,136

 Total Expenses

 319,231

 502,010

 976,966

 52,306

 65,590

 113,333

 Investment (loss) - net

 ( 318,710
)

 ( 497,226
)

 ( 976,966
)

 ( 52,306
)

 ( 65,590
)

 ( 113,333
)

 Realized and unrealized gain/(loss) on investments:

 Net realized gain/(loss) on futures, forwards and options

 -

 ( 322,226
)

 -

 -

 -

 Net unrealized gain/(loss) on private investment companies

 ( 161,431
)

 ( 2,487,297
)

 1,673,486

 ( 70,057
)

 ( 514,228
)

 345,213

 Net realized gain/(loss) on private investment companies

 ( 74,921
)

 176,701

 666,011

 5,594

 73,108

 ( 42,378
)

 Net change in open trade equity/(deficit)

 -

 ( 16,104
)

 ( 13,166
)

 -

 -

 -

 Net realized gain/(loss) on U.S. Treasury securities

 ( 4,951
)

 ( 12,643
)

 ( 27,240
)

 ( 1,487
)

 ( 3,410
)

 ( 4,946
)

 Net unrealized gain/(loss) on U.S. Treasury securities

 ( 26
)

 ( 1,105
)

 8,388

 ( 1,243
)

 ( 454
)

 Trading commissions

 -

 ( 10,773
)

 ( 8,536
)

 -

 -

 -

 Change in fair value of investments in unconsolidated trading companies

 ( 11,820
)

 ( 5,357
)

 44,604

 ( 1,083
)

 2,162

 11,659

 ( 253,149
)

 ( 2,678,804
)

 3,151,174

 ( 66,997
)

 ( 443,611
)

 309,094

 NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM
 OPERATIONS

 ( 571,859
)

 ( 3,176,030
)

 2,174,208

 ( 119,303
)

 ( 509,201
)

 195,761

 NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS
 ATTRIBUTABLE TO CONTROLLING INTERESTS

 $
 ( 571,859
)

 $
 ( 3,176,030
)

 $
 2,174,208

 $
 ( 119,303
)

 $
 ( 509,201
)

 $
 195,761

 NET INCREASE/(DECREASE) IN CAPITAL
 RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT

 $
 ( 10.12
)

 $
 ( 36.54
)

 $
 16.35

 $
 ( 7.81
)

 $
 ( 25.26
)

 $
 7.84

 $
 ( 11.29
)

 $
 ( 44.55
)

 $
 24.18

 $
 ( 8.81
)

 $
 ( 30.73
)

 $
 12.50

 $
 ( 15.22
)

 $
 ( 60.08
)

 $
 32.61

 $
 ( 11.69
)

 $
 ( 40.78
)

 $
 16.60

 $
 ( 13.09
)

 $
 ( 52.03
)

 $
 28.49

 N/A

 N/A

 N/A

 $
 ( 13.04
)

 $
 ( 51.86
)

 $
 28.39

 N/A

 N/A

 N/A

 F- 14

 Consolidated Statements of Operations

 For the Years Ended December 31, 2024,
2023, 2022

 Global Fund

 Heritage Fund

 income:

 - net

 $
 -

 $
 -

 $
 -

 $
 -

 $
 -

 $
 -

 Total
 Income

 -

 -

 -

 -

 -

 -

 Service
 Fees - Class 1

 35,061

 53,005

 84,304

 41,455

 63,432

 92,170

 Trading
 Fees

 64,999

 97,276

 148,079

 71,470

 105,647

 140,566

 Total

 100,060

 150,281

 232,383

 112,925

 169,079

 232,736

 (loss) - net

 ( 100,060
)

 ( 150,281
)

 ( 232,383
)

 ( 112,925
)

 ( 169,079
)

 ( 232,736
)

 and unrealized gain/(loss) on investments:

 Net
 unrealized gain/(loss) on private investment companies

 ( 92,041
)

 ( 992,864
)

 962,203

 ( 271,069
)

 ( 951,657
)

 906,091

 Net
 realized gain/(loss) on private investment companies

 114,253

 605,108

 671,439

 85,696

 290,112

 461,959

 Net
 realized gain/(loss) on U.S. Treasury securities

 ( 1,723
)

 3,229

 ( 6,920
)

 ( 2,077
)

 ( 2,930
)

 ( 6,217
)

 Net
 unrealized gain/(loss) on U.S. Treasury securities

 ( 1,779
)

 6,298

 ( 1,944
)

 in fair value of investments in unconsolidated trading companies

 ( 3,719
)

 ( 21,944
)

 18,002

 ( 5,047
)

 ( 21,537
)

 16,570

 Net
 gain/(loss) on investments

 16,791

 ( 405,523
)

 1,642,945

 ( 192,461
)

 ( 679,714
)

 1,376,459

 NET
 INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS

 ( 83,269
)

 ( 555,804
)

 1,410,562

 ( 305,386
)

 ( 848,793
)

 1,143,723

 NET
 INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS

 $
 ( 83,269
)

 $
 ( 555,804
)

 $
 1,410,562

 $
 ( 305,386
)

 $
 ( 848,793
)

 $
 1,143,723

 NET
 INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT

 Class

 $
 ( 14.43
)

 $
 ( 50.67
)

 $
 75.82

 $
 ( 22.94
)

 $
 ( 47.69
)

 $
 50.71

 Class
 1AP

 N/A

 N/A

 N/A

 $
 ( 27.04
)

 $
 ( 57.22
)

 $
 69.23

 Class

 $
 ( 17.80
)

 $
 ( 74.72
)

 $
 126.85

 $
 ( 36.19
)

 $
 ( 76.58
)

 $
 92.64

 F- 15

 Consolidated Statements of Changes in Owners'

2022

 Non-

 Non-

 Total

 Total

 Owners' Capital, December 31, 2021

 $
 7,870

 $
 373,647

 $
 22,677

 $
 2,628,946

 $
 -

 $
 3,033,140

 $
 3,781

 $
 194,618

 $
 3,933

 $
 505,342

 $
 -

 $
 707,674

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 ( 15,125
)

 ( 4,800
)

 ( 473,510
)

 -

 $
 ( 493,435
)

 -

 ( 69,840
)

 ( 3,150
)

 ( 170,633
)

 -

 ( 243,623
)

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 Capital resulting from operations attributable to controlling interests

 34,134

 2,556

 286,924

 -

 324,267

 1,319

 52,324

 1,431

 176,995

 -

 232,069

 Owners' Capital, December 31, 2022

 $
 8,523

 $
 392,656

 $
 20,433

 $
 2,442,360

 $
 -

 $
 2,863,972

 $
 5,100

 $
 177,102

 $
 2,214

 $
 511,704

 $
 -

 $
 696,120

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 ( 97,165
)

 ( 5,500
)

 ( 541,179
)

 -

 ( 643,844
)

 -

 ( 55,886
)

 ( 900
)

 ( 93,741
)

 -

 ( 150,527
)

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 Capital resulting from operations attributable to controlling interests

 ( 2,493
)

 ( 99,555
)

 ( 4,969
)

 ( 639,323
)

 -

 ( 746,340
)

 ( 1,577
)

 ( 48,553
)

 ( 476
)

 ( 155,025
)

 -

 ( 205,631
)

 Owners' Capital, December 31, 2023

 $
 6,030

 $
 195,936

 $
 9,964

 $
 1,261,858

 $
 -

 $
 1,473,788

 $
 3,523

 $
 72,663

 $

 $
 262,938

 $
 -

 $
 339,962

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 ( 52,473
)

 ( 1,400
)

 ( 375,907
)

 -

 ( 429,780
)

 -

 -

 ( 830
)

 ( 41,864
)

 -

 ( 42,694
)

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 Net increase/(decrease)

 in Owners'

 Capital resulting

 from operations attributable to controlling interests

 ( 621
)

 ( 12,071
)

 ( 880
)

 ( 76,098
)

 -

 ( 89,670
)

 ( 413
)

 ( 8,534
)

 ( 8
)

 ( 21,072
)

 -

 ( 30,027
)

 Owners' Capital, December 31, 2024

 $
 5,409

 $
 131,392

 $
 7,684

 $
 809,853

 $
 -

 $
 954,338

 $
 3,110

 $
 64,129

 $
 -

 $
 200,002

 $
 -

 $
 267,241

 Owners' Capital - Units, December 31, 2021

 4,199

 31,462

 -

 36,021

 2,775

 7,639

 -

 10,527

 Sale of Units (including transfers)

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 ( 125
)

 ( 46
)

 ( 4,541
)

 -

 ( 4,712
)

 -

 ( 903
)

 ( 35
)

 ( 1,919
)

 -

 ( 2,857
)

 Owners' Capital - Units, December 31, 2022

 4,074

 26,921

 -

 31,309

 1,872

 5,720

 -

 7,670

 Sale of Units (including transfers)

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 ( 1,201
)

 ( 70
)

 ( 7,311
)

 -

 ( 8,582
)

 -

 ( 760
)

 ( 11
)

 ( 1,477
)

 -

 ( 2,248
)

 Owners' Capital - Units, December 31, 2023

 2,873

 19,610

 -

 22,727

 1,112

 4,243

 -

 5,422

 Sale of Units (including transfers)

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 ( 725
)

 ( 22
)

 ( 5,615
)

 -

 ( 6,362
)

 -

 -

 ( 14
)

 ( 595
)

 -

 ( 609
)

 Owners' Capital - Units, December 31, 2024

 2,148

 13,995

 -

 16,365

 1,112

 -

 3,648

 -

 4,813

 Net asset value per unit at December 31, 2021

 $
 88.98

 $
 83.56

 $
 70.17

 $
 66.15

 Change in net asset value per unit for the year ended December 31, 2022

 7.39

 7.16

 24.47

 23.30

 Net asset value per unit at December 31, 2022

 $
 96.37

 $
 90.72

 $
 94.64

 $
 89.45

 Change in net asset value per unit for the year ended December 31, 2023

 ( 28.19
)

 ( 26.37
)

 ( 29.25
)

 ( 27.49
)

 Net asset value per unit at December 31, 2023

 $
 68.18

 $
 64.35

 $
 65.39

 $
 61.96

 Change in net asset value per unit
 for the year ended December 31, 2024

 $
 ( 7.02
)

 $
 ( 6.48
)

 $
 ( 7.68
)

 $
 ( 7.14
)

 Net asset value per unit at December 31, 2024

 $
 61.16

 $
 57.87

 $
 57.71

 $
 54.82

 F- 16

 Consolidated Statements of Changes in Owners'

2022

 Class

 Class

 Class
 2a

 Class
 3a

 Non-

 Owner

 Owner

 Owner

 Total

 Capital, December 31, 2021

 $
 4,121

 $
 21,045

 $
 923,058

 $
 7,619

 $
 76,239

 $
 1,116

 $
 207,126

 $

 -

 $
 1,240,324

 ( 2,000
)

 -

 ( 120,894
)

 -

 ( 12,788
)

 -

 ( 10,780
)

 -

 ( 146,462
)

 Transfer
 of Units In(Out)

 -

 -

 -

 -

 -

 -

 -

 -

 -

 Net
 increase/(decrease) in Owners'

 -

 -

 -

 -

 -

 -

 -

 -

 -

 4,603

 195,931

 1,709

 17,238

 47,733

 -

 268,411

 Capital, December 31, 2022

 $
 3,065

 $
 25,648

 $
 998,095

 $
 9,328

 $
 80,689

 $
 1,369

 $
 244,079

 $
 -

 $
 1,362,273

 Sale

 -

 -

 -

 -

 -

 -

 -

 -

 -

 ( 1,850
)

 ( 11,488
)

 ( 91,605
)

 -

 ( 24,666
)

 -

 ( 73,471
)

 -

 ( 203,080
)

 Transfer
 of Units In(Out)

 -

 -

 -

 -

 -

 -

 -

 -

 -

 Net
 increase/(decrease) in Owners'

 -

 -

 -

 -

 -

 -

 -

 -

 -

 ( 723
)

 ( 6,417
)

 ( 315,912
)

 ( 3,057
)

 ( 22,857
)

 ( 446
)

 ( 66,012
)

 -

 ( 415,424
)

 Capital, December 31, 2023

 $

 $
 7,743

 $
 590,578

 $
 6,271

 $
 33,166

 $

 $
 104,596

 $
 -

 $
 743,769

 Sale

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 ( 256,605
)

 ( 300
)

 ( 18,188
)

 -

 ( 11,606
)

 -

 ( 286,699
)

 Transfer
 of Units In(Out)

 -

 -

 -

 -

 -

 -

 -

 -

 -

 Net
 increase/(decrease) in Owners'

 -

 -

 -

 -

 -

 -

 -

 -

 -

 ( 175
)

 ( 2,759
)

 ( 142,086
)

 ( 2,062
)

 ( 6,088
)

 ( 316
)

 ( 33,519
)

 -

 ( 187,005
)

 Capital, December 31, 2024

 $

 $
 4,984

 $
 191,887

 $
 3,909

 $
 8,890

 $

 $
 59,471

 $
 -

 $
 270,065

 Capital - Units, December 31, 2021

 9,780

 1,299

 3,333

 -

 14,839

 Sale

 -

 -

 -

 -

 -

 -

 -

 -

 ( 18
)

 -

 ( 1,103
)

 -

 ( 177
)

 -

 ( 134
)

 -

 ( 1,432
)

 Capital - Units, December 31, 2022

 8,677

 1,122

 3,199

 -

 13,407

 Sale

 -

 -

 -

 -

 -

 -

 -

 ( 21
)

 ( 128
)

 ( 938
)

 -

 ( 435
)

 -

 ( 1,165
)

 -

 ( 2,687
)

 Capital - Units, December 31, 2023

 7,739

 2,034

 -

 10,720

 Sale

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 ( 3,833
)

 ( 6
)

 ( 407
)

 -

 ( 275
)

 -

 ( 4,521
)

 Capital - Units, December 31, 2024

 3,906

 1,759

 -

 6,199

 Net
 asset value per unit at December 31, 2021

 $
 89.97

 $
 94.38

 $
 58.75

 $
 62.16

 in net asset value per unit for the year ended December 31, 2022

 19.68

 20.65

 13.18

 14.13

 Net
 asset value per unit at December 31, 2022

 $
 109.65

 $
 115.03

 $
 71.93

 $
 76.29

 in net asset value per unit for the year ended December 31, 2023

 ( 36.91
)

 ( 38.72
)

 ( 23.57
)

 ( 24.87
)

 Net
 asset value per unit at December 31, 2023

 $
 72.74

 $
 76.31

 $
 48.36

 $
 51.42

 in net asset value per unit for the year ended December 31, 2024

 $
 ( 25.92
)

 $
 ( 27.19
)

 $
 ( 16.64
)

 $
 ( 17.61
)

 Net
 asset value per unit at December 31, 2024

 $
 46.82

 $
 49.12

 $
 31.72

 $
 33.81

 F- 17

 Consolidated Statements of Changes in Owners'

2022

 Non-

 Controlling Interests

 Total

 Owners' Capital, December 31, 2021

 $
 7,471,841

 $
 66,027

 $
 43,148

 $
 1,489,930

 $
 56,328

 $
 -

 $
 381,759

 $
 -

 $
 9,509,033

 ( 2,018,252
)

 ( 7,580
)

 -

 ( 302,031
)

 ( 28,650
)

 -

 -

 -

 ( 2,356,513
)

 Owners' Capital resulting from operations attributable to controlling interests

 1,680,556

 16,422

 10,094

 361,645

 15,604

 -

 89,887

 -

 2,174,208

 Owners' Capital, December 31, 2022

 $
 7,134,145

 $
 74,869

 $
 53,242

 $
 1,549,544

 $
 43,282

 $
 -

 $
 471,646

 $
 -

 $
 9,326,728

 ( 853,070
)

 -

 -

 ( 199,732
)

 ( 13,000
)

 -

 ( 27,771
)

 -

 ( 1,093,573
)

 Owners' Capital resulting from operations attributable to controlling interests

 ( 2,466,074
)

 ( 26,149
)

 ( 18,596
)

 ( 494,564
)

 ( 12,088
)

 -

 ( 158,559
)

 -

 ( 3,176,030
)

 Owners' Capital, December 31, 2023

 $
 3,815,001

 $
 48,720

 $
 34,646

 $
 855,248

 $
 18,194

 $
 -

 $
 285,316

 $
 -

 $
 5,057,125

 ( 879,719
)

 -

 -

 ( 155,513
)

 ( 2,750
)

 -

 ( 129,039
)

 -

 ( 1,167,021
)

 Owners' Capital resulting from operations attributable to controlling interests

 ( 457,087
)

 ( 6,625
)

 ( 4,711
)

 ( 79,136
)

 ( 2,085
)

 -

 ( 22,215
)

 -

 ( 571,859
)

 Owners' Capital, December 31, 2024

 $
 2,478,195

 $
 42,095

 $
 29,935

 $
 620,599

 $
 13,359

 $
 -

 $
 134,062

 $
 -

 $
 3,318,245

 Owners' Capital - Units, December 31, 2021

 90,219

 10,688

 -

 3,166

 -

 105,488

 ( 18,283
)

 ( 52
)

 -

 ( 1,680
)

 ( 176
)

 -

 -

 -

 ( 20,191
)

 Owners' Capital - Units, December 31, 2022

 71,936

 9,008

 -

 3,166

 -

 85,297

 ( 11,020
)

 -

 -

 ( 1,368
)

 ( 103
)

 -

 ( 228
)

 -

 ( 12,719
)

 Owners' Capital - Units, December 31, 2023

 60,916

 7,640

 -

 2,938

 -

 72,578

 Sale of Units (including transfers)

 -

 -

 -

 -

 -

 -

 -

 ( 13,720
)

 -

 -

 ( 1,224
)

 ( 29
)

 -

 ( 1,343
)

 -

 ( 16,316
)

 Owners' Capital - Units, December 31, 2024

 47,196

 6,416

 -

 1,595

 56,262

 Net asset value per unit at December 31, 2021

 $
 82.82

 $
 103.38

 $
 139.40

 $
 120.98

 $
 120.57

 Change in net asset value per unit for the year ended December 31, 2022

 16.35

 24.18

 32.61

 28.49

 28.39

 Net asset value per unit at December 31, 2022

 $
 99.17

 $
 127.56

 $
 172.01

 $
 149.47

 $
 148.96

 Change in net asset value per unit for the year ended December 31, 2023

 ( 36.54
)

 ( 44.55
)

 ( 60.08
)

 ( 52.03
)

 ( 51.86
)

 Net asset value per unit at December 31, 2023

 $
 62.63

 $
 83.01

 $
 111.93

 $
 97.44

 $
 97.10

 Change in net asset value per unit for the year ended December 31, 2024

 $
 ( 10.12
)

 $
 ( 11.29
)

 $
 ( 15.22
)

 $
 ( 13.09
)

 $
 ( 13.04
)

 Net asset value per unit at December 31, 2024

 $
 52.51

 $
 71.72

 $
 96.71

 $
 84.35

 $
 84.06

part of these consolidated financial statements.

 F- 18

 Consolidated Statements of Changes in Owners'

2022

 Class

 Class
 1AP

 Class

 Non-

 Class

 Class

 Non-

 Class

 Class
 1AP

 Class

 Non-

 Owner

 Total

 Owner

 Total

 Owner

 Total

 Owners' Capital,
 December 31, 2021

 $
 1,334,518

 $
 10,259

 $
 14,981

 $
 56,112

 $
 -

 $
 1,415,870

 $
 1,926,328

 $
 25,029

 $
 159,984

 $
 -

 $
 2,111,341

 $
 2,119,250

 $
 8,242

 $
 23,919

 $
 170,897

 $
 -

 $
 2,322,308

 Payment made by Related Party

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 ( 100,095
)

 ( 1,330
)

 ( 2,400
)

 ( 5,200
)

 -

 ( 109,025
)

 ( 540,252
)

 ( 12,500
)

 ( 140,948
)

 -

 ( 693,700
)

 ( 316,598
)

 -

 ( 5,800
)

 ( 57,276
)

 -

 ( 379,674
)

 Change in control of ownership
 - Trading Companies

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 Operations attributable to
 non-controlling interests

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 182,690

 1,625

 2,587

 8,859

 -

 195,761

 1,303,049

 16,292

 91,221

 -

 1,410,562

 1,028,180

 4,415

 13,006

 98,122

 -

 1,143,723

 Owners' Capital, December
 31, 2022

 $
 1,417,113

 $
 10,554

 $
 15,168

 $
 59,771

 $
 -

 $
 1,502,606

 $
 2,689,125

 $
 28,821

 $
 110,257

 $
 -

 $
 2,828,203

 $
 2,830,832

 $
 12,657

 $
 31,125

 $
 211,743

 $
 -

 $
 3,086,357

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 ( 202,580
)

 -

 ( 1,750
)

 -

 -

 ( 204,330
)

 ( 1,085,295
)

 ( 13,100
)

 ( 70,588
)

 -

 ( 1,168,983
)

 ( 571,014
)

 -

 ( 5,750
)

 -

 -

 ( 576,764
)

 Operations attributable to
 non-controlling interests

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 ( 480,833
)

 ( 3,536
)

 ( 4,807
)

 ( 20,025
)

 -

 ( 509,201
)

 ( 534,705
)

 ( 4,516
)

 ( 16,583
)

 -

 ( 555,804
)

 ( 776,298
)

 ( 3,650
)

 ( 7,784
)

 ( 61,061
)

 -

 ( 848,793
)

 Owners' Capital, December
 31, 2023

 $
 733,700

 $
 7,018

 $
 8,611

 $
 39,746

 $
 -

 $
 789,075

 $
 1,069,125

 $
 11,205

 $
 23,086

 $
 -

 $
 1,103,416

 $
 1,483,520

 $
 9,007

 $
 17,591

 $
 150,682

 $
 -

 $
 1,660,800

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 ( 80,126
)

 -

 ( 750
)

 ( 9,143
)

 -

 ( 90,019
)

 ( 129,139
)

 ( 200
)

 -

 -

 ( 129,339
)

 ( 131,872
)

 -

 ( 1,100
)

 ( 68,011
)

 -

 ( 200,983
)

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 ( 112,449
)

 ( 1,014
)

 ( 1,149
)

 ( 4,691
)

 -

 ( 119,303
)

 ( 80,547
)

 ( 876
)

 ( 1,846
)

 -

 ( 83,269
)

 ( 286,778
)

 ( 1,725
)

 ( 3,157
)

 ( 13,726
)

 -

 ( 305,386
)

 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

 Owners' Capital - Units,
 December 31, 2021

 21,051

 -

 21,857

 17,600

 -

 18,686

 20,491

 -

 21,682

 Sale of Units (including
 transfers)

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 ( 1,157
)

 ( 14
)

 ( 18
)

 ( 43
)

 -

 ( 1,232
)

 ( 3,086
)

 ( 50
)

 ( 568
)

 -

 ( 3,704
)

 ( 2,125
)

 -

 ( 21
)

 ( 191
)

 -

 ( 2,337
)

 Owners' Capital - Units,
 December 31, 2022

 19,894

 -

 20,625

 14,514

 -

 14,982

 18,366

 -

 19,345

 Sale of Units (including
 transfers)

 -

 -

 -

 -

 -

 -

 -

 -

 ( 3,933
)

 -

 ( 18
)

 -

 -

 ( 3,951
)

 ( 6,571
)

 ( 47
)

 ( 267
)

 -

 ( 6,885
)

 ( 4,429
)

 -

 ( 25
)

 -

 -

 ( 4,454
)

 Owners' Capital - Units,

 15,961

 -

 16,674

 7,943

 -

 8,097

 13,937

 -

 14,891

 Sale of Units (including
 transfers)

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 ( 1,780
)

 -

 ( 9
)

 ( 118
)

 -

 ( 1,907
)

 ( 791
)

 ( 1
)

 -

 -

 ( 792
)

 ( 1,186
)

 -

 ( 6
)

 ( 345
)

 -

 ( 1,537
)

 Capital - Units, December 31, 2024

 14,181

 -

 14,767

 7,152

 -

 7,305

 12,751

 -

 13,354

 Net asset value per unit at December 31, 2021

 $
 63.39

 $
 79.21

 $
 105.10

 $
 109.45

 $
 170.40

 $
 103.43

 $
 129.19

 $
 172.91

 in net asset value per unit for the year ended December 31, 2022

 7.84

 12.50

 16.60

 75.82

 126.85

 50.71

 69.23

 92.64

 Net asset value per unit at December 31, 2022

 $
 71.23

 $
 91.71

 $
 121.70

 $
 185.27

 $
 297.25

 154.14

 198.42

 265.55

 in net asset value per unit for the year ended December 31, 2023

 ( 25.26
)

 ( 30.73
)

 ( 40.78
)

 ( 50.67
)

 ( 74.72
)

 ( 47.69
)

 ( 57.22
)

 ( 76.58
)

 Net asset value per unit
 at December 31, 2023

 $
 45.97

 $
 60.98

 $
 80.92

 $
 134.60

 $
 222.53

 $
 106.45

 $
 141.20

 $
 188.97

 in net asset value per unit for the year ended December 31, 2024

 $
 ( 7.81
)

 $
 ( 8.81
)

 $
 ( 11.69
)

 $
 ( 14.43
)

 $
 ( 17.80
)

 $
 ( 22.94
)

 $
 ( 27.04
)

 $
 ( 36.19
)

 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

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

 F- 19

 Consolidated Statements of Cash Flows

December 31, 2024, 2023, 2022

 Frontier Long/Short

 Commodity Fund

 Cash Flows from Operating Activities:

 Net increase/(decrease) in capital resulting from operations

 $
 ( 89,670
)

 $
 ( 746,340
)

 $
 324,267

 $
 ( 30,027
)

 $
 ( 205,631
)

 $
 232,069

 $
 ( 187,005
)

 $
 ( 415,424
)

 $
 268,411

 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

 ( 5,702
)

 278,148

 400,338

 ( 3,356
)

 ( 69,188
)

 26,239

 ( 4,087
)

 ( 77,331
)

 ( 43,649
)

 Net unrealized (gain)/loss on U.S. Treasury securities

 ( 62
)

 2,303

 ( 21
)

 ( 33
)

 4,078

 Net realized (gain)/loss on U.S. Treasuries securities

 1,856

 4,347

 7,623

 2,274

 3,779

 1,160

 3,178

 5,686

 Net unrealized (gain)/loss on private investment companies

 ( 33,844
)

 689,973

 ( 168,307
)

 ( 5,503
)

 184,930

 ( 192,089
)

 ( 122,606
)

 391,844

 ( 243,664
)

 Net realized (gain)/loss on private investment companies

 73,163

 ( 28,768
)

 ( 251,470
)

 7,604

 ( 16,030
)

 ( 89,888
)

 296,581

 3,650

 ( 56,892
)

 (Purchases) sales of:

 Sales of U.S. Treasury securities

 3,519

 261,948

 180,769

 1,371

 145,804

 107,457

 2,649

 183,546

 181,323

 (Purchases) of U.S. Treasury securities

 -

 ( 512,961
)

 ( 606,238
)

 -

 ( 66,899
)

 ( 141,762
)

 -

 ( 84,973
)

 ( 174,336
)

 U.S. Treasury interest and premium paid/amortized

 3,987

 4,856

 6,281

 1,602

 2,575

 2,815

 2,084

 3,665

 3,427

 (Purchases) of Private Investment Companies

 ( 289,209
)

 ( 389,359
)

 ( 974,066
)

 ( 100,656
)

 ( 252,645
)

 ( 472,671
)

 ( 134,166
)

 ( 230,845
)

 ( 173,106
)

 Sale of Private Investment Companies

 711,824

 1,121,347

 1,452,935

 170,545

 448,100

 687,285

 396,284

 441,765

 400,702

 Increase and/or decrease in:

 9,930

 ( 4,390
)

 2,117

 ( 4,438
)

 2,820

 2,852

 4,002

 6,629

 ( 16,269
)

 ( 334
)

 ( 87
)

 ( 697
)

 -

 -

 -

 -

 -

 -

 ( 22
)

 ( 13
)

 ( 1,678
)

 ( 4,918
)

 ( 850
)

 ( 1,826
)

 ( 1,201
)

 ( 1,551
)

 ( 16
)

 ( 39
)

 ( 2
)

 ( 26
)

 -

 ( 5
)

 ( 13
)

 ( 78
)

 ( 1,289
)

 ( 2,108
)

 ( 573
)

 ( 1,091
)

 ( 26
)

 ( 1,206
)

 384,246

 673,537

 374,548

 37,117

 174,802

 165,558

 253,719

 227,671

 152,148

 Cash Flows from Financing Activities:

 Payment for redemption of units

 ( 429,780
)

 ( 643,844
)

 ( 493,435
)

 ( 42,694
)

 ( 150,527
)

 ( 243,623
)

 ( 286,699
)

 ( 203,080
)

 ( 146,462
)

 Change in owner redemptions payable

 ( 21,822
)

 21,822

 -

 ( 2,601
)

 ( 17,321
)

 19,922

 ( 485
)

 ( 12,303
)

 ( 7,511
)

 Net cash provided by (used in) financing activities

 ( 451,602
)

 ( 622,022
)

 ( 493,435
)

 ( 45,295
)

 ( 167,848
)

 ( 223,701
)

 ( 287,184
)

 ( 215,383
)

 ( 153,973
)

 Net increase (decrease) in cash and cash equivalents

 ( 67,356
)

 51,515

 ( 118,887
)

 ( 8,178
)

 6,954

 ( 58,143
)

 ( 33,465
)

 12,288

 ( 1,825
)

 98,119

 46,604

 165,491

 25,514

 18,560

 76,703

 50,991

 38,703

 40,528

 $
 30,763

 $
 98,119

 $
 46,604

 $
 17,336

 $
 25,514

 $
 18,560

 $
 17,526

 $
 50,991

 $
 38,703

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

 F- 20

 Consolidated Statements of Cash Flows

December 31, 2024, 2023, 2022

 Cash Flows from Operating Activities:

 Net increase/(decrease) in capital resulting from operations

 $
 ( 571,859
)

 $
 ( 3,176,030
)

 $
 2,174,208

 $
 ( 119,303
)

 $
 ( 509,201
)

 $
 195,761

 Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:

 Change in:

 Net change in open trade equity, at fair value

)

 16,104

 13,166

 -

 -

 -

 Net change in ownership allocation of U.S. Treasury securities

 ( 1,555
)

 ( 61,069
)

 ( 428,684
)

 ( 666
)

 ( 93,206
)

 7,778

 Net unrealized (gain)/loss on U.S. Treasury securities

 1,105

 ( 8,388
)

 ( 36
)

 1,243

 Net realized (gain)/loss on U.S. Treasury securities

 4,951

 12,643

 27,240

 1,487

 3,410

 4,946

 Net unrealized (gain)/loss on private investment companies

 161,431

 2,487,297

 ( 1,673,486
)

 70,057

 514,228

 ( 345,213
)

 Net realized (gain)/loss on private investment companies

 74,921

 ( 176,701
)

 ( 666,011
)

 ( 5,594
)

 ( 73,108
)

 42,378

 (Purchases) sales of:

 Sales of U.S. Treasury securities

 4,244

 742,878

 853,454

 2,909

 201,359

 131,330

 (Purchases) of U.S. Treasury securities

 -

 ( 512,961
)

 ( 606,238
)

 -

 ( 87,946
)

 ( 164,272
)

 U.S. Treasury interest and premium paid/amortized

 4,784

 -

 -

 -

 -

 (Purchases) of Private Investment Companies

 ( 1,301,174
)

 ( 1,398,714
)

 ( 2,530,199
)

 ( 356,159
)

 ( 195,823
)

 ( 854,667
)

 Sale of Private Investment Companies

 1,879,217

 3,601,646

 4,854,163

 416,155

 516,372

 1,081,959

 Increase and/or decrease in:

 ( 449,143
)

 498,121

 -

 -

 -

 20,059

 58,403

 ( 101,192
)

 13,184

 ( 10,520
)

 ( 10,900
)

 4,082

 ( 4,176
)

 ( 526
)

 Incentive fees payable to Managing Owner

 ( 692
)

 -

 ( 54,010
)

 -

 -

 -

 Management fees payable to Managing Owner

 ( 2,440
)

 -

 -

 -

 ( 295
)

 ( 1,311
)

 1,349

 ( 93
)

 ( 34
)

 ( 6,964
)

 ( 16,786
)

 3,976

 ( 103
)

 ( 2,149
)

 ( 2,864
)

 ( 7,991
)

 ( 1,530
)

 ( 400
)

 ( 1,752
)

 Risk analysis fees payable

 ( 11,307
)

 -

 -

 -

 11,118

 14,241

 22,116

 ( 6,133
)

 1,095

 ( 139
)

 ( 817
)

 1,012,969

 1,138,076

 2,375,178

 21,818

 262,954

 91,068

 Cash Flows from Financing Activities:

 Payment for redemption of units

 ( 1,167,021
)

 ( 1,093,573
)

 ( 2,356,513
)

 ( 90,019
)

 ( 204,330
)

 ( 109,025
)

 Change in owner redemptions payable

 -

 ( 35,051
)

 14,669

 -

 -

 -

 Net cash provided by (used in) financing activities

 ( 1,167,021
)

 ( 1,128,624
)

 ( 2,341,844
)

 ( 90,019
)

 ( 204,330
)

 ( 109,025
)

 Net increase (decrease) in cash and cash equivalents

 ( 154,052
)

 9,452

 33,334

 ( 68,201
)

 58,624

 ( 17,957
)

 230,796

 221,344

 188,010

 91,807

 33,183

 51,140

 $
 76,744

 $
 230,796

 $
 221,344

 $
 23,606

 $
 91,807

 $
 33,183

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

 F- 21

 Consolidated Statements of Cash Flows

December 31, 2024, 2023, 2022

 Cash Flows from Operating Activities:

 Net increase/(decrease) in capital resulting from operations

 $
 ( 83,269
)

 $
 ( 555,804
)

 $
 1,410,562

 $
 ( 305,386
)

 $
 ( 848,793
)

 $
 1,143,723

 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

 ( 2,207
)

 380,708

 168,882

 ( 3,793
)

 ( 6,243
)

 149,201

 Net unrealized (gain)/loss on U.S. Treasury securities

 ( 21
)

 ( 948
)

 1,779

 ( 36
)

 ( 6,298
)

 1,944

 Net realized (gain)/loss on U.S. Treasuries securities

 1,723

 ( 3,229
)

 6,920

 2,077

 2,930

 6,217

 Net unrealized (gain)/loss on private investment companies

 92,041

 992,864

 ( 962,203
)

 271,069

 951,657

 ( 906,091
)

 Net realized (gain)/loss on private investment companies

 ( 114,253
)

 ( 605,108
)

 ( 671,439
)

 ( 85,696
)

 ( 290,112
)

 ( 461,959
)

 (Purchases) sale of:

 Sales of U.S. Treasury Securities

 2,629

 ( 238,642
)

 134,003

 3,166

 165,494

 114,081

 (Purchases) of U.S. Treasury securities

 -

 ( 118,893
)

 ( 309,687
)

 -

 ( 119,719
)

 ( 302,790
)

 (Purchases) of Private Investment Companies

 ( 192,893
)

 ( 456,537
)

 ( 741,782
)

 ( 855,688
)

 ( 619,012
)

 ( 531,551
)

 Sale of Private Investment Companies

 386,581

 1,855,700

 1,568,992

 1,155,198

 1,393,392

 1,167,734

 Increase and/or decrease in:

 ( 3,476
)

 ( 12,711
)

 7,618

 ( 12,852
)

 ( 1,870
)

 ( 18,883
)

 ( 39
)

 ( 813
)

 ( 99
)

 ( 10
)

 ( 11
)

 ( 11
)

 ( 1,317
)

 ( 7,179
)

 2,947

 ( 2,403
)

 ( 4,736
)

 3,372

 ( 599
)

 ( 3,733
)

 1,451

 ( 989
)

 ( 2,948
)

 1,482

 1,532

 2,182

 3,575

 4,215

 6,738

 9,853

 ( 590
)

 ( 1,996
)

 ( 1,286
)

 86,607

 1,228,454

 619,573

 169,196

 619,859

 376,301

 Cash Flows from Financing Activities:

 Payment for redemption of units

 ( 129,339
)

 ( 1,168,983
)

 ( 693,700
)

 ( 200,983
)

 ( 576,764
)

 ( 379,674
)

 Change in owner redemptions payable

 -

 -

 ( 27,561
)

 -

 -

 -

 Net cash provided by (used in) financing activities

 ( 129,339
)

 ( 1,168,983
)

 ( 721,261
)

 ( 200,983
)

 ( 576,764
)

 ( 379,674
)

 Net increase (decrease) in cash and cash equivalents

 ( 42,732
)

 59,471

 ( 101,688
)

 ( 31,787
)

 43,095

 ( 3,373
)

 85,804

 26,333

 128,021

 88,561

 45,466

 48,839

 $
 43,072

 $
 85,804

 $
 26,333

 $
 56,774

 $
 88,561

 $
 45,466

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

 F- 22

 Notes
to Financial Statements

 1.
Organization and Purpose

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

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

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

 The
Trust has seven (7) separate and distinct Series of Units issued and outstanding: Frontier Diversified Fund, Frontier Masters Fund, Frontier
Long/Short Commodity Fund, Frontier Balanced Fund, Frontier Select Fund, Frontier Global Fund, and Frontier Heritage Fund, (each a "Series"
and collectively, the "Series"). The Trust, with respect to 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") or to an unaffiliated series
 limited liability company ("Galaxy Plus entities" or "Galaxy Plus entity"). Except as otherwise described
 in these notes, each Trading Company and Galaxy Plus entity has one-year renewable contracts with its own independent commodity trading
 advisor(s), or each, a Trading Advisor, that will manage all or a portion of such Trading Company's and Galaxy Plus assets
 and make the trading decisions for the assets of each Series invested in such Trading Company and Galaxy Plus entity. Each Trading
 Company and Galaxy Plus entity will segregate its assets from any other Trading Company and Galaxy Plus entity;

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

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

 F- 23

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

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

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

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

 F- 24

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

 Between
April 15, 2016 and May 10, 2017, a portion of the interests in Frontier Trading Company I, LLC and all of the interests in Frontier Trading
Company VII, LLC, Frontier Trading Company XV, LLC, and Frontier Trading Company XXIII LLC held by Frontier Diversified Fund, Frontier
Masters Fund, Frontier Select Fund, Frontier Balanced Fund and Frontier Long/Short Commodity Fund were exchanged for equivalent interests
in the Galaxy Plus Managed Account Platform ("Galaxy Plus Platform") which is an unaffiliated, third-party managed account
platform. The assets of Frontier Trading Company I, LLC, which included exposure to Quantmetrics Capital Management LLP's Multi-Strategy
Program, Quantitative Investment Management, LLC's Quantitative Global Program, Quest Partners LLC's Quest Tracker Index
Program, Chesapeake Capital Management, LLC's Diversified Program, and Doherty Advisors LLC's Relative Value Moderate Program,
the assets of Frontier Trading Company VII, LLC, which included exposure to Emil van Essen LLC's Multi-Strategy Program, Red Oak
Commodity Advisors, Inc.'s Fundamental Diversified Program, Rosetta Capital Management, LLC's Rosetta Trading Program, and
Landmark Trading Company's Landmark Program, the assets of Frontier Trading Company XV, LLC, which included exposure to Transtrend
B.V.'s TT Enhanced Risk (USD) Program, and the assets of Frontier Trading Company XXIII, LLC which included exposure to Fort L.P.'s
Global Contrarian Program have been transferred to individual Delaware limited liability companies ("Master Funds") in Galaxy
Plus. Each Master Fund is sponsored and operated by New Hyde Park Alts, LLC ("New Hyde Park"). New Hyde Park has contracted
with the Trading Advisors to manage the portfolios of the Master Funds pursuant to the advisors' respective program. For those
Series that invest in Galaxy Plus, approximately 75 - 95 % of those Series assets are used to support the margin requirements of the
Master Funds. The remaining assets of the Series are split between investments in Trading Companies and a pooled cash management account
that invests primarily in U.S. Treasury securities. All the funds are invested in Galaxy Plus entities.

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

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

 2.
Significant Accounting Policies

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

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

 F- 25

 Consolidation —
The Series, through investing in the Trading Companies and the Galaxy Plus Platform, authorize certain Trading Advisors to place trades
and manage assets at predetermined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing
in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses
and a risk analysis fee (for closed Series only), all of which is allocated to the Series if consolidated by a Series. The Galaxy Plus
Platform is a series of Delaware limited liability companies, sponsored by New Hyde Park, that create exposure to a variety of third
party professional managed futures and foreign exchange advisors. The Galaxy Plus Platform is available to qualified high-net-worth individuals
and institutional investors. Trading Companies in which a Series has a controlling and majority interest as calculated on that Series'
pro-rata net asset value in the Trading Company are consolidated by such Series. Investments in Trading Companies in which a Series does
not have a controlling and majority interest and all interests in Galaxy Plus entities are accounted for using net asset value as the
practical expedient, which approximates fair value. Fair value represents the proportionate share of the Series' interest in the
NAV in a Trading Company or Galaxy Plus entity. The equity interest held by Series of the Trust is shown as investments in unconsolidated
Trading Companies or investments in private investment companies in the statements of financial condition. The income or loss attributable
thereto in proportion of investment level is shown in the consolidated statements of operations as change in fair value of investments
in unconsolidated Trading Companies or net unrealized gain/(loss) on private investment companies.

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

 As
of December 31, 2023, the consolidated statements of financial condition of Frontier Balanced Fund included the assets and liabilities
of its wholly owned interests in Frontier Trading Company I, LLC.

 For
the year ended December 31, 2023 and 2022 the consolidated statements of operations of Frontier Balanced Fund included the earnings of
its wholly owned interest in Frontier Trading Company I, LLC.

 For
the year ended December 31, 2022 the consolidated statements of operations of Frontier Select Fund included the earnings of its majority
owned Trading Company.

 Frontier Trading Company I, LLC was closed November 21. 2024.

 Each
of the Series has invested in Frontier Trading Company XXXVIII, LLC on the same basis as its ownership in the cash pool. Frontier Trading
Company XXXVIII, LLC's assets, liabilities and earnings are allocated to all of the Series of the Trust based on their proportionate
share of the cash pool. Each Series investment in the Frontier Trading Company XXXVIII, LLC is listed under Investments in unconsolidated
trading companies, at fair value on the Consolidated Statements of Financial Condition.

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

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

 F- 26

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

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

 Receivable from Futures Commission Merchants —The
Series of the Trust deposit assets with a FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements
are satisfied by the deposit of cash with such FCM. The Trust, with respect to the Series, earns interest income on its assets deposited
with the FCM. A portion of the receivable is restricted cash required to meet maintenance margin requirements. Cash with the clearing
broker as of December 31, 2024 and 2023 included restricted cash for margin requirements of $ 0 and $ 769,384 respectively, for the Frontier
Balanced Fund.

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

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

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

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

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

 F- 27

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

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

 Income
Taxes —The Trust, with respect to the Series, applies the provisions of ASC 740 Income Taxes ("ASC 740"),
which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial
statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim
periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the
Trust, with respect to the Series', consolidated financial statements to determine whether the tax positions are "more-likely-than-not"
of being sustained by the applicable tax authority. Tax positions with respect to tax at the Trust's level not deemed to meet the
"more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. The Managing Owner has
concluded there is no tax expense, interest or penalties to be recorded by the Series for the year ended December 31, 2024.

 The
2021 through 2023 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

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

 F- 28

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

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

 Service
Fees —The Trust may maintain each Series of Units in two 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 2024, 2023 and
2022, 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 2025 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, $ 416,816, $ 22,838, $ 166,099 and $ 90,620 for the Frontier Diversified, Long/Short Commodity,
Masters, Balanced, Select, Global and Heritage Funds, respectively, as of December 31, 2024.

 F- 29

 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.

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

 3.
Fair Value Measurements

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

 Level
1 Inputs

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

 Level
2 Inputs

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

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.

 F- 30

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

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

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

 Swap
contracts are reported at fair value upon daily reports from the counterparty. In addition, a third party takes the inputs from the counterparty,
makes certain adjustments, and runs it through their pricing model to come up with their daily price. The fair value measurements of
the swap contracts are valued using unadjusted inputs that were not internally developed. The Managing Owner reviews and compares approves
current day pricing of the CTA positions, as received from the counterparty which includes intra-day volatility and volume and daily
index performance, as well as from the third party. Differences in prices exceeding 5 % are investigated. Unexplainable differences are
escalated to the Managing Owner's Valuation Committee for evaluation and resolution. The Swap contracts are reported at fair value
using Level 3 inputs. The Series did not hold any swap contracts as of December31, 2024.

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

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.

 F- 31

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

 Practical

 Expedient

 Total

 $

 $
 -

 $
 -

 $
 -

 $

 -

 1,945

 -

 -

 1,945

 -

 -

 -

 -

 1,096

 -

 -

 1,096

 -

 -

 -

 -

 1,108

 -

 -

 1,108

 -

 -

 -

 -

 -

 -

 -

 -

 -

 4,851

 -

 -

 4,851

 -

 -

 -

 -

 1,492

 -

 -

 1,492

 -

 -

 -

 -

 2,723

 -

 -

 2,723

 -

 -

 -

 -

 3,589

 -

 -

 3,589

 Practical

 Expedient

 Total

 $

 $
 -

 $
 -

 $
 -

 $

 -

 5,543

 -

 -

 5,543

 8,598

 -

 -

 -

 8,598

 -

 1,441

 -

 -

 1,441

 -

 -

 -

 -

 2,881

 -

 -

 2,881

 -

 -

 -

 -

)

 -

 -

)

 -

 13,038

 -

 -

 13,038

 -

 -

 -

 -

 5,186

 -

 -

 5,186

 -

 -

 -

 -

 4,847

 -

 -

 4,847

 -

 -

 -

 -

 5,003

 -

 -

 5,003

 F- 32

 4.
Swap Contracts

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

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

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

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

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

 F- 33

 5. Investments in Unconsolidated Trading Companies
and Private Investment Companies

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

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

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

 As of December 31, 2024

 As of December 31, 2023

 Series

 Percentage
 of
 Series Total

 Invested in
 Unconsolidated Trading Companies

 Percentage
 of
 Series Total

 Invested in
 Unconsolidated Trading Companies

 Frontier Diversified Series:

 2.42
 %

 $

 2.24
 %

 $

 Frontier Masters Fund:

 4.88
 %

 $

 2.53
 %

 $
 8,598

 Frontier Long/Short Commodity Fund:

 4.88
 %

 $

 2.31
 %

 $

 Frontier Balanced Fund:

 1.74
 %

 $

 1.54
 %

 $

 Frontier Select Fund:

 Frontier Trading Companies XXXVIII

 3.06
 %

 $

 3.92
 %

 $

 Frontier Global Fund:

 3.64
 %

 $

 2.62
 %

 $

 Frontier Heritage Fund:

 3.70
 %

 $

 1.80
 %

 $

 F- 34

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

 Redemptions Notice Period

 Redemptions Permitted

 Liquidity Restrictions

 Daily

 None

 Daily

 None

 Daily

 None

 Daily

 None

 Daily

 None

 Daily

 None

 Daily

 None

 Daily

 None

 Daily

 None

 Frontier Long/Short Commodity Fund*

 Daily

 None

 Galaxy Plus Fund - Rosetta Program Feeder Fund (522) LLC
 (formerly known as Galaxy Plus Fund – LRR Feeder Fund (522) LLC)

 Daily

 None

 Daily

 None

 Daily

 None

 Daily

 None

 Daily

 None

 Daily

 None

 Daily

 None

 Daily

 None

 Daily

 None

 Daily

 None

 Daily

 None

 Daily

 None

 Daily

 None

 Daily

 None

 Daily

 None

 *
 Effective
August 31, 2024, Volt Capital Management AB accessed through Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC, ceased
to act as a commodity trading advisor to the Trust.

 F- 35

 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.

 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 consolidated 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.

 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.

 F- 36

 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 consolidated 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.

 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 2024. 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, $ 416,816, $ 22,838, $ 166,099 and $ 90,620 for the Frontier Diversified, Long/Short Commodity, Masters,
Balanced, Select, Global and Heritage Funds, respectively, as of December 31, 2024.

 F- 37

 The following table summarizes fees earned by
the Managing Owner for the years ended December 31, 2024, 2023 and 2022.

 For the Year Ended December 31, 2024

 Incentive (Rebate) Fees

 Management Fee

 Service Fee

 Trading Fee

 $
 -

 $
 -

 $

 $
 47,393

 -

 -

 26,822

 -

 -

 13,422

 -

 -

 105,197

 214,034

 -

 -

 21,200

 31,106

 -

 -

 35,061

 64,999

 -

 -

 41,455

 71,470

 For the Year Ended December 31, 2023

 Incentive (Rebate) Fees

 Management Fee

 Service Fee

 Trading Fee

 $
 -

 $
 -

 $

 $
 80,028

 -

 -

 36,622

 ( 5,126
)

 -

 30,053

 -

 16,237

 163,312

 316,070

 -

 -

 30,349

 35,241

 -

 -

 53,005

 97,276

 -

 -

 63,432

 105,647

 For the Year Ended December 31, 2022

 Incentive (Rebate) Fees

 Management Fee

 Service Fee

 Trading Fee

 $
 ( 13,788
)

 $
 -

 $
 1,128

 $
 123,260

 -

 -

 55,575

 -

 -

 41,502

 213,064

 18,115

 263,174

 475,553

 -

 -

 53,197

 60,136

 -

 -

 84,304

 148,079

 -

 -

 92,170

 140,566

 F- 38

 The following table summarizes fees payable to
the Managing Owner as of December 31, 2024 and 2023.

 As of December 31, 2024

 Incentive Fees

 Interest Fees

 Service Fees

 $
 -

 $
 -

 $
 -

 $

 $
 3,057

 -

 -

 -

 1,767

 -

 -

 -

 -

 5,929

 13,196

 -

 -

 1,478

 2,202

 -

 -

 2,105

 3,984

 -

 -

 2,495

 4,540

 As of December 31, 2023

 Incentive Fees

 Interest Fees

 Service Fees

 $
 -

 $
 -

 $
 -

 $

 $
 4,735

 -

 -

 -

 2,617

 -

 -

 1,896

 2,440

 8,793

 20,160

 -

 -

 1,878

 2,305

 -

 -

 2,704

 5,301

 -

 -

 3,484

 6,943

 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.

 F- 39

 The
following table outlines the interest paid by each Series to the Managing Owner and its ratio to average net assets for the years ended
December 31, 2024, 2023 and 2024:

 2024

 2023

 2022

 2024

 2023

 2022

 Gross

 Paid to the

 Gross

 Paid to the

 Gross

 Paid to the

 Ratio
 to Average

 Net Assets

 Ratio
 to Average

 Net Assets

 Ratio
 to Average

 Net Assets

 Long/Short Commodity Fund Class 2

 $

 $

 $

 0.10
 %

 0.09
 %

 0.06
 %

 Long/Short Commodity Fund Class 3

 0.10
 %

 0.08
 %

 0.05
 %

 Balanced Fund Class 1

 8,382

 11,521

 13,088

 0.24
 %

 0.22
 %

 0.15
 %

 Balanced Fund Class 1AP

 0.24
 %

 0.22
 %

 0.15
 %

 Balanced Fund Class 2

 1,969

 2,576

 2,970

 0.24
 %

 0.22
 %

 0.15
 %

 Balanced Fund Class 2a

 0.05
 %

 0.05
 %

 0.03
 %

 Balanced Fund Class 3a

 0.05
 %

 0.04
 %

 0.03
 %

 Select Fund Class 1

 2,951

 3,846

 3,556

 0.42
 %

 0.38
 %

 0.20
 %

 Select Fund Class 1AP

 0.42
 %

 0.38
 %

 0.20
 %

 Select Fund Class 2

 0.42
 %

 0.39
 %

 0.20
 %

 Global Fund Class 1

 3,682

 1,746

 5,232

 0.32
 %

 0.10
 %

 0.19
 %

 Global Fund Class 2

 0.32
 %

 0.08
 %

 0.18
 %

 Heritage Fund Class 1

 4,143

 2,247

 5,196

 0.30
 %

 0.11
 %

 0.17
 %

 Heritage Fund Class 1AP

 0.30
 %

 0.11
 %

 0.17
 %

 Heritage Fund Class 2

 0.30
 %

 0.11
 %

 0.17
 %

 Total

 $
 22,466

 $
 23,487

 $
 31,925

 7. Financial

 The
following information presents the financial highlights of the Series for the years ended December 31, 2024, 2023 and 2022. This data
has been derived from the information presented in the consolidated financial statements.

 For the year
ended December 31, 2024

 Frontier Diversified
 Fund

 Class

 Class

 Class

 Class

 Class

 Class
 2a

 Class

 Class
 3a

 Per

 Net

 $
 68.18

 $
 64.35

 $
 65.39

 $
 61.96

 $
 72.74

 $
 48.36

 $
 76.31

 $
 51.42

 Net

 0.22

 0.21

 0.32

 0.31

 0.27

 0.18

 0.29

 0.19

 ( 2.72
)

 ( 2.56
)

 ( 5.50
)

 ( 5.25
)

 ( 1.73
)

 ( 1.19
)

 ( 1.88
)

 ( 1.24
)

 Net

 ( 4.52
)

 ( 4.13
)

 ( 2.50
)

 ( 2.20
)

 ( 24.46
)

 ( 15.63
)

 ( 25.60
)

 ( 16.56
)

 Net

 ( 7.02
)

 ( 6.48
)

 ( 7.68
)

 ( 7.14
)

 ( 25.92
)

 ( 16.64
)

 ( 27.19
)

 ( 17.61
)

 Net
 asset value, December 31, 2024

 $
 61.16

 $
 57.87

 $
 57.71

 $
 54.82

 $
 46.82

 $
 31.72

 $
 49.12

 $
 33.81

 Net

 - 3.45
 %

 - 3.45
 %

 - 7.26
 %

 - 7.26
 %

 - 2.41
 %

 - 2.41
 %

 - 2.41
 %

 - 2.41
 %

 before incentive fees (rebate) (3)(4)

 3.76
 %

 3.76
 %

 7.72
 %

 7.72
 %

 2.85
 %

 2.85
 %

 2.85
 %

 2.85
 %

 after incentive fees (rebate) (3)(4)

 3.76
 %

 3.76
 %

 7.72
 %

 7.72
 %

 2.85
 %

 2.85
 %

 2.85
 %

 2.85
 %

 Total
 return before incentive fees (rebate) (2)

 - 10.30
 %

 - 10.08
 %

 - 11.74
 %

 - 11.53
 %

 - 35.63
 %

 - 34.41
 %

 - 35.63
 %

 - 34.24
 %

 Total
 return after incentive fees (rebate) (2)

 - 10.30
 %

 - 10.08
 %

 - 11.74
 %

 - 11.53
 %

 - 35.63
 %

 - 34.41
 %

 - 35.63
 %

 - 34.24
 %

 F- 40

 Class

 Class
 1AP

 Class

 Class
 2a

 Class
 3a

 Class

 Class
 1AP

 Class

 Per

 Net

 $
 62.63

 $
 83.01

 $
 111.93

 $
 97.44

 $
 97.10

 $
 45.97

 $
 60.98

 $
 80.92

 Net

 income (expense)

 0.01

 0.01

 0.01

 0.01

 0.01

 0.00

 0.00

 0.00

 ( 4.91
)

 ( 3.97
)

 ( 5.37
)

 ( 4.67
)

 ( 4.72
)

 ( 3.31
)

 ( 2.57
)

 ( 3.42
)

 Net

 ( 5.22
)

 ( 7.33
)

 ( 9.86
)

 ( 8.43
)

 ( 8.33
)

 ( 4.50
)

 ( 6.24
)

 ( 8.27
)

 Net

 ( 10.12
)

 ( 11.29
)

 ( 15.22
)

 ( 13.09
)

 ( 13.04
)

 ( 7.81
)

 ( 8.81
)

 ( 11.69
)

 Net
 asset value, December 31, 2024

 $
 52.51

 $
 71.72

 $
 96.71

 $
 84.35

 $
 84.06

 $
 38.16

 $
 52.17

 $
 69.23

 Net

 - 7.61
 %

 - 4.60
 %

 - 4.60
 %

 - 4.60
 %

 - 4.60
 %

 - 7.11
 %

 - 4.11
 %

 - 4.11
 %

 7.62
 %

 4.61
 %

 4.61
 %

 4.61
 %

 4.61
 %

 7.11
 %

 4.11
 %

 4.11
 %

 7.62
 %

 4.61
 %

 4.61
 %

 4.61
 %

 4.61
 %

 7.11
 %

 4.11
 %

 4.11
 %

 Total

 - 16.16
 %

 - 13.60
 %

 - 13.59
 %

 - 13.43
 %

 - 13.43
 %

 - 16.99
 %

 - 14.45
 %

 - 14.45
 %

 Total

 - 16.16
 %

 - 13.60
 %

 - 13.59
 %

 - 13.43
 %

 - 13.43
 %

 - 16.99
 %

 - 14.45
 %

 - 14.45
 %

 Global Fund

 Heritage Fund

 Class

 Class

 Class

 Class
 1AP

 Class

 Per

 Net

 $
 134.60

 $
 222.53

 $
 106.45

 $
 141.20

 $
 188.97

 Net

 0.00

 0.00

 0.00

 0.00

 0.00

 ( 12.93
)

 ( 13.85
)

 ( 8.23
)

 ( 6.78
)

 ( 9.10
)

 Net

 ( 1.50
)

 ( 3.95
)

 ( 14.71
)

 ( 20.26
)

 ( 27.09
)

 Net

 ( 14.43
)

 ( 17.80
)

 ( 22.94
)

 ( 27.04
)

 ( 36.19
)

 Net
 asset value, December 31, 2024

 $
 120.17

 $
 204.73

 $
 83.51

 $
 114.16

 $
 152.78

 Net

 - 8.41
 %

 - 5.40
 %

 - 7.77
 %

 - 4.77
 %

 - 4.77
 %

 8.41
 %

 5.40
 %

 7.77
 %

 4.77
 %

 4.77
 %

 8.41
 %

 5.40
 %

 7.77
 %

 4.77
 %

 4.77
 %

 Total

 - 10.72
 %

 - 8.00
 %

 - 21.55
 %

 - 19.15
 %

 - 19.15
 %

 Total

 - 10.72
 %

 - 8.00
 %

 - 21.55
 %

 - 19.15
 %

 - 19.15
 %

 (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.

 (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 Series.

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

 F- 41

 For the year
ended December 31, 2023

 Class

 Class

 Class

 Class

 Class

 Class
 2a

 Class

 Class
 3a

 Per

 Net

 $
 96.37

 $
 90.72

 $
 94.64

 $
 89.45

 $
 109.65

 $
 71.93

 $
 115.03

 $
 76.29

 Net

 0.18

 0.17

 0.38

 0.36

 0.33

 0.22

 0.34

 0.23

 ( 3.14
)

 ( 2.96
)

 ( 5.54
)

 ( 5.20
)

 ( 2.30
)

 ( 1.50
)

 ( 2.35
)

 ( 1.58
)

 Net

 ( 25.23
)

 ( 23.58
)

 ( 24.09
)

 ( 22.65
)

 ( 34.94
)

 ( 22.29
)

 ( 36.71
)

 ( 23.52
)

 Net

 ( 28.19
)

 ( 26.37
)

 ( 29.25
)

 ( 27.49
)

 ( 36.91
)

 ( 23.57
)

 ( 38.72
)

 ( 24.87
)

 Net

 $
 68.18

 $
 64.35

 $
 65.39

 $
 61.96

 $
 72.74

 $
 48.36

 $
 76.31

 $
 51.42

 Net

 - 3.60
 %

 - 3.60
 %

 - 6.49
 %

 - 6.49
 %

 - 2.11
 %

 - 2.11
 %

 - 2.11
 %

 - 2.11
 %

 before incentive fees (rebate) (3)(4)

 3.83
 %

 3.83
 %

 6.97
 %

 6.97
 %

 2.96
 %

 2.96
 %

 2.96
 %

 3.06
 %

 after incentive fees (rebate) (3)(4)

 3.83
 %

 3.83
 %

 6.97
 %

 6.97
 %

 2.46
 %

 2.46
 %

 2.46
 %

 2.46
 %

 Total
 return before incentive fees (rebate) (2)

 - 29.25
 %

 - 29.07
 %

 - 30.91
 %

 - 30.74
 %

 - 34.16
 %

 - 33.27
 %

 - 34.16
 %

 - 33.20
 %

 Total
 return after incentive fees (rebate) (2)

 - 29.25
 %

 - 29.07
 %

 - 30.91
 %

 - 30.74
 %

 - 33.66
 %

 - 32.77
 %

 - 33.66
 %

 - 32.60
 %

 Incentive fee (rebate)
 per share

 -

 -

 -

 -

 ( 0.47
)

 ( 0.30
)

 ( 0.48
)

 ( 0.39
)

 Incentive
 Fee (rebate) to ANA

 0.00
 %

 0.00
 %

 0.00
 %

 0.00
 %

 - 0.50
 %

 - 0.50
 %

 - 0.50
 %

 - 0.60
 %

 Class

 Class
 1AP

 Class

 Class
 2a

 Class
 3a

 Class

 Class
 1AP

 Class

 Per

 Net

 $
 99.17

 $
 127.56

 $
 172.01

 $
 149.47

 $
 148.96

 $
 71.23

 $
 91.71

 $
 121.70

 Net

 income (expense)

 0.05

 0.07

 0.10

 0.08

 0.08

 0.00

 0.00

 0.00

 ( 6.34
)

 ( 5.04
)

 ( 6.84
)

 ( 5.98
)

 ( 5.91
)

 ( 3.50
)

 ( 2.37
)

 ( 3.14
)

 Net

 ( 30.25
)

 ( 39.58
)

 ( 53.34
)

 ( 46.13
)

 ( 46.03
)

 ( 21.76
)

 ( 28.36
)

 ( 37.64
)

 Net

 ( 36.54
)

 ( 44.55
)

 ( 60.08
)

 ( 52.03
)

 ( 51.86
)

 ( 25.26
)

 ( 30.73
)

 ( 40.78
)

 Net

 $
 62.63

 $
 83.01

 $
 111.93

 $
 97.44

 $
 97.10

 $
 45.97

 $
 60.98

 $
 80.92

 Net

 - 7.96
 %

 - 4.85
 %

 - 4.85
 %

 - 4.85
 %

 - 4.85
 %

 - 6.26
 %

 - 3.27
 %

 - 3.27
 %

 8.03
 %

 4.92
 %

 4.92
 %

 4.92
 %

 4.92
 %

 6.26
 %

 3.27
 %

 3.27
 %

 8.03
 %

 4.92
 %

 4.92
 %

 4.92
 %

 4.92
 %

 6.26
 %

 3.27
 %

 3.27
 %

 Total

 - 36.85
 %

 - 34.93
 %

 - 34.93
 %

 - 34.81
 %

 - 34.81
 %

 - 35.47
 %

 - 33.50
 %

 - 33.51
 %

 Total

 - 36.85
 %

 - 34.93
 %

 - 34.93
 %

 - 34.81
 %

 - 34.81
 %

 - 35.47
 %

 - 33.50
 %

 - 33.51
 %

 F- 42

 Class

 Class

 Class

 Class
 1AP

 Class

 Per

 Net

 $
 185.27

 $
 297.25

 $
 154.14

 $
 198.42

 $
 265.55

 Net

 0.00

 0.00

 0.00

 0.00

 0.00

 ( 13.30
)

 ( 13.81
)

 ( 9.80
)

 ( 7.67
)

 ( 10.27
)

 Net

 ( 37.37
)

 ( 60.91
)

 ( 37.89
)

 ( 49.55
)

 ( 66.31
)

 Net

 ( 50.67
)

 ( 74.72
)

 ( 47.69
)

 ( 57.22
)

 ( 76.58
)

 Net

 $
 134.60

 $
 222.53

 $
 106.45

 $
 141.20

 $
 188.97

 Net

 - 8.25
 %

 - 5.25
 %

 - 7.53
 %

 - 4.53
 %

 - 4.53
 %

 8.25
 %

 5.25
 %

 7.53
 %

 4.53
 %

 4.53
 %

 8.25
 %

 5.25
 %

 7.53
 %

 4.53
 %

 4.53
 %

 Total

 - 27.35
 %

 - 25.14
 %

 - 30.94
 %

 - 28.84
 %

 - 28.84
 %

 Total

 - 27.35
 %

 - 25.14
 %

 - 30.94
 %

 - 28.84
 %

 - 28.84
 %

 (1)
 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.

 (3)
 ratios do not reflect interest allocated to the Managing Owner as such expenses are not included
 in the consolidated statements of operations of the Series.

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

 For the year
ended December 31, 2022

 Class

 Class

 Class

 Class

 Class

 Class
 2a

 Class

 Class
 3a

 Per

 Net
 asset value, December 31, 2021

 $
 88.98

 $
 83.56

 $
 70.17

 $
 66.15

 $
 89.97

 $
 58.75

 $
 94.38

 $
 62.16

 Net

 0.20

 0.19

 0.35

 0.33

 0.27

 0.17

 0.28

 0.19

 ( 3.59
)

 ( 3.37
)

 ( 6.98
)

 ( 6.55
)

 ( 3.27
)

 ( 2.14
)

 ( 3.42
)

 ( 2.27
)

 Net

 10.78

 10.34

 31.10

 29.52

 22.68

 15.15

 23.79

 16.21

 Net

 7.39

 7.16

 24.47

 23.30

 19.68

 13.18

 20.65

 14.13

 Net

 $
 96.37

 $
 90.72

 $
 94.64

 $
 89.45

 $
 109.65

 $
 71.93

 $
 115.03

 $
 76.29

 Net

 - 3.17
 %

 - 3.17
 %

 - 6.45
 %

 - 6.45
 %

 - 2.60
 %

 - 2.60
 %

 - 2.60
 %

 - 2.60
 %

 before incentive fees (rebate) (3)(4)

 3.76
 %

 3.76
 %

 6.78
 %

 6.78
 %

 2.83
 %

 2.83
 %

 2.83
 %

 2.83
 %

 after incentive fees (rebate) (3)(4)

 3.35
 %

 3.35
 %

 6.78
 %

 6.78
 %

 2.83
 %

 2.83
 %

 2.83
 %

 2.83
 %

 Total
 return before incentive fees (rebate) (2)

 7.90
 %

 8.17
 %

 34.87
 %

 35.22
 %

 21.87
 %

 22.43
 %

 21.87
 %

 22.74
 %

 Total
 return after incentive fees (rebate) (2)

 8.30
 %

 8.57
 %

 34.87
 %

 35.22
 %

 21.87
 %

 22.43
 %

 21.87
 %

 22.74
 %

 Incentive fee (rebate)
 per share

 ( 0.44
)

 ( 0.41
)

 -

 -

 -

 -

 -

 -

 Incentive
 Fee (rebate) to ANA

 - 0.41
 %

 - 0.41
 %

 0.00
 %

 0.00
 %

 0.00
 %

 0.00
 %

 0.00
 %

 0.00
 %

 F- 43

 Class

 Class
 1AP

 Class

 Class
 2a

 Class
 3a

 Class

 Class
 1AP

 Class

 Per

 Net
 asset value, December 31, 2021

 $
 82.82

 $
 103.38

 $
 139.40

 $
 120.98

 $
 120.57

 $
 63.39

 $
 79.21

 $
 105.10

 Net

 income (expense)

 ( 0.02
)

 ( 0.02
)

 ( 0.03
)

 ( 0.02
)

 ( 0.02
)

 0.00

 0.00

 0.00

 ( 10.14
)

 ( 8.70
)

 ( 11.74
)

 ( 10.13
)

 ( 10.17
)

 ( 5.39
)

 ( 3.54
)

 ( 4.67
)

 Net

 26.51

 32.90

 44.38

 38.64

 38.58

 13.23

 16.04

 21.27

 Net

 16.35

 24.18

 32.61

 28.49

 28.39

 7.84

 12.50

 16.60

 Net

 $
 99.17

 $
 127.56

 $
 172.01

 $
 149.47

 $
 148.96

 $
 71.23

 $
 91.71

 $
 121.70

 Net

 - 9.43
 %

 %

 %

 %

 %

 - 6.21
 %

 - 3.21
 %

 - 3.21
 %

 7.51
 %

 4.46
 %

 4.46
 %

 4.46
 %

 4.46
 %

 6.21
 %

 3.21
 %

 3.21
 %

 9.42
 %

 6.36
 %

 6.36
 %

 6.36
 %

 6.36
 %

 6.21
 %

 3.21
 %

 3.21
 %

 Total

 21.65
 %

 25.29
 %

 25.30
 %

 25.45
 %

 25.45
 %

 12.37
 %

 15.78
 %

 15.79
 %

 Total

 19.75
 %

 23.39
 %

 23.39
 %

 23.55
 %

 23.54
 %

 12.37
 %

 15.78
 %

 15.79
 %

 Incentive fee per
 share

 2.05

 2.60

 3.51

 3.03

 3.04

 -

 -

 -

 Incentive
 Fee to ANA

 1.90
 %

 1.90
 %

 1.90
 %

 1.90
 %

 1.90
 %

 0.00
 %

 0.00
 %

 0.00
 %

 Global Fund

 Heritage Fund

 Class

 Class

 Class

 Class
 1AP

 Class

 Per

 Net
 asset value, December 31, 2021

 $
 109.45

 $
 170.40

 $
 103.43

 $
 129.19

 $
 172.91

 Net

 0.00

 0.00

 0.00

 0.00

 0.00

 ( 14.39
)

 ( 13.45
)

 ( 11.60
)

 ( 8.62
)

 ( 11.40
)

 Net

 90.21

 140.30

 62.31

 77.85

 104.04

 Net

 75.82

 126.85

 50.71

 69.23

 92.64

 Net

 $
 185.27

 $
 297.25

 $
 154.14

 $
 198.42

 $
 265.55

 Net

 - 8.01
 %

 - 5.00
 %

 - 7.21
 %

 - 4.20
 %

 - 4.20
 %

 8.01
 %

 5.00
 %

 7.21
 %

 4.20
 %

 4.20
 %

 8.01
 %

 5.00
 %

 7.21
 %

 4.20
 %

 4.20
 %

 Total

 69.28
 %

 74.44
 %

 49.03
 %

 53.59
 %

 53.58
 %

 Total

 69.28
 %

 74.44
 %

 49.03
 %

 53.59
 %

 53.58
 %

 (1)
 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.

 (3)
 ratios do not reflect interest allocated to the Managing Owner as such expenses are not included
 in the consolidated statements of operations of the Series.

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

 F- 44

 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 December 31, 2024 and 2023 is included in the consolidated 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 Year ended December 31, 2024

 Sold

 -

 -

 For
the Year Ended December 31, 2023

 Sold

 For the Year Ended December 31, 2022

 Sold

 F- 45

 The
following tables summarize the consolidated trading revenues for the years ended December 3, 2024, 2023 and 2022 by sector:

Trading Revenue from Futures, Forwards and Options

 for
the Year Ended December 31, 2024

 $
 -

 -

 -

 -

 -

 -

 $
 -

Trading Revenue from Futures, Forwards and Options

 for
the Year Ended December 31, 2023

 $
 128,298

 ( 137,759
)

 1,270

 ( 103,008
)

 20,799

 ( 231,826
)

 $
 ( 322,226
)

 F- 46

Trading Revenue from Futures, Forwards and Options

 for
the Year Ended December 31, 2022

 $
 ( 385,424
)

 683,628

 94,910

 230,542

 ( 115,239
)

 299,210

 $

 (1)
 Amounts recorded in the consolidated 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 Year Ended December 31, 2024

 $
 -

 -

 -

 -

 -

 $
 -

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

 for
the Year Ended December 30, 2023

 Type
 of contract

 $
 2,242

 9,393

 ( 28,346
)

 in unrealized trading income/(loss) (1)

 $
 ( 16,104
)

 F- 47

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

 for
the Year Ended December 31, 2022

 Type
 of contract

 Balanced

 Fund

 $
 187,295

 ( 252,215
)

 47,945

 ( 108,413
)

 98,894

 13,328

 in unrealized trading income/(loss) (1)

 $
 ( 13,166
)

 (1)
 Amounts recorded in the consolidated statements of operations under net change in open trade equity/(deficit).

 Certain
financial instruments and derivative instruments are eligible for offset in the consolidated statements of financial condition under
GAAP. The Series' open trade equity/(deficit), options written, and receivables from futures commissions merchants (each, an "FCM")
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 consolidated 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 consolidated statements of financial condition as of December 31, 2024 and 2023.

 As
of December 31, 2024

 Gross Amounts of

 recognized
 Derivative

 offset in the
 Statements of

 Net Amounts
 Presented in the
 Statements of

 $
 -

 $
 -

 $
 -

 As of December
31, 2023

 Gross Amounts of
 recognized
 Derivative Assets

 offset in the
 Statements of

 Net Amounts
 Presented in the
 Statements of

 $

 $
 ( 28,868
)

 $
)

 F- 48

 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 Commodities Exchange Act ("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 consolidated
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 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 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. 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, clearing house 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 consolidated 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 consolidated financial statements are
available to be issued. The Managing Owner has assessed the subsequent events through the date that the consolidated 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 consolidated financial statements.

 From January 1, 2025 through March 24, 2025, 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 $ 56,411, $ 49,569, $ 12,252, $ 11,032, $ 14,131, $ 20,523 and $ 59,714, respectively, in redemptions.

 F- 49

 REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 To the Executive Committee of Frontier Funds

 Opinion on the Financial Statements

 We have audited the accompanying combined consolidated
statements of financial condition, including the combined consolidated condensed schedules of investments, of the Frontier Funds (the
"Trust") as of December 31, 2024 and 2023, and the related combined consolidated statements of operations, changes in owners'
capital and cash flows for the years ended December 31, 2024, 2023, and 2022, and the related notes to the combined consolidated financial
statements (collectively referred to as the "financial statements"). In our opinion, the financial statements referred to
above present fairly, in all material respects, the financial position of the Trust as of December 31, 2024 and 2023, and the results
of its operations and its cash flows for the years ended December 31, 2024, 2023, and 2022, in conformity with accounting principles generally
accepted in the United States of America.

 These financial statements are the responsibility
of the Trust's management. Our responsibility is to express an opinion on the Trust's financial statements based on our audits.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.

 We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to
perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's
internal control over financial reporting. Accordingly, we express no such opinion.

 Our audits of the financial statements included
performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for
our opinion.

 Critical Audit Matters

 Critical audit matters are matters arising from
the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and
that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,
subjective, or complex judgments. We determined that there are no critical audit matters.

 /s/ Spicer Jeffries LLP

 We have served as auditor of the Frontier Funds Trust since 2019.

 March 31, 2025

 F- 50

 Combined Consolidated Statements of Financial

 December 31, 2024 and 2023

 December 31,

2024

 December 31,

2023

 Cash and cash equivalents

 $
 265,821

 $
 671,592

 U.S. Treasury securities, at fair value

 -

 7,948,324

 10,539,963

 1,384

 2,645

 $
 8,232,333

 $
 12,021,523

 LIABILITIES & CAPITAL

 Open trade deficit, at fair value

 $
 -

 $

 Redemptions payable

 -

 24,908

 Incentive fees payable to Managing Owner

 -

 Management fees payable to Managing Owner

 -

 2,440

 1,679

 2,199

 29,441

 43,957

 12,055

 16,930

 Risk analysis fees payable

 -

 11,307

 751,141

 733,996

 3,136

 2,725

 Total Liabilities

 797,452

 853,588

 OWNERS CAPITAL

 Managing Owner Units

 94,505

 118,288

 Limited Owner Units

 7,340,376

 11,049,647

 Total Owners Capital

 7,434,881

 11,167,935

 Total Liabilities and Owners Capital

 $
 8,232,333

 $
 12,021,523

 F- 51

 Combined Consolidated Condensed Schedule of

 Fair

Value

 (Net Asset
 Value)

 PRIVATE INVESTMENT COMPANIES (1)

 $
 468,664

 6.30
 %

 569,788

 7.66
 %

 980,537

 13.19
 %

 Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC

 2.69
 %

 996,844

 13.41
 %

 3,243,699

 43.63
 %

 792,979

 10.67
 %

 543,117

 7.30
 %

 Galaxy Plus Fund - Rosetta Program Feeder Fund (522) LLC

(formerly known as Galaxy Plus Fund - LRR Feeder Fund (522) LLC)

 152,814

 2.06
 %

 Total

 $
 7,948,324

 106.91
 %

 U.S. TREASURY SECURITIES

 0.23
 %

 Total

 $

 0.23
 %

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

 F- 52

 Combined Consolidated Condensed Schedule of

 Fair

Value

 SHORT FUTURES CONTRACTS *

 Various base metals futures contracts (U.S.)

 $
)

 - 0.13
 %

 Total
Short Futures Contracts

 $
)

 - 0.13
 %

 Total

 $
)

 - 0.13
 %

 PRIVATE INVESTMENT COMPANIES (1)

 $
 437,641

 3.92
 %

 628,452

 5.63
 %

 1,086,717

 9.73
 %

 Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC

 2.03
 %

 1,578,249

 14.13
 %

 4,345,038

 38.91
 %

 1,757,178

 15.73
 %

 Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC

 149,233

 1.34
 %

 Galaxy Plus Fund - Rosetta Program Feeder Fund (522) LLC

(formerly known as Galaxy Plus Fund - LRR Feeder Fund (522) LLC)

 331,164

 2.97
 %

 Total

 $
 10,539,963

 94.39
 %

 U.S. TREASURY SECURITIES

 0.34
 %

 Total

 $

 0.34
 %

 *
 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.

 F- 53

 Combined Consolidated Statements of Operations

 For the Years Ended December 31, 2024, 2023
and 2022

 2024

 2023

 2022

 Interest - net

 $
 8,194

 $
 15,880

 $
 10,897

 Total Income

 8,194

 15,880

 10,897

 Incentive Fees (rebate)

 -

 ( 5,126
)

 199,276

 -

 16,237

 18,115

 Risk analysis Fees

 -

 6,391

 5,434

 Service Fees - Class 1

 203,637

 311,369

 494,806

 Due Diligence Fees

 2,121

 3,512

 5,527

 469,246

 700,937

 1,044,671

 Total Expenses

 675,004

 1,033,320

 1,767,829

 Investment income/(loss) - net

 ( 666,810
)

 ( 1,017,440
)

 ( 1,756,932
)

 Realized and unrealized gain/(loss) on investments:

 Net realized gain/(loss) on futures, forwards and options

 -

 ( 322,226
)

 Net unrealized gain/(loss) on private investment companies

 ( 443,976
)

 ( 6,248,287
)

 4,643,860

 Net realized gain/(loss) on private investment companies

 ( 261,913
)

 1,183,455

 2,137,393

 Net change in open trade equity/(deficit)

 -

 ( 16,104
)

 ( 13,166
)

 Net realized gain/(loss) on U.S. Treasury securities

 ( 14,003
)

 ( 25,553
)

 ( 62,411
)

 Net unrealized gain/(loss) on U.S. Treasury securities

 ( 295
)

 1,166

 Trading commissions

 -

 ( 10,773
)

 ( 8,536
)

 ( 719,709
)

 ( 5,439,783
)

 7,505,933

 NET
 INCREASE/(DECREASE) IN OWNERS' CAPITAL RESULTING FROM OPERATIONS

 $
 ( 1,386,519
)

 $
 ( 6,457,223
)

 $
 5,749,001

 F- 54

 Combined Consolidated Statements of Changes
in Owners' Capital

For the Year Ended December 31, 2024, 2023 and 2022

 Owner

 Total

 Owners' Capital, December 31, 2021

 $
 214,522

 $
 20,125,168

 $
 20,339,690

 ( 59,300
)

 ( 4,363,132
)

 ( 4,422,432
)

 Capital resulting from operations

 66,448

 5,682,553

 5,749,001

.

 Owners' Capital, December 31, 2022

 $
 221,670

 $
 21,444,589

 $
 21,666,259

 ( 41,850
)

 ( 3,999,251
)

 ( 4,041,101
)

 Capital resulting from operations

 ( 61,532
)

 ( 6,395,691
)

 ( 6,457,223
)

 Owners' Capital, December 31, 2023

 $
 118,288

 $
 11,049,647

 $
 11,167,935

 ( 7,330
)

 ( 2,339,205
)

 ( 2,346,535
)

 Capital resulting from operations

 ( 16,453
)

 ( 1,370,066
)

 ( 1,386,519
)

 Owners' Capital, December 31, 2024

 $
 94,505

 $
 7,340,376

 $
 7,434,881

 F- 55

Combined Consolidated Statements of Cash Flows

 For the Years Ended December 31, 2024, 2023
and 2022

 2024

 2023

 2022

 Cash Flows from Operating Activities:

 Net increase/(decrease) in capital resulting from operations

 $
 ( 1,386,519
)

 $
 ( 6,457,223
)

 $
 5,749,001

 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

)

 16,104

 13,166

 Net change in ownership allocation of U.S. Treasury Securities

 ( 21,367
)

 ( 26,169
)

 ( 15,849
)

 Net unrealized (gain)/loss on private investment companies

 443,976

 6,248,287

 ( 4,643,860
)

 Net realized (gain)/loss on private investment companies

 261,913

 ( 1,183,455
)

 ( 2,137,393
)

 Net unrealized (gain)/loss on U.S. Treasury securities

 ( 183
)

 ( 1,166
)

 Net realized (gain)/loss on U.S. Treasuries securities

 14,003

 25,553

 62,411

 (Purchases) sales of:

 (Purchases) of U.S. Treasury securities

 -

 ( 1,126,364
)

 ( 3,152,834
)

 Sales of U.S. Treasury securities

 20,488

 1,462,386

 2,847,509

 (Purchases) of Private Investment Companies

 ( 3,230,053
)

 ( 3,542,791
)

 ( 17,491,552
)

 Sales of Private Investment Companies

 5,115,803

 9,378,323

 22,427,541

 U.S. Treasury interest and premium paid/amortized

 8,194

 15,880

 10,897

 Increase and/or decrease in:

 ( 449,143
)

 498,121

 1,261

 7,056

 ( 6,672
)

 Incentive fees payable to Managing Owner

 ( 692
)

 -

 ( 54,010
)

 Management fees payable to Managing Owner, net of change in receivable

 ( 2,440
)

 ( 520
)

 ( 1,251
)

 1,736

 ( 14,516
)

 ( 39,145
)

 12,104

 ( 4,875
)

 ( 16,502
)

 1,513

 Risk analysis fees payable

 ( 11,307
)

 17,145

 23,673

 36,514

 ( 11,893
)

 ( 3,007
)

 Net cash provided by operating activities

 1,965,672

 4,325,353

 4,154,374

 Cash Flows from Financing Activities:

 Payment for redemption of capital

 ( 2,346,535
)

 ( 4,041,101
)

 ( 4,422,432
)

 Redemptions payable

 ( 24,908
)

 ( 42,853
)

 ( 481
)

 Net cash used in financing activities

 ( 2,371,443
)

 ( 4,083,954
)

 ( 4,422,913
)

 Net increase (decrease) in cash and cash equivalents

 ( 405,771
)

 241,399

 ( 268,539
)

 671,592

 430,193

 698,732

 $
 265,821

 $
 671,592

 $
 430,193

 F- 56

 Notes to Combined 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 ("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 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's combined consolidated financial
statements are comprised of each unitized Series' consolidated financial statements being combined to present all Series in aggregate.
However, the combined 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") or to an unaffiliated series limited liability company ("Galaxy Plus entities" or "Galaxy Plus entity"). Except as otherwise described in these notes, each Trading Company and Galaxy Plus entity has one-year renewable contracts with its own independent commodity trading advisor(s), or each, a Trading Advisor, that will manage all or a portion of such Trading Company's and Galaxy Plus assets and make the trading decisions for the assets of each Series invested in such Trading Company and Galaxy Plus entity. Each Trading Company and Galaxy Plus entity will segregate its assets from any other Trading Company and Galaxy Plus entity.

 maintains separate, distinct records for each Series, and 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.

 F- 57

 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 two 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 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.

 F- 58

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

 Between
April 15, 2016 and May 10, 2017, a portion of the interests in Frontier Trading Company I, LLC and all of the interests in Frontier Trading
Company VII, LLC, Frontier Trading Company XV, LLC, and Frontier Trading Company XXIII LLC held by Frontier Diversified Fund, Frontier
Masters Fund, Frontier Select Fund, Frontier Balanced Fund and Frontier Long/Short Commodity Fund were exchanged for equivalent interests
in the Galaxy Plus Managed Account Platform ("Galaxy Plus Platform") which is an unaffiliated, third-party managed account
platform. The assets of Frontier Trading Company I, LLC, which included exposure to Quantmetrics Capital Management LLP's Multi-Strategy
Program, Quantitative Investment Management, LLC's Quantitative Global Program, Quest Partners LLC's Quest Tracker Index Program,
Chesapeake Capital Management, LLC's Diversified Program, and Doherty Advisors LLC's Relative Value Moderate Program, the
assets of Frontier Trading Company VII, LLC, which included exposure to Emil van Essen LLC's Multi-Strategy Program, Red Oak Commodity
Advisors, Inc.'s Fundamental Diversified Program, Rosetta Capital Management, LLC's Rosetta Trading Program, and Landmark
Trading Company's Landmark Program, the assets of Frontier Trading Company XV, LLC, which included exposure to Transtrend B.V.'s
TT Enhanced Risk (USD) Program, and the assets of Frontier Trading Company XXIII, LLC which included exposure to Fort L.P.'s Global
Contrarian Program have been transferred to individual Delaware limited liability companies ("Master Funds") in the Galaxy
Plus Platform. Each Master Fund is sponsored and operated by New Hyde Park. New Hyde Park has contracted with the Trading Advisors to
manage the portfolios of the Master Funds pursuant to the advisors' respective program. For those Series that invest in Galaxy Plus
Platform, approximately 75 %- 95 % of those Series assets are used to support the margin requirements of the Master Funds. The remaining
assets of the Series are split between investments in Trading Companies and a pooled cash management account that invests primarily in
U.S. Treasury securities. For those Series that do not invest in the Galaxy Plus Platform, 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
GAAP, as established by the Financial Accounting Standards Board (the "FASB"), to ensure consistent reporting of combined
consolidated financial condition, combined consolidated condensed schedules of investments, combined consolidated results of operations,
combined consolidated changes in capital and combined consolidated cash flows. The Trust is an investment company following accounting
and reporting guidance in Accounting Standards Codification ("ASC") 946.

 F- 59

 Combination of consolidated series —
The Series, through investing in the Trading Companies and the Galaxy Plus Platform, authorize certain Trading Advisors to place trades
and manage assets at pre- determined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of
investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and
expenses and a risk analysis fee (for closed Series only), all of which is allocated to the Series, if consolidated by a Series. The Galaxy
Plus Platform is a series of Delaware limited liability companies, sponsored by New Hyde Park, that create exposure to a variety of third
party professional managed futures and foreign exchange advisors. The Galaxy Plus Platform is available to qualified high-net-worth individuals
and institutional investors. 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 combined consolidated statements
of financial condition.

 The income or loss attributable thereto in proportion
to the investment level of the private investment companies is shown in the combined consolidated statements of operations as net unrealized
gain/(loss) on private investment companies. The consolidated financial statements of the Series and Trading Companies are combined to
form the combined consolidated financial statements of the Trust. All intercompany transactions have been eliminated in combination.

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

 Use of Estimates— The preparation
of combined 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
combined consolidated statements of operations.

 F- 60

 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 combined 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 December 31, 2024 and December
31, 2023 included restricted cash for margin requirements of $ 0 and $ 769,384 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 combined 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 combined 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 combined consolidated statements
of operations.

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

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

 F- 61

 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 combined consolidated statements of operations. Investments
in private investment companies are valued utilizing the net asset values as a practical expedient. Certain Series of the Trust strategically
invest a portion or all of their assets in total return swaps, selected at the discretion of the Managing Owner. Swaps are privately negotiated
contracts designed to provide investment returns linked to those produced by one or more underlying investment products or indices. In
a typical swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular
predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated
with respect to a "notional amount" (i.e., the amount of value of the underlying asset used in computing the particular interest
rate, return, or other amount to be exchanged) in a particular investment, or in a "basket" of securities. The valuation of
swap contracts requires significant estimates. Swap contracts are reported at fair value based upon daily reports from the counterparty.
The Managing Owner reviews and approves current day pricing of the 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 combined consolidated financial statements. This interpretation also provides guidance on derecognition,
classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions
taken or expected to be taken in the course of preparing the Trust'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 year ended December
31, 2024.

 The 2021 through 2023 tax years generally remain
subject to examination by U.S. federal and most state tax authorities.

 In the opinion of the Managing Owner, (i) the
Trust 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 combined consolidated statements of operations. The Series are all
charged management and incentive fees on the asset allocated through the Galaxy Plus entities. Those fees are included in unrealized gain/(loss)
on private investment companies on the combined consolidated statements of operations. The Series are also charged management and incentive
fees on assets allocated to swaps. Such fees are embedded in the fair value of the swap and are included in net unrealized gain (loss)
on swap contracts on the combined consolidated statements of operations.

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

 F- 62

 Service Fees —The Trust may maintain
each Series of Units in two 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 2024, 2023 and 2022, the Series were not allowed to issue
additional units. The Managing Owner has determined that the purchase of additional units of the relevant Series will commence in 2024
when the Series are allowed to sell shares again. As such, the Managing Owner has calculated the amounts for additional units of the relevant
series which will be purchased and classified such amounts as Subscriptions in advance for service fee rebates of $ 751,141 and $ 733,996
as of December 31, 2024 and December 31, 2023, respectively.

 These service fees are part of the offering costs
of the Trust, 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.

 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.

 F- 63

 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 open trade equity positions (futures contracts) that are actively traded on public markets with quoted pricing for corroboration.
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 currencies are reported at fair value using Level 2 inputs. As of December 31, 2024, the Trust did not hold any open
trade equity position.

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

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

 F- 64

 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 combined consolidated financial asset portfolio, in aggregate, measured at fair value on a recurring basis
as of December 31, 2024 and 2023, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair
value:

 $
 -

 $
 -

 $
 -

 $
 -

 -

 -

 $
)

 $
 -

 $
 -

 $
)

 -

 -

 4. Swap Contracts

 In addition to authorizing Trading Advisors to
manage pre-determined 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.

 F- 65

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

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

 Liquidity

 Notice Period

 Permitted

 Restrictions

 Daily

 None

 Daily

 None

 Galaxy Plus Fund - Rosetta Program Feeder Fund (522) LLC (formerly
known as Galaxy Plus Fund - LRR Feeder Fund (522) LLC)

 Daily

 None

 Daily

 None

 Daily

 None

 Daily

 None

 Daily

 None

 Daily

 None

 Effective August 31, 2024, Volt Capital Management AB accessed through Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC, ceased to act as a commodity trading advisor to the Trust.

 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.

 F- 66

 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 combined consolidated 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.

 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 (formerly Frontier Winton
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 combined consolidated 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.

 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.

 F- 67

 As of December 31, 2024, the
Trust had a payable to the Managing Owner in the amounts of $ 0, $ 0, $ 1,679, $ 29,441 and $ 12,055 for incentive fees, management
fees, interest, trading fees, and service fees, respectively.

 As of December 31, 2023, the Trust had a payable
to the Managing Owner in the amounts of $ 692, $ 2,440, $ 2,199, $ 43,957 and $ 16,930 for incentive fees, management fees, interest,
trading fees, and service fees, respectively.

 As of December 31, 2022, the Trust had a payable
to the Managing Owner in the amounts of $ 692, $ 1,573, $ 3,450, $ 83,102 and $ 33,432 for incentive fees, management fees, interest,
trading fees, and service fees, respectively.

 For the year ended December 31, 2024, the Managing
Owner earned $ 0, $ 0, $ 203,637 and $ 469,246 for incentive fees (rebate), management fees, service fees, and trading fees, respectively.

 For the year ended December 31, 2023, the Managing
Owner earned ($ 5,126), $ 16,237, $ 311,369 and $ 700,937 for incentive fees (rebate), management fees, service fees, and trading
fees, respectively.

 For the year ended December 31, 2022, the Managing
Owner earned $ 199,276, $ 18,115, $ 494,806 and $ 1,044,671 for incentive fees (rebate), management 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 (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 years ended December 31, 2024, 2023
and 2022, the Trust paid $ 22,466, $ 23,487 and $ 31,925, respectively, of such interest income to the Managing Owner. Such amounts are not
included in the combined consolidated statements of operations of the Trust. All other interest income is recorded by the Trust on the
combined consolidated statements of operations.

 F- 68

 7. Financial Highlights

 The following information presents the financial
highlights of the Trust for the years ended December 31, 2024, 2023 and 2022. This data has been derived from the information presented
in the combined consolidated financial statements.

 2024

 2023

 2022

 Ratios to average net assets (1)

 Net investment income/(loss) (1)

 - 6.55
 %

 %

 - 7.17
 %

 Expenses before incentive fees (rebate) (3)

 - 6.63
 %

 - 6.50
 %

 - 6.40
 %

 Expenses after incentive fees (rebate) (3)

 - 6.63
 %

 - 6.47
 %

 - 7.21
 %

 Total return before incentive fees (rebate) (2)

 - 13.62
 %

 - 40.44
 %

 24.27
 %

 Total return after incentive fees (rebate) (2)

 - 13.62
 %

 - 40.41
 %

 23.46
 %

 (1)
 Annualized
with the exception of incentive fees.

 (2)
 Total
returns are not annualized.

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

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

 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 December 31, 2024 and 2023 is included
in the combined 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 years ended December 31, 2024, 2023 and
2022, the monthly average of futures, forwards and options contracts bought was approximately 0, 324 and 296, respectively and the monthly
average of futures, forwards, and options contracts sold was approximately 0, 323 and 295, respectively.

 The following tables summarize the Trust's
combined consolidated trading revenues for the years ended December 31, 2024, 2023 and 2022 by contract type:

 Realized Trading Revenue from Futures, Forwards
and Options

for the Year Ended December 31, 2024

 $
 -

 -

 -

 -

 -

 -

 $
 -

 F- 69

 Realized Trading Revenue from Futures, Forwards
and Options

for the Year Ended December 31, 2023

 $
 128,298

 ( 137,759
)

 1,270

 ( 103,008
)

 20,799

 ( 231,826
)

 $
 ( 322,226
)

 Realized Trading Revenue from Futures, Forwards
and Options

for the Year Ended December 31, 2022

 $
 ( 385,424
)

 683,628

 94,910

 230,542

 ( 115,239
)

 299,210

 $

 (1)
 Amounts recorded in the combined consolidated statements of operations under net realized gain(loss) on futures forwards and options.

 F- 70

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

for the Year Ended December 31, 2024

 $
 -

 -

 -

 -

 -

 $
 -

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

for the Year Ended December 31, 2023

 $
 2,242

 9,393

 ( 28,346
)

 $
 ( 16,104
)

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

for the Year Ended December 31, 2022

 $
 187,295

 ( 252,215
)

 47,945

 ( 108,413
)

 98,894

 13,328

 $
 ( 13,166
)

 (1)
 Amounts
recorded in the combined consolidated statements of operations under net change in open trade equity/(deficit).

 F- 71

 Certain financial instruments and derivative instruments
are eligible for offset in the combined consolidated statements of financial condition under GAAP. The Trust's open trade equity/(deficit),
options written, and receivables from futures commission merchants (each, an "FCM") 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 combined 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 combined consolidated statements
of financial condition as of December 31, 2024 and 2023:

 As of December 31, 2024

 Gross
Amounts

Derivative

 Gross Amounts offset in the Statements of Financial Condition

 Net Amounts Presented in the Statements of Financial Condition

 $
 -

 $
 -

 $
 -

 As of December 31, 2023

 Derivative

 Gross Amounts offset in the Statements of Financial Condition

 Net Amounts Presented in the Statements of Financial Condition

 $

 $
 ( 28,868
)

 $
)

 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 combined consolidated 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.

 F- 72

 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

 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 Morgan Stanley & Co. LLC. 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 combined consolidated 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 combined consolidated 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 combined consolidated financial statements.

 From January 1, 2025 through March 24, 2025, the Trust paid $ 223,631
in redemptions.

 F- 73

 Independent Auditor's
Report

 To the Executive Committee of Frontier Funds

 We have audited the accompanying financial statements
of Frontier Trading Company I, LLC and Frontier Trading Company XXXVIII, LLC (collectively, the "Trading Companies"), which
comprise the statements of financial condition, including the condensed schedules of investments, as of December 31, 2024 and 2023, the
related statements of operations, changes in members' equity and cash flows for the years ended December 31, 2024, 2023, and 2022,
and the related notes to the financial statements.

present fairly, in all material respects, the financial position of the Trading Companies as of December 31, 2024 and 2023, and the results
of their operations and their cash flows for the years ended December 31, 2024, 2023, and 2022, in accordance with accounting principles
generally accepted in the United States of America.

 We conducted our audits in accordance with auditing
standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described
in the Auditors' Responsibilities for the Audits of the Financial Statements section of our report. We are required to be independent
of the Trading Companies and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating
to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

 Responsibilities of Management for the Financial Statements

 Management is responsible
for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the
United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or error.

is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Trading
Companies' ability to continue as a going concern within one year after the date that the financial statements are issued or available
to be issued.

 Auditors' Responsibilities for the Audits of the Financial

about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and
therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user

 In performing audits in accordance with GAAS, we:

 Exercise professional judgment and maintain professional skepticism throughout the audits.

 Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements.

 Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trading Companies'
internal control. Accordingly, no such opinion is expressed.

 Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management,
as well as evaluate the overall presentation of the financial statements.

 Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the Trading Companies' ability to continue as a going concern for a reasonable period of time.

with governance regarding, among other matters, the planned scope and timing of the audits, significant audit findings, and certain internal
control—related matters that we identified during the audits.

 /s/ Spicer Jeffries LLP

 March 31, 2025

 F- 74

 Statements of Financial

 December 31, 2024 and
2023

 $
 -

 $

 Open trade equity, at fair value

 -

 -

 Total

 $
 -

 $

 LIABILITIES & MEMBERS' EQUITY

 Risk analysis fee payable

 $
 -

 $
 11,307

 Open trade deficit, at fair value

 -

 Total

 -

 25,741

 MEMBERS' EQUITY (Net Asset Value)

 -

 743,643

 Total Liabilities and Members' Equity

 $
 -

 $

 Frontier Trading Company XXXVIII,
 LLC

 $

 $

 $

 $

 LIABILITIES & MEMBERS' EQUITY

 Advance on unrealized swap appreciations

 $
 -

 $
 -

 Total

 -

 -

 MEMBERS' EQUITY (Net Asset Value)

 Total Liabilities and Members' Equity

 $

 $

part of these financial statements.

 F- 75

 Condensed Schedules
of Investments

 Company XXXVIII LLC

 Value

 Value

 SHORT FUTURES CONTRACTS *

 Various base metals futures contracts (U.S.)

 $
 -

 0.00
 %

 $
 -

 0.00
 %

 Total
Short Futures Contracts

 $
 -

 0.00
 %

 $
 -

 0.00
 %

 Total

 $
 -

 0.00
 %

 $
 -

 0.00
 %

 PRIVATE INVESTMENT COMPANIES

 Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC

 $
 -

 0.00
 %

 $

 %

 Total

 $
 -

 0.00
 %

 $

 %

 *
 Except for those items disclosed, no individual futures,
forwards and option on futures contract position constituted greater than 5 percent of Net Asset Value. Accordingly, the number of contracts
and expiration dates are not presented.

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

 F- 76

 Condensed Schedules
of Investments

 Company XXXVIII LLC

 Value

 Value

 SHORT FUTURES CONTRACTS *

 Various base metals futures contracts (U.S.)

 $
)

 -1.94
 %

 $
 -

 0.00
 %

 Total
Short Futures Contracts

 $
)

 -1.94
 %

 $
 -

 0.00
 %

 Total

 $
)

 -1.94
 %

 $
 -

 0.00
 %

 PRIVATE INVESTMENT COMPANIES

 Galaxy Plus Fund - Quest Fit Feeder Fund (535) LLC

 $
 -

 0.00
 %

 $

 %

 Total

 $
 -

 0.00
 %

 $

 %

 *
 Except for those items disclosed, no individual futures,
forwards and option on futures contract position constituted greater than 5 percent of Net Asset Value. Accordingly, the number of contracts
and expiration dates are not presented.

part of these financial statements.

 F- 77

 Statements of Operations

 For The Years Ended
December 31, 2024, 2023 and 2022

 Company I, LLC

 Investment Income:

 Interest-net

 $
 -

 $
 4,074

 $
 (2,319
)

 Total Income

 -

 4,074

 (2,319
)

 Realized and unrealized gain (loss) on investments:

 Net realized gain/(loss) on futures, forwards, and options

 -

 (322,226
)

 Net change in open trade equity

 -

 (16,104
)

 (13,166
)

 Risk analysis fees

 -

 (6,391
)

 (5,434
)

 Trading commissions

 -

 (16,810
)

 (13,009
)

 -

 (361,531
)

 776,018

 NET INCREASE/(DECREASE) IN MEMBERS' EQUITY RESULTING
 FROM OPERATIONS

 $
 -

 $
 (357,457
)

 $
 773,699

 Company XXXVIII, LLC

 Investment Income:

 Interest-net

 $
 -

 $
 -

 $
 -

 Total Income

 -

 -

 -

 Realized and unrealized gain (loss) on investments:

 Net unrealized gain/(loss) on private investment companies

)

)

)

)

 NET INCREASE/(DECREASE) IN MEMBERS' EQUITY RESULTING
 FROM OPERATIONS

 $
)

 $
)

 $

part of these financial statements.

 F- 78

 Statements of Changes
in Members' Equity

December 31, 2024, 2023, 2022

 Members' Equity, December 31, 2021

 $
 822,818

 450,000

 (1,735,048
)

 773,699

 Members' Equity, December 31, 2022

 $
 311,469

 805,000

 (15,369
)

 (357,457
)

 Members' Equity, December 31, 2023

 $
 743,643

 -

 (743,643
)

 -

 Members' Equity, December 31, 2024

 $
 -

 Company XXXVIII,

LLC

 Members' Equity, December 31, 2021

 $
 129,995

 -

 -

 Members' Equity, December 31, 2022

 $
 264,652

 -

 -

)

 Members' Equity, December 31, 2023

 $

 -

 -

)

 Members' Equity, December 31, 2024

 $

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

 F- 79

of the Frontier Fund

 Statements of Cash
Flows

December 31, 2024, 2023 and 2022

 Company I, LLC

 2024

 2023

 2022

 Cash Flows from Operating Activities

 Net increase (decrease) in members' equity resulting from operations

 $
 -

 $
 (357,457
)

 $
 773,699

 Adjustments to reconcile net increase (decrease) in members' equity resulting from operations to net cash provided by (used in) operating activities:

 Decrease (increase) in receivable from futures commission merchants

 (449,143
)

 498,121

 Decrease (increase) in open trade equity (deficit), at fair value

)

 16,104

 13,166

 (Decrease) increase in risk analysis fee payable

 (11,307
)

 743,643

 (789,631
)

 1,285,048

 Cash Flows from Financing Activities

 -

 805,000

 450,000

 (743,643
)

 (15,369
)

 (1,735,048
)

 Net
cash provided by (used in) financing activities

 (743,643
)

 789,631

 (1,285,048
)

 Net change in cash and cash equivalents

 -

 -

 -

 $
 -

 $
 -

 $
 -

 $
 -

 $
 -

 $
 -

 Company XXXVIII, LLC

 2024

 2023

 2022

 Cash Flows from Operating Activities

 Net increase (decrease) in members' equity resulting from operations

 $
)

 $
)

 $

 Adjustments to reconcile net increase (decrease) in members' equity resulting from operations to net
 cash provided by (used in) operating activities:

 (Decrease) increase in swap collateral

 -

 -

 -

 Net unrealized (gain) loss on swap contracts

 -

 -

 -

 Net unrealized (gain) loss in Investments in private investment companies

 26,409

 38,361

 (134,657
)

 -

 -

 -

 Cash Flows from Financing Activities

 -

 -

 -

 Net
cash provided by (used in) financing activities

 -

 -

 -

 Net change in cash and cash equivalents

 -

 -

 -

 $
 -

 $
 -

 $
 -

 $
 -

 $
 -

 $
 -

part of these financial statements.

 F- 80

 The Trading
Companies of the Frontier Funds

 1. Organization and Purpose

 These financial statements and related notes pertain
to the following companies: Frontier Trading Company I, LLC and Frontier Trading Company XXXVIII, LLC, and (the "Trading Companies").
Frontier Trading Company I, LLC was closed November 21, 2024.

 Frontier Funds (the "Trust") was formed
as a Delaware statutory trust on August 8, 2003, with separate Series of Units (the "Series"). Its term will expire on December
31, 2053 (unless terminated earlier in certain circumstances). The Trust is a multi-advisor commodity pool as described in Commodity Futures
Trading Commission, or CFTC Regulation § 4.10(d)(2).

 All capital of the Trading Companies is provided
by the Series and there are no other investors in the Trading Companies.

 Each Trading Company authorizes certain Trading
Advisors to place trades and manage assets at pre-determined investment levels. The Trading Companies were organized for the purpose of
investing in securities 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).

 Trading Companies engage in the speculative trading
of a diversified portfolio of futures, forwards (including interbank foreign currencies) and options contracts and other derivative instruments
(including swap contracts) and may, from time to time, engage in cash and spot transactions. A brief description of the Trading Company's
main types of investments is set forth below:

 A futures contract is a standardized
contract traded on an exchange that calls for the future delivery of a specified quantity of a commodity at a specified time and place.
Exposure to futures contracts is done directly by the trading companies or indirectly through an investment in a private investment company
that trades futures.

 A forward contract is an individually
negotiated contract between principals, not traded on an exchange, to buy or sell a specified quantity of a commodity at or before a
specified date at a specified price.

 An option on a futures contract,
forward contract or a commodity gives the buyer of the option the right, but not the obligation, to buy or sell a futures contract, forward
contract or a commodity, as applicable, at a specified price on or before a specified date. Options on futures contracts are standardized
contracts traded on an exchange, while options on forward contracts and commodities, referred to collectively as over-the-counter options,
generally are individually negotiated, principal-to-principal contracts not traded on an exchange.

 A swap contract generally involves
an exchange of a stream of payments between the contracting parties. Swap contracts generally are not uniform and not exchange-traded.

 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 Trading Companies.

 Basis of Presentation—The
Trading Companies follow 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 Trading Companies are investment companies and follow ASC 946.

 Receivable from Futures Commission
Merchants—The Trading Companies 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 Trading Companies earn 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 December 31, 2024 and December 31, 2023 included restricted cash for margin requirements of $0 and $769,384 for the Frontier
Trading Company I, LLC.

 F- 81

 Use of Estimates—The preparation
of financial statements in conformity with GAAP may require the management of the Trading Companies 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.

 Investment Transactions—Futures,
options on futures, and forward 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 Statement of Operations as a Net change in open trade equity, as there exists a right of offset of unrealized gains or losses in
accordance with ASC 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.

 Foreign Currency Transactions—
The Trading Company's 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.

 Purchase and Sales of Private
Investment Companies – Trading Companies 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 proceeds and the fair value calculated by the Sponsor and is recorded as net unrealized gain/(loss)
on private investment companies on the statements of operations.

 Investments and Swaps— The
Trading Companies record 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. The Trading Companies strategically
invest a portion or all of their assets in total return swaps, selected at the discretion of management. 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 investment or instrument. 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 utilizing Level 3 Inputs. The significant unobservable inputs
used in the fair value measurement of the Trust's swap contracts are asset liquidity, debt valuation, credit risk, volatility, market
risk, distributions, dividends, risk premiums, and other risk management tools. Significant increases (decreases) in any of those inputs
in isolation would result in a significantly lower (higher) fair value measurement. Swap Contracts are reported at fair value based upon
a weekly indicative value that is calculated by management using bid/ask prices from the counterparty. All valuation processes are monitored
by the valuation committee.

 Income Taxes—The Trading
Companies apply 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 Trading Companies' 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 Trading Company level not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or
expense in the current year. Management has concluded there is no tax expense, interest or penalties to be recorded by the Trading Companies.
The 2021 through 2024 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

 Fees and Expenses—The Trading
Companies incur no expenses other than trading commissions resulting from normal trading activity. All operating expenses such as legal,
accounting, etc. are paid for, without reimbursement, by Frontier Fund Management LLC, the Managing Owner of the Trust.

 Subsequent Events—The Trading
Companies follow the provisions of FASB 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 9.

 F- 82

 3. Fair Value Measurements

 In connection with the valuation
of investments, the Trading Companies 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 or liability 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 Trading Companies uses the following methodologies
to value instruments within its financial asset portfolio at fair value:

 Trading Securities. These instruments
include open trade equity positions (futures contracts) that are actively traded on public markets with quoted pricing for corroboration.
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 currencies are reported at fair value using Level 2 inputs.

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

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

 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
reported at fair value using Level 2 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 investment were liquidated on December 21, 2020.

 F- 83

 The
following table summarizes the instruments that comprise the Trading Companies financial asset portfolio measured at fair value on a recurring
basis as of December 31, 2024 and 2023, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure
fair value:

 Practical

 Expedient

 Total

 Open Trade
Equity (Deficit)

 $
 -

 $
 -

 $
 -

 $
 -

 $
 -

 -

 -

 -

 Practical

 Expedient

 Total

 Open Trade
Equity (Deficit)

 $
 -

 $
)

 $
 -

 $
 -

 $
)

 -

 -

 -

 The
Trading Companies 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 Trading Company's accounting policy
regarding the recognition of transfers between levels of the fair value hierarchy. During the years ended December 31, 2024, 2023 and
2022, the Trading Companies did not transfer any assets between Level 1, Level 2 or Level 3.

 4. Swap Contracts

 In addition to authorizing Trading
Advisors to manage pre-determined investment levels of futures and forward contracts, certain Trading Companies of the Trust will strategically
invest a portion or all of their assets in total return swaps, selected at the direction of management. 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 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 Trading Company'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 each Trading Company and to provide access to programs and advisors that would not be otherwise
available to the Trading Company and are not used for hedging purposes.

 Management follows a procedure
in selecting well-established financial institutions which management, 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 relationship, and quarterly ongoing review during the relationship,
to ensure that counterparties meet the managements' minimum credit requirements, the counterparty average rating being no less than
an investment grade rating as defined by the rating agencies.

 The Trading Companies strategically
invest assets in one or more swaps linked to certain underlying investments or indices, at the direction of management. The Trading Companies
will not own any of the investments or indices referenced by any swap. In addition, the swap counterparty to the Trading Company is not
a Trading Advisor to these Trading Companies.

 To help to reduce counterparty risk on the Trading
Companies, the Managing Owner has the right to reduce the Trading Companies' exposure and remove cash from the Trading Companies'
total return swaps with Deutsche Bank AG. 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 Trading Company XXXIX, LLC ceased trading operations on May 30, 2020. The Frontier
Trading Company XXXIV LLC, Frontier Trading Company XXXV LLC and Frontier Trading Company XXXVII LLC ceased trading operations on December
21, 2020. Effective January 11, 2024, Horizon3 Investment Management LLP, previously accessed through Frontier Trading Company I, LLC,
was changed to be accessed through the Galaxy Plus Fund-Horizon3 Feeder Fund (577) LLC. The trading strategy remains the same. Embedded
in the swap fair value is management and incentive fees being paid to Trading Advisors.

 F- 84

 5. Financial Highlights

 The
following information presents the financial highlights of the Trading Companies for the years ended December 31, 2024, 2023, and 2022.

 Frontier Trading Company XXXVIII,
 LLC

 Net Investment Gain

 0.00
 %

 0.70
 %

 -0.39
 %

 0.00
 %

 0.00
 %

 0.00
 %

 Total Return

 0.00
 %

 -50.46
 %

 360.75
 %

 -11.67
 %

 -14.50
 %

 103.59
 %

 6. 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 Trading Company's capital allocated for trading to the private investment company, which bears
no relationship to the amount of cash invested by the Trading Company in the private investment companies. Investments in private investment
companies are valued using the NAV provided by the underlying private investment.

 As of December
31, 2024, Frontier Trading Company XXXVIII, LLC's investment into Galaxy Plus Fund – Quest FIT Feeder Fund (535) LLC had a
fair value of $199,882. For the year ended December 31, 2024, Galaxy Plus Fund – Quest FIT Feeder Fund (535) LLC incurred $0 in
trading commissions and had $26,409 in unrealized loss, respectively, for a net loss of $26,409. Galaxy Plus Fund – Quest FIT Feeder
Fund (535) LLC allows for daily redemptions upon 24 hours written notice. There are no liquidity restrictions.

 7. Derivative Instruments and Hedging Activities

 The Trading Companies' 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 Trading Companies do not enter into or hold positions
for hedging purposes as defined under ASC 815. The detail of the fair value of the Trading Companies' derivatives by instrument
types as of December 31, 2024 and 2023 is included in the Condensed Schedules of Investments. See Note 4 for further disclosure related
to the Trading Companies' positions in swap. The following tables summarize the monthly averages of futures contracts bought and
sold for each respective Trading Company:

 For
the Year Ended December 31, 2024

 Sold

 -

 -

 For
the Year Ended December 31, 2023

 Sold

 For the Year Ended December 31, 2022

 Sold

 F- 85

 The following
tables summarize the trading revenues for the years ended December 31, 2024, 2023, and 2022, approximately by sector:

Trading Revenue from Futures, Forwards and Options for the Year Ended December 31, 2024.

 $
 -

 -

 -

 -

 -

 -

 $
 -

 Realized Trading Revenue from
Futures, Forwards and Options for the Year Ended December 31, 2023.

 $
 128,298

 (137,759
)

 1,270

 (103,008
)

 20,799

 (231,826
)

 $
 (322,226
)

 Realized Trading Revenue from
Futures, Forwards and Options for the Year Ended December 31, 2022.

 $
 (385,424
)

 683,628

 94,910

 230,542

 (115,239
)

 299,210

 $

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

 F- 86

 Net
Change in Open Trade Equity from Futures, Forwards and Options for the Year Ended December 31, 2024

 $
 -

 -

 -

 -

 -

 $
 -

 Net Change in Open Trade Equity from Futures,
Forwards and Options for the Year Ended December 31, 2023

 $
 (28,346
)

 -

 2,242

 9,393

 $
 (16,104
)

 Net Change in Open Trade Equity from Futures, Forwards and Options
for the Year Ended December 31, 2022

 $
 98,894

 (252,215
)

 47,945

 187,295

 (108,413
)

 13,328

 $
 (13,166
)

 (1)
 Amounts recorded in the consolidated statements of operations
under net change in open trade equity/(deficit)

 F- 87

 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 futures commissions merchants (each, an "FCM") are subject to master netting arrangements and collateral arrangements
and meet the U.S. 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 December 31, 2024 and December 31, 2023.

 As of December 31, 2024

 Net Amounts of

 Assets and

 Presented in

 the Statements

 of Financial

 $
 -

 $
 -

 $
 -

 As of December 31, 2023

 Net Amounts of

Assets and

 Presented in

 the Statements

 of Financial

 $

 $
 (28,868
)

 $
)

 8. Trading Activities and Related
Risks

 The purchase and sale of futures
and options on futures contracts require margin deposits with futures commission merchants (each, an "FCM"). 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 Statement of Financial Condition,
may result in future obligation or loss in excess of the amount paid by the trading Companies 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 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. Management 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.

 F- 88

 In addition to market risk, trading
futures, forward and swap contracts entails credit risk in that a counterparty will not be able to meet its obligations to a Trading Company.
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. Management 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.

 Management has established procedures
to actively monitor and minimize market and credit risks. Investors in units of the Frontier Funds 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.

 9. Indemnifications

 The Trading Companies have 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 or bad faith. The Trading Companies have had no prior claims or payments pursuant to these
agreements. The Trading Companies' individual maximum exposure under these arrangements is unknown, as this would involve future
claims that may be made against the Trading Companies that have not yet occurred. However, based on experience the Trading Companies expect
the risk of loss to be remote.

 10. Subsequent Events

 Management evaluated subsequent events through
the date of issuance of this report and noted that there were none that required disclosure.

 F- 89

 The attached annual report is filed under exemption pursuant to

 Section

 F- 90

 F-92 - F-93

 Statements of Financial Condition

 Statements of Operations

 Statements of Changes in Members' Equity

 F-97 - F-108

 F- 91

Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC, Galaxy Plus Fund - FORT Contrarian Feeder Fund (510) LLC, Galaxy Plus Fund
- Quest Feeder Fund (517) LLC, Galaxy Plus Fund – Rosetta Program Feeder Fund (522) LLC (formerly, Galaxy Plus Fund - LRR
Feeder Fund (522) LLC), Galaxy Plus Fund - QIM Feeder Fund (526) LLC, Galaxy Plus Fund - Aspect Feeder Fund (532) LLC, Galaxy Plus Fund
– Welton GDP Feeder Fund (538) LLC, Galaxy Plus Fund - Volt Diversified Alpha Feeder Fund (550) LLC and Galaxy Plus Fund –
Horizon3 Feeder Fund (577) LLC (collectively, the Funds), which comprise the statements of financial condition as of December 31, 2024,
the related statements of operations and changes in members' equity for the year then ended, and the related notes to the financial
statements (collectively, the financial statements).

present fairly, in all material respects, the financial position of the Funds as of December 31, 2024, and the results of their operations
and changes in members' equity for the year then ended in accordance with accounting principles generally accepted in the United

 We conducted our audits in accordance with auditing
standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described
in the Auditor's Responsibilities for the Audits of the Financial Statements section of our report. We are required to be independent
of the Funds and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

 Emphasis of Matter Regarding Going Concern

 The accompanying financial statements have been
prepared assuming that Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC will continue as a going concern. As discussed
in Note 1 to the financial statements, this fund's investors have redeemed all of their investments in this fund in August of 2024,
which raises substantial doubt about the fund's ability to continue as a going concern. Management's plans with regard to
this matter are also described in Note 1 to the financial statements. The financial statements do not include any adjustments that might
result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.

and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of
America, and for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.

is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Funds'
ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued.

 F- 92

 Auditor's Responsibilities for the Audits
of the Financial Statements

about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and
therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user

we:

 Identify and assess the risks of material misstatement of
the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

 Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Funds' internal control. Accordingly, no such opinion is expressed.

 Evaluate the appropriateness of accounting policies used
and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial

 Conclude whether, in our judgment, there are conditions or
events, considered in the aggregate, that raise substantial doubt about the Funds' ability to continue as a going concern for a
reasonable period of time.

with governance regarding, among other matters, the planned scope and timing of the audits, significant audit findings, and certain internal
control–related matters that we identified during the audits.

 F- 93

 (A Delaware Series Limited
Liability Company)

 Statements of Financial

 Investment in Master Fund - at fair value

 $
 1,313,662

 $
 494,997

 $

 $

 $

 $

 $
 973,257

 $
 -

 $

 Cash

 16,841

 26,984

 4,403

 30,124

 58,162

 69,481

 14,214

 -

 6,360

 Prepaid sponsor fees

 -

 -

 -

 -

 -

 -

 -

 -

 Other assets

 -

 -

 -

 -

 -

 -

 -

 -

 2,682

 $
 1,330,503

 $
 521,981

 $
 1,004,906

 $
 187,024

 $
 631,147

 $
 3,347,437

 $
 987,471

 $
 -

 $
 623,717

 Liabilities and members' equity

 Payable to Master Fund

 $
 15,619

 $
 27,845

 $
 3,968

 $
 31,431

 $
 26,538

 $
 42,606

 $
 11,397

 $
 -

 $
 9,395

 Subscriptions received in advance

 -

 -

 -

 -

 7,122

 -

 -

 -

 -

 Accrued management fees

 8,400

 3,509

 1,641

 14,540

 2,851

 -

 3,649

 Accrued incentive fees

 1,339

 1,051

 26,289

 25,432

 4,690

 -

 -

 Accrued sponsor fees

 -

 3,330

 -

 25,379

 29,900

 8,350

 34,123

 61,357

 85,908

 19,457

 -

 13,676

 Members' equity

 1,305,124

 492,081

 996,556

 152,901

 569,790

 3,261,529

 968,014

 -

 610,041

 Total liabilities and members' equity

 $
 1,330,503

 $
 521,981

 $
 1,004,906

 $
 187,024

 $
 631,147

 $
 3,347,437

 $
 987,471

 $
 -

 $
 623,717

 F- 94

 Statements of Operations

 Net investment income (loss) allocated from Master Fund:

 $
 29,174

 $
 20,796

 $
 65,161

 $
 7,855

 $
 24,350

 $
 216,560

 $
 53,002

 $
 2,145

 $
 35,192

 (12,357
)

 (2,665
)

 (12,375
)

 -

 -

 (11,275
)

 -

 -

 -

 (254
)

 (335
)

 (1,547
)

 (1,598
)

 (1,537
)

 (1,558
)

 (1,580
)

 (1,707
)

 (34,211
)

 Net investment income (loss) allocated from Master Fund

 16,563

 17,796

 51,239

 6,257

 22,813

 203,727

 51,422

 Fund expenses:

 Operating expenses

 1,053

 1,929

 1,864

 2,029

 2,390

 2,191

 2,208

 3,214

 Professional fees

 17,085

 19,169

 19,499

 19,170

 19,170

 19,170

 23,531

 42,061

 -

 Management fees

 72,988

 10,737

 22,845

 26,339

 13,571

 256,423

 44,255

 9,156

 64,935

 Incentive fees

 -

 -

 -

 -

 26,257

 3,445

 -

 1,176

 Sponsor fees

 20,763

 5,150

 12,245

 2,501

 7,410

 51,243

 8,517

 12,497

 Total fund expenses

 111,889

 35,961

 56,518

 49,874

 42,180

 355,483

 81,939

 54,285

 81,822

 Total net investment income (loss)

 (95,326
)

 (18,165
)

 (5,279
)

 (43,617
)

 (19,367
)

 (151,756
)

 (30,517
)

 (53,847
)

 (80,841
)

 Realized and unrealized gain (loss) on investments and foreign currency transactions allocated from Master Fund:

 Net realized gain (loss) from investments and foreign currency transactions

 328,635

 96,063

 (142,785
)

)

 (190,599
)

 (4,842
)

 (205,874
)

 (32,763
)

 (285,981
)

 Net change in unrealized appreciation (depreciation) on investments

 (86,924
)

)

)

 2,450

)

 4,510

 Net realized and unrealized gain (loss) on investments and foreign currency transactions allocated from investment in Master Fund

 241,711

 84,704

 (285,007
)

 (9,726
)

 (52,869
)

 196,069

 (305,631
)

 (28,253
)

 (228,318
)

 Net increase (decrease) in members' equity resulting from operations

 $
 146,385

 $
 66,539

 $
 (290,286
)

 $
 (53,343
)

 $
 (72,236
)

 $
 44,313

 $
 (336,148
)

 $
 (82,100
)

 $
 (309,159
)

 F- 95

 Statements of Changes in Members' Equity

 Increase (decrease) in members' equity from operations:

 Total net investment income (loss)

 $
 (95,326
)

 $
 (18,165
)

 $
 (5,279
)

 $
 (43,617
)

 $
 (19,367
)

 $
 (151,756
)

 $
 (30,517
)

 $
 (53,847
)

 $
 (80,841
)

 Net realized gain (loss) from investments and foreign currency transactions

 328,635

 96,063

 (142,785
)

)

 (190,599
)

 (4,842
)

 (205,874
)

 (32,763
)

 (285,981
)

 Net change in unrealized appreciation (depreciation) on investments

 (86,924
)

)

)

 2,450

)

 4,510

 Net increase (decrease) in members' equity from operations

 146,385

 66,539

 (290,286
)

 (53,343
)

 (72,236
)

 44,313

 (336,148
)

 (82,100
)

 (309,159
)

 Increase (decrease) in members' equity from capital transactions:

 430,574

 92,483

 167,079

 36,932

 149,212

 894,005

 651,089

 13,883

 1,613,855

 Payments for redemption of capital

 (498,296
)

 (126,313
)

 (457,425
)

 (162,291
)

 (135,498
)

 (2,037,417
)

 (1,129,496
)

 (80,379
)

 (694,655
)

 Net increase (decrease) in members' equity from capital transactions

 (67,722
)

 (33,830
)

 (290,346
)

 (125,359
)

 13,714

 (1,143,412
)

 (478,407
)

 (66,496
)

 919,200

 Total net increase (decrease) in members' equity

 78,663

 32,709

 (580,632
)

 (178,702
)

 (58,522
)

 (1,099,099
)

 (814,555
)

 (148,596
)

 610,041

 Members' equity, beginning of the year

 1,226,461

 459,372

 1,577,188

 331,603

 628,312

 4,360,628

 1,782,569

 148,596

 -

 Members' equity, end of the year

 $
 1,305,124

 $
 492,081

 $
 996,556

 $
 152,901

 $
 569,790

 $
 3,261,529

 $
 968,014

 $
 -

 $
 610,041

 F- 96

 Note 1. Organization and Structure

 Galaxy Plus Fund LLC (the "Onshore Platform")
was formed in Delaware as a series limited liability company on April 14, 2014. The Onshore Platform is part of the Galaxy Plus Managed
Account Platform (the "Platform"). Both are sponsored by New Hyde Park Alternatives Funds, LLC (the "Sponsor"
or "NHPAF") as a means of making available to qualified high net-worth individuals and institutional investors (including
fund of hedge funds) ("Investors") a variety of third-party professional managed futures and foreign exchange advisors ("Advisors")
in an investment environment which facilitates access to multiple Advisors without having to negotiate individually with any Advisor,
meet their account minimums, or establish futures and forward dealing accounts.

 Each of the Onshore Platform's respective
series (each a "Fund", collectively the "Funds") invest in a separately formed Delaware limited liability company
(each a "Master Fund", collectively the "Master Funds"). Unless specified otherwise, each Master Fund is managed
by a different Advisor. Collectively, the Advisors implement a wide range of trading strategies, trade entirely independently from each
other and are not affiliated with the Sponsor.

 The structure of the Platform permits the Funds
to offer Investors a choice of trading leverage levels as well as the ability to adjust such levels in response to changes in Advisor
performance, general market conditions and the Investor's own portfolio objectives. Each Investor's selected trading leverage
is managed by the Sponsor by allocating the Investor's subscription proceeds between the Funds' bank accounts and the corresponding
Master Funds.

 Galaxy Plus Fund SPC (the "Offshore Platform")
is part of the Platform and is sponsored by NHPAF primarily for non-U.S. Investors. The Offshore Platform operates in substantially the
same manner as the Onshore Platform and also invests in the same Master Funds.

office is located in Wheaton, Illinois. NHPAF is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a commodity pool
operator and commodity trading advisor, and is a member of the National Futures Association (NFA).

the terms of the Limited Liability Company Agreement (the "LLC Agreement") as the managing member of the Onshore Platform.
In such capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Onshore Platform
including the authority to select the administrator for the Onshore Platform. The LLC Agreement will continue to remain in force until
terminated by either the Sponsor or the Platform upon not less than sixty (60) days' prior written notice. In certain circumstances
(for example, the insolvency of either party or in the event all trading for the Platform by the Advisors are suspended), the LLC Agreement
may be immediately terminated by either party. Capitalized terms throughout these notes are defined in the LLC Agreement.

 In accordance with Delaware law, the assets held
in each Fund shall be applied and held solely for the benefit of the members in such Fund and no member of another Fund shall have any
claim or right to any asset allocated to another Fund. The assets of each Fund shall be applied solely to satisfy only that respective
Fund's liabilities.

 If an asset is not attributable to any particular
Fund, the Sponsor shall have the discretion to determine the basis upon which such asset shall be allocated among the Funds and the Sponsor
shall have the absolute discretion to vary such allocation. If the assets not attributable to any Fund give rise to any net profits, the
Sponsor may, in its absolute discretion, allocate the net profits to any Fund.

 F- 97

 During 2024, the Onshore Platform consisted, in
part, of the Funds described below. The Funds listed, herein, contain Class EF interest. That interest was created specifically for a
strategic investor (see Note 3). The Funds are considered significant subsidiaries of that strategic investor under the SEC's Regulation
S-X 3-09. The financial statements for each of the Master Funds referenced below are attached to this report and should be read in conjunction
with each Fund's financial statements.

 Galaxy Plus Fund – Quantica Managed Futures
Feeder Fund (507) LLC ("507") – On its inception date, April 20, 2015, 507 invested its assets in Galaxy Plus Fund
– Quantica Managed Futures Master Fund (507) LLC, a Delaware limited liability company. As of December 31, 2024, 507 owned 86.75%
of its Master Fund.

 Galaxy Plus Fund – FORT Contrarian Feeder
Fund (510) LLC ("510") – On its inception date, August 6, 2015, 510 invested its assets in Galaxy Plus Fund –
FORT Contrarian Master Fund (510) LLC, a Delaware limited liability company. As of December 31, 2024, 510 owned 100% of its Master Fund.

 Galaxy Plus Fund – Quest Feeder Fund
(517) LLC ("517") – On its inception date, June 29, 2016, 517 invested its assets in Galaxy Plus Fund – Quest
Master Fund (517) LLC, a Delaware limited liability company. As of December 31, 2024, 517 owned 100% of its Master Fund.

 Galaxy Plus Fund – Rosetta Program Feeder
Fund (522) LLC ("522") (formerly known as Galaxy Plus Fund – LRR Feeder Fund (522) LLC) – On its inception
date, April 28, 2016, 522 invested its assets in Galaxy Plus Fund – Rosetta Program Master Fund (522) LLC, a Delaware limited liability
company. As of December 31, 2024, 522 owned 100% of its Master Fund.

 Galaxy Plus Fund – QIM Feeder Fund (526)
LLC ("526") – On its inception date, June 22, 2016, 526 invested its assets in Galaxy Plus Fund – QIM Master
Fund (526) LLC, a Delaware limited liability company. As of December 31, 2024, 526 owned 100% of its Master Fund.

 Galaxy Plus Fund – Aspect Feeder Fund
(532) LLC ("532") – On its inception date, December 16, 2016, 532 invested its assets in Galaxy Plus Fund –
Aspect Master Fund (532) LLC, a Delaware limited liability company. As of December 31, 2024, 532 owned 100% of its Master Fund.

 Galaxy Plus Fund – Welton GDP Feeder
Fund (538) LLC ("538") – On its inception date, March 28, 2017, 538 invested its assets in Galaxy Plus Fund –
Welton GDP Master Fund (538) LLC, a Delaware limited liability company. As of December 31, 2024, 538 owned 100% of its Master Fund.

 Galaxy Plus Fund – Volt Diversified Alpha
Feeder Fund (550) LLC ("550") – On its inception date, September 9, 2020, 550 invested its assets in Galaxy Plus
Fund – Volt Diversified Alpha Master Fund (550) LLC, a Delaware limited liability company. In August 2024, investors in 550 fully
redeemed its equity from 550 raising substantial doubt that 550 will be able to continue as a going concern. The financial statements
do not include any adjustments that might result from the outcome of this uncertainty. The Sponsor has elected to keep 550 open and plans
to find new seed capital so that trading can recommence. As a result, and based on the fact that a formal liquidation plan has not been
adopted by the Sponsor, 550 has not adopted the liquidation basis of accounting under FASB ASC 205-30 Presentation of Financial Statements-Liquidation
Basis of Accounting.

 Galaxy Plus Fund – Horizon3 Feeder Fund
(577) LLC ("577") – On its inception date, January 1, 2024, 577 invested its assets in Galaxy Plus Fund –
Horizon3 Master Fund (577) LLC, a Delaware limited liability company. As of December 31, 2024, 577 owned 100% of its Master Fund.

 F- 98

 Note 2. Summary of Significant Accounting Policies

policies consistently followed in the preparation of the Onshore Platform's financial statements.

financial statements are expressed in United States dollars (USD) and have been prepared in accordance with accounting principles generally
accepted in the United States of America (U.S. GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent
reporting of financial condition and results of operations. The Funds are investment companies and follow the accounting and reporting
guidance in FASB Accounting Standards Codification Topic 946.

 Investments: Each Fund invests its assets
in its respective Master Fund.

 Investment in Master Fund: Each Fund's
investment in its respective Master Fund is carried at fair value and represents the Fund's pro-rata interest in the net assets
of the Master Fund as of the close of business on the relevant valuation date. The assets of each Master Fund are carried at fair value.
At each valuation date, each Master Fund's income, expenses, net realized gain/(loss) and net increase/(decrease) in unrealized
appreciation/(depreciation) are allocated to the respective Fund, based on the Fund's pro rata interest in the net assets of the
Master Fund, and recorded in the respective Fund's Statement of Operations. The financial statements of the Master Funds are attached
to this report and should be read in conjunction with the Onshore Platform's financial statements.

 Cash: The Funds maintain deposits with
financial institutions in amounts that at times maybe in excess of federally insured limits. The amount of cash held at the financial
institutions is determined by the Investors choice of trading leverage levels respective to the maximum trading level of the Funds, as
determined by the Sponsor. The Funds do not believe they are exposed to any significant credit risk.

 Subscriptions received in advance: Subscriptions
received in advance are subscriptions proceeds received for the purchase of capital effective subsequent to period end.

 Redemptions payable: Redemptions payable
are redemption proceeds payable for the sale of capital effective prior to period end.

 Receivable/payable from/to Master Fund:
Generally, receivables and payables from/to Master Fund are a result of timing differences of cash movements related to capital activity
at the Master Fund level.

statements in accordance with U.S. GAAP requires management 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
income and expenses during the reporting period. Actual results could differ from those estimates.

and expense is recognized on an accrual basis and includes the Master Fund's interest income/expense from its broker that is allocated
on a pro rata basis to the respective Fund percentage in the Master Funds on the first day.

 Dividend income/expense: Dividend income
and expense is recognized on an accrual basis and includes the Master Fund's dividend income/expense from its broker that is allocated
on a pro rata basis to the respective the respective Fund based on it's ownership percentage in the respective Master Fund on the first
day of each accounting period.

 F- 99

Profits and losses for each accounting period are generally allocated, at the discretion of the Sponsor, pro-rata to the members based
on their respective ownership percentage on the first day of the accounting period.

 Income taxes: The Onshore Platform evaluates
tax positions taken or expected to be taken to determine whether the tax positions are "more-likely-than-not" of being sustained
by the applicable tax authority. For tax positions meeting the "more-likely-than-not" threshold, the tax amount recognized
in the financial statements is reduced by the largest benefit that had a greater than fifty percent likelihood of being realized upon
ultimate settlement with the relevant taxing authority. The Funds have determined that there is no tax liability resulting from uncertain
income tax positions taken or expect to be taken with respect to all open tax years. No income tax returns are currently under examination.
The Funds' U.S. Federal tax returns generally remain open for three years after the filling.

 The Funds are treated as partnerships for U.S.
Federal income tax purposes and, as such, are generally not subject to U.S. Federal, state or local income taxes. The members of the Funds
are liable for their share of all U.S. Federal, state, and local taxes, if any imposed on the net investment income and realized gains
of the Funds.

 Indemnifications and litigations: The Sponsor
and its affiliates are indemnified against certain liabilities arising out of the performance of their duties for the Onshore Platform.
In addition, in the normal course of business, the Onshore Platform enters into contracts with vendors and others that provide for general
indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be
made against the Onshore Platform. However, the Onshore Platform expects the risk of loss to be remote. From time to time, in the normal
course of business, the Funds may be threatened with, or named as defendants in, lawsuits, arbitrations, and administrative claims. Any
such claims that are decided against the Funds could harm the Funds' business. The Funds are also subject to periodic regulatory audits
and inspections which could result in fines or other disciplinary actions. Unfavorable outcomes in such matters may result in a material
impact on the Funds' financial position or results from operations. As of December 31, 2024, the Sponsor was not aware of any matters
that would have a material impact on the Funds' financial statements.

 Statement of Cash Flows: The Onshore Platform
has elected not to provide Statements of Cash Flows as permitted by U.S. GAAP as all of the following conditions have been met:

 During the year, substantially all of the Funds' investments were carried at fair value and classified
as Level 1 or Level 2 or were measured using the practical expedient measurements in accordance with FASB ASC 820;

 The Funds had little or no debt during the year;

 The Onshore Platform financial statements include Statements of Changes in Members' Equity.

and redemptions can typically be made on a weekly basis as of the first day (Monday) of each week; (or, if such day is not a business
day, the first business day thereafter) (each, a Subscription Date or a Redemption Date). The Onshore Platform may accept subscriptions
or redemptions more frequently than the first day of each week, depending upon the size of the requested subscription or redemption amount,

 Note 3.
 Classes of Interest
 and Series

 Four different classes of Interests ("Interests")
are currently offered by each Fund: Class A, Class B, Class C, Class EF, Interests. Each Class is generally subject to different fees.
Investors are eligible to receive Class A, Class B or Class C Interests depending on their aggregate Trading Level, as discussed in Note
5, on the Platform.

 F- 100

 Class A Interests are available to (i) Investors
who make capital contributions with an assigned Trading Level of $25,000,000 or more, as aggregated across all Funds in which capital
contributions are invested, (ii) other collective investment vehicles or commodity pools sponsored by the Sponsor or its affiliates, and
(iii) such other Investors as the Sponsor may determine. Class A Interests are subject to a Sponsor Fee and Sales Commissions and other
fees allocable to Class A Interests as disclosed in the LLC Agreement.

 Class B Interests are available to (i) Investors
who make capital contributions with an assigned Trading Level between $5,000,000 and $24,999,999, as aggregated across all Funds in which
capital contributions are invested, and (ii) such other Investors as the Sponsor may determine. Class B Interests are subject to a Sponsor
Fee and Sales Commissions and other fees allocable to Class B Interests as disclosed in the LLC Agreement.

 Class C Interests are available to Investors who
make capital contributions with an assigned Trading Level of less than $5,000,000, as aggregated across all Funds in which capital contributions
are invested. Class C Interests are subject to a Sponsor Fee and Sales Commissions and other fees allocable to Class C Interests as disclosed
in the LLC Agreement.

 Class EF Interests are reserved for a strategic
investor and not available to other investors without consent from the Sponsor. There is no stated minimum Trading Level for Class EF
Interest. Class EF Interests are subject to a Sponsor Fee and other fees allocable to Class EF Interests as disclosed in the LLC Agreement.

 Once an Investor becomes eligible for Class B
Interests, any Class C Interests held by such investor will be automatically converted into Class B Interests. Once an Investor becomes
eligible for Class A Interests, any Class B Interests held by such Investor will be automatically converted into Class A Interests. Similarly,
if an investor's aggregate Trading Level falls below the minimum for Class A or Class B, such interests will be converted to Class
B or Class C, as appropriate. All such conversions will occur at the first trading day after such minimum is breached.

 An Investor of Class A, B, or C Interests, which
invests more than once in a Fund, will receive a separate series with respect to each investment. Incentive Fees are calculated separately
with respect to each such series. Series at or above their respective High Water Marks at the end of an Incentive Fee Calculation Period
are subject to consolidation (i.e., "roll-up") at the discretion of the Sponsor.

 The Sponsor may from time to time offer additional
classes or subclasses of Interest having different rights and privileges (including but not limited to different fees, funding factors,
investment minimums and/or liquidity terms) from those described herein. The issuance of such additional class or sub-class of Interest
will not require Investor's approval; provided, that the terms of any such additional class or sub-class of Interest do not materially
adversely affect the Investors in the applicable Fund as a whole. Such additional class or sub-class of Interest may or may not be generally
available to other Investors.

 F- 101

 The amount of capital activity by each class of
Interest for each Fund for the year ended December 31, 2024, is as follows:

 Subscriptions

 $
 249,084

 $
 -

 $
 181,490

 $
 92,483

 $
 167,079

 -

 (39,660
)

 (458,636
)

 (126,313
)

 (457,425
)

 Total increase (decrease)

 $
 249,084

 $
 (39,660
)

 $
 (277,146
)

 $
 (33,830
)

 $
 (290,346
)

 Subscriptions

 $
 36,932

 $
 149,212

 $
 290,335

 $
 603,670

 $
 216,749

 (162,291
)

 (135,498
)

 (210,033
)

 (1,827,384
)

 -

 Total increase (decrease)

 $
 (125,359
)

 $
 13,714

 $
 80,302

 $
 (1,223,714
)

 $
 216,749

 Subscriptions

 $
 434,340

 $
 13,883

 $
 96,250

 $
 1,517,605

 (1,129,496
)

 (80,379
)

 -

 (694,655
)

 Total increase (decrease)

 $
 (695,156
)

 $
 (66,496
)

 $
 96,250

 $
 822,950

 Transfers into and out of a Fund relating to movement
from one class of Share to another, change in beneficial ownership, and consolidation to an older series may occur from time to time.
Roll-ups are considered transfers for financial reporting purposes. Since the amount of transfers into and out of each Fund offset, such
transfers are not shown in the Funds' Statements of Changes in Members' Equity. For the year ended December 31, 2024, there
were no transfers from one class to another class.

 F- 102

 Note 4. Management, Incentive, Sponsor and Other Fees

 Each Fund class will pay its respective Advisor,
or in the case of Class EF, the managing owner of the member, both asset based (management fee) and performance based (incentive fee)
compensation as outlined in the Supplement. In addition, each Fund class will pay the Sponsor asset based (sponsor fee) compensation and,
if applicable, a selling agent will receive from each Fund class an asset based fee (sales commission). All asset based fees are calculated
on the same uniform fee base which is the beginning of the period Trading Level (as defined in the Supplement and discussed in Note 5)
plus periodic trading profits and losses for the Fund. Investors can be charged different management and incentive fees at the discretion
of the Sponsor.

 Management Fee: Each Advisor earns a management
fee (the "Management Fee") which is calculated and accrued monthly (prorated for partial periods) and payable in arrears as
of the last business day of each month. The rate at which the Management Fee is calculated is specific to each Fund and typically ranges
from 0% to 3.50% per annum. Each Advisor may enter into fee sharing arrangements with the Sponsor, pursuant to which the Sponsor will
receive a portion of the Management Fee to be paid to such advisor. In addition, the Sponsor can enter into agreements with Selling Agents
in which the Selling Agent will receive a portion of the Management Fee on assets they introduce to the Funds. The amounts due to the
Selling Agents and Sponsor are included in the Management Fee charged to the Funds. During the year ended December 31, 2024, Management
Fees paid to Selling Agents and the Sponsor are as follows:

 Selling Agent

 $
 2,482

 $
 -

 $
 -

 $
 -

 $
 -

 $
 -

 Sponsor

 2,733

 1,041

 2,902

 -

 Incentive Fee: As of the end of each calendar
quarter, each Fund will pay an incentive fee (the "Incentive Fee") to the Advisor equal to the percentage (the "Incentive
Fee Rate") of the New Net Profit (defined below) attributable to each series of Interest in such Fund. The Incentive Fee Rate is
specific to each Fund and typically ranges from 20% to 30%.

 Any Incentive Fee, if accrued, will also be made
in respect of Interests withdrawn, at the time of such withdrawal, as if the withdrawal date were the end of a calendar quarter.

 "New Net Profit" means, with respect
to each series of Interest, the amount by which the Net Asset Value of such series of Interest as of the date of determination exceeds
the High Water Mark (defined below) then attributable to such series of Interest.

 Net Asset Value, for purposes of calculating the
Incentive Fee, is calculated prior to reduction for the Incentive Fee being calculated. Net Asset Value is calculated after deduction
for the Management Fee (regardless of whether such Management Fee is paid to an Advisor or to the Sponsor), but prior to deduction for
the Sponsor Fee, Sales Commissions, and/or Operating Expenses.

 "High Water Mark" means, with respect
to each series of Interest, the greater of: (i) the aggregate Capital Contributions made to such series of Interest; and (ii) the Net
Asset Value of such series of Interest as of the end of the most recent Incentive Fee Calculation Period as of which an Incentive Fee
was made from such series of Interest (after deduction for the Incentive Fee then made). The High Water Mark with respect to a series
of Interest is reduced proportionately when any withdrawal is made from such series of Interest — i.e., the High Water Mark immediately
prior to any such withdrawal is multiplied by the fraction of the numerator of which is the Net Asset Value of such series of Interest
immediately after such withdrawal and the denominator of which is such Net Asset Value immediately prior to such withdrawal (Net Asset
Value in each case being calculated prior to reduction for any Incentive Fee).

 F- 103

 As the Incentive Fee is calculated separately
with respect to each investment made by an Investor, an Investor which invests more than once in a Fund is at risk of being subject to
Incentive Fees in respect of capital contributions made at different times even though the overall value of such Investor's investment
in such Fund has declined.

 The Trading Advisors may enter into side agreements
with various investors changing the management/ incentive fees charged to those investors. Each Advisor may enter into fee sharing agreements
with the Sponsor, pursuant to which the Sponsor will receive a portion of the Incentive Fee to be paid to such advisor. The amounts due
to the Sponsor are included in the Incentive Fee charged to the Funds. Pursuant to a fee sharing agreement between the Sponsor and the
Advisor of 550, the Sponsor of 550 is entitled to Incentive Fees. However, the Sponsor of 550 did not earn any Incentive Fees during the
year ended December 31, 2024.

 The Sponsor, on behalf of the managing owner of
the Class EF members, has entered into separate fee arrangements with the Trading Advisors which results in the managing owner retaining
a portion of both the management and incentive fees charged to the Class EF members. During the year ended December 31, 2024, the amount
of management fees and incentive fees retained by the managing owner of Class EF members are as follows:

 Galaxy Plus Fund LLC - 507 Series

 Galaxy Plus Fund LLC - 510 Series

 Galaxy Plus Fund LLC - 517 Series

 Galaxy Plus Fund LLC - 522 Series

 Galaxy Plus Fund LLC - 526 Series

 Management fee

 $
 43,911

 $
 1,565

 $
 22,846

 $
 18,393

 $
 7,399

 -

 -

 -

 -

 -

 Management Fee

 $
 188,063

 $
 3,326

 $
 7,719

 $
 45,606

 Incentive Fee

 -

 -

 F- 104

 The amount of management fees and incentive fees
due to the managing owner of the class EF members as of December 31, 2024 are as follows:

 Accrued management fee

 $
 3,087

 $

 $
 1,408

 $
 1,641

 Accrued incentive fee

 -

 -

 -

 -

 Accrued management fee

 $

 $
 12,577

 $

 $
 2,420

 Accrued incentive fee

 -

 -

 -

 -

 Sponsor Fee: The Sponsor will receive from
each Interest a monthly sponsor fee (the "Sponsor Fee") calculated as a percentage (the "Sponsor Fee Rate") applicable
to each Class of Interests. The Sponsor Fee is calculated and accrued monthly and payable in arrears as of the last business day of each
month. The Sponsor Fee is pro rated for partial periods. The annual Sponsor Fee Rate is 0.25% for Class A Interests, 0.50% for Class B
Interests, 0.80% for Class C Interests, 0.15% for Class EF Interests.

 Sales Commission: Class A, B and C Interests
are subject to monthly ongoing sales commissions ("Sales Commissions") equal to a percentage (the "Sales Commission
Rate") applicable to each Class of Interest. Sales Commissions are calculated and accrued monthly and payable in arrears as of the
last business day of each month. Sales Commissions are pro-rated for partial periods. Sales Commissions are specific to an Investor and
are agreed upon between the Investor and Selling Agent prior to making a contribution to the Onshore Platform. The Sales Commission Rate
generally ranges between 0%-2% per annum. No sales commissions were charged during the year ended December 31, 2024. Sales commissions
are included in the Sponsor Fee totals on the Statements of Operations.

 Professional Fees and Operating Expenses: The
Sponsor will be responsible for paying all ongoing operating costs of each Fund and the Onshore Platform as the expenses are incurred,
including, but not limited to, any administrative, transfer, exchange and withdrawal processing costs, legal, compliance, regulatory,
reporting, filing, escrow, accounting and printing fees and expenses, and any other operating or administrative expenses related to accounting,
research, due diligence or reporting. However, the Master Fund will be responsible for paying all of its execution and clearing brokerage
commissions, Fund set-up and organization expenses (which can be capped at the discretion of the Sponsor); bank wire fees; fees related
to the audit and tax preparation; and extraordinary expenses such as litigation and indemnification.

 The allocation of the audit and tax fees is based
on the number of trading managers that trade on behalf of each respective Fund. The audit and tax preparation fees are recorded as a component
of professional fees in the Statements of Operations, and are recorded in the year when the related services are performed.

 F- 105

 Note 5. Notional Funding

 The ability to customize notional funding in the
various Funds is a special feature of the Onshore Platform. The Sponsor determines each Fund's Maximum Funding Factor (i.e., the
maximum ratio of Trading Level to actual capital invested in such Fund) and may increase or reduce such Maximum Funding Factor at any
time. In establishing a Fund's Maximum Funding Factor, the Sponsor generally considers the Advisor's maximum 5 day drawdown
and its typical margin-to-equity ratio and sets the Maximum Funding Factor to protect against any failure to meet margin calls.

 The leverage used by a Master Fund (i.e., the
ratio of the Trading Level of such Master Fund to the notional amount of the futures, options, and forward contracts held by such Master
Fund) will fluctuate on an ongoing basis. The Advisors will adjust such leverage in response to market conditions and will not maintain
any set relationship between the Trading Level of a Master Fund and the notional amount of the futures, options, and forward positions
held for such Master Fund. The notional amount of the futures, options, and forward contracts held by a Master Fund is likely to exceed
the Trading Level of such Master Fund by a factor of 10 or more.

 Investors customize their notional funding of
their investment in a Fund by choosing an Effective Funding Factor (which must be no greater than the Maximum Funding Factor). The Effective
Funding Factor so chosen is implemented by the applicable Fund by keeping a portion of the capital at the Fund's bank account or,
as the Fund matures, by keeping a certain percentage of an Investor's investment in the Fund's bank account rather than allocating
such capital to the corresponding Master Fund. All capital allocated by a Fund to its corresponding Master Fund is traded at the Maximum
Funding Factor for such Fund.

 Due to market appreciation/depreciation and other
factors, an Investor's Trading Level to actual capital contributed by such Investor will diverge — potentially materially
— from such Investor's selected Effective Funding Factor. As a result, the Sponsor will from time to time rebalance allocations
between the corresponding Master Fund and the Fund's bank account in an attempt to reflect the desired Effective Funding Factor.
Such rebalancing is not done pursuant to any predefined parameters but is done at the Sponsor's discretion.

 Note 6. Financial Instruments with off-balance
sheet risk and concentration of credit risk

 At December 31, 2024, none of the Funds have direct
commitments to buy or sell financial instruments, including derivative instruments. Each Fund does have indirect buy and sell commitments
that arise through the positions held by the Master Fund in which each respective Fund invests. However, as an investor in a Master Fund,
each Fund's risk at December 31, 2024, is limited to the fair value of its investment in the Master Fund.

 F- 106

 Note 7. Financial highlights

 Financial highlights for each Fund and its respective
Class(es) for the year ended December 31, 2024 are presented in the table below. The information has been derived from information presented
in the financial statements.

 Total return before incentive fee

 15.66
 %

 12.02
 %

 7.92
 %

 14.23
 %

 -22.68
 %

 0.00
 %

 0.00
 %

 -1.65
 %

 0.00
 %

 0.00
 %

 Total return after incentive fee (A)

 15.66
 %

 12.02
 %

 6.27
 %

 14.23
 %

 -22.68
 %

 Ratios to average members' equity (B):

 Expenses excluding incentive fee

 9.30
 %

 8.23
 %

 12.76
 %

 7.03
 %

 5.27
 %

 0.00
 %

 0.00
 %

 1.40
 %

 0.00
 %

 0.00
 %

 Total expenses and incentive fee

 9.30
 %

 8.23
 %

 14.16
 %

 7.03
 %

 5.27
 %

 Net investment loss (C)

 -7.40
 %

 -6.36
 %

 -10.20
 %

 -3.08
 %

 -0.39
 %

 Total return before incentive fee

 -22.51
 %

 -13.09
 %

 -31.82
 %

 2.33
 %

 0.27
 %

 0.00
 %

 0.00
 %

 0.00
 %

 0.00
 %

 -0.70
 %

 Total return after incentive fee (A)

 -22.51
 %

 -13.09
 %

 -31.82
 %

 2.33
 %

 -0.43
 %

 Ratios to average members' equity (B):

 Expenses excluding incentive fee

 25.29
 %

 7.11
 %

 5.19
 %

 6.01
 %

 8.19
 %

 0.00
 %

 0.00
 %

 0.00
 %

 0.00
 %

 0.64
 %

 Total expenses and incentive fee

 25.29
 %

 7.11
 %

 5.19
 %

 6.01
 %

 8.83
 %

 Net investment loss (C)

 -21.43
 %

 -3.15
 %

 -0.39
 %

 -0.97
 %

 -3.70
 %

 Total return before incentive fee

 -26.00
 %

 -27.41
 %

 -25.60
 %

 -87.92
 %

 -30.34
 %

 -1.59
 %

 0.00
 %

 0.00
 %

 0.00
 %

 0.00
 %

 Total return after incentive fee (A)

 -27.59
 %

 -27.41
 %

 -25.60
 %

 -87.92
 %

 -30.34
 %

 Ratios to average members' equity (B):

 Expenses excluding incentive fee

 6.88
 %

 7.83
 %

 5.70
 %

 86.37
 %

 12.91
 %

 1.81
 %

 0.00
 %

 0.00
 %

 0.00
 %

 0.00
 %

 Total expenses and incentive fee

 8.69
 %

 7.83
 %

 5.70
 %

 86.37
 %

 12.91
 %

 Net investment loss (C)

 -4.82
 %

 -4.04
 %

 -1.83
 %

 -83.06
 %

 -7.20
 %

 F- 107

 Total return before incentive fee

 -28.01
 %

 -0.04
 %

 Total return after incentive fee (A)

 -28.05
 %

 Ratios to average members' equity (B) (D):

 Expenses excluding incentive fee

 10.67
 %

 0.12
 %

 Total expenses and incentive fee

 10.79
 %

 Net investment income (loss) (C)

 -7.61
 %

 (A)
 Total return is based on the change in average members'
equity during the period of a theoretical investment made at the inception of the Fund or beginning of the period. Total return is not
annualized for Funds or classes that have been in operations for less than a year as of December 31, 2024.

 (B)
 The total expense and net investment income (loss) ratios are computed based upon weighted-average members'
equity as a whole for the year ended December 31, 2024.

 (C)
 The net investment income (loss) ratio excludes net realized and unrealized gains (losses) on investments.

 Financial highlights are calculated for each permanent,
non-managing class of interest. An individual member's return and ratios may vary based on different incentive and/or management
fee arrangements, and the timing of capital interest transactions.

 Note 8. Subsequent events

the Sponsor has evaluated all subsequent events requiring recognition and disclosure in the Funds' financial statements through
March 24, 2025, the date the financial statements were available for issuance. The Sponsor has determined that there are no material events
that would require recognition or disclosure in the Funds' financial statements through this date.

 F- 108

undersigned, the information contained in the annual report as of and for the year/period ended December 31, 2024, is accurate and complete.

 F- 109

 Galaxy Plus Fund – Quantica Managed
Futures Master Fund (507) LLC

 The attached annual report is filed under exemption pursuant to
Section 4.7 of the regulations under the Commodity Exchange Act.

 F- 110

 F-112 - F-113

 Statement of Changes in Members' Equity

 F-118 - F-127

 F- 111

Plus Fund — Quantica Managed Futures Master Fund (507) LLC (the Fund), which comprise the statement of financial condition, including
the condensed schedule of investments, as of December 31, 2024, the related statements of operations and changes in members' equity
for the year then ended, and the related notes to the financial statements.

present fairly, in all material respects, the financial position of the Fund as of December 31, 2024, and the results of its operations
and changes in members' equity for the year then ended in accordance with accounting principles generally accepted in the United

standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described
in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent
of the Fund and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of
America, and for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.

is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's
ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued.

about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and
therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user

 F- 112

we:

of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Fund's internal control. Accordingly, no such opinion is expressed.

used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the

conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's ability to continue as a going

with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal

 F- 113

 Cash

 $
 704,215

 840,718

 15,619

 Receivable from Offshore Feeder Fund

 14,079

 $
 1,574,631

 Liabilities and Members' Equity

 Deficit in commodity trading accounts at clearing brokers:

 Investments in futures contracts, at fair value (represents
 unrealized depreciation on open derivative contracts, net)

 $
 60,394

 60,394

 Members' equity

 1,514,237

 Total liabilities and members' equity

 $
 1,574,631

 F- 114

 Number of Contracts/

 Units

 Members'

 Equity

 $
 23,377

 1.54
 %

 (1,912
)

 (0.13
)

 (58,317
)

 (3.85
)

 (20,890
)

 (1.38
)

 (26,274
)

 (1.74
)

 0.03

 0.03

 (24,850
)

 (1.64
)

 Interest 1

 (85,848
)

 (5.67
)

 (17,113
)

 (1.13
)

 (210,925
)

 (13.94
)

 (17,967
)

 (1.19
)

 Currency 1

 89,938

 5.94

 (5,235
)

 (0.35
)

 3,075

 0.20

 60,219

 3.98

 (2,654
)

 (0.18
)

 (9,062
)

 (0.60
)

 2,048

 0.14

 11,469

 0.76

 18,700

 1.23

 150,531

 9.93

 $
)

 (4.01
)%

 No Individual position is greater than 5% of members' equity.

 F- 115

 $
 33,359

 33,359

 14,116

 14,406

 18,953

 Realized and unrealized gain (loss) on investments and foreign currency transactions:

 Net realized gain (loss) from:

 385,610

 (7,995
)

 377,615

 (96,675
)

 (96,675
)

 Net realized and unrealized gain on investments and foreign currency transactions

 280,940

 Net increase in members' equity resulting from operations

 $
 299,893

 F- 116

 Statement of Changes in Members' Equity

 Changes in members' equity from operations:

 $
 18,953

 Net realized gain from derivative contracts and foreign currency transactions

 377,615

 (96,675
)

 Net increase in members' equity resulting from operations

 299,893

 Changes in members' equity from capital transactions:

 390,947

 (584,838
)

 Net decrease in members' equity resulting from capital transactions

 (193,891
)

 Total increase

 106,002

 Members' equity, beginning of year

 1,408,235

 Members' equity, end of year

 $
 1,514,237

 F- 117

 Note 1. Organization and Structure

 Galaxy Plus Fund – Quantica Managed Futures
Master Fund (507) LLC (the "Master Fund") was formed in Delaware as a limited liability company on September 3, 2014 and commenced
operations on April 20, 2015. The Master Fund was created to serve as the trading entity managed by Quantica Capital AG (the "Trading
Advisor") pursuant to its Managed Futures Program (the "Program"). The Program is a systematic investment strategy that
aims to detect and take advantage of trend-following market inefficiencies in a diversified, liquid investment universe which includes
multiple futures instruments.

limited liability companies ("Other Master Funds"), are investment vehicles available under the Galaxy Plus Managed Account
Platform (the "Platform"). The Master Fund and the Platform are sponsored by New Hyde Park Alternative Funds, LLC (the "Sponsor"
or "NHPAF") as a means of making available, to qualified high net-worth individuals and institutional investors (including
funds of hedge funds) ("Investors"), a variety of third-party professional managed futures and foreign exchange advisors ("Advisors").

office is located in Wheaton, Illinois. NHPAF is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a commodity pool
operator and commodity trading advisor, and is a member of the National Futures Association (NFA).

Liability Company (the "Onshore Platform"), and Galaxy Plus Fund SPC, a Cayman Islands Segregated Portfolio Company (the "Offshore
Platform") serve as the feeder funds for the Platform and invest substantially all of the assets of the respective segregated portfolios
(each a "Fund") in the Master Fund or Other Master funds. Galaxy Plus Fund – Quantica Managed Futures Feeder Fund (507)
("LLC507"), a separated series of the Onshore Platform and Galaxy Plus Fund – Quantica Managed Futures Offshore Feeder
Fund (507) Segregated Portfolio ("SPC507"), a segregated portfolio of the Offshore Platform, each invest in the Master Fund.

 LLC507 and SPC507 are collectively hereafter referred

Funds and the corresponding transactions with the Master Fund are governed by the Onshore Platform's and the Offshore Platform's

the terms of the Limited Liability Company Agreement (the "LLC Agreement") as the managing member of the Master Fund. In such
capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Master Fund including
the authority to select the administrator for the Master Fund. The LLC Agreement will continue to remain in force until terminated by
either the Sponsor or the Platform upon not less than sixty (60) days' prior written notice. In certain circumstances (for example,
the insolvency of either party or in the event all trading for the Platform by the Advisors are suspended), the LLC Agreement may be immediately

 F- 118

a tri-party contract (the "Trading Agreement") with the Trading Advisor pursuant to which the Master Fund's trading
accounts are managed, subject to rights of termination, by the Trading Advisor in accordance with the Program. The Trading Advisor may
alter its Program (including its trading systems and methods and including the addition and/or deletion of any financial interests or
contracts traded in the Master Fund's trading accounts), provided that the Trading Advisor provide prior notice to the Master Fund
and the Sponsor of any material change to the Trading Advisor's Program. From time to time, the Trading Advisor (or its affiliates)
may manage additional accounts, and these accounts will increase the level of competition for the same trades desired for the Master Fund,
including the priorities of order entry. There is no specific limit as to the number of accounts the Trading Advisors (or their affiliates)
may manage. In addition, the positions of all of the accounts owned or controlled by the Trading Advisor (or its affiliates) are aggregated
for the purposes of applying speculative position limits. The management, incentive and sponsor fees are paid directly by the Feeder Funds,
and for this reason are not recorded as expenses of the Master Fund.

 Note 2. Summary of Significant
Accounting Policies

policies consistently followed in the preparation of the Master Fund's financial statements.

financial statements are expressed in United States dollars (USD) and have been prepared in accordance with Generally Accepted Accounting
Principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition
and results of operations. The Master Fund is an investment company and follows the accounting and reporting guidance in FASB Account

the commodity trading accounts at clearing broker consists of either cash maintained in the custody of the broker, a portion of which
is required margin for open positions, or amounts due to/from the broker for margin or unsettled trades. The Master Fund may also hold
cash in a non-interest bearing USD commercial bank account. The Master Fund holds various currencies at the clearing broker, of which
$1,090,960 is held in USD and a balance of $453,973 in foreign currencies as of December 31, 2024, and are recorded in cash and restricted
cash – margin balance on the Statement of Financial Condition. The non-U.S. currencies fluctuate in value on a daily basis relative
to the USD. A portion of this cash is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker
as of December 31, 2024 included restricted cash for margin requirements of $840,718. This cash becomes unrestricted when the underlying
positions to which it is applicable are liquidated. Cash with the clearing broker as of December 31, 2024 included amounts due to the
broker for unsettled trades of $0.

When the requirements are met, the Master Fund offsets certain fair value amounts recognized for net derivative positions executed with

 F- 119

on the Program and investments traded, the Master Fund follows the following valuation and revenue recognition policies. All investments

The Master Fund may enter into futures and options on futures contracts. Upon entering into a futures contract, the Master Fund agrees
to receive or deliver a fixed quantity of an underlying instrument or commodity for an agreed-upon price, while an option contract provides
the option purchaser with the right, but not the obligation, to buy or sell a security or financial instrument at a predetermined exercise
price during a defined period. Futures and options on futures contracts are recorded on the trade date. The difference between the original
contract amount and the fair value of futures contracts purchased or sold is reflected as unrealized appreciation/(depreciation) on open
contracts. Options on futures contracts are reflected in investments at fair value. The difference between the premiums paid or received
on open options on futures contracts and fair value of such options is recorded as unrealized appreciation/(depreciation) on open contracts.
The fair value of futures and options on futures contracts is based upon daily exchange settlement prices. The realized gain or loss is
determined on the settlement of intraday trades first and then by the FIFO method.

The Master Fund's financial statements are denominated in USD. However, foreign currency forward contracts, non-U.S. futures contracts,
and non-U.S. options on futures contracts are denominated in currencies other than USD. Assets and liabilities and transactions denominated
in currencies other than the USD are translated into USD at the rates in effect either at the close of business on the last business day
of the reporting period or on the date of such transactions, respectively. Such fluctuations are included with the unrealized appreciation
(depreciation) on open derivative contracts, net. Net realized foreign exchange gain or loss arises from the sales of foreign currencies
and currency gains or losses realized between trade and settlement dates. Net unrealized foreign exchange gain and loss arises from changes
in the fair value of margin collateral assets and liabilities resulting from changes in exchange rates.

consist of brokerage commissions, brokerage fees, clearing fees, exchange and regulatory fees, transaction and NFA fees. Fees vary by
type of contract for each purchase and sale or sale and purchase (round turn) of futures, options on futures, and forward contracts. Commissions
are paid on each individual purchase and sale transaction. These costs are recognized as expenses for futures and options on futures transactions
and are included in net realized gain/loss from derivative contracts on the Statement of Operations.

Profits and losses for each monthly accounting period, or shorter period if there are mid-month subscriptions and/or redemptions, are
allocated pro-rata to the Feeder Funds based on their respective ownership percentage on the first day of each period throughout the year.

be subject to United States federal income taxation other than certain withholding taxes. The Master Fund evaluates tax positions taken
or expected to be taken to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority.
For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the
largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority.
The Master Fund has determined that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken
with respect to all open tax years. The Master Fund's U.S. Federal tax returns for the years ended December 31, 2021 through 2024,
remain open. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in
the Statement of Operations. During the year, the Master Fund did not accrue any interest or penalties.

 F- 120

statements in accordance with GAAP requires management 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 income
and expenses during the reporting period. Actual results could differ from those estimates.

are indemnified against certain liabilities arising out of the performance of their duties for the Master Fund. In addition, in the normal
course of business, the Master Fund enters into contracts with vendors and others that provide for general indemnifications. The Master
Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Master

has elected not to provide a Statement of Cash Flows as permitted by GAAP as all of the following conditions have been met:

 During the year, substantially all of the Master Fund's
investments were carried at fair value and classified as Level 1 or Level 2 measurements in accordance with FASB ASC 820;

 The Master Fund's financial statements include a Statement
of Changes in Members' Equity.

and redemptions can typically be made on a weekly basis as of the first day (Monday) of each week; (or, if such day is not a business
day, the first business day thereafter) (each, a Subscription Date or a Redemption Date). The Master Fund may accept subscriptions or
redemptions more frequently than the first day of each week, depending upon the size of the requested subscription or redemption amount,

 Note 3. Fair Value Measurements

at fair value in accordance with FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes
a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 also emphasizes that fair value is
a market-based measurement, not an entity-specific measurement, and sets out a fair value hierarchy with the highest priority being quoted
prices in active market. Under ASC 820, fair value measurements are disclosed by level within that hierarchy, as follows:

investments classified as Level 1 are based on unadjusted quoted prices for identical investments in an active market. Since valuations
are based on quoted prices that are readily accessible at the measurement date, valuation of these investments does not entail a significant

investments classified as Level 2 are based on quoted prices for similar investments in an active or non-active markets for which

investments categorized as Level 3 are based on prices or valuation techniques that require inputs that are both significant to the
fair value and unobservable, including valuations by the Sponsor in the absence of readily ascertainable fair values.

 F- 121

to the Master Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows. Inputs that
are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors.
These inputs can be either observable or unobservable. All of the inputs for the Master Fund were observable as of December 31, 2024.
The availability of observable inputs can vary between investments and is affected by various factors such as type of investment and the
volume and level of activity for that investment or similar investments in the marketplace.

actively traded are valued based on daily quoted settlement prices from the respective exchange and are categorized in Level 1 of the
fair value hierarchy. Exchange-traded derivative contracts not actively traded and over-the-counter (OTC) derivative contracts can include
futures contracts, option on futures contracts, forward contracts and option contracts whose values are based on an underlying such as
interest rates, foreign currencies, credit standing of reference entities, equities or commodities. Such derivative contracts are valued
using observable market data, including currency spot rates or quoted prices of the related underlying obtained from the applicable exchange
or market. OTC derivative contracts are valued using the above described pricing methodology and are categorized as Level 2 within the

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 Master Fund's accounting policy regarding the recognition of transfers between levels
of the fair value hierarchy. There were no transfers among levels 1, 2, and 3 during the year ended December 31, 2024.

are not necessarily indicative of the risk associated with investing in those instruments.

 F- 122

of derivatives, by type, into the fair value hierarchy levels as of December 31, 2024. For futures contracts, presentation is gross -

 Quoted Prices

 Other

 $
 41,401

 $
 41,401

 $
 -

 $
 -

 96,803

 96,803

 -

 -

 9,320

 9,320

 -

 -

 82,868

 82,868

 -

 -

 18,699

 18,699

 -

 -

 Total investment assets at fair
 value

 249,091

 249,091

 -

 -

 (38,186
)

 (38,186
)

 -

 -

 (8,334
)

 (8,334
)

 -

 -

 (14,297
)

 (14,297
)

 -

 -

 (87,364
)

 (87,364
)

 -

 -

 (117,918
)

 (117,918
)

 -

 -

 (43,386
)

 (43,386
)

 -

 -

 (309,485
)

 (309,485
)

 -

 -

 $
)

 $
)

 $
 -

 $
 -

 F- 123

 Note 4. Derivative Financial
Instruments

traded by the Master Fund can include U.S. and foreign futures, options on futures contracts, and forward currency contracts (collectively,
derivatives) whose values are based upon an underlying asset, indices, or reference rates, and generally represent future commitments
to exchange cash flows, or to purchase or sell other financial instruments at specified future dates. A derivative contract may be traded
on an exchange or OTC. Exchange-traded derivatives are standardized and include futures and options on futures contracts. OTC derivative
contracts are negotiated between contracting parties and include forward currency contracts and certain options. Derivatives are subject
to various risks similar to those related to the underlying financial instruments including market and credit risks.

value of derivatives due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity and security
prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded.
The market risk of the Master Fund is managed by the underlying Trading Advisors according to each respective Program. The Master Fund
is exposed to a market risk equal to the notional contract value of the derivatives contracts purchased and unlimited liability on such

occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk due to exchange traded derivative
financial instruments is significantly reduced by the regulatory requirements of the individual exchanges on which the instruments are
traded. At any point in time, the credit risk for OTC derivatives is limited to the net unrealized gain for each counterparty for which
a netting agreement exists, if any. In a similar fashion, liabilities represent net amounts owed to counterparties. The credit risk exposure

interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region, or financial market. Securities in the Master Fund may underperform
due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters,
pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar
to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and
downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets.
It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events
may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of

margin deposits with the broker. Additional deposits may be necessary for any loss on contract value. The U.S. Commodity Exchange Act
requires a broker to segregate all customer transactions and assets from such broker's proprietary activities. A customer's
cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds
subject to the broker's segregation requirements. In the event of a broker'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 total cash and other property deposited.

assets on deposit with counterparties. In the event of a counterparty's insolvency, recovery of the Master Fund's assets on
deposit may be limited to account insurance or other protection afforded such deposits.

 F- 124

to the Master Fund's stock exchange indices, commodities, interest rate and foreign currencies upon which the fair value of the futures
contracts held by the Master Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative
of the future cash flows of the Master Fund's futures contracts. Further, the underlying price changes in relation to variables specified
by the notional values affects the fair value of these derivative financial instruments. Theoretically, the Master Fund's exposure is
equal to the notional value of contracts purchased and unlimited on such contracts sold short. As of December 31, 2024, the Master Fund

 Notional

Value

 Notional

Value

 Long:

 $
 661,269

 $
 (1,539,865
)

 1,403,823

 (4,708,288
)

 3,610,527

 (501,852
)

 24,263,349

 (672,880
)

 1,357,226

 (4,813,281
)

 (545,399
)

Fund participated in 3,028 futures contract transactions.

Gain

(Loss)*

 $
 317,011

 12,647

 (139,201
)

 493,707

 (382,043
)

 2,413

 304,534

 (15,599
)

 Total net trading gain

 $
 288,935

 *
 Includes both realized gain of $385,610 and unrealized depreciation
of $96,675 and is located in net realized and unrealized gain on investments on the Statement of Operations. Amounts exclude foreign

 F- 125

 Note 5. Balance Sheet Offsetting

of offsetting assets and liabilities presented in the Statement of Financial Condition to enable users of the financial statements to
evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These
recognized assets and liabilities include financial instruments and derivative instruments that are either subject to an enforceable master
netting arrangement or similar agreement or meet the following right of set-off criteria: each of the two parties owes the other determinable
amounts, the Master Fund has the right to set-off the amounts owed with the amounts owed by the other party, the Master Fund intends to

netting agreements with certain counterparties. These agreements govern the terms of certain transactions, and reduce the counterparty
risk associated with relevant transactions by specifying offsetting mechanisms and collateral posting arrangements at prearranged exposure
levels. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular
counterparty organization, each type of transaction may be covered by a different master netting arrangement, possibly resulting in the
need for multiple agreements with a single counterparty. Master netting agreements may not be specific to each different asset type; in
such instances, they would allow the Master Fund to close out and net its total exposure to a specified counterparty in the events of
default or early termination with respect to any and all the transactions governed under a single agreement with the counterparty.

 Net

Amount of

 Gross

 Amounts
of

 Recognized

 Offset

 of

 $
 (309,485
)

 $
 249,091

 $
)

 Total

 $
 (309,485
)

 $
 249,091

 $
)

 of Financial

 Cash

 Collateral

 Received by
Counterparty

 Net

 $
)

 $
 840,718

 $
 780,324

 Total

 $
)

 $
 840,718

 $
 780,324

 F- 126

 As of December 31, 2024, the Master Fund had $15,619
receivable from the Onshore Feeder Fund and $14,079 receivable from the Offshore Feeder Fund, as reflected in the Statement of Financial
Condition. Generally, receivables and payables from/to Feeder Funds are a result of timing differences of cash movements related to capital
activity at the Feeder Fund level.

serves as the Master Fund's Administrator and performs certain administrative and accounting services on behalf of the Master Fund.

 Note 8. Financial Highlights

year ended December 31, 2024 are presented in the table below. The information has been derived from information presented in the financial

 21.16
 %

 Ratios to average members' equity (B):

 1.09
 %

 0.83
 %

 (A)
 Total return is based on the change in average members' equity
during the period of theoretical investment made at the beginning of the year.

 (B)
based on weighted-average members' equity as a whole for the year ended December 31, 2024.

 (C)
 The net investment income ratio excludes realized and unrealized
gain on investments.

class taken as a whole. An individual member's return and ratios may vary based on the timing of capital transactions. The total
return and the net investment income ratio would have been lower, and total expense ratio would have been higher if the management, incentive
fees, and sponsor fees, had been charged to the Master Fund instead of the Feeder Funds.

 Note 9. Subsequent Events

the Sponsor has evaluated all subsequent events requiring recognition and disclosure in the Master Fund's financial statements through
March 24, 2025, the date the financial statements were available for issuance. The Sponsor has determined that there are no material events
that would require recognition or disclosure in the Master Fund's financial statements through this date.

 F- 127

 Galaxy Plus Fund – Quantica Managed Futures Master Fund
(507) LLC

 Oath and Affirmation of the
Commodity Pool Operator

undersigned, the information contained in the annual report as of and for the year ended December 31, 2024, is accurate and complete.

 /s/ David
 Young

 Galaxy Plus Fund – Quantica Managed Futures Master Fund (507)
LLC

 F- 128

 Galaxy Plus Fund – FORT Contrarian
Master Fund (510) LLC

 F- 129

 F-131 - F-132

 F-137 - F-146

 F- 130

Plus Fund — FORT Contrarian Master Fund (510) LLC (the Fund), which comprise the statement of financial condition, including the
condensed schedule of investments, as of December 31, 2024, the related statements of operations and changes in member's equity
for the year then ended, and the related notes to the financial statements.

present fairly, in all material respects, the financial position of the Fund as of December 31, 2024, and the results of its operations
and changes in member's equity for the year then ended in accordance with accounting principles generally accepted in the United

standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described
in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent
of the Fund and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of
America, and for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.

is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's
ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued.

about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and
therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user

 F- 131

we:

of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Fund's internal control. Accordingly, no such opinion is expressed.

used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the

conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's ability to continue as a going

with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal

 F- 132

 Galaxy Plus Fund – FORT Contrarian
Master Fund (510) LLC

 December 31,
 2024

 (Expressed
 in U.S. Dollars)

 Cash

 $
 267,772

 Restricted
 cash - margin balance

 210,736

 Receivable
 from Onshore Feeder Fund

 27,845

 Total
 assets

 $
 506,353

 and Member's Equity

 Deficit
 in commodity trading accounts at clearing brokers:

 in futures contracts, at fair value (represents unrealized depreciation on open derivative contracts, net)

 $
 11,356

 Total
 liabilities

 11,356

 Member's
 equity

 494,997

 Total
 liabilities and member's equity

 $
 506,353

 F- 133

 Galaxy Plus Fund – FORT Contrarian Master Fund
(510) LLC

 Contracts/

Units

 Fair

Value

 Member's

 Equity

 $
 (2,515
)

 (0.51
)%

 (231
)

 (0.05
)

 Index 1

 (28,244
)

 (5.71
)

 0.03

 (772
)

 (0.16
)

 (5,695
)

 (1.15
)

 (37,285
)

 (7.55
)

 (1,663
)

 (0.34
)

 13,015

 2.63

 (1,130
)

 (0.23
)

 10,188

 2.06

 (24
)

 0.00

 5,543

 1.12

 25,929

 5.24

 $
)

 (2.31
)%

 No individual position is greater than 5% of member's equity.

 F- 134

 Galaxy Plus Fund – FORT Contrarian Master Fund
(510) LLC

 $
 20,796

 20,796

 2,665

 3,000

 17,796

 Realized and unrealized gain (loss) on investments and foreign currency transactions:

 Net realized gain from:

 95,994

 96,063

)

)

 Net realized and unrealized gain on investments and foreign currency transactions

 84,704

 Net increase in member's equity resulting from operations

 $
 102,500

 Includes trading costs

 F- 135

 Galaxy Plus Fund – FORT Contrarian Master Fund
(510) LLC

 $
 17,796

 Net realized gain from derivative contracts and foreign currency transactions

 96,063

)

 Net increase in member's equity resulting from operations

 102,500

 55,129

 (125,049
)

 (69,920
)

 Total increase

 32,580

 462,417

 $
 494,997

 F- 136

 Note
1. Organization and Structure

 Galaxy Plus Fund – FORT Contrarian Master
Fund (510) LLC (the "Master Fund") was formed in Delaware as a limited liability company on June 5, 2015. The Master Fund
was created to serve as the trading entity managed by Fort L.P. (the "Trading Advisor") pursuant to its Global Contrarian
program (the "Program"). The Program is a systematic, trend-anticipating trading program that seeks to capitalize on medium
to long-term trends.

limited liability companies ("Other Master Funds"), are investment vehicles available under the Galaxy Plus Managed Account
Platform (the "Platform"). The Master Fund and the Platform are sponsored by New Hyde Park Alternative Funds, LLC (the "Sponsor"
or "NHPAF") as a means of making available, to qualified high net-worth individuals and institutional investors (including
funds of hedge funds) ("Investors"), a variety of third-party professional managed futures and foreign exchange advisors ("Advisors").

office is located in Wheaton, Illinois. NHPAF is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a commodity pool
operator and commodity trading advisor, and is a member of the National Futures Association (NFA).

Liability Company (the "Onshore Platform"), and Galaxy Plus Fund SPC, a Cayman Islands Segregated Portfolio Company (the "Offshore
Platform") serve as the feeder funds for the Platform and invest substantially all of the assets of the respective segregated portfolios
(each a "Fund") in the Master Fund or Other Master funds. Galaxy Plus Fund – FORT Contrarian Feeder Fund (510) LLC ("LLC510"),
a separated series of the Onshore Platform and Galaxy Plus Fund – Fort Contrarian Offshore Feeder Fund (510) Segregated Portfolio
("SPC510"), a segregated portfolio of the Offshore Platform, can each invest in the Master Fund. As of December 31, 2024,
SPC510 had not yet commenced operations and LLC510 is the sole member.

 LLC510 and SPC510 are collectively hereafter referred

Funds and the corresponding transactions with the Master Fund are governed by the Onshore Platform's and the Offshore Platform's

the terms of the Limited Liability Company Agreement (the "LLC Agreement") as the managing member of the Master Fund. In such
capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Master Fund including
the authority to select the administrator for the Master Fund. The LLC Agreement will continue to remain in force until terminated by
either the Sponsor or the Platform upon not less than sixty (60) days' prior written notice. In certain circumstances (for example,
the insolvency of either party or in the event all trading for the Platform by the Advisors are suspended), the LLC Agreement may be immediately

 F- 137

a tri-party contract (the "Trading Agreement") with the Trading Advisor pursuant to which the Master Fund's trading
accounts are managed, subject to rights of termination, by the Trading Advisor in accordance with the Program. The Trading Advisor may
alter its Program (including its trading systems and methods and including the addition and/or deletion of any financial interests or
contracts traded in the Master Fund's trading accounts), provided that the Trading Advisor provide prior notice to the Master Fund
and the Sponsor of any material change to the Trading Advisor's Program. From time to time, the Trading Advisor (or its affiliates)
may manage additional accounts, and these accounts will increase the level of competition for the same trades desired for the Master Fund,
including the priorities of order entry. There is no specific limit as to the number of accounts the Trading Advisors (or their affiliates)
may manage. In addition, the positions of all of the accounts owned or controlled by the Trading Advisor (or its affiliates) are aggregated
for the purposes of applying speculative position limits. The management, incentive, and sponsor fees are paid directly by the Feeder

 Note
2. Summary of Significant Accounting Policies

policies consistently followed in the preparation of the Master Fund's financial statements.

financial statements are expressed in United States dollars (USD) and have been prepared in accordance with Generally Accepted Accounting
Principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition
and results of operations. The Master Fund is an investment company and follows the accounting and reporting guidance in FASB Account

the commodity trading accounts at clearing broker consists of either cash maintained in the custody of the broker, a portion of which
is required margin for open positions, or amounts due to/from the broker for margin or unsettled trades. The Master Fund may also hold
cash in a non-interest bearing USD commercial bank account. The Master Fund holds various currencies at the clearing broker, of which
$483,761 is held in USD and a payable balance of $(5,253) in foreign currencies as of December 31, 2024, and are recorded in cash and
restricted cash – margin balance on the Statement of Financial Condition. The non-U.S. currencies fluctuate in value on a daily
basis relative to the USD. A portion of this cash is restricted cash required to meet maintenance margin requirements. Cash with the clearing
broker as of December 31, 2024 included restricted cash for margin requirements of $210,736. This cash becomes unrestricted when the underlying
positions to which it is applicable are liquidated. Cash with the clearing broker as of December 31, 2024 included amounts due to the
broker for unsettled trades of $5,253, which are denominated in foreign currency.

When the requirements are met, the Master Fund offsets certain fair value amounts recognized for net derivative positions executed with
the same counterparty under the same master netting arrangement (See Note 5).

 F- 138

on the Program and Investments traded, the Master Fund follows the following valuation and revenue recognition policies. All investments

The Master Fund may enter into futures and options on futures contracts. Upon entering into a futures contract, the Master Fund agrees
to receive or deliver a fixed quantity of an underlying instrument or commodity for an agreed-upon price, while an option contract provides
the option purchaser with the right, but not the obligation, to buy or sell a security or financial instrument at a predetermined exercise
price during a defined period. Futures and options on futures contracts are recorded on the trade date. The difference between the original
contract amount and the fair value of futures contracts purchased or sold is reflected as unrealized appreciation (depreciation) on open
contracts. Options on futures contracts are reflected in investments at fair value. The difference between the premiums paid or received
on open options on futures contracts and fair value of such options is recorded as unrealized appreciation/(depreciation) on open contracts.
The fair value of futures and options on futures contracts is based upon daily exchange settlement prices. The realized gain or loss is
determined on the settlement of intraday trades first and then by the FIFO method.

The Master Fund's financial statements are denominated in USD. However, foreign currency forward contracts, non-U.S. futures contracts,
and non-U.S. options on futures contracts are denominated in currencies other than USD. Assets and liabilities and transactions denominated
in currencies other than the USD are translated into USD at the rates in effect either at the close of business on the last business day
of the reporting period or on the date of such transactions, respectively. Such fluctuations are included with the unrealized appreciation
(depreciation) on open derivative contracts, net. Net realized foreign exchange gain or loss arises from the sales of foreign currencies
and currency gains or losses realized between trade and settlement dates. Net unrealized foreign exchange gain and loss arises from changes
in the fair value of margin collateral assets and liabilities resulting from changes in exchange rates.

consist of brokerage commissions, brokerage fees, clearing fees, exchange and regulatory fees, transaction and NFA fees. Fees vary by
type of contract for each purchase and sale or sale and purchase (round turn) of futures, options on futures, and forward contracts. Commissions
are paid on each individual purchase and sale transaction. These costs are recognized as expenses for futures and options on futures transactions
and are included in net realized gain/loss from derivative contracts on the Statement of Operations.

Profits and losses for each monthly accounting period, or shorter period if there are mid-month subscriptions and/or redemptions, are
allocated pro-rata to the Feeder Funds based on their respective ownership percentage on the first day of each period throughout the year.

 F- 139

be subject to United States federal income taxation other than certain withholding taxes. The Master Fund evaluates tax positions taken
or expected to be taken to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority.
For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the
largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority.
The Master Fund has determined that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken
with respect to all open tax years. The Master Fund's U.S. Federal tax returns for the years ended December 31, 2021 through 2024,
remain open. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in
the Statement of Operations. During the year, the Master Fund did not accrue any interest or penalties.

statements in accordance with GAAP requires management 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 income
and expenses during the reporting period. Actual results could differ from those estimates.

are indemnified against certain liabilities arising out of the performance of their duties for The Master Fund. In addition, in the normal
course of business, the Master Fund enters into contracts with vendors and others that provide for general indemnifications. The Master
Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Master

has elected not to provide a Statement of Cash Flows as permitted by GAAP as all of the following conditions have been met:

 During the year, substantially all of the Master Fund's investments were carried at fair value and

 The Master Fund's financial statements include a Statement of Changes in Member's Equity.

and redemptions can typically be made on a weekly basis as of the first day (Monday) of each week; (or, if such day is not a business
day, the first business day thereafter) (each, a Subscription Date or a Redemption Date). The Master Fund may accept subscriptions or
redemptions more frequently than the first day of each week, depending upon the size of the requested subscription or redemption amount,

 F- 140

 Note
3. Fair Value Measurements

at fair value in accordance with FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes
a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 also emphasizes that fair value is
a market-based measurement, not an entity-specific measurement, and sets out a fair value hierarchy with the highest priority being quoted
prices in active market. Under ASC 820, fair value measurements are disclosed by level within that hierarchy, as follows:

investments classified as Level 1 are based on unadjusted quoted prices for identical investments in an active market. Since valuations
are based on quoted prices that are readily accessible at the measurement date, valuation of these investments does not entail a significant

investments classified as Level 2 are based on quoted prices for similar investments in an active or non-active markets for which

investments categorized as Level 3 are based on prices or valuation techniques that require inputs that are both significant to the
fair value and unobservable, including valuations by the Sponsor in the absence of readily ascertainable fair values.

to the Master Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows. Inputs that
are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors.
These inputs can be either observable or unobservable. All of the inputs for the Master Fund were observable as of December 31, 2024.
The availability of observable inputs can vary between investments and is affected by various factors such as type of investment and the
volume and level of activity for that investment or similar investments in the marketplace.

actively traded are valued based on daily quoted settlement prices from the respective exchange and are categorized in Level 1 of the
fair value hierarchy. Exchange-traded derivative contracts not actively traded and over-the-counter (OTC) derivative contracts can include
futures contracts, option on futures contracts, forward contracts and option contracts whose values are based on an underlying such as
interest rates, foreign currencies, credit standing of reference entities, equities or commodities. Such derivative contracts are valued
using observable market data, including currency spot rates or quoted prices of the related underlying obtained from the applicable exchange
or market. OTC derivative contracts are valued using the above described pricing methodology and are categorized as Level 2 within the

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 Master Fund's accounting policy regarding the recognition of transfers between levels
of the fair value hierarchy. There were no transfers among levels 1, 2, and 3 during the year ended December 31, 2024.

are not necessarily indicative of the risk associated with investing in those instruments.

 F- 141

of derivatives, by type, into the fair value hierarchy levels as of December 31, 2024. For futures contracts, presentation is gross -

 Quoted Prices

 Other

 $

 $

 $
 -

 $
 -

 13,015

 13,015

 -

 -

 11,528

 11,528

 -

 -

 7,106

 7,106

 -

 -

 Total
 investment assets at fair value

 32,124

 32,124

 -

 -

 (4,653
)

 (4,653
)

 -

 -

 (231
)

 (231
)

 -

 -

 (1,130
)

 (1,130
)

 -

 -

 (30,356
)

 (30,356
)

 -

 -

 (7,110
)

 (7,110
)

 -

 -

 (43,480
)

 (43,480
)

 -

 -

 $
)

 $
)

 $
 -

 $
 -

 F- 142

 Note
4. Derivative
Financial Instruments

traded by the Master Fund can include U.S. and foreign futures, options on futures contracts, and forward currency contracts (collectively,
derivatives) whose values are based upon an underlying asset, indices, or reference rates, and generally represent future commitments
to exchange cash flows, or to purchase or sell other financial instruments at specified future dates. A derivative contract may be traded
on an exchange or OTC. Exchange-traded derivatives are standardized and include futures and options on futures contracts. OTC derivative
contracts are negotiated between contracting parties and include forward currency contracts and certain options. Derivatives are subject
to various risks similar to those related to the underlying financial instruments including market and credit risks.

value of derivatives due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity and security
prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded.
The market risk of the Master Fund is managed by the underlying Trading Advisors according to each respective Program. The Master Fund
is exposed to a market risk equal to the notional contract value of the derivatives contracts purchased and unlimited liability on such

occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk due to exchange traded derivative
financial instruments is significantly reduced by the regulatory requirements of the individual exchanges on which the instruments are
traded. At any point in time, the credit risk for OTC derivatives is limited to the net unrealized gain for each counterparty for which
a netting agreement exists, if any. In a similar fashion, liabilities represent net amounts owed to counterparties. The credit risk exposure

interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region, or financial market. Securities in the Master Fund may underperform
due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters,
pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar
to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and
downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets.
It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events
may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of

margin deposits with the broker. Additional deposits may be necessary for any loss on contract value. The U.S. Commodity Exchange Act
requires a broker to segregate all customer transactions and assets from such broker's proprietary activities. A customer's
cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds
subject to the broker's segregation requirements. In the event of a broker'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 total cash and other property deposited.

 F- 143

assets on deposit with counterparties. In the event of a counterparty's insolvency, recovery of the Master Fund's assets on
deposit may be limited to account insurance or other protection afforded such deposits.

to the Master Fund's stock exchange indices, commodities, interest rate and foreign currencies upon which the fair value of the futures
contracts held by the Master Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative
of the future cash flows of the Master Fund's futures contracts. Further, the underlying price changes in relation to variables specified
by the notional values affects the fair value of these derivative financial instruments. Theoretically, the Master Fund's exposure is
equal to the notional value of contracts purchased and unlimited on such contracts sold short.

 As of December 31, 2024, the Master Fund had open
futures contracts with the following notional values by sector:

 Long:

 $
 44,496

 $
 (50,525
)

 156,288

 (788,725
)

 887,124

 (71,720
)

 3,595,704

 (8,642,738
)

 (4,888,935
)

Fund participated in 2,564 futures contract transactions.

 $
 (8,240
)

 21,408

 14,260

 97,576

 (30,554
)

 (3,500
)

 90,950

 (6,315
)

 Total net trading gain

 $
 84,635

 *
 Includes both realized gain of $95,994 and unrealized depreciation
of $11,359 and is located in net realized and unrealized gain on investments and foreign currency transactions on the Statement of Operations.
Amounts exclude foreign currency transactions.

 F- 144

 Note
5. Balance
Sheet Offsetting

of offsetting assets and liabilities presented in the Statement of Financial Condition to enable users of the financial statements to
evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These
recognized assets and liabilities include financial instruments and derivative instruments that are either subject to an enforceable master
netting arrangement or similar agreement or meet the following right of set-off criteria: each of the two parties owes the other determinable
amounts, the Master Fund has the right to set-off the amounts owed with the amounts owed by the other party, the Master Fund intends to

netting agreements with certain counterparties. These agreements govern the terms of certain transactions, and reduce the counterparty
risk associated with relevant transactions by specifying offsetting mechanisms and collateral posting arrangements at prearranged exposure
levels. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular
counterparty organization, each type of transaction may be covered by a different master netting arrangement, possibly resulting in the
need for multiple agreements with a single counterparty. Master netting agreements may not be specific to each different asset type; in
such instances, they would allow the Master Fund to close out and net its total exposure to a specified counterparty in the events of
default or early termination with respect to any and all the transactions governed under a single agreement with the counterparty.

 Gross

 Amounts of

 Recognized

 Offset in the

 of Assets

 $
 (43,480
)

 $
 32,124

 $
)

 Total

 $
 (43,480
)

 $
 32,124

 $
)

 Net

 Cash

 Collateral

 Received by

 Counterparty

 Net

 $
 (11356
)

 $
 210,736

 $
 199,380

 Total

 $
 (1 1,356
)

 $
 210,736

 $
 199,380

 F- 145

 Note
6. Related Parties

 As of December 31, 2024, the Master Fund had $27,845
receivable from the Onshore Feeder Fund, as reflected in the Statement of Financial Condition. Generally, receivables and payables from/to
Feeder Fund are a result of timing differences of cash movements related to capital activity at the Feeder Fund level.

 Note
7. Administrator

serves as the Master Fund's administrator and performs certain administrative and accounting services on behalf of the Master Fund.

 Note
8. Financial

year ended December 31, 2024 are presented in the table below. The information has been derived from information presented in the financial

 21 88
 %

 3 36
 %

 0.57
 %

 (A)
during the year of theoretical investment made at the beginning of the year.

 (B)
based on weighted-average member's equity as a whole for the year ended December 31, 2024.

 (C)
 The net investment income ratio excludes net realized and
unrealized gain on investments.

class taken as a whole. An individual member's return and ratios may vary based on the timing of capital transactions. The total
return and net investment income ratio would have been lower, and total expense ratios would have been higher if the management, incentive
fees, and sponsor fees, had been charged to the Master Fund instead of the Feeder Fund.

 Note
9. Subsequent
Events

the Sponsor has evaluated all subsequent events requiring recognition and disclosure in the Master Fund's financial statements
through March 24, 2025, the date the financial statements were available for issuance. The Sponsor has determined that there are no material
events that would require recognition or disclosure in the Master Fund's financial statements through this date.

 F- 146

undersigned, the information contained in the annual report as of, and for the year ended December 31, 2024 is accurate and complete.

 F- 147

Fund – Quest Master Fund (517) LLC

 F- 148

 F-150 - F-151

 F-156 - F-165

 F- 149

Plus Fund — Quest Master Fund (517) LLC (the Fund), which comprise the statement of financial condition, including the condensed
schedule of investments, as of December 31, 2024, the related statements of operations and changes in member's equity for the year
then ended, and the related notes to the financial statements.

present fairly, in all material respects, the financial position of the Fund as of December 31, 2024, and the results of its operations
and changes in member's equity for the year then ended in accordance with accounting principles generally accepted in the United

standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described
in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent
of the Fund and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of
America, and for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.

is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's
ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued.

about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and
therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user

 F- 150

we:

 Exercise
professional judgment and maintain professional skepticism throughout the audit.

 Identify
and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit
procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.

 Obtain
an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control. Accordingly, no such opinion
is expressed.

 Evaluate
the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well
as evaluate the overall presentation of the financial statements.

 Conclude
whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's
ability to continue as a going concern for a reasonable period of time.

with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal

 F- 151

 Cash

 $
 520,601

 460,876

 (represents unrealized appreciation on open derivative contracts, net)

 3,968

 $

 $
 -

 $

 F- 152

 Contracts/

Units

 Member's Equity

 $

 0.09
 %

 3,452

 0.35

 2,330

 0.23

 (36,502
)

 (3.65
)

 (3,780
)

 (0.38
)

 0.00

 0.02

 (3,014
)

 (0.30
)

 (36,341
)

 (3.64
)

 (1,575
)

 (0.16
)

 38,287

 3.83

 2,525

 0.25

 12,492

 1.25

 3,175

 0.32

 (3,505
)

 (0.35
)

 51,399

 5.14

 $

 1.50
 %

 F- 153

 $
 65,161

 65,161

 12,375

 1,547

 13,922

 51,239

 Realized and unrealized gain (loss) on investments and foreign currency transactions:

 Net realized gain (loss) from:

 (143,786
)

 1,001

 (142,785
)

)

)

 Net realized and unrealized loss on investments and foreign currency transactions

 (285,007
)

 $
 (233,768
)

 F- 154

 Statement of Changes in
 Member's Equity

 $
 51,239

 (142,785
)

)

 (233,768
)

 130,825

 (479,109
)

 (348,284
)

 (582,052
)

 1,582,555

 $

 F- 155

 Note 1. Organization
and Structure

 Galaxy Plus Fund – Quest Master Fund (517)
LLC (the "Master Fund") was formed in Delaware as a limited liability company on January 12, 2016 and commenced operation
on June 29, 2016. The Master Fund was created to serve as the trading entity managed by Quest Partner, L.L.C. (the "Trading Advisor")
pursuant to its Quest Tracker Index "QTI" (the "Program"). The Program is a systematic program that seeks to replicate
the performance generated by the broad class of managed futures trading strategies of trend following.

limited liability companies ("Other Master Funds"), are investment vehicles available under the Galaxy Plus Managed Account
Platform (the "Platform"). The Master Fund and the Platform are sponsored by New Hyde Park Alternative Funds, LLC (the "Sponsor"
or "NHPAF") as a means of making available, to qualified high net-worth individuals and institutional investors (including
fund of hedge funds) ("Investors"), a variety of third-party professional managed futures and foreign exchange advisors ("Advisors").

office is located in Wheaton, Illinois. NHPAF is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a commodity pool
operator and commodity trading advisor, and is a member of the National Futures Association (NFA).

Liability Company (the "Onshore Platform"), and Galaxy Plus Fund SPC, a Cayman Islands Segregated Portfolio Company (the "Offshore
Platform") serve as the feeder funds for the Platform and invest substantially all of the assets of the respective segregated portfolios
(each a "Fund") in the Master Fund or other Master Funds. Galaxy Plus Fund – Quest Feeder Fund (517) ("LLC517"),
a separated series of the Onshore Platform and Galaxy Plus Fund – Quest Offshore Feeder Fund (517) Segregated Portfolio ("SPC517"),
a segregated portfolio of the Offshore Platform, can each invest in the Master Fund. As of December 31, 2024, SPC517 had not yet commenced
operations and LLC517 is the sole member.

 LLC517 and SPC517 are collectively hereafter referred

Funds and the corresponding transactions with the Master Fund are governed by the Onshore Platform's and the Offshore Platform's

the terms of the Limited Liability Company Agreement (the "LLC Agreement") as the managing member of the Master Fund. In such
capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Master Fund including
the authority to select the administrator for the Master Fund. The LLC Agreement will continue to remain in force until terminated by
either the Sponsor or the Platform upon not less than sixty (60) days' prior written notice. In certain circumstances (for example,
the insolvency of either party or in the event all trading for the Platform by the Advisors are suspended), the LLC Agreement may be immediately

 F- 156

a tri-party contract (the "Trading Agreement") with the Trading Advisor pursuant to which the Master Fund's trading
accounts are managed, subject to rights of termination, by the Trading Advisor in accordance with the Program. The Trading Advisor may
alter its Program (including its trading systems and methods and including the addition and/or deletion of any financial interests or
contracts traded in the Master Fund's trading accounts), provided that the Trading Advisor provide prior notice to the Master Fund
and the Sponsor of any material change to the Trading Advisor's Program. From time to time, the Trading Advisor (or its affiliates)
may manage additional accounts, and these accounts will increase the level of competition for the same trades desired for the Master Fund,
including the priorities of order entry. There is no specific limit as to the number of accounts the Trading Advisors (or their affiliates)
may manage. In addition, the positions of all of the accounts owned or controlled by the Trading Advisor (or its affiliates) are aggregated
for the purposes of applying speculative position limits. The management, incentive, and sponsor fees are paid directly by the Feeder

 Note 2. Summary of
Significant Accounting Policies

policies consistently followed in the preparation of the Master Fund's financial statements.

financial statements are expressed in United States dollars (USD) and have been prepared in accordance with Generally Accepted Accounting
Principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition
and results of operations. The Master Fund is an investment company and follows the accounting and reporting guidance in FASB Account

the commodity trading accounts at clearing broker consists of either cash maintained in the custody of the broker, a portion of which
is required margin for open positions, or amounts due to/from the broker for margin or unsettled trades. The Master Fund may also hold
cash in a non-interest bearing USD commercial bank account. The Master Fund holds various currencies at the clearing broker, of which
$1,021,655 is held in USD and a payable balance of $(40,178) in foreign currencies as of December 31, 2024, and are recorded in cash and
restricted cash – margin balance on the Statement of Financial Condition. The non-U.S. currencies fluctuate in value on a daily
basis relative to the USD. A portion of this cash is restricted cash required to meet maintenance margin requirements. Cash with the clearing
broker as of December 31, 2024 included restricted cash for margin requirements of $460,876. This cash becomes unrestricted when the underlying
positions to which it is applicable are liquidated. Cash with the clearing broker as of December 31, 2024 included amounts due to the
broker for unsettled trades of $40,178, which are denominated in foreign currency.

When the requirements are met, the Master Fund offsets certain fair value amounts recognized for net derivative positions executed with

 F- 157

on the Program and Investments traded, the Master Fund follows the following valuation and revenue recognition policies. All investments

The Master Fund may enter into futures and options on futures contracts. Upon entering into a futures contract, the Master Fund agrees
to receive or deliver a fixed quantity of an underlying instrument or commodity for an agreed-upon price, while an option contract provides
the option purchaser with the right, but not the obligation, to buy or sell a security or financial instrument at a predetermined exercise
price during a defined period. Futures and options on futures contracts are recorded on the trade date. The difference between the original
contract amount and the fair value of futures contracts purchased or sold is reflected as unrealized appreciation/(depreciation) on open
contracts. Options on futures contracts are reflected in investments at fair value. The difference between the premiums paid or received
on open options on futures contracts and fair value of such options is recorded as unrealized appreciation/(depreciation) on open contracts.
The fair value of futures and options on futures contracts is based upon daily exchange settlement prices. The realized gain or loss is
determined on the settlement of intraday trades first and then by the FIFO method.

 Foreign currency transactions: The
Master Fund's financial statements are denominated in USD. However, foreign currency forward contracts, non-U.S. futures contracts,
and non-U.S. options on futures contracts are denominated in currencies other than USD. Assets and liabilities and transactions denominated
in currencies other than the USD are translated into USD at the rates in effect either at the close of business on the last business day
of the reporting period or on the date of such transactions, respectively. Such fluctuations are included with the unrealized appreciation
(depreciation) on open derivative contracts, net. Net realized foreign exchange gain or loss arises from the sales of foreign currencies
and currency gains or losses realized between trade and settlement dates. Net unrealized foreign exchange gain and loss arises from changes
in the fair value of margin collateral assets and liabilities resulting from changes in exchange rates.

consist of brokerage commissions, brokerage fees, clearing fees, exchange and regulatory fees, transaction and NFA fees. Fees vary by
type of contract for each purchase and sale or sale and purchase (round turn) of futures, options on futures, and forward contracts. Commissions
are paid on each individual purchase and sale transaction. These costs are recognized as expenses for futures and options on futures transactions
and are included in net realized gain/loss from derivative contracts on the Statement of Operations.

Profits and losses for each monthly accounting period, or shorter period if there are mid-month subscriptions and/or redemptions, are
allocated pro-rata to the Feeder Funds based on their respective ownership percentage on the first day of each period throughout the year.

be subject to United States federal income taxation other than certain withholding taxes. The Master Fund evaluates tax positions taken
or expected to be taken to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority.
For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the
largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority.
The Master Fund has determined that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken
with respect to all open tax years. The Master Fund's U.S. Federal tax returns for the years ended December 31, 2021 through 2024,
remain open. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in
the Statement of Operations. During the year, the Master Fund did not accrue any interest or penalties.

 F- 158

statements in accordance with GAAP requires management 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 income
and expenses during the reporting period. Actual results could differ from those estimates.

are indemnified against certain liabilities arising out of the performance of their duties for The Master Fund. In addition, in the normal
course of business, the Master Fund enters into contracts with vendors and others that provide for general indemnifications. The Master
Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Master

has elected not to provide a Statement of Cash Flows as permitted by GAAP as all of the following conditions have been met:

 During the year, substantially all of the Master Fund's investments were carried at fair value and

 The Master Fund's financial statements include a Statement
of Changes in Member's Equity.

and redemptions can typically be made on a weekly basis as of the first day (Monday) of each week; (or, if such day is not a business
day, the first business day thereafter) (each, a Subscription Date or a Redemption Date). The Master Fund may accept subscriptions or
redemptions more frequently than the first day of each week, depending upon the size of the requested subscription or redemption amount,

 Note 3. Fair Value
Measurements

at fair value in accordance with FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes
a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 also emphasizes that fair value is
a market-based measurement, not an entity-specific measurement, and sets out a fair value hierarchy with the highest priority being quoted
prices in active market. Under ASC 820, fair value measurements are disclosed by level within that hierarchy, as follows:

investments classified as Level 1 are based on unadjusted quoted prices for identical investments in an active market. Since valuations
are based on quoted prices that are readily accessible at the measurement date, valuation of these investments does not entail a significant

investments classified as Level 2 are based on quoted prices for similar investments in an active or non-active markets for which

investments categorized as Level 3 are based on prices or valuation techniques that require inputs that are both significant to the
fair value and unobservable, including valuations by the Sponsor in the absence of readily ascertainable fair values.

 A description of the valuation methodologies
applied to the Master Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows.
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics,
and other factors. These inputs can be either observable or unobservable. All of the inputs for the Master Fund were observable as
of December 31, 2024. The availability of observable inputs can vary between investments and is affected by various factors such as
type of investment and the volume and level of activity for that investment or similar investments in the marketplace.

 F- 159

actively traded are valued based on daily quoted settlement prices from the respective exchange and are categorized in Level 1 of the
fair value hierarchy. Exchange-traded derivative contracts not actively traded and over-the-counter (OTC) derivative contracts can include
futures contracts, option on futures contracts, forward contracts and option contracts whose values are based on an underlying such as
interest rates, foreign currencies, credit standing of reference entities, equities or commodities. Such derivative contracts are valued
using observable market data, including currency spot rates or quoted prices of the related underlying obtained from the applicable exchange
or market. OTC derivative contracts are valued using the above-described pricing methodology and are categorized as Level 2 within the

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 Master Fund's accounting policy regarding the recognition of transfers between levels
of the fair value hierarchy. There were no transfers among levels 1, 2, and 3 during the year ended December 31, 2024.

 The inputs or methodologies used for valuing
investments are not necessarily indicative of the risk associated with investing in those instruments.

 F- 160

 The following tables present the
classification of derivatives, by type, into the fair value hierarchy levels as of December 31, 2024. For futures contracts, presentation
is gross – as an asset if in a gain position and a liability if in a loss position.

 Quoted Prices

 Other

 $

 $

 $
 -

 $
 -

 41,739

 41,739

 -

 -

 2,380

 2,380

 -

 -

 3,878

 3,878

 -

 -

 15,962

 15,962

 -

 -

 3,175

 3,175

 -

 -

 68,034

 68,034

 -

 -

 (1,575
)

 (1,575
)

 -

 -

 (37,632
)

 (37,632
)

 -

 -

 (9,989
)

 (9,989
)

 -

 -

 (3,780
)

 (3,780
)

 -

 -

 (52,976
)

 (52,976
)

 -

 -

 $

 $

 $
 -

 $
 -

 F- 161

 Note 4. Derivative
Financial Instruments

traded by the Master Fund can include U.S. and foreign futures, options on futures contracts, and forward currency contracts (collectively,
derivatives) whose values are based upon an underlying asset, indices, or reference rates, and generally represent future commitments
to exchange cash flows, or to purchase or sell other financial instruments at specified future dates. A derivative contract may be traded
on an exchange or OTC. Exchange-traded derivatives are standardized and include futures and options on futures contracts. OTC derivative
contracts are negotiated between contracting parties and include forward currency contracts and certain options. Derivatives are subject
to various risks similar to those related to the underlying financial instruments including market and credit risks.

value of derivatives due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity and security
prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded.
The market risk of the Master Fund is managed by the underlying Trading Advisors according to each respective Program. The Master Fund
is exposed to a market risk equal to the notional contract value of the derivatives contracts purchased and unlimited liability on such

occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk due to exchange traded derivative
financial instruments is significantly reduced by the regulatory requirements of the individual exchanges on which the instruments are
traded. At any point in time, the credit risk for OTC derivatives is limited to the net unrealized gain for each counterparty for which
a netting agreement exists, if any. In a similar fashion, liabilities represent net amounts owed to counterparties. The credit risk exposure

interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region, or financial market. Securities in the Master Fund may underperform
due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters,
pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar
to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and
downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets.
It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events
may have and the duration of those effects.

margin deposits with the broker. Additional deposits may be necessary for any loss on contract value. The U.S. Commodity Exchange Act
requires a broker to segregate all customer transactions and assets from such broker's proprietary activities. A customer's
cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds
subject to the broker's segregation requirements. In the event of a broker'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 total cash and other property deposited.

assets on deposit with counterparties. In the event of a counterparty's insolvency, recovery of the Master Fund's assets on
deposit may be limited to account insurance or other protection afforded such deposits.

 F- 162

to the Master Fund's stock exchange indices, commodities, interest rate and foreign currencies upon which the fair value of the futures
contracts held by the Master Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative
of the future cash flows of the Master Fund's futures contracts. Further, the underlying price changes in relation to variables specified
by the notional values affects the fair value of these derivative financial instruments. Theoretically, the Master Fund's exposure is
equal to the notional value of contracts purchased and unlimited on such contracts sold short. As of December 31, 2024, the Master Fund

 Long:

 $
 22,925

 $
 (50,525
)

 309,002

 (2,860,175
)

 182,690

 (1,920,775
)

 1,216,327

 (2,581,564
)

 1,252,081

 (100,663
)

 264,100

Fund participated in 3,600 futures contracts transactions.

 $
 62,302

 (9,788
)

 (410,455
)

 231,141

 (325,191
)

 175,860

 (276,131
)

 (9,877
)

 $
 (286,008
)

 *
 Includes both realized loss of $143,786 and unrealized depreciation
of $142,222 and is located in net realized and unrealized loss on investments on the Statement of Operations. Amounts exclude foreign

 F- 163

 Note 5. Balance Sheet
Offsetting

of offsetting assets and liabilities presented in the Statement of Financial Condition to enable users of the financial statements to
evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These
recognized assets and liabilities include financial instruments and derivative instruments that are either subject to an enforceable master
netting arrangement or similar agreement or meet the following right of set-off criteria: each of the two parties owes the other determinable
amounts, the Master Fund has the right to set-off the amounts owed with the amounts owed by the other party, the Master Fund intends to
set off, and the Master Fund's right of set-off is enforceable at law.

netting agreements with certain counterparties. These agreements govern the terms of certain transactions, and reduce the counterparty
risk associated with relevant transactions by specifying offsetting mechanisms and collateral posting arrangements at prearranged exposure
levels. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular
counterparty organization, each type of transaction may be covered by a different master netting arrangement, possibly resulting in the
need for multiple agreements with a single counterparty. Master netting agreements may not be specific to each different asset type; in
such instances, they would allow the Master Fund to close out and net its total exposure to a specified counterparty in the events of
default or early termination with respect to any and all the transactions governed under a single agreement with the counterparty.

 Gross

 Offset

 Net Amount of
Assets (Liabilities)

 Amounts of Recognized

 in the Statement of

 $
 68,034

 $
 (52,976
)

 $

 Total

 $
 68,034

 $
 (52,976
)

 $

 Net Amount in the Statement of Financial Condition

 Cash Collateral Received by Counterparty

 $

 $
 460,876

 $
 475,934

 Total

 $

 $
 460,876

 $
 475,934

 F- 164

 As of December 31, 2024, the Master Fund had $3,968
receivable from the Onshore Feeder Fund, as reflected in the Statement of Financial Condition. Generally, receivables and payables from/to
Feeder Fund are a result of timing differences of cash movements related to capital activity at the Feeder Fund level.

serves as the Master Fund's administrator and performs certain administrative and accounting services on behalf of the Master Fund.

 Note 8. Financial

year ended December 31, 2024 are presented in the table below. The information has been derived from information presented in the financial

 (19.35
)%

 3.82
 %

 1.04
 %

 (A)
during the year of theoretical investment made at the beginning of the year.

 (B)
based upon weighted-average member's equity as a whole for the year ended December 31, 2024.

 (C)
loss on investments.

class taken as a whole. An individual member's return and ratios may vary based on the timing of capital transactions. The negative
total return and the net investment income ratio would have been lower and total expense ratio would have been higher if the management
and incentive fees, as well as the sponsor fees, had been charged to the Master Fund instead of the Feeder Fund.

 Note 9. Subsequent
Events

the Sponsor has evaluated all subsequent events requiring recognition and disclosure in the Master Fund's financial statements through
March 24, 2025, the date the financial statements were available for issuance. The Sponsor has determined that there are no material events
that would require recognition or disclosure in the Master Fund's financial statements through this date.

 F- 165

undersigned, the information contained in the annual report as of and for the year ended December 31, 2024, is accurate and complete.

 /s/ David
 Young

 Galaxy Plus Fund – Quest Master Fund (517)
LLC

 F- 166

 Galaxy Plus Fund - Rosetta Program Master Fund (522) LLC

 (formerly known as Galaxy Plus Fund – LRR Master Fund (522)
LLC)

 F- 167

 F-169 - F-170

 F-174 - F-180

 F- 168

Plus Fund — Rosetta Program Master Fund (522) LLC (Formerly, Galaxy Plus Fund – LRR Master Fund (522) LLC) (the Fund), which
comprise the statement of financial condition as of December 31, 2024, the related statements of operations and changes in member's
equity for the year then ended, and the related notes to the financial statements.

present fairly, in all material respects, the financial position of the Fund as of December 31, 2024, and the results of its operations
and changes in member's equity for the year then ended in accordance with accounting principles generally accepted in the United

standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described
in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent
of the Fund and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of
America, and for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.

is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's
ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued.

about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and
therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user

 F- 169

we:

of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Fund's internal control. Accordingly, no such opinion is expressed.

used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the

conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's ability to continue as a going

with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal

 F- 170

 Galaxy Plus Fund – Rosetta Program Master Fund (522) LLC

 Cash

 $
 125,035

 31,431

 $

 $
 -

 $

 F- 171

 Galaxy Plus Fund – Rosetta Program Master Fund (522)
LLC

For the year ended December

 $
 7,855

 7,855

 1,598

 1,598

 6,257

 R ealized and unrealized gain (loss) on investments:

 Net realized loss from:

)

)

 Net (increase) decrease in unrealized depreciation on:

 2,450

 2,450

 Net realized and unrealized loss on investments

 (9,726
)

 $
 (3,469
)

 F- 172

 Galaxy Plus Fund – Rosetta Program Master Fund (522)
LLC

 $
 6,257

 Net realized loss from derivative contracts

)

 Net (increase) decrease in unrealized depreciation on derivative contracts

 2,450

 (3,469
)

 18,614

 (196,030
)

 (177,416
)

 (180,885
)

 337,351

 $

 F- 173

 Galaxy Plus Fund – Rosetta Program Master Fund (522) LLC

 Note 1. Organization and
Structure

 Galaxy Plus Fund - Rosetta Program Master Fund
(522) LLC (the "Master Fund") (formerly known as Galaxy Plus Fund - LRR Master Fund (522) LLC) was formed in Delaware as a
limited liability company on January 26, 2016 and commenced operation on April 28, 2016. The Master Fund is a multi- advisor managed futures
fund that allocates and reallocates its capital to different trading advisors implementing various trading programs. Rosetta Capital Management
LLC ("Rosetta"), (the "Trading Advisor") runs a technical program. As of and during the year ended December 31,
2024, Rosetta was the sole trading advisor of the Master Fund.

limited liability companies ("Other Master Funds"), are investment vehicles available under the Galaxy Plus Managed Account
Platform (the "Platform"). The Master Fund and the Platform are sponsored by New Hyde Park Alternative Funds, LLC (the "Sponsor"
or "NHPAF") as a means of making available, to qualified high net-worth individuals and institutional investors (including
fund of hedge funds) ("Investors"), a variety of third-party professional managed futures and foreign exchange advisors ("Advisors").

office is located in Wheaton, Illinois. NHPAF is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a commodity pool
operator and commodity trading advisor, and is a member of the National Futures Association (NFA).

Liability Company (the "Onshore Platform"), and Galaxy Plus Fund SPC, a Cayman Islands Segregated Portfolio Company (the "Offshore
Platform") serve as the feeder funds for the Platform and invest substantially all of the assets of the respective segregated portfolios
(each a "Fund") in the Master Fund or other Master Funds. Galaxy Plus Fund – Rosetta Program Feeder Fund (522) ("LLC522"),
a separated series of the Onshore Platform and Galaxy Plus Fund- Rosetta Program Offshore Feeder Fund (522) Segregated Portfolio ("SPC522"),
a segregated portfolio of the Offshore Platform, can each invest in the Master Fund. As of December 31, 2024, SPC522 had not yet commenced
operations and LLC522 is the sole member.

 LLC522 and SPC522 are collectively hereafter referred

Funds and the corresponding transactions with the Master Fund are governed by the Onshore Platform's and the Offshore Platform's

the terms of the Limited Liability Company Agreement (the "LLC Agreement") as the managing member of the Master Fund. In such
capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Master Fund including
the authority to select the administrator for the Master Fund. The LLC Agreement will continue to remain in force until terminated by
either the Sponsor or the Platform upon not less than sixty (60) days' prior written notice. In certain circumstances (for example,
the insolvency of either party or in the event all trading for the Platform by the Advisors are suspended), the LLC Agreement may be immediately

 F- 174

 Galaxy Plus Fund – Rosetta
Program Master Fund (522) LLC

a tri-party contract (the "Trading Agreement") with the Trading Advisor pursuant to which the Master Fund's trading
accounts are managed, subject to rights of termination, by the Trading Advisor in accordance with the Program. The Trading Advisor may
alter its Program (including its trading systems and methods and including the addition and/or deletion of any financial interests or
contracts traded in the Master Fund's trading accounts), provided that the Trading Advisor provide prior notice to the Master Fund
and the Sponsor of any material change to the Trading Advisor's Program. From time to time, the Trading Advisor (or its affiliates)
may manage additional accounts, and these accounts will increase the level of competition for the same trades desired for the Master Fund,
including the priorities of order entry. There is no specific limit as to the number of accounts the Trading Advisors (or their affiliates)
may manage. In addition, the positions of all of the accounts owned or controlled by the Trading Advisor (or its affiliates) are aggregated
for the purposes of applying speculative position limits. The management, incentive, and sponsor fees are paid directly by the Feeder

 Note 2. Summary of
Significant Accounting Policies

policies consistently followed in the preparation of the Master Fund's financial statements.

financial statements are expressed in United States dollars (USD) and have been prepared in accordance with Generally Accepted Accounting
Principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition
and results of operations. The Master Fund is an investment company and follows the accounting and reporting guidance in FASB Account

the commodity trading accounts at clearing broker consists of either cash maintained in the custody of the broker, a portion of which
is required margin for open positions, or amounts due to/from the broker for margin or unsettled trades. The Master Fund may also hold
cash in a non-interest bearing USD commercial bank account. The Master Fund holds various currencies at the clearing broker, of which
$125,035 is held in USD as of December 31, 2024, and is recorded in cash balance on the Statement of Financial Condition. The non-U.S.
currencies fluctuate in value on a daily basis relative to the USD. A portion of this cash is restricted cash required to meet maintenance
margin requirements. Cash with the clearing broker as of December 31, 2024 included restricted cash for margin requirements of $0. This
cash becomes unrestricted when the underlying positions to which it is applicable are liquidated. Cash with the clearing broker as of
December 31, 2024 included amounts due to the broker for unsettled trades of $0.

 F- 175

 Galaxy Plus Fund – Rosetta
Program Master Fund (522) LLC

on the Program and Investments traded, the Master Fund follows the following valuation and revenue recognition policies. All investments

 Futures and options on futures contracts: The Master
Fund may enter into futures and options on futures contracts. Upon entering into a futures contract, the Master Fund agrees to receive
or deliver a fixed quantity of an underlying instrument or commodity for an agreed-upon price, while an option contract provides the option
purchaser with the right, but not the obligation, to buy or sell a security or financial instrument at a predetermined exercise price
during a defined period. Futures and options on futures contracts are recorded on the trade date. The difference between the original
contract amount and the fair value of futures contracts purchased or sold is reflected as unrealized appreciation/(depreciation) on open
contracts. Options on futures contracts are reflected in investments at fair value. The difference between the premiums paid or received
on open options on futures contracts and fair value of such options is recorded as unrealized appreciation/(depreciation) on open contracts.
The fair value of futures and options on futures contracts is based upon daily exchange settlement prices. The realized gain or loss is
determined on the settlement of intraday trades first and then by the FIFO method.

consist of brokerage commissions, brokerage fees, clearing fees, exchange and regulatory fees, transaction and NFA fees. Fees vary by
type of contract for each purchase and sale or sale and purchase (round turn) of futures, options on futures, and forward contracts. Commissions
are paid on each individual purchase and sale transaction. These costs are recognized as expenses for futures and options on futures transactions
and are included in net realized gain/loss from derivative contracts on the Statement of Operations.

Profits and losses for each monthly accounting period, or shorter period if there are mid-month subscriptions and/or redemptions, are
allocated pro-rata to the Feeder Funds based on their respective ownership percentage on the first day of each period throughout the year.

be subject to United States federal income taxation other than certain withholding taxes. The Master Fund evaluates tax positions taken
or expected to be taken to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority.
For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the
largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority.
The Master Fund has determined that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken
with respect to all open tax years. The Master Fund's U.S. Federal tax returns for the years ended December 31, 2021 through 2024,
remain open. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in
the Statement of Operations. During the year, the Master Fund did not accrue any interest or penalties.

statements in accordance with GAAP requires management 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 income
and expenses during the reporting period. Actual results could differ from those estimates.

 F- 176

 Galaxy Plus Fund – Rosetta Program Master Fund (522) LLC

are indemnified against certain liabilities arising out of the performance of their duties for The Master Fund. In addition, in the normal
course of business, the Master Fund enters into contracts with vendors and others that provide for general indemnifications. The Master
Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Master

has elected not to provide a Statement of Cash Flows as permitted by GAAP as all of the following conditions have been met:

 During the year, substantially all of the Master Fund's investments were carried at fair value and

 The Master Fund's financial statements include a Statement of Changes in Member's Equity.

and redemptions can typically be made on a weekly basis as of the first day (Monday) of each week; (or, if such day is not a business
day, the first business day thereafter) (each, a Subscription Date or a Redemption Date). The Master Fund may accept subscriptions or
redemptions more frequently than the first day of each week, depending upon the size of the requested subscription or redemption amount,

 Note 3. Fair Value
Measurements

at fair value in accordance with FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes
a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 also emphasizes that fair value is
a market-based measurement, not an entity-specific measurement, and sets out a fair value hierarchy with the highest priority being quoted
prices in active market. Under ASC 820, fair value measurements are disclosed by level within that hierarchy, as follows:

 Level 1 — Values for investments classified
as Level 1 are based on unadjusted quoted prices for identical investments in an active market. Since valuations are based on quoted
prices that are readily accessible at the measurement date, valuation of these investments does not entail a significant degree of judgment.

 Level 2 — Values for investments classified
as Level 2 are based on quoted prices for similar investments in an active or non-active markets for which all significant inputs
are observable either directly or indirectly.

 Level 3 — Values for investments categorized
as Level 3 are based on prices or valuation techniques that require inputs that are both significant to the fair value and unobservable,
including valuations by the Sponsor in the absence of readily ascertainable fair values.

to the Master Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows. Inputs that
are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors.
These inputs can be either observable or unobservable. All of the inputs for the Master Fund were observable as of December 31, 2024.
The availability of observable inputs can vary between investments and is affected by various factors such as type of investment and the
volume and level of activity for that investment or similar investments in the marketplace.

 F- 177

 Galaxy Plus Fund – Rosetta Program Master Fund (522) LLC

actively traded are valued based on daily quoted settlement prices from the respective exchange and are categorized in Level 1 of the
fair value hierarchy. Exchange-traded derivative contracts not actively traded and over-the-counter (OTC) derivative contracts can include
futures contracts, option on futures contracts, forward contracts and option contracts whose values are based on an underlying such as
interest rates, foreign currencies, credit standing of reference entities, equities or commodities. Such derivative contracts are valued
using observable market data, including currency spot rates or quoted prices of the related underlying obtained from the applicable exchange
or market. OTC derivative contracts are valued using the above described pricing methodology and are categorized as Level 2 within the

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 Master Fund's accounting policy regarding the recognition of transfers between levels
of the fair value hierarchy. There were no transfers among levels 1, 2, and 3 during the year ended December 31, 2024.

are not necessarily indicative of the risk associated with investing in those instruments. At December 31, 2024, the Master Fund held
no investments.

 Note 4. Derivative
Financial Instruments

traded by the Master Fund can include U.S. and foreign futures, options on futures contracts, and forward currency contracts (collectively,
derivatives) whose values are based upon an underlying asset, indices, or reference rates, and generally represent future commitments
to exchange cash flows, or to purchase or sell other financial instruments at specified future dates. A derivative contract may be traded
on an exchange or OTC. Exchange-traded derivatives are standardized and include futures and options on futures contracts. OTC derivative
contracts are negotiated between contracting parties and include forward currency contracts and certain options. Derivatives are subject
to various risks similar to those related to the underlying financial instruments including market and credit risks.

value of derivatives due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity and security
prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded.
The market risk of the Master Fund is managed by the underlying Trading Advisors according to each respective Program. The Master Fund
is exposed to a market risk equal to the notional contract value of the derivatives contracts purchased and unlimited liability on such

occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk due to exchange traded derivative
financial instruments is significantly reduced by the regulatory requirements of the individual exchanges on which the instruments are
traded. At any point in time, the credit risk for OTC derivatives is limited to the net unrealized gain for each counterparty for which
a netting agreement exists, if any. In a similar fashion, liabilities represent net amounts owed to counterparties. The credit risk exposure

 F- 178

 Galaxy Plus Fund – Rosetta
Program Master Fund (522) LLC

interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region, or financial market. Securities in the Master Fund may underperform
due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters,
pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar
to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and
downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets.
It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events
may have and the duration of those effects.

margin deposits with the broker. Additional deposits may be necessary for any loss on contract value. The U.S. Commodity Exchange Act
requires a broker to segregate all customer transactions and assets from such broker's proprietary activities. A customer's
cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds
subject to the broker's segregation requirements. In the event of a broker'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 total cash and other property deposited.

assets on deposit with counterparties. In the event of a counterparty's insolvency, recovery of the Master Fund's assets on
deposit may be limited to account insurance or other protection afforded such deposits.

to the Master Fund's stock exchange indices, commodities, interest rate and foreign currencies upon which the fair value of the futures
contracts held by the Master Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative
of the future cash flows of the Master Fund's futures and options contracts. Further, the underlying price changes in relation to variables
specified by the notional values affects the fair value of these derivative financial instruments. Theoretically, the Master Fund's exposure
is equal to the notional value of contracts purchased and unlimited on such contracts sold short. As of December 31, 2024, the Master
Fund had no open derivatives contracts or related notional balances.

Fund participated in 2 futures contracts transactions.

 $
 (9,625
)

 (9,625
)

 (101
)

 $
 (9,726
)

 *
 Includes both realized loss of $12,176 and unrealized appreciation of $2,450 and is located in net
 realized and unrealized loss on investments on the Statement of Operations.

 F- 179

 Galaxy Plus Fund – Rosetta Program Master
Fund (522) LLC

 Note 5. Related Parties

 As of December 31, 2024, the Master Fund had $31,431
receivable from the Onshore Feeder Fund, as reflected in the Statement of Financial Condition. Generally, receivables and payables from/to
Feeder Fund are a result of timing differences of cash movements related to capital activity at the Feeder Fund level.

 Note 6. Administrator

serves as the Master Fund's administrator and performs certain administrative and accounting services on behalf of the Master Fund.

 Note 7. Financial

year ended December 31, 2024 are presented in the table below. The information has been derived from information presented in the financial

 (0.19
)%

 3.02
 %

 0.77
 %

 (A)
during the period of theoretical investment made at the beginning of the year.

 (B)
based on weighted-average member's equity as a whole for the year ended December 31, 2024.

 (C)
loss on investments.

class taken as a whole. An individual member's return and ratios may vary based on the timing of capital transactions. The negative
total return and net investment income ratio would have been lower, and the total expense ratio would have been higher if the management,
incentive fees, and sponsor fees had been charged to the Master Fund instead of the Feeder Fund.

 Note 8. Subsequent
Events

the Sponsor has evaluated all subsequent events requiring recognition and disclosure in the Master Fund's financial statements through
March 24, 2025, the date the financial statements were available for issuance. The Sponsor has determined that there are no material events
that would require recognition or disclosure in the Master Fund's financial statements through this date.

 F- 180

 Galaxy Plus Fund – Rosetta Program Master
Fund (522) LLC

undersigned, the information contained in the annual report as of and for the year ended December 31, 2024, is accurate and complete.

 Galaxy Plus Fund – Rosetta
Program Master Fund (522) LLC

 F- 181

 Galaxy Plus Fund – QIM Master Fund
(526) LLC

 F- 182

 F-184 - F-185

 F-190 - F-198

 F- 183

Plus Fund — QIM Master Fund (526) LLC (the Fund), which comprise the statement of financial condition, including the condensed schedule
of investments, as of December 31, 2024, the related statements of operations and changes in member's equity for the year then ended,
and the related notes to the financial statements.

present fairly, in all material respects, the financial position of the Fund as of December 31, 2024, and the results of its operations
and changes in member's equity for the year then ended in accordance with accounting principles generally accepted in the United

standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described
in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent
of the Fund and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of
America, and for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.

is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's
ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued.

about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and
therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user

 F- 184

we:

 Exercise
professional judgment and maintain professional skepticism throughout the audit.

 Identify
and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit
procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.

 Obtain
an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control. Accordingly, no such opinion
is expressed.

 Evaluate
the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well
as evaluate the overall presentation of the financial statements.

 Conclude
whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's
ability to continue as a going concern for a reasonable period of time.

with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal

 F- 185

 Cash

 $
 218,837

 258,617

(represents unrealized appreciation on open derivative contracts, net)

 26,538

 $

 $
 -

 $

 F- 186

 Contracts/Units

 Member's Equity

 $
 (15,166
)

 (2.65
)%

 0.11

 (670
)

 (0.12
)

 (15,221
)

 (2.66
)

 12,424

 2.17

 (4,004
)

 (0.70
)

 Index 1

 47,484

 8.29

 24,398

 4.26

 4,769

 0.83

 (684
)

 (0.12
)

 (173
)

 (0.03
)

 84,214

 14.70

 $

 12.04
 %

 No individual investment is greater than 5% of member's equity.

 F- 187

 $
 24,350

 24,350

 1,537

 1,537

 22,813

 Realized and unrealized gain (loss) on investments and foreign currency transactions:

 Net realized loss from:

 (190,079
)

 (520
)

 (190,599
)

 Net realized and unrealized loss on investments and
 foreign currency transactions

 (52,869
)

 Net decrease in member's equity resulting from
 operations

 $
 (30,056
)

 Includes trading costs

 F- 188

 $
 22,813

 (190,599
)

 Net decrease in member's equity resulting from
 operations

 (30,056
)

 111,111

 (140,368
)

 Net decrease in member's equity resulting from
 capital transactions

 (29,257
)

 (59,313
)

 632,298

 $

 F- 189

 Note 1. Organization and Structure

 Galaxy Plus Fund – QIM Master Fund (526)
LLC (the "Master Fund") was formed in Delaware as a limited liability company on April 19, 2016 and commenced operation on
June 22, 2016. The Master Fund was created to serve as the trading entity managed by Quantitative Investment Management, L.L.C. (the "Trading
Advisor") pursuant to its Global Program (the "Program"). The Program is a short to medium-term trading strategy designed
to capitalize on market inefficiencies across a wide array of futures markets.

limited liability companies ("Other Master Funds"), are investment vehicles available under the Galaxy Plus Managed Account
Platform (the "Platform"). The Master Fund and the Platform are sponsored by New Hyde Park Alternative Funds, LLC (the "Sponsor"
or "NHPAF") as a means of making available, to qualified high net-worth individuals and institutional investors (including
fund of hedge funds) ("Investors"), a variety of third-party professional managed futures and foreign exchange advisors ("Advisors").

office is located in Wheaton, Illinois. NHPAF is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a commodity pool
operator and commodity trading advisor, and is a member of the National Futures Association (NFA).

Liability Company (the "Onshore Platform"), and Galaxy Plus Fund SPC, a Cayman Islands Segregated Portfolio Company (the "Offshore
Platform") serve as the feeder funds for the Platform and invest substantially all of the assets of the respective segregated portfolios
(each a "Fund") in the Master Fund or other Master Funds. Galaxy Plus Fund – QIM Feeder Fund (526) ("LLC526"),
a separated series of the Onshore Platform and Galaxy Plus Fund – QIM Offshore Feeder Fund (526) Segregated Portfolio ("SPC526"),
a segregated portfolio of the Offshore Platform, can each invest in the Master Fund. As of December 31, 2024, SPC526 had not yet commenced
operations and LLC526 is the sole member.

 LLC526 and SPC526 are collectively hereafter referred

Funds and the corresponding transactions with the Master Fund are governed by the Onshore Platform's and the Offshore Platform's

the terms of the Limited Liability Company Agreement (the "LLC Agreement") as the managing member of the Master Fund. In such
capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Master Fund including
the authority to select the administrator for the Master Fund. The LLC Agreement will continue to remain in force until terminated by
either the Sponsor or the Platform upon not less than sixty (60) days' prior written notice. In certain circumstances (for example,
the insolvency of either party or in the event all trading for the Platform by the Advisors are suspended), the LLC Agreement may be immediately

 F- 190

a tri-party contract (the "Trading Agreement") with the Trading Advisor pursuant to which the Master Fund's trading
accounts are managed, subject to rights of termination, by the Trading Advisor in accordance with the Program. The Trading Advisor may
alter its Program (including its trading systems and methods and including the addition and/or deletion of any financial interests or
contracts traded in the Master Fund's trading accounts), provided that the Trading Advisor provide prior notice to the Master Fund
and the Sponsor of any material change to the Trading Advisor's Program. From time to time, the Trading Advisor (or its affiliates)
may manage additional accounts, and these accounts will increase the level of competition for the same trades desired for the Master Fund,
including the priorities of order entry. There is no specific limit as to the number of accounts the Trading Advisors (or their affiliates)
may manage. In addition, the positions of all of the accounts owned or controlled by the Trading Advisor (or its affiliates) are aggregated
for the purposes of applying speculative position limits. The management, incentive, and sponsor fees are paid directly by the Feeder

 Note 2. Summary of Significant
Accounting Policies

policies consistently followed in the preparation of the Master Fund's financial statements.

financial statements are expressed in United States dollars (USD) and have been prepared in accordance with Generally Accepted Accounting
Principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition
and results of operations. The Master Fund is an investment company and follows the accounting and reporting guidance in FASB Account

the commodity trading accounts at clearing broker consists of either cash maintained in the custody of the broker, a portion of which
is required margin for open positions, or amounts due to/from the broker for margin or unsettled trades. The Master Fund may also hold
cash in a non-interest bearing USD commercial bank account. The Master Fund holds various currencies at the clearing broker, of which
$479,931 is held in USD and a payable balance of $(2,477) in foreign currencies as of December 31, 2024, and are recorded in cash and
restricted cash – margin balance on the Statement of Financial Condition. The non-U.S. currencies fluctuate in value on a daily
basis relative to the USD. A portion of this cash is restricted cash required to meet maintenance margin requirements. Cash with the clearing
broker as of December 31, 2024 included restricted cash for margin requirements of $258,617. This cash becomes unrestricted when the underlying
positions to which it is applicable are liquidated. Cash with the clearing broker as of December 31, 2024 included amounts due to the
broker for unsettled trades of $2,477, which are denominated in foreign currency.

When the requirements are met, the Master Fund offsets certain fair value amounts recognized for net derivative positions executed with

 F- 191

on the Program and Investments traded, the Master Fund follows the following valuation and revenue recognition policies. All investments

 Futures and options on futures contracts: The Master
Fund may enter into futures and options on futures contracts. Upon entering into a futures contract, the Master Fund agrees to receive
or deliver a fixed quantity of an underlying instrument or commodity for an agreed-upon price, while an option contract provides the option
purchaser with the right, but not the obligation, to buy or sell a security or financial instrument at a predetermined exercise price
during a defined period. Futures and options on futures contracts are recorded on the trade date. The difference between the original
contract amount and the fair value of futures contracts purchased or sold is reflected as unrealized appreciation/(depreciation) on open
contracts. Options on futures contracts are reflected in investments at fair value. The difference between the premiums paid or received
on open options on futures contracts and fair value of such options is recorded as unrealized appreciation/(depreciation) on open contracts.
The fair value of futures and options on futures contracts is based upon daily exchange settlement prices. The realized gain or loss is
determined on the settlement of intraday trades first and then by the FIFO method.

 Foreign currency transactions: The Master Fund's
financial statements are denominated in USD. However, foreign currency forward contracts, non-U.S. futures contracts, and non-U.S. options
on futures contracts are denominated in currencies other than USD. Assets and liabilities and transactions denominated in currencies other
than the USD are translated into USD at the rates in effect either at the close of business on the last business day of the reporting
period or on the date of such transactions, respectively. Such fluctuations are included with the unrealized appreciation (depreciation)
on open derivative contracts, net. Net realized foreign exchange gain or loss arises from the sales of foreign currencies and currency
gains or losses realized between trade and settlement dates. Net unrealized foreign exchange gain and loss arises from changes in the
fair value of margin collateral assets and liabilities resulting from changes in exchange rates.

consist of brokerage commissions, brokerage fees, clearing fees, exchange and regulatory fees, transaction and NFA fees. Fees vary by
type of contract for each purchase and sale or sale and purchase (round turn) of futures, options on futures, and forward contracts. Commissions
are paid on each individual purchase and sale transaction. These costs are recognized as expenses for futures and options on futures transactions
and are included in net realized gain/loss from derivative contracts on the Statement of Operations.

Profits and losses for each monthly accounting period, or shorter period if there are mid-month subscriptions and/or redemptions, are
allocated pro-rata to the Feeder Funds based on their respective ownership percentage on the first day of each period throughout the year.

be subject to United States federal income taxation other than certain withholding taxes. The Master Fund evaluates tax positions taken
or expected to be taken to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority.
For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the
largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority.
The Master Fund has determined that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken
with respect to all open tax years. The Master Fund's U.S. Federal tax returns for the years ended December 31, 2021 through 2024,
remain open. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in
the Statement of Operations. During the year, the Master Fund did not accrue any interest or penalties.

 F- 192

statements in accordance with GAAP requires management 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 income
and expenses during the reporting period. Actual results could differ from those estimates.

are indemnified against certain liabilities arising out of the performance of their duties for The Master Fund. In addition, in the normal
course of business, the Master Fund enters into contracts with vendors and others that provide for general indemnifications. The Master
Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Master

has elected not to provide a Statement of Cash Flows as permitted by GAAP as all of the following conditions have been met:

 During the year, substantially all of the Master Fund's
investments were carried at fair value and classified as Level 1 or Level 2 measurements in accordance with FASB ASC 820;

 The Master Fund's financial statements include a Statement
of Changes in Member's Equity.

and redemptions can typically be made on a weekly basis as of the first day (Monday) of each week; (or, if such day is not a business
day, the first business day thereafter) (each, a Subscription Date or a Redemption Date). The Master Fund may accept subscriptions or
redemptions more frequently than the first day of each week, depending upon the size of the requested subscription or redemption amount,

 Note 3. Fair Value Measurements

at fair value in accordance with FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes
a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 also emphasizes that fair value is
a market-based measurement, not an entity-specific measurement, and sets out a fair value hierarchy with the highest priority being quoted
prices in active market. Under ASC 820, fair value measurements are disclosed by level within that hierarchy, as follows:

 Level 1 — Values for investments classified
as Level 1 are based on unadjusted quoted prices for identical investments in an active market. Since valuations are based on quoted
prices that are readily accessible at the measurement date, valuation of these investments does not entail a significant degree of judgment.

 Level 2 — Values for investments classified
as Level 2 are based on quoted prices for similar investments in an active or non-active markets for which all significant inputs
are observable either directly or indirectly.

 Level 3 — Values for investments categorized
as Level 3 are based on prices or valuation techniques that require inputs that are both significant to the fair value and unobservable,
including valuations by the Sponsor in the absence of readily ascertainable fair values.

to the Master Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows. Inputs that
are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors.
These inputs can be either observable or unobservable. All of the inputs for the Master Fund were observable as of December 31, 2024.
The availability of observable inputs can vary between investments and is affected by various factors such as type of investment and the
volume and level of activity for that investment or similar investments in the marketplace.

 F- 193

actively traded are valued based on daily quoted settlement prices from the respective exchange and are categorized in Level 1 of the
fair value hierarchy. Exchange-traded derivative contracts not actively traded and over-the-counter (OTC) derivative contracts can include
futures contracts, option on futures contracts, forward contracts and option contracts whose values are based on an underlying such as
interest rates, foreign currencies, credit standing of reference entities, equities or commodities. Such derivative contracts are valued
using observable market data, including currency spot rates or quoted prices of the related underlying obtained from the applicable exchange
or market. OTC derivative contracts are valued using the above described pricing methodology and are categorized as Level 2 within the

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 Master Fund's accounting policy regarding the recognition of transfers between levels
of the fair value hierarchy. There were no transfers among levels 1, 2, and 3 during the year ended December 31, 2024.

are not necessarily indicative of the risk associated with investing in those instruments.

of derivatives, by type, into the fair value hierarchy levels as of December 31, 2024. For futures contracts, presentation is gross –

 Quoted Prices in Active Markets (Level 1)

 Significant Other Observable Inputs

 Significant Unobservable Inputs

 $
 12,424

 $
 12,424

 $
 -

 $
 -

 -

 -

 50,036

 50,036

 -

 -

 24,677

 24,677

 -

 -

 4,769

 4,769

 -

 -

 92,521

 92,521

 -

 -

 15,166
)

 (15,166
)

 -

 -

 (4,004
)

 (4,004
)

 -

 -

 (3,906
)

 (3,906
)

 -

 -

 (452
)

 (452
)

 -

 -

 (23,528
)

 (23,528
)

 -

 -

 $

 $

 $
 -

 $
 -

 F- 194

 Note 4. Derivative Financial
Instruments

traded by the Master Fund can include U.S. and foreign futures, options on futures contracts, and forward currency contracts (collectively,
derivatives) whose values are based upon an underlying asset, indices, or reference rates, and generally represent future commitments
to exchange cash flows, or to purchase or sell other financial instruments at specified future dates. A derivative contract may be traded
on an exchange or OTC. Exchange-traded derivatives are standardized and include futures and options on futures contracts. OTC derivative
contracts are negotiated between contracting parties and include forward currency contracts and certain options. Derivatives are subject
to various risks similar to those related to the underlying financial instruments including market and credit risks.

value of derivatives due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity and security
prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded.
The market risk of the Master Fund is managed by the underlying Trading Advisors according to each respective Program. The Master Fund
is exposed to a market risk equal to the notional contract value of the derivatives contracts purchased and unlimited liability on such

occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk due to exchange traded derivative
financial instruments is significantly reduced by the regulatory requirements of the individual exchanges on which the instruments are
traded. At any point in time, the credit risk for OTC derivatives is limited to the net unrealized gain for each counterparty for which
a netting agreement exists, if any. In a similar fashion, liabilities represent net amounts owed to counterparties. The credit risk exposure

interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region, or financial market. Securities in the Master Fund may underperform
due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters,
pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar
to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and
downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets.
It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events
may have and the duration of those effects.

margin deposits with the broker. Additional deposits may be necessary for any loss on contract value. The U.S. Commodity Exchange Act
requires a broker to segregate all customer transactions and assets from such broker's proprietary activities. A customer's
cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds
subject to the broker's segregation requirements. In the event of a broker'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 total cash and other property deposited.

 F- 195

assets on deposit with counterparties. In the event of a counterparty's insolvency, recovery of the Master Fund's assets on
deposit may be limited to account insurance or other protection afforded such deposits.

to the Master Fund's stock exchange indices, commodities, interest rate and foreign currencies upon which the fair value of the futures
contracts held by the Master Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative
of the future cash flows of the Master Fund's futures contracts. Further, the underlying price changes in relation to variables specified
by the notional values affects the fair value of these derivative financial instruments. Theoretically, the Master Fund's exposure is
equal to the notional value of contracts purchased and unlimited on such contracts sold short. As of December 31, 2024, the Master Fund

 Long:

 $
 1,144,481

 $
 (635,056
)

 71,720

 (36,330
)

 107,380

 (2,668,302
)

 (1,720,178
)

 (465,425
)

Fund participated in 4,485 futures contract transactions.

 Net Trading Gain (Loss)*

 $
 85,523

 10,177

 (130,711
)

 121,199

 (118,268
)

 (32,080
)

 (20,269
)

 $
 (52,349
)

 *
 Includes both realized loss of $190,079 and unrealized appreciation
of $137,730 and is located in net realized and unrealized loss on investments on the Statement of Operations. Amounts exclude foreign

 F- 196

 Note 5. Balance Sheet Offsetting

of offsetting assets and liabilities presented in the Statement of Financial Condition to enable users of the financial statements to
evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These
recognized assets and liabilities include financial instruments and derivative instruments that are either subject to an enforceable master
netting arrangement or similar agreement or meet the following right of set-off criteria: each of the two parties owes the other determinable
amounts, the Master Fund has the right to set-off the amounts owed with the amounts owed by the other party, the Master Fund intends to

netting agreements with certain counterparties. These agreements govern the terms of certain transactions, and reduce the counterparty
risk associated with relevant transactions by specifying offsetting mechanisms and collateral posting arrangements at prearranged exposure
levels. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular
counterparty organization, each type of transaction may be covered by a different master netting arrangement, possibly resulting in the
need for multiple agreements with a single counterparty. Master netting agreements may not be specific to each different asset type; in
such instances, they would allow the Master Fund to close out and net its total exposure to a specified counterparty in the events of
default or early termination with respect to any and all the transactions governed under a single agreement with the counterparty.

 Gross Amounts of Recognized Assets (Liabilities)

 Offset in the Statement of Financial Condition

 Net Amount of Assets (Liabilities) in the Statement
 of Financial Condition

 $
 92,521

 $
 (23,528
)

 $

 Total

 $
 92,521

 $
 (23,528
)

 $

 Net
 Amount in the Statement of Financial Condition

 Cash
 Collateral Received by Counterparty

 Net

 $

 $
 258,617

 $
 327,610

 Total

 $

 $
 258,617

 $
 327,610

 F- 197

 As of December 31, 2024, the Master Fund had $26,538
receivable from the Onshore Feeder Fund, as reflected in the Statement of Financial Condition. Generally, receivables and payables from/to
Feeder Fund are a result of timing differences of cash movements related to capital activity at the Feeder Fund level.

serves as the Master Fund's Administrator and performs certain administrative and accounting services on behalf of the Master Fund.

 Note 8. Financial Highlights

year ended December 31, 2024 are presented in the table below. The information has been derived from information presented in the financial

 (6.91
)%

 3.69
 %

 0.25
 %

 (A)
during the period of theoretical investment made at the beginning of the year.

 (B)
based on weighted-average member's equity as a whole for the year ended December 31, 2024.

 (C)
loss on investments.

class taken as a whole. An individual member's return and ratios may vary based on the timing of capital transactions. The negative
total return and net investment income ratio would have been lower and total expense ratio would have been higher if the management, incentive
fees, and sponsor fee, had been charged to the Master Fund instead of the Feeder Fund.

 Note 9. Subsequent Events

the Sponsor has evaluated all subsequent events requiring recognition and disclosure in the Master Fund's financial statements through
March 24, 2025, the date the financial statements were available for issuance. The Sponsor has determined that there are no material events
that would require recognition or disclosure in the Master Fund's financial statements through this date.

 F- 198

 Oath and Affirmation of the
Commodity Pool Operator

undersigned, the information contained in the annual report as of and for the year ended December 31, 2024, is accurate and complete.

 F- 199

 F- 200

 F-202 - F-203

 F-208 - F-217

 F- 201

Plus Fund — Aspect Master Fund (532) LLC (the Fund), which comprise the statement of financial condition, including the condensed
schedule of investments, as of December 31, 2024, the related statements of operations and changes in member's equity for the year
then ended, and the related notes to the financial statements.

present fairly, in all material respects, the financial position of the Fund as of December 31, 2024, and the results of its operations
and changes in member's equity for the year then ended in accordance with accounting principles generally accepted in the United

standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described
in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent
of the Fund and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of
America, and for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.

is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's
ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued.

about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and
therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user

 F- 202

we:

of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Fund's internal control. Accordingly, no such opinion is expressed.

used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the

conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's ability to continue as a going

with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal

 F- 203

LLC

 Cash

 $
 585,330

 2,236,861

 Investments in futures contracts, at fair value (represents unrealized appreciation on open derivative contracts, net)

 42,606

 $

 $
 -

 $

 See notes to financial statements

 F- 204

Member's

 Contracts/Units

 Equity

 Agriculture 1

 $
 170,752

 5.21
 %

 (27,481
)

 (0.84
)

 (40,632
)

 (1.24
)

 (12,470
)

 (0.38
)

 75,311

 2.30

 (17,276
)

 (0.53
)

 (33,155
)

 (1.01
)

 (16,884
)

 (0.52
)

 98,165

 2.99

 (13,389
)

 (0.41
)

 Currency 1

 281,567

 8.59

 (11,319
)

 (0.35
)

 1,922

 0.06

 20,101

 0.61

 3,162

 0.10

 (503
)

 (0.02
)

 (3,675
)

 (0.11
)

 0.01

 10,811

 0.33

 25,902

 0.79

 314,994

 9.60

 $

 12.59
 %

 No
individual position is greater than 5% of member's equity.

 F- 205

 $
 216,560

 216,560

 11,275

 1,558

 12,833

 203,727

 Realized and unrealized gain (loss) on investments and foreign currency transactions:

 Net realized (gain) loss from:

 20,098

 (24,940
)

 (4,842
)

 Net realized and unrealized gain on investments and
 foreign currency transactions

 196,069

 Net increase in member's equity resulting from operations

 $
 399,796

 Includes trading costs

 F- 206

 $
 203,727

 (4,842
)

 Net increase in member's equity resulting from operations

 399,796

 444,139

 (1,931,528
)

 (1,487,389
)

 (1,087,593
)

 4,365,549

 $

 F- 207

 Galaxy Plus Fund – Aspect Master
Fund (532) LLC

 Note 1. Organization and
Structure

LLC (the "Master Fund") was formed in Delaware as a limited liability company on April 20, 2016 and commenced operations on
December 16, 2016. The Master Fund was created to serve as the trading entity managed by Aspect Capital Limited, L.L.C. (the "Trading
Advisor") pursuant to its Aspect Core Diversified Program (the "Program"). The Program applies a proprietary and systematic
quantitative investment approach to generate profit from trends in both rising and falling markets.

limited liability companies ("Other Master Funds"), are investment vehicles available under the Galaxy Plus Managed Account
Platform (the "Platform"). The Master Fund and the Platform are sponsored by New Hyde Park Alternative Funds, LLC (the "Sponsor"
or "NHPAF") as a means of making available, to qualified high net-worth individuals and institutional investors (including
fund of hedge funds) ("Investors"), a variety of third-party professional managed futures and foreign exchange advisors ("Advisors").

office is located in Wheaton, Illinois. NHPAF is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a commodity pool
operator and commodity trading advisor, and is a member of the National Futures Association (NFA).

Liability Company (the "Onshore Platform"), and Galaxy Plus Fund SPC, a Cayman Islands Segregated Portfolio Company (the "Offshore
Platform") serve as the feeder funds for the Platform and invest substantially all of the assets of the respective segregated portfolios
(each a "Fund") in the Master Fund or other Master Funds. Galaxy Plus Fund – Aspect Feeder Fund (532) ("LLC532"),
a separated series of the Onshore Platform and Galaxy Plus Fund – Aspect Offshore Feeder Fund (532) Segregated Portfolio ("SPC532"),
a segregated portfolio of the Offshore Platform, can each invest in the Master Fund. As of December 31, 2024, SPC532 had not commenced
operations and LLC532 is the sole member.

 LLC532 and SPC532 are collectively hereafter referred

Funds and the corresponding transactions with the Master Fund are governed by the Onshore Platform's and the Offshore Platform's

the terms of the Limited Liability Company Agreement (the "LLC Agreement") as the managing member of the Master Fund. In such
capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Master Fund including
the authority to select the administrator for the Master Fund. The LLC Agreement will continue to remain in force until terminated by
either the Sponsor or the Platform upon not less than sixty (60) days' prior written notice. In certain circumstances (for example,
the insolvency of either party or in the event all trading for the Platform by the Advisors are suspended), the LLC Agreement may be immediately

 F- 208

LLC

a tri-party contract (the "Trading Agreement") with the Trading Advisor pursuant to which the Master Fund's trading
accounts are managed, subject to rights of termination, by the Trading Advisor in accordance with the Program. The Trading Advisor may
alter its Program (including its trading systems and methods and including the addition and/or deletion of any financial interests or
contracts traded in the Master Fund's trading accounts), provided that the Trading Advisor provide prior notice to the Master Fund
and the Sponsor of any material change to the Trading Advisor's Program. From time to time, the Trading Advisor (or its affiliates)
may manage additional accounts, and these accounts will increase the level of competition for the same trades desired for the Master Fund,
including the priorities of order entry. There is no specific limit as to the number of accounts the Trading Advisors (or their affiliates)
may manage. In addition, the positions of all of the accounts owned or controlled by the Trading Advisor (or its affiliates) are aggregated
for the purposes of applying speculative position limits. The management, incentive, and sponsor fees are paid directly by the Feeder

 Note 2. Summary of
Significant Accounting Policies

policies consistently followed in the preparation of the Master Fund's financial statements.

financial statements are expressed in United States dollars (USD) and have been prepared in accordance with Generally Accepted Accounting
Principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition
and results of operations. The Master Fund is an investment company and follows the accounting and reporting guidance in FASB Account

the commodity trading accounts at clearing broker consists of either cash maintained in the custody of the broker, a portion of which
is required margin for open positions, or amounts due to/from the broker for margin or unsettled trades. The Master Fund may also hold
cash in a non-interest bearing USD commercial bank account. The Master Fund holds various currencies at the clearing broker, of which
$2,808,006 is held in USD and a balance of $14,185 in foreign currencies as of December 31, 2024, and are recorded in cash and restricted
cash – margin balance on the Statement of Financial Condition. The non-U.S. currencies fluctuate in value on a daily basis relative
to the USD. A portion of this cash is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker
as of December 31, 2024 included restricted cash for margin requirements of $2,236,861. This cash becomes unrestricted when the underlying
positions to which it is applicable are liquidated. Cash with the clearing broker as of December 31, 2024 included amounts due to the
broker for unsettled trades of $0.

When the requirements are met, the Master Fund offsets certain fair value amounts recognized for net derivative positions executed with

 F- 209

 Galaxy Plus Fund – Aspect Master
Fund (532) LLC

on the Program and Investments traded, the Master Fund follows the following valuation and revenue recognition policies. All investments

The Master Fund may enter into futures and options on futures contracts. Upon entering into a futures contract, the Master Fund agrees
to receive or deliver a fixed quantity of an underlying instrument or commodity for an agreed-upon price, while an option contract provides
the option purchaser with the right, but not the obligation, to buy or sell a security or financial instrument at a predetermined exercise
price during a defined period. Futures and options on futures contracts are recorded on the trade date. The difference between the original
contract amount and the fair value of futures contracts purchased or sold is reflected as unrealized appreciation/(depreciation) on open
contracts. Options on futures contracts are reflected in investments at fair value. The difference between the premiums paid or received
on open options on futures contracts and fair value of such options is recorded as unrealized appreciation/(depreciation) on open contracts.
The fair value of futures and options on futures contracts is based upon daily exchange settlement prices. The realized gain or loss is
determined on the settlement of intraday trades first and then by the FIFO method.

The Master Fund's financial statements are denominated in USD. However, foreign currency forward contracts, non-U.S. futures contracts,
and non-U.S. options on futures contracts are denominated in currencies other than USD. Assets and liabilities and transactions denominated
in currencies other than the USD are translated into USD at the rates in effect either at the close of business on the last business day
of the reporting period or on the date of such transactions, respectively. Such fluctuations are included with the unrealized appreciation
(depreciation) on open derivative contracts, net. Net realized foreign exchange gain or loss arises from the sales of foreign currencies
and currency gains or losses realized between trade and settlement dates. Net unrealized foreign exchange gain and loss arises from changes
in the fair value of margin collateral assets and liabilities resulting from changes in exchange rates.

consist of brokerage commissions, brokerage fees, clearing fees, exchange and regulatory fees, transaction and NFA fees. Fees vary by
type of contract for each purchase and sale or sale and purchase (round turn) of futures, options on futures, and forward contracts. Commissions
are paid on each individual purchase and sale transaction. These costs are recognized as expenses for futures and options on futures transactions,
and are included in net realized gain/loss from derivative contracts on the Statement of Operations.

Profits and losses for each monthly accounting period, or shorter period if there are mid-month subscriptions and/or redemptions, are
allocated pro-rata to the Feeder Funds based on their respective ownership percentage on the first day of each period throughout the year.

be subject to United States federal income taxation other than certain withholding taxes. The Master Fund evaluates tax positions taken
or expected to be taken to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority.
For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the
largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority.
The Master Fund has determined that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken
with respect to all open tax years. The Master Fund's U.S. Federal tax returns for the years ended December 31, 2021 through 2024,
remain open. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in
the Statement of Operations. During the year, the Master Fund did not accrue any interest or penalties.

 F- 210

LLC

statements in accordance with GAAP requires management 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 income
and expenses during the reporting period. Actual results could differ from those estimates.

are indemnified against certain liabilities arising out of the performance of their duties for the Master Fund. In addition, in the normal
course of business, the Master Fund enters into contracts with vendors and others that provide for general indemnifications. The Master
Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Master

has elected not to provide a Statement of Cash Flows as permitted by GAAP as all of the following conditions have been met:

 During the year, substantially all of the Master Fund's investments were carried at fair value and

 The Master Fund's financial statements include a Statement of Changes in Member's Equity.

and redemptions can typically be made on a weekly basis as of the first day (Monday) of each week; (or, if such day is not a business
day, the first business day thereafter) (each, a Subscription Date or a Redemption Date). The Master Fund may accept subscriptions or
redemptions more frequently than the first day of each week, depending upon the size of the requested subscription or redemption amount,

 Note 3. Fair Value
Measurements

at fair value in accordance with FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes
a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 also emphasizes that fair value is
a market-based measurement, not an entity-specific measurement, and sets out a fair value hierarchy with the highest priority being quoted
prices in active market. Under ASC 820, fair value measurements are disclosed by level within that hierarchy, as follows:

investments classified as Level 1 are based on unadjusted quoted prices for identical investments in an active market. Since valuations
are based on quoted prices that are readily accessible at the measurement date, valuation of these investments does not entail a significant

investments classified as Level 2 are based on quoted prices for similar investments in an active or non-active markets for which
all significant inputs are observable either directly or indirectly. Level 2 inputs may also include discounts related to restrictions
on the investments.

investments categorized as Level 3 are based on prices or valuation techniques that require inputs that are both significant to the
fair value and unobservable, including valuations by the Sponsor in the absence of readily ascertainable fair values.

to the Master Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows. Inputs that
are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors.
These inputs can be either observable or unobservable. All of the inputs for the Master Fund were observable as of December 31, 2024.
The availability of observable inputs can vary between investments and is affected by various factors such as type of investment and the
volume and level of activity for that investment or similar investments in the marketplace.

 F- 211

LLC

actively traded are valued based on daily quoted settlement prices from the respective exchange and are categorized in Level 1 of the
fair value hierarchy. Exchange-traded derivative contracts not actively traded and over-the-counter (OTC) derivative contracts can include
futures contracts, option on futures contracts, forward contracts and option contracts whose values are based on an underlying such as
interest rates, foreign currencies, credit standing of reference entities, equities or commodities. Such derivative contracts are valued
using observable market data, including currency spot rates or quoted prices of the related underlying obtained from the applicable exchange
or market. OTC derivative contracts are valued using the above described pricing methodology and are categorized as Level 2 within the

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 Master Fund's accounting policy regarding the recognition of transfers between levels
of the fair value hierarchy. There were no transfers among levels 1, 2, and 3 during the year ended December 31, 2024.

are not necessarily indicative of the risk associated with investing in those instruments.

 F- 212

LLC

of derivatives, by type, into the fair value hierarchy levels as of December 31, 2024. Presentation is gross – as an asset if in
a gain position and a liability if in a loss position.

 Quoted Prices

 Other

 $
 284,651

 $
 284,651

 $
 -

 $
 -

 301,786

 301,786

 -

 -

 9,089

 9,089

 -

 -

 42,289

 42,289

 -

 -

 31,602

 31,602

 -

 -

 669,417

 669,417

 -

 -

 (52,480
)

 (52,480
)

 -

 -

 (47,700
)

 (47,700
)

 (14,994
)

 (14,994
)

 (64,660
)

 (64,660
)

 -

 -

 (44,532
)

 (44,532
)

 -

 -

 (31,892
)

 (31,892
)

 (256,258
)

 (256,258
)

 -

 -

 $

 $

 $
 -

 $
 -

 F- 213

 Galaxy Plus Fund – Aspect Master
Fund (532) LLC

 Note 4. Derivative
Financial Instruments

traded by the Master Fund can include U.S. and foreign futures, options on futures contracts and forward currency contracts (collectively,
derivatives) whose values are based upon an underlying asset, indices, or reference rates, and generally represent future commitments
to exchange cash flows, or to purchase or sell other financial instruments at specified future dates. A derivative contract may be traded
on an exchange or OTC. Exchange-traded derivatives are standardized and include futures and options on futures contracts. OTC derivative
contracts are negotiated between contracting parties and include forward currency contracts and certain options. Derivatives are subject
to various risks similar to those related to the underlying financial instruments including market and credit risks.

value of derivatives due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity and security
prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded.
The market risk of the Master Fund is managed by the underlying Trading Advisors according to each respective Program. The Master Fund
is exposed to a market risk equal to the notional contract value of the derivatives contracts purchased and unlimited liability on such

occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk due to exchange traded derivative
financial instruments is significantly reduced by the regulatory requirements of the individual exchanges on which the instruments are
traded. At any point in time, the credit risk for OTC derivatives is limited to the net unrealized gain for each counterparty for which
a netting agreement exists, if any. In a similar fashion, liabilities represent net amounts owed to counterparties. The credit risk exposure

interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region, or financial market. Securities in the Master Fund may underperform
due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters,
pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar
to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and
downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets.
It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events
may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of

margin deposits with the broker. Additional deposits may be necessary for any loss on contract value. The U.S. Commodity Exchange Act
requires a broker to segregate all customer transactions and assets from such broker's proprietary activities. A customer's
cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds
subject to the broker's segregation requirements. In the event of a broker'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 total cash and other property deposited.

assets on deposit with counterparties. In the event of a counterparty's insolvency, recovery of the Master Fund's assets on
deposit may be limited to account insurance or other protection afforded such deposits.

 F- 214

LLC

to the Master Fund's stock exchange indices, commodities, interest rate and foreign currencies upon which the fair value of the futures
contracts held by the Master Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative
of the future cash flows of the Master Fund's futures contracts. Further, the underlying price changes in relation to variables specified
by the notional values affects the fair value of these derivative financial instruments. Theoretically, the Master Fund's exposure is
equal to the notional value of contracts purchased and unlimited on such contracts sold short. As of December 31, 2024, the Master Fund

 Long:

 $
 1,557,598

 $
 (1,239,790
)

 3,059,577

 (11,969,756
)

 2,819,942

 (197,444
)

 13,596,822

 (6,116,409
)

 1,002,686

 (26,172,006
)

 (928,183
)

Fund participated in 12,142 futures contract transactions.

 $
 1,028,829

 517,397

 (307,946
)

 48,049

 (700,411
)

 (336,081
)

 249,837

 (28,828
)

 Total net trading gain

 $
 221,009

 *
 Includes both realized gain of $20,098 and unrealized appreciation of $200,911 and is located in net
 realized and unrealized gain on investments on the Statement of Operations. Amounts exclude foreign currency transactions.

 F- 215

 Galaxy Plus Fund – Aspect Master
Fund (532) LLC

 Note 5. Balance Sheet
Offsetting

of offsetting assets and liabilities presented in the Statement of Financial Condition to enable users of the financial statements to
evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These
recognized assets and liabilities include financial instruments and derivative instruments that are either subject to an enforceable master
netting arrangement or similar agreement or meet the following right of set-off criteria: each of the two parties owes the other determinable
amounts, the Master Fund has the right to set-off the amounts owed with the amounts owed by the other party, the Master Fund intends to

netting agreements with certain counterparties. These agreements govern the terms of certain transactions, and reduce the counterparty
risk associated with relevant transactions by specifying offsetting mechanisms and collateral posting arrangements at prearranged exposure
levels. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular
counterparty organization, each type of transaction may be covered by a different master netting arrangement, possibly resulting in the
need for multiple agreements with a single counterparty. Master netting agreements may not be specific to each different asset type; in
such instances, they would allow the Master Fund to close out and net its total exposure to a specified counterparty in the events of
default or early termination with respect to any and all the transactions governed under a single agreement with the counterparty.

 Gross

 Amounts

 of Recognized

 Offset in

 the

 Net Amount of

 in the Statement of

 Futures
 contacts

 $
 669,417

 $
 (256,258
)

 $

 Total

 $
 669,417

 $
 (256,258
)

 $

 Net Amount in

the Statement of

 Cash Collateral

 Received by

 Counterparty

 $

 $
 2,236,861

 $
 2,650,020

 Total

 $

 $
 2,236,861

 $
 2,650,020

 F- 216

 As of December 31, 2024, the Master Fund had $42,606
receivable from the Onshore Feeder Fund, as reflected in the Statement of Financial Condition. Generally, receivables and payables from/to
the Feeder Fund are a result of timing differences of cash movements related to capital activity at the Feeder Fund level.

serves as the Master Fund's Administrator and performs certain administrative and accounting services on behalf of the Master Fund.

 Note 8. Financial

year ended December 31, 2024, are presented in the table below. The information has been derived from information presented in the financial

 8.68
 %

 4.80
 %

 0.30
 %

 (A)
during the year of theoretical investment made at the beginning of the year.

 (B)
based on weighted-average member's equity as a whole for the year ended December 31, 2024.

 (C)
gain on investments.

class taken as a whole. An individual member's return and ratios may vary based on the timing of capital transactions. The total
return and net investment income ratio would have been lower, and total expense ratio would have been higher if the management and incentive
fees, as well as the sponsor fees, had been charged to the Master Fund instead of the Feeder Fund.

 Note 9. Subsequent
Events

the Sponsor has evaluated all subsequent events requiring recognition and disclosure in the Master Fund's financial statements through
March 24, 2025, the date the financial statements were available for issuance. The Sponsor has determined that there are no material events
that would require recognition or disclosure in the Master Fund's financial statements through this date.

 F- 217

 Galaxy Plus Fund – Aspect Master Fund
(532) LLC

 Oath and Affirmation of the Commodity Pool
Operator

undersigned, the information contained in the annual report as of and for the year ended December 31, 2024, is accurate and complete.

 /s/
 David Young

 F- 218

 F- 219

 F-221 - F-222

 F-227 - F-236

 F- 220

Plus Fund — Welton GDP Master Fund (538) LLC (the Fund), which comprise the statement of financial condition, including the condensed
schedule of investments, as of December 31, 2024, the related statements of operations and changes in member's equity for the year
then ended, and the related notes to the financial statements.

present fairly, in all material respects, the financial position of the Fund as of December 31, 2024, and the results of its operations
and changes in member's equity for the year then ended in accordance with accounting principles generally accepted in the United

standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described
in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent
of the Fund and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of
America, and for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.

is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's
ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued.

about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and
therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user

 F- 221

we:

of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Fund's internal control. Accordingly, no such opinion is expressed.

used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the

conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's ability to continue as a going

with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal

 F- 222

 (A Delaware
Limited Liability Company)

 Cash

 $
 314,739

 600,251

 Investments in futures contracts, at fair value (represents unrealized appreciation on open derivative contracts, net)

 11,397

 $
 973,257

 $
 -

 973257

 $
 973,257

 F- 223

 (A Delaware
Limited Liability Company)

 Number of Contracts/

Units

 Percent of Member's Equity

 $
 9,307

 0.96
 %

 (3,465
)

 (0.36
)

 10,432

 1.07

 (24,982
)

 (2.57
)

 0.05

 0.06

 (29,174
)

 (3
)

 (18,215
)

 (1.87
)

 (30,159
)

 (3.10
)

 (85,146
)

 (8.76
)

 13,066

 1.34

 42,673

 4.38

 (13,547
)

 (1.39
)

 3,405

 0.35

 12,056

 1.24

 4,287

 0.44

 0.04

 9,792

 1.01

 Metals 1

 59,920

 6.16

 132,016

 13.57

 Total investments in futures contracts, at fair value

 4.81
 %

 No individual position is greater than 5% of member's equity

 F- 224

 (A Delaware
Limited Liability Company)

 $
 53,002

 53,002

 1,580

 1,580

 51,422

 Realized and unrealized gain (loss) on investments and foreign currency transactions:

 Net realized gain (loss) from:

 (206,977
)

 1,103

 (205,874
)

 Derivative contacts

)

)

 Net realized and unrealized loss on investments and foreign
 currency transactions

 (305,631
)

 $
 (254,209
)

 F- 225

 (A Delaware
Limited Liability Company)

 $
 51,422

 (205,874
)

)

 (254,209
)

 469,237

 (1,023,992
)

 (554,755
)

 (808,964
)

 1,782,221

 $
 973,257

 F- 226

 Note 1. Organization and
Structure

 Galaxy Plus Fund – Welton GDP Master Fund
(538) LLC (the "Master Fund") was formed in Delaware as a limited liability company on January 27, 2017, and commenced operation
on March 28, 2017. The Master Fund was created to serve as the trading entity managed by Welton Investment Partners, L.L.C. (the "Trading
Advisor") pursuant to its Global Directional Portfolio (the "Program"). The Program is designed to provide investors
with non-correlated returns and long-term capital appreciation through the global futures and FX Markets.

limited liability companies ("Other Master Funds"), are investment vehicles available under the Galaxy Plus Managed Account
Platform (the "Platform"). The Master Fund and the Platform are sponsored by New Hyde Park Alternative Funds, LLC (the "Sponsor"
or "NHPAF") as a means of making available, to qualified high net-worth individuals and institutional investors (including
fund of hedge funds) ("Investors"), a variety of third-party professional managed futures and foreign exchange advisors ("Advisors").

office is located in Wheaton, Illinois. NHPAF is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a commodity pool
operator and commodity trading advisor, and is a member of the National Futures Association (NFA).

Liability Company (the "Onshore Platform"), and Galaxy Plus Fund SPC, a Cayman Islands Segregated Portfolio Company (the "Offshore
Platform") serve as the feeder funds for the Platform and invest substantially all of the assets of the respective segregated portfolios
(each a "Fund") in the Master Fund or other Master Funds. Galaxy Plus Fund – Welton GDP Feeder Fund (538W) ("LLC538W"),
a separated series of the Onshore Platform and Galaxy Plus Fund – Welton GDP Offshore Feeder Fund (538W) Segregated Portfolio ("SPC538W"),
a segregated portfolio of the Offshore Platform, can each invest in the Master Fund. As of December 31, 2024, SPC538W had not yet commenced
operations and LLC538W is the sole member.

 LLC538W and SPC538W are collectively hereafter
referred to as the "Feeder Funds".

Funds and the corresponding transactions with the Master Fund are governed by the Onshore Platform's and the Offshore Platform's

the terms of the Limited Liability Company Agreement (the "LLC Agreement") as the managing member of the Master Fund. In such
capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Master Fund including
the authority to select the administrator for the Master Fund. The LLC Agreement will continue to remain in force until terminated by
either the Sponsor or the Platform upon not less than sixty (60) days' prior written notice. In certain circumstances (for example,
the insolvency of either party or in the event all trading for the Platform by the Advisors are suspended), the LLC Agreement may be immediately

 F- 227

a tri-party contract (the "Trading Agreement") with the Trading Advisor pursuant to which the Master Fund's trading
accounts are managed, subject to rights of termination, by the Trading Advisor in accordance with the Program. The Trading Advisor may
alter its Program (including its trading systems and methods and including the addition and/or deletion of any financial interests or
contracts traded in the Master Fund's trading accounts), provided that the Trading Advisor provide prior notice to the Master Fund
and the Sponsor of any material change to the Trading Advisor's Program. From time to time, the Trading Advisor (or its affiliates)
may manage additional accounts, and these accounts will increase the level of competition for the same trades desired for the Master Fund,
including the priorities of order entry. There is no specific limit as to the number of accounts the Trading Advisors (or their affiliates)
may manage. In addition, the positions of all of the accounts owned or controlled by the Trading Advisor (or its affiliates) are aggregated
for the purposes of applying speculative position limits. The management, incentive, and sponsor fees are paid directly by the Feeder

 Note 2. Summary of Significant
Accounting Policies

policies consistently followed in the preparation of the Master Fund's financial statements.

financial statements are expressed in United States dollars (USD) and have been prepared in accordance with Generally Accepted Accounting
Principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition
and results of operations. The Master Fund is an investment company and follows the accounting and reporting guidance in FASB Account

the commodity trading accounts at clearing broker consists of either cash maintained in the custody of the broker, a portion of which
is required margin for open positions, or amounts due to/from the broker for margin or unsettled trades. The Master Fund may also hold
cash in a non-interest bearing USD commercial bank account. The Master Fund holds various currencies at the clearing broker, of which
$914,990 is held in USD as of December 31, 2024, and is recorded in cash and restricted cash – margin balance on the Statement of
Financial Condition. The non-U.S. currencies fluctuate in value on a daily basis relative to the USD. A portion of this cash is restricted
cash required to meet maintenance margin requirements. Cash with the clearing broker as of December 31, 2024, included restricted cash
for margin requirements of $600,251. This cash becomes unrestricted when the underlying positions to which it is applicable are liquidated.
Cash with the clearing broker as of December 31, 2024 included amounts due to the broker for unsettled trades of $0.

When the requirements are met, the Master Fund offsets certain fair value amounts recognized for net derivative positions executed with

 F- 228

on the Program and Investments traded, The Master Fund follows the following valuation and revenue recognition policies. All investments

 Futures and options on futures contracts: The Master
Fund may enter into futures and options on futures contracts. Upon entering into a futures contract, The Master Fund agrees to receive
or deliver a fixed quantity of an underlying instrument or commodity for an agreed-upon price, while an option contract provides the option
purchaser with the right, but not the obligation, to buy or sell a security or financial instrument at a predetermined exercise price
during a defined period. Futures and options on futures contracts are recorded on the trade date. The difference between the original
contract amount and the fair value of futures contracts purchased or sold is reflected as unrealized appreciation/(depreciation) on open
contracts. Options on futures contracts are reflected in investments at fair value. The difference between the premiums paid or received
on open options on futures contracts and fair value of such options is recorded as unrealized appreciation/(depreciation) on open contracts.
The fair value of futures and options on futures contracts is based upon daily exchange settlement prices. The realized gain or loss is
determined on the settlement of intraday trades first and then by the FIFO method.

 Foreign currency transactions: The Master Fund's
financial statements are denominated in USD. However, foreign currency forward contracts, non-U.S. futures contracts, and non-U.S. options
on futures contracts are denominated in currencies other than USD. Assets and liabilities and transactions denominated in currencies other
than the USD are translated into USD at the rates in effect either at the close of business on the last business day of the reporting
period or on the date of such transactions, respectively. Such fluctuations are included with the unrealized appreciation (depreciation)
on open derivative contracts, net. Net realized foreign exchange gain or loss arises from the sales of foreign currencies and currency
gains or losses realized between trade and settlement dates. Net unrealized foreign exchange gain and loss arises from changes in the
fair value of margin collateral assets and liabilities resulting from changes in exchange rates.

consist of brokerage commissions, brokerage fees, clearing fees, exchange and regulatory fees, transaction and NFA fees. Fees vary by
type of contract for each purchase and sale or sale and purchase (round turn) of futures, options on futures, and forward contracts. Commissions
are paid on each individual purchase and sale transaction. These costs are recognized as expenses for futures and options on futures transactions
and are included in net realized gain/loss from derivative contracts on the Statement of Operations.

Profits and losses for each monthly accounting period, or shorter period if there are mid-month subscriptions and/or redemptions, are
allocated pro-rata to the Feeder Funds based on their respective ownership percentage on the first day of each period throughout the year.

be subject to United States federal income taxation other than certain withholding taxes. The Master Fund evaluates tax positions taken
or expected to be taken to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority.
For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the
largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority.
The Master Fund has determined that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken
with respect to all open tax years. The Master Fund's U.S. Federal tax returns for the years ended December 31, 2021 through 2024,
remain open. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in
the Statement of Operations. During the year, the Master Fund did not accrue any interest or penalties.

 F- 229

statements in accordance with GAAP requires management 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 income
and expenses during the reporting period. Actual results could differ from those estimates.

are indemnified against certain liabilities arising out of the performance of their duties for The Master Fund. In addition, in the normal
course of business, the Master Fund enters into contracts with vendors and others that provide for general indemnifications. The Master
Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Master

has elected not to provide a Statement of Cash Flows as permitted by GAAP as all of the following conditions have been met:

 During the year, substantially all of the Master Fund's
investments were carried at fair value and classified as Level 1 or Level 2 measurements in accordance with FASB ASC 820;

 The Master Fund's financial statements include a Statement
of Changes in Member's Equity.

and redemptions can typically be made on a weekly basis as of the first day (Monday) of each week; (or, if such day is not a business
day, the first business day thereafter) (each, a Subscription Date or a Redemption Date). The Master Fund may accept subscriptions or
redemptions more frequently than the first day of each week, depending upon the size of the requested subscription or redemption amount,

 Note
3. Fair
Value Measurements

at fair value in accordance with FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes
a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 also emphasizes that fair value is
a market-based measurement, not an entity-specific measurement, and sets out a fair value hierarchy with the highest priority being quoted
prices in active market. Under ASC 820, fair value measurements are disclosed by level within that hierarchy, as follows:

 Level 1 — Values for investments classified
as Level 1 are based on unadjusted quoted prices for identical investments in an active market. Since valuations are based on quoted
prices that are readily accessible at the measurement date, valuation of these investments does not entail a significant degree of judgment.

 Level 2 — Values for investments classified
as Level 2 are based on quoted prices for similar investments in an active or non-active markets for which all significant inputs
are observable either directly or indirectly.

 Level 3 — Values for investments categorized
as Level 3 are based on prices or valuation techniques that require inputs that are both significant to the fair value and unobservable,
including valuations by the Sponsor in the absence of readily ascertainable fair values.

 F- 230

 A description of the valuation methodologies
applied to the Master Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows. Inputs
that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other
factors. These inputs can be either observable or unobservable. All of the inputs for the Master Fund were observable as of December
31, 2024. The availability of observable inputs can vary between investments and is affected by various factors such as type of investment
and the volume and level of activity for that investment or similar investments in the marketplace.

actively traded are valued based on daily quoted settlement prices from the respective exchange and are categorized in Level 1 of the
fair value hierarchy. Exchange-traded derivative contracts not actively traded and over-the-counter (OTC) derivative contracts can include
futures contracts, option on futures contracts, forward contracts, and option contracts whose values are based on an underlying such as
interest rates, foreign currencies, credit standing of reference entities, equities or commodities. Such derivative contracts are valued
using observable market data, including currency spot rates or quoted prices of the related underlying obtained from the applicable exchange
or market. OTC derivative contracts are valued using the above described pricing methodology and are categorized as Level 2 within the

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 Master Fund's accounting policy regarding the recognition of transfers between levels
of the fair value hierarchy. There were no transfers among levels 1, 2, and 3 during the year ended December 31, 2024.

are not necessarily indicative of the risk associated with investing in those instruments.

 F- 231

of derivatives, by type, into the fair value hierarchy levels as of December 31, 2024. For futures contracts, presentation is gross –

 Quoted Prices in Active Markets

 Significant Other Observable Inputs

 Significant Unobservable Inputs

 $
 29,021

 $
 29,021

 $
 -

 $
 -

 42,673

 42,673

 -

 -

 12,872

 12,872

 -

 -

 8,045

 8,045

 -

 -

 22,765

 22,765

 69,797

 69,797

 -

 -

 185,173

 185,173

 -

 -

 (6,648
)

 (6,648
)

 -

 -

 (3,465
)

 (3,465
)

 -

 -

 (15,367
)

 (15,367
)

 -

 -

 (58,432
)

 (58,432
)

 -

 -

 (19,132
)

 (19,132
)

 (35,259
)

 (35,259
)

 (138,303
)

 (138,303
)

 -

 -

 $

 $

 $
 -

 $
 -

 F- 232

 Note 4. Derivative Financial
Instruments

traded by the Master Fund can include U.S. and foreign futures, options on futures contracts, and forward currency contracts (collectively,
derivatives) whose values are based upon an underlying asset, indices, or reference rates, and generally represent future commitments
to exchange cash flows, or to purchase or sell other financial instruments at specified future dates. A derivative contract may be traded
on an exchange or OTC. Exchange-traded derivatives are standardized and include futures and options on futures contracts. OTC derivative
contracts are negotiated between contracting parties and include forward currency contracts and certain options. Derivatives are subject
to various risks similar to those related to the underlying financial instruments including market and credit risks.

value of derivatives due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity and security
prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded.
The market risk of the Master Fund is managed by the underlying Trading Advisors according to each respective Program. The Master Fund
is exposed to a market risk equal to the notional contract value of the derivatives contracts purchased and unlimited liability on such

occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk due to exchange traded derivative
financial instruments is significantly reduced by the regulatory requirements of the individual exchanges on which the instruments are
traded. At any point in time, the credit risk for OTC derivatives is limited to the net unrealized gain for each counterparty for which
a netting agreement exists, if any. In a similar fashion, liabilities represent net amounts owed to counterparties. The credit risk exposure

interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region, or financial market. Securities in the Master Fund may underperform
due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters,
pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar
to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and
downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets.
It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events
may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of

margin deposits with the broker. Additional deposits may be necessary for any loss on contract value. The U.S. Commodity Exchange Act
requires a broker to segregate all customer transactions and assets from such broker's proprietary activities. A customer's
cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds
subject to the broker's segregation requirements. In the event of a broker'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 total cash and other property deposited.

assets on deposit with counterparties. In the event of a counterparty's insolvency, recovery of The Master Fund's assets on
deposit may be limited to account insurance or other protection afforded such deposits.

 F- 233

to the Master Fund's stock exchange indices, commodities, interest rate and foreign currencies upon which the fair value of the futures
contracts held by the Master Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative
of the future cash flows of the Master Fund's futures and forward contracts. Further, the underlying price changes in relation to variables
specified by the notional values affects the fair value of these derivative financial instruments. Theoretically, the Master Fund's exposure
is equal to the notional value of contracts purchased and unlimited on such contracts sold short.

 As of December 31, 2024, the Master Fund had open
futures contracts with the following notional values by sector:

 Long:

 $
 519,320

 $
 (849,770
)

 643,932

 (3,978,138
)

 563,090

 (300,545
)

 4,734,875

 (3,330,494
)

 3,767,262

 (11,947,295
)

 1,453,885

 (2,012,663
)

Fund participated in 12,249 futures contracts transactions.

 Net Trading Gain (Loss)*

 $
 207,624

 (17,460
)

 (276,440
)

 321,114

 (396,862
)

 (96,479
)

 (258,503
)

 (48,231
)

 $
 (306,734
)

 *
 Includes both realized loss of $206,977 and unrealized depreciation
of $99,757 and is located in net realized and unrealized loss on investments on the Statement of Operations. Amounts exclude foreign

 F- 234

 Note 5. Balance Sheet Offsetting

of offsetting assets and liabilities presented in the Statement of Financial Condition to enable users of the financial statements to
evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These
recognized assets and liabilities include financial instruments and derivative instruments that are either subject to an enforceable master
netting arrangement or similar agreement or meet the following right of set-off criteria: each of the two parties owes the other determinable
amounts, the Master Fund has the right to set-off the amounts owed with the amounts owed by the other party, the Master Fund intends to

netting agreements with certain counterparties. These agreements govern the terms of certain transactions, and reduce the counterparty
risk associated with relevant transactions by specifying offsetting mechanisms and collateral posting arrangements at prearranged exposure
levels. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular
counterparty organization, each type of transaction may be covered by a different master netting arrangement, possibly resulting in the
need for multiple agreements with a single counterparty. Master netting agreements may not be specific to each different asset type; in
such instances, they would allow the Master Fund to close out and net its total exposure to a specified counterparty in the events of
default or early termination with respect to any and all the transactions governed under a single agreement with the counterparty.

 Gross Amounts of

 Recognized Assets (Liabilities)

 Offset in the Statement of Financial Condition

 Net Amount of Assets (Liabilities) in the Statement
 of

 $
 185,173

 $
 (138,303
)

 $

 Total

 $
 185,173

 $
 (138,303
)

 $

 Net
 Amount in the Statement of

 Cash
 Collateral Received by Counterparty

 Net

 $

 $
 600,251

 $
 647,121

 Total

 $

 $
 600,251

 $
 647,121

 F- 235

 As of December 31, 2024, the Master Fund had $11,397
receivable from the Onshore Feeder Fund, as reflected in the Statement of Financial Condition. Generally, receivables and payables from/to
Feeder Fund are a result of timing differences of cash movements related to capital activity at the Feeder Fund level.

serves as the Master Fund's Administrator and performs certain administrative and accounting services on behalf of the Master Fund.

 Note 8. Financial Highlights

year ended December 31, 2024 are presented in the table below. The information has been derived from information presented in the financial

 (21.32
)%

 3 74
 %

 0.11
 %

 (A)
during the period of theoretical investment made at the beginning of the year.

 (B)
based on weighted-average member's equity as a whole for the year ended December 31, 2024.

 (C)
 The net investment income ratio excludes net realized and
unrealized loss on investments.

class taken as a whole. An individual member's return and ratios may vary based on the timing of capital transactions. The total
negative return and net investment income ratio would have been lower and total expense ratio would have been higher if the management,
incentive fees, and sponsor fees, had been charged to the Master Fund instead of the Feeder Fund.

 Note 9. Subsequent Events

the Sponsor has evaluated all subsequent events requiring recognition and disclosure in the Master Fund's financial statements through
March 24, 2025, the date the financial statements were available for issuance. The Sponsor has determined that there are no material events
that would require recognition or disclosure in the Master Fund's financial statements through this date.

 F- 236

 Oath and Affirmation of the Commodity Pool
Operator

undersigned, the information contained in the annual report as of and for the year ended December 31, 2024 is accurate and complete.

 F- 237

Plus Fund – Volt Diversified Alpha Master Fund (550) LLC

 (A

 The
attached annual report is filed under exemption pursuant to Section 4.7 of the regulations under the Commodity Exchange
Act.

Report

 F- 238

 F-240 - F-241

 F-245 - F-251

 F- 239

Plus Fund — Volt Diversified Alpha Master Fund (550) LLC (the Fund), which comprise the statement of financial condition as of December
31, 2024, the related statements of operations and changes in member's equity for the year then ended, and the related notes to
the financial statements.

present fairly, in all material respects, the financial position of the Fund as of December 31, 2024, and the results of its operations
and changes in member's equity for the year then ended in accordance with accounting principles generally accepted in the United

standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described
in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent
of the Fund and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

 Emphasis Of Matter Regarding Going Concern

 As discussed in Note 1 to the financial statements,
in August 2024 the sole member fully redeemed its equity from the Fund, raising substantial doubt that the Fund will be able to continue
as a going concern. The Sponsor has elected to keep the fund open and plans to find the new seed capital so that the trading can recommence.
The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified
with respect to this matter.

and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of
America, and for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.

is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's
ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued.

about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and
therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user

 F- 240

we:

of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Fund's internal control. Accordingly, no such opinion is expressed.

used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the

conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's ability to continue as a going

with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal

 F- 241

 $
 -

 $
 -

 -

 $
 -

 F- 242

 $
 2,145

 2,145

 1,707

 1,707

 Realized and unrealized gain (loss) on investments and foreign currency transactions:

 Net realized loss from:

 (32,677
)

 (86
)

 (32,763
)

 Net (increase) decrease in unrealized depreciation on:

 4,510

 4,510

 Net realized and unrealized loss on investments and
 foreign currency transactions

 (28,253
)

 $
 (27,815
)

 F- 243

 $

 (32,763
)

 Net (increase) decrease in unrealized depreciation on derivative contracts

 4,510

 (27,815
)

 1,480

 (126,223
)

 Net decrease in member's equity resulting from capital
 transactions

 (124,743
)

 (152,558
)

 152,558

 $
 -

 F- 244

 Note 1.
 Organization and Structure

 Galaxy Plus Fund – Volt Diversified Alpha
Master Fund (550) LLC (the "Master Fund") was formed in Delaware as a limited liability company on September 9, 2020 and commenced
operations on November 11, 2020. The Master Fund was created to serve as the trading entity managed by Volt Capital Management AB (the
"Trading Advisor") pursuant to its Volt Program (the "Program"). The Program is a diversified, systematic approach
that uses machine learning on a portfolio of diversified, liquid financial and commodities futures contracts.

limited liability companies ("Other Master Funds"), are investment vehicles available under the Galaxy Plus Managed Account
Platform (the "Platform"). The Master Fund and the Platform are sponsored by New Hyde Park Alternative Funds, LLC (the "Sponsor"
or "NHPAF") as a means of making available, to qualified high net-worth individuals and institutional investors (including
fund of hedge funds) ("Investors"), a variety of third-party professional managed futures and foreign exchange advisors ("Advisors").

office is located in Wheaton, Illinois. NHPAF is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a commodity pool
operator and commodity trading advisor, and is a member of the National Futures Association (NFA).

Liability Company (the "Onshore Platform"), and Galaxy Plus Fund SPC, a Cayman Islands Segregated Portfolio Company (the "Offshore
Platform") serve as the feeder funds for the Platform and invest substantially all of the assets of the respective segregated portfolios
(each a "Fund") in the Master Fund or other Master Funds. Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550)
("LLC550"), a separated series of the Onshore Platform and Galaxy Plus Fund – Volt Diversified Alpha Offshore Feeder
Fund (550) Segregated Portfolio ("SPC550"), a segregated portfolio of the Offshore Platform, can each invest in the Master
Fund. As of December 31, 2024, SPC550 had not commenced operations and LLC550 is the sole member.

 LLC550 and SPC550 are collectively hereafter referred

 In August 2024, LLC550 fully redeemed its
equity from the Master Fund raising substantial doubt that the Master Fund will be able to continue as a going concern. The
financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Sponsor has elected
to keep the Master Fund open and plans to find new seed capital so that trading can recommence. As a result, and based on the fact
that a formal liquidation plan has not been adopted by the Sponsor, the Master Fund has not adopted the liquidation basis of
accounting under FASB ASC 205-30 Presentation of Financial Statements-Liquidation Basis of Accounting.

Funds and the corresponding transactions with the Master Fund are governed by the Onshore Platform's and the Offshore Platform's

the terms of the Limited Liability Company Agreement (the "LLC Agreement") as the managing member of the Master Fund. In
such capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Master Fund
including the authority to select the administrator for the Master Fund. The LLC Agreement will continue to remain in force until terminated
by either the Sponsor or the Platform upon not less than sixty (60) days' prior written notice. In certain circumstances (for example,
the insolvency of either party or in the event all trading for the Platform by the Advisors are suspended), the LLC Agreement may be
immediately terminated by either party.

 F- 245

a tri-party contract (the "Trading Agreement") with the Trading Advisor pursuant to which the Master Fund's trading
accounts are managed, subject to rights of termination, by the Trading Advisor in accordance with the Program. The Trading Advisor may
alter its Program (including its trading systems and methods and including the addition and/or deletion of any financial interests or
contracts traded in the Master Fund's trading accounts), provided that the Trading Advisor provide prior notice to the Master Fund
and the Sponsor of any material change to the Trading Advisor's Program. From time to time, the Trading Advisor (or its affiliates)
may manage additional accounts, and these accounts will increase the level of competition for the same trades desired for the Master Fund,
including the priorities of order entry. There is no specific limit as to the number of accounts the Trading Advisors (or their affiliates)
may manage. In addition, the positions of all of the accounts owned or controlled by the Trading Advisor (or its affiliates) are aggregated
for the purposes of applying speculative position limits. The management, incentive, and sponsor fees are paid directly by the Feeder

 Note 2.
 Summary of Significant Accounting Policies

policies consistently followed in the preparation of the Master Fund's financial statements.

financial statements are expressed in United States dollars (USD) and have been prepared in accordance with Generally Accepted Accounting
Principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition
and results of operations. The Master Fund is an investment company and follows the accounting and reporting guidance in FASB Account

the commodity trading accounts at clearing broker consists of either cash maintained in the custody of the broker, a portion of which
is required margin for open positions or amounts due to/from the broker for margin or unsettled trades. The Master Fund may also hold
cash in a non-interest bearing USD commercial bank account. The Master Fund did not hold any cash as of December 31, 2024.

on the Program and Investments traded, the Master Fund follows the following valuation and revenue recognition policies. All investments

The Master Fund may enter into futures and options on futures contracts. Upon entering into a futures contract, the Master Fund agrees
to receive or deliver a fixed quantity of an underlying instrument or commodity for an agreed-upon price, while an option contract provides
the option purchaser with the right, but not the obligation, to buy or sell a security or financial instrument at a predetermined exercise
price during a defined period. Futures and options on futures contracts are recorded on the trade date. The difference between the original
contract amount and the fair value of futures contracts purchased or sold is reflected as unrealized appreciation/(depreciation) on open
contracts. Options on futures contracts are reflected in investments at fair value. The difference between the premiums paid or received
on open options on futures contracts and fair value of such options is recorded as unrealized appreciation/(depreciation) on open contracts.
The fair value of futures and options on futures contracts is based upon daily exchange settlement prices. The realized gain or loss is
determined on the settlement of intraday trades first and then by the FIFO method.

 F- 246

The Master Fund's financial statements are denominated in USD. However, foreign currency forward contracts, non-U.S. futures contracts,
and non-U.S. options on futures contracts are denominated in currencies other than USD. Assets and liabilities and transactions denominated
in currencies other than the USD are translated into USD at the rates in effect either at the close of business on the last business day
of the reporting period or on the date of such transactions, respectively. Such fluctuations are included with the unrealized appreciation
(depreciation) on open derivative contracts, net. Net realized foreign exchange gain or loss arises from the sales of foreign currencies
and currency gains or losses realized between trade and settlement dates. Net unrealized foreign exchange gain and loss arises from changes
in the fair value of margin collateral assets and liabilities resulting from changes in exchange rates.

consist of brokerage commissions, brokerage fees, clearing fees, exchange and regulatory fees, transaction and NFA fees. Fees vary by
type of contract for each purchase and sale or sale and purchase (round turn) of futures, options on futures, and forward contracts. Commissions
are paid on each individual purchase and sale transaction. These costs are recognized as expenses for futures and options on futures transactions,
and are included in net realized gain/loss from derivative contracts on the Statement of Operations.

Profits and losses for each monthly accounting period, or shorter period if there are mid-month subscriptions and/or redemptions, are
allocated pro-rata to the Feeder Funds based on their respective ownership percentage on the first day of each period throughout the year.

be subject to United States federal income taxation other than certain withholding taxes. The Master Fund evaluates tax positions taken
or expected to be taken to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority.
For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the
largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority.
The Master Fund has determined that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken
with respect to all open tax years. The Master Fund's U.S. Federal tax returns for the years ended December 31, 2021 through 2024,
remain open. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in
the Statement of Operations. During the year, the Master Fund did not accrue any interest or penalties.

statements in accordance with GAAP requires management 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 income
and expenses during the reporting period. Actual results could differ from those estimates.

are indemnified against certain liabilities arising out of the performance of their duties for The Master Fund. In addition, in the normal
course of business, the Master Fund enters into contracts with vendors and others that provide for general indemnifications. The Master
Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Master

has elected not to provide a Statement of Cash Flows as permitted by GAAP as all of the following conditions have been met:

 During the year, substantially all of the Master Fund's investments were carried at fair value and

 The Master Fund's financial statements include a Statement of Changes in Member's Equity.

 F- 247

and redemptions can typically be made on a weekly basis as of the first day (Monday) of each week; (or, if such day is not a business
day, the first business day thereafter) (each, a Subscription Date or a Redemption Date). The Master Fund may accept subscriptions or
redemptions more frequently than the first day of each week, depending upon the size of the requested subscription or redemption amount,

 Note 3.
 Fair Value Measurements

at fair value in accordance with FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes
a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 also emphasizes that fair value is
a market-based measurement, not an entity-specific measurement, and sets out a fair value hierarchy with the highest priority being quoted
prices in active market. Under ASC 820, fair value measurements are disclosed by level within that hierarchy, as follows:

investments classified as Level 1 are based on unadjusted quoted prices for identical investments in an active market. Since valuations
are based on quoted prices that are readily accessible at the measurement date, valuation of these investments does not entail a significant

investments classified as Level 2 are based on quoted prices for similar investments in an active or non-active markets for which

investments categorized as Level 3 are based on prices or valuation techniques that require inputs that are both significant to the
fair value and unobservable, including valuations by the Sponsor in the absence of readily ascertainable fair values.

to the Master Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows. Inputs that
are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors.
These inputs can be either observable or unobservable. All of the inputs for the Master Fund were observable as of December 31, 2024.
The availability of observable inputs can vary between investments and is affected by various factors such as type of investment and the
volume and level of activity for that investment or similar investments in the marketplace.

actively traded are valued based on daily quoted settlement prices from the respective exchange and are categorized in Level 1 of the
fair value hierarchy. Exchange-traded derivative contracts not actively traded and over-the-counter (OTC) derivative contracts can include
futures contracts, option on futures contracts, forward contracts and option contracts whose values are based on an underlying such as
interest rates, foreign currencies, credit standing of reference entities, equities or commodities. Such derivative contracts are valued
using observable market data, including currency spot rates or quoted prices of the related underlying obtained from the applicable exchange
or market. OTC derivative contracts are valued using the above described pricing methodology and are categorized as Level 2 within the

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 Master Fund's accounting policy regarding the recognition of transfers between levels
of the fair value hierarchy. There were no transfers among levels 1, 2, and 3 during the year ended December 31, 2024.

are not necessarily indicative of the risk associated with investing in those instruments. As of December 31, 2024, the Master Fund held
no investments.

 F- 248

 Note 4.
 Derivative Financial Instruments

traded by the Master Fund can include U.S. and foreign futures, options on futures contracts and forward currency contracts (collectively,
derivatives) whose values are based upon an underlying asset, indices, or reference rates, and generally represent future commitments
to exchange cash flows, or to purchase or sell other financial instruments at specified future dates. A derivative contract may be traded
on an exchange or OTC. Exchange-traded derivatives are standardized and include futures and options on futures contracts. OTC derivative
contracts are negotiated between contracting parties and include forward currency contracts and certain options. Derivatives are subject
to various risks similar to those related to the underlying financial instruments including market and credit risks.

value of derivatives due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity and security
prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded.
The market risk of the Master Fund is managed by the underlying Trading Advisors according to each respective Program. The Master Fund
is exposed to a market risk equal to the notional contract value of the derivatives contracts purchased and unlimited liability on such

occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk due to exchange traded derivative
financial instruments is significantly reduced by the regulatory requirements of the individual exchanges on which the instruments are
traded. At any point in time, the credit risk for OTC derivatives is limited to the net unrealized gain for each counterparty for which
a netting agreement exists, if any. In a similar fashion, liabilities represent net amounts owed to counterparties. The credit risk exposure

interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region, or financial market. Securities in the Master Fund may underperform
due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters,
pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar
to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and
downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets.
It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events
may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of

margin deposits with the broker. Additional deposits may be necessary for any loss on contract value. The U.S. Commodity Exchange Act
requires a broker to segregate all customer transactions and assets from such broker's proprietary activities. A customer's
cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds
subject to the broker's segregation requirements. In the event of a broker'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 total cash and other property deposited.

assets on deposit with counterparties. In the event of a counterparty's insolvency, recovery of the Master Fund's assets on
deposit may be limited to account insurance or other protection afforded such deposits.

 F- 249

to the Master Fund's stock exchange indices, commodities, interest rate and foreign currencies upon which the fair value of the futures
contracts held by the Master Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative
of the future cash flows of the Master Fund's futures contracts. Further, the underlying price changes in relation to variables specified
by the notional values affects the fair value of these derivative financial instruments. Theoretically, the Master Fund's exposure is
equal to the notional value of contracts purchased and unlimited on such contracts sold short. As of December 31, 2024, the Master Fund
had no open derivative contracts or related notional balances.

Fund participated in 462 futures contract transactions.

 $
 (9,567
)

 (14,906
)

 (1,820
)

 2,680

 (4,000
)

 (27,062
)

 (1,105
)

 $
 (28,167
)

 *
 Includes both realized loss of $32,677 and unrealized appreciation of $4,510 and is located in net
 realized and unrealized loss on investments on the Statement of Operations. Amounts exclude foreign currency transactions.

 Note 5.
 Administrator

serves as the Master Fund's Administrator and performs certain administrative and accounting services on behalf of the Master Fund.

 F- 250

 Note 6.
 Financial Highlights

year ended December 31, 2024 are presented in the table below. The information has been derived from information presented in the financial

 (28.45
)%

 0.38
 %

 1.49
 %

 (A)
during the period of a theoretical investment made at the beginning of the year.

 (B)
based upon weighted-average member's equity as a whole for the year ended December 31, 2024.

 (C)
 The net investment income ratio excludes net realized and
unrealized loss on investments.

class taken as a whole. An individual member's return and ratios may vary based on the timing of capital transactions. The negative
total return and the net investment income ratio would have been lower, and the total expense ratio would have been higher if the management,
incentive fees, and sponsor fees, had been charged to the Master Fund instead of the Feeder Fund.

 Note 7.
 Subsequent Events

the Sponsor has evaluated all subsequent events requiring recognition and disclosure in the Master Fund's financial statements through
March 24, 2025, the date the financial statements were available for issuance. The Sponsor has determined that there are no material events
that would require recognition or disclosure in the Master Fund's financial statements through this date.

 F- 251

 Oath and Affirmation of the
Commodity Pool Operator

undersigned, the information contained in the annual report as of and for the year ended December 31, 2024, is accurate and complete.

 /s/ David
 Young

 F- 252

 (A

 The
attached annual report is filed under exemption pursuant to Section 4.7 of the regulations under the Commodity Exchange Act.

Report

 F- 253

 Independent
 Auditor's Report

 F-255 - F-256

 of Financial Condition

 Condensed
 Schedule of Investments

 of Operations

 of Changes in Member's Equity

 Notes
 to Financial Statements

 F-261 - F-270

 Oath and
 Affirmation of the Commodity Pool Operator

 F- 254

Plus Fund — Horizon3 Master Fund (577) LLC (the Fund), which comprise the statement of financial condition, including the condensed
schedule of investments, as of December 31, 2024, the related statements of operations and changes in member's equity for the year
then ended, and the related notes to the financial statements.

present fairly, in all material respects, the financial position of the Fund as of December 31, 2024, and the results of its operations
and changes in member's equity for the year then ended in accordance with accounting principles generally accepted in the United

standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described
in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent
of the Fund and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of
America, and for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.

is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's
ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued.

about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and
therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user

 F- 255

we:

 Exercise
professional judgment and maintain professional skepticism throughout the audit.

 Identify
and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit
procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.

 Obtain
an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control. Accordingly, no such opinion
is expressed.

 Evaluate
the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well
as evaluate the overall presentation of the financial statements.

 Conclude
whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's
ability to continue as a going concern for a reasonable period of time.

with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal

 F- 256

 (A

(Expressed in
U.S. Dollars)

 Cash

 $
 182,866

 364,751

 Investments in futures contracts, at fair value (represents unrealized appreciation on open derivative contracts, net)

 9,395

 $

 $
 -

 $

 F- 257

 (A

 Condensed
Schedule of Investments

Contracts/

Units

Member's Equity

 $

 0.12
 %

 10,181

 1.66

 2,363

 0.38

 (17,925
)

 (2.92
)

 4,343

 0.71

 (3,222
)

 (0.52
)

 (7,119
)

 (1.16
)

 (4,973
)

 (0.81
)

 (15,636
)

 (2.54
)

 (6,132
)

 (1.00
)

 Currency 1

 36,935

 6.01

 10,155

 1.65

 11,250

 1.83

 8,713

 1.42

 9,593

 1.56

 2,785

 0.45

 73,299

 11.92

 $

 9.38
 %

 No individual position is greater than 5% of member's equity.

 F- 258

 (A

For the year ended December 31,
2024

 $
 35,192

 35,192

 34,211

 34,211

 Realized and unrealized gain (loss) on investments and foreign currency transactions:

 Net realized gain (loss) from:

 (286,593
)

 (285,981
)

 Net realized and unrealized loss on investments and foreign currency transactions

 (228,318
)

 $
 (227,337
)

 Includes trading costs

 F- 259

 (A

For
the year ended December 31, 2024

 $

 (285,981
)

 (227,337
)

 1,500,000

 (657,988
)

 Net increase in member's equity resulting from capital transactions

 842,012

 Total increase

 -

 $

 F- 260

 (A

 Note 1. Organization and Structure

 Galaxy Plus Fund – Horizon3 Master Fund
(577) LLC (the "Master Fund") was formed in Delaware as a limited liability company on November 27, 2023 and commenced operations
on January 1, 2024. The Master Fund was created to serve as the trading entity managed by Horizon3 Investment Management LLP (the "Trading
Advisor") pursuant to its Horizon3 Programme (the "Program"). The Program is a global macro CTA strategy that trades
a highly diversified portfolio from a universe of 125 markets in FX and Futures in commodity and financial markets. Sectors traded include
equity indices, interest rates, bonds, currencies from developed and emerging markets, precious and base metals, energies, grains, meats
and softs.

limited liability companies ("Other Master Funds") are investment vehicles available under the Galaxy Plus Managed Account
Platform (the "Platform"). The Master Fund and the Platform are sponsored by New Hyde Park Alternative Funds, LLC (the "Sponsor"
or "NHPAF") as a means of making available, to qualified high net-worth individuals and institutional investors (including
funds of hedge funds) ("Investors"), a variety of third-party professional managed futures and foreign exchange advisors ("Advisors").

office is located in Wheaton, Illinois. NHPAF is registered with the U.S. Commodity Futures Trading Commission (CFTC) as a commodity pool
operator and commodity trading advisor and is a member of the National Futures Association (NFA).

Liability Company (the "Onshore Platform"), and Galaxy Plus Fund SPC, a Cayman Islands Segregated Portfolio Company (the "Offshore
Platform") serve as the feeder funds for the Platform and invest substantially all of the assets of the respective segregated portfolios
(each a "Fund") in the Master Fund or Other Master funds. Galaxy Plus Fund LLC – Horizon3 Feeder Fund (577) ("LLC577"),
a separated series of the Onshore Platform and Galaxy Plus Fund – Horizon3 Offshore Feeder Fund (577) Segregated Portfolio ("SPC577"),
a segregated portfolio of the Offshore Platform, can each invest in the Master Fund. As of December 31, 2024, SPC577 had not yet commenced
operations and LLC577 is the sole member.

 LLC577 and SPC577 are collectively hereafter referred

Funds and the corresponding transactions with the Master Fund are governed by the Onshore Platform's and the Offshore Platform's

the terms of the Limited Liability Company Agreement (the "LLC Agreement") as the managing member of the Master Fund. In such
capacity, the Sponsor has the authority, to manage, with wide discretionary powers, the business and affairs of the Master Fund including
the authority to select the administrator for the Master Fund. The LLC Agreement will continue to remain in force until terminated by
either the Sponsor or the Platform upon not less than sixty (60) days' prior written notice. In certain circumstances (for example,
the insolvency of either party or in the event all trading for the Platform by the Advisors are suspended), the LLC Agreement may be immediately

 F- 261

 (A

a tri-party contract (the "Trading Agreement") with the Trading Advisor pursuant to which the Master Fund's trading
accounts are managed, subject to rights of termination, by the Trading Advisor in accordance with the Program. The Trading Advisor may
alter its Program (including its trading systems and methods and including the addition and/or deletion of any financial interests or
contracts traded in the Master Fund's trading accounts), provided that the Trading Advisor provide prior notice to the Master Fund
and the Sponsor of any material change to the Trading Advisor's Program. From time to time, the Trading Advisor (or its affiliates)
may manage additional accounts, and these accounts will increase the level of competition for the same trades desired for the Master Fund,
including the priorities of order entry. There is no specific limit as to the number of accounts the Trading Advisors (or their affiliates)
may manage. In addition, the positions of all of the accounts owned or controlled by the Trading Advisor (or its affiliates) are aggregated
for the purposes of applying speculative position limits. The management, incentive, and sponsor fees are paid directly by the Feeder

 Note 2. Summary of Significant
Accounting Policies

policies consistently followed in the preparation of the Master Fund's financial statements.

financial statements are expressed in United States dollars (USD) and have been prepared in accordance with Generally Accepted Accounting
Principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition
and results of operations. The Master Fund is an investment company and follows the accounting and reporting guidance in FASB Account

the commodity trading accounts at clearing broker consists of either cash maintained in the custody of the broker, a portion of which
is required margin for open positions, or amounts due to/from the broker for margin or unsettled trades. The Master Fund may also hold
cash in a non-interest bearing USD commercial bank account. The Master Fund holds various currencies at the clearing broker, of which
$544,038 is held in USD and a balance of $3,579 in foreign currencies as of December 31, 2024, and are recorded in cash and restricted
cash – margin balance on the Statement of Financial Condition. The non-U.S. currencies fluctuate in value on a daily basis relative
to the USD. A portion of this cash is restricted cash required to meet maintenance margin requirements. Cash with the clearing broker
as of December 31, 2024 included restricted cash for margin requirements of $364,751. This cash becomes unrestricted when the underlying
positions to which it is applicable are liquidated. Cash with the clearing broker as of December 31, 2024 included amounts due to the
broker for unsettled trades of $0.

When the requirements are met, the Master Fund offsets certain fair value amounts recognized for net derivative positions executed with
the same counterparty under the same master netting arrangement (See Note 5).

 F- 262

 (A

on the Program and Investments traded, the Master Fund follows the following valuation and revenue recognition policies. All investments

The Master Fund may enter into futures and options on futures contracts. Upon entering into a futures contract, the Master Fund agrees
to receive or deliver a fixed quantity of an underlying instrument or commodity for an agreed-upon price, while an option contract provides
the option purchaser with the right, but not the obligation, to buy or sell a security or financial instrument at a predetermined exercise
price during a defined period. Futures and options on futures contracts are recorded on the trade date. The difference between the original
contract amount and the fair value of futures contracts purchased or sold is reflected as unrealized appreciation (depreciation) on open
contracts. Options on futures contracts are reflected in investments at fair value. The difference between the premiums paid or received
on open options on futures contracts and fair value of such options is recorded as unrealized appreciation/(depreciation) on open contracts.
The fair value of futures and options on futures contracts is based upon daily exchange settlement prices. The realized gain or loss is
determined on the settlement of intraday trades first and then by the FIFO method.

The Master Fund's financial statements are denominated in USD. However, foreign currency forward contracts, non-U.S. futures contracts,
and non-U.S. options on futures contracts are denominated in currencies other than USD. Assets and liabilities and transactions denominated
in currencies other than the USD are translated into USD at the rates in effect either at the close of business on the last business day
of the reporting period or on the date of such transactions, respectively. Such fluctuations are included with the unrealized appreciation
(depreciation) on open derivative contracts, net. Net realized foreign exchange gain or loss arises from the sales of foreign currencies
and currency gains or losses realized between trade and settlement dates. Net unrealized foreign exchange gain and loss arises from changes
in the fair value of margin collateral assets and liabilities resulting from changes in exchange rates.

consist of brokerage commissions, brokerage fees, clearing fees, exchange and regulatory fees, transaction and NFA fees. Fees vary by
type of contract for each purchase and sale or sale and purchase (round turn) of futures, options on futures, and forward contracts. Commissions
are paid on each individual purchase and sale transaction. These costs are recognized as expenses for futures and options on futures transactions
and are included in net realized gain/loss from derivative contracts on the Statement of Operations.

Profits and losses for each monthly accounting period, or shorter period if there are mid-month subscriptions and/or redemptions, are
allocated pro-rata to the Feeder Funds based on their respective ownership percentage on the first day of each period throughout the year.

 F- 263

 (A

be subject to United States federal income taxation other than certain withholding taxes. The Master Fund evaluates tax positions taken
or expected to be taken to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority.
For tax positions meeting the more-likely-than-not threshold, the tax amount recognized in the financial statements is reduced by the
largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority.
The Master Fund has determined that there is no tax liability resulting from uncertain income tax positions taken or expected to be taken
with respect to all open tax years. The Master Fund's U.S. Federal tax returns for the year ended December 31, 2024, remains open.
The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement
of Operations. During the year, the Master Fund did not accrue any interest or penalties.

statements in accordance with GAAP requires management 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 income
and expenses during the reporting period. Actual results could differ from those estimates.

are indemnified against certain liabilities arising out of the performance of their duties for The Master Fund. In addition, in the normal
course of business, the Master Fund enters into contracts with vendors and others that provide for general indemnifications. The Master
Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Master

has elected not to provide a Statement of Cash Flows as permitted by GAAP as all of the following conditions have been met:

 During the year, substantially all of the Master Fund's
investments were carried at fair value and classified as Level 1 or Level 2 measurements in accordance with FASB ASC 820;

 The Master Fund's financial statements include a Statement of Changes in Member's Equity.

and redemptions can typically be made on a weekly basis as of the first day (Monday) of each week; (or, if such day is not a business
day, the first business day thereafter) (each, a Subscription Date or a Redemption Date). The Master Fund may accept subscriptions or
redemptions more frequently than the first day of each week, depending upon the size of the requested subscription or redemption amount,

 F- 264

 (A

 Note 3. Fair Value Measurements

at fair value in accordance with FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes
a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 also emphasizes that fair value is
a market-based measurement, not an entity-specific measurement, and sets out a fair value hierarchy with the highest priority being quoted
prices in active market. Under ASC 820, fair value measurements are disclosed by level within that hierarchy, as follows:

investments classified as Level 1 are based on unadjusted quoted prices for identical investments in an active market. Since valuations
are based on quoted prices that are readily accessible at the measurement date, valuation of these investments does not entail a significant

investments classified as Level 2 are based on quoted prices for similar investments in an active or non-active markets for which

investments categorized as Level 3 are based on prices or valuation techniques that require inputs that are both significant to the
fair value and unobservable, including valuations by the Sponsor in the absence of readily ascertainable fair values.

to the Master Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows. Inputs that
are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors.
These inputs can be either observable or unobservable. All of the inputs for the Master Fund were observable as of December 31, 2024.
The availability of observable inputs can vary between investments and is affected by various factors such as type of investment and the
volume and level of activity for that investment or similar investments in the marketplace.

actively traded are valued based on daily quoted settlement prices from the respective exchange and are categorized in Level 1 of the
fair value hierarchy. Exchange-traded derivative contracts not actively traded and over-the-counter (OTC) derivative contracts can include
futures contracts, option on futures contracts, forward contracts and option contracts whose values are based on an underlying such as
interest rates, foreign currencies, credit standing of reference entities, equities or commodities. Such derivative contracts are valued
using observable market data, including currency spot rates or quoted prices of the related underlying obtained from the applicable exchange
or market. OTC derivative contracts are valued using the above described pricing methodology and are categorized as Level 2 within the

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 Master Fund's accounting policy regarding the recognition of transfers between levels
of the fair value hierarchy. There were no transfers among levels 1, 2, and 3 during the year ended December 31, 2024.

are not necessarily indicative of the risk associated with investing in those instruments.

 F- 265

 (A

of derivatives, by type, into the fair value hierarchy levels as of December 31, 2024. For futures contracts, presentation is gross -

 Quoted

Prices

Other

 $
 5,123

 $
 5,123

 $
 -

 $
 -

 47,116

 47,116

 -

 -

 23,864

 23,864

 -

 -

 25,213

 25,213

 -

 -

 2,785

 2,785

 -

 -

 104,101

 104,101

 -

 -

 (6,196
)

 (6,196
)

 -

 -

 (8,218
)

 (8,218
)

 -

 -

 (9,126
)

 (9,126
)

 -

 -

 (22,898
)

 (22,898
)

 -

 -

 (46,438
)

 (46,438
)

 -

 -

 $

 $

 $
 -

 $
 -

 F- 266

 (A

 Note 4. Derivative Financial
Instruments

traded by the Master Fund can include U.S. and foreign futures, options on futures contracts, and forward currency contracts (collectively,
derivatives) whose values are based upon an underlying asset, indices, or reference rates, and generally represent future commitments
to exchange cash flows, or to purchase or sell other financial instruments at specified future dates. A derivative contract may be traded
on an exchange or OTC. Exchange-traded derivatives are standardized and include futures and options on futures contracts. OTC derivative
contracts are negotiated between contracting parties and include forward currency contracts and certain options. Derivatives are subject
to various risks similar to those related to the underlying financial instruments including market and credit risks.

value of derivatives due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity and security
prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded.
The market risk of the Master Fund is managed by the underlying Trading Advisors according to each respective Program. The Master Fund
is exposed to a market risk equal to the notional contract value of the derivatives contracts purchased and unlimited liability on such

occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk due to exchange traded derivative
financial instruments is significantly reduced by the regulatory requirements of the individual exchanges on which the instruments are
traded. At any point in time, the credit risk for OTC derivatives is limited to the net unrealized gain for each counterparty for which
a netting agreement exists, if any. In a similar fashion, liabilities represent net amounts owed to counterparties. The credit risk exposure

interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region, or financial market. Securities in the Master Fund may underperform
due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters,
pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar
to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and
downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets.
It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events
may have and the duration of those effects.

margin deposits with the broker. Additional deposits may be necessary for any loss on contract value. The U.S. Commodity Exchange Act
requires a broker to segregate all customer transactions and assets from such broker's proprietary activities. A customer's
cash and other property (for example, U.S. Treasury bills) deposited with a broker are considered commingled with all other customer funds
subject to the broker's segregation requirements. In the event of a broker'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 total cash and other property deposited.

 F- 267

 (A

assets on deposit with counterparties. In the event of a counterparty's insolvency, recovery of the Master Fund's assets on
deposit may be limited to account insurance or other protection afforded such deposits.

to the Master Fund's stock exchange indices, commodities, interest rate and foreign currencies upon which the fair value of the futures
contracts held by the Master Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative
of the future cash flows of the Master Fund's futures contracts. Further, the underlying price changes in relation to variables specified
by the notional values affects the fair value of these derivative financial instruments. Theoretically, the Master Fund's exposure is
equal to the notional value of contracts purchased and unlimited on such contracts sold short. As of December 31, 2024, the Master Fund

 Notional

Value

 Notional

Value

 Long:

 $
 262,901

 $
 (167,718
)

 798,860

 (2,323,676
)

 424,400

 (4,605,913
)

 8,288,678

 (2,281,770
)

 555,169

 (237,060
)

Fund participated in 1,672 futures contracts transactions.

Gain

(Loss)*

 $
 (59,194
)

 126,431

 (40,480
)

 (187,082
)

 (21,483
)

 (26,238
)

 (208,046
)

 (20,884
)

 $
 (228,930
)

 *
 Includes both realized loss of $286,593 and unrealized appreciation
of $57,663 and is located in net realized and unrealized loss on investments on the Statement of Operations. Amounts exclude foreign

 F- 268

 (A

 Note 5. Balance Sheet Offsetting

of offsetting assets and liabilities presented in the Statement of Financial Condition to enable users of the financial statements to
evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These
recognized assets and liabilities include financial instruments and derivative instruments that are either subject to an enforceable master
netting arrangement or similar agreement or meet the following right of set-off criteria: each of the two parties owes the other determinable
amounts, the Master Fund has the right to set-off the amounts owed with the amounts owed by the other party, the Master Fund intends to

netting agreements with certain counterparties. These agreements govern the terms of certain transactions, and reduce the counterparty
risk associated with relevant transactions by specifying offsetting mechanisms and collateral posting arrangements at prearranged exposure
levels. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular
counterparty organization, each type of transaction may be covered by a different master netting arrangement, possibly resulting in the
need for multiple agreements with a single counterparty. Master netting agreements may not be specific to each different asset type; in
such instances, they would allow the Master Fund to close out and net its total exposure to a specified counterparty in the events of
default or early termination with respect to any and all the transactions governed under a single agreement with the counterparty.

 Gross

Amounts of

Recognized

 Offset in the

 Net

 Amount of

 of

 $
 104,101

 $
 (46,438
)

 $

 Total

 $
 104,101

 $
 (46,438
)

 $

 Cash
 Collateral
 Received by
 Counterparty

 $

 $
 364,751

 $
 422,414

 Total

 $

 $
 364,751

 $
 422,414

 F- 269

 (A

 As of December 31, 2024, the Master Fund had $9,395
receivable from the Onshore Feeder Fund, as reflected in the Statement of Financial Condition. Generally, receivables and payables from/to
Feeder Fund are a result of timing differences of cash movements related to capital activity at the Feeder Fund level.

serves as the Master Fund's administrator and performs certain administrative and accounting services on behalf of the Master Fund.

 Note 8. Financial Highlights

year ended December 31, 2024 are presented in the table below. The information has been derived from information presented in the financial

 (22.25
)%

 0.09
 %

 3.19
 %

 (A)
 Total return is based on the change in average member's
equity during the year of theoretical investment made at the beginning of the year.

 (B)
based on weighted-average member's equity as a whole for the year ended December 31, 2024.

 (C)
loss on investments.

class taken as a whole. An individual member's return and ratios may vary based on the timing of capital transactions. The negative
total return and net investment income ratio would have been lower, and total expense ratios would have been higher if the management,
incentive fees, and sponsor fees, had been charged to the Master Fund instead of the Feeder Fund.

 Note 9. Subsequent Events

the Sponsor has evaluated all subsequent events requiring recognition and disclosure in the Master Fund's financial statements through
March 24, 2025, the date the financial statements were available for issuance. The Sponsor has determined that there are no material events
that would require recognition or disclosure in the Master Fund's financial statements through this date.

 F- 270

 Galaxy Plus Fund – Horizon3 Master Fund
(577) LLC

undersigned, the information contained in the annual report as of, and for the year ended December 31, 2024, is accurate and complete.

 Galaxy Plus Fund – Horizon3 Master Fund (577) LLC

 F- 271

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

 By:

 By:

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

 Frontier Balanced Fund,

 By:

 By:

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

 Frontier Heritage Fund,

 By:

 By:

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

 Frontier Global Fund,

 By:

 By:

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

 Frontier Select Fund,

 By:

 By:

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

 Frontier Long Short Commodity Fund,

 By:

 By:

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

 Frontier Diversified Fund,

 By:

 By:

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

 Frontier Masters Fund,

 By:

 By:

 NONE 0001261379 false FY 0

 frfd: FrontierDiversifiedsFundMember

 frfd: FrontierLongShortsCommodityFundMember

 2024-06-30

 frfd: FaceValueOneMember

 frfd: FaceValueOneMember

 frfd: VariousBaseMetalsFuturesContractsUSMember

 frfd: VariousBaseMetalsFuturesContractsUSMember

 frfd: TotalOpenTradeEquityDeficitMember

 frfd: TotalOpenTradeEquityDeficitMember

 us-gaap: USTreasuryNotesSecuritiesMember

 us-gaap: USTreasuryNotesSecuritiesMember

 frfd: GalaxyPlusFundQuestFitFeederFund535LLCMember

 frfd: GalaxyPlusFundQuestFitFeederFund535LLCMember

 frfd: VariousBaseMetalsFuturesContractsUSMember

 frfd: VariousBaseMetalsFuturesContractsUSMember

 frfd: TotalOpenTradeEquityDeficitMember

 frfd: TotalOpenTradeEquityDeficitMember

 frfd: GalaxyPlusFundQuestFitFeederFund535LLCMember

 frfd: GalaxyPlusFundQuestFitFeederFund535LLCMember

 2024-10-01

 srt: MinimumMember

 srt: MaximumMember

 frfd: Class2OrClass2aMember

 frfd: FrontierDiversifiedFundAndFrontierMastersFundMember
 frfd: Class2OrClass2aMember

 frfd: BalanceFundMember

 frfd: FrontierDiversifiedSeriesMember

 frfd: FrontierDiversifiedSeriesMember

 frfd: GalaxyPlusFundFortContrarianFeederFund510LLCMember

 frfd: GalaxyPlusFundQIMFeederFund526LLCMember

 frfd: GalaxyPlusFundQuestFeederFund517LLCMember

 frfd: GalaxyPlusFundQIMFeederFund526LLCMember

 frfd: GalaxyPlusFundQuestFeederFund517LLCMember

 frfd: Class1APAnd2aUnitsMember

 frfd: ClassOneAndClassTwoMember

 frfd: Class1APClass2aAndClass3aMember

 frfd: Class1aClass2aAndClass3aMember

 frfd: ClassTwoAndClassThreeAMember

 frfd: OpenTradeEquityDeficitMember

 frfd: OpenTradeEquityDeficitMember

 frfd: ClassOneOrClassOneOneMember

 frfd: ClassTwoAndClassTwoOneMember

 srt: MinimumMember

 srt: MaximumMember

 frfd: FrontierTradingCompanyOneLLCMember

 frfd: FrontierTradingCompanyOneLLCMember

 frfd: ClassOneOrClassOneOneMember

 frfd: GalaxyPlusFundFortContrarianFeederFund510LLCMember

 frfd: GalaxyPlusFundQIMFeederFund526LLCMember

 frfd: GalaxyPlusFundQuestFeederFund517LLCMember

 frfd: Class1APUnitsMember

 frfd: ClassOneAndClassTwoMember

 frfd: ClassOneApClassTwoOneClassThreeOneMember

 frfd: Class1aClass2aAndClass3aMember

 frfd: ClassTwoAndClassThreeAMember

 frfd: ClassOneAUnitsMember

 frfd: ClassTwoUnitsMember

 frfd: TransactionsWithAffiliatesMember

 frfd: TransactionsWithAffiliatesMember

 frfd: TransactionsWithAffiliatesMember

 frfd: TransactionsWithAffiliatesMember

 srt: MinimumMember

 srt: MaximumMember

 srt: MaximumMember

 srt: MinimumMember

 frfd: OpenTradeEquityDeficitMember

 frfd: OpenTradeEquityDeficitMember