The Halfling

A title that may apply to either Bilbo or Frodo Baggins, or perhaps to both. At the Council of Elrond, Boromir recounted the words of the prophetic dream that had sent him northward, including a reference to the Halfling. In the context of the Council, these words point strongly toward Frodo, who would indeed stand forward and accept the role of Ring-bearer.

It's also possible to see the Halfling here as a reference to Bilbo. If the Ring 'wakened' in any sense, it was when he discovered it, and he too stood forward at the Council of Elrond. What's more, a reference in The Hunt for the Ring (in Unfinished Tales) explicitly speaks of '...the finding of Gollum's Ring by the Halfling...', which is a clear reference to Bilbo. Perhaps we're intended to take the title ambiguously, applying to both Bilbo and Frodo and the different ways they were each entwined within the history of the Ring.