10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-K/A

(AMENDMENT NO. 3)

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

For the fiscal year ended December 31, 2007

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

THE FRONTIER FUND

BALANCED SERIES; GRAHAM SERIES; WINTON SERIES; CAMPBELL/GRAHAM SERIES;

CURRENCY SERIES; DUNN SERIES; LONG ONLY COMMODITY SERIES;

LONG/SHORT COMMODITY SERIES; MANAGED FUTURES INDEX SERIES

(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 Equinox Fund Management, LLC 1660 Lincoln Street, Suite 100, Denver, Colorado 80264	80264
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s Telephone Number, Including Area Code: (303) 837-0600

Securities registered pursuant to Section 12(b) of the Act: None

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

Title of Each Class

Balanced Series Class 1, Class 2, Class 1a and Class 2a Units

Dunn Series Class 1 and Class 2 Units

Graham Series Class 1 and Class 2 Units

Winton Series Class 1 and Class 2 Units

Campbell/Graham Series Class 1 and Class 2 Units

Currency Series Class 1 and Class 2 Units

Long/Short Commodity Series Class 1 and Class 2 Units

Long Only Commodity Series Class 1 and Class 2 Units

Managed Futures Index Series Class 1 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  x

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  x

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  x    No  ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.    x

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

Large Accelerated Filer  ¨	Accelerated Filer  ¨
Non–Accelerated Filer  x	Smaller Reporting Company  ¨
(Do not check if a smaller reporting company)

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

The Frontier Fund’s units of beneficial interest are not traded on any market and, accordingly, do not have an aggregate market value. Units outstanding as of June 30, 2007 were: 2,726,991 for the Balanced Series, 234,906 for the Winton Series, 601,101 for the Campbell/Graham Series, 95,768 for the Currency Series, 1,223 for the Dunn Series, 75,026 for the Graham Series, 45,098 for the Long Only Commodity Series, 312,016 for the Long/Short Commodity Series and 7,327 for the Managed Futures Index Series. Units outstanding as of December 31, 2007 were: 2,503,456 for the Balanced Series, 400,783 for the Winton Series, 662,324 for the Campbell/Graham Series, 104,482 for the Currency Series, 81,098 for the Graham Series, 45,302 for the Long Only Commodity Series, 340,561 for the Long/Short Commodity Series and 9,396 for the Managed Futures Index Series.

Documents Incorporated by Reference

None

EXPLANATORY NOTE

This Amendment No. 3 on Form 10-K/A (the “Amendment”) is filed by The Frontier Fund (the “Trust” or the “Registrant”) to amend the Registrant’s annual report on Form 10-K for the fiscal year ended December 31, 2007, originally filed with the Securities and Exchange Commission (the “SEC”) on March 18, 2008 (the “2007 10-K”). The purpose of this Annual Report on Form 10-K/A is to amend Part II, Item 9A and Part IV, Item 15 of the 2007 10-K. No other items of the 2007 10-K and amendments thereto are amended in this 10-K/A.

The complete text of Item 9A of Part II and Item 15 of Part IV is set forth herein.

Below is a summary of the principal amendments to those Items:

Part II

Item 9A. Controls and Procedures.

• This item has been amended to include a discussion of the Trust’s reconsideration of its evaluation of the effectiveness of the design and operation of the disclosure controls and procedures for the Trust and each series of the Trust following the filing of audited financial statements for the Trust’s Trading Companies, in response to comments received from staff of the Division of Corporation Finance of the SEC.

Part IV

Item 15. Exhibits and Financial Statement Schedules

• This item has been amended to include in the audited financial statements for the Trust’s subsidiary trading vehicles (each a “Trading Company” and, collectively, the “Trading Companies”) a Condensed Schedule of Investments as of December 31, 2007 and a Condensed Schedule of Investments as of December 31, 2006. In addition, the Notes to the Financial Statements of the Trading Companies have also been amended to include financial highlights.

In addition, as required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), new certifications by the principal executive officer and principal financial officer of the Managing Owner of the Trust are filed as exhibits to this Annual Report on Form 10-K/A under Item 15 of Part IV hereof.

For purposes of this Annual Report on Form 10-K/A, and in accordance with Rule 12b-15 under the Exchange Act, Item 15 of our 2007 10-K has been amended and restated in its entirety. Except as stated herein, this Form 10-K/A does not reflect events occurring after the filing of the Form 10-K on March 18, 2008 and no attempt has been made in this Annual Report on Form 10-K/A to modify or update other disclosures as presented in the 2007 10-K. Accordingly, this Form 10-K/A should be read in conjunction with our filings with the SEC subsequent to the filing of the Form 10-K.

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Table of Contents

PART II
Item 9A. Controls and Procedures	5
PART IV
Item 15. Exhibits and Financial Statement Schedules	5
Index to Financial Statements	F-1
Signatures	E-1

4

Part II

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 Chief Executive Officer and Chief Financial Officer, the Trust evaluated the effectiveness of the design and operation of the disclosure controls and procedures (as defined in Rule 13(a)-15(e) under the Securities Exchange Act of 1934, as amended) for the Trust and each Series as of December 31, 2007 (the “Evaluation Date”). Any control system, no matter how well designed and operated, can provide only 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 our evaluation, the Chief Executive Officer and Chief Financial Officer of the Managing Owner concluded that, as of the Evaluation Date, the disclosure controls and procedures for the Trust and each Series were effective to provide reasonable assurance that they are timely alerted to the material information relating to the Trust and each Series required to be included in the Trust’s periodic SEC filings.

In the process of the evaluation described above, the Trust considered and concluded that Rule 3-09 of Regulation S-X would not apply to wholly owned subsidiary Trading Companies of the Trust and that, accordingly, Trading Company financial statements were not required to be included in this Form 10-K. Staff of the Division of Corporation Finance of the Securities and Exchange Commission (the “Staff”) subsequently informed the Trust that they interpreted Rule 3-09 to require the inclusion of financial statements for the Trading Companies. Although the Trust respectfully disagrees with the Staff’s interpretations, the Trust agreed to prepare and disclose such financial statements in an amendment to this Form 10-K. The Trust has therefore included such financial statements in an amendment to this Form 10-K.

In light of the Staff’s interpretation referenced above, the Trust reconsidered its evaluation of the effectiveness of the design and operation of the disclosure controls and procedures for the Trust and each Series as of the Evaluation Date. Based upon such reconsidered evaluation, and the Trust’s differing interpretation referenced above, the Chief Executive Officer and Chief Financial Officer of the Managing Owner again 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 filings. Nevertheless, in light of the Staff’s interpretations described above, the Trust has modified its controls and procedures to include the preparation of financial statements for the Trading Companies for future annual reports on Form 10-K.

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. 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, 2007, based on the framework set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in its report entitled Internal Control-Integrated Framework. Based on that assessment, management concluded that, as of December 31, 2007, the internal control over financial reporting for the Trust and each Series is effective based on the criteria established in Internal Control-Integrated Framework.

Upon review of the AICPA’s Audit Guide for Investment Companies, the Trust concluded that Schedules of Investments and financial highlights were not required to be included in the Trading Company financial statements referenced above in this Item 9A and would not provide any additional qualitative value to prospective or existing Limited Owners. The Staff subsequently informed the Trust that it interpreted the literature to require such additional disclosures. Although the Trust respectfully disagrees with the Staff’s interpretation, the Trust has restated the Trading Company financials to include such additional disclosures. In light of the differing interpretations of the literature, and the Trust’s belief that its reliance on specific provisions of the Audit Guide provided a reasonable basis for its presentation prior to restatement, the Trust believes that internal controls over financial reporting for the Trust and each Series were effective. However, the Trust has modified its internal controls over financial reporting to include Schedules of Investments and financial highlights in the Trading Company financial statements.

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

Part IV

Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.

(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, Equinox Fund Management, LLC and the Selling Agents****
1.2	Form of Amendment Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents**
1.3	Form of Amendment Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents***
1.4	Form of Amendment Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents***
1.5	Form of Amendment Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents****
1.6	Form of Amendment Agreement among the Registrant, Equinox Fund Management, LLC and the Selling Agents****
4.1	Declaration of Trust and Amended and Restated Trust Agreement of the Registrant (annexed to the Prospectus as Exhibit A)****
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)****
10.1	Form of Amended and Restated Escrow Agreement among the Registrant, Equinox Fund Management, LLC, Bornhoft Group Securities Corporation and the U.S. Bank National Association, Denver Colorado***
10.2	Form of Brokerage Agreement between each Trading Company and UBS Securities, LLC*
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***
10.25	Form of Brokerage Agreement between each Trading Company and Fimat USA, LLC****
10.3	Form of Advisory Agreement among the Registrant, the Trading Company, Equinox Fund Management, LLC, and each Trading Advisor****

5

10.31	Form of International Swaps and Derivatives Association Master Agreement, including all Schedules thereto and the Credit Support Annex thereto entered into for the Long Only Commodity Series of the Registrant***
10.32	Form of License Agreement among Jefferies Financial Products, LLC, Reuters America LLC, the Registrant and Equinox Fund Management, LLC***
10.33	Form of License Agreement among Jefferies Financial Products, the Registrant and Equinox 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***
10.36	Form of International Swaps and Derivatives Association Master Agreement, including all Schedules thereto and the Credit Support Annex thereto entered into for the Managed Futures Index Series of the Registrant***
10.4	Form of Cash Management Agreement between Equinox Fund Management, LLC and Merrill Lynch**
10.41	Form of Cash Management Agreement between Equinox Fund Management, LLC and STW Fixed Income Management Ltd.***
10.5	Form of single-member limited liability company operating agreement governing each Trading Company***
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 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)
31.3	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)
31.4	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)
31.5	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)
31.6	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)
31.7	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)
31.8	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)
31.9	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)
31.10	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)
31.11	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)
31.12	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)

6

31.13	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)
31.14	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)
31.15	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)
31.16	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)
31.17	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)
31.18	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)
31.19	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)
31.20	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)
32.9	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished herewith)
32.10	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished herewith)

* 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.

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*** 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.

8

INDEX TO FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm	F-2
Statements of Financial Condition as of December 31, 2007 and 2006	F-3
Condensed Schedule of Investments as of December 31, 2007	F-6
Condensed Schedule of Investments as of December 31, 2006	F-7
Statements of Operations for the years ended December 31, 2007, 2006 and 2005	F-8
Statements of Changes in Owners’ Capital for the years ended December 31, 2007, 2006 and 2005	F-12
Notes to Financial Statements	F-17

INDEX TO TRADING COMPANY FINANCIAL STATEMENTS⁽¹⁾

Report of Independent Registered Public Accounting Firm	F-34
Statements of Financial Condition as of December 31, 2007 and 2006	F-35
Condensed Schedule of Investments as of December 31, 2007	F-36
Condensed Schedule of Investments as of December 31, 2006	F-38
Statements of Operations for the Years Ended December 31, 2007, 2006 and 2005	F-40
Statements of Changes in Members’ Equity for the Years Ended December 31, 2007, 2006 and 2005	F-41
Notes to Financial Statements	F-42

⁽¹⁾ The Trust holds 100% 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 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. Although not required pursuant to Rule 3-09, financial statements of each consolidated Trading Company of the Trust are also included in the interest of providing a more complete presentation.

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Unitholders

The Frontier Fund

We have audited the accompanying statements of financial condition, including the condensed schedule of investments, of Balanced Series, Winton Series (formerly Beach Series), Currency Series, Dunn Series, Campbell/Graham Series, Graham Series, Long Only Commodity Series, Long/Short Commodity Series and the Managed Futures Index Series of The Frontier Fund (collectively, the “Trust”) as of December 31, 2007 and 2006, and the related statements of operations and changes in owners’ capital for each of the three years in the period ended December 31, 2007. These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material respects, the financial position of Balanced Series, Winton Series (formerly Beach Series), Currency Series, Dunn Series, Campbell/Graham Series, Graham Series, Long Only Commodity Series, Long/Short Commodity Series and the Managed Futures Index Series of The Frontier Fund as of December 31, 2007 and 2006, and the results of their operations and changes in owners’ capital for each of the three years in the period ended December 31, 2007, in conformity with U.S. generally accepted accounting procedures.

We were not engaged to examine management’s assertion about the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2007 included in the accompanying Report on Management’s Assessment of Internal Control over Financial Reporting and, accordingly, we do not express an opinion thereon.

/s/ McGladrey & Pullen, LLP

Denver, Colorado

March 17, 2008

F-2

The Frontier Fund

Statements of Financial Condition

December 31, 2007 and December 31, 2006

	Balanced Series				Winton Series (1)				Campbell/Graham Series
	12/31/2007		12/31/2006		12/31/2007		12/31/2006		12/31/2007		12/31/2006
ASSETS
Cash and cash equivalents	$	176,009,417	$	85,018,542	$	41,692,931	$	538,923	$	35,416,683	$	11,941,234
Short-term investments		—		86,826,629		—		—		—		21,115,260
Cash held at futures commodity merchants		52,225,010		37,877,153		—		—		12,761,730		13,938,010
Open trade equity		1,941		11,391,371		—		—		—		1,576,367
Swap/option contracts		47,241,455		34,603,385		—		—		—		—
Investments in unconsolidated trading companies		4,238,348		—		4,637,121		355,763		18,353,523		50,785,796
Inter-series receivables		4,535,784		65,035,889		—		—		—		—
Prepaid service fees—Class 1		357,855		1,316,314		278,573		—		164,924		283,158
Receivable from related parties		18,836		1,170,502		105,754		34		—		6,539
Other assets		238,781		120,468		64,709		1,342		69,613		179,558
Total Assets		284,867,427	$	323,360,253	$	46,779,088	$	896,062	$	66,766,473	$	99,825,922
LIABILITIES & OWNERS’ CAPITAL
LIABILITIES
Inter-series payables	$	—	$	—	$	—	$	—	$	—	$	26,972,529
Open trade deficit		—		—		—		—		96,655		—
Liability to unconsolidated trading company		—		78,056		—		—		—		—
Pending owner additions		228,977		987,713		214,912		162,500		156,300		485,675
Owner redemptions payable		278,974		754,023		9,759		—		19,506		65,762
Incentive fees payable to Managing Owner		1,487,150		—		327,608		1,687		—		23,954
Management fees payable to Managing Owner		122,882		96,056		64,860		619		116,741		115,910
Interest fees payable to Managing Owner		375,955		324,385		66,029		775		92,401		116,626
Trading fees payable to Managing Owner		158,231		100,164		16,215		155		29,681		33,018
Trailing service fees payable to Managing Owner		398,386		225,872		10,242		175		98,746		44,899
Payables to related parties		354,403		—		8,179		82,260		1,305		100,959
Other liabilities		252,579		53,819		22,123		246		28,680		158,732
Total Liabilities		3,657,537		2,620,088		739,927		248,417		640,015		28,118,064
MINORITY INTERESTS		23,625,044		42,733,193		—		—		4,775,554		15,514,377
OWNERS’ CAPITAL
Managing Owner Units—Class 1		182		192		1,138		1,057		—		—
Managing Owner Units—Class 2		2,918,791		760,413		235,392		228,782		244,457		2,105,062
Limited Owner Units—Class 1		210,379,066		228,763,573		35,663,122		355,867		55,530,902		48,843,314
Limited Owner Units—Class 2		44,286,807		48,482,794		10,139,509		61,939		5,575,545		5,245,105
Total Owners’ Capital		257,584,846		278,006,972		46,039,161		647,645		61,350,904		56,193,481
Total Liabilities, Minority Interests and Owners’ Capital	$	284,867,427	$	323,360,253	$	46,779,088	$	896,062	$	66,766,473	$	99,825,922
Units Outstanding
Class 1		2,018,003		2,105,455		313,310		3,378		604,239		507,344
Class 1a		62,032		43,802		N/A		N/A		N/A		N/A
Class 2		410,311		425,239		87,473		2,722		58,085		72,160
Class 2a		13,110		6,761		N/A		N/A		N/A		N/A
Net Asset Value per Unit
Class 1	$	101.46	$	106.66	$	113.83	$	105.65	$	91.90	$	96.27
Class 1a	$	90.90	$	95.97		N/A		N/A		N/A		N/A
Class 2	$	112.00	$	114.24	$	118.61	$	106.81	$	100.20	$	101.86
Class 2a	$	95.47	$	97.88		N/A		N/A		N/A		N/A

(1) The Beach Series was renamed the Winton Series in May, 2006. (See Note 1)

The accompanying notes are an integral part of these statements.

F-3

The Frontier Fund

Statements of Financial Condition

December 31, 2007 and December 31, 2006

	Currency Series				Dunn Series (1)				Graham Series
	12/31/2007		12/31/2006		12/31/2007		12/31/2006		12/31/2007		12/31/2006
ASSETS
Cash and cash equivalents	$	12,715,131	$	5,193,474	$	—	$	192,143	$	3,077,061	$	4,346,300
Short-term investments		—		10,001,777		—		332,290		—		8,875,068
Cash held at futures commodity merchants		1,539,788		1,495,953		—		—		—		—
Open trade equity		34,703		41,615		—		—		—		—
Swap contracts		822,068		1,474,958		—		—		—		—
Investments in unconsolidated trading companies		—		—		—		—		4,775,554		7,226,062
Prepaid service fees—Class 1		33,387		39,059		—		—		12,215		13,971
Receivable from related parties		86,190		850		—		19		70,739		937
Other assets		933		—		—		226		19,655		31,060
Total Assets	$	15,232,200	$	18,247,686	$	—	$	524,678	$	7,955,224	$	20,493,398
LIABILITIES & OWNERS’ CAPITAL
LIABILITIES
Liability to unconsolidated trading company	$	—	$	—	$	—	$	120,051	$	—	$	—
Inter-series payables		4,535,784		10,697,187		—		—		—		12,012,370
Pending owner additions		15,612		54,500		—		—		18,400		—
Owner redemptions payable		30,627		—		—		75,653		—		6,473
Incentive fees payable to Managing Owner		—		—		—		—		1,063		—
Management fees payable to Managing Owner		10,354		13,338		—		—		15,307		54,921
Interest fees payable to Managing Owner		22,752		29,692		—		353		11,584		34,187
Trading fees payable to Managing Owner		8,354		10,388		—		121		3,062		10,984
Trailing service fees payable to Managing Owner		9,645		1,043		—		311		10,180		8,832
Payables to related parties		1,652		50,899		—		174,901		902		324,799
Other liabilities		5,414		4,012		—		1,354		25,743		—
Total Liabilities		4,640,194		10,861,059		—		372,744		86,241		12,452,566
OWNERS’ CAPITAL
Managing Owner Units—Class 2		513,938		16,689		—		823		44,700		389,915
Limited Owner Units—Class 1		9,791,812		6,891,891		—		123,164		6,060,207		5,991,337
Limited Owner Units—Class 2		286,256		478,047		—		27,947		1,764,076		1,659,580
Total Owners’ Capital		10,592,006		7,386,627		—		151,934		7,868,983		8,040,832
Total Liabilities and Owners’ Capital	$	15,232,200	$	18,247,686	$	—	$	524,678	$	7,955,224	$	20,493,398
Units Outstanding
Class 1		97,273		68,126		—		1,601		63,767		70,733
Class 2		7,209		4,571		—		350		17,331		22,709
Net Asset Value per Unit
Class 1	$	100.66	$	101.16		N/A	$	76.91	$	95.04	$	84.70
Class 2	$	111.00	$	108.23		N/A	$	82.27	$	104.37	$	90.25

(1) All remaining Dunn Series investors were redeemed on October 15, 2007

The accompanying notes are an integral part of these statements.

F-4

The Frontier Fund

Statements of Financial Condition

December 31, 2007 and December 31, 2006

	Long Only Commodity Series				Long/Short Commodity Series					Managed Futures Index Series
	12/31/2007		12/31/2006		12/31/2007		12/31/2006			12/31/2007		12/31/2006
ASSETS
Cash and cash equivalents	$	4,275,935	$	3,587,676	$	28,837,629	$	6,411,775		$	332,995	$	2,753,004
Short-term investments		—		5,563,361		—		10,792,589			—		5,504,248
Cash held at futures commodity merchants		—		—		21,539,642		4,485,621			—		1,729,868
Open trade equity		—		—		—		280,503			—		428,995
Swap contracts		768,028		806,473		—					—
Investments in unconsolidated trading companies		—		—		—		—			634,400		—
Prepaid service fees—Class 1		5,101		50,792		150,263		213,218			1,742		5,074
Receivable from related parties		—		2,228		91,720		9,767			—		65
Other assets		2,917		1,880		—		41,143			2,110		3,723
Total Assets	$	5,051,981	$	10,012,410	$	50,619,254	$	22,234,616		$	971,247	$	10,424,977
LIABILITIES & OWNERS’ CAPITAL
LIABILITIES
Inter-series payables	$	—	$	5,522,034	$	—	$	—		$	—	$	9,831,769
Open trade deficit		—		—		11,151,267		—			—		—
Pending owner additions		—		4,604		49,444		—			10,000		—
Owner redemptions payable		5,192		15,000		26,075		988			—		—
Incentive fees payable to Managing Owner		—		—		214,878		—			—		—
Management fees payable to Managing Owner		5,441		10,389		102,236		59,278			1,261		17,252
Interest fees payable to Managing Owner		3,016		7,622		21,286		16,931			622		7,781
Trading fees payable to Managing Owner		2,175		4,162		15,692		8,468			315		4,313
Trailing service fees payable to Managing Owner		5,968		79		37,752		3,041			680		114
Payables to related parties		121		9,732		2,986		47,889			36		11,019
Other liabilities		—		1,923		7,654		—			884		—
Total Liabilities		21,913		5,575,545		11,629,270		136,595			13,798		9,872,248
MINORITY INTERESTS		—		—		4,238,348		(78,056	)		—		—
OWNERS’ CAPITAL
Managing Owner Units—Class 2		170,094		47,632		374,050		249,285			294,572		50,141
Limited Owner Units—Class 1		4,730,889		4,321,464		31,092,746		19,478,595			621,740		500,070
Limited Owner Units—Class 2		129,085		67,769		3,284,840		2,448,197			41,137		2,518
Total Owners’ Capital		5,030,068		4,436,865		34,751,636		22,176,077			957,449		552,729
Total Liabilities, Minority Interests and Owners’ Capital	$	5,051,981	$	10,012,410	$	50,619,254	$	22,234,616		$	971,247	$	10,424,977
Units Outstanding
Class 1		42,701		45,276		306,425		193,966			6,181		5,169
Class 2		2,601		1,188		34,136		26,206			3,215		535
Net Asset Value per Unit
Class 1	$	110.79	$	95.45	$	101.47	$	100.42		$	100.59	$	96.75
Class 2	$	115.04	$	97.13	$	107.19	$	102.93		$	104.42	$	98.43

The accompanying notes are an integral part of these statements.

F-5

The Frontier Fund

Condensed Schedule of Investments

December 31, 2007

	Balanced Series					Currency Series				Campbell/Graham Series					Long/Short Commodity Series					Long Only Commodity Series
Description	Value			% of Net Asset Value		Value		% of Net Asset Value		Value			% of Net Asset Value		Value			% of Net Asset Value		Value		% of Net Asset Value
LONG FUTURES CONTRACTS
Various base metals futures contracts (US)	$	(1,365,548	)	-0.53	%	$	—	0.00	%	$	(46,995	)	-0.08	%	$	78,655		0.23	%	$	—	0.00	%
Various currency futures contracts (US)		(23,181	)	-0.01	%		—	0.00	%		5,213		0.01	%		(29,520	)	-0.08	%		—	0.00	%
Various currency futures contracts (Canada)		16,808		0.01	%			0.00	%		—		0.00	%		—		0.00	%			0.00	%
Various currency futures contracts (Europe)		87,760		0.03	%		—	0.00	%		(8,656	)	-0.01	%		—		0.00	%		—	0.00	%
Various currency futures contracts (Far East)		24,523		0.01	%		—	0.00	%		—		0.00	%		—		0.00	%		—	0.00	%
Various energy futures contracts (US)		1,056,350		0.41	%		—	0.00	%		23,239		0.04	%		2,390,287		6.88	%		—	0.00	%
Various interest rates futures contracts (US)		19,323		0.01	%		—	0.00	%		1,922		0.00	%		52,718		0.15	%		—	0.00	%
Various interest rates futures contracts (Canada)		(8,845	)	0.00	%		—	0.00	%		—		0.00	%		—		0.00	%		—	0.00	%
Various interest rates futures contracts (Europe)		123,859		0.05	%		—	0.00	%		4,554		0.01	%		—		0.00	%		—	0.00	%
Various interest rates futures contracts (Far East)		13,569		0.01	%		—	0.00	%		39,259		0.06	%		—		0.00	%		—	0.00	%
Various precious metals futures contracts (US)		610,450		0.24	%		—	0.00	%		440		0.00	%		68,860		0.20	%		—	0.00	%
Various soft futures contracts (US)		2,125,453		0.83	%		—	0.00	%		(1,859	)	0.00	%		2,321,450		6.68	%		—	0.00	%
Various soft futures contracts (Europe)		(2,648	)	0.00	%		—	0.00	%		(3,802	)	-0.01	%		—		0.00	%		—	0.00	%
Various soft futures contracts (Canada)		2,547		0.00	%		—	0.00	%				0.00	%		—		0.00	%			0.00	%
Various stock index futures contracts (US)		35,587		0.01	%		—	0.00	%		(2,020	)	0.00	%		(61,188	)	-0.18	%		—	0.00	%
Various stock index futures contracts (Canada)		105,241		0.04	%		—	0.00	%				0.00	%		—		0.00	%		—	0.00	%
Various stock index futures contracts (Europe)		627,236		0.24	%		—	0.00	%		(6,130	)	-0.01	%		—		0.00	%		—	0.00	%
Various stock index futures contracts (Far East)		808		0.00	%		—	0.00	%		(988	)	0.00	%		—		0.00	%		—	0.00	%
Total Long Futures Contracts		3,449,292		1.35	%		—	0.00	%		4,177		0.01	%		4,821,262		13.88	%		—	0.00	%
LONG CURRENCY FORWARDS		(2,100,578	)	-0.82	%		120	0.00	%		107,869		0.18	%		—		0.00	%		—	0.00	%
LONG SWAPS / OPTIONS		47,241,455		18.34	%		822,068	7.76	%		—		0.00	%		—		0.00	%		768,028	15.27	%
SHORT FUTURES CONTRACTS
Various base metals futures contracts (US)		761,622		0.30	%		—	0.00	%		95,072		0.15	%		(2,648,030	)	-7.62	%		—	0.00	%
Various currency futures contracts (US)		(1,054,649	)	-0.41	%		—	0.00	%		—		0.00	%		—		0.00	%		—	0.00	%
Various currency futures contracts (Canada)		—		0.00	%		—	0.00	%		—		0.00	%		—		0.00	%		—	0.00	%
Various currency futures contracts (Europe)		50,981		0.02	%			0.00	%		(3,312	)	-0.01	%		—		0.00	%		—	0.00	%
Various currency futures contracts (Far East)		(12,008	)					0.00	%		—		0.00	%		—		0.00	%			0.00	%
Various energy futures contracts (US)		(373,088	)	-0.14	%			0.00	%		(28,300	)	-0.05	%		(7,884,832	)	-22.69	%		—	0.00	%
Various interest rates futures contracts (US)		(2,109	)	0.00	%		—	0.00	%		(6,547	)	-0.01	%		4,219		0.01	%		—	0.00	%
Various interest rates futures contracts (Canada)		(35,042	)	-0.01	%		—	0.00	%		—		0.00	%		—		0.00	%		—	0.00	%
Various interest rates futures contracts (Europe)		395,456		0.15	%		—	0.00	%		(9,568	)	-0.02	%		—		0.00	%		—	0.00	%
Various interest rates futures contracts (Far East)		110,505		0.04	%		—	0.00	%		(1,029	)	0.00	%		—		0.00	%		—	0.00	%
Various precious metals futures contracts (US)		—		0.00	%		—	0.00	%		—		0.00	%		—		0.00	%		—	0.00	%
Various soft futures contracts (US)		(406,176	)	-0.16	%		—	0.00	%		—		0.00	%		(5,344,761	)	-15.38	%		—	0.00	%
Various soft futures contracts (Europe)		—		0.00	%		—	0.00	%		—		0.00	%		—		0.00	%		—	0.00	%
Various stock index futures contracts (US)		(774,960	)	-0.30	%		—	0.00	%		7,815		0.01	%		(99,125	)	-0.29	%		—	0.00	%
Various stock index futures contracts (Europe)		(3,046	)	0.00	%		—	0.00	%		—		0.00	%		—		0.00	%		—	0.00	%
Various stock index futures contracts (Far East)		40,782		0.02	%		—	0.00	%		—		0.00	%		—		0.00	%		—	0.00	%
Total Short Futures Contracts		(1,301,732	)	-0.49	%		—	0.00	%		54,131		0.07	%		(15,972,529	)	-45.97	%		0	0.00	%
SHORT CURRENCY FORWARDS		45,041		-0.02	%		34,583	0.33	%		(262,832	)	-0.43	%		—		0.00	%		—	0.00	%
Total Open Trade Equity	$	47,243,396	(1)	18.38	%	$	856,771	8.09	%	$	(96,655	)	-0.17	%	$	(11,151,267	)(1)	-32.09	%		768,028	15.27	%

(1) The Long/Short Commodity Series consolidates the assets of Frontier Trading Company VII which includes the open trade equity of two traders whose trading results are primarily allocated to the Balanced Series. The combined open trade deficit of these two traders is ($11,521,659). This deficit is reflected as a component of Investment in unconsolidated trading companies for the Balanced Series.

F-6

The Frontier Fund

Condensed Schedule of Investments

December 31, 2006

	Balanced Series					Campbell/Graham Series					Currency Series				Long Only Commodity Series					Long/Short Commodity Series					Managed Futures Index Series
Description	Value			% of Net Asset Value		Value			% of Net Asset Value		Value		% of Net Asset Value		Value			% of Net Asset Value		Value			% of Net Asset Value		Value			% of Net Asset Value
LONG FUTURES CONTRACTS
Various base metals futures contracts (US)	$	(315,906	)	-0.11	%	$	—		0.00	%	$	—	0.00	%	$	—		0.00	%	$	(32,200	)	-0.15	%	$	—		0.00	%
Various base metals futures contracts (Europe)		900,149		0.32	%		(36,938	)	-0.07	%		—	0.00	%		—		0.00	%		—		0.00	%		172,913		31.28	%
Various currency futures contracts (US)		(1,004,714	)	-0.36	%		—		0.00	%		—	0.00	%		—		0.00	%		(98,319	)	-0.44	%		—		0.00	%
Various currency futures contracts (Europe)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Far East)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%		—		0.00	%		—		0.00	%
Various energy futures contracts (US)		(25,784	)	-0.01	%		—		0.00	%		—	0.00	%		—		0.00	%		285,382		1.29	%		—		0.00	%
Various energy futures contracts (Europe)		(35,845	)	-0.01	%		—		0.00	%		—	0.00	%		—		0.00	%		(20,692	)	-0.09	%		—		0.00	%
Various interest rates futures contracts (US)		(733,040	)	-0.26	%		(663,199	)	-1.18	%		—	0.00	%		—		0.00	%		(7,438	)	-0.03	%		—		0.00	%
Various interest rates futures contracts (Canada)		(15,700	)	-0.01	%		—		0.00	%		—	0.00	%		—		0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		(483,319	)	-0.17	%		—		0.00	%		—	0.00	%		—		0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)		(24,257	)	-0.01	%		(109,292	)	-0.19	%		—	0.00	%		—		0.00	%		—		0.00	%		26,512		4.80	%
Various precious metals futures contracts (US)		(896,381	)	-0.32	%		(3,810	)	-0.01	%		—	0.00	%		—		0.00	%		(33,680	)	-0.15	%		1,720		0.31	%
Various soft futures contracts (US)		637,564		0.23	%		17,215		0.03	%		—	0.00	%		—		0.00	%		283,910		1.28	%		28,408		5.14	%
Various soft futures contracts (Europe)		5,267		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (US)		(109,905	)	-0.04	%		(151,126	)	-0.27	%		—	0.00	%		—		0.00	%		1,539		0.01	%		(2,700	)	-0.49	%
Various stock index futures contracts (Canada)		25,177		0.01	%		—		0.00	%		—	0.00	%		—		0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		895,256		0.32	%		271,303		0.48	%		—	0.00	%		—		0.00	%		—		0.00	%		5,420		0.98	%
Various stock index futures contracts (Far East)		1,244,428		0.45	%		337,523		0.60	%		—	0.00	%		—		0.00	%		—		0.00	%		46,217		8.36	%
Total Long Futures Contracts		62,990		0.02	%		(338,324	)	-0.60	%		—	0.00	%		—		0.00	%		378,502		1.71	%		278,490		50.38	%
LONG CURRENCY FORWARDS		2,711,184		0.98	%		1,245,757		2.22	%		35,152	0.48	%		—		0.00	%		—		0.00	%		79,612		14.40	%
LONG SWAPS		—		0.00	%		—		0.00	%		6,463	0.09	%		(605,943	)	-13.66	%		—		0.00	%		—		0.00	%
SHORT FUTURES CONTRACTS
Various base metals futures contracts (US)		1,286,062		0.46	%		—		0.00	%		—	0.00	%		—		0.00	%		31,875		0.14	%		2,450		0.44	%
Various base metals futures contracts (Europe)		(467,572	)	-0.17	%		(5,419	)	-0.01	%		—	0.00	%		—		0.00	%		—		0.00	%		(154,474	)	-27.95	%
Various currency futures contracts (US)		1,030,911		0.37	%		(104,580	)	-0.19	%		—	0.00	%		—		0.00	%		11,460		0.05	%		313		0.06	%
Various energy futures contracts (US)		774,035		0.28	%		109,801		0.20	%		—	0.00	%		—		0.00	%		(90,341	)	-0.41	%		24,629		4.46	%
Various energy futures contracts (Europe)		94,725		0.03	%		3,830		0.01	%		—	0.00	%		—		0.00	%		116,533		0.53	%		—		0.00	%
Various interest rates futures contracts (US)		1,641,151		0.59	%		39,306		0.07	%		—	0.00	%		—		0.00	%		53,781		0.24	%		5,375		0.97	%
Various interest rates futures contracts (Canada)		206,630		0.07	%		—		0.00	%		—	0.00	%		—		0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		3,465,274		1.25	%		682,466		1.21	%		—	0.00	%		—		0.00	%		—		0.00	%		166,794		30.18	%
Various interest rates futures contracts (Far East)		407,369		0.15	%		4,256		0.01	%		—	0.00	%		—		0.00	%		—		0.00	%		33,737		6.10	%
Various precious metals futures contracts (US)		275,610		0.10	%		—		0.00	%		—	0.00	%		—		0.00	%		5,160		0.02	%		—		0.00	%
Various soft futures contracts (US)		(291,034	)	-0.10	%		(46,126	)	-0.08	%		—	0.00	%		—		0.00	%		(226,467	)	-1.02	%		(4,920	)	-0.89	%
Various soft futures contracts (Europe)		38,190		0.01	%		(14,600	)	-0.03	%		—	0.00	%		—		0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (US)		189,289		0.07	%		—		0.00	%		—	0.00	%		—		0.00	%		—		0.00	%		(3,010	)	-0.54	%
Various stock index futures contracts (Europe)		(17,614	)	-0.01	%		—		0.00	%		—	0.00	%		—		0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Far East)		(15,829	)	-0.01	%		—		0.00	%		—	0.00	%		—		0.00	%		—		0.00	%		—		0.00	%
Total Short Futures Contracts		8,617,197		3.10	%		668,934		1.19	%		—	0.00	%		—		0.00	%		(97,999	)	-0.44	%		70,894		12.83	%
Total Open Trade Equity (Deficit)	$	11,391,371		4.10	%	$	1,576,367		2.81	%	$	41,615	0.56	%		(605,943	)	-13.66	%	$	280,503		1.26	%	$	428,996		77.61	%

F-7

The Frontier Fund

Statements of Operations

For the Years Ended December 31, 2007, 2006 and 2005

	Balanced Series (1)									Winton Series (2)
	12/31/2007			12/31/2006			12/31/2005			12/31/2007			12/31/2006			12/31/2005
Investment Income:
Interest—net	$	6,823,418		$	4,254,855		$	1,010,834		$	563,371		$	36,215		$	16,877
Total Income		6,823,418			4,254,855			1,010,834			563,371			36,215			16,877
Expenses:
Incentive Fees		9,634,890			3,470,255			3,997,498			687,066			71,573			60,246
Management Fees		1,463,113			802,912			413,523			445,408			13,628			25,932
Service Fees—Class 1		6,903,826			5,329,865			1,834,871			475,010			18,222			36,835
Trading Fees		1,653,104			833,258			413,670			111,329			3,413			6,481
Total Expenses		19,654,933			10,436,290			6,659,562			1,718,813			106,836			129,494
Investment gain/(loss)—net		(12,831,515	)		(6,181,435	)		(5,648,728	)		(1,155,442	)		(70,621	)		(112,617	)
Realized and unrealized gain (loss) on investments:
Net realized gain/(loss) on futures and currencies		18,024,499			7,996,421			7,979,535			—			—			—
Net realized gain/(loss) on option / swap contracts		1,674,698			—			—			—			—			—
Net change in open trade equity		(5,946,236	)		5,195,082			6,537,199			—			—			—
Net unrealized gain/(loss) on option / swap contracts		(4,294,443	)		1,603,390			—			—			—			—
Trading commissions		(2,989,829	)		(1,407,917	)		(1,097,696	)		—			—			—
Net change in inter-series receivables		632,098			996,839			—			—			—			—
Net change in inter-series payables		—			—			—			—			—			—
Equity in earnings/(loss) from trading company		(2,311,769	)		(44,543	)		(795	)		4,995,445			400,995			365,856
Net gain/(loss) on investments		4,789,018			14,339,272			13,418,243			4,995,445			400,995			365,856
Minority interests		(5,141,096	)		(3,662,154	)		(724,988	)		—			—			—
NET INCREASE/(DECREASE) IN OWNERS’ CAPITAL RESULTING FROM OPERATIONS	$	(13,183,593	)	$	4,495,683		$	7,044,527		$	3,840,003		$	330,374		$	253,239
NET INCOME/(LOSS) PER UNIT
Class 1	$	(5.20	)	$	2.08		$	(1.45	)	$	8.18		$	5.65		$	5.92
Class 1a	$	(5.07	)	$	(4.03	)		N/A			N/A			N/A			N/A
Class 2	$	(2.24	)	$	5.51		$	1.88		$	11.80		$	6.81		$	9.43
Class 2a	$	(2.41	)	$	(2.12	)		N/A			N/A			N/A			N/A

(1) The Balanced Series 1a and 2a of the Trust commenced trading operations on May 1, 2006.

(2) The Beach Series was renamed the Winton Series in May, 2006. (See Note 1.)

The accompanying notes are an integral part of these statements.

F-8

The Frontier Fund

Statements of Operations

For the Years Ended December 31, 2007, 2006 and 2005

	Campbell/Graham Series (1)									Currency Series
	12/31/2007			12/31/2006			12/31/2005			12/31/2007			12/31/2006			12/31/2005
Investment Income:
Interest—net	$	1,614,470		$	1,263,221		$	126,602		$	435,431		$	418,503		$	3,370
Total Income		1,614,470			1,263,221			126,602			435,431			418,503			3,370
Expenses:
Incentive Fees		1,025,208			319,952			210,651			—			19,672			—
Management Fees		1,351,587			1,159,057			228,694			106,645			134,963			7,049
Service Fees—Class 1		1,592,284			1,102,685			245,963			256,106			121,492			2,161
Trading Fees		377,049			245,176			45,739			95,794			80,183			1,459
Total Expenses		4,346,128			2,826,870			731,047			458,545			356,310			10,669
Investment gain/(loss)—net		(2,731,658	)		(1,563,649	)		(604,445	)		(23,114	)		62,193			(7,299	)
Realized and unrealized gain (loss) on investments:
Net realized gain/(loss) on futures and currencies		1,718,484			127,728			467,176			(8,104	)		27,040			(310	)
Net realized gain/(loss) on option / swap contracts		—			—			—			135,100			900,226			—
Net change in open trade equity		(341,386	)		504,120			(1,373,930	)		(28,482	)		14,008			(1,164	)
Trading commissions		(42,272	)		(111,438	)		(17,946	)		—			—			—
Net change in inter-series payables		325,800			(572,529	)		—			(188,597	)		(697,187	)		—
Equity in earnings/(loss) from trading company		69,672			3,279,772			1,570,356			—			—			(3,701	)
Net gain/(loss) on investments		1,730,298			3,227,653			645,656			(90,083	)		244,087			(5,175	)
Minority interests		(1,334,826	)		(520,410	)		363,365			—			(22,289	)		795
NET INCREASE/(DECREASE) IN OWNERS’ CAPITAL RESULTING FROM OPERATIONS	$	(2,336,186	)	$	1,143,594		$	404,576		$	(113,197	)	$	283,991		$	(11,679	)
NET INCOME/(LOSS) PER UNIT
Class 1	$	(4.37	)	$	1.97		$	(5.70	)	$	(0.50	)	$	3.50		$	(5.01	)
Class 2	$	(1.66	)	$	5.03		$	(3.17	)	$	2.77		$	6.81		$	(2.05	)

(1) The Campbell/Graham Series of the Trust commenced trading operations on February 11, 2005.

The accompanying notes are an integral part of these statements.

F-9

The Frontier Fund

Statements of Operations

For the Years Ended December 31, 2007, 2006 and 2005

	Dunn Series (1)									Graham Series
	12/31/2007			12/31/2006			12/31/2005			12/31/2007			12/31/2006			12/31/2005
Investment Income:
Interest—net	$	1,966		$	6,810		$	20,588		$	206,887		$	422,496		$	85,327
Total Income		1,966			6,810			20,588			206,887			422,496			85,327
Expenses:
Incentive Fees		—			—			—			170,704			—			—
Management Fees		—			—			—			216,609			414,945			215,540
Service Fees—Class 1		2,148			4,514			4,892			163,270			175,339			122,139
Trading Fees		514			1,481			9,280			42,979			83,423			43,121
Total Expenses		2,662			5,995			14,172			593,562			673,707			380,800
Investment gain/(loss)—net		(696	)		815			6,416			(386,675	)		(251,211	)		(295,473	)
Realized and unrealized gain (loss) on investments:
Net realized gain/(loss) on futures and currencies		—			—			—			—			—			(1,234,755	)
Net change in open trade equity		—			—			—			—			—			1,499,174
Trading commissions		—			—			—			—			—			(56,465	)
Net change in inter-series payables		—			—			—			(76,140	)		(12,370	)		—
Equity in earnings/(loss) from trading company		(33,796	)		(18,613	)		(389,573	)		1,334,826			520,410			(363,365	)
Net gain/(loss) on investments		(33,796	)		(18,613	)		(389,573	)		1,258,686			508,040			(155,411	)
Minority interests		—			—			—			—			—			(817,950	)
NET INCREASE/(DECREASE) IN OWNERS’ CAPITAL RESULTING FROM OPERATIONS	$	(34,492	)	$	(17,798	)	$	(383,157	)	$	872,011		$	256,829		$	(1,268,834	)
NET INCOME/(LOSS) PER UNIT
Class 1	$	(24.22	)	$	(9.92	)	$	(18.13	)	$	10.34		$	1.80		$	(20.67	)
Class 2	$	(24.56	)	$	(7.88	)	$	(15.62	)	$	14.12		$	4.52		$	(18.19	)

(1) All remaining Dunn Series investors were redeemed on October 15, 2007

The accompanying notes are an integral part of these statements.

F-10

The Frontier Fund

Statements of Operations

For the Years Ended December 31, 2007 and 2006

	Long Only Commodity Series (1)						Long/Short Commodity Series (1)						Managed Futures Index Series (1)
	12/31/2007			12/31/2006			12/31/2007			12/31/2006			12/31/2007			12/31/2006
Investment Income:
Interest—net	$	509,099		$	231,248		$	1,051,098		$	883,143		$	165,165		$	285,909
Total Income		509,099			231,248			1,051,098			883,143			165,165			285,909
Expenses:
Incentive Fees		—			—			728,853			263,124			—			—
Management Fees		171,913			76,017			1,027,170			724,741			87,109			140,606
Service Fees—Class 1		88,731			27,656			800,073			299,596			11,883			3,692
Trading Fees		68,726			30,577			140,750			110,800			21,638			35,292
Total Expenses		329,370			134,250			2,696,846			1,398,261			120,630			179,590
Investment gain/(loss)—net		179,729			96,998			(1,645,748	)		(515,118	)		44,535			106,319
Realized and unrealized gain (loss) on investments:
Net realized gain/(loss) on futures and currencies		—			—			15,057,205			618,199			(353,098	)		(681,466	)
Net realized gain/(loss) on option / swap contracts		1,729,289			(643,705	)		—			—			—			—
Net change in open trade equity		—			—			(14,220,168	)		398,400			(224,977	)		429,002
Trading commissions		—			—			(1,070,911	)		(194,308	)		(22,129	)		(34,148	)
Net change in inter-series payables		(1,184,019	)		227,966			—			(110,951	)		490,858			168,232
Equity in earnings/(loss) from unconsolidated trading company		—			—			—			—			109,775			—
Net gain/(loss) on investments		545,270			(415,739	)		(233,874	)		711,340			429			(118,380	)
Minority interests		—			—			2,311,769			66,832			—			—
NET INCREASE/(DECREASE) IN OWNERS’ CAPITAL RESULTING FROM OPERATIONS	$	724,999		$	(318,741	)	$	432,147		$	263,054		$	44,964		$	(12,061	)
NET INCOME/)LOSS) PER UNIT
Class 1	$	15.34		$	(4.55	)	$	1.05		$	0.42		$	3.84		$	(3.25	)
Class 2	$	17.91		$	(2.87	)	$	4.26		$	2.93		$	5.99		$	(1.57	)

(1) The Long Only Commodity Series, Long/Short Commodity Series and the Managed Future Index Series of the Trust commenced trading operations February 24, 2006.

The accompanying notes are an integral part of these statements.

F-11

The Frontier Fund

Statements of Changes in Owners’ Capital

For the Years Ended December 31, 2007, 2006 and 2005

	Balanced Series (1)
	Class 1					Class 1a						Class 2						Class 2a
	Managing Owner		Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners
Owner’s Capital, January 1, 2005	$	—	$	11,772,262		$	—		$	—		$	16,902,820		$	3,982,103		$	—		$	—
Sale of Units		—		100,673,862			—			—			—			18,337,828			—			—
Redemption of Units		—		(3,339,477	)		—			—			(17,195,006	)		(2,212,691	)		—			—
Net increase in Owners’ Capital resulting from operations		—		5,634,669			—			—			293,273			1,116,585			—			—
Owners’ Capital, December 31, 2005		—		114,741,316			—			—			1,087			21,223,825			—			—
Sale of Units		—		122,409,181			200			4,133,343			1,700,000			27,713,245			50,000			596,000
Redemption of Units		—		(15,376,421	)		—			—			(1,000,000	)		(2,680,487	)		—			—
Net (decrease) in Owners’ Capital resulting from operations		—		2,785,824			(8	)		70,330			10,384			1,613,347			(1,058	)		16,864
Owners’ Capital, December 31, 2006		—		224,559,900			192			4,203,673			711,471			47,869,930			48,942			612,864
Sale of Units		—		45,063,047			—			2,453,374			2,200,000			10,161,842			30,000			769,760
Redemption of Units		—		(53,164,207	)		—			(758,846	)		—			(13,809,185	)		—			(184,318	)
Net (decrease) in Owners’ Capital resulting from operations		—		(11,717,992	)		(10	)		(259,883	)		(71,325	)		(1,108,691	)		(297	)		(25,395	)
Owners’ Capital, December 31, 2007	$	—	$	204,740,748		$	182		$	5,638,318		$	2,840,146		$	43,113,896		$	78,645		$	1,172,911
Owner’s Capital—Units, January 1, 2005		—		111,031			—			—			158,195			37,269			—			—
Sale of Units		—		1,020,184			—			—			—			180,579			—			—
Redemption of Units		—		(34,037	)		—			—			(158,185	)		(22,642	)		—			—
Owners’ Capital—Units, December 31, 2005		—		1,097,178			—			—			10			195,206			—			—
Sale of Units		—		1,154,601			2			43,800			15,163			248,045			500			6,261
Redemption of Units		—		(146,324	)		—			—			(8,945	)		(24,240	)		—			—
Owners’ Capital—Units, December 31, 2006		—		2,105,455			2			43,800			6,228			419,011			500			6,261
Sale of Units		—		431,921			—			26,140			19,131			90,124			324			7,986
Redemption of Units		—		(519,373	)		—			(7,910	)		—			(124,183	)		—			(1,961	)
Owners’ Capital—Units, December 31, 2007		—		2,018,003			2			62,030			25,359			384,952			824			12,286
Net asset value per unit at January 1, 2005			$	106.03					$	100.00					$	106.85					$	100.00
Change in net asset value per unit for year ended December 31, 2005				(1.45	)					N/A						1.88						N/A
Net asset value per unit at December 31, 2005			$	104.58					$	100.00					$	108.73					$	100.00
Change in net asset value per unit for year ended December 31, 2006				2.08						(4.03	)					5.51						(2.12	)
Net asset value per unit at December 31, 2006			$	106.66					$	95.97					$	114.24					$	97.88
Change in net asset value per unit for year ended December 31, 2007				(5.20	)					(5.07	)					(2.24	)					(2.41	)
Net asset value per unit at December 31, 2007			$	101.46					$	90.90					$	112.00					$	95.47

(1) The Balanced Series Classes 1a and 2a of the Trust commenced trading operations on April 26, 2006

The accompanying notes are an integral part of these statements.

F-12

The Frontier Fund

Statements of Changes in Owners’ Capital

For the Years Ended December 31, 2007, 2006 and 2005

	Winton Series (1)											Campbell/Graham Series
	Class 1					Class 2						Class 1					Class 2
	Managing Owner		Limited Owners			Managing Owner			Limited Owners			Managing Owner		Limited Owners			Managing Owner			Limited Owners
Owner’s Capital, January 1, 2005	$	—	$	488,932		$	1,068		$	177,421		$	—	$	21,748,476		$	—		$	—
Sale of Units		—		1,398,568			—			71,500			—		(497,000	)		1,000			2,750,994
Redemption of Units		—		(81,685	)		—			(83,490	)		—		—			—			—
Net increase in Owners’ Capital resulting from operations		—		241,432			95			11,712			—		310,014			(32	)		94,594
Owners’ Capital, December 31, 2005		—		2,047,247			1,163			177,143			—		21,561,490			968			2,845,588
Sale of Units		1,000		1,037,201			310,000			91,900			—		29,197,231			2,025,000			3,340,314
Redemption of Units		—		(3,014,437	)		(101,309	)		(232,637	)		—		(2,795,559	)		—			(1,125,145	)
Net increase (decrease) in Owners’ Capital resulting from operations		57		285,856			18,928			25,533			—		880,152			79,094			184,348
Owners’ Capital, December 31, 2006		1,057		355,867			228,782			61,939			—		48,843,314			2,105,062			5,245,105
Sale of Units		—		34,289,489			410,000			8,918,823			—		16,528,939			—			1,454,351
Redemption of Units		—		(1,381,913	)		(500,000	)		(184,886	)		—		(7,450,850	)		(2,000,000	)		(1,038,831	)
Net increase (decrease) in Owners’ Capital resulting from operations		81		2,399,679			96,610			1,343,633			—		(2,390,501	)		139,395			(85,080	)
Owners’ Capital, December 31, 2007	$	1,138	$	35,663,122		$	235,392		$	10,139,509		$	—	$	55,530,902		$	244,457		$	5,575,545
Owner’s Capital—Units, January 1, 2005		—		4,612			10			1,661			—		—			—			—
Sale of Units		—		14,578			—			731			—		233,903			10			29,386
Redemption of Units		—		(900	)		—			(869	)		—		(5,261	)		—			—
Owners’ Capital—Units, December 31, 2005		—		18,290			10			1,523			—		228,642			10			29,386
Sale of Units		10		9,014			3,086			831			—		308,998			20,656			33,661
Redemption of Units		—		(23,936	)		(954	)		(1,774	)		—		(30,296	)		—			(11,553	)
Owners’ Capital—Units, December 31, 2006		10		3,368			2,142			580			—		507,344			20,666			51,494
Sale of Units		—		322,603			4,210			86,620			—		175,604			—			14,394
Redemption of Units		—		(12,671	)		(4,367	)		(1,712	)		—		(78,709	)		(18,227	)		(10,242	)
Owners’ Capital—Units, December 31, 2007		10		313,300			1,985			85,488			—		604,239			2,439			55,646
Net asset value at commencement of operations			$	100.00					$	100.00				$	100.00					$	100.00
Change in net asset value per unit for the year ended December 31, 2005				N/A						N/A					(5.70	)					(3.17	)
Net asset value per unit at December 31, 2005			$	100.00					$	100.00				$	94.30					$	96.83
Change in net asset value per unit for year ended December 31, 2006				5.65						6.81					1.97						5.03
Net asset value per unit at December, 2006			$	105.65					$	106.81				$	96.27					$	101.86
Change in net asset value per unit for year ended December 31, 2007			$	8.18					$	11.80				($	4.37	)				($	1.66	)
Net asset value per unit at December, 2007			$	113.83					$	118.61				$	91.90					$	100.20

(1) The Winton Series began trading on August 11, 2006. (See Note 1.)

The accompanying notes are an integral part of these statements.

F-13

The Frontier Fund

Statements of Changes in Owners’ Capital

For the Years Ended December 31, 2007, 2006 and 2005

	Currency Series											Dunn Series (1)
	Class 1					Class 2						Class 1					Class 2
	Managing Owner		Limited Owners			Managing Owner			Limited Owners			Managing Owner		Limited Owners			Managing Owner			Limited Owners
Owner’s Capital, January 1, 2005	$	—	$	16,586		$	441,035		$	1,034		$	—	$	117,047		$	1,058		$	2,275,564
Sale of Units		—		303,197			2,000,000			5,000			—		117,793			—			5,061
Redemption of Units		—		(37,497	)		(375,000	)		—			—		(19,430	)		—			(1,784,495	)
Net increase (decrease) in Owners’ Capital resulting from operations		—		(5,524	)		(6,140	)		(15	)		—		(21,985	)		(156	)		(361,016	)
Owners’ Capital, December 31, 2005		—		276,762			2,059,895			6,019			—		193,425			902			135,114
Sale of Units		—		6,559,790			—			457,300			—		—			—			—
Redemption of Units		—		(176,893	)		(2,075,000	)		(5,237	)		—		(63,735	)		—			(95,974	)
Net increase (decrease) in Owners’ Capital resulting from operations		—		232,232			31,794			19,965			—		(6,526	)		(79	)		(11,193	)
Owners’ Capital, December 31, 2006		—		6,891,891			16,689			478,047			—		123,164			823			27,947
Sale of Units		—		4,092,276			1,000,000			127,954			—		—			—			—
Redemption of Units		—		(1,073,104	)		(500,000	)		(328,550	)		—		(91,734	)		(578	)		(25,130	)
Net increase (decrease) in Owners’ Capital resulting from operations		—		(119,251	)		(2,751	)		8,805			—		(31,430	)		(245	)		(2,817	)
Owners’ Capital, December 31, 2007	$	—	$	9,791,812		$	513,938		$	286,256		$	—	$	—		$	—		$	—
Owner’s Capital—Units, January 1, 2005		—		162			4,262			10			—		1,115			10			21,514
Sale of Units		—		3,050			19,712			49			—		1,330			—			53
Redemption of Units		—		(378	)		(3,663	)		—			—		(218	)		—			(20,068	)
Owners’ Capital—Units, December 31, 2005		—		2,834			20,311			59			—		2,227			10			1,499
Sale of Units		—		67,111			—			4,407			—		—			—			—
Redemption of Units		—		(1,819	)		(20,157	)		(49	)		—		(626	)		—			(1,159	)
Owners’ Capital—Units, December 31, 2006		—		68,126			154			4,417			—		1,601			10			340
Sale of Units				39,538			8,825			1,135					—			—			—
Redemption of Units				(10,391	)		(4,349	)		(2,973	)				(1,601	)		(10	)		(340	)
Owners’ Capital—Units, December 31, 2007		—		97,273			4,630			2,579			—		—			—			—
Net asset value per unit at January 1, 2005			$	102.67					$	103.47				$	104.96					$	105.77
Change in net asset value per unit for the year ended December 31, 2005				(5.01	)					(2.05	)				(18.13	)					(15.62	)
Net asset value per unit at December 31, 2005			$	97.66					$	101.42				$	86.83					$	90.15
Change in net asset value per unit for the year ended December 31, 2006				3.50						6.81					(9.92	)					(7.88	)
Net asset value per unit at December 31, 2006			$	101.16					$	108.23				$	76.91					$	82.27
Change in net asset value per unit for the year ended December 31, 2007				(0.50	)					2.77					(24.22	)					(24.56	)
Net asset value per unit at December 31, 2007			$	100.66					$	111.00				$	52.69	(2)				$	57.71

(1) The Dunn Series ceased trading on October 12, 2007. (See Note 1.)

(2) Balance as of October 12, 2007

The accompanying notes are an integral part of these statements.

F-14

The Frontier Fund

Statements of Changes in Owners’ Capital

For the Years Ended December 31, 2007, 2006 and 2005

	Graham Series											Long Only Commodity Series (1)
	Class 1					Class 2						Class 1					Class 2
	Managing Owner		Limited Owners			Managing Owner			Limited Owners			Managing Owner		Limited Owners			Managing Owner			Limited Owners
Owner’s Capital, January 1, 2005	$	—	$	1,961,583		$	4,573,598		$	315,606		$	—	$	—		$	—		$	—
Sale of Units		—		5,283,276			—			1,573,710			—		—			—			—
Redemption of Units		—		(953,857	)		(3,991,781	)		(78,617	)		—		—			—			—
Net increase (decrease) in Owners’ Capital resulting from operations		—		(648,922	)		(580,960	)		(38,952	)		—		—			—			—
Owners’ Capital, December 31, 2005		—		5,642,080			857			1,771,747			—		—			—			—
Sale of Units		—		1,316,260			391,309			115,787			—		4,836,308			51,000			229,659
Redemption of Units		—		(1,137,106	)		—			(316,931	)		—		(229,384	)		—			(131,977	)
Net increase (decrease) in Owners’ Capital resulting from operations		—		170,103			(2,251	)		88,977			—		(285,460	)		(3,368	)		(29,913	)
Owners’ Capital, December 31, 2006		—		5,991,337			389,915			1,659,580			—		4,321,464			47,632			67,769
Sale of Units		—		1,274,358			—			24,016			—		1,304,399			100,000			96,183
Redemption of Units		—		(1,786,900	)		(400,000	)		(155,334	)		—		(1,584,773	)		—			(47,605	)
Net increase (decrease) in Owners’ Capital resulting from operations		—		581,412			54,785			235,814			—		689,799			22,462			12,738
Owners’ Capital, December 31, 2007	$	—	$	6,060,207		$	44,700		$	1,764,076		$	—	$	4,730,889		$	170,094		$	129,085
Owner’s Capital—Units, January 1, 2005		—		18,939			44,010			3,037			—		—			—			—
Sale of Units		—		60,602			—			18,544			—		—			—			—
Redemption of Units		—		(11,483	)		(44,000	)		(915	)		—		—			—			—
Owners’ Capital—Units, December 31, 2005		—		68,058			10			20,666			—		—			—			—
Sale of Units		—		15,803			4,310			1,318			—		47,568			490			2,054
Redemption of Units		—		(13,128	)		—			(3,595	)		—		(2,292	)		—			(1,356	)
Owners’ Capital—Units, December 31, 2006		—		70,733			4,320			18,389			—		45,276			490			698
Sale of Units				13,874			—			236			—		13,507			989			884
Redemption of Units				(20,840	)		(3,892	)		(1,722	)		—		(16,082	)		—			(460	)
Owners’ Capital—Units, December 31, 2007		—		63,767			428			16,903			—		42,701			1,479			1,122
Net asset value per unit at January 1, 2005			$	103.57					$	103.92				$	100.00					$	100.00
Change in net asset value per unit for the year ended December 31, 2005				(20.67	)					(18.19	)				N/A						N/A
Net asset value per unit at December 31, 2005			$	82.90					$	85.73				$	100.00					$	100.00
Change in net asset value per unit for the year ended December 31, 2006				1.80						4.52					(4.55	)					(2.87	)
Net asset value per unit at December 31, 2006			$	84.70					$	90.25				$	95.45					$	97.13
Change in net asset value per unit for the year ended December 31, 2007				10.34						14.12					15.34						17.91
Net asset value per unit at December 31, 2007			$	95.04					$	104.37				$	110.79					$	115.04

(1) The Long Only Commodity Series of the Trust commenced trading operations on February 24, 2006

The accompanying notes are an integral part of these statements.

F-15

The Frontier Fund

Statements of Changes in Owners’ Capital

For the Years Ended December 31, 2007, 2006 and 2005

	Long/Short Commodity Series (1)										Managed Futures Index Series (1)
	Class 1					Class 2					Class 1					Class 2
	Managing Owner		Limited Owners			Managing Owner		Limited Owners			Managing Owner		Limited Owners			Managing Owner			Limited Owners
Owners’ Capital, January 1, 2006		—		—			—		—			—		—			—			—
Sale of Units		—		19,594,958			241,000		2,457,810			—		602,781			51,000			2,500
Redemption of Units		—		(305,331	)		—		(75,414	)		—		(91,491	)					—
Net increase (decrease) in Owners’ Capital resulting from operations		—		188,968			8,285		65,801			—		(11,220	)		(859	)		18
Owners’ Capital, December 31, 2006		—		19,478,595			249,285		2,448,197			—		500,070			50,141			2,518
Sale of Units		—		18,002,305			111,000		1,206,261			—		264,820			230,000			39,900
Redemption of Units		—		(6,675,705	)		—		(500,449	)		—		(174,964	)		—			—
Net increase (decrease) in Owners’ Capital resulting from operations		—		287,551			13,765		130,831			—		31,814			14,431			(1,281	)
Owners’ Capital, December 31, 2007	$	—	$	31,092,746		$	374,050	$	3,284,840		$	—	$	621,740		$	294,572		$	41,137
Owners’ Capital—Units, January 1, 2006		—		—			—		—			—		—			—			—
Sale of Units		—		197,098			2,422		24,537			—		6,120			509			26
Redemption of Units		—		(3,132	)				(753	)		—		(951	)		—			—
Owners’ Capital—Units, December 31, 2006		—		193,966			2,422		23,784			—		5,169			509			26
Sale of Units		—		179,408			1,068		11,627			—		2,843			2,312			368
Redemption of Units		—		(66,949	)		—		(4,765	)		—		(1,831	)		—			—
Owners’ Capital—Units, December 31, 2007		—		306,425			3,490		30,646			—		6,181			2,821			394
Net asset value at commencement of operations			$	100.00				$	100.00				$	100.00					$	100.00
Change in net asset value per unit for the year ended December 31, 2006				0.42					2.93					(3.25	)					(1.57	)
Net asset value per unit at December 31, 2006			$	100.42				$	102.93				$	96.75					$	98.43
Change in net asset value per unit for the year ended December 31, 2007			$	1.05				$	4.26				$	3.84					$	5.99
Net asset value per unit at December 31, 2007			$	101.47				$	107.19				$	100.59					$	104.42

(1) The Long/Short Commodity Series and the Managed Futures Index Series of the Trust commenced trading operations on February 24, 2006

The accompanying notes are an integral part of these statements.

F-16

The Frontier Fund

Notes to Financial Statements

As of December 31, 2007, and December 31, 2006

1. Organization and Purpose

The Frontier Fund (the “Trust”), was formed as a Delaware statutory trust on August 8, 2003, with separate Series of Units. 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).

The Trust offers eight (8) separate and distinct Series: Balanced Series, Winton Series, Currency Series, Graham Series, Campbell/ Graham Series, Long Only Commodity Series, Long/Short Commodity Series and Managed Futures Index Series (each, a “Series” and collectively, the “Series”). The Trust may issue additional Series of Units. The Units of each Series are separated into two sub-classes of Units (except for the Balanced Series which are separated into four sub-classes of Units, of which Class 1a and Class 2a are currently inactive). The Trust, with respect to each Series:

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

• allocates funds to a subsidiary limited liability trading company or companies (“Trading Company”). Each Trading Company 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 assets, make the trading decisions for the assets of each Series vested in such Trading Company, segregate its assets from any other Trading Company and maintain separate, distinct records for each Series, and account for its assets separately from the other Series and the other Trust assets;

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

• has an investment objective of increasing the value of each Series’ 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); and

• offers each Series of Units in two sub-classes—Class 1 and Class 2 (except for the Balanced Series, which has four sub-classes—Class 1, Class 1a, Class 2 and Class 2a). Investors who purchase Class 1 or Class 1a Units of any Series are charged a service fee of up to three percent (3.0%) annually of the NAV of each Unit purchased, for the benefit of Selling Agents selling such Class 1 or Class 1a Units. Equinox Fund Management, LLC (the “Managing Owner”), prepays the initial service fee which is amortized monthly at an annual rate of three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series; 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 three percent (3.0%) of the NAV at which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. Investors who purchase Class 2 or Class 2a Units of any Series are charged no initial or ongoing service fee. However, the Managing Owner may pay the Selling Agents an on-going service fee for certain administrative services. Any such payments by the Managing Owner will not be subject to reimbursement by the Unitholders.

• 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. Redemption of Class 1 Units of any Series, which have been held by the Unit holder for less than twelve (12) full months, will be subject to a redemption fee of up to three percent (3.0%) of the value of such Units being redeemed. Redemption fees are payable to Equinox Fund Management, LLC as Managing Owner of the Trust.

F-17

As of September 24, 2004, the Trust commenced operations for the Balanced Series, the Winton Series, the Currency Series and the Dunn Series. The Graham Series commenced operations as of November 19, 2004. The Campbell/Graham Series commenced operations on February 11, 2005. The Long Only Commodity Series, Long/Short Commodity Series and Managed Futures Index Series commenced operations on February 11, 2006. On May 1, 2006, two new classes of the Balanced Series commenced operations: Balanced Series 1a, and Balanced Series 2a.

The Continuous Offering Period of the Dunn Series was terminated by the Managing Owner in February 2006. On October 15, 2007 the remaining outstanding Units in the Dunn Series were redeemed, and the remaining net assets of the Dunn Series were distributed to the holders of those Units.

Effective as of April 13, 2006, (i) the Advisory Agreement dated as of March 1, 2004, by and among the Trust, Frontier Trading Company II LLC (the “Trading Company II”), the Managing Owner and Beach Capital Management Limited (“Beach”), which set forth the terms and conditions upon which Beach would render and implement trading advisory services on behalf of the Trading Company II and the Trust with respect to the Beach Series of the Trust and (ii) the Advisory Agreement dated as of March 1, 2004, by and among the Trust, Frontier Trading Company I LLC (the “Trading Company I”), the Managing Owner and Beach, which set forth the terms and conditions upon which Beach would render and implement trading advisory services on behalf of the Trading Company I and the Trust with respect to the assets of the Balanced Series of the Trust allocated to Beach (collectively, the “Agreements”) were terminated. The Agreements were terminated because Beach informed the Managing Owner that Beach had ceased trading pursuant to its Discretionary Program, which was the trading program Beach utilized in providing the trading advisory services under the Agreements.

As a result of the termination of the Agreements, the Trust ceased accepting new subscriptions for the Units in the Beach Series, and, effective April 1, 2006, the Trust ceased assessing all fees on the Beach Series. Upon termination of the Agreements, the Managing Owner delivered written notice to the existing investors in the Beach Series informing them of their exchange and redemption rights as disclosed in the Trust’s prospectus (the “Prospectus”). In addition, the assets of the Balanced Series which had previously been allocated to Beach were reallocated to one or more of the other trading advisors pursuant to the Managing Owner’s asset allocation discretion as disclosed in the Prospectus. On July 31, 2006, all remaining investor accounts in the Beach Series were redeemed.

In May 2006, the Beach Series was renamed as the Winton Series. For purposes of this report, such Series is referred to as the Winton Series, regardless of whether the applicable time period referred to is prior or subsequent to the name change, unless explicitly set forth otherwise.

2. Critical Accounting Polices

The following are the significant accounting policies of the Trust.

Basis of Presentation—The financial statements of each Series of the Trust included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).

Consolidation—The Series, through investing in subsidiary limited liability Trading Company or Companies), 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 securities and derivative instruments, and have no operating income or expenses, except for trading income and expenses, all of which is allocated to the Series. Trading Companies in which a Series has a majority equity interest are consolidated by such Series. Investments in Trading Companies in which a Series does not have a controlling or majority interest are accounted for under the equity method and are carried in the statement of financial condition of such Series at fair value. Fair value represents the investment in the Trading Company and the proportionate share of the Trading Company’s income or loss.

F-18

The consolidated financial statements of the Balanced Series include the assets, liabilities and earnings of its wholly-owned and majority owned Trading Companies, Frontier Trading Company I, LLC, Frontier Trading Company II, LLC, Frontier Trading Company IV, LLC, Frontier Trading Company VI, LLC and Frontier Trading Company IX, LLC.

The consolidated financial statements of the Currency Series include the assets, liabilities and earnings of its majority-owned trading company, Frontier Trading Company III, LLC.

The consolidated financial statements of the Campbell/Graham Series include the assets, liabilities and earnings of its majority-owned trading company, Frontier Trading Company V, LLC.

The consolidated financial statements of the Long/Short Commodity Series include the assets, liabilities and earnings of its majority-owned trading company, Frontier Trading Company VII, LLC.

The consolidated financial statements of the Long Only Commodity Series include the assets, liabilities and earnings of its wholly-owned trading company, Frontier Trading Company VIII, LLC.

The Trust has elected not to provide statements of cash flows as permitted by Statement of Financial Accounting Standards No. 102 Statements of Cash Flows—Exemption of Certain Enterprises and Classification of Cash Flows from Certain Securities Acquired for Resale.

Cash and Cash Equivalents—Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with banks and cash managers with maturities of three months or less. The Trust maintains deposits with high quality financial institutions in amounts that are in excess of federally insured limits; however, the Trust does not believe it is exposed to any significant credit risk. Aggregate interest income from all sources, including assets held at clearing brokers, up to 2% (annualized) is paid to the Managing Owner by the Balanced Series (Class 1 and Class 2 only), Winton Series, Campbell/Graham Series, Currency Series, Dunn Series and Graham Series. For the Balanced Series (Class 1a and Class 2a only), Long Only Commodity Series, Long/Short Commodity Series and the Managed Futures Index Series, 20% of the total interest allocated to each Series is paid to the Managing Owner. Any excess is accrued as income allocated to all Series in proportion to their daily NAV.

Cash held at Futures Commodity Merchants—The Trust deposits assets with a broker subject to CFTC Commission regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such broker. The Trust earns interest income on its assets deposited with the broker.

Use of Estimates—The preparation of financial statements in conformity with generally accepted accounting principles requires the Managing Owner to make estimates and assumptions that affect 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. Actual results could differ from those estimates.

Revenue recognition—Futures, options on futures, and forward contracts are recorded on a trade date basis and realized gains or losses are recognized when contracts are liquidated. Unrealized gains or losses on open contracts (the difference between contract trade price and market price) are reported in the statement 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 the Financial Accounting Standards Board Interpretation No. 39—“Offsetting of Amounts Related to Certain Contracts.” Any change in net unrealized gain or loss from the preceding period is reported in the statement of operations. Market value of exchange-traded contracts is based upon exchange settlement prices. Market value of non-exchange-traded contracts is based on third party quoted dealer values on the Interbank market.

F-19

Allocation of Earnings—Each Series of the Trust offers two sub-classes of Units—Class 1 and Class 2 (except for the Balanced Series, which offers four sub-classes of Units—Class 1, Class 1a, Class 2 and Class 2a). All classes have identical voting, dividend, liquidation and other rights and the same terms and conditions, except that Class 1 or Class 1a Units of each Series bear certain expenses related to the servicing of such Units. Revenues, expenses (other than expenses attributable to a specific class), and realized and unrealized trading profits and losses of each Series are allocated daily to Class 1, Class 1a, Class 2 and Class 2a Units based on each Class’ relative owners’ capital balance.

Each Series allocates funds to a subsidiary Trading Company, or Companies, of the Trust. Each Trading Company allocates all of its daily trading profits or losses to the Series in proportion to each Series’ ownership interest in the Trading Company, adjusted on a daily basis. As of December 31, 2006, 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 Company, or Companies.

Inter-Series Receivables/Payables—The Balanced Series, in order to make investments in the Campbell/Graham Series, Currency Series, Graham Series, Long Only Commodity Series, Long/Short Commodity Series and Managed Futures Index Series, advances funds to such Series, for the purpose of investing in the respective Trading Company or Trading Companies for such Series on behalf of the Balanced Series. The Balanced Series and investee Series reflect the changes in values of these investments as “Net change in inter-series receivables/payables” in the Statement of Operations.

Foreign Currency Transactions—The Trust’s functional currency is the U.S. Dollar, however, it transacts business in currencies other than the U.S. Dollar. Assets and liabilities denominated in currencies other than the U.S. Dollar are translated into U.S. Dollars at the rates in effect at the date of the statement of financial condition. Income and expense items denominated in currencies other than the U.S. Dollar are translated into U.S. Dollars at the rates in effect during the period. Gains and losses resulting from the translation to U.S. Dollars are reported in income currently.

Investments and Swaps—The Trust records investment transactions on trade date and all investments are recorded at fair value in its financial statements, with changes in fair value reported as a component of realized and unrealized gains (losses) on investments in the Statements of Operations. Generally, fair values will be based on quoted market prices; however, in certain circumstances, significant judgments and estimates may be required in determining fair value in the absence of an active market closing price. At December 31, 2007 all investments in futures and forward contracts were based on quoted market prices. The valuation of investments in swap contracts (“Swaps”) involve estimates.

The Managing Owner may make judgments that can frequently require estimates about matters that are inherently uncertain. The Managing Owner provides a good faith estimate of the daily NAV for each Series based on such uncertain information. The Managing Owner’s good faith estimates of each Series’ NAV is published daily by the Trust and is used for subscriptions, redemptions and exchanges of all Trust Units, and such Unit transactions are final and not subject to subsequent adjustment unless the estimate of NAV varies from the actual NAV by more than one percent (1.0%) of the actual NAV as described within the Prospectus.

The Balanced Series, in order to make investments from time to time in the Campbell/Graham Series, Currency Series, Graham Series, Long Only Commodity Series, Long/Short Commodity Series and Managed Futures Index Series, advances funds to such Series for the purpose of investing in the respective Trading Company or Trading Companies for such Series on behalf of the Balanced Series. The amount of the funds advanced by the Balanced Series to each of the Campbell/Graham Series, Currency Series, Graham Series, Long Only Commodity Series, Long/Short Commodity Series and Managed Futures Index Series participates on a pari passu basis with the Class 2 Units of such investee Series. The Balanced Series reflects the change in value of these investments as “Net change in inter-series receivables” in the Statement of Operations. The Balanced Series is subject to the same allocations of income and fees as the Limited Owners of such Series. As a result of fees

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charged by the investee Series, fees are not charged by the Balanced Series on the capital allocated to investments in affiliated Series, and the Managing Owner monitors such allocations so that aggregate fees of the investee Series on the Balanced Series investments do not exceed the allowable fees of the Balanced Series as provided in the Trust’s Prospectus.

Income Taxes—No provision for income taxes has been made in these financial statements as each Limited Owner is individually responsible for reporting income or loss based on their respective share of the Trust’s income and expenses as reported for income tax purposes. On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48 Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The adoption of FIN 48 was effective for the Trust on January 1, 2007, and did not impact our financial position or results of operations.

Fees and Expenses—All management fees, incentive fees, and service fees of the Trust are paid to the Managing Owner. Additionally, the trading fees are paid to the Managing Owner. It is the responsibility of the Managing Owner to pay all Trading Advisor management and incentive fees, as well as all other operating expenses and continuing offering costs of the Trust.

Service Fees—Each Series pays monthly to the Managing Owner a service fee at an annualized rate of up to 3.0% (2.0% for the Long Only Commodity Series and the Managed Futures Index Series) of the NAV of Class 1 of the Series, accrued daily, which the Managing Owner pays to selling agents of the Trust. 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 born by the Managing Owner.

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 therefor 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.

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.

Recent Accounting Prouncements—In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements (“SFAS 157”). SFAS 157, which, among other things, defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measurements required under other accounting pronouncements, but does not change existing guidance as to whether or not an instrument is carried at fair value. SFAS 157 is effective for the Trust January 1, 2008 and management does not expect that the adoption of this Statement will have a material impact on its financial statements.

In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities (“SFAS 159”), which permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. SFAS 159 is effective for the Trust on January 1, 2008. Management is currently evaluating the provisions of SFAS 159 and its potential effects on its financial statements.

In April 2007, the FASB issued Interpretation No. 39-1, Amendment of FASB Interpretation No. 39 (“FIN 39-1”). FIN 39-1 defines “right of setoff” and specifies what conditions must be met for a derivative contract to qualify

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for this right of setoff. It also addresses the applicability of a right of setoff to derivative instruments and clarifies the circumstances in which it is appropriate to offset amounts recognized for those instruments in the Consolidated Statements of Financial Condition. In addition, FIN 39-1 permits offsetting of fair value amounts recognized for multiple derivative instruments executed with the same counterparty under a master netting arrangement and fair value amounts recognized for the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) arising from the same master netting arrangement as the derivative instruments. This interpretation is effective for fiscal years beginning after November 15, 2007. The adoption of FIN 39-1 on January 1, 2008 is not expected to have a material impact on the Trust’s Financial Statements.

In December 2007, the FASB issued SFAS No. 160, Noncontrolling Interest in Consolidated Financial Statements, an amendment of ARB Statement No. 51, to establish accounting and reporting standards for the non-controlling interest in a subsidiary and for the deconsolidation of a subsidiary. SFAS 160 clarifies that a non-controlling interest in a subsidiary, which is sometimes referred to as minority interest, is an ownership interest in the consolidated entity that should be reported as a component of equity in the consolidated financial statements. Among other requirements, SFAS 160 requires consolidated net income to be reported at amounts that include the amounts attributable to both the parent and the non-controlling interest. It also requires disclosure, on the face of the consolidated income statement, of the amounts of consolidated net income attributable to the parent and to the non-controlling interest. SFAS 160 is effective on January 1, 2009 and is not expected to have a significant impact on the Trust’s financial statements.

In applying these policies, the Managing Owner may make judgments that may require estimates about matters that are inherently uncertain.

3. Swaps

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. 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 Series’ investment in Swaps will likely differ substantially over time due to cash flows, portfolio management decisions and market movements. For the Balanced Series, Campbell/Graham Series and Currency Series 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 relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owners’ minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. Approximately 9% of the Trust’s assets are deposited with over-the-counter counterparties in order to initiate and maintain swap contracts.

The Balanced Series, Campbell/Graham Series and Currency Series 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, the swap counterparty to the Trading Company of these Series is not a Trading Advisor to these Series.

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The Long Only Commodity Series, through the Trading Company in which the assets of the Long Only Commodity Series have been allocated, have entered into various Swaps with one or more swap counterparties. The Swaps enable the Long Only Commodity Series to earn returns similar to returns (less the fees and expenses of the Long Only Commodities Series, including the expenses associated with the Swaps) of the Reuters/Jefferies CRB Index (the “RJ/CRB Index”), and the Jefferies Commodity Performance Index (the “JCPI”). Specifically, the Trading Company, which will hold the assets allocable to the Long Only Commodity Series, will enter into Swaps linked to the RJ/CRB Index and the JCPI at the direction of the Managing Owner.

The Trust has invested in the following Swaps as of December 31, 2007:

	Option Basket Balanced Series			Campbell Fund, LTD.			FX Concepts Global Currency Program			Reuters/Jefferies CRB Index			Jefferies Commodity Performance Index
	Balanced			Campbell/ Graham			Currency			Long Only			Long Only
Series:
Counterparty		Company A			Company A			Company B			Company C			Company C
Notional Amount	$	65,557,928		$	15,000,000		$	11,400,000		$	2,500,000		$	2,500,000
Termination Date		November 6, 2012			October 9, 2009			January 31, 2008			February 28, 2008			February 28, 2008
Counterparty Fee—% annualized		3.44	%		0.2	%		0.05	%		0.5	%		1.0	%
Investee Returns		Total Return			Total Return			Total Return			Total Return			Total Return
Realized Gain / (Loss)	$	—		$	1,674,698		$	135,100		$	884,839		$	844,450
Unrealized Gain / (Loss)	$	329,391			($3,394,571	)
Fair Value 12/31/2007	$	32,329,392		$	14,912,063		$	822,068		$	388,135		$	379,893

4. Investments in Unconsolidated Trading Companies

The following tables summarize the Balanced Series, Winton Series, Campbell/Graham Series, Dunn Series and Graham Series investments in unconsolidated trading companies as of and for the year ended December 31, 2007.

Trading Company	Percentage of Net Assets		Fair Value		Trading Commissions		Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Net Income (Loss)
Balanced Series—
Frontier Trading Company VII, LLC	1.65	%	$	4,238,3488	($735,368	)	$	9,809,155			($11,385,556	)		($2,311,769	)
Winton Series—
Frontier Trading Company II, LLC	10.07	%	$	4,637,121	($98,797	)	$	6,756,630			($1,662,388	)	$	4,995,445
Campbell/Graham Series—
Frontier Trading Company VI, LLC	29.92	%	$	18,353,523	($204,311	)	$	5,277,036			($5,003,053	)	$	69,672
Dunn Series— (1)
Frontier Trading Company IV, LLC	—			—	($646	)		($16,967	)		($16,183	)		($33,796	)
Graham Series—
Frontier Trading Company V, LLC	60.69	%	$	4,775,554	($42,272	)	$	1,718,484			($341,386	)	$	1,334,826
Managed Futures Index Series—
Frontier Trading Company IX, LLC	66.26	%	$	634,400	($2,636	)	$	101,276		$	11,135		$	109,775

(1) The Dunn Series ceased trading on October 12, 2007

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The following tables summarize the Balanced Series, Winton Series, Campbell/Graham Series, Dunn Series and Graham Series investments in unconsolidated trading companies as of and for the year ended December 31, 2006.

Trading Company	Percentage of Net Assets		Fair Value			Trading Commissions		Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Net Income (Loss)
Balanced Series—
Frontier Trading Company VII, LLC	0.02	%	$	78,056		($19,731	)	$	514,152			($538,964	)		($44,543	)
Winton Series—
Frontier Trading Company II, LLC	54.93	%	$	355,763		($16,982	)	$	1,035,567			($617,590	)	$	400,995
Campbell/Graham Series—
Frontier Trading Company VI, LLC	70.82	%	$	50,785,796		($222,930	)	$	397,155		$	3,105,547		$	3,279,772
Dunn Series—
Frontier Trading Company IV, LLC	N/M			($120,051	)	(1,943	)		($43,988	)	$	27,318			($18,613	)
Graham Series—
Frontier Trading Company V, LLC	89.87	%	$	7,226,062		($111,438	)	$	127,728		$	504,120		$	520,410

The following tables summarize the Balanced Series, Winton Series, Campbell/Graham Series, Currency Series, Dunn Series and Graham Series investments in unconsolidated trading companies as of and for the year ended December 31, 2005.

Trading Company	Percentage of Net Assets		Fair Value			Trading Commissions			Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Net Income (Loss)
Balanced Series—
Frontier Trading Company I, LLC	2.90	%	$	3,949,182		$	0			($172	)		($623	)		($795	)
Winton Series—
Frontier Trading Company II, LLC	28.13	%	$	626,070			($27,305	)	$	161,475		$	231,686		$	365,856
Campbell/Graham Series—
Frontier Trading Company VI, LLC	21.01	%	$	5,129,155			($34,625	)	$	1,641,003			($36,022	)	$	1,570,356
Currency Series—
Frontier Trading Company III, LLC	—			—		$	0			($984	)		($2,717	)		($3,701	)
Dunn Series—
Frontier Trading Company IV, LLC	N/M			($166,524	)		($18,299	)		($389,656	)	$	18,382			($389,573	)
Graham Series—
Frontier Trading Company V, LLC	22.12	%	$	1,640,031			($7,386	)	$	160,246			($516,225	)		($363,365	)

The condensed statements of financial condition and statements of income as of and for the years ended December 31, 2007, 2006 and 2005 for the unconsolidated trading companies are as follows:

Condensed Statement of Financial Condition—December 31, 2007	Frontier Trading Company II, LLC			Frontier Trading Company IV, LLC			Frontier Trading Company V, LLC			Frontier Trading Company VI, LLC			Frontier Trading Company IX, LLC
Cash held at futures commodities merchants	$	9,924,146		$	—		$	12,761,730		$	13,863,217		$	2,576,122
Open trade equity		970,867			—			(96,656	)		(1,481,122	)		50,316
Swaps/Options		—			—			—			14,912,063			—
Total assets	$	10,895,013		$	—		$	12,665,074		$	27,294,158		$	2,626,438
Members equity	$	10,895,013		$	—		$	12,665,074		$	27,294,158		$	2,626,438
Condensed Statement of Income—For the Year Ended December 31, 2006
Interest income	$	434,402		$	58,739		$	653,524		$	813,618		$	92,235
Net realized gain on investments, less commissions		17,491,808			(1,353,343	)		7,504,459			(7,192,697	)		942,262
Change in open trade equity		(452,160	)		(235,223	)		(1,673,135	)		(6,352,783	)		(378,687	)
Net income	$	17,474,050		$	(1,529,827	)	$	6,484,848		$	(12,731,862	)	$	655,810

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Condensed Statement of Financial Condition—December 31, 2006	Frontier Trading Company II, LLC			Frontier Trading Company IV, LLC			Frontier Trading Company V, LLC			Frontier Trading Company VI, LLC
Cash held at futures commodities merchants	$	7,018,159		$	1,284,925		$	13,938,010		$	16,383,004
Open trade equity		1,422,913			235,235			1,576,367			39,486,041
Total assets	$	8,441,072		$	1,520,160		$	15,514,377		$	55,869,045
Members equity	$	8,441,072		$	1,520,160		$	15,514,377		$	55,869,045
Condensed Statement of Income—For the Year Ended December 31, 2006
Interest income	$	213,384		$	99,330		$	345,944		$	487,539
Net realized gain on investments, less commissions		8,473,473			(2,356,306	)		200,390			(787,064	)
Change in open trade equity		(2,090,380	)		47,344			1,479,234			6,111,319
Net income	$	6,596,477		$	(2,209,632	)	$	2,025,568		$	5,811,794
Condensed Statement of Financial Condition—December 31, 2005	Frontier Trading Company II, LLC			Frontier Trading Company IV, LLC			Frontier Trading Company V, LLC			Frontier Trading Company VI, LLC
Cash held at futures commodities merchants	$	3,604,769		$	1,939,800		$	5,019,359		$	8,077,776
Open trade equity		3,527,640			187,880			97,185			(1,222,005	)
Total assets	$	7,132,409		$	2,127,680		$	5,116,544		$	6,855,771
Members equity	$	7,132,409		$	2,127,680		$	5,116,544		$	6,855,771
Condensed Statement of Income—For the Year Ended December 31, 2005
Interest income	$	137,820		$	78,437		$	123,550		$	113,858
Net realized gain on investments, less commissions		1,722,360			(1,545,244	)		(857,179	)		4,961,141
Change in open trade equity		3,142,512			269,038			136,041			(1,222,005	)
Net income	$	5,002,692		$	(1,197,769	)	$	(597,588	)	$	3,852,994

5. Transactions with Affiliates

Equinox Fund Management LLC contributes funds to the Trust in order to have a 1% interest 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 advisory fees or 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 (the “Minimum Purchase Commitment”) in the aggregate capital, profits and losses of all Series 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, during 2006, the Managing Owner agreed with certain regulatory bodies to maintain a 1% interest specifically in the Balanced Series Class 1a Units and the Balanced Series Class 2a Units, aggregated, and each of the Long Only Commodity Series, Long/Short Commodity Series and Managed Futures Index Series. 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 (“Limited Owner”). All Units purchased by the Managing Owner are held for investment purposes only and not for resale.

On April 29, 2005, the Managing Owner redeemed Units in the Trust’s Currency Series Class 2 for $375,000 at $102.37 per Unit. On December 22, 2005, the Managing Owner purchased Units in the Trust’s Currency Series Class 2 for $2,000,000 at $101.46 per Unit.

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On February 24, 2006, the Managing Owner invested $1,000 in each of the Long Only Commodity Series, Class 2, Long/Short Commodity Series, Class 2 and Managed Futures Index Series, Class 2. On March 31, 2006, the Managing Owner invested $1.2 million in the Balanced Series, Class 2, $100,000 in the Campbell Graham Series, Class 2 and $50,000 in each of the Long Only Commodity Series, Class 2, Long/Short Commodity Series, Class 2 and Managed Futures Index Series, Class 2. Also, on March 31, 2006, the Managing Owner redeemed $1.0 million of its interest in the Currency Series, Class 2. On April 28, 2006, the Managing Owner invested $1,309 in the Graham Series, Class 2 and redeemed a like amount in the Winton Series, Class 2. On May 1, 2006 the Managing Owner invested $200 in the Balanced Series, Class 1a and $50,000 in the Balanced Series, Class 2a. On May 31, 2006, the Managing Owner invested $260,000 in the Graham Series, Class 2 and $50,000 in the Long/Short Commodity Series, Class 2. On June 30, 2006, the Managing Owner invested $130,000 in the Graham Series, Class 2 and $20,000 in the Long/Short Commodity Series, Class 2. On August 11, 2006, the Managing Owner invested $30,000 in the Long/Short Commodity Series, Class 2, $1,000 in the Winton Series, Class 1 and $100,000 in the Winton Series, Class 2. On September 29, 2006, the Managing Owner invested $70,000 in the Long/Short Commodity Series, Class 2 and $210,000 in the Winton Series, Class 2. On that same date, the Managing Owner invested $500,000 in each of the Balanced Series, Class 2 and Campbell Graham Series, Class 2 and redeemed $1,000,000 in the Currency Series, Class 2. On October 31, 2006, the Managing Owner invested $100,000 in the Campbell/Graham Series, Class 2 and $20,000 in the Long/Short Commodity Series, Class 2. On December 14, 2006, the Managing Owner invested $150,000 in the Campbell/Graham Series, Class 2. Also on that date, the Managing Owner exchanged $1,000,000 from the Balanced Series, Class 2, $75,000 from the Currency Series, Class 2 and $100,000 from the Winton Series, Class 2 and invested $1,175,000 in the Campbell/Graham Series, Class 2.

On March 29, 2007, the Managing Owner invested $30,000 in the Balanced Series, Class 2a, $100,000 in the Long Only Commodity Series, Class 2, $30,000 in the Long/Short Commodity Series, Class 2 and $410,000 in the Winton Series, Class 2. On April 30, 2007, the Managing Owner invested $30,000 in the Managed Futures Index Series, Class 2. On June 27, 2007, the Managing Owner invested $80,000 in the Long/Short Commodity Series, Class 2. On this same date, the Managing Owner exchanged $1.0 million from the Campbell/Graham Series, Class 2 for an identical amount in the Currency Series, Class 2, $1.0 million from the Campbell/Graham Series, Class 2 for an identical amount in the Balanced Series, Class 2 and $400,000 from the Graham Series, Class 2 for an identical amount in the Balanced Series, Class 2. On October 15, 2007, the Managing Owner redeemed $578 of the remaining interest in the Dunn Series, Class 2. On October 25, 2007, the Managing Owner invested $1,000 in the Long/Short Commodity Series, Class 2. On this same date, the Managing Owner exchanged $500,000 from the Winton Series, Class 2 for $300,000 in the Balanced Series, Class 2 and $200,000 in the Managed Futures Index Series, Class 2. Also on October 25, 2007, the Managing Owner exchanged $500,000 from the Currency Series, Class 2 for an identical amount in the Balanced Series, Class 2.

The Managing Owner may make purchases or redemptions at any time on the same terms as any Limited Owner.

On January 13, 2006, Richard E. Bornhoft, President of the Managing Owner, redeemed $4,165 from the Graham Series, Class 1. On January 17, 2006, Mr. Bornhoft invested $4,165 in the Campbell/Graham Series, Class 2. Mr. Bornhoft exchanged all of his Winton Series Units for the same class of Units in the Graham Series on April 28, 2006: $1,251 Class 1 and $1,309 Class 2. On June 7, 2006, Mr. Bornhoft redeemed $250 from the Balanced Series, Class 1, $750 from the Campbell/Graham Series, Class 1, $750 from the Dunn Series, Class 1 and $1,000 from the Graham Series, Class 1. Mr. Bornhoft redeemed $17,500 from the Graham Series, Class 2 on June 14, 2006. On August 11, 2006, Mr. Bornhoft redeemed $5,000 from the Campbell/Graham Series, Class 2 and $10,000 from the Dunn Series, Class 2. On October 31, 2006, Mr. Bornhoft redeemed all his interests of $279.58 in the Balanced Series, Class 1, $184.33 in the Campbell/Graham Series, Class 1, $206.96 in the Currency Series, Class 1, $110.51 in the Dunn Series, Class 1 and $181.44 in the Graham Series, Class 1.

On March 29, 2007 Mr. Bornhoft exchanged $12,658 from the Dunn Series, Class 2 for an identical amount in the Long Only Commodity Series, Class 2 and $2,594 from the Graham Series, Class 2 for an identical amount in the Long Only Commodity Series, Class 2. On June 1, 2007 Mr. Bornhoft invested $2,630 in the Long Only Commodity Series, Class 2.

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Mr. Bornhoft may make purchases or redemptions at any time on the same terms as any Limited Owner. No other principal of the Managing Owner or affiliates own any beneficial interest in the Trust but are allowed to do so.

The Balanced Series, in order to make investments in the Campbell/Graham Series, Currency Series, Graham Series, Long Only Commodity Series, Long/Short Commodity Series and Managed Futures Index Series, advances funds to such Series, for the purpose of investing in the respective Trading Company or Trading Companies for such Series on behalf of the Balanced Series. The Balanced Series and investee Series reflect the changes in values of these investments as “Net change in inter-series receivables/payables” in the Statement of Operations. The Balanced Series is subject to the same allocations of income and fees as the Limited Owners of such Series. As a result of fees charged by the investee Series, fees are not charged by the Balanced Series on the capital allocated to investments in affiliated Series, and the Managing Owner monitors such allocations so that aggregate fees of the investee Series on the Balanced Series investments do not exceed the allowable fees of the Balanced Series as provided in the Trust’s Prospectus.

The following table summarizes the Balanced Series advances to and reductions from other Series of the Trust as of December 31, 2007

Three Months Ending December 31, 2007

Name of Series	Amount of Investment October 1, 2007		Additions During Period		Reductions During Period		Amount of Investment December 31, 2007	Earnings in Investments in Inter- Series Receivables Net P/L for the Period		Amount of Dividends or Interest	Value December 31, 2007
Currency Series	$	4,626,635	$	0	$	0	4,626,635	(90,851	)	—	4,535,784
							4,626,635	(90,851	)	—	4,535,784

Twelve Months Ending December 31, 2007

Name of Series	Amount of Investment January 1, 2007		Additions During Period		Reductions During Period		Amount of Investment December 31, 2007			Earnings in Investments in Inter- Series Receivables Net P/L for the Period			Amount of Dividends or Interest		Value December 31, 2007
Campbell/Graham Series	$	26,972,529	$	0	$	26,646,729		325,800			(325,800	)		—		—
Currency Series	$	10,697,188	$	0	$	6,350,000		4,347,188			188,596			—		4,535,784
Graham Series	$	12,012,370	$	0	$	12,088,510		(76,140	)		76,140			—		—
Long Only Commodity Series	$	5,522,034	$	25,000,000	$	31,706,053		(1,184,019	)		1,184,019			—		—
Managed Futures Index Series	$	9,831,769	$	0	$	9,340,911		490,858			(490,858	)		—		—
							$	3,903,687		$	632,097		$	0	$	4,535,784

As sponsoring Management Company of the Trust, the Managing Owner has agreed to bear the organization and offering costs of the Trust. These costs were $4,242,194 in 2007 and $4,580,743 in 2006.

Each Series of Units pays to the Managing Owner a monthly management fee equal to a certain percentage of such Series’ assets, calculated on a daily basis. The annual rate of the management fee is 0.5% for the Balanced Series, 2.0% for the Winton Series, Currency Series, Long Only Commodity Series and Managed Futures Index Series, 2.5% for the Graham Series and Campbell/Graham Series, and 3.5% for the Long/Short Commodity Series. There is no management fee for the Dunn Series. The Managing Owner may pay all or a portion of such management fees to the Trading Advisor(s) for such Series.

Each Series pays to the Managing Owner a monthly trading fee (the “FCM Fee”) equal to 1/12^th of 0.50% of such Series’ NAV, calculated daily.

F-27

Some Series pay to the Managing Owner an incentive fee of a certain percentage of new net trading profits generated by such Series, monthly or quarterly. Because the Balanced Series and Long/Short Commodity Series 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 Balanced Series or the Long/Short Commodity 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 Balanced Series and Dunn Series and 20% for the Winton Series Currency Series, Graham Series Campbell/Graham Series and Long/Short Commodity Series. There is no incentive fee for the Long Only Commodity Series or the Managed Futures Index Series. The Managing Owner may pay all or a portion of such incentive fees to the Trading Advisor(s) for such Series.

In addition, each Series pays monthly to the Managing Owner a service fee at an annualized rate of up to 3.0% (2.0% for the Long Only Commodity Series and the Managed Futures Index Series) of the NAV of Class 1 of the Series, which the Managing Owner pays to selling agents of the Trust.

The following table summarizes fees incurred to the Managing Owner for the twelve months ended December 31, 2007

Series:	Management Fee		Trading (FCM) Fee		Incentive Fee		Service Fee
Balanced	$	1,463,113	$	1,653,104	$	9,634,890	$	6,903,826
Winton		445,408		111,329		687,066		475,010
Campbell/Graham		1,351,587		377,049		1,025,208		1,592,284
Currency		106,645		95,794		—		256,106
Dunn		—		514		—		2,148
Graham		216,609		42,979		170,704		163,270
Long Only Commodity		171,913		68,726		—		88,731
Long/Short Commodity		1,027,170		140,750		728,853		800,073
Managed Futures Index		87,109		21,638		—		11,883

The following table summarizes fees payable to the Managing Owner as of December 31, 2007

Series:	Management Fee		Trading (FCM) Fee		Incentive Fee		Service Fee
Balanced	$	122,882	$	158,231	$	1,487,150	$	398,386
Winton		64,860		16,215		327,608		10,242
Campbell/Graham		116,741		29,681		—		98,746
Currency		10,354		8,354		—		9,645
Dunn		—		—		—		—
Graham		15,307		3,062		1,063		10,180
Long Only Commodity		5,441		2,175		—		5,968
Long/Short Commodity		102,236		15,692		214,878		37,752
Managed Futures Index		1,261		315		—		680

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 therefor 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. For the 12 months ended December 31, 2007, amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees was $18,656 for the Balanced Series, $13,114 for the Long Only Commodity Series and $138 for the Managed Futures Index Series. For the twelve months ended December 31, 2007, amounts paid or owing the Managing Owner for the difference in monthly service fees from

F-28

prepaid initial service fees were $13,675 for the Currency Series, $18 for the Dunn Series, $7,465 for the Graham Series, $307 for the Campbell Graham Series, $41,893 for the Long/Short Commodity Series and $31,264 for the Winton Series.

Aggregate interest income from all sources, including assets held at clearing brokers, up to 2% (annualized) is paid to the Managing Owner by the Balanced Series (Class 1 and Class 2 only), Winton Series, Campbell/Graham Series, Currency Series, Dunn Series and Graham Series. For the Balanced Series (Class 1a and Class 2a only), Long Only Commodity Series, Long/Short Commodity Series and Managed Futures Index Series, 20% of the total interest allocated to each Series is paid to the Managing Owner. During the twelve months ended December 31, 2007, the Trust paid $7,064,961 of such interest income to the Managing Owner.

The Managing Owner pays to The Bornhoft Group Corporation, an affiliate of the Trust, a monthly fee of 0.25% (annualized) of the NAV of the Trust, for services in connection with the daily valuation of each Series and Class. For these services the Managing Owner paid The Bornhoft Group Corporation $1,032,296 in 2007. Additionally, The Bornhoft Group Corporation provides office space to the Managing Owner, prorates office expenses, and advances certain direct expenses on behalf of the Managing Owner. Under this agreement, the Managing Owner reimbursed The Bornhoft Group Corporation $316,970 for these expenses in 2007.

Solon Capital, LLC, an affiliate of the Trust, serves as wholesaler of the Trust by marketing to broker/dealer organizations. For these services, the Managing Owner paid Solon Capital, LLC, $3,096,889 in 2007.

6. Financial Highlights

The following information presents the financial highlights of the Fund for the year ended December 31, 2007. This data has been derived from the information presented in the financial statements.

	Balanced Series												Winton Series						Campbell/Graham Series
	Class 1			Class 1a			Class 2			Class 2a			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, January 1, 2007	$	106.66		$	95.97		$	114.24		$	97.88		$	105.65		$	106.81		$	96.27		$	101.86
Net operating results:
Interest income		2.52			2.26			2.74			2.34			2.64			2.70			2.58			2.76
Expenses		(7.83	)		(7.02	)		(5.13	)		(4.38	)		(9.03	)		(5.95	)		(7.27	)		(4.71	)
Net gain/(loss) on investments, net of minority interests		0.11			(0.32	)		0.14			(0.37	)		14.58			15.06			0.32			0.29
Net income		(5.20	)		(5.07	)		(2.24	)		(2.41	)		8.18			11.80			(4.37	)		(1.66	)
Net asset value, December 31, 2007	$	101.46		$	90.90		$	112.00		$	95.47		$	113.83		$	118.61		$	91.90		$	100.20
Ratios to average net assets (3)
Net investment gain/(loss)		-6.87	%		-6.87	%		-2.84	%		-2.84	%		-7.94	%		-3.95	%		-6.60	%		-2.57	%
Expenses before incentive fees		5.53	%		5.53	%		1.49	%		1.49	%		7.22	%		3.23	%		7.92	%		3.90	%
Expenses after incentive fees		10.14	%		10.14	%		6.11	%		6.11	%		11.21	%		7.22	%		10.23	%		6.21	%
Total return before incentive fees (2)		-1.79	%		-1.55	%		1.04	%		1.28	%		18.06	%		23.26	%		-2.80	%		2.56	%
Total return after incentive fees (2)		-5.24	%		-5.00	%		-2.41	%		-2.17	%		15.07	%		20.28	%		-4.52	%		0.84	%

	Currency						Dunn Series (4)						Graham Series
	Class 1			Class 2			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, January 1, 2007	$	101.16		$	108.23		$	76.91		$	82.27		$	84.70		$	90.25
Net operating results:
Interest income		4.81			5.25			1.37			1.56			2.48			2.51
Expenses		(5.33	)		(2.44	)		(1.98	)		(0.41	)		(7.77	)		(5.23	)
Net gain/(loss) on investments, net of minority interests		0.02			(0.04	)		(23.61	)		(25.71	)		15.63			16.84
Net income		(0.50	)		2.77			(24.22	)		(24.56	)		10.34			14.12
Net asset value, December 31, 2007	$	100.66		$	111.00		$	52.69		$	57.71		$	95.04		$	104.37
Ratios to average net assets (3)
Net investment gain/(loss)		-0.68	%		3.35	%		-1.19	%		1.97	%		-7.96	%		-4.02	%
Expenses before incentive fees		6.93	%		2.91	%		3.86	%		0.70	%		8.61	%		4.68	%
Expenses after incentive fees		6.93	%		2.91	%		3.86	%		0.70	%		11.68	%		7.75	%
Total return before incentive fees (2)		-1.40	%		0.75	%		-34.57	%		-40.99	%		12.78	%		17.82	%
Total return after incentive fees (2)		-1.40	%		0.75	%		-34.57	%		-40.99	%		10.48	%		15.52	%

F-29

	Long Only						Long/Short						Managed Futures Index
	Class 1			Class 2			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, January 1, 2007	$	95.45		$	97.13		$	100.42		$	102.93		$	96.75		$	98.43
Net operating results:
Interest income		10.95			11.42			3.53			3.68			22.39			23.57
Expenses		(7.16	)		(5.40	)		(9.38	)		(6.65	)		(16.67	)		(15.52	)
Net gain/(loss) on investments, net of minority interests		11.56			11.89			6.89			7.22			(1.87	)		(2.06	)
Net income		15.34			17.91			1.05			4.26			3.84			5.99
Net asset value, December 31, 2007	$	110.79		$	115.04		$	101.47		$	107.19		$	100.59		$	104.42
Ratios to average net assets (3)
Net investment gain/(loss)		5.11	%		7.79	%		-7.82	%		-3.80	%		7.94	%		10.63	%
Expenses before incentive fees		9.67	%		6.98	%		9.27	%		5.25	%		23.17	%		20.49	%
Expenses after incentive fees		9.67	%		6.98	%		12.54	%		8.53	%		23.17	%		20.49	%
Total return before incentive fees (2)		15.62	%		18.55	%		3.53	%		7.15	%		5.38	%		11.13	%
Total return after incentive fees (2)		15.62	%		18.55	%		1.08	%		4.70	%		5.38	%		11.13	%

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

(2) Computed using weighted average net assets outstanding during the period. An owner's total returns may vary from the above returns based on the timing of contributions and withdrawals. Total returns are not annualized.

(3) Annualized

(4) The Dunn Series ceased trading operation on October 12, 2007

The following information presents the financial highlights of the Fund for the year ended December 31, 2006. This data has been derived from information presented in the financial statements.

	Balanced Series												Winton Series						Campbell/Graham Series
	Class 1			Class 1a			Class 2			Class 2a			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, January 1, 2006	$	104.58		$	100.00		$	108.73		$	100.00		$	100.00		$	100.00		$	94.30		$	96.83
Net operating results:
Interest income		2.09			0.84			2.16			1.98			3.45			2.33			2.40			2.61
Expenses		(5.64	)		(3.32	)		(2.59	)		(2.38	)		(10.51	)		(5.70	)		(6.06	)		(3.57	)
Net gain/(loss) on investments, net of minority interests		5.63			(1.55	)		5.94			(1.72	)		12.71			10.18			5.63			5.99
Net income		2.08			(4.03	)		5.51			(2.12	)		5.65			6.81			1.97			5.03
Net asset value, December 31, 2006	$	106.66		$	95.97		$	114.24		$	97.88		$	105.65		$	106.81		$	96.27		$	101.86
Ratios to average net assets
Net investment gain/(loss)		-3.38	%		-2.44	%		-0.41	%		0.87	%		-6.36	%		-4.52	%		-3.92	%		-0.95	%
Expenses before incentive fees		3.73	%		3.89	%		0.76	%		0.58	%		3.30	%		1.47	%		5.86	%		2.88	%
Expenses after incentive fees		5.35	%		4.65	%		2.38	%		1.34	%		9.48	%		7.65	%		6.52	%		3.54	%
Total return before incentive fees (2)		4.14	%		0.28	%		7.29	%		0.92	%		17.28	%		27.87	%		3.10	%		2.53	%
Total return after incentive fees (2)		2.02	%		0.00	%		5.11	%		0.70	%		16.84	%		23.33	%		2.10	%		2.01	%

	Currency						Dunn Series						Graham Series
	Class 1			Class 2			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, January 1, 2006	$	97.66		$	101.42		$	86.83		$	90.15		$	82.90		$	85.73
Net operating results:
Interest income		2.28			2.79			2.01			2.19			2.21			2.31
Expenses		(4.17	)		(1.56	)		(2.93	)		(0.48	)		(5.09	)		(2.73	)
Net gain/(loss) on investments, net of minority interests		5.39			5.58			(9.00	)		(9.59	)		4.68			4.94
Net income		3.50			6.81			(9.92	)		(7.88	)		1.80			4.52
Net asset value, December 31, 2006	$	101.16		$	108.23		$	76.91		$	82.27		$	84.70		$	90.25
Ratios to average net assets
Net investment gain/(loss)		-1.82	%		1.15	%		-1.08	%		1.92	%		-3.44	%		-0.47	%
Expenses before incentive fees		4.30	%		1.34	%		3.52	%		0.53	%		6.08	%		3.11	%
Expenses after incentive fees		4.43	%		1.46	%		3.52	%		0.53	%		6.08	%		3.11	%
Total return before incentive fees (2)		5.30	%		6.94	%		-7.74	%		-8.52	%		2.32	%		2.67	%
Total return after incentive fees (2)		5.17	%		6.72	%		-7.74	%		-8.52	%		2.32	%		2.67	%

F-30

	Long Only						Long/Short						Managed Futures Index
	Class 1			Class 2			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, January 1, 2006	$	100.00		$	100.00		$	100.00		$	100.00		$	100.00		$	100.00
Net operating results:
Interest income		3.66			3.83			3.65			3.70			3.56			3.65
Expenses		(3.63	)		(1.77	)		(7.38	)		(4.61	)		(4.08	)		(2.24	)
Net gain/(loss) on investments, net of minority interests		(4.58	)		(4.93	)		4.15			3.84			(2.73	)		(2.98	)
Net income		(4.55	)		(2.87	)		0.42			2.93			(3.25	)		(1.57	)
Net asset value, December 31, 2006	$	95.45		$	97.13		$	100.42		$	102.93		$	96.75		$	98.43
Ratios to average net assets
Net investment gain/(loss)		0.03	%		1.98	%		-3.80	%		-0.90	%		-0.54	%		1.42	%
Expenses before incentive fees		3.64	%		1.69	%		6.21	%		3.32	%		4.23	%		2.27	%
Expenses after incentive fees		3.64	%		1.69	%		7.51	%		4.61	%		4.23	%		2.27	%
Total return before incentive fees (2)		-4.51	%		-2.66	%		-1.65	%		1.90	%		-7.46	%		-1.70	%
Total return after incentive fees (2)		-4.51	%		-2.66	%		-2.43	%		-0.74	%		-7.46	%		-1.70	%

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

(2) Computed using weighted average net assets outstanding during the period. An owner's total returns may vary from the above returns based on the timing of contributions and withdrawals. Total returns are not annualized.

The following information presents the financial highlights of the Fund for the year ended December 31, 2005. This data has been derived from information presented in the financial statements.

	Balanced Series						Beach Series						Campbell/Graham Series
	Class 1			Class 2			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, January 1, 2005	$	106.03		$	106.85		$	106.01		$	106.84		$	100.00		$	100.00
Net operating results:
Interest income		1.14			1.14			1.17			1.17			1.12			1.12
Expenses		(8.42	)		(5.46	)		(9.25	)		(6.40	)		(6.78	)		(4.30	)
Net gain/(loss) on investments, net of minority interests		5.83			6.20			14.00			14.66			(0.04	)		0.01
Net income		(1.45	)		1.88			5.92			9.43			(5.70	)		(3.17	)
Net asset value, December 31, 2005	$	104.58		$	108.73		$	111.93		$	116.27		$	94.30		$	96.83
Ratios to average net assets (2)
Net investment gain/(loss)		-7.33	%		-4.34	%		-8.46	%		-5.46	%		-8.48	%		-4.68	%
Expenses before incentive fees		3.93	%		0.94	%		5.33	%		2.34	%		7.38	%		3.58	%
Expenses after incentive fees		8.48	%		5.49	%		9.67	%		6.68	%		10.13	%		6.34	%
Total return before incentive fees (3)		13.72	%		9.89	%		23.95	%		11.92	%		6.69	%		9.58	%
Total return after incentive fees (3)		9.17	%		5.34	%		19.61	%		7.58	%		4.25	%		7.14	%

F-31

	Currency						Dunn Series						Graham Series
	Class 1			Class 2			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, January 1, 2005	$	102.67		$	103.47		$	104.96		$	105.77		$	103.57		$	103.92
Net operating results:
Interest income		1.10			1.10			1.13			1.13			0.85			0.85
Expenses		(5.69	)		(2.77	)		(3.24	)		(0.51	)		(5.09	)		(2.58	)
Net gain/(loss) on investments, net of minority interests		(0.42	)		(0.38	)		(16.02	)		(16.24	)		(16.43	)		(16.46	)
Net income		(5.01	)		(2.05	)		(18.13	)		(15.62	)		(20.67	)		(18.19	)
Net asset value, December 31, 2005	$	97.66		$	101.42		$	86.83		$	90.15		$	82.90		$	85.73
Ratios to average net assets (2)
Net investment gain/(loss)		-4.57	%		-1.64	%		-2.33	%		0.66	%		-5.01	%		-2.02	%
Expenses before incentive fees		5.64	%		2.71	%		3.54	%		0.54	%		6.00	%		3.02	%
Expenses after incentive fees		5.64	%		2.71	%		3.54	%		0.54	%		6.00	%		3.02	%
Total return before incentive fees (3)		-7.50	%		-2.56	%		-13.46	%		-23.33	%		-15.86	%		-13.83	%
Total return after incentive fees (3)		-7.50	%		-2.56	%		-13.46	%		-23.33	%		-15.86	%		-13.83	%

(1) The Campbell/Graham Series commenced operation on February 11, 2005. Interest income and expenses per unit are calculated by dividing these amounts by the weighted average number of units outstanding during the period. The net gain/(loss) on investments, net of minority interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

(2) Ratios have been annualized for the Campbell/Graham Series and exclude the impact of the incentive fees except where otherwise noted. Incentive fees have not been annualized.

(3) Computed using weighted average net assets outstanding during the period. An owner's total returns may vary from the avove returns based on the timing of contributions and withdrawals. Total returns are not annualized.

7. Trading Activities and Related Risks

The purchase and sale of futures and options on futures contracts require margin deposits with Futures Commodities Merchants (each, an “FCM”). Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act 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 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.

F-32

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. 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 unrealized gain (loss) on open futures contracts is comprised of the following:

	Futures Contracts (exchange traded)
	2007			2006			2005
Gross Unrealized Gains	$	23,009,450		$	27,229,898		$	17,528,857
Gross Unrealized (Losses)		(34,220,728	)		(13,517,509	)		(10,266,195	)
Net Unrealized Gain (Loss)		($11,211,278	)	$	13,712,389		$	7,262,662

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.

8. Indemnifications

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 or bad faith. 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.

9. Subsequent Events

On February 28, 2008, the Trust invested in $214,950,000 principal amount of U.S. Treasury notes, with maturities ranging from one to seven years, with an average yield of 2.52%. The investment was funded by withdrawal of overnight funds held with banks.

F-33

Report of Independent Registered Public Accounting Firm

To the Frontier Fund, as sole member of the Trading Companies

We have audited each of the accompanying statements of financial condition including the condensed schedule of investments, of Frontier Trading Company I LLC, Frontier Trading Company II LLC, Frontier Trading Company III LLC, Frontier Trading Company IV LLC, Frontier Trading Company V LLC, Frontier Trading Company VI LLC, Frontier Trading Company VII, LLC, Frontier Trading Company VIII, LLC, and Frontier Trading Company IX, LLC (collectively, the “Trading Companies”) as of December 31, 2007 and 2006, and the related statements of operations and changes in members’ equity for each of the three years in the period ended December 31, 2007. These financial statements are the responsibility of the Trading Companies’ management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, each of the financial statements referred to above present fairly, in all material respects, the financial position of Frontier Trading Company I LLC, Frontier Trading Company II LLC, Frontier Trading Company III LLC, Frontier Trading Company IV LLC, Frontier Trading Company V LLC, Frontier Trading Company VI LLC, Frontier Trading Company VII, LLC, Frontier Trading Company VIII, LLC, and Frontier Trading Company IX, LLC as of December 31, 2007 and 2006, and the results of their operations and changes in members’ equity for each of the three years in the period ended December 31, 2007 in conformity with U.S. generally accepted accounting principles.

As described in Note 7 to the financial statements, the 2007 and 2006 financial statements have been restated to include the condensed schedule of investments and a financial highlights footnote which were previously omitted.

/s/ McGladrey & Pullen, LLP

Denver, Colorado

January 27, 2009

F-34

The Trading Companies of the Frontier Fund

Statements of Financial Condition

December 31, 2007 and December 31, 2006

	Frontier Trading Company I LLC				Frontier Trading Company II LLC				Frontier Trading Company III LLC
	12/31/2007		12/31/2006		12/31/2007		12/31/2006		12/31/2007		12/31/2006
ASSETS
Cash held at futures commission merchants	$	25,861,525	$	13,191,065	$	9,924,146	$	7,018,159	$	1,539,788	$	1,495,953
Open trade equity		461,880		4,850,568		970,867		1,422,913		34,703		41,615
Swap contracts		32,329,392		—		—		—		822,068		1,474,958
Total Assets	$	58,652,797	$	18,041,633	$	10,895,013	$	8,441,072	$	2,396,559	$	3,012,526
MEMBERS’ EQUITY
MEMBERS’ EQUITY		58,652,797		18,041,633		10,895,013		8,441,072		2,396,559		3,012,526
Total Members’ Equity	$	58,652,797	$	18,041,633	$	10,895,013	$	8,441,072	$	2,396,559	$	3,012,526
	Frontier Trading Company IV LLC (1)				Frontier Trading Company V LLC				Frontier Trading Company VI LLC
	12/31/2007		12/31/2006		12/31/2007		12/31/2006		12/31/2007		12/31/2006
ASSETS
Cash held at futures commission merchants	$	—	$	1,284,925	$	12,761,730	$	13,938,010	$	13,863,217	$	16,383,004
Open trade equity		—		235,235		—		1,576,367		—		4,882,656
Swap contracts		—		—		—		—		14,912,063		34,603,385
Total Assets	$	—	$	1,520,160	$	12,761,730	$	15,514,377	$	28,775,280	$	55,869,045
LIABILITIES & MEMBERS’ EQUITY
LIABILITIES
Open trade deficit	$	—	$	—	$	96,656	$	—	$	1,481,122	$	—
Total Liabilities		—		—		96,656		—		1,481,122		—
MEMBERS’ EQUITY		—		1,520,160		12,665,074		15,514,377		27,294,158		55,869,045
Total Liabilities and Members’ Equity	$	—	$	1,520,160	$	12,761,730	$	15,514,377	$	28,775,280	$	55,869,045
	Frontier Trading Company VII, LLC				Frontier Trading Company VIII, LLC				Frontier Trading Company IX, LLC
	12/31/2007		12/31/2006		12/31/2007		12/31/2006		12/31/2007		12/31/2006
ASSETS
Cash held at futures commission merchants	$	21,539,642	$	4,485,621	$	—	$	—	$	2,576,122	$	1,729,868
Open trade equity		—		280,503		—		—		50,316		428,995
Swap contracts		—		—		768,028		806,473		—		—
Total Assets	$	21,539,642	$	4,766,124	$	768,028	$	806,473	$	2,626,438	$	2,158,863
LIABILITIES & MEMBERS’ EQUITY
LIABILITIES
Open trade deficit	$	11,151,267	$	—	$	—	$	—	$	—	$	—
Total Liabilities		11,151,267		—		—		—		—		—
MEMBERS’ EQUITY		10,388,375		4,766,124		768,028		806,473		2,626,438		2,158,863
Total Liabilities and Members’ Equity	$	21,539,642	$	4,766,124	$	768,028	$	806,473	$	2,626,438	$	2,158,863

(1) Frontier Trading Company IV LLC ceased operations in October 2007

The accompanying notes are an integral part of these statements.

F-35

The Trading Companies of the Frontier Fund

Condensed Schedule of Investments

December 31, 2007

	Frontier Trading Company I, LLC					Frontier Trading Company II, LLC					Frontier Trading Company III, LLC				Frontier Trading Company IV, LLC				Frontier Trading Company V, LLC
Description	Value			% of Net Asset Value		Value			% of Net Asset Value		Value		% of Net Asset Value		Value		% of Net Asset Value		Value			% of Net Asset Value
LONG FUTURES CONTRACTS
Various base metals futures contracts (US)	$	(296,085	)	-0.50	%	$	(750,925	)	-6.89	%	$	—	0.00	%	$	—	0.00	%	$	(46,995	)	-0.37	%
Various currency futures contracts (US)		(1,881	)	0.00	%		(170,950	)	-1.57	%		—	0.00	%		—	0.00	%		5,213		0.04	%
Various currency futures contracts (Canada)		16,808		0.03	%		—		0.00	%		—	0.00	%		—	0.00	%		—		0.00	%
Various currency futures contracts (Europe)		76,877		0.13	%		43,498		0.40	%		—	0.00	%		—	0.00	%		(8,656	)	-0.07	%
Various currency futures contracts (Far East)		7,187		0.01	%		17,336		0.16	%		—	0.00	%		—	0.00	%		—		0.00	%
Various energy futures contracts (US)		339,042		0.58	%		436,155		4.00	%		—	0.00	%		—	0.00	%		23,239		0.18	%
Various interest rates futures contracts (US)		33,680		0.06	%		(53,497	)	-0.49	%		—	0.00	%		—	0.00	%		1,922		0.02	%
Various interest rates futures contracts (Canada)		(4,235	)	-0.01	%		(4,610	)	-0.04	%		—	0.00	%		—	0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		1,772		0.00	%		(12,044	)	-0.11	%		—	0.00	%		—	0.00	%		4,554		0.04	%
Various interest rates futures contracts (Far East)		(117,265	)	-0.20	%		132,985		1.22	%		—	0.00	%		—	0.00	%		39,259		0.31	%
Various precious metals futures contracts (US)		84,180		0.14	%		380,950		3.50	%		—	0.00	%		—	0.00	%		440		0.00	%
Various soft futures contracts (US)		1,299,271		2.22	%		755,306		6.93	%		—	0.00	%		—	0.00	%		(1,859	)	-0.01	%
Various soft futures contracts (Europe)		(1,792	)	0.00	%		(856	)	-0.01	%		—	0.00	%		—	0.00	%		(3,802	)	-0.03	%
Various soft futures contracts (Canada)		—		0.00	%		2,547		0.02	%		—	0.00	%		—	0.00	%		—		0.00	%
Various stock index futures contracts (US)		232,252		0.40	%		(102,551	)	-0.94	%		—	0.00	%		—	0.00	%		(2,020	)	-0.02	%
Various stock index futures contracts (Canada)		89,362		0.15	%		15,879		0.15	%		—	0.00	%		—	0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		108,920		0.17	%		100,550		0.92	%		—	0.00	%		—	0.00	%		(6,130	)	-0.05	%
Various stock index futures contracts (Far East)		5,117		0.01	%		(4,309	)	-0.04	%		—	0.00	%		—	0.00	%		(988	)	-0.01	%
Total Long Futures Contracts		1,873,210		3.19	%		785,464		7.21	%		—	0.00	%		—	0.00	%		4,177		0.03	%
LONG CURRENCY FORWARDS		0		0.00	%		—		0.00	%		120	0.01	%		—	0.00	%		107,869		0.85	%
LONG SWAPS / OPTIONS		32,329,392		55.12	%		—		0.00	%		822,068	34.30	%		—	0.00	%		—		0.00	%
SHORT FUTURES CONTRACTS
Various base metals futures contracts (US)		138,659		0.24	%		415,456		3.81	%		—	0.00	%		—	0.00	%		95,072		0.75	%
Various currency futures contracts (US)		(1,028,111	)	-1.75	%		(26,538	)	-0.24	%		—	0.00	%		—	0.00	%		—		0.00	%
Various currency futures contracts (Canada)		—		0.00	%		—		0.00	%		—	0.00	%		—	0.00	%		—		0.00	%
Various currency futures contracts (Europe)		44,459		0.08	%		6,522		0.06	%		—	0.00	%		—	0.00	%		(3,312	)	-0.03	%
Various currency futures contracts (Far East)		(679	)	0.00	%		(11,329	)	-0.10	%		—	0.00	%		—	0.00	%		—		0.00	%
Various energy futures contracts (US)		(120,010	)	-0.20	%		(60,210	)	-0.55	%		—	0.00	%		—	0.00	%		(28,300	)	-0.22	%
Various interest rates futures contracts (US)		—		0.00	%		—		0.00	%		—	0.00	%		—	0.00	%		(6,547	)	-0.05	%
Various interest rates futures contracts (Canada)		—		0.00	%		(1,672	)	-0.02	%		—	0.00	%		—	0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		478,146		0.82	%		(18,832	)	-0.17	%		—	0.00	%		—	0.00	%		(9,568	)	-0.08	%
Various interest rates futures contracts (Far East)		29,196		0.05	%		2,298		0.02	%		—	0.00	%		—	0.00	%		(1,029	)	-0.01	%
Various precious metals futures contracts (US)		—		0.00	%		—		0.00	%		—	0.00	%		—	0.00	%		—		0.00	%
Various soft futures contracts (US)		(299,754	)	-0.51	%		(120,292	)	-1.10	%		—	0.00	%		—	0.00	%		—		0.00	%
Various soft futures contracts (Europe)		—		0.00	%		—		0.00	%		—	0.00	%		—	0.00	%		—		0.00	%
Various stock index futures contracts (US)		(692,455	)	-1.18	%		—		0.00	%		—	0.00	%		—	0.00	%		7,815		0.06	%
Various stock index futures contracts (Europe)		34,204		0.06	%		—		0.00	%		—	0.00	%		—	0.00	%		—		0.00	%
Various stock index futures contracts (Far East)		5,015		0.01	%		—		0.00	%		—	0.00	%		—	0.00	%		—		0.00	%
Total Short Futures Contracts		(1,411,330	)	-2.38	%		185,403		1.71	%		—	0.00	%		—	0.00	%		54,131		0.42	%
SHORT CURRENCY FORWARDS		0		0.00	%		—		0.00	%		34,583	1.44	%		—	0.00	%		(262,833	)	-2.07	%
Total Open Trade Equity	$	32,791,272		55.93	%	$	970,867		8.92	%	$	856,771	35.75	%	$	—	0.00	%	$	(96,656	)	-0.77	%

No individual futures, forwards and option on futures contract position constituted greater than 5 percent of Net Asset Value (Members’ Equity). Accordingly, the number of contracts and expiration dates are not presented.

F-36

	Frontier Trading Company VI, LLC					Frontier Trading Company VII, LLC					Frontier Trading Company VIII, LLC				Frontier Trading Company IX, LLC
Description	Value			% of Net Asset Value		Value			% of Net Asset Value		Value		% of Net Asset Value		Value			% of Net Asset Value
LONG FUTURES CONTRACTS
Various base metals futures contracts (US)	$	(12,033	)	-0.04	%	$	78,655		0.76	%	$	—	0.00	%	$	(306,507	)	-11.67	%
Various currency futures contracts (US)		136,888		0.50	%		(29,520	)	-0.28	%		—	0.00	%		12,763		0.49	%
Various currency futures contracts (Canada)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Various currency futures contracts (Europe)		(32,615	)	-0.12	%		—		0.00	%		—	0.00	%		—		0.00	%
Various currency futures contracts (Far East)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Various energy futures contracts (US)		250,679		0.92	%		2,390,287		23.01	%		—	0.00	%		30,475		1.16	%
Various interest rates futures contracts (US)		37,546		0.14	%		52,718		0.51	%		—	0.00	%		1,594		0.06	%
Various interest rates futures contracts (Canada)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		99,151		0.36	%		—		0.00	%		—	0.00	%		34,980		1.33	%
Various interest rates futures contracts (Far East)		42		0.00	%		—		0.00	%		—	0.00	%		(2,193	)	-0.08	%
Various precious metals futures contracts (US)		109,030		0.40	%		68,860		0.66	%		—	0.00	%		36,290		1.38	%
Various soft futures contracts (US)		—		0.00	%		2,321,450		22.34	%		—	0.00	%		70,876		2.70	%
Various soft futures contracts (Europe)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Various soft futures contracts (Canada)		—		0.00	%		—		0.00	%			0.00	%		—		0.00	%
Various stock index futures contracts (US)		(80,963	)	-0.30	%		(61,188	)	-0.59	%		—	0.00	%		(13,152	)	-0.50	%
Various stock index futures contracts (Canada)		—		0.00	%		—		0.00	%			0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		420,866		1.54	%		—		0.00	%		—	0.00	%		(3,100	)	-0.12	%
Various stock index futures contracts (Far East)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Total Long Futures Contracts		928,591		3.40	%		4,821,262		46.41	%		—	0.00	%		(137,974	)	-5.25	%
LONG CURRENCY FORWARDS		(2,073,646	)	-7.60	%		—		0.00	%		—	0.00	%		4,162		0.16	%
LONG SWAPS / OPTIONS		14,912,063		54.63	%		—		0.00	%		768,028	100.00	%		—		0.00	%
SHORT FUTURES CONTRACTS
Various base metals futures contracts (US)		12,514		0.05	%		(2,648,030	)	-25.49	%		—	0.00	%		194,993		7.42	%
Various currency futures contracts (US)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Various currency futures contracts (Canada)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Various currency futures contracts (Europe)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Various currency futures contracts (Far East)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Various energy futures contracts (US)		(188,998	)	-0.69	%		(7,884,832	)	-75.90	%		—	0.00	%		(3,870	)	-0.15	%
Various interest rates futures contracts (US)		(2,109	)	-0.01	%		4,219		0.04	%		—	0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)		(33,370	)	-0.12	%		—		0.00	%		—	0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		(58,471	)	-0.21	%		—		0.00	%		—	0.00	%		(5,388	)	-0.21	%
Various interest rates futures contracts (Far East)		84,194		0.31	%		—		0.00	%		—	0.00	%		(5,182	)	-0.20	%
Various precious metals futures contracts (US)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Various soft futures contracts (US)		—		0.00	%		(5,344,761	)	-51.45	%		—	0.00	%		13,870		0.53	%
Various soft futures contracts (Europe)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Various stock index futures contracts (US)		(77,695	)	-0.28	%		(99,125	)	-0.95	%		—	0.00	%		(4,810	)	-0.18	%
Various stock index futures contracts (Europe)		(34,838	)	-0.13	%		—		0.00	%		—	0.00	%		(2,412	)	-0.09	%
Various stock index futures contracts (Far East)		35,767		0.13	%		—		0.00	%		—	0.00	%		—		0.00	%
Total Short Futures Contracts		(263,006	)	-0.95	%		(15,972,529	)	-153.75	%		—	0.00	%		187,201		7.12	%
SHORT CURRENCY FORWARDS		(73,061	)	-0.26	%		—		0.00	%		—	0.00	%		(3,073	)	-0.12	%
Total Open Trade Equity	$	13,430,941		49.22	%	$	(11,151,267	)	-107.34	%	$	768,028	100.00	%	$	50,316		1.91	%

No individual futures, forwards and option on futures contract position constituted greater than 5 percent of Net Asset Value (Members’ Equity). Accordingly, the number of contracts and expiration dates are not presented.

The accompanying notes are an integral part of these statements.

F-37

The Trading Companies of the Frontier Fund

Condensed Schedule of Investments

December 31, 2006

	Frontier Trading Company I, LLC					Frontier Trading Company II, LLC					Frontier Trading Company III, LLC				Frontier Trading Company IV, LLC					Frontier Trading Company V, LLC
Description	Value			% of Net Asset Value		Value			% of Net Asset Value		Value		% of Net Asset Value		Value			% of Net Asset Value		Value			% of Net Asset Value
LONG FUTURES CONTRACTS
Various base metals futures contracts (US)	$	(307,583	)	-1.70	%	$	113,781		1.35	%	$	—	0.00	%	$	—		0.00	%	$	—		0.00	%
Various base metals futures contracts (Europe)		916,490		5.08	%		—		0.00	%		—	0.00	%		—		0.00	%		(36,938	)	-0.24	%
Various currency futures contracts (US)		(828,679	)	-4.59	%		(130,423	)	-1.55	%		—	0.00	%		(45,613	)	-3.00	%		—		0.00	%
Various currency futures contracts (Canada)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Europe)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Far East)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%		—		0.00	%
Various energy futures contracts (US)		(25,784	)	-0.14	%		—		0.00	%		—	0.00	%		—		0.00	%		—		0.00	%
Various energy futures contracts (Europe)		(35,845	)	-0.20	%		—		0.00	%		—	0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (US)		(249,222	)	-1.38	%		(314,997	)	-3.73	%		—	0.00	%		(168,820	)	-11.11	%		(663,199	)	-4.27	%
Various interest rates futures contracts (Canada)		20,478		0.11	%		(26,768	)	-0.32	%		—	0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		(406,955	)	-2.26	%		(76,364	)	-0.90	%		—	0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)		(122,195	)	-0.68	%		182,433		2.16	%		—	0.00	%		(7,467	)	-0.49	%		(109,292	)	-0.70	%
Various precious metals futures contracts (US)		(38,665	)	-0.21	%		(60,565	)	-0.72	%		—	0.00	%		(6,260	)	-0.41	%		(3,810	)	-0.02	%
Various soft futures contracts (US)		607,805		3.37	%		—		0.00	%		—	0.00	%		29,758		1.96	%		17,215		0.11	%
Various soft futures contracts (Europe)		5,147		0.03	%		120		0.00	%		—	0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Canada)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (US)		(38,181	)	-0.21	%		(41,991	)	-0.50	%		—	0.00	%		(2,065	)	-0.14	%		(151,126	)	-0.97	%
Various stock index futures contracts (Canada)		23,114		0.13	%		2,062		0.02	%		—	0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		73,773		0.41	%		284,085		3.37	%		—	0.00	%		23,096		1.52	%		271,303		1.75	%
Various stock index futures contracts (Far East)		269,354		1.49	%		435,202		5.16	%		—	0.00	%		39,137		2.57	%		337,523		2.18	%
Total Long Futures Contracts		(136,948	)	-0.75	%		366,575		4.34	%		—	0.00	%		(138,234	)	-9.10	%		(338,324	)	-2.16	%
LONG CURRENCY FORWARDS		—		0.00	%		—		0.00	%		41,615	1.38	%		—		0.00	%		1,245,759		8.03	%
LONG SWAPS / OPTIONS		—		0.00	%		—		0.00	%		1,474,958	48.96	%		—		0.00	%		—		0.00	%
SHORT FUTURES CONTRACTS
Various base metals futures contracts (US)		1,248,083		6.92	%		(51,762	)	-0.61	%		—	0.00	%		—		0.00	%		—		0.00	%
Various base metals futures contracts (Europe)		(470,018	)	-2.61	%				0.00	%		—	0.00	%		—		0.00	%		(5,419	)	-0.03	%
Various currency futures contracts (US)		550,580		3.05	%		459,956		5.45	%		—	0.00	%		20,375		1.34	%		(104,580	)	-0.67	%
Various currency futures contracts (Canada)		—		0.00	%				0.00	%		—	0.00	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Europe)		—		0.00	%				0.00	%		—	0.00	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Far East)		—		0.00	%				0.00	%		—	0.00	%		—		0.00	%		—		0.00	%
Various energy futures contracts (US)		261,076		1.45	%		397,998		4.72	%		—	0.00	%		114,961		7.56	%		109,801		0.71	%
Various energy futures contracts (Europe)		—		0.00	%		94,725		1.12	%		—	0.00	%				0.00	%		3,830		0.02	%
Various interest rates futures contracts (US)		916,061		5.08	%				0.00	%		—	0.00	%		63		0.00	%		39,306		0.25	%
Various interest rates futures contracts (Canada)		199,562		1.11	%		559		0.01	%		—	0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		1,696,982		9.41	%		176,743		2.09	%		—	0.00	%		242,514		15.95	%		682,466		4.40	%
Various interest rates futures contracts (Far East)		326,955		1.81	%		10,717		0.13	%		—	0.00	%		23,543		1.55	%		4,254		0.03	%
Various precious metals futures contracts (US)		281,180		1.56	%		13,465		0.16	%		—	0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (US)		(163,782	)	-0.91	%		(115,123	)	-1.36	%		—	0.00	%		(12,129	)	-0.80	%		(46,126	)	-0.30	%
Various soft futures contracts (Europe)		—		0.00	%		38,190		0.45	%		—	0.00	%		—		0.00	%		(14,600	)	-0.09	%
Various stock index futures contracts (US)		158,451		0.88	%		30,839		0.37	%		—	0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		(17,614	)	-0.10	%				0.00	%		—	0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Far East)		—		0.00	%		31		0.00	%		—	0.00	%		(15,858	)	-1.04	%		—		0.00	%
Total Short Futures Contracts		4,987,516		27.65	%		1,056,338		12.53	%		—	0.00	%		373,469		24.56	%		668,934		4.32	%
SHORT CURRENCY FORWARDS		0		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%		—		0.00	%
Total Open Trade Equity	$	4,850,568		26.90	%	$	1,422,913		16.87	%	$	1,516,573	50.34	%	$	235,235		15.46	%	$	1,576,367		10.19	%

No individual futures, forwards and option on futures contract position constituted greater than 5 percent of Net Asset Value (Members’ Equity). Accordingly, the number of contracts and expiration dates are not presented.

F-38

	Frontier Trading Company VI, LLC					Frontier Trading Company VII, LLC					Frontier Trading Company VIII, LLC				Frontier Trading Company IX, LLC
Description	Value			% of Net Asset Value		Value			% of Net Asset Value		Value		% of Net Asset Value		Value			% of Net Asset Value
LONG FUTURES CONTRACTS
Various base metals futures contracts (US)	$	(122,104	)	-0.22	%	$	(32,200	)	-0.68	%	$	—	0.00	%	$	—		0.00	%
Various base metals futures contracts (Europe)		(16,342	)	-0.03	%		—		0.00	%		—	0.00	%		172,913		8.01	%
Various currency futures contracts (US)		—		0.00	%		(98,319	)	-2.06	%		—	0.00	%		—		0.00	%
Various currency futures contracts (Canada)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Various currency futures contracts (Europe)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Various currency futures contracts (Far East)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Various energy futures contracts (US)		—		0.00	%		285,382		5.99	%		—	0.00	%		—		0.00	%
Various energy futures contracts (Europe)		—		0.00	%		(20,692	)	-0.43	%		—	0.00	%		—		0.00	%
Various interest rates futures contracts (US)		—		0.00	%		(7,438	)	-0.16	%		—	0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)		(9,410	)	-0.02	%		—		0.00	%		—	0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)		(77,029	)	-0.14	%		—		0.00	%		—	0.00	%		26,512		1.23	%
Various precious metals futures contracts (US)		(790,891	)	-1.42	%		(33,680	)	-0.71	%		—	0.00	%		1,720		0.08	%
Various soft futures contracts (US)		—		0.00	%		283,910		5.96	%		—	0.00	%		28,408		1.32	%
Various soft futures contracts (Europe)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Various soft futures contracts (Canada)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Various stock index futures contracts (US)		(27,668	)	-0.05	%		1,539		0.03	%		—	0.00	%		(2,700	)	-0.13	%
Various stock index futures contracts (Canada)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		514,301		0.92	%		—		0.00	%		—	0.00	%		5,420		0.25	%
Various stock index futures contracts (Far East)		500,734		0.90	%		—		0.00	%		—	0.00	%		46,217		2.14	%
Total Long Futures Contracts		(28,409	)	-0.06	%		378,502		7.94	%		—	0.00	%		278,490		12.90	%
LONG CURRENCY FORWARDS		2,711,184		4.85	%		—		0.00	%		—	0.00	%		79,612		3.69	%
LONG SWAPS / OPTIONS		34,603,385		0.00	%		—		0.00	%		806,473	100.00	%		—		0.00	%
SHORT FUTURES CONTRACTS
Various base metals futures contracts (US)		89,741		0.16	%		31,875		0.67	%		—	0.00	%		2,450		0.11	%
Various base metals futures contracts (Europe)		2,446		0.00	%		—		0.00	%		—	0.00	%		(154,474	)	-7.16	%
Various currency futures contracts (US)		—		0.00	%		11,460		0.24	%		—	0.00	%		313		0.01	%
Various currency futures contracts (Canada)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Various currency futures contracts (Europe)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Various currency futures contracts (Far East)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Various energy futures contracts (US)		—		0.00	%		(90,341	)	-1.90	%		—	0.00	%		24,629		1.14	%
Various energy futures contracts (Europe)				0.00	%		116,533		2.45	%		—	0.00	%		—		0.00	%
Various interest rates futures contracts (US)		711,562		1.27	%		53,781		1.13	%		—	0.00	%		5,375		0.25	%
Various interest rates futures contracts (Canada)		6,509		0.01	%		—		0.00	%		—	0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		1,349,035		2.41	%		—		0.00	%		—	0.00	%		166,794		7.73	%
Various interest rates futures contracts (Far East)		46,157		0.08	%		—		0.00	%		—	0.00	%		33,737		1.56	%
Various precious metals futures contracts (US)		(5,570	)	-0.01	%		5,160		0.11	%		—	0.00	%		—		0.00	%
Various soft futures contracts (US)		—		0.00	%		(226,467	)	-4.75	%		—	0.00	%		(4,920	)	-0.23	%
Various soft futures contracts (Europe)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Various stock index futures contracts (US)		—		0.00	%		—		0.00	%		—	0.00	%		(3,010	)	-0.14	%
Various stock index futures contracts (Europe)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Various stock index futures contracts (Far East)		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Total Short Futures Contracts		2,199,880		3.92	%		(97,999	)	-2.05	%		—	0.00	%		70,894		3.27	%
SHORT CURRENCY FORWARDS		—		0.00	%		—		0.00	%		—	0.00	%		—		0.00	%
Total Open Trade Equity	$	39,486,041		8.71	%	$	280,503		5.89	%	$	806,473	100.00	%	$	428,996		19.86	%

No individual futures, forwards and option on futures contract position constituted greater than 5 percent of Net Asset Value (Members’ Equity). Accordingly, the number of contracts and expiration dates are not presented.

The accompanying notes are an integral part of these statements.

F-39

The Trading Companies of the Frontier Fund

Statements of Operations

For The Years Ended December 31, 2007, 2006 and 2005

	Frontier Trading Company I LLC									Frontier Trading Company II LLC									Frontier Trading Company III LLC
	12/31/2007			12/31/2006			12/31/2005			12/31/2007			12/31/2006			12/31/2005			12/31/2007			12/31/2006			12/31/2005
Investment Income:
Interest-net	$	1,000,475		$	399,825		$	161,255		$	434,402		$	213,384		$	137,820		$	132,464		$	98,990		$	15,558
Total Income		1,000,475			399,825			161,255			434,402			213,384			137,820			132,464			98,990			15,558
Realized and unrealized gain (loss) on investments:
Net realized gain/(loss) on futures and currencies		(621,375	)		3,400,339			2,367,355			17,879,093			8,755,911			2,025,715			(8,104	)		27,040			(12,388	)
Net realized gain/(loss) on option / swap contracts		—			—			—			—			—			—			135,100			900,226			—
Net change in open trade equity		2,928,523			151,686			4,320,654			(452,160	)		(2,090,380	)		3,142,512			(28,482	)		14,008			15,039
Net unrealized gain/(loss) on option / swap contracts		(899,872	)		—			—			—			—			—			—			—			—
Trading commissions		(2,155,318	)		(722,652	)		(596,506	)		(387,285	)		(282,438	)		(303,355	)		—			—			—
Net gain/(loss) on investments		(748,042	)		2,829,373			6,091,503			17,039,648			6,383,093			4,864,872			98,514			941,274			2,651
NET INCREASE IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS	$	252,433		$	3,229,198		$	6,252,758		$	17,474,050		$	6,596,477		$	5,002,692		$	230,978		$	1,040,264		$	18,209
	Frontier Trading Company IV LLC (2)									Frontier Trading Company V LLC									Frontier Trading Company VI LLC
	12/31/2007			12/31/2006			12/31/2005			12/31/2007			12/31/2006			12/31/2005			12/31/2007			12/31/2006			12/31/2005
Investment Income:
Interest-net	$	58,739		$	99,330		$	78,437		$	653,524		$	345,944		$	123,550		$	813,618		$	487,539		$	113,858
Total Income		58,739			99,330			78,437			653,524			345,944			123,550			813,618			487,539			113,858
Realized and unrealized gain (loss) on investments:
Net realized gain/(loss) on futures and currencies		(1,319,360	)		(2,269,819	)		(1,425,792	)		7,697,156			485,089			(782,768	)		(5,247,587	)		(2,247,370	)		5,039,524
Net realized gain/(loss) on option / swap contracts		—			—			—			—			—			—			1,674,698						—
Net change in open trade equity		(235,223	)		47,344			269,038			(1,673,135	)		1,479,234			136,041			(6,352,783	)		6,111,319			(1,222,005	)
Net unrealized gain/(loss) on option / swap contracts		—			—			—			—			—			—			(3,394,571	)		1,603,390			—
Trading commissions		(33,983	)		(86,487	)		(119,452	)		(192,697	)		(284,699	)		(74,411	)		(225,237	)		(143,084	)		(78,383	)
Net gain/(loss) on investments		(1,588,566	)		(2,308,962	)		(1,276,206	)		5,831,324			1,679,624			(721,138	)		(13,545,480	)		5,324,255			3,739,136
NET INCREASE/(DECREASE) IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS	$	(1,529,827	)	$	(2,209,632	)	$	(1,197,769	)	$	6,484,848		$	2,025,568		$	(597,588	)	$	(12,731,862	)	$	5,811,794		$	3,852,994
	Frontier Trading Company VII, LLC (1)									Frontier Trading Company VIII, LLC (1)									Frontier Trading Company IX, LLC (1)
	12/31/2007			12/31/2006			12/31/2005			12/31/2007			12/31/2006			12/31/2005			12/31/2007			12/31/2006			12/31/2005
Investment Income:
Interest-net	$	135,889		$	118,855		$	—		$	88,729		$	34,500		$	—		$	92,235		$	49,412		$	—
Total Income		135,889			118,855			—			88,729			34,500			—			92,235			49,412			—
Realized and unrealized gain (loss) on investments:
Net realized gain/(loss) on futures and currencies		15,057,205			664,214			—			—			—			—			1,001,958			(681,466	)		—
Net realized gain/(loss) on option / swap contracts		—			—			—			1,729,289			(643,705	)		—			—			—			—
Net change in open trade equity		(14,220,168	)		438,221			—			—			—			—			(378,687	)		429,002			—
Trading commissions		(1,070,911	)		(195,424	)		—			—			—			—			(59,696	)		(34,148	)		—
Net gain/(loss) on investments		(233,874	)		907,011			—			1,729,289			(643,705	)		—			563,575			(286,612	)		—
NET INCREASE/(DECREASE) IN MEMBERS’ EQUITY RESULTING FROM OPERATIONS	$	(97,985	)	$	1,025,866		$	—		$	1,818,018		$	(609,205	)	$	—		$	655,810		$	(237,200	)	$	—

(1) Trading Companies VII, VIII and IX commenced trading operations on February 24, 2006.

(2) Trading Company IV ceased trading operations in October, 2007

The accompanying notes are an integral part of these statements.

F-40

The Trading Companies of the Frontier Fund

Statements of Changes in Members’ Equity

For the Years Ended December 31, 2007, 2006 and 2005

	Frontier Trading Company I LLC			Frontier Trading Company II LLC			Frontier Trading Company III LLC
Members’ Equity, January 1, 2005	$	2,316,869		$	1,727,291		$	456,513
Capital Contributed		11,245,000			7,960,000			419,918
Capital Distributed		(9,689,265	)		(7,557,574	)		—
Net Increase in Members’ Equity Resulting From Operations		6,252,758			5,002,692			18,209
Members’ Equity, December 31, 2005	$	10,125,362		$	7,132,409		$	894,640
Capital Contributed		20,120,000			8,530,961			2,093,478
Capital Distributed		(15,432,927	)		(13,818,775	)		(1,015,856	)
Net Increase in Members’ Equity Resulting From Operations		3,229,198			6,596,477			1,040,264
Members’ Equity, December 31, 2006	$	18,041,633		$	8,441,072		$	3,012,526
Capital Contributed		102,070,000			6,550,000			1,138,420
Capital Distributed		(61,711,269	)		(21,570,109	)		(1,985,365	)
Net Increase in Members’ Equity Resulting From Operations		252,433			17,474,050			230,978
Members’ Equity, December 31, 2007	$	58,652,797		$	10,895,013		$	2,396,559
	Frontier Trading Company IV LLC (2)			Frontier Trading Company V LLC			Frontier Trading Company VI LLC
Members’ Equity, January 1, 2005	$	1,577,231		$	2,609,869		$	—
Capital Contributed		7,035,000			5,111,000			4,940,000
Capital Distributed		(5,286,781	)		(2,006,738	)		(1,937,223	)
Net Increase/(Decrease) in Members’ Equity Resulting From Operations		(1,197,769	)		(597,588	)		3,852,994
Members’ Equity, December 31, 2005	$	2,127,681		$	5,116,543		$	6,855,771
Capital Contributed		2,500,000			14,940,000			50,350,000
Capital Distributed		(897,889	)		(6,567,734	)		(7,148,520	)
Net Increase/(Decrease) in Members’ Equity Resulting From Operations		(2,209,632	)		2,025,568			5,811,794
Members’ Equity, December 31, 2006	$	1,520,160		$	15,514,377		$	55,869,045
Capital Contributed		1,700,000			3,350,000			20,501,800
Capital Distributed		(1,690,333	)		(12,684,151	)		(36,344,826	)
Net Increase/(Decrease) in Members’ Equity Resulting From Operations		(1,529,827	)		6,484,848			(12,731,861	)
Members’ Equity, December 31, 2007	$	—		$	12,665,074		$	27,294,158
	Frontier Trading Company VII, LLC (1)			Frontier Trading Company VIII, LLC (1)			Frontier Trading Company IX, LLC (1)
Members’ Equity, January 1, 2005	$	—		$	—		$	—
Capital Contributed		—			—			—
Capital Distributed		—			—			—
Members’ Equity, December 31, 2005	$	—		$	—		$	—
Capital Contributed		8,080,000			5,222,261			2,550,000
Capital Distributed		(4,339,742	)		(3,806,583	)		(153,937	)
Net Increase/(Decrease) in Members’ Equity Resulting From Operations		1,025,866			(609,205	)		(237,200	)
Members’ Equity, December 31, 2006	$	4,766,124		$	806,473		$	2,158,863
Capital Contributed		14,750,000			7,584,341			100,000
Capital Distributed		(9,029,764	)		(9,440,804	)		(288,235	)
Net Increase/(Decrease) in Members’ Equity Resulting From Operations		(97,985	)		1,818,018			655,810
Members’ Equity, December 31, 2007	$	10,388,375		$	768,028		$	2,626,438

(1) Trading Companies VII, VIII and IX commenced trading operations on February 24, 2006.

(2) Trading Company IV ceased trading operations in October 2007

The accompanying notes are an integral part of these statements.

F-41

The Trading Companies of The Frontier Fund

Notes to Financial Statements

As of December 31, 2007, and December 31, 2006

1. Organization and Purpose

These financial statements and related notes pertain to the following companies: Frontier Trading Company I LLC, Frontier Trading Company II LLC, Frontier Trading Company III LLC, Frontier Trading Company IV LLC, Frontier Trading Company V LLC, Frontier Trading Company VI LLC, Frontier Trading Company VII, LLC, Frontier Trading Company VIII, LLC, and Frontier Trading Company IX, LLC (each a “Trading Company” and collectively the “Trading Companies”).

The Frontier Fund (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 (“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 independent commodity trading advisors (“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. Trading Companies in which a Series has a majority equity interest are consolidated by such Series. Equity interest is defined as notional equity, which is the aggregate amount of predetermined investment levels which all Trading Advisors in the Trading Company have been authorized to trade, plus the accumulated profit or loss in the accounts. Investments in Trading Companies in which a Series does not have a controlling or majority interest are accounted for under the equity method and are carried in the statement of financial condition of such Series at fair value. Fair value represents the investment in the Trading Company and the proportionate share of the Trading Company’s income or loss.

The following table details the percentage equity interest of each Series in each Trading Company as of December 31, 2007 and December 31, 2006.

The Frontier Fund

Equity Percentage Control of Trading Companies by Series

December 31, 2007

	Trading Company
Series	I		II		III		V		VI		VII		VIII		IX
Balanced	100.00	%	54.03	%					68.76	%	25.15	%			93.72	%
Winton			45.97	%
Currency					100.00	%
Dunn
Graham							18.81	%
Campbell/Graham							81.19	%	31.24	%
Long/Only Commodity													100.00	%
Long/Short Commodity											74.85	%
Managed Futures															6.28	%
	100.00	%	100.00	%	100.00	%	100.00	%	100.00	%	100.00	%	100.00	%	100.00	%

F-42

The Frontier Fund

Equity Percentage Control of Trading Companies by Series

December 31, 2006

	Trading Company
Series	I		II		III		IV		V		VI		VII		VIII		IX
Balanced	100.00	%	99.12	%			95.05	%			65.11	%	39.33	%
Winton			0.88	%
Currency					100.00	%
Dunn							4.95	%
Graham									48.30	%
Campbell/Graham									51.70	%	34.89	%
Long/Only Commodity															100.00	%
Long/Short Commodity													60.67	%
Managed Futures																	100.00	%
	100.00	%	100.00	%	100.00	%	100.00	%	100.00	%	100.00	%	100.00	%	100.00	%	100.00	%

The Trading Companies engage in the speculative trading of a diversified portfolio of futures, forward (including interbank foreign currencies) and options contracts and other derivative instruments 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 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.

• A spot contract is a cash market transaction in which the buyer and seller agree to the immediate purchase and sale of a commodity, usually with a two-day settlement. Spot contracts are not uniform and not exchange-traded.

2. Critical Accounting Polices

The following are the significant accounting policies of the Trading Companies. The Trading Companies follow the same significant accounting policies as the Trust.

Basis of Presentation—The financial statements of each Trading Company included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).

The Trading Companies have elected not to provide statements of cash flows as permitted by Statement of Financial Accounting Standards No. 102 Statements of Cash Flows—Exemption of Certain Enterprises and Classification of Cash Flows from Certain Securities Acquired for Resale.

Cash held at Futures Commodity Merchants—The Trading Companies deposit assets with a broker subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such broker. The Trading Companies earn interest income on its assets deposited with the broker.

Use of Estimates—The preparation of financial statements in conformity with generally accepted accounting principles requires Equinox Fund Management, LLC, the managing owner of the Trust and the manager of each of the Trading Companies (the “Managing Owner”), to make estimates and assumptions that affect 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. Actual results could differ from those estimates.

Revenue recognition—Futures, options on futures, and forward contracts are recorded on a trade date basis and realized gains or losses are recognized when contracts are liquidated. 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 the Financial Accounting Standards Board (“FASB”) Interpretation No. 39—“Offsetting of Amounts Related to Certain Contracts.” Any change in net unrealized gain or loss from the preceding period is reported in the

F-43

Statement of Operations. Market value of exchange-traded contracts is based upon exchange settlement prices. Market value of non-exchange-traded contracts is based on third party quoted dealer values on the interbank market.

Distribution of Earnings—Each Trading Company distributes all of its daily trading profits or losses to the Series in proportion to each Series’ ownership interest in the Trading Company, adjusted on a daily basis. As of December 31, 2007, 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 Company, or Companies.

Foreign Currency Transactions—The Trading Companies functional currency is the U.S. Dollar, however, it transacts business in currencies other than the U.S. Dollar. Assets and liabilities denominated in currencies other than the U.S. Dollar are translated into U.S. Dollars at the rates in effect at the date of the statement of financial condition. Income and expense items denominated in currencies other than the U.S. Dollar are translated into U.S. Dollars at the rates in effect during the period. Gains and losses resulting from the translation to U.S. Dollars are reported in income currently.

Investments and Swaps—The Trading Companies records investment transactions on trade date and all investments are recorded at fair value in its financial statements, with changes in fair value reported as a component of realized and unrealized gains (losses) on investments in the Statements of Operations. Generally, fair values will be based on quoted market prices; however, in certain circumstances, significant judgments and estimates may be required in determining fair value in the absence of an active market closing price. At December 31, 2007 all investments in futures and forward contracts were based on quoted market prices. The valuation of investments in swap contracts (“Swaps”) involve estimates.

Income Taxes—No provision for income taxes has been made in these financial statements as the results of operations of the Trading Companies are consolidated with the Trust for income tax purposes. Each Limited Owner of the Trust is individually responsible for reporting income or loss based on their respective share of the Trust’s income and expenses as reported for income tax purposes. In June 2006, the FASB issued Interpretation No. 48 (FIN 48), Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109. This Interpretation clarifies the accounting and financial statement reporting for uncertainty in income taxes recognized by prescribing a recognition threshold and measurement attributable for a tax position taken or expected to be taken in a tax return. The Interpretation was originally effective for fiscal years beginning after December 15, 2006; however, on February 1, 2008, FASB issued Staff Position No. FIN 48-2, which deferred the effective date to annual financial statements for fiscal years beginning after December 15, 2007 for nonpublic companies. The adoption of FIN 48 was effective for the Trading Companies on January 1, 2007, and did not impact the Trading Companies’ financial position or results of operations.

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 immaterial and paid for, without reimbursement, by the Managing Owner.

Recent Accounting Pronouncements—In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements (“SFAS 157”). SFAS 157, which, among other things, defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measurements required under other accounting pronouncements, but does not change existing guidance as to whether or not an instrument is carried at fair value. SFAS 157 is effective for the Trust January 1, 2008 and management does not expect that the adoption of this Statement will have a material impact on its financial statements.

In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities (“SFAS 159”), which permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. SFAS 159 is effective for the Trust on January 1, 2008. Management is currently evaluating the provisions of SFAS 159 and its potential effects on its financial statements.

In April 2007, the FASB issued Interpretation No. 39-1, Amendment of FASB Interpretation No. 39 (“FIN 39-1”). FIN 39-1 defines “right of setoff” and specifies what conditions must be met for a derivative contract to qualify for this right of setoff. It also addresses the applicability of a right of setoff to derivative instruments and clarifies the circumstances in which it is appropriate to offset amounts recognized for those instruments in the Statements of Financial Condition. In addition, FIN 39-1 permits offsetting of fair value amounts recognized for multiple derivative instruments executed with the same counterparty under a master netting arrangement and fair value amounts recognized for the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) arising from the same master netting arrangement as the derivative instruments. This interpretation is effective for fiscal years beginning after November 15, 2007. The adoption of FIN 39-1 on January 1, 2008 is not expected to have a material impact on the Trading Companies’ Financial Statements.

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, Disclosure about Derivative Instruments and Hedging Activities, an Amendment of FASB Statement No. 133 (“SFAS No. 161”). SFAS No. 161 is intended to improve transparency in financial reporting by requiring enhanced disclosures of an entity’s derivative instruments and hedging activities and their effects on the entity’s financial position, financial performance, and cash flows. SFAS No. 161 applies to all derivative instruments within the scope of SFAS No. 133. It also applies to non-derivative hedging instruments and all hedged items designated and qualifying as hedges under SFAS No. 133. SFAS No. 161 amends the current qualitative and quantitative disclosure requirements for derivative

F-44

instruments and hedging activities set forth in SFAS No. 133 and generally increases the level of desegregations that will be required in an entity’s financial statements. SFAS No. 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about credit-risk related contingent features in derivative agreements. SFAS No. 161 is effective prospectively for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. Management is currently evaluating the provisions of SFAS 161 and its potential effect on its Financial Statements.

In applying these policies, the Managing Owner may make judgments that may require estimates about matters that are inherently uncertain.

3. Swaps

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 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 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 Companies’ investment in Swaps will likely differ substantially over time due to cash flows, portfolio management decisions and market movements.

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 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.

Frontier Trading Company I LLC, Frontier Trading Company III LLC and Frontier Trading Company VI LLC 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, the swap counterparty to the Trading Company of these Series is not a Trading Advisor to these Trading Companies.

Frontier Trading Company VIII, LLC has entered into various Swaps with one or more swap counterparties. The Swaps earn returns similar to returns of the Reuters/Jefferies CRB Index (the “RJ/CRB Index”), and the Jefferies Commodity Performance Index (the “JCPI”).

The Trading Companies have invested in the following Swaps as of December 31, 2007:

	Option Basket Balanced Series		Campbell Fund, LTD.			FX Concepts Global Currency Program		Reuters/ Jefferies CRB Index		Jefferies Commodity Performance Index
Trading Company:		I		VI			III		VIII		VIII
Counterparty		Company A		Company A			Company B		Company C		Company C
Notional Amount	$	65,557,928	$	15,000,000		$	11,400,000	$	2,500,000	$	2,500,000
Termination Date		November 6, 2012		October 9, 2009			January 31, 2008		February 28, 2008		February 28, 2008
Investee Returns		Total Return		Total Return			Total Return		Total Return		Total Return
Realized Gain	$	—	$	1,674,698		$	135,100	$	884,839	$	844,450
Unrealized Gain / (Loss)	$	329,391	$	(3,394,571	)
Fair Value 12/31/2007	$	32,329,392	$	14,912,063		$	822,068	$	388,135	$	379,893

F-45

4. Financial Highlights

The following information presents the financial highlights of the Trading Companies for the years ended December 31, 2007, 2006 and 2005. Such highlights are presented in accordance with the AICPA’s Audit Guide for Investment Companies. Such highlights reflect the fact that substantially all of the assets of the Trading Companies from time to time generally are committed as margin or its equivalent for the Trading Companies’ respective futures and other derivative contract positions, as well as leverage inherent in the use of notional equity. Limited Owners of the Trust do not participate directly in the returns of the Trading Companies and, accordingly, the below highlights do not represent the returns that have been or will be experienced by any Limited Owner, which are materially impacted by the relative amounts invested in the relevant Trading Companies from time to time, the allocable interest income earned on the substantial portion of Trust assets not invested in the Trading Companies from time to time and other factors. Prospective and existing Limited Owners are referred to the financial highlights of the Trust, which are presented on a Series-by-Series basis in the financial statements of the Trust.

For the Years Ended December 31, 2007, 2006 and 2005

	Frontier Trading Company I LLC						Frontier Trading Company II LLC						Frontier Trading Company III LLC
	12/31/2007		12/31/2006		12/31/2005		12/31/2007		12/31/2006		12/31/2005		12/31/2007		12/31/2006		12/31/2005
Net Investment Gain (3)	3.27	%	4.05	%	2.55	%	4.57	%	3.02	%	3.21	%	5.13	%	4.46	%	3.21	%
Total Return (4)	-13.81	%	-11.82	%	28.79	%	244.46	%	136.53	%	-11.90	%	-1.13	%	46.88	%	4.10	%
	Frontier Trading Company IV LLC (2)						Frontier Trading Company V LLC						Frontier Trading Company VI LLC
	12/31/2007		12/31/2006		12/31/2005		12/31/2007		12/31/2006		12/31/2005		12/31/2007		12/31/2006		12/31/2005
Net Investment Gain (3)	4.34	%	5.05	%	2.90	%	5.36	%	4.85	%	3.49	%	2.26	%	4.47	%	2.57	%
Total Return (4)	-75.94	%	-62.16	%	-87.12	%	52.24	%	-23.67	%	-48.43	%	-38.78	%	-11.44	%	172.73	%
	Frontier Trading Company VII, LLC (1)						Frontier Trading Company VIII, LLC (1)						Frontier Trading Company IX, LLC (1)
	12/31/2007		12/31/2006 (3)		12/31/2005		12/31/2007		12/31/2006 (3)		12/31/2005		12/31/2007		12/31/2006 (3)		12/31/2005
Net Investment Gain (3)	3.23	%	3.03	%	—		5.31	%	4.12	%	—		4.71	%	3.53	%	—
Total Return (4)	-167.03	%	-5.57	%	—		234.06	%	-77.05	%	—		32.30	%	-17.68	%	—

(1) Trading Companies VII, VIII and IX commenced trading operations on February 24, 2006.

(2) Trading Company IV ceased trading operations on October 12, 2007.

(3) Ratio of net investment gain to average members’ equity, annualized. Net investment gain is “Interest-net”, only, as there are no expenses included with the Trading Companies.

(4) Total returns have not been annualized.

5. 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 Commodity Exchange Act 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 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 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. 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 unrealized gain (loss) on open futures contracts is comprised of the following:

	Futures Contracts (exchange traded)
	2007			2006			2005
Gross Unrealized Gains	$	23,009,450		$	27,229,898		$	17,528,857
Gross Unrealized (Losses)		(34,220,728	)		(13,517,509	)		(10,266,195	)
Net Unrealized Gain (Loss)	$	(11,211,278	)	$	13,712,389		$	7,262,662

The Managing Owner has established procedures to actively monitor and minimize market and credit risks. Investors in units of the Frontier Fund Series 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.

6. Indemnifications

The Trading Companies have entered into agreements, which provide for the indemnification of futures clearing brokers, currency trading companies, and commodity trading advisors, 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 Managing Owner expects the risk of loss to be remote.

7. Restatement

The 2007 and 2006 financial statements have been restated to include the Condensed Schedule of Investments and the financial highlights in note 4 above, both of which were previously omitted. They are now included based upon the determination that each Trading Company meets the definition of an investment company under the accounting literature and therefore such disclosures in the presentation of these financial statements are required.

8. Subsequent Events

None.

F-46

SIGNATURES

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

	The Frontier Fund
	(Registrant)
Date: January 27, 2009	By:	/s/ Robert J. Enck
		Robert J. Enck President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of The Frontier Fund

SIGNATURES

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

	Balanced Series,
	a Series of The Frontier Fund
	(Registrant)
Date: January 27, 2009	By:	/s/ Robert J. Enck
		Robert J. Enck President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of The Frontier Fund

SIGNATURES

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

	Dunn Series,
	a Series of The Frontier Fund
	(Registrant)
Date: January 27, 2009	By:	/s/ Robert J. Enck
		Robert J. Enck President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of The Frontier Fund

SIGNATURES

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

	Graham Series,
	a Series of The Frontier Fund
	(Registrant)
Date: January 27, 2009	By:	/s/ Robert J. Enck
		Robert J. Enck
		President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of The Frontier Fund

SIGNATURES

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

	Winton Series, a Series of The Frontier Fund (Registrant)
Date: January 27, 2009	By:	/s/ Robert J. Enck
		Robert J. Enck President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of The Frontier Fund

SIGNATURES

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

	Campbell/Graham Series, a Series of The Frontier Fund (Registrant)
Date: January 27, 2009	By:	/s/ Robert J. Enck
		Robert J. Enck President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of The Frontier Fund

SIGNATURES

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

	Currency Series, a Series of The Frontier Fund (Registrant)
Date: January 27, 2009	By:	/s/ Robert J. Enck
		Robert J. Enck President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of The Frontier Fund

SIGNATURES

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

	Long Only Commodity Series, a Series of The Frontier Fund (Registrant)
Date: January 27, 2009	By:	/s/ Robert J. Enck
		Robert J. Enck President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of The Frontier Fund

SIGNATURES

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

	Long/Short Commodity Series, a Series of The Frontier Fund (Registrant)
Date: January 27, 2009	By:	/s/ Robert J. Enck
		Robert J. Enck President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of The Frontier Fund

SIGNATURES

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

	Managed Futures Index Series, a Series of The Frontier Fund (Registrant)
Date: January 27, 2009	By:	/s/ Robert J. Enck
		Robert J. Enck President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of The Frontier Fund

EX-21.1

Exhibit 21.1

SUBSIDIARIES OF REGISTRANT

Name	State of Incorporation	Name Under Which Such Subsidiary Does Business
Frontier Fund Trading Company I LLC	Delaware	Same
Frontier Fund Trading Company II LLC	Delaware	Same
Frontier Fund Trading Company III LLC	Delaware	Same
Frontier Fund Trading Company IV LLC	Delaware	Same
Frontier Fund Trading Company V LLC	Delaware	Same
Frontier Fund Trading Company VI LLC	Delaware	Same
Frontier Fund Trading Company VII, LLC	Delaware	Same
Frontier Fund Trading Company VIII, LLC	Delaware	Same
Frontier Fund Trading Company IX, LLC	Delaware	Same

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert J. Enck, certify that:

1. I have reviewed this annual report of The Frontier Fund;

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

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

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

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

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

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

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

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

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

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

January 27, 2009	/s/ Robert J. Enck
	Robert J. Enck
	President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of The Frontier Fund

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert J. Enck, certify that:

1. I have reviewed this annual report of the Balanced Series, a Series of The Frontier Fund;

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

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

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

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

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

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

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

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

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

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

January 27, 2009	/s/ Robert J. Enck
	Robert J. Enck
	President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of the Balanced Series, a Series of The Frontier Fund

EX-31.3

Exhibit 31.3

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert J. Enck, certify that:

1. I have reviewed this annual report of the Dunn Series, a Series of The Frontier Fund;

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

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

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

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

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

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

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

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

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

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

January 27, 2009	/s/ Robert J. Enck
	Robert J. Enck
	President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of the Dunn Series, a Series of The Frontier Fund

EX-31.4

Exhibit 31.4

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert J. Enck, certify that:

1. I have reviewed this annual report of the Graham Series, a Series of The Frontier Fund;

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

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

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

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

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

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

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

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

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

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

January 27, 2009	/s/ Robert J. Enck
	Robert J. Enck
	President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of the Graham Series, a Series of The Frontier Fund

EX-31.5

Exhibit 31.5

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert J. Enck, certify that:

1. I have reviewed this annual report of the Winton Series, a Series of the Frontier Fund;

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

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

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

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

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

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

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

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

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

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

January 27, 2009	/s/ Robert J. Enck
	Robert J. Enck
	President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of the Winton Series, a Series of the Frontier Fund

EX-31.6

Exhibit 31.6

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert J. Enck, certify that:

1. I have reviewed this annual report of the Campbell/Graham Series, a Series of the Frontier Fund;

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

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

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

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

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

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

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

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

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

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

January 27, 2009	/s/ Robert J. Enck
	Robert J. Enck
	President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of the Campbell/Graham Series, a Series of the Frontier Fund

EX-31.7

Exhibit 31.7

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert J. Enck, certify that:

1. I have reviewed this annual report of the Currency Series, a Series of the Frontier Fund;

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

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

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

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

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

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

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

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

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

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

January 27, 2009	/s/ Robert J. Enck
	Robert J. Enck
	President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of the Currency Series, a Series of the Frontier Fund

EX-31.8

Exhibit 31.8

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert J. Enck, certify that:

1. I have reviewed this annual report of the Long Only Commodity Series, a Series of the Frontier Fund;

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

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

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

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

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

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

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

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

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

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

January 27, 2009	/s/ Robert J. Enck
	Robert J. Enck
	President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of the Long Only Commodity Series, a Series of the Frontier Fund

EX-31.9

Exhibit 31.9

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert J. Enck, certify that:

1. I have reviewed this annual report of the Long/Short Commodity Series, a Series of the Frontier Fund;

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

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

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

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

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

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

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

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

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

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

January 27, 2009	/s/ Robert J. Enck
	Robert J. Enck
	President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of the Long/Short Commodity Series, a Series of the Frontier Fund

EX-31.10

Exhibit 31.10

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert J. Enck, certify that:

1. I have reviewed this annual report of the Managed Index Futures Index Series, a Series of the Frontier Fund;

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

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

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

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

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

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

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

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

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

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

January 27, 2009	/s/ Robert J. Enck
	Robert J. Enck
	President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of the Managed Index Futures Index Series, a Series of the Frontier Fund

EX-31.11

Exhibit 31.11

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brent Bales, certify that:

1. I have reviewed this annual report of The Frontier Fund;

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

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

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

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

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

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

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

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

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

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

January 27, 2009	/s/ Brent Bales
	Brent Bales
	Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of The Frontier Fund

EX-31.12

Exhibit 31.12

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brent Bales, certify that:

1. I have reviewed this annual report of the Balanced Series, a Series of the Frontier Fund;

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

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

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

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

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

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

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

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

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

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

January 27, 2009	/s/ Brent Bales
	Brent Bales
	Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of the Balanced Series, a Series of the Frontier Fund

EX-31.13

Exhibit 31.13

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brent Bales, certify that:

1. I have reviewed this annual report of the Dunn Series, a Series of the Frontier Fund;

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

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

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

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

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

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

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

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

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

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

January 27, 2009	/s/ Brent Bales
	Brent Bales
	Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of the Dunn Series, a Series of the Frontier Fund

EX-31.14

Exhibit 31.14

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brent Bales, certify that:

1. I have reviewed this annual report of the Graham Series, a Series of the Frontier Fund;

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

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

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

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

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

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

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

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

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

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

January 27, 2009	/s/ Brent Bales
	Brent Bales
	Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of the Graham Series, a Series of the Frontier Fund

EX-31.15

Exhibit 31.15

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brent Bales, certify that:

1. I have reviewed this annual report of the Winton Series, a Series of the Frontier Fund;

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

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

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

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

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

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

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

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

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

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

January 27, 2009	/s/ Brent Bales
	Brent Bales
	Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of the Winton Series, a Series of the Frontier Fund

EX-31.16

Exhibit 31.16

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brent Bales, certify that:

1. I have reviewed this annual report of the Campbell/Graham Series, a Series of the Frontier Fund;

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

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

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

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

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

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

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

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

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

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

January 27, 2009	/s/ Brent Bales
	Brent Bales
	Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of the Campbell/Graham Series, a Series of the Frontier Fund

EX-31.17

Exhibit 31.17

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brent Bales, certify that:

1. I have reviewed this annual report of the Currency Series, a Series of the Frontier Fund;

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

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

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

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

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

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

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

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

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

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

January 27, 2009	/s/ Brent Bales
	Brent Bales
	Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of the Currency Series, a Series of the Frontier Fund

EX-31.18

Exhibit 31.18

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brent Bales, certify that:

1. I have reviewed this annual report of the Long Only Commodity Series, a Series of the Frontier Fund;

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

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

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

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

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

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

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

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

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

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

January 27, 2009	/s/ Brent Bales
	Brent Bales
	Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of the Long Only Commodity Series, a Series of the Frontier Fund

EX-31.19

Exhibit 31.19

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brent Bales, certify that:

1. I have reviewed this annual report of the Long/Short Commodity Series, a Series of the Frontier Fund;

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

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

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

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

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

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

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

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

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

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

January 27, 2009	/s/ Brent Bales
	Brent Bales
	Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of the Long/Short Commodity Series, a Series of the Frontier Fund

EX-31.20

Exhibit 31.20

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brent Bales, certify that:

1. I have reviewed this annual report of the Managed Futures Index Series, a Series of the Frontier Fund;

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

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

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

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

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

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

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

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

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

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

January 27, 2009	/s/ Brent Bales
	Brent Bales
	Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of the Managed Futures Index Series, a Series of the Frontier Fund

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of The Frontier Fund on Form 10-K for the period ended December 31, 2007 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

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

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

/s/ Robert J. Enck

Robert J. Enck

President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of The Frontier Fund

/s/ Brent Bales

Brent Bales

Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of The Frontier Fund

Date: January 27, 2009

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of the Balanced Series, a Series of The Frontier Fund on Form 10-K for the period ended December 31, 2007 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

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

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

/s/ Robert J. Enck

Robert J. Enck

President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of the Balanced Series, a Series of The Frontier Fund

/s/ Brent Bales

Brent Bales

Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of the Balanced Series, a Series of The Frontier Fund

Date: January 27, 2009

EX-32.3

Exhibit 32.3

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of the Dunn Series, a Series of The Frontier Fund on Form 10-K for the period ended December 31, 2007 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

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

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

/s/ Robert J. Enck

Robert J. Enck

President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of the Dunn Series, a Series of The Frontier Fund

/s/ Brent Bales

Brent Bales

Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of the Dunn Series, a Series of The Frontier Fund

Date: January 27, 2009

EX-32.4

Exhibit 32.4

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of the Graham Series, a Series of The Frontier Fund on Form 10-K for the period ended December 31, 2007 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

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

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

/s/ Robert J. Enck

Robert J. Enck

President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of the Graham Series, a Series of The Frontier Fund

/s/ Brent Bales

Brent Bales

Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of the Graham Series, a Series of The Frontier Fund

Date: January 27, 2009

EX-32.5

Exhibit 32.5

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of the Winton Series, a Series of The Frontier Fund on Form 10-K for the period ended December 31, 2007 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

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

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

/s/ Robert J. Enck

Robert J. Enck

President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of the Winton Series, a Series of The Frontier Fund

/s/ Brent Bales

Brent Bales

Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of the Winton Series, a Series of The Frontier Fund

Date: January 27, 2009

EX-32.6

Exhibit 32.6

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of the Campbell/Graham Series, a Series of The Frontier Fund on Form 10-K for the period ended December 31, 2007 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

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

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Campbell/Graham Series.

/s/ Robert J. Enck

Robert J. Enck

President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of the Campbell/Graham Series, a Series of The Frontier Fund

/s/ Brent Bales

Brent Bales

Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of the Campbell/Graham Series, a Series of The Frontier Fund

Date: January 27, 2009

EX-32.7

Exhibit 32.7

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of the Currency Series, a Series of The Frontier Fund on Form 10-K for the period ended December 31, 2007 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

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

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

/s/ Robert J. Enck

Robert J. Enck

President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of the Currency Series, a Series of The Frontier Fund

/s/ Brent Bales

Brent Bales

Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of the Currency Series, a Series of The Frontier Fund

Date: January 27, 2009

EX-32.8

Exhibit 32.8

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of the Long Only Commodity Series, a Series of The Frontier Fund on Form 10-K for the period ended December 31, 2007 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

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

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

/s/ Robert J. Enck

Robert J. Enck

President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of the Long Only Commodity Series, a Series of The Frontier Fund

/s/ Brent Bales

Brent Bales

Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of the Long Only Commodity Series, a Series of The Frontier Fund

Date: January 27, 2009

EX-32.9

Exhibit 32.9

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of the Long/Short Commodity Series, a Series of The Frontier Fund on Form 10-K for the period ended December 31, 2007 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

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

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

/s/ Robert J. Enck

Robert J. Enck

President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of the Long/Short Commodity Series, a Series of The Frontier Fund

/s/ Brent Bales

Brent Bales

Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of the Long/Short Commodity Series, a Series of The Frontier Fund

Date: January 27, 2009

EX-32.10

Exhibit 32.10

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of the Managed Futures Index Series, a Series of The Frontier Fund on Form 10-K for the period ended December 31, 2007 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

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

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Managed Futures Index Series.

/s/ Robert J. Enck

Robert J. Enck

President and Chief Executive Officer of Equinox Fund Management, LLC, the Managing Owner of the Managed Futures Index Series, a Series of The Frontier Fund

/s/ Brent Bales

Brent Bales

Chief Financial Officer of Equinox Fund Management, LLC, the Managing Owner of the Managed Futures Index Series, a Series of The Frontier Fund

Date: January 27, 2009