10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

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

For the Period Ended September 30, 2012

OR

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

Commission File Number 000-51274

THE FRONTIER FUND

FRONTIER DIVERSIFIED SERIES; FRONTIER MASTERS SERIES;

FRONTIER LONG/SHORT COMMODITY SERIES;

BALANCED SERIES; TIVERTON/GRAHAM/TRANSTREND SERIES;

CURRENCY SERIES; WINTON SERIES; WINTON/GRAHAM SERIES

(Exact Name of Registrant as specified in its Charter)

Delaware	36-6815533
(State of Organization)	(IRS Employer Identification No.)

c/o Equinox Fund Management, LLC

1775 Sherman Street, Suite 2500

Denver, Colorado 80203

(Address of Principal Executive Offices)

(303) 837-0600

(Registrant’s Telephone Number)

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

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

Frontier Diversified Series Class 1, Class 2 and Class 3 Units;

Frontier Masters Series Class 1, Class 2 and Class 3 Units;

Frontier Long/Short Commodity Series Class 1, Class 2, Class 3, Class 1a, Class 2a and Class 3a Units;

Balanced Series Class 1, Class 2, Class 3, Class 1a, Class 2a and Class 3a Units;

Tiverton/Graham/Transtrend Series Class 1, Class 2 and Class 3 Units;

Currency Series Class 1, Class 2 and Class 3 Units;

Winton Series Class 1, Class 2 and Class 3 Units;

Winton/Graham Series Class 1, Class 2 and Class 3 Units

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

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files)    Yes  x    No  ¨

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.

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 1 2b-2 of the Exchange Act).    Yes  ¨    No  x

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Statements of Financial Condition as of September 30, 2012 (Unaudited) and December 31, 2011	4
	Condensed Schedules of Investments as of September 30, 2012 (Unaudited) and December 31, 2011	7
	Statements of Operations for the three and nine months ended September 30, 2012 and 2011 (Unaudited)	13
	Statements of Changes in Capital for the nine months ended September 30, 2012 (Unaudited)	19
	Statements of Cash Flows for the nine months ended September 30, 2012 and 2011 (Unaudited)	24
	Notes to Financial Statements (Unaudited)	27
	Trust Financial Statements (1)
	Consolidated Statements of Financial Condition as of September 30, 2012 (Unaudited) and December 31, 2011	66
	Consolidated Condensed Schedules of Investments as of September 30, 2012 (Unaudited) and December 31, 2011	67
	Consolidated Statements of Operations for the three and nine months ended September 30, 2012 and 2011 (Unaudited)	69
	Consolidated Statement of Changes in Owners’ Capital for the nine months ended September 30, 2012 (Unaudited)	71
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2012 and 2011 (Unaudited)	72
	Notes to Consolidated Financial Statements (Unaudited)	73
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	88
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	114
Item 4.	Controls and Procedures	121
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	121
Item 1A.	Risk Factors	121
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	121
Item 3.	Defaults Upon Senior Securities	121
Item 4.	Mine Safety Disclosures	121
Item 5.	Other Information	122
Item 6.	Exhibits	122
SIGNATURES		123

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

2

Special Note About Forward-Looking Statements

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

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

UNLESS EXPRESSLY STATED OTHERWISE, ALL INFORMATION IN THIS REPORT IS AS OF SEPTEMBER 30, 2012, AND THE MANAGING OWNER UNDERTAKES NO OBLIGATION TO UPDATE THIS INFORMATION.

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

3

The Series of the Frontier Fund

Statements of Financial Condition

September 30, 2012 and December 31, 2011

	Frontier Diversified Series				Frontier Masters Series				Frontier Long/Short Commodity Series
	9/30/2012 (Unaudited)		12/31/2011		9/30/2012 (Unaudited)		12/31/2011		9/30/2012 (Unaudited)			12/31/2011
ASSETS
Cash and cash equivalents	$	3,004,622	$	4,976,749	$	1,300,021	$	2,234,716	$	1,519,473		$	3,045,849
U.S. Treasury securities, at fair value		8,274,558		16,557,304		4,721,616		7,232,546		5,395,419			9,466,240
Custom time deposits		69,685,920		75,318,509		39,764,074		32,900,559		45,438,646			43,061,546
Receivable from futures commission merchants		—		—		6,793,726		5,107,749		11,694,611			47,822,021
Open trade equity, at fair value		—		—		—		792,372		9,471,203			—
Swap contracts, at fair value		—		131,004		—		57,225		—			74,898
Investments in unconsolidated trading companies, at fair value		42,501,058		38,240,171		8,579,221		4,717,914		3,729,273			4,081,988
Prepaid service fees - Class 1		49,158		162,977		73,309		50,950		46,495			96,503
Interest receivable		38,865		228,877		22,177		99,978		25,342			130,855
Receivable from related parties		—		16,362		—		—		18,560			4,071
Other assets		29,927		10,129		18,439		6,162		25,466			9,592
Total Assets	$	123,584,108	$	135,642,082	$	61,272,583	$	53,200,171	$	77,364,488		$	107,793,563
LIABILITIES & CAPITAL
LIABILITIES
Open trade deficit, at fair value	$	—	$	—	$	214,557	$	—	$	—		$	25,934,678
Options written, at fair value		—		—		—		—		465,465			—
Pending owner additions		762,366		243,088		21,030		22,716		57,286			40,966
Owner redemptions payable		84,305		321,138		15,499		4,996		222,135			84,705
Incentive fees payable to Managing Owner		1,456,641		522,033		403,572		—		592,061			127,052
Management fees payable to Managing Owner		144,194		180,232		119,916		117,541		287,977			284,677
Interest payable to Managing Owner		43,308		53,915		20,711		23,408		27,893			30,614
Trading fees payable to Managing Owner		236,263		269,021		113,102		105,278		88,080			83,646
Trailing service fees payable to Managing Owner		91,573		76,877		51,507		41,911		24,317			22,920
Payables to related parties		34,606		—		78,361		56		5,902			—
Other liabilities		58,489		2,174		93,514		856		9,639			—
Total Liabilities		2,911,745		1,668,478		1,131,769		316,762		1,780,755			26,609,258
CAPITAL
Managing Owner Units - Class 1		26,899		27,334		28,854		27,569		—			—
Managing Owner Units - Class 1a		—		—		—		—		14,471			14,271
Managing Owner Units - Class 2		1,482,374		1,486,740		625,541		589,893		509,540			499,336
Managing Owner Units - Class 2a		—		—		—		—		290,301			282,740
Limited Owner Units - Class 1		64,498,204		72,397,572		39,471,739		34,062,567		—			4,159,047
Limited Owner Units - Class 1a		—		—		—		—		21,193,655			18,877,124
Limited Owner Units - Class 2		54,664,886		60,061,958		17,732,004		18,144,968		8,453,395			8,689,426
Limited Owner Units - Class 2a		—		—		—		—		12,104,782			10,628,724
Limited Owner Units - Class 3		—		—		—		—		24,676,215			27,810,058
Total Owners’ Capital		120,672,363		133,973,604		57,858,138		52,824,997		67,242,359			70,960,726
Non-Controlling Interests		—		—		2,282,676		58,412		8,341,374			10,223,579
Total Capital		120,672,363		133,973,604		60,140,814		52,883,409		75,583,733			81,184,305
Total Liabilities and Capital	$	123,584,108	$	135,642,082	$	61,272,583	$	53,200,171	$	77,364,488		$	107,793,563
Units Outstanding
Class 1		659,661		728,645		376,476		340,052		—			30,551
Class 1a		N/A		N/A		N/A		N/A		171,842			155,216
Class 2		541,671		592,037		165,132		178,710		54,228			56,731
Class 2a		N/A		N/A		N/A		N/A		94,883			85,760
Class 3		N/A		N/A		N/A		N/A		149,259			171,708
Net Asset Value per Unit
Class 1	$	97.82	$	99.40	$	104.92	$	100.25	$	135.41	(1)	$	136.13
Class 1a		N/A		N/A		N/A		N/A	$	123.42		$	121.71
Class 2	$	103.66	$	103.96	$	111.17	$	104.83	$	165.28		$	161.97
Class 2a		N/A		N/A		N/A		N/A	$	130.64		$	127.23
Class 3		N/A		N/A		N/A		N/A	$	165.33		$	161.96

(1) Class 1 operations ceased July 18, 2012 and all remaining Class 1 Units were exchanged for Class 3 Units.

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

4

The Series of the Frontier Fund

Statements of Financial Condition

September 30, 2012 and December 31, 2011

	Balanced Series					Tiverton/Graham/ Transtrend Series (1)				Currency Series
	9/30/2012 (Unaudited)			12/31/2011		9/30/2012 (Unaudited)		12/31/2011		9/30/2012 (Unaudited)		12/31/2011
ASSETS
Cash and cash equivalents	$	3,687,374		$	9,758,138	$	600,980	$	1,352,378	$	29,029	$	182,875
U.S. Treasury securities, at fair value		13,580,404			29,168,216		2,213,378		4,347,398		106,913		326,517
Custom time deposits		114,370,206			132,685,042		18,640,423		19,776,137		900,389		1,485,313
Receivable from futures commission merchants		92,687,869			74,736,294		—		—		—		—
Open trade equity, at fair value		10,849,389			13,104,541		—		—		—		—
Swap contracts, at fair value		25,215,077			23,819,312		—		34,397		—		2,583
Investments in unconsolidated trading companies, at fair value		18,012,182			18,255,809		8,779,345		8,234,047		2,122,993		2,352,121
Investment in Berkeley Quantitative Colorado Fund LLC, at fair value		—			—		—		6,270,844		—		—
Interest receivable		63,786			403,201		10,396		60,095		502		4,514
Other assets		69,507			48,273		75,090		7,914		5,242		497
Total Assets	$	278,535,794		$	301,978,826	$	30,319,612	$	40,083,210	$	3,165,068	$	4,354,420
LIABILITIES & CAPITAL
LIABILITIES
Options written, at fair value	$	4,128,758		$	3,326,453	$	—	$	—	$	—	$	—
Pending owner additions		38,805			45,208		2,217		3,396		3,753		4,509
Owner redemptions payable		301,648			84,710		327,536		182,552		—		15,694
Incentive fees payable to Managing Owner		3,268,560			1,195,031		7,136		—		—		—
Management fees payable to Managing Owner		190,633			241,525		106,160		101,400		—		—
Interest payable to Managing Owner		341,672			397,864		50,387		68,021		4,117		5,681
Trading fees payable to Managing Owner		146,800			176,398		18,967		25,212		1,956		2,727
Trailing service fees payable to Managing Owner		359,015			435,380		64,380		87,016		3,882		6,285
Payables to related parties		40,038			2,408		18,497		268		41		52
Other liabilities		7,762			8,437		1,144		1,373		94		115
Total Liabilities		8,823,691			5,913,414		596,424		469,238		13,843		35,063
CAPITAL
Managing Owner Units - Class 2		3,379,136			3,351,608		7,546		7,878		2,386		2,563
Managing Owner Units - Class 2a		161,038			158,814		—		—		—		—
Limited Owner Units - Class 1		159,486,336			183,785,318		26,076,936		35,180,631		3,090,656		4,228,350
Limited Owner Units - Class 1a		—			2,536,559		—		—		—		—
Limited Owner Units - Class 2		52,666,924			60,020,959		3,638,706		4,425,463		58,183		88,444
Limited Owner Units - Class 2a		957,648			2,626,016		—		—		—		—
Limited Owner Units - Class 3a		4,066,096			2,952,802		—		—		—		—
Total Owners’ Capital		220,717,178			255,432,076		29,723,188		39,613,972		3,151,225		4,319,357
Non-Controlling Interests		48,994,925			40,633,336		—		—		—		—
Total Capital		269,712,103			296,065,412		29,723,188		39,613,972		3,151,225		4,319,357
Total Liabilities and Capital	$	278,535,794		$	301,978,826	$	30,319,612	$	40,083,210	$	3,165,068	$	4,354,420
Units Outstanding
Class 1		1,298,839			1,476,131		305,723		386,533		48,185		59,997
Class 1a		—			23,388		N/A		N/A		N/A		N/A
Class 2		358,587			408,793		34,039		39,641		742		1,039
Class 2a		8,596			21,697		N/A		N/A		N/A		N/A
Class 3a		31,345			23,005		N/A		N/A		N/A		N/A
Net Asset Value per Unit
Class 1	$	122.79		$	124.50	$	85.30	$	91.02	$	64.14	$	70.48
Class 1a	$	112.58	(2)	$	108.45		N/A		N/A		N/A		N/A
Class 2	$	156.30		$	155.02	$	107.12	$	111.84	$	81.59	$	87.61
Class 2a	$	130.15		$	128.35		N/A		N/A		N/A		N/A
Class 3a	$	129.72		$	128.36		N/A		N/A		N/A		N/A

(1) Formerly the Berkeley/Graham/Tiverton Series.

(2) Class 1a operations ceased July 17, 2012 and all remaining Class 1a Units were exchanged for Class 3a Units.

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

5

The Series of the Frontier Fund

Statements of Financial Condition

September 30, 2012 and December 31, 2011

	Winton Series				Winton/Graham Series
	9/30/2012 (Unaudited)		12/31/2011		9/30/2012 (Unaudited)		12/31/2011
ASSETS
Cash and cash equivalents	$	1,026,153	$	2,051,272	$	501,221	$	1,156,042
U.S. Treasury securities, at fair value		3,779,268		7,821,927		1,845,971		3,839,855
Custom time deposits		31,827,897		35,581,630		15,546,228		17,467,347
Swap Contracts, at fair value		—		61,888		—		30,381
Investments in unconsolidated trading companies, at fair value		7,020,423		4,731,916		6,129,459		8,473,424
Interest receivable		17,751		108,125		8,670		53,079
Other assets		62,823		6,890		37,824		6,520
Total Assets	$	43,734,315	$	50,363,648	$	24,069,373	$	31,026,648
LIABILITIES & CAPITAL
LIABILITIES
Pending owner additions	$	16,045	$	18,811	$	4,720	$	5,763
Owner redemptions payable		25,708		10,618		63,770		15,451
Management fees payable to Managing Owner		84,397		90,559		64,529		100,311
Interest payable to Managing Owner		72,365		84,494		39,893		52,268
Trading fees payable to Managing Owner		27,034		31,302		14,864		19,427
Trailing service fees payable		65,968		78,044		43,304		57,141
Payables to related parties		396		319		14		356
Other liabilities		1,644		1,377		906		2,244
Total Liabilities		293,557		315,524		232,000		252,961
CAPITAL
Managing Owner Units - Class 2		32,718		34,276		53,594		55,553
Limited Owner Units - Class 1		32,937,034		38,345,799		19,275,024		24,783,519
Limited Owner Units - Class 2		10,471,006		11,668,049		4,508,755		5,934,615
Total Owners’ Capital		43,440,758		50,048,124		23,837,373		30,773,687
Non-Controlling Interests		—		—		—		—
Total Capital		43,440,758		50,048,124		23,837,373		30,773,687
Total Liabilities and Capital	$	43,734,315	$	50,363,648	$	24,069,373	$	31,026,648
Units Outstanding
Class 1		250,038		271,704		195,083		236,649
Class 2		66,362		70,575		36,460		46,183
Net Asset Value per Unit
Class 1	$	131.73	$	141.13	$	98.80	$	104.73
Class 2	$	158.28	$	165.82	$	125.13	$	129.70

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

6

The Series of the Frontier Fund

Condensed Schedules of Investments (Unaudited)

September 30, 2012

	Frontier Diversified Series					Frontier Masters Series						Frontier Long/Short Commodity Series
Description	Value		% of Total Capital (Net Asset Value)			Value			% of Total Capital (Net Asset Value)			Value			% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (U.S.)	$	—		0.00	%	$	265,363			0.46	%	$	396,184			0.59	%
Aluminum Settling 10/1/12 (Number of Contracts: 203)		—		0.00	%		—			0.00	%		1,102,423			1.64	%
Various base metals futures contracts (Europe)		—		0.00	%		622,976			1.08	%		4,225,576			6.28	%
Various base metals futures contracts (Far East)		—		0.00	%		12,917			0.02	%		—			0.00	%
Various currency futures contracts (U.S.)		—		0.00	%		14,696			0.03	%		(21,334	)		-0.03	%
Various currency futures contracts (Europe)		—		0.00	%		168,523			0.29	%		493,587			0.73	%
Various currency futures contracts (Far East)		—		0.00	%		6,927			0.01	%		—			0.00	%
Various energy futures contracts (U.S.)		—		0.00	%		(32,436	)		-0.06	%		7,970			0.01	%
Various energy futures contracts (Far East)		—		0.00	%		(1,141	)		0.00	%		—			0.00	%
Various interest rates futures contracts (U.S.)		—		0.00	%		142,837			0.25	%		36,928			0.05	%
Various interest rates futures contracts (Canada)		—		0.00	%		13,571			0.02	%		26,141			0.04	%
Various interest rates futures contracts (Europe)		—		0.00	%		17,277			0.30	%		115,030			0.17	%
Various interest rates futures contracts (Far East)		—		0.00	%		—			0.00	%		2,027			0.00	%
Various interest rates futures contracts (Mexico)		—		0.00	%		—			0.00	%		—			0.00	%
Various interest rates futures contracts (Oceanic)		—		0.00	%		48,221			0.08	%		22,026			0.03	%
Various precious metals futures contracts (U.S.)		—		0.00	%		—			0.00	%		—			0.00	%
Various precious metals futures contracts (Far East)		—		0.00	%		—			0.00	%		—			0.00	%
Various soft futures contracts (Canada)		—		0.00	%		(15,153	)		-0.03	%		(8,013	)		-0.01	%
Various soft futures contracts (Europe)		—		0.00	%		—			0.00	%		13,273			0.02	%
Various soft futures contracts (Far East)		—		0.00	%		—			0.00	%		—			0.00	%
Various soft futures contracts (U.S.)		—		0.00	%		—			0.00	%		(303,923	)		-0.45	%
Various stock index futures contracts (U.S.)		—		0.00	%		(115,836	)		-0.20	%		(290,563	)		-0.43	%
Various stock index futures contracts (Canada)		—		0.00	%		(5,073	)		-0.01	%		—			0.00	%
Various stock index futures contracts (Europe)		—		0.00	%		(141,705	)		-0.24	%		(90,372	)		-0.13	%
Various stock index futures contracts (Far East)		—		0.00	%		(27,388	)		-0.05	%		8,330			0.01	%
Various stock index futures contracts (Africa)		—		0.00	%		(15,225	)		-0.03	%		—			0.00	%
Various stock index futures contracts (Oceanic)		—		0.00	%		(3,892	)		-0.01	%		4,463			0.01	%
Various stock index futures contracts (Mexico)		—		0.00	%		(135	)		0.00	%		—			0.00	%
Total Long Futures Contracts		—		0.00	%		955,324			1.91	%		5,739,753			8.53	%
OPTIONS PURCHASED *
Various energy futures contracts (U.S.)		—		0.00	%		—			0.00	%		257,190			0.38	%
Various interest rates futures contracts (U.S.)		—		0.00	%		—			0.00	%		130,094			0.19	%
Various soft futures contracts (U.S.)		—		0.00	%		—			0.00	%		1,717,013			2.55	%
Total Options Purchased		—		0.00	%		—			0.00	%		2,104,297			3.12	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (U.S.)		—		0.00	%		—			0.00	%		71,420			0.11	%
Various base metals futures contracts (Europe)		—		0.00	%		(712,790	)		-1.23	%		(2,646,585	)		-3.94	%
Aluminum Settling 10/1/12 (Number of Contracts: 203)		—		0.00	%		—			0.00	%		(1,048,310	)		-1.56	%
Aluminum Settling 11/1/12 (Number of Contracts: 159)		—		0.00	%		—			0.00	%		(691,301	)		-1.03	%
Various base metals futures contracts (Far East)		—		0.00	%		—			0.00	%		—			0.00	%
Various currency futures contracts (U.S.)		—		0.00	%		(12,624	)		-0.02	%		(37,850	)		-0.06	%
Various currency futures contracts (Europe)		—		0.00	%		(187,166	)		-0.32	%		(352,641	)		-0.52	%
Various currency futures contracts (Far East)		—		0.00	%		6,826			0.01	%		—			0.00	%
Various energy futures contracts (U.S.)		—		0.00	%		(286,580	)		-0.05	%		(398,834	)		-0.59	%
Crude Oil, Light Settling 2/1/13 (Number of Contracts: 434)		—		0.00	%		—			0.00	%		1,006,039			1.50	%
Crude Oil, Light Settling 4/1/13 (Number of Contracts: 180)		—		0.00	%		—			0.00	%		842,074			1.25	%
Crude Oil, Light Settling 6/1/13 (Number of Contracts: 390)		—		0.00	%		—			0.00	%		1,044,832			1.55	%
Various energy futures contracts (Europe)		—		0.00	%		32,792			0.06	%		—			0.00	%
Various energy futures contracts (Far East)		—		0.00	%		—			0.00	%		—			0.00	%
Various interest rates futures contracts (US)		—		0.00	%		(6,784	)		-0.01	%		688			0.00	%
Various interest rates futures contracts (Canada)		—		0.00	%		(6,125	)		-0.01	%		—			0.00	%
Various interest rates futures contracts (Europe)		—		0.00	%		(44,183	)		-0.08	%		2,456			0.00	%
Various interest rates futures contracts (Far East)		—		0.00	%		—			0.00	%		(11,134	)		-0.02	%
Various interest rates futures contracts (Oceanic)		—		0.00	%		(4,952	)		-0.01	%		—			0.00	%
Various precious metals futures contracts (U.S.)		—		0.00	%		—			0.00	%		—			0.00	%
Various soft futures contracts (U.S.)		—		0.00	%		(47,213	)		-0.08	%		1,335,566			1.99	%
Soybeans Settling 1/1/13 (Number of Contracts: 402)		—		0.00	%		—			0.00	%		2,513,273			3.74	%
Soybeans Settling 11/1/12 (Number of Contracts: 810)		—		0.00	%		—			0.00	%					0.00	%
Various soft futures contracts (Far East)		—		0.00	%		—			0.00	%		—			0.00	%
Various stock index futures contracts (U.S.)		—		0.00	%		98,918			0.17	%		(2,540	)		0.00	%
Various stock index futures contracts (Canada)		—		0.00	%		—			0.00	%		—			0.00	%
Various stock index futures contracts (Europe)		—		0.00	%		—			0.00	%		—			0.00	%
Various stock index futures contracts (Africa)		—		0.00	%		—			0.00	%		—			0.00	%
Various stock index futures contracts (Oceanic)		—		0.00	%		—			0.00	%		—			0.00	%
Various stock index futures contracts (Far East)		—		0.00	%		—			0.00	%		—			0.00	%
Total Short Futures Contracts		—		0.00	%		(1,169,881	)		-1.57	%		1,627,153			2.42	%
CURRENCY FORWARDS *		—		0.00	%		—			0.00	%		—			0.00	%
Total Open Trade Equity (Deficit)	$	—		0.00	%	$	(214,557	)		-0.37	%	$	9,471,203			14.07	%
OPTIONS WRITTEN *
Various interest rates futures contracts (U.S.)	$	—		0.00	%	$	—			0.00	%	$	(22,625	)		-0.03	%
Various soft futures contracts (U.S.)		—		0.00	%		—			0.00	%		(442,840	)		-0.66	%
Total Options Written	$	—		0.00	%	$	—			0.00	%	$	(465,465	)		-0.69	%
U.S. TREASURY SECURITIES
	Fair Value					Fair Value						Fair Value
US Treasury Note 4.000% due 02/15/2015 (1)	$	8,274,558		6.86	%	$	4,721,616			8.16	%	$	5,395,419			8.02	%
Additional Disclosure on U.S. Treasury Securities	Face Value					Face Value						Face Value
U.S. Treasury Note 4.000% due 02/15/2015 (1)	$	7,607,592				$	4,341,033					$	4,960,525
	Cost					Cost						Cost
U.S. Treasury Note 4.000% due 02/15/2015 (1)	$	7,880,396				$	4,496,700					$	5,138,406

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

(1) Assets have been allocated to each Series based upon ownership in the cash management pool. See Note 2.

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

7

The Series of the Frontier Fund

Condensed Schedules of Investments (Unaudited)

September 30, 2012

	Balanced Series						Tiverton/Graham/Transtrend Series (2)					Currency Series
Description	Value			% of Total Capital (Net Asset Value)			Value		% of Total Capital (Net Asset Value)			Value		% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (U.S.)	$	(8,647,695	)		-3.92	%	$	—		0.00	%	$	—		0.00	%
Aluminum Settling 10/1/12 (Number of Contracts: 941)		3,916,244			1.77	%		—		0.00	%		—		0.00	%
Lead Settling 10/1/12 (Number of Contracts: 375)		3,169,044			1.44	%		—		0.00	%		—		0.00	%
Lead Settling 11/1/12 (Number of Contracts: 368)		2,792,292			1.27	%		—		0.00	%		—		0.00	%
Various base metals futures contracts (Europe)		13,756,516			6.23	%		—		0.00	%		—		0.00	%
Copper @ LME Settling 10/1/12 (Number of Contracts: 397)		5,277,141			2.39	%		—		0.00	%		—		0.00	%
Various currency futures contracts (U.S.)		(1,195,343	)		-0.54	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Europe)		6,486,073			2.94	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Far East)		232,555			0.11	%		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		(943,231	)		-0.43	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		1,265,531			0.57	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)		301,060			0.14	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		2,106,681			0.95	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)		131,628			0.06	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		563,169			0.26	%		—		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		(529,294	)		-0.24	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Europe)		11,574			0.01	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		(161,478	)		-0.07	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Canada)		(53,797	)		-0.02	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		(2,334,392	)		-1.06	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Africa)		(106,568	)		-0.05	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Oceanic)		(21,588	)		-0.01	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Far East)		56,073			0.03	%		—		0.00	%		—		0.00	%
Total Long Futures Contracts		26,072,195			11.83	%		—		0.00	%		—		0.00	%
OPTIONS PURCHASED *
Various base metals futures contracts(Europe)		2,122,619			0.96	%		—		0.00	%		—		0.00	%
Various base metals futures contracts (U.S.)		3,725,490			1.69	%		—		0.00	%		—		0.00	%
Gold @ Comex Call @ 3,400 Expiring 6/1/13 (Number of Contracts: 248)		3,801,840			1.72	%		—		0.00	%		—		0.00	%
Various currency futures contracts(U.S.)		18,975			0.01	%		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		—			0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		713,205			0.32	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		1,784,703			0.81	%		—		0.00	%		—		0.00	%
Total Options Purchased		12,166,832			5.51	%		—		0.00	%		—		0.00	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (U.S.)		9,773,496			4.43	%		—		0.00	%		—		0.00	%
Aluminum Settling 10/1/12 (Number of Contracts: 941)		(4,236,391	)		-1.92	%		—		0.00	%		—		0.00	%
Lead Settling 10/1/12 (Number of Contracts: 375)		(3,625,969	)		-1.64	%		—		0.00	%		—		0.00	%
Lead Settling 11/1/12 (Number of Contracts: 258)		(2,334,610	)		-1.06	%		—		0.00	%		—		0.00	%
Various base metals futures contracts (Europe)		(14,276,870	)		-6.47	%		—		0.00	%		—		0.00	%
Copper @ LME Settling 10/1/12 (Number of Contracts: 323)		(4,723,580	)		-2.14	%		—		0.00	%		—		0.00	%
Nickel @ LME Settling 10/1/12 (Number of Contracts: 147)		(2,218,122	)		-1.00	%		—		0.00	%		—		0.00	%
Various currency futures contracts (US)		741,664			0.34	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Europe)		(6,408,752	)		-2.90	%		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		684,350			0.31	%		—		0.00	%		—		0.00	%
Various energy futures contracts (Europe)		—			0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		(222,266	)		-0.10	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)		(279,481	)		-0.13	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		(99,753	)		-0.05	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)		(192	)		0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		(5,144	)		0.00	%		—		0.00	%		—		0.00	%
Various precious metals futures contracts (U.S.)		—			0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		(5,629	)		0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Europe)		(246,120	)		-0.11	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Far East)		(8,511	)		0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Canada)		—			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		9,400			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Canada)		—			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		—			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Oceanic)		—			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Far East)		(112,900	)		-0.05	%		—		0.00	%		—		0.00	%
Total Short Futures Contracts		(27,595,380	)		-12.49	%		—		0.00	%		—		0.00	%
CURRENCY FORWARDS *		205,742			0.09	%		—		0.00	%		—		0.00	%
Total Open Trade Equity (Deficit)	$	10,849,389			4.94	%	$	—		0.00	%	$	—		0.00	%
OPTIONS WRITTEN *
Various base metals futures contracts (Europe)	$	(1,964,478	)		-0.89	%	$	—		0.00	%	$	—		0.00	%
Various base metals futures contracts (U.S)		(1,022,045	)		-0.46	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Europe)		(507,227	)		-0.23	%		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		—			0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		(51,850	)		-0.02	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		(583,158	)		-0.26	%		—		0.00	%		—		0.00	%
Total Options Written	$	(4,128,758	)		-1.86	%	$	—		0.00	%	$	—		0.00	%
Swaps (3)
Frontier Balanced DB Swap (U.S.)	$	5,307,480			2.40	%	$	—		0.00	%	$	—		0.00	%
Frontier Balanced RCW-1 Swap (U.S.)		19,907,597			9.02	%		—		0.00	%		—		0.00	%
Total Swaps	$	25,215,077			11.42	%	$	—		0.00	%	$	—		0.00	%
U.S. TREASURY SECURITIES
	Fair Value						Fair Value					Fair Value
US Treasury Note 4.000% due 02/15/2015 (1)	$	13,580,404			5.04	%	$	2,213,378		7.45	%	$	106,913		3.39	%
Additional Disclosure on U.S. Treasury Securities	Face Value						Face Value					Face Value
US Treasury Note 4.000% due 02/15/2015 (1)	$	12,485,764					$	2,034,970				$	98,295
	Cost						Cost					Cost
US Treasury Note 4.000% due 02/15/2015 (1)	$	12,933,496					$	2,107,943				$	101,820

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

(1) Assets have been allocated to each Series based upon ownership in the cash management pool. See Note 2.

(2) Formerly the Berkeley/Graham/Tiverton Series.

(3) See Note 4 to the Financial Statements.

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

8

The Series of the Frontier Fund

Condensed Schedules of Investments (Unaudited)

September 30, 2012

	Winton Series					Winton/Graham Series
Description	Value		% of Total Capital (Net Asset Value)			Value		% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (U.S.)	$	—		0.00	%	$	—		0.00	%
Various base metals futures contracts (Europe)		—		0.00	%		—		0.00	%
Various currency futures contracts (U.S.)		—		0.00	%		—		0.00	%
Various currency futures contracts (Canada)		—		0.00	%		—		0.00	%
Various currency futures contracts (Europe)		—		0.00	%		—		0.00	%
Various currency futures contracts (Far East)		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		—		0.00	%		—		0.00	%
Various energy futures contracts (Europe)		—		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)		—		0.00	%		—		0.00	%
Various precious metals futures contracts (U.S.)		—		0.00	%		—		0.00	%
Various precious metals futures contracts (Europe)		—		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		—		0.00	%		—		0.00	%
Various soft futures contracts (Europe)		—		0.00	%		—		0.00	%
Various soft futures contracts (Canada)		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		—		0.00	%		—		0.00	%
Various stock index futures contracts (Canada)		—		0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		—		0.00	%		—		0.00	%
Various stock index futures contracts (Far East)		—		0.00	%		—		0.00	%
Total Long Futures Contracts		—		0.00	%		—		0.00	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (US)		—		0.00	%		—		0.00	%
Various base metals futures contracts (Europe)		—		0.00	%		—		0.00	%
Various currency futures contracts (US)		—		0.00	%		—		0.00	%
Various currency futures contracts (Canada)		—		0.00	%		—		0.00	%
Various currency futures contracts (Europe)		—		0.00	%		—		0.00	%
Various currency futures contracts (Far East)		—		0.00	%		—		0.00	%
Various energy futures contracts (US)		—		0.00	%		—		0.00	%
Various energy futures contracts (Europe)		—		0.00	%		—		0.00	%
Various interest rates futures contracts (US)		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)		—		0.00	%		—		0.00	%
Various precious metals futures contracts (US)		—		0.00	%		—		0.00	%
Various soft futures contracts (US)		—		0.00	%		—		0.00	%
Various soft futures contracts (Canada)		—		0.00	%		—		0.00	%
Various soft futures contracts (Europe)		—		0.00	%		—		0.00	%
Various stock index futures contracts (US)		—		0.00	%		—		0.00	%
Various stock index futures contracts (Canada)		—		0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		—		0.00	%		—		0.00	%
Various stock index futures contracts (Far East)		—		0.00	%		—		0.00	%
Total Short Futures Contracts		—		0.00	%		—		0.00	%
CURRENCY FORWARDS *		—		0.00	%		—		0.00	%
Total Open Trade Equity	$	—		0.00	%	$	—		0.00	%
U.S. TREASURY SECURITIES
	Fair Value					Fair Value
US Treasury Note 4.000% due 02/15/2015 (1)	$	3,779,268		8.70	%	$	1,845,971		7.74	%
Additional Disclosure on U.S. Treasury Securities	Face Value					Face Value
US Treasury Note 4.000% due 02/15/2015 (1)	$	3,474,642				$	1,697,178
	Cost					Cost
US Treasury Note 4.000% due 02/15/2015 (1)	$	3,559,241				$	1,758,037

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

(1) Assets have been allocated to each Series based upon ownership in the cash management pool. See Note 2.

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

9

The Series of the Frontier Fund

Condensed Schedules of Investments

December 31, 2011

		Frontier Diversified Series					Frontier Masters Series						Frontier Long/Short Commodity Series
Description		Value		% of Total Capital (Net Asset Value)			Value			% of Total Capital (Net Asset Value)			Value			% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (U.S.)		$	—		0.00	%	$	(40,664	)		-0.08	%	$	(49,183	)		-0.06	%
Various base metals futures contracts (Europe)			—		0.00	%		(37,959	)		-0.07	%		(206,400	)		-0.25	%
Various currency futures contracts (U.S.)			—		0.00	%		22,523			0.04	%		179,573			0.22	%
Various currency futures contracts (Europe)			—		0.00	%		4,733			0.01	%		416,924			0.51	%
Various currency futures contracts (Far East)			—		0.00	%		—			0.00	%		—			0.00	%
Various energy futures contracts (U.S.)			—		0.00	%		13,625			0.03	%		(272,223	)		-0.34	%
Light Crude Oil Settling 11/1/12 (Number of Contracts: 841)			—		0.00	%		—			0.00	%		(3,555,016	)		-4.38	%
Light Crude Oil Settling 1/1/13 (Number of Contracts: 841)			—		0.00	%		—			0.00	%		(3,802,753	)		-4.68	%
Light Crude Oil Settling 9/1/13 (Number of Contracts: 1,002)			—		0.00	%		—			0.00	%		(4,371,122	)		-5.38	%
Heating Oil Settling 9/1/12 (Number of Contracts: 393)			—		0.00	%		—			0.00	%		(1,647,299	)		-2.03	%
NYM RBOB Gas Settling 5/1/12 (Number of Contracts: 238)			—		0.00	%		—			0.00	%		892,954			1.10	%
NYM RBOB Gas Settling 6/1/12 (Number of Contracts: 330)			—		0.00	%		—			0.00	%		(836,209	)		-1.03	%
Various energy futures contracts (Europe)			—		0.00	%		1,520			0.00	%		(26,290	)		-0.03	%
ICE Brent Crude Oil Settling 12/1/13 (Number of Contracts: 1,357)			—		0.00	%		—			0.00	%		(3,069,350	)		-3.78	%
Various interest rates futures contracts (U.S.)			—		0.00	%		20,708			0.04	%		19,602			0.02	%
Various interest rates futures contracts (Canada)			—		0.00	%		(2,284	)		0.00	%		—			0.00	%
Various interest rates futures contracts (Europe)			—		0.00	%		229,378			0.43	%		—			0.00	%
Various interest rates futures contracts (Far East)			—		0.00	%		2,876			0.01	%		—			0.00	%
Various precious metals futures contracts (U.S.)			—		0.00	%		—			0.00	%		(194,462	)		-0.24	%
Silver @ COMEX Settling 12/1/13 (Number of Contracts: 152)			—		0.00	%					0.00	%		(11,121,080	)		-13.70	%
Various precious metals futures contracts (Far East)			—		0.00	%		—			0.00	%		—			0.00	%
Various soft futures contracts (U.S.)			—		0.00	%		31,011			0.06	%		(1,017,374	)		-1.25	%
Coffee @ CSCE Settling 12/1/12 (Number of Contracts: 151)			—		0.00	%		—			0.00	%		(2,559,548	)		-3.15	%
Corn Setttling 12/1/12 (Number of Contracts: 1,525)			—		0.00	%		—			0.00	%		(4,790,794	)		-5.90	%
Various stock index futures contracts (U.S.)			—		0.00	%		6,731			0.01	%		111,130			0.14	%
Various stock index futures contracts (Europe)			—		0.00	%		31,302			0.06	%		(4,720	)		-0.01	%
Various stock index futures contracts (Far East)			—		0.00	%		—			0.00	%		—			0.00	%
Total Long Futures Contracts			—		0.00	%		283,500			0.54	%		(35,903,640	)		-44.22	%
OPTIONS PURCHASED *			—		0.00	%		—			0.00	%		—			0.00	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (U.S.)			—		0.00	%		18,428			0.03	%		13,843			0.02	%
Various base metals futures contracts (Europe)			—		0.00	%		57,511			0.11	%		290,936			0.36	%
Various currency futures contracts (U.S.)			—		0.00	%		19,290			0.04	%		(3,375	)		0.00	%
Various currency futures contracts (Europe)			—		0.00	%		76,986			0.15	%		(918,634	)		-1.13	%
Various currency futures contracts (Far East)			—		0.00	%		3,727			0.01	%		—			0.00	%
Various energy futures contracts (U.S.)			—		0.00	%		—			0.00	%		1,070,542			1.32	%
Light Crude Oil Settling 12/1/12 (Number of Contracts: 218)			—		0.00	%		—			0.00	%		(1,842,322	)		-2.27	%
Light Crude Oil Settling 12/1/13 (Number of Contracts: 842)			—		0.00	%		—			0.00	%		(1,910,259	)		-2.35	%
Heating Oil Settling 6/1/12 (Number of Contracts: 373)			—		0.00	%		—			0.00	%		1,591,665			1.96	%
NYM RBOB Gas Settling 4/1/12 (Number of Contracts: 2,123)			—		0.00	%		—			0.00	%		869,669			1.07	%
Various energy futures contracts (Europe)			—		0.00	%		(100	)		0.00	%		573,850			0.71	%
ICE Brent Crude Oil Settling 12/1/12 (Number of Contracts: 78)			—		0.00	%		—			0.00	%		2,835,790			3.49	%
Various energy futures contracts (Far East)			—		0.00	%		(1,195	)		0.00	%		—			0.00	%
Various interest rates futures contracts (US)			—		0.00	%		(24,881	)		-0.05	%		—			0.00	%
Various interest rates futures contracts (Canada)			—		0.00	%		2,100			0.00	%		—			0.00	%
Various interest rates futures contracts (Europe)			—		0.00	%		(31	)		0.00	%		—			0.00	%
Various interest rates futures contracts (Far East)			—		0.00	%		(173	)		0.00	%		(75,712	)		-0.09	%
Various precious metals futures contracts (U.S.)			—		0.00	%		20,200			0.04	%		82,675			0.10	%
Silver @ COMEX Settling 12/1/12 (Number of Contracts: 152)			—		0.00	%		—			0.00	%		2,879,260			3.55	%
Various soft futures contracts (U.S.)			—		0.00	%		314,855			0.60	%		273,765			0.34	%
Corn Settling 7/1/12 (Number of Contracts: 1,123)			—		0.00	%		—			0.00	%		2,867,576			3.53	%
Corn Settling 9/1/12 (Number of Contracts: 288)			—		0.00	%		—			0.00	%		1,370,557			1.69	%
Various soft futures contracts (Far East)			—		0.00	%		1,074			0.00	%		—			0.00	%
Various stock index futures contracts (U.S.)			—		0.00	%		(3,693	)		-0.01	%		(864	)		0.00	%
Various stock index futures contracts (Canada)			—		0.00	%		—			0.00	%		—			0.00	%
Various stock index futures contracts (Europe)			—		0.00	%		18,129			0.03	%		—			0.00	%
Various stock index futures contracts (Far East)			—		0.00	%		6,645			0.01	%		—			0.00	%
Total Short Futures Contracts			—		0.00	%		508,872			0.96	%		9,968,962			12.30	%
CURRENCY FORWARDS *			—		0.00	%		—			0.00	%		—			0.00	%
Total Open Trade Equity (Deficit)		$	—		0.00	%	$	792,372			1.50	%	$	(25,934,678	)		-31.92	%
SWAPS (1)		$	131,004		0.10	%	$	57,225			0.11	%	$	74,898			0.09	%
U.S. TREASURY SECURITIES
FACE VALUE		Fair Value					Fair Value						Fair Value
$36,500,000.00	U.S. Treasury Note 3.875% due 02/15/2013 (Cost $38,125,391) (2)	$	7,976,700		5.95	%	$	3,484,374			6.59	%	$	4,560,486			6.03	%
$36,700,000.00	U.S. Treasury Note 4.000% due 02/15/2015 (Cost $38,016,039) (2)		8,580,604		6.40	%		3,748,172			7.09	%		4,905,754			6.49	%
		$	16,557,304		12.35	%	$	7,232,546			13.68	%	$	9,466,240			12.52	%
Additional Disclosure on U.S. Treasury Securities		Face Value					Face Value						Face Value
	U.S. Treasury Note 3.875% due 02/15/2013 (2)	$	7,673,204				$	3,351,802					$	4,386,970
	U.S. Treasury Note 4.000% due 02/15/2015 (2)		7,715,249					3,370,168						4,411,008
		$	15,388,453				$	6,721,970					$	8,797,978
		Cost					Cost						Cost
	U.S. Treasury Note 3.875% due 02/15/2013 (2)	$	8,014,902				$	3,501,062					$	4,582,327
	U.S. Treasury Note 4.000% due 02/15/2015 (2)		7,991,913					3,491,020						4,569,184
		$	16,006,815				$	6,992,082					$	9,151,511

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

(1) See Notes to Financial Statements, Note 4.

(2) Assets have been allocated to each Series based upon ownership in the cash management pool. See Note 2.

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

10

The Series of the Frontier Fund

Condensed Schedules of Investments

December 31, 2011

		Balanced Series						Tiverton/Graham/Transtrend Series (3)					Currency Series
Description		Value			% of Total Capital (Net Asset Value)			Value		% of Total Capital (Net Asset Value)			Value		% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (U.S.)		$	(1,930,354	)		-0.65	%	$	—		0.00	%	$	—		0.00	%
Various base metals futures contracts (Europe)			(3,533,012	)		-1.19	%		—		0.00	%		—		0.00	%
Various currency futures contracts (U.S.)			122,059			0.04	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Europe)			11,380			0.00	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Far East)			—			0.00	%		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)			(23,315	)		-0.01	%		—		0.00	%		—		0.00	%
Various energy futures contracts (Europe)			(300,490	)		-0.10	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)			407,889			0.14	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)			56,394			0.02	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)			1,984,386			0.67	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)			57,916			0.02	%		—		0.00	%		—		0.00	%
Various precious metals futures contracts (U.S.)			(152,208	)		-0.05	%		—		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)			230,760			0.08	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Europe)			1,440			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)			185,788			0.06	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Canada)			5,579			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Europe)			67,663			0.02	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Far East)			(171,692	)		-0.06	%		—		0.00	%		—		0.00	%
Total Long Futures Contracts			(2,979,817	)		-1.01	%		—		0.00	%		—		0.00	%
OPTIONS PURCHASED *			11,928,779			4.02	%		—		0.00	%		—		0.00	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (U.S.)			1,630,955			0.55	%		—		0.00	%		—		0.00	%
Various base metals futures contracts (Europe)			4,181,645			1.41	%		—		0.00	%		—		0.00	%
Various currency futures contracts (US)			(56,702	)		-0.02	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Europe)			442,669			0.15	%		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)			(95,263	)		-0.03	%		—		0.00	%		—		0.00	%
Various energy futures contracts (Europe)			22,315			0.01	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)			(1,508,797	)		-0.51	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)			896			0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)			(134,897	)		-0.05	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)			(22,100	)		-0.01	%		—		0.00	%		—		0.00	%
Various precious metals futures contracts (U.S.)			293,052			0.10	%		—		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)			(451,002	)		-0.15	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Europe)			471,246			0.16	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Far East)			(30,196	)		-0.01	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Canada)			—			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)			3,585			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Canada)			(22,258	)		-0.01	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Europe)			(396,702	)		-0.13	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Far East)			110,866			0.04	%		—		0.00	%		—		0.00	%
Total Short Futures Contracts			4,439,312			1.50	%		—		0.00	%		—		0.00	%
CURRENCY FORWARDS *			(283,733	)		-0.27	%		—		0.00	%		—		0.00	%
Total Open Trade Equity		$	13,104,541			4.24	%	$	—		0.00	%	$	—		0.00	%
OPTIONS WRITTEN *		$	(3,326,453	)		-1.12	%	$	—		0.00	%	$	—		0.00	%
SWAPS (1)		$	230,783			0.08	%	$	34,397		0.09	%	$	2,583		0.06	%
Total Return Option Basket Swap (Termination date 11/6/12)			17,706,757			5.97	%		—		0.00	%		—		0.00	%
Total Return Option Basket Swap (Termination date 6/30/16)			5,881,772			1.98	%		—		0.00	%		—		0.00	%
Total Swaps		$	23,819,312			8.03	%	$	34,397		0.09	%	$	2,583		0.06	%
Investment in Berkeley Quantitative Colorado Fund, LLC (Cost of $8,487,603)		$	—			0.00	%	$	6,270,844		15.83	%	$	—		0.00	%
U.S. TREASURY SECURITIES
FACE VALUE		Fair Value						Fair Value					Fair Value
$36,500,000.00	US Treasury Note 3.875% due 02/15/2013 (Cost $38,125,391) (2)	$	14,052,173			4.74	%	$	2,094,416		5.29	%	$	157,304		3.64	%
$36,700,000.00	US Treasury Note 4.000% due 02/15/2015 (Cost $38,016,039) (2)		15,116,043			5.10	%		2,252,982		5.69	%		169,213		3.92	%
		$	29,168,216			9.84	%	$	4,347,398		10.98	%	$	326,517		7.56	%
Additional Disclosure on U.S. Treasury Securities		Face Value						Face Value					Face Value
	US Treasury Note 3.875% due 02/15/2013 (2)	$	13,517,520					$	2,014,729				$	151,319
	US Treasury Note 4.000% due 02/15/2015 (2)		13,591,588						2,025,768					152,148
		$	27,109,108					$	4,040,497				$	303,467
		Cost						Cost					Cost
	US Treasury Note 3.875% due 02/15/2013 (2)	$	14,119,472					$	2,104,447				$	158,057
	US Treasury Note 4.000% due 02/15/2015 (2)		14,078,974						2,098,411					157,604
		$	28,198,446					$	4,202,858				$	315,661

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

(1) See Notes to Financial Statements, Note 4.

(2) Assets have been allocated to each Series based upon ownership in the cash management pool. See Note 2.

(3) Formerly the Berkeley/Graham/Tiverton Series

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

11

The Series of the Frontier Fund

Condensed Schedules of Investments

December 31, 2011

		Winton Series					Winton/Graham Series
Description		Value		% of Total Capital (Net Asset Value)			Value		% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (U.S.)		$	—		0.00	%	$	—		0.00	%
Various base metals futures contracts (Europe)			—		0.00	%		—		0.00	%
Various currency futures contracts (U.S.)			—		0.00	%		—		0.00	%
Various currency futures contracts (Canada)			—		0.00	%		—		0.00	%
Various currency futures contracts (Europe)			—		0.00	%		—		0.00	%
Various currency futures contracts (Far East)			—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)			—		0.00	%		—		0.00	%
Various energy futures contracts (Europe)			—		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)			—		0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)			—		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)			—		0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)			—		0.00	%		—		0.00	%
Various precious metals futures contracts (U.S.)			—		0.00	%		—		0.00	%
Various precious metals futures contracts (Europe)			—		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)			—		0.00	%		—		0.00	%
Various soft futures contracts (Europe)			—		0.00	%		—		0.00	%
Various soft futures contracts (Canada)			—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)			—		0.00	%		—		0.00	%
Various stock index futures contracts (Canada)			—		0.00	%		—		0.00	%
Various stock index futures contracts (Europe)			—		0.00	%		—		0.00	%
Various stock index futures contracts (Far East)			—		0.00	%		—		0.00	%
Total Long Futures Contracts			—		0.00	%		—		0.00	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (US)			—		0.00	%		—		0.00	%
Various base metals futures contracts (Europe)			—		0.00	%		—		0.00	%
Various currency futures contracts (US)			—		0.00	%		—		0.00	%
Various currency futures contracts (Canada)			—		0.00	%		—		0.00	%
Various currency futures contracts (Europe)			—		0.00	%		—		0.00	%
Various currency futures contracts (Far East)			—		0.00	%		—		0.00	%
Various energy futures contracts (US)			—		0.00	%		—		0.00	%
Various energy futures contracts (Europe)			—		0.00	%		—		0.00	%
Various interest rates futures contracts (US)			—		0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)			—		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)			—		0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)			—		0.00	%		—		0.00	%
Various precious metals futures contracts (US)			—		0.00	%		—		0.00	%
Various soft futures contracts (US)			—		0.00	%		—		0.00	%
Various soft futures contracts (Canada)			—		0.00	%		—		0.00	%
Various soft futures contracts (Europe)			—		0.00	%		—		0.00	%
Various stock index futures contracts (US)			—		0.00	%		—		0.00	%
Various stock index futures contracts (Canada)			—		0.00	%		—		0.00	%
Various stock index futures contracts (Europe)			—		0.00	%		—		0.00	%
Various stock index futures contracts (Far East)			—		0.00	%		—		0.00	%
Total Short Futures Contracts			—		0.00	%		—		0.00	%
CURRENCY FORWARDS *			—		0.00	%		—		0.00	%
Total Open Trade Equity		$	—		0.00	%	$	—		0.00	%
SWAPS (1)		$	61,888		0.12	%	$	30,381		0.10	%
U.S. TREASURY SECURITIES
FACE VALUE		Fair Value					Fair Value
$36,500,000.00	US Treasury Note 3.875% due 02/15/2013 (Cost $38,125,391) (2)	$	3,768,316		7.53	%	$	1,849,901		6.01	%
$36,700,000.00	US Treasury Note 4.000% due 02/15/2015 (Cost $38,016,039) (2)		4,053,611		8.10	%		1,989,954		6.47	%
		$	7,821,927		15.63	%	$	3,839,855		12.48	%
Additional Disclosure on U.S. Treasury Securities		Face Value					Face Value
	US Treasury Note 3.875% due 02/15/2013 (2)	$	3,624,941				$	1,779,516
	US Treasury Note 4.000% due 02/15/2015 (2)		3,644,803					1,789,267
		$	7,269,744				$	3,568,783
		Cost					Cost
	US Treasury Note 3.875% due 02/15/2013 (2)	$	3,786,364				$	1,858,760
	US Treasury Note 4.000% due 02/15/2015 (2)		3,775,504					1,853,429
		$	7,561,868				$	3,712,189

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

(1) See Notes to Financial Statements, Note 4.

(2) Assets have been allocated to each Series based upon ownership in the cash management pool. See Note 2.

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

12

The Frontier Fund

Statements of Operations

For the Nine Months Ended September 30, 2012 and 2011

	Frontier Diversified Series						Frontier Masters Series						Frontier Long/Short Commodity Series
	(Unaudited)						(Unaudited)						(Unaudited)
	9/30/2012			9/30/2011			9/30/2012			9/30/2011			9/30/2012			9/30/2011
Investment Income:
Interest - net	$	1,668,101		$	1,789,859		$	780,501		$	753,268		$	1,047,821		$	1,044,384
Total Income		1,668,101			1,789,859			780,501			753,268			1,047,821			1,044,384
Expenses:
Incentive Fees		3,079,256			4,386,760			488,081			805,663			1,059,204			2,744,245
Management Fees		1,445,371			1,469,361			1,069,958			1,094,180			2,599,254			2,781,137
Service Fees - Class 1		1,131,348			1,393,776			584,434			624,864			352,904			673,297
Trading Fees		2,258,377			2,675,921			979,635			1,095,725			778,408			536,554
Total Expenses		7,914,352			9,925,818			3,122,108			3,620,432			4,789,770			6,735,233
Investment income/(loss) - net		(6,246,251	)		(8,135,959	)		(2,341,607	)		(2,867,164	)		(3,741,949	)		(5,690,849	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		—			—			4,064,894			(3,255,629	)		(35,422,568	)		2,083,218
Net change in open trade equity/(deficit)		—			—			(1,006,677	)		264,892			33,169,426			(603,159	)
Net realized gain/(loss) on swap contracts		(106,862	)		(308,941	)		(55,669	)		1,070,356			(58,693	)		—
Net unrealized gain/(loss) on swap contracts		(23,719	)		(4,032,004	)		(2,775	)		(1,633,412	)		(20,529	)		(20,878	)
Net realized gain/(loss) on U.S. Treasury securities		176,189			—			84,120			—			110,579			—
Net unrealized gain/(loss) on U.S. Treasury securities		(380,530	)		94,249			(179,102	)		38,493			(234,541	)		57,006
Trading commissions		—			—			(119,270	)		(53,453	)		(1,401,958	)		(19,674	)
Change in fair value of investments in unconsolidated trading companies		5,278,098			9,265,359			2,888,613			5,704,419			(1,826,300	)		10,677,573
Net gain/(loss) on investments		4,943,176			5,018,663			5,674,134			2,135,666			(5,684,584	)		12,174,086
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(1,303,075	)		(3,117,296	)		3,332,527			(731,498	)		(9,426,533	)		6,483,237
Less: Operations attributable to non-controlling interests		—			—			676,097						(10,770,288	)		2,188,871
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(1,303,075	)	$	(3,117,296	)	$	2,656,430		$	(731,498	)	$	1,343,755		$	4,294,366
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(1.58	)	$	(3.11	)	$	4.67		$	(0.20	)	$	(0.72	) (1)	$	3.87
Class 1a		N/A			N/A			N/A			N/A		$	1.71		$	3.71
Class 2	$	(0.30	)	$	(1.84	)	$	6.34		$	1.19		$	3.31		$	8.05
Class 2a		N/A			N/A			N/A			N/A		$	3.41		$	5.45
Class 3		N/A			N/A			N/A			N/A		$	3.37		$	8.04

(1) Class 1 operations ceased July 18, 2012 and all remaining Class 1 Units were exchanged for Class 3 Units.

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

13

The Frontier Fund

Statements of Operations

For the Nine Months Ended September 30, 2012 and 2011

	Balanced Series						Tiverton/Graham/Transtrend Series (1)						Currency Series
	(Unaudited)						(Unaudited)						(Unaudited)
	9/30/2012			9/30/2011			9/30/2012			9/30/2011			9/30/2012			9/30/2011
Investment Income:
Interest - net	$	208,856		$	364,715		$	159,048		$	72,116		$	85		$	59,690
Total Income		208,856			364,715			159,048			72,116			85			59,690
Expenses:
Incentive Fees		6,553,867			11,575,647			65,989			29,678			—			—
Management Fees		1,940,876			1,922,751			956,639			948,867			—			80,701
Service Fees - Class 1		3,845,995			5,638,744			686,786			1,144,674			81,340			121,438
Trading Fees		1,373,998			1,280,779			193,716			212,756			20,595			53,198
Total Expenses		13,714,736			20,417,921			1,903,130			2,335,975			101,935			255,337
Investment income/(loss) - net		(13,505,880	)		(20,053,206	)		(1,744,082	)		(2,263,859	)		(101,850	)		(195,647	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		33,748,231			(10,804,108	)		—			—			—			(142,069	)
Net change in open trade equity/(deficit)		(337,037	)		(4,179,800	)		—			—			—			(27,166	)
Net realized gain/(loss) on swap contracts		(175,294	)		6,689,123			(34,232	)		—			(6,104	)		(8,301,000	)
Net unrealized gain/(loss) on swap contracts		1,590,654			(21,105,042	)		(2,448	)		(15,816	)		3,603			6,325,318
Net realized gain/(loss) on U.S. Treasury securities		290,166			—			59,410			—			3,199			—
Net unrealized gain/(loss) on U.S. Treasury securities		(632,344	)		146,835			(119,961	)		26,388			(6,948	)		(2,363	)
Trading commissions		(3,926,501	)		(3,747,289	)		—			—			—			—
Net change in inter-series receivables		—			(2,475,914	)		—			—			—			—
Net change in inter-series payables		—			—			—			—			—			1,534,914
Net increase from payments by managing owner		—			—			—			—			—			390,589
Change in fair value of investments in unconsolidated trading companies		(8,615,816	)		43,485,703			(122,653	)		(1,181,913	)		(229,606	)		(94,181	)
Net realized gain/(loss) on the Berkeley Quantitative Colorado Fund LLC		—			—			(2,172,987	)		(135,775	)		—			—
Net unrealized gain/(loss) on the Berkeley Quantitative Colorado Fund LLC		—			—			2,084,880			(2,266,908	)		—			—
Net gain/(loss) on investments		21,942,059			8,009,508			(307,991	)		(3,574,024	)		(235,856	)		(315,958	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		8,436,179			(12,043,698	)		(2,052,073	)		(5,837,883	)		(337,706	)		(511,605	)
Less: Operations attributable to non-controlling interests		10,396,433			(2,488,602	)		—			—			—			—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(1,960,254	)	$	(9,555,096	)	$	(2,052,073	)	$	(5,837,883	)	$	(337,706	)	$	(511,605	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(1.71	)	$	(5.92	)	$	(5.72	)	$	(11.73	)	$	(6.34	)	$	(6.98	)
Class 1a	$	4.13	(2)	$	(6.28	)		N/A			N/A			N/A			N/A
Class 2	$	1.28		$	(3.70	)	$	(4.72	)	$	(11.31	)	$	(6.02	)	$	(6.46	)
Class 2a	$	1.80		$	(4.35	)		N/A			N/A			N/A			N/A
Class 3a	$	1.36		$	(4.35	)		N/A			N/A			N/A			N/A

(1) Formerly known as the Berkeley/Graham/Tiverton Series.

(2) Class 1a operations ceased July 17, 2012 and all remaining Class 1a Units were exchanged for Class 3a Units.

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

14

The Frontier Fund

Statements of Operations

For the Nine Months Ended September 30, 2012 and 2011

	Winton Series						Winton/Graham Series
	(Unaudited)						(Unaudited)
	9/30/2012			9/30/2011			9/30/2012			9/30/2011
Investment Income:
Interest - net	$	386,507		$	327,662		$	85,811		$	159,301
Total Income		386,507			327,662			85,811			159,301
Expenses:
Incentive Fees		—			813,809			—			298,707
Management Fees		787,335			960,130			813,420			1,095,659
Service Fees - Class 1		806,539			985,426			491,271			828,649
Trading Fees		263,127			203,804			151,266			169,014
Total Expenses		1,857,001			2,963,169			1,455,957			2,392,029
Investment income/(loss) - net		(1,470,494	)		(2,635,507	)		(1,370,146	)		(2,232,728	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		—			—			—			798,159
Net change in open trade equity/(deficit)		—			—			—			(1,521,787	)
Net realized gain/(loss) on swap contracts		(57,781	)		—			(30,602	)		—
Net unrealized gain/(loss) on swap contracts		(7,291	)		(23,610	)		943			(16,478	)
Net realized gain/(loss) on U.S. Treasury securities		90,903			—			40,172			—
Net unrealized gain/(loss) on U.S. Treasury securities		(193,198	)		35,180			(85,821	)		18,573
Trading commissions		—			—			—			(274,394	)
Change in fair value of investments in unconsolidated trading companies		(1,345,966	)		5,608,238			91,196			838,387
Net gain/(loss) on investments		(1,513,333	)		5,619,808			15,888			(157,540	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(2,983,827	)		2,984,301			(1,354,258	)		(2,390,268	)
Less: Operations attributable to non-controlling interests		—			—			—			(470,719	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(2,983,827	)	$	2,984,301		$	(1,354,258	)	$	(1,919,549	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(9.40	)	$	7.03		$	(5.93	)	$	(6.52	)
Class 2	$	(7.54	)	$	11.68		$	(4.57	)	$	(4.75	)

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

15

The Frontier Fund

Statements of Operations

For the Three Months Ended September 30, 2012 and 2011

	Frontier Diversified Series						Frontier Masters Series						Frontier Long/Short Commodity Series
	(Unaudited)						(Unaudited)						(Unaudited)
	9/30/2012			9/30/2011			9/30/2012			9/30/2011			9/30/2012			9/30/2011
Investment Income:
Interest - net	$	524,861		$	597,834		$	251,275		$	288,132		$	336,190		$	352,489
Total Income		524,861			597,834			251,275			288,132			336,190			352,489
Expenses:
Incentive Fees		1,456,640			1,467,047			403,573			534,851			585,049			440,077
Management Fees		443,895			519,364			364,814			355,001			868,971			910,662
Service Fees - Class 1		366,831			417,549			207,528			193,356			112,879			177,277
Trading Fees		735,492			808,751			342,724			332,882			266,738			207,381
Total Expenses		3,002,858			3,212,711			1,318,639			1,416,090			1,833,637			1,735,397
Investment income/(loss) - net		(2,477,997	)		(2,614,877	)		(1,067,364	)		(1,127,958	)		(1,497,447	)		(1,382,908	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		—			—			626,741			(1,510,267	)		(37,284,952	)		2,083,218
Net change in open trade equity/(deficit)		—			—			(158,295	)		437,801			39,443,564			(603,159	)
Net unrealized gain/(loss) on swap contracts		—			(3,643,386	)		—			3,403			—			10,516
Net unrealized gain/(loss) on U.S. Treasury securities		(35,655	)		75,159			(17,319	)		26,009			(22,359	)		51,230
Trading commissions		—			—			(47,113	)		(19,115	)		(503,103	)		(19,674	)
Change in fair value of investments in unconsolidated trading companies		3,123,724			4,902,725			2,394,445			4,319,388			(647,557	)		389,142
Net gain/(loss) on investments		3,088,069			1,334,498			2,798,459			3,257,219			985,593			1,911,273
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		610,072			(1,280,379	)		1,731,095			2,129,261			(511,854	)		528,365
Less: Operations attributable to non-controlling interests		—			—			148,709			(10,821	)		(5,316,448	)		2,188,871
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	610,072		$	(1,280,379	)	$	1,582,386		$	2,140,082		$	4,804,594		$	(1,660,506	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	0.22		$	(1.16	)	$	2.88		$	3.75		$	7.34	(1)	$	(3.92	)
Class 1a		N/A			N/A			N/A			N/A		$	8.16		$	(3.09	)
Class 2	$	0.67		$	(0.75	)	$	3.52		$	4.37		$	11.08		$	(3.38	)
Class 2a		N/A			N/A			N/A			N/A		$	9.10		$	(2.65	)
Class 3		N/A			N/A			N/A			N/A		$	11.15		$	(3.38	)

(1) Class 1 operations ceased July 18, 2012 and all remaining Class 1 Units were exchanged for Class 3 Units.

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

16

The Frontier Fund

Statements of Operations

For the Three Months Ended September 30, 2012 and 2011

	Balanced Series						Tiverton/Graham/Transtrend Series (1)						Currency Series
	(Unaudited)						(Unaudited)						(Unaudited)
	9/30/2012			9/30/2011			9/30/2012			9/30/2011			9/30/2012			9/30/2011
Investment Income:
Interest - net	$	22,120		$	163,059		$	75,086		$	54,940		$	—		$	5,231
Total Income		22,120			163,059			75,086			54,940			—			5,231
Expenses:
Incentive Fees		3,268,561			2,903,887			7,136			29,678			—			—
Management Fees		601,212			664,399			326,209			258,162			—			1,673
Service Fees - Class 1		1,240,331			1,525,660			213,767			313,464			24,937			35,747
Trading Fees		443,728			369,151			60,869			58,000			6,351			7,548
Total Expenses		5,553,832			5,463,097			607,981			659,304			31,288			44,968
Investment income/(loss) - net		(5,531,712	)		(5,300,038	)		(532,895	)		(604,364	)		(31,288	)		(39,737	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		19,443,157			(9,216,280	)		—			—			—			27,976
Net change in open trade equity/(deficit)		(2,873,395	)		20,476,468			—			—			—			(2,759	)
Net realized gain/(loss) on swap contracts		—			—			—			—			—			(8,301,000	)
Net unrealized gain/(loss) on swap contracts		259,527			(12,258,290	)		—			5,635			—			6,832,263
Net unrealized gain/(loss) on U.S. Treasury securities		(58,350	)		136,214			(12,605	)		28,912			(655	)		(2,689	)
Trading commissions		(1,250,434	)		(1,211,996	)		—			—			—			—
Net change in inter-series receivables		—			(1,673,189	)		—			—			—			—
Net change in inter-series payables		—			—			—			—			—			1,011,674
Net increase from payments by managing owner		—			—			—			—			—			390,589
Change in fair value of investments in unconsolidated trading companies		(2,928,309	)		7,391,498			323,029			253,191			2,940			(94,181	)
Net unrealized gain/(loss) on the Berkeley Quantitative Colorado Fund LLC		—			—			—			(601,629	)		—			—
Net gain/(loss) on investments		12,592,196			3,644,425			310,424			(313,891	)		2,285			(138,127	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		7,060,484			(1,655,613	)		(222,471	)		(918,255	)		(29,003	)		(177,864	)
Less: Operations attributable to non-controlling interests		6,167,281			7,682,227			—			—			—			—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	893,203		$	(9,337,840	)	$	(222,471	)	$	(918,255	)	$	(29,003	)	$	(177,864	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	0.14		$	(4.43	)	$	(0.99	)	$	(2.80	)	$	(0.73	)	$	(2.63	)
Class 1a	$	4.45	(2)	$	(4.31	)		N/A			N/A			N/A			N/A
Class 2	$	1.29		$	(4.26	)	$	0.08		$	(1.60	)	$	(0.28	)	$	(2.57	)
Class 2a	$	1.16		$	(4.04	)		N/A			N/A			N/A			N/A
Class 3a	$	1.18		$	(4.05	)		N/A			N/A			N/A			N/A

(1) Formerly known as the Berkeley/Graham/Tiverton Series.

(2) Class 1a operations ceased July 17, 2012 and all remaining Class 1a Units were exchanged for Class 3a Units.

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

17

The Frontier Fund

Statements of Operations

For the Three Months Ended September 30, 2012 and 2011

	Winton Series						Winton/Graham Series
	(Unaudited)						(Unaudited)
	9/30/2012			9/30/2011			9/30/2012			9/30/2011
Investment Income:
Interest - net	$	127,814		$	118,397		$	31,821		$	64,449
Total Income		127,814			118,397			31,821			64,449
Expenses:
Incentive Fees		—			565,219			—			227,833
Management Fees		259,965			309,397			225,076			283,356
Service Fees - Class 1		257,849			300,670			153,063			223,405
Trading Fees		84,533			63,844			47,300			45,550
Total Expenses		602,347			1,239,130			425,439			780,144
Investment income/(loss) - net		(474,533	)		(1,120,733	)		(393,618	)		(715,695	)
Realized and unrealized gain/(loss) on investments:
Net unrealized gain/(loss) on swap contracts		—			4,232			—			3,771
Net unrealized gain/(loss) on U.S. Treasury securities		(18,568	)		29,362			(8,184	)		21,809
Change in fair value of investments in unconsolidated trading companies		602,511			4,843,717			1,185,902			614,410
Net gain/(loss) on investments		583,943			4,877,311			1,177,718			639,990
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		109,410			3,756,578			784,100			(75,705	)
Less: Operations attributable to non-controlling interests		—			—			—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	109,410		$	3,756,578		$	784,100		$	(75,705	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	0.01		$	9.94		$	2.75		$	(0.54	)
Class 2	$	1.16		$	12.75		$	4.35		$	0.39

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

18

The Frontier Fund

Statements of Changes in Capital

For the Nine Months Ended September 30, 2012

	Frontier Diversified Series															Frontier Masters Series
	(Unaudited)															(Unaudited)
	Class 1			Class 1			Class 2			Class 2						Class 1		Class 1			Class 2		Class 2
	Managing Owner			Limited Owners			Managing Owner			Limited Owners			Total			Managing Owner		Limited Owners			Managing Owner		Limited Owners			Non- Controlling Interests			Total
Capital (Net Asset Value), December 31, 2011	$	27,334		$	72,397,572		$	1,486,740		$	60,061,958		$	133,973,604		$	27,569	$	34,062,567		$	589,893	$	18,144,968		$	58,412		$	52,883,409
Sale of Units		—			4,342,057			—			5,461,913			9,803,970			—		6,542,621			—		1,584,876			—			8,127,497
Redemption of Units		—			(11,099,447	)		—			(10,702,689	)		(21,802,136	)		—		(2,699,710	)		—		(3,051,076	)		—			(5,750,786	)
Change in control of ownership - Trading Companies		—			—			—			—			—			—		—			—		—			—			—
Contributions		—			—			—			—			—			—		—			—		—			5,101,862			5,101,862
Distributions		—			—			—			—			—			—		—			—		—			(3,553,695	)		(3,553,695	)
Operations attributable to non-controlling interests		—			—			—			—			—			—		—			—		—			676,097			676,097
Net increase/(decrease) in Owners’ Capital resulting from operations		(435	)		(1,141,978	)		(4,366	)		(156,296	)		(1,303,075	)		1,285		1,566,261			35,648		1,053,236			—			2,656,430
Capital (Net Asset Value), September 30, 2012	$	26,899		$	64,498,204		$	1,482,374		$	54,664,886		$	120,672,363		$	28,854	$	39,471,739		$	625,541	$	17,732,004		$	2,282,676		$	60,140,814
Capital - Units, December 31, 2011		275			728,370			14,301			577,736						275		339,777			5,627		173,083
Sale of Units		—			44,156			—			53,090						—		62,617			—		14,154
Redemption of Units		—			(113,140	)		—			(103,456	)					—		(26,193	)		—		(27,732	)
Capital - Units, September 30, 2012		275			659,386			14,301			527,370						275		376,201			5,627		159,505
					(1)						(1)								(1)					(1)
Net asset value per unit at December 31, 2011				$	99.40					$	103.96							$	100.25				$	104.83
Change in net asset value per unit for nine months ended September 30, 2012					(1.58	)					(0.30	)							4.67					6.34
Net asset value per unit at September 30, 2012				$	97.82					$	103.66							$	104.92				$	111.17

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

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

19

The Frontier Fund

Statements of Changes in Capital

For the Nine Months Ended September 30, 2012

	Frontier Long/Short Commodity Series
	(Unaudited)
	Class 1 (2)			Class 2					Class 3			Class 1a		Class 1a			Class 2a		Class 2a
	Limited Owners			Managing Owner		Limited Owners			Limited Owners			Managing Owner		Limited Owners			Managing Owner		Limited Owners			Non-Controlling Interests			Total
Capital (Net Asset Value), December 31, 2011	$	4,159,047		$	499,336	$	8,689,426		$	27,810,058		$	14,271	$	18,877,124		$	282,740	$	10,628,724		$	10,223,579		$	81,184,305
Sale of Units		9,530			—		—			3,925,506			—		3,763,103			—		3,322,503			—			11,020,642
Redemption of Units		(4,103,565	)		—		(403,979	)		(7,604,158	)		—		(1,759,072	)		—		(2,211,990	)		—			(16,082,764	)
Change in control of ownership - Trading Companies		—			—		—			—			—		—			—		—			7,337,360			7,337,360
Contributions		—			—		—			—			—		—			—		—			45,161,968			45,161,968
Distributions		—			—		—			—			—		—			—		—			(43,611,245	)		(43,611,245	)
Operations attributable to non-controlling interests		—			—		—			—			—		—			—		—			(10,770,288	)		(10,770,288	)
Net increase/(decrease) in Owners’ Capital resulting from operations		(65,012	)		10,204		167,948			544,809			200		312,500			7,561		365,545			—			1,343,755
Capital (Net Asset Value), September 30, 2012	$	—		$	509,540	$	8,453,395		$	24,676,215		$	14,471	$	21,193,655		$	290,301	$	12,104,782		$	8,341,374		$	75,583,733
Capital – Units, December 31, 2011		30,551			3,083		53,648			171,708			117		155,099			2,222		83,538
Sale of Units		71			—		—			24,440			—		31,106			—		26,229
Redemption of Units		(30,622	)		—		(2,503	)		(46,889	)		—		(14,480	)		—		(17,106	)
Capital – Units, September 30, 2012		—			3,083		51,145			149,259			117		171,725			2,222		92,661
							(1)								(1)					(1)
Net asset value per unit at December 31, 2011	$	136.13				$	161.97		$	161.96				$	121.71				$	127.23
Change in net asset value per unit for operations ending September 30, 2012		(0.72	)				3.31			3.37					1.71					3.41
Net asset value per unit at September 30, 2012 or at cessation of operations	$	135.41				$	165.28		$	165.33				$	123.42				$	130.64

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

(2) Class 1 operations ceased July 18, 2012 and all remaining Class 1 Units were exchanged for Class 3 Units.

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

20

The Frontier Fund

Statements of Changes in Capital

For the Nine Months Ended September 30, 2012

	Balanced Series
	(Unaudited)
	Class 1			Class 1a (2)			Class 2					Class 2a					Class 3a
	Limited Owners			Limited Owners			Managing Owner		Limited Owners			Managing Owner		Limited Owners			Limited Owners			Non-Controlling Interests			Total
Capital (Net Asset Value), December 31, 2011	$	183,785,318		$	2,536,559		$	3,351,608	$	60,020,959		$	158,814	$	2,626,016		$	2,952,802		$	40,633,336		$	296,065,412
Sale of Units		367,799			482			—		11,968			—		—			2,264,602			—			2,644,851
Redemption of Units		(22,241,622	)		(2,524,092	)		—		(7,771,998	)		—		(1,675,156	)		(1,186,627	)		—			(35,399,495	)
Change in control of ownership - Trading Companies		—			—			—		—			—		—			—			(1,186,925	)		(1,186,925	)
Contributions		—			—			—		—			—		—			—			126,650,519			126,650,519
Distributions		—			—			—		—			—		—			—			(127,498,438	)		(127,498,438	)
Operations attributable to non-controlling interests		—			—			—		—			—		—			—			10,396,433			10,396,433
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(2,425,159	)		(12,949	)		27,528		405,995			2,224		6,788			35,319			—			(1,960,254	)
Capital (Net Asset Value), September 30, 2012	$	159,486,336		$	—		$	3,379,136	$	52,666,924		$	161,038	$	957,648		$	4,066,096		$	48,994,925		$	269,712,103
Capital – Units, December 31, 2011		1,476,131			23,388			21,620		387,173			1,237		20,460			23,005
Sale of Units		2,966			4			—		77			—		—			17,591
Redemption of Units		(180,258	)		(23,392	)		—		(50,283	)		—		(13,101	)		(9,251	)
Capital –Units, September 30, 2012		1,298,839			—			21,620		336,967			1,237		7,359			31,345
										(1)					(1)
Net asset value per unit at December 31, 2011	$	124.50		$	108.45				$	155.02				$	128.35		$	128.36
Change in net asset value per unit for operations ending September 30, 2012		(1.71	)		4.13					1.28					1.80			1.36
Net asset value per unit at September 30, 2012 or at cessation of operations	$	122.79		$	112.58				$	156.30				$	130.15		$	129.72

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

(2) Class 1a operations ceased July 17, 2012 and all remaining Class 1a Units were exchanged for Class 3a Units.

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

21

The Frontier Fund

Statements of Changes in Capital

For the Nine Months Ended September 30, 2012

	Tiverton/Graham/Transtrend Series (2)												Currency Series
	(Unaudited)												(Unaudited)
	Class 1			Class 2									Class 1			Class 2
	Limited Owners			Managing Owner			Limited Owners			Total			Limited Owners			Managing Owner			Limited Owners			Total
Capital (Net Asset Value), December 31, 2011	$	35,180,631		$	7,878		$	4,425,463		$	39,613,972		$	4,228,350		$	2,563		$	88,444		$	4,319,357
Sale of Units		26,014			—			—			26,014			37,133			—			—			37,133
Redemption of Units		(7,239,792	)		—			(624,933	)		(7,864,725	)		(842,240	)		—			(25,319	)		(867,559	)
Net increase/(decrease) in Owners’ Capital resulting from operations		(1,889,917	)		(332	)		(161,824	)		(2,052,073	)		(332,587	)		(177	)		(4,942	)		(337,706	)
Capital (Net Asset Value), September 30, 2012	$	26,076,936		$	7,546		$	3,638,706		$	29,723,188		$	3,090,656		$	2,386		$	58,183		$	3,151,225
Capital - Units, December 31, 2011		386,533			70			39,571						59,997			29			1,010
Sale of Units		290			—			—						546			—			—
Redemption of Units		(81,100	)		—			(5,602	)					(12,358	)		—			(297	)
Capital - Units, September 30, 2012		305,723			70			33,969						48,185			29			713
								(1)												(1)
Net asset value per unit at December 31, 2011	$	91.02					$	111.84					$	70.48					$	87.61
Change in net asset value per unit for nine months ended September 30, 2012		(5.72	)					(4.72	)					(6.34	)					(6.02	)
Net asset value per unit at September 30, 2012	$	85.30					$	107.12					$	64.14					$	81.59

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

(2) Formerly the Berkeley/Graham/Tiverton Series.

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

22

The Frontier Fund

Statements of Changes in Capital

For the Nine Months Ended September 30, 2012

	Winton Series												Winton/Graham Series
	(Unaudited)												(Unaudited)
	Class 1			Class 2									Class 1			Class 2
	Limited Owners			Managing Owner			Limited Owners			Total			Limited Owners			Managing Owner			Limited Owners			Total
Capital (Net Asset Value), December 31, 2011	$	38,345,799		$	34,276		$	11,668,049		$	50,048,124		$	24,783,519		$	55,553		$	5,934,615		$	30,773,687
Sale of Units		158,451			—			—			158,451			47,245			—			—			47,245
Redemption of Units		(3,104,434	)		—			(677,556	)		(3,781,990	)		(4,355,759	)		—			(1,273,542	)		(5,629,301	)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(2,462,782	)		(1,558	)		(519,487	)		(2,983,827	)		(1,199,981	)		(1,959	)		(152,318	)		(1,354,258	)
Capital (Net Asset Value), September 30, 2012	$	32,937,034		$	32,718		$	10,471,006		$	43,440,758		$	19,275,024		$	53,594		$	4,508,755		$	23,837,373
Capital – Units, December 31, 2011		271,704			207			70,368						236,649			428			45,755
Sale of Units		1,158			—			—						458			—			—
Redemption of Units		(22,824	)		—			(4,213	)					(42,024	)		—			(9,723	)
Capital – Units, September 30, 2012		250,038			207			66,155						195,083			428			36,032
								(1)												(1)
Net asset value per unit at December 31, 2011	$	141.13					$	165.82					$	104.73					$	129.70
Change in net asset value per unit for nine months ended September 30, 2012		(9.40	)					(7.54	)					(5.93	)					(4.57	)
Net asset value per unit at September 30, 2012	$	131.73					$	158.28					$	98.80					$	125.13

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

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

23

The Series of the Frontier Fund

Statements of Cash Flows

For the Nine Months Ended September 30, 2012 and 2011

	Frontier Diversified Series						Frontier Masters Series						Frontier Long/Short Commodity Series
	(Unaudited)						(Unaudited)						(Unaudited)
	9/30/2012			9/30/2011			9/30/2012			9/30/2011			9/30/2012			9/30/2011
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	(1,303,075	)	$	(3,117,296	)	$	3,332,527		$	268,502		$	(9,426,533	)	$	6,483,237
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Change in:
Net change in open trade equity/(deficit), at fair value		—			—			1,006,929			(264,892	)		(34,474,951	)		27,029,769
Net change in options written, at fair value		—			—			—			—			(465,465	)		—
Net change in ownership allocation of U.S. Treasury securities		283,224			(2,140,906	)		(1,319,471	)		(4,366,641	)		(1,026,151	)		621,333
Net change in ownership allocation of custom time deposits		1,251,670			(2,405,528	)		(9,281,656	)		(21,058,138	)		(4,499,445	)		(602,239	)
Net change in ownership allocation of credit default swaps		423			(75,299	)		(1,219	)		(45,202	)		(4,324	)		25,283
Net realized (gain) on swap contracts		106,862			308,941			55,669			(2,070,356	)		58,693			—
Net unrealized (gain)/loss on swap contracts		23,719			4,032,004			2,775			1,633,412			20,529			20,878
Net unrealized (gain)/loss on U.S. Treasury securities		380,530			(94,249	)		179,102			(38,493	)		234,541			(57,006	)
Net realized (gain)/loss on U.S. Treasury securities		(176,189	)					(84,120	)		—			(110,579	)		—
(Purchases) sales of:
Sales of swap contracts		—			1,933,000			—			26,826,316			—			—
(Purchases) of swap contracts		—			(45,928	)		—			(142,819	)		—			(78,248	)
Sales of custom time deposits		4,380,919			8,477,490			2,418,141			5,505,655			2,122,345			11,163,129
(Purchases) of custom time deposits		—			—			—			—			—			—
Sales of U.S. Treasury securities		7,795,181			—			3,735,419			—			4,973,010			—
Increase and/or decrease in:
Receivable from futures commission merchants		—			—			(1,685,977	)		(4,986,615	)		36,127,410			(83,085,859	)
Change in control of ownership - trading companies		—			—			—			—			7,337,360			28,341,047
Contributions to trading companies		—			—			5,101,862			111,000			45,161,968
Distributions from trading companies		—			—			(3,553,695	)		(28,800	)		(43,611,245	)		(4,643,000	)
Investments in unconsolidated trading companies, at fair value		(4,260,887	)		11,472,878			(3,861,307	)		9,888,393			352,715			29,734,041
Prepaid service fees - Class 1		113,819			136,249			(22,359	)		117,016			50,008			(97,946	)
Interest receivable		190,012			113,803			77,801			12,223			105,513			64,463
Receivable from related parties		16,362			90,000			—			—			(14,489	)		(18,650	)
Other assets		(19,798	)		(1,552	)		(12,277	)		15			(15,874	)		(128	)
Inter-series payables/receivables, at fair value		—			—			—			—			—			—
Incentive fees payable to Managing Owner		934,608			181,711			403,572			290,313			465,009			(1,085,625	)
Management fees payable to Managing Owner		(36,038	)		29,436			2,375			8,108			3,300			(10,288	)
Interest payable to Managing Owner		(10,607	)		(5,419	)		(2,697	)		11,401			(2,721	)		2,963
Trading fees payable to Managing Owner		(32,758	)		(44,782	)		7,824			(21,931	)		4,434			25,268
Trailing service fees payable to Managing Owner		14,696			20,421			9,596			17,329			1,397			(40,953	)
Payables to related parties		34,606			(17,079	)		78,305			(100,392	)		5,902			17,749
Other liabilities		56,315			(13,938	)		92,658			(5,120	)		9,639			(10,080	)
Net cash provided by (used in) operating activities		9,743,594			18,833,957			(3,320,223	)		11,560,284			3,381,996			13,799,138
Cash Flows from Financing Activities:
Proceeds from sale of units		9,803,970			40,201,347			8,127,497			10,440,294			11,020,642			33,664,779
Payment for redemption of units		(21,802,136	)		(58,235,649	)		(5,750,786	)		(20,498,029	)		(16,082,764	)		(45,743,856	)
Pending owner additions		519,278			(425,825	)		(1,686	)		(16,000	)		16,320			(63,967	)
Owner redemptions payable		(236,833	)		(51,789	)		10,503			(171,954	)		137,430			(88,970	)
Net cash provided by (used in) financing activities		(11,715,721	)		(18,511,916	)		2,385,528			(10,245,689	)		(4,908,372	)		(12,232,014	)
Net increase (decrease) in cash and cash equivalents		(1,972,127	)		322,041			(934,695	)		1,314,595			(1,526,376	)		1,567,124
Cash and cash equivalents, beginning of year or period		4,976,749			4,647,422			2,234,716			1,207,290			3,045,849			1,114,912
Cash and cash equivalents, end of year or period	$	3,004,622		$	4,969,463		$	1,300,021		$	2,521,885		$	1,519,473		$	2,682,036

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

24

The Series of the Frontier Fund

Statements of Cash Flows

For the Nine Months Ended September 30, 2012 and 2011

	Balanced Series						Tiverton/Graham/Transtrend Series (1)						Currency Series
	(Unaudited)						(Unaudited)						(Unaudited)
	9/30/2012			9/30/2011			9/30/2012			9/30/2011			9/30/2012			9/30/2011
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	8,436,179		$	(12,043,698	)	$	(2,052,073	)	$	(5,837,883	)	$	(337,706	)	$	(308,703	)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Change in:
Net change in open trade equity, at fair value		2,255,152			(2,016,352	)		—			—			—			—
Net change in options written, at fair value		802,305			—			—			—			—			—
Net change in ownership allocation of U.S. Treasury securities		2,632,734			(1,365,280	)		(620,043	)		1,334,161			77,522			49,916
Net change in custom time deposits		9,436,860			(3,282,545	)		(878,775	)		516,637			(29,424	)		(250,884	)
Net change in ownership allocation of credit default swaps		9,233			37,475			(2,283	)		26,482			82			82
Net change in ownership allocation of total return swaps		—			(7,185,226	)		—			—			—			—
Net unrealized (gain)/loss on swap contracts		(1,590,654	)		21,105,042			2,448			15,816			(3,603	)		(3,603	)
Net realized (gain)/loss on swap contracts		175,294			(6,689,123	)		34,232			—			6,104			6,104
Net unrealized (gain)/loss on U.S. Treasury securities		632,344			(146,835	)		119,961			(26,388	)		6,948			6,293
Net realized (gain)/loss on U.S. Treasury securities		(290,166	)		—			(59,410	)					(3,199	)		(3,199	)
Net realized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC		—			—			2,172,987			135,775			—			—
Net unrealized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC		—			—			(2,084,880	)		2,266,908			—			—
(Purchases) sales of:
Sales of swap contracts		10,362			19,954,983			—			—			—			—
(Purchases) of swap contracts		—			(10,340,605	)		—			(71,712	)		—			—
Sales of custom time deposits		8,877,976			28,695,160			2,014,489			13,639,642			614,348			614,348
(Purchases) of custom time deposits		—			—			—			—			—			—
Sales of U.S. Treasury securities		12,612,900			—			2,693,512			—			138,333			138,333
Sale of Berkeley Quantitative Colorado Fund LLC		—			—			6,182,737			1,512,397			—			—
Increase and/or decrease in:
Receivable from futures commission merchants		(17,951,575	)		18,088,817			—			—			—			—
Change in control of ownership - trading companies		(1,186,925	)		17,035,844			—			—			—			—
Investments in unconsolidated trading companies, at fair value		243,627			19,597,023			(545,298	)		6,613,068			229,128			232,069
Contributions to trading companies		126,650,519			103,510,000			—			—			—			—
Distributions from trading companies		(127,498,438	)		(123,548,928	)		—			—			—			—
Inter-series payables/receivables, at fair value		—			42,090,555			—			—			—			—
Prepaid service fees - Class 1		—			3			—			16			—			—
Interest receivable		339,415			241,164			49,699			69,880			4,012			2,643
Receivable from related parties		—			—			—			—			—			—
Other assets		(21,234	)		(1,021	)		(67,176	)		(308	)		(4,745	)		(1,364	)
Incentive fees payable to Managing Owner		2,073,529			(193,618	)		7,136			(240,879	)		—			—
Management fees payable to Managing Owner		(50,892	)		(92,840	)		4,760			(68,571	)		—			—
Interest payable to Managing Owner		(56,192	)		(136,633	)		(17,634	)		(45,031	)		(1,564	)		(1,628	)
Trading fees payable to Managing Owner		(29,598	)		(60,291	)		(6,245	)		(11,312	)		(771	)		(631	)
Trailing service fees payable to Managing Owner		(76,365	)		(188,039	)		(22,636	)		(53,474	)		(2,403	)		(1,740	)
Payables to related parties		37,630			(67,515	)		18,229			(5,758	)		(11	)		19
Other liabilities		(675	)		1,348			(229	)		(230	)		(21	)		57
Net cash provided by (used in) operating activities		26,473,345			102,998,865			6,943,508			19,769,236			693,030			478,112
Cash Flows from Financing Activities:
Proceeds from sale of units		2,644,851			904,118			26,014			61,898			37,133			24,995
Payment for redemption of units		(35,399,495	)		(101,253,181	)		(7,864,725	)		(19,428,721	)		(867,559	)		(604,648	)
Pending owner additions		(6,403	)		—			(1,179	)		—			(756	)		(584	)
Owner redemptions payable		216,938			118,690			144,984			(16,233	)		(15,694	)		(8,244	)
Net cash provided by (used in) financing activities		(32,544,109	)		(100,230,373	)		(7,694,906	)		(19,383,056	)		(846,876	)		(588,481	)
Net increase (decrease) in cash and cash equivalents		(6,070,764	)		2,768,492			(751,398	)		386,180			(153,846	)		(110,369	)
Cash and cash equivalents, beginning of year or period		9,758,138			5,375,950			1,352,378			1,341,151			182,875			182,875
Cash and cash equivalents, end of year or period	$	3,687,374		$	8,144,442		$	600,980		$	1,727,331		$	29,029		$	72,506

(1) Formerly the Berkeley/Graham/Tiverton Series.

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

25

The Series of the Frontier Fund

Statements of Cash Flows

For the Nine Months Ended September 30, 2012 and 2011

	Winton Series						Winton/Graham Series
	(Unaudited)						(Unaudited)
	9/30/2012			9/30/2011			9/30/2012			9/30/2011
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	(2,983,827	)	$	2,984,301		$	(1,354,258	)	$	(2,390,268	)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Change in:
Net change in open trade equity, at fair value		—			—			—			1,427,138
Net change in ownership allocation of U.S. Treasury securities		(137,380	)		(210,311	)		142,108			1,812,059
Net change in custom time deposits		1,658,699			(3,962,979	)		(555,628	)		2,870,360
Net change in ownership allocation of credit default swaps		(3,184	)		17,219			722			20,513
Net unrealized (gain)/loss on swap contracts		7,291			23,610			(943	)		16,478
Net realized (gain)/loss on swap contracts		57,781			—			30,602			—
Net unrealized (gain) loss on U.S. Treasury securities, at fair value		193,198			(35,180	)		85,821			(18,573	)
Net realized (gain) loss on U.S. Treasury securities, at fair value		(90,903	)		—			(40,172	)		—
(Purchases) sale of:
(Purchases) of swap contracts		—			(83,357	)		—			(64,011	)
Sales of custom time deposits		2,095,034			12,335,669			2,476,747			13,486,442
(Purchases) of custom time deposits		—			—			—			—
Sales of U.S. Treasury Securities, at fair value		4,077,744			—			1,806,127			—
Increase and/or decrease in:
Receivable from futures commission merchants		—			—			—			11,090,076
Change in control of ownership of trading companies		—			—			—			(5,222,639	)
Contributions to trading companies		—			—			—			3,981,000
Distributions from trading companies		—			—			—			(3,968,000	)
Investments in unconsolidated trading companies, at fair value		(2,288,507	)		2,238,899			2,343,965			(1,350,007	)
Prepaid service fees - Class 1		—			—			—			—
Interest receivable		90,374			71,880			44,409			72,276
Receivable from related parties		—			—			—			—
Other assets		(55,933	)		16			(31,304	)		26
Incentive fees payable to Managing Owner		—			3,090			—			(442,577	)
Management fees payable to Managing Owner		(6,162	)		(25,781	)		(35,782	)		(79,509	)
Interest payable to Managing Owner		(12,129	)		(17,154	)		(12,375	)		(38,389	)
Trading fees payable to Managing Owner		(4,268	)		(4,223	)		(4,563	)		(9,535	)
Trailing service fees payable to Managing Owner		(12,076	)		(20,058	)		(13,837	)		(39,858	)
Payables to related parties		77			(6,146	)		(342	)		(4,731	)
Other liabilities		267			113			(1,338	)		(361	)
Net cash provided by (used in) operating activities		2,586,096			13,309,608			4,879,959			21,147,910
Cash Flows from Financing Activities:
Proceeds from sale of units		158,451			200,048			47,245			91,371
Payment for redemption of units		(3,781,990	)		(12,807,117	)		(5,629,301	)		(20,820,288	)
Pending owner additions		(2,766	)		—			(1,043	)		—
Owner redemptions payable		15,090			10,267			48,319			(61,838	)
Net cash provided by (used in) financing activities		(3,611,215	)		(12,596,802	)		(5,534,780	)		(20,790,755	)
Net increase (decrease) in cash and cash equivalents		(1,025,119	)		712,806			(654,821	)		357,155
Cash and cash equivalents, beginning of year or period		2,051,272			1,808,624			1,156,042			1,352,481
Cash and cash equivalents, end of year or period	$	1,026,153		$	2,521,430		$	501,221		$	1,709,636

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

26

The Series of the Frontier Fund

Notes to Financial Statements (Unaudited)

1. Organization and Purpose

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

Purchasers of Units are limited owners of the Trust (“Limited Owners”) with respect to beneficial interests of the Series’ Units purchased. The Trust Act provides that, except as otherwise provided in the amended and restated declaration of trust and trust agreement dated August 8, 2003, by and among the Managing Owner, Wilmington Trust Company as trustee and the unitholders from time to time (the “Trust Agreement”), unitholders in a Delaware statutory trust will have the same limitation of liability as do stockholders of private corporations organized under the General Corporation Law of the State of Delaware. The Trust Agreement confers substantially the same limited liability, and contains the same limited exceptions thereto, as would a limited partnership agreement for a Delaware limited partnership engaged in like transactions as the Trust. In addition, pursuant to the Trust Agreement, the Managing Owner of the Trust is liable for obligations of a Series in excess of that Series’ assets. Limited Owners do not have any such liability. The Managing Owner will make contributions to the Series of the Trust necessary to maintain at least a 1% interest in the aggregate capital, profits and losses of all Series.

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

The Trust has eight (8) separate and distinct Series of Units issued and outstanding: Frontier Diversified Series, Frontier Masters Series, Balanced Series, Frontier Long/Short Commodity Series, Tiverton/Graham/Transtrend Series (formerly Berkeley/Graham/Tiverton Series), Currency Series, Winton Series and Winton/Graham Series (each a “Series” and collectively, the “Series”). The Trust, with respect to the Series, may issue additional Series of Units.

The Trust, with respect to each Series:

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

• allocates funds to a limited liability trading company or companies (“Trading Company”). Except as otherwise described in these notes, 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 and make the trading decisions for the assets of each Series vested in such Trading Company. Each Trading Company will segregate its assets from any other Trading Company;

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

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

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

• maintains each Series of Units in three or six sub-classes—Class 1, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased 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. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to Equinox Fund Management, LLC (the “Managing Owner”) by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 or Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to three percent (3.0%) of the NAV at

27

which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Frontier Diversified Series and Frontier Masters Series or Class 2a Units of the Frontier Long/Short Commodity Series) sold until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series. The Managing Owner may also pay Selling Agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such Selling Agents; and

• all payments made to Selling Agents who are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and their associated persons that constitute underwriting compensation will be subject to the limitations set forth in Rule 2310(b)(4)(B)(ii) (formerly Rule 281 0(b)(4)(B)(ii)) of the Conduct Rules of FINRA (“Rule 2310”). An investor’s Class 1 Units or Class 2 Units of any Series, or Class 1a Units or Class 2a Units of the Frontier Long/Short Commodity Series or Balanced Series will be classified as Class 3 or Class 3a Units of such Series, as applicable, when the Managing Owner determines that the fee limitation set forth in Rule 2310 with respect to such Units has been reached or will be reached. No service fees are paid with respect to Class 3 or Class 3a Units. Units of any Class in a Series may be redeemed, in whole or in part, on a daily basis, at the then current NAV per Unit for such Series on the day of the week after the date the Managing Owner is in receipt of a redemption request for at least one (1) Business Day to be received by the Managing Owner prior to 4:00 PM in New York.

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

As of September 30, 2012, the Trust, with respect to the Frontier Diversified Series, Frontier Masters Series, Tiverton/Graham/Transtrend Series, Currency Series, Winton Series and Winton/Graham Series separates Units into three separate Classes—Class 1, Class 2, and Class 3. The Trust, with respect to the Balanced Series, and Frontier Long/Short Commodity Series separates Units into six separate Classes – Class 1, Class 2, Class 3, Class 1a, Class 2a and Class 3a. It is expected that between 10% and 30% of each Series’ assets normally will be invested in one or more Trading Companies to be committed as margin for trading positions, but from time to time these percentages may be substantially more or less. The remainders of each Series’ assets are maintained at the Trust level for cash management. Each of the respective Series has invested monies into pooled cash management assets which have included purchases of certificates of deposit, custom time deposits and U.S. Treasury securities. Each Series’ ownership in these investments is based on its percentage ownership in the pooled cash management assets on the reporting date.

As of September 30, 2012, Winton Series has invested a portion of its assets in a single Trading Company, and a single Trading Advisor manages 100% of the assets invested in such Trading Company. The Currency Series invests a portion of its assets in a single Trading Company, which allocates assets to one Swap. Each of the Frontier Diversified Series, Frontier Masters Series, Frontier Long/Short Commodity Series, Balanced Series, Tiverton/Graham/Transtrend Series, and Winton/Graham Series has invested a portion of its assets in several different Trading Companies and one or more Trading Advisors may manage the assets invested in such Trading Companies.

In November 2010, the Tiverton/Graham/Transtrend Series invested a portion of its assets in Berkeley Quantitative Colorado Fund LLC, an unaffiliated company, managed by an affiliate of Berkeley Quantitative L.P. Through this investment, Berkeley Quantitative L.P. became a commodity trading advisor to the Series. This investment was liquidated on March 20, 2012.

During July, 2011, Currency Series liquidated its interest in an option basket and realized a decrease in fair value greater than had previously been recorded as unrealized loss. The Managing Owner determined to make a onetime discretionary administrative adjustment by payment to the Currency Series of $390,589 to reimburse the effect of the loss on the investors in the series, exclusive of the inter-series payables’ interests, recorded in the Statements of Operations as Net increase from payments by managing owner.

During July, 2011, Frontier Dynamic Series ceased trading operations and liquidated all positions and investor accounts. The Series is closed as of December 31, 2011.

During December, 2011, Long Only Commodity Series and Managed Futures Index Series ceased trading operations and liquidated all positions and investor accounts. The Series are closed as of December 31, 2011.

During July 2012, Frontier Long/Short Commodity Series Class 1 Units and Balanced Series Class 1a Units Ceased Trading Operations and all remaining Units were exchanged for Class 3 Units and Class 3a Units, Respectively.

2. Significant Accounting Policies

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

28

Basis of Presentation—The Series of the Trust follow Generally Accepted Accounting Principles (“GAAP”), as established by the Financial Accounting Standards Board (the “FASB”), to ensure consistent reporting of financial condition, condensed schedules of investments, results of operations, changes in capital and cash flows.

These financial statements should be read in conjunction with the audited financial statements and notes thereto included in our 2011 Annual report on Form 10-K as filed with the SEC.

Consolidation—The Series, through investing in the Trading 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 commodities interests 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 controlling and majority equity interest are consolidated by such Series. Investments in Trading Companies in which a Series does not have a controlling and majority interest are accounted for under the equity method, which approximates fair value. Fair value represents the proportionate share of the Series interest in the NAV in a Trading Company. The equity interest held by Series of the Trust is shown as investments in unconsolidated trading companies in the statements of financial condition. The income or loss attributable thereto in proportion of investment level is shown in the statements of operations as change in fair value of investments in unconsolidated trading companies.

The consolidated financial statements of the Balanced Series include the assets, liabilities and earnings of its majority-owned Trading Companies; Frontier Trading Company I LLC, Frontier Trading Company XIV, LLC, Frontier Trading Company XV, LLC, and Frontier Trading Company XVII, LLC and the assets and liabilities of its majority owned Trading Company, Frontier Trading Company XXIII, LLC along with the earnings of this Trading Company from July 7, 2012 through September 30, 2012. Also included in the consolidated financial statements were the earnings of its majority owned trading company, Frontier Trading Company VI, LLC, from January 1, 2011 through March 18, 2011, and Trading Company XVIII, LLC from January 1, 2011 through May 14, 2012.

The consolidated financial statements of the Currency Series include the earnings of its wholly owned trading company, Frontier Trading Company III, LLC through July 15, 2011.

The consolidated financial statements of the Winton/Graham Series include the earnings of its majority-owned trading company, Frontier Trading Company V, LLC through June 17, 2011.

The consolidated financial statements of the Frontier Long/Short Commodity Series include the assets, liabilities and earnings of its majority owned trading companies; Frontier Trading Company VII, LLC, from September 28, 2011 through September 30, 2012 and Frontier Trading Company XVIII, LLC from May 15, 2012 through September 30, 2012.

The consolidated financial statements of the Frontier Masters Series include the assets, liabilities and earnings of its majority owned trading company, Frontier Trading Company XXI, LLC (earnings from March 1, 2011 through September 30, 2012). Also included in the consolidated financial statements were the earnings of its wholly owned trading company, Frontier Trading Company XI, LLC from January 1, 2011 through March 11, 2011.

Investment in Berkeley Quantitative Colorado Fund LLC—The Tiverton/Graham/Transtrend Series had an investment in the Berkeley Quantitative Colorado Fund LLC. The Berkeley Quantitative Colorado Fund LLC began operations on November 1, 2010 and was liquidated on March 20, 2012. The Berkeley Quantitative Colorado Fund LLC was not consolidated into the financial statements of the Tiverton/Graham/Transtrend Series because the Trust had no control or transparency over the operations of the trading company. This investment was shown on the statements of financial condition with the change in fair value shown in net unrealized gain/(loss) on the Berkeley Quantitative Colorado Fund LLC.

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

Cash and Cash Equivalents—Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits held at banks with maturities of three months or less.

Interest Income—Aggregate interest income from all sources, including assets held at Futures Commission Merchants (“FCM”), up to two percentage points of the aggregate percentage yield (annualized) is paid to the Managing Owner by the Balanced Series (Class 1 and Class 2 only), Tiverton/Graham/Transtrend Series, Currency Series, Winton Series and Winton/Graham Series. For the Frontier Diversified Series, Frontier Long/Short Commodity Series, Frontier Masters Series and Balanced Series (Class 1a, Class 2a and Class 3a only), 20% of the total interest allocated to each Series is paid to the Managing Owner. All interest not paid to the Managing Owner is interest income to the Series.

29

U.S. Treasury Securities, custom time deposits and certain demand deposits are pooled for purposes of maximizing returns on these assets to investors of all Series. Interest income from pooled cash management assets is recognized on the accrual basis and allocated daily to each Series based upon its daily proportion of ownership of the pool. Interest income from demand deposits of the Series is allocated to the respective Series in proportion to their daily NAV.

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

Custom Time Deposits—Custom time deposits are structured deposit agreements with U.S. Bank National Association that earn a guaranteed fixed interest rate between 2.17% and 3.75% , mature nine months from the deposit date and are subject to automatic six-month rollovers through October 2015. Custom time deposits were purchased on September 15, 2009, October 21, 2008 and October 30, 2008. Interest is paid monthly or at least every nine months. Unscheduled withdrawals will be subject to certain penalties and other costs of up to 1.0% of the amount deposited if withdrawn within the first nine months from the deposit date. The withdrawal fee is set at 0.225% for the period from nine months to one year subsequent to the deposit date and decreases by .05% increments for each year thereafter through the maturity date. In May 2011, July 2011, August 2011 and January 2012, the Trust, with respect to the Series, redeemed approximately $25 million, $25 million, $50 million and $25 million, respectively, in custom time deposits held with U.S. Bank N.A which represented a full liquidation of the 2.17% investment tranche and an additional $25 million of the 3.17% tranche. Custom time deposits are allocated to each Series based on their percentage ownership in the pooled cash management assets as of the reporting date. The Series of the Trust values the custom time deposits at face value plus accrued interest as it is considered a deposit account under paragraph 7.50 of the Investment Company Audit Guide, and accordingly, this deposit is not subject to ASC 820.

Credit Default Swaps—The Series of the Trust invested in credit default swaps for the purpose of mitigating part of the risk of concentration of deposits with U.S. Bank National Association to other major financial institutions. See Note 4. Credit Default Swaps were allocated to each Series based on their percentage ownership in the pooled cash management assets as of the reporting date. Credit Default Swaps were reported at fair value based upon counterparty value per the valuation policy. The Series of the Trust recorded the daily change in fair value in the statements of operations as net unrealized gain/(loss) on swap contracts. All Credit Default Swaps expired during March 2012.

Receivable From Futures Commission Merchants—The Series of the Trust deposits assets with a FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust, with respect to the Series, earns interest income on its assets deposited with the FCM.

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

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

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

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

Each Series allocates funds to an affiliated Trading Company, or Companies, of the Trust. Each Trading Company allocates all of its daily trading gains or losses to the Series in proportion to each Series’ ownership interest in the Trading Company, adjusted on a daily basis. As of September 30, 2012, 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.

30

Inter-Series Receivables/Payables—The Balanced Series, for the purposes of diversification of investments and trading advisors through the other Series’ access to trading companies in which the Balanced Series did not have a direct interest, advanced funds to the Currency Series and the Frontier Dynamic Series. The amount of the funds advanced by the Balanced Series to the Currency Series participated on a pari passu basis with Class 2 Units of such investee Series. The Balanced Series reflected the changes in values of these investments as “net change in inter-series receivables/payables” in the statements of operations. The Balanced Series was 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 were not charged by the Balanced Series on the capital allocated to advances in affiliated Series. The Managing Owner monitored such allocations so that aggregate fees of the investee Series on the Balanced Series advances did not exceed the allowable fees of the Balanced Series as provided in the Trust’s Prospectus. Interest was not credited to the Balanced Series on the capital allocated to its inter-series advances to avoid the duplication of interest charged or received. These investments were liquidated during the third quarter of 2011.

Payments by the Managing Owner—The Managing Owner may make discretionary payments to a Series related to a variety of factors, including investment losses to reimburse the effect of a loss on a portfolio investment which has been caused by a situation outside the Trust’s, or it’s affiliates’, direct control. Such payments will be made on a discretionary basis and will be disclosed in the statement of operations as a net increase from payments by managing owner. These payments are in accordance with the Trust agreement on a discretionary basis as determined by the Managing Owner.

Investments and Swaps—The Trust, with respect to the Series, records investment transactions on a trade date basis and all investments are recorded at fair value, with changes in fair value reported as a component of realized and unrealized gains/(losses) on investments in the statements of operations. Certain Series of the Trust strategically invest a portion or all of their assets in total return Swaps, selected at the discretion of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more underlying investment products or indices. In a typical Swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investment or instrument. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. The valuation of swap contracts requires significant estimates. Swap contracts are reported utilizing Level 3 Inputs. The significant unobservable inputs used in the fair value measurement of the Trust, with respect to the Series’ Swap contracts are asset liquidity, debt valuation, credit risk, volatility, market risk, distributions, dividends, risk premiums, and other risk management tools. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Swap Contracts are reported at fair value based upon a weekly indicative value that is calculated by management using bid/ask prices from the counterparty. This fair value is corroborated by valuations provided by a third party pricing service. The third party pricing service utilizes a Black Scholes pricing model with input adjustments factoring in volatility and liquidity of the instruments. All valuation processes are monitored by the valuation committee of the Managing Owner.

Income Taxes—The Trust, with respect to the Series, applies the provisions of ASC 740 Income Taxes (“ASC 740”), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust, with respect to the Series’, financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Trust’s level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The Managing Owner has concluded there is no tax expense, interest or penalties to be recorded by the Trust, with respect to the Series. The 2008 through 2011 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

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

Fees and Expenses—All management fees, incentive fees, service fees and trading fees of the Trust, with respect to the Series, are paid to the Managing Owner. It is the responsibility of the Managing Owner to pay all Trading Advisor management and incentive fees, Selling Agent Service fees and all other operating expenses and continuing offering costs of the Trust, with respect to the Series.

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Service Fees—The Trust maintains each Series of Units in three or six sub-classes—Class 1, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased 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. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 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. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Frontier Diversified Series and Frontier Masters Series or Class 2a Units of the Frontier Long/Short Commodity Series) sold until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series for administrative purposes. The Managing Owner may also pay Selling Agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such Selling Agents.

These service fees are part of the offering costs of the Trust, with respect to the Series, which include registration and filing fees, legal and blue sky expenses, accounting and audit, printing, marketing support and other offering costs which are 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 Class 1 and Class 1a Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed for such payment by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk of the downside and 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.

Recently Adopted Accounting Pronouncements—In January 2010, FASB issued Accounting Standards update No. 2010-06 (“ASU 2010-06”) for improving disclosure about fair value measurements. ASU 2010-06 adds new disclosure requirements about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggregation for fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after December 15, 2009 except for disclosures about purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. Adoption of ASU 2010-06 on January 1, 2011 did not have a material impact on the Series’ statements of financial condition, results of operations and cash flows.

In May 2011, the FASB issued ASU No. 2011-04 which provides guidance pertaining to fair value measurement that included a common definition of fair value and information to assist reporting entities to measure and disclose fair value with regards to U.S. GAAP and International Financial Reporting Standards (“IFRS”) convergence issues. This guidance became effective for interim and annual periods beginning on or after December 15, 2011, with early adoption prohibited. Adoption of ASU 2011-04 on January 1, 2012 did not have a material impact on the Series’ statements of financial condition, results of operations and cash flows.

Recently Issued Accounting Pronouncements—In November of 2011, FASB issued new guidance that requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. This guidance is effective for annual and interim periods beginning on or after January, 1, 2013. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The adoption of this guidance is not expected to have a material impact on the financial positions or results of operations.

Reclassification—Certain amounts in the 2011 financial statements have been reclassified to conform to the 2012 presentation. None of the reclassifications had an impact on the NAV or performance of any of the Series.

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

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3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

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

Level 3 Inputs

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

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

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

Swap Contracts. Certain Series of the Trust strategically invest a portion or all of their assets in total return Swaps, selected at the direction of the Managing Owner. Each Series also owned a portion of the Credit Default Swaps (“CDS”) based upon ownership percentages of the cash management pool. 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 of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. Swap contracts are reported at fair value basis upon daily reports from the counterparty. The valuation requires significant estimates utilizing Level 3 inputs, corroborated by management through the use of a third party pricing service (“pricing service”). The pricing service, utilizing proprietary model-intensive methodologies, selects and implements the pricing model appropriate for each swap valuation. The pricing service does not provide detail of the pricing model to management. The Managing Owner engages, via inquiry and review of methodology documentation, with the service provider to gain an understanding of the valuation model selected; the components of the model, both observable and unobservable; and quality control testing procedures in place. The pricing service’s methodology includes performance of tolerance testing on its valuation models to ensure consistency and reasonableness of the values derived. The tolerance testing includes valuing the components of the product separately, i.e. underlying asset, volatility, financing rates, and so forth. The tolerance testing is part of the initial valuation setup and throughout the ongoing daily valuation process. The pricing service also has several layers of quality control including: engineering / reverse engineering process to understand each swap and its’ subcomponent parts fully; comparative analysis against other valuations performed with similar composition and characteristics; review of output valuation against expectations based on observable price movements of underlying futures; and lastly, periodic review by senior financial engineer to ensure design and function of model is stable and perform as expected.

The Managing Owner has chartered a valuation committee to provide oversight of the valuation process for the Series. The valuation committee meets at least monthly to discuss the valuation process and any valuation issues that may arise. The valuation committee is comprised of senior members of the Managing Owner’s management team with varying areas of expertise that add value to the committee. The valuation committee reports to both the Managing Owner’s Investment Oversight and Risk Committee and the Trust’s Executive Committee. The committee further remains in communication with the Managing Owner’s Due Diligence Committee that provides ongoing counterparty risk monitoring of the swap counterparties. The committee monitors daily pricing provided by the swap counterparty and daily valuation provided by the third party pricing service. The committee may request a price challenge if the daily valuation provided by the counterparty valuations differs significantly from the valuation obtained by the pricing service. The Managing Owner’s valuation committee monitors some additional input factors such as liquidity, volatility, and counterparty risk in order to further review the valuations provide by the pricing service.

Investment in Unconsolidated Trading Companies. This investment represents the fair value of the allocation of cash, futures, forwards, options and swaps to each respective Series relative to its trading allocations from unconsolidated Trading Companies. The Series may redeem their investment in the trading companies on a daily basis at the stated net asset value and therefore the inputs qualify for Level 2. However, as the Series, under the same management as the Trading Companies, have access to the underlying positions of the Trading Companies, the level determination is reflected on that basis. As such, the Series report investments in unconsolidated Trading Companies at fair value using the corresponding inputs of the underlying securities of the Trading Companies which results in the Series reporting the corresponding Level determination from the inputs of the Trading Company.

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Investment in the Berkeley Quantitative Colorado Fund LLC. Investment in Berkeley Quantitative Colorado Fund LLC was valued based on the daily net asset value as reported by the managing member of the Berkeley Quantitative Colorado Fund, LLC. The reported net asset value represented fair value based on observable data such as ongoing redemption and/or subscription activity, which was reported as a Level 2 input. The Berkeley Quantitative Colorado Fund LLC began operations on November 1, 2010 and was liquidated on March 20, 2012.

The following table summarizes the instruments that comprise the Trust, with respect to the Series, financial asset portfolio, by Series, measured at fair value on a recurring basis as of September 30, 2012 and December 31, 2011, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

September 30, 2012	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Frontier Diversified Series
Investment in Unconsolidated Trading Companies	$	39,776,678		$	2,724,380		$	—	$	42,501,058
U.S. Treasury Securities		8,274,558			—			—		8,274,558
Frontier Masters Series
Open Trade Deficit		(214,557	)		—			—		(214,557	)
Investment in Unconsolidated Trading Companies		7,736,985			842,236					8,579,221
U.S. Treasury Securities		4,721,616			—			—		4,721,616
Frontier Long/Short Commodity Series
Open Trade Equity		7,366,907			2,104,296			—		9,471,203
Options Written		—			(465,465	)		—		(465,465	)
Investment in Unconsolidated Trading Companies		3,691,094			38,179					3,729,273
U.S. Treasury Securities		5,395,419			—			—		5,395,419
Balanced Series
Open Trade Equity (Deficit)		(1,523,185	)		12,372,574			—		10,849,389
Options Written		—			(4,128,758	)		—		(4,128,758	)
Swap Contracts		—			—			25,215,077		25,215,077
Investment in Unconsolidated Trading Companies		17,251,115			761,067					18,012,182
U.S. Treasury Securities		13,580,404			—			—		13,580,404
Tiverton/Graham/Transtrend Series
Investment in Unconsolidated Trading Companies		8,779,345			—			—		8,779,345
U.S. Treasury Securities		2,213,378			—			—		2,213,378
Currency Series
Investment in Unconsolidated Trading Companies		—			—			2,122,993		2,122,993
U.S. Treasury Securities		106,913			—			—		106,913
Winton Series
Investment in Unconsolidated Trading Companies		7,023,366			(2,943	)		—		7,020,423
U.S. Treasury Securities		3,779,268			—			—		3,779,268
Winton/Graham Series
Investment in Unconsolidated Trading Companies		6,129,459			—					6,129,459
U.S. Treasury Securities		1,845,971			—			—		1,845,971

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December 31, 2011	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Frontier Diversified Series
Swap Contracts	$	—		$	—		$	131,004	$	131,004
Investment in Unconsolidated Trading Companies		30,885,365			2,212,764			5,142,042		38,240,171
U.S. Treasury Securities		16,557,304			—			—		16,557,304
Frontier Long/Short Commodity Series
Open Trade Deficit		(25,934,678	)		—			—		(25,934,678	)
Swap Contracts		—			—			74,898		74,898
Investment in Unconsolidated Trading Companies		3,221,324			5,428			855,236		4,081,988
U.S. Treasury Securities		9,466,240			—			—		9,466,240
Frontier Masters Series
Open Trade Equity		792,372			—			—		792,372
Swap Contracts		—			—			57,225		57,225
Investment in Unconsolidated Trading Companies		4,009,449			708,465			—		4,717,914
U.S. Treasury Securities		7,232,546			—			—		7,232,546
Balanced Series
Open Trade Equity		1,175,762			11,928,779			—		13,104,541
Options Written		—			(3,326,453	)		—		(3,326,453	)
Swap Contracts		—			—			23,819,312		23,819,312
Investment in Unconsolidated Trading Companies		18,257,754			(1,945	)		—		18,255,809
U.S. Treasury Securities		29,168,216			—			—		29,168,216
Tiverton/Graham/Transtrend Series
Swap Contracts		—			—			34,397		34,397
Investment in Unconsolidated Trading Companies		7,219,498			1,014,549			—		8,234,047
Investment in Berkeley Quantitative Colorado Fund LLC		—			6,270,844			—		6,270,844
U.S. Treasury Securities		4,347,398			—			—		4,347,398
Currency Series
Swap Contracts		—			—			2,583		2,583
U.S. Treasury Securities		326,517			—			—		326,517
Investment in Unconsolidated Trading Companies		—			—			2,352,121		2,352,121
Winton Series
Swap Contracts		—			—			61,888		61,888
Investment in Unconsolidated Trading Companies		4,733,423			(1,507	)		—		4,731,916
U.S. Treasury Securities		7,821,927			—			—		7,821,927
Winton/Graham Series
Swap Contracts		—			—			30,381		30,381
Investment in Unconsolidated Trading Companies		8,474,102			(678	)		—		8,473,424
U.S. Treasury Securities		3,839,855			—			—		3,839,855

The changes in Level 3 assets measured at fair value on a recurring basis are summarized in the following tables. Swap contract asset gains and losses (realized/unrealized) included in earnings are classified in “realized and unrealized gain (loss) on investments—net unrealized gain/(loss) on swap contracts” on the statements of operations. Investment in unconsolidated trading company asset gains and losses (realized/unrealized) included in earnings are classified in “Change in fair value of investments in unconsolidated trading companies.” During the nine months ended September 30, 2012 and year ended December 31, 2011, all identified Level 3 assets are components of the Frontier Diversified Series, Frontier Long/Short Commodity Series, Frontier Masters Series, Balanced Series, Tiverton/Graham/Transtrend Series, Currency Series, Winton Series and Winton/Graham Series.

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For the Nine Months Ended September 30, 2012

Swaps:

	Frontier Diversified Series			Frontier Masters Series			Frontier Long/Short Commodity Series
Balance of recurring Level 3 assets as of January 1, 2012	$	131,004		$	57,225		$	74,898
Total gains or losses (realized/unrealized):
Included in earnings-realized		(106,862	)		(55,669	)		(58,693	)
Included in earnings-unrealized		(23,719	)		(2,775	)		(20,529	)
Change in ownership allocation of credit default swaps		(423	)		1,219			4,324
Transfers in and/or out of Level 3		—			—			—
Balance of recurring Level 3 assets as of September 30, 2012	$	—		$	—		$	—

	Balanced Series			Tiverton/Graham/Transtrend Series			Currency Series
Balance of recurring Level 3 assets as of January 1, 2012	$	23,819,312		$	34,397		$	2,583
Total gains or losses (realized/unrealized):
Included in earnings-realized		(175,294	)		(34,232	)		(6,104	)
Included in earnings-unrealized		1,590,654			(2,448	)		3,603
Sales of investments		(10,362	)		—			—
Change in ownership allocation of credit default swaps		(9,233	)		2,283			(82	)
Transfers in and/or out of Level 3		—			—			—
Balance of recurring Level 3 assets as of September 30, 2012	$	25,215,077		$	—		$	—

	Winton Series			Winton/Graham Series
Balance of recurring Level 3 assets as of January 1, 2012	$	61,888		$	30,381
Total gains or losses (realized/unrealized):
Included in earnings-realized		(57,781	)		(30,602	)
Included in earnings-unrealized		(7,291	)		943
Change in ownership allocation of credit default swaps		3,184			(722	)
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of September 30, 2012	$	—		$	—

Investments in Unconsolidated Trading Companies:

	Currency Series
Balance of recurring Level 3 assets as of January 1, 2012	$	2,352,121
Change in fair value of investments in unconsolidated trading companies		(229,606	)
Proceeds from sales of investments of unconsolidated trading companies		(77	)
Purchases of investments of unconsolidated trading companies		555
Change in ownership allocation		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of September 30, 2012	$	2,122,993

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For the Year Ended December 31, 2011

Swaps:

	Frontier Diversified Series			Frontier Long/Short Commodity Series			Frontier Masters Series
Balance of recurring Level 3 assets as of January 1, 2011	$	11,407,905		$	—		$	26,242,246
Total gains or losses (realized/unrealized):
Included in earnings-realized		(5,621,987	)		(11,411	)		2,061,339
Included in earnings-unrealized		1,315,339			20,529			(1,607,804	)
Purchases of investments		45,929			78,248			142,819
Sales of investments		(7,096,699	)		—			(26,826,316	)
Change in ownership allocation of credit default swaps		80,517			(12,468	)		44,941
Transfers in and/or out of Level 3		—			—			—
Balance of recurring Level 3 assets as of December 31, 2011	$	131,004		$	74,898		$	57,225

	Balanced Series			Tiverton/Graham/Transtrend Series			Currency Series
Balance of recurring Level 3 assets as of January 1, 2011	$	49,811,462		$	—		$	5,668,768
Total gains or losses (realized/unrealized):
Included in earnings-realized		(19,161,366	)		(6,252	)		(6,958,362	)
Included in earnings-unrealized		4,529,039			2,447			6,327,609
Purchases of investments		19,527,925			71,712			23,489
Sales of investments		(27,897,084	)		—			(5,043,086	)
Change in ownership allocation of credit default swaps		(34,673	)		(33,510	)		(15,835	)
Change in ownership allocation of total return swaps		(2,955,991	)		—			—
Transfers in and/or out of Level 3		—			—			—
Balance of recurring Level 3 assets as of December 31, 2011	$	23,819,312		$	34,397		$	2,583

	Winton Series			Winton/Graham Series
Balance of recurring Level 3 assets as of January 1, 2011	$	—		$	—
Total gains or losses (realized/unrealized):
Included in earnings-realized		(9,969	)		(5,791	)
Included in earnings-unrealized		7,291			(944	)
Purchases of investments		83,357			64,011
Sales of investments		—			—
Change in ownership allocation of credit default swaps		(18,791	)		(26,895	)
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of December 31, 2011	$	61,888		$	30,381

Investments in Unconsolidated Trading Companies:

	Currency Series
Balance of recurring Level 3 assets as of January 1, 2011	$	—
Change in unrealized in investment of unconsolidated trading companies		(162,659	)
Realized gain/(loss) in investment of unconsolidated trading companies		(2,334	)
Proceeds from sales of investments of unconsolidated trading companies		—
Purchases of investments of unconsolidated trading companies		2,500,000
Change in ownership allocation		17,114
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2011	$	2,352,121

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The Series of the Trust assess the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Series’ accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the nine months ended September 30, 2012, the Series transferred currency forwards from Level 1 to Level 2.

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Investment in Berkeley Quantitative Colorado Fund LLC

On November 1, 2010, the Tiverton /Graham/Transtrend Series made an investment in a non-registered fund, the Berkeley Quantitative Colorado Fund LLC. As of December 31, 2011, the fair value of the investment in Berkeley Quantitative Colorado Fund LLC exceeded five percent of the Tiverton/Graham/Transtrend Series owners’ capital balance. The investment was liquidated on March 20, 2012.

The following table summarizes the Tiverton/Graham/Transtrend Series investment in Berkeley Quantitative Colorado Fund LLC as of and for the year ended December 31, 2011. The management agreement of the investee fund provided for compensation to the investment manager in the form of fees in the monthly amount equal to one-twelfth of 3.0% of the notional account net asset value and 20% of the new high net trading profits earned.

Investment	% of Owners’ Capital			Fair value		Income (loss)			Mgmt Fee		Incentive Fees		Investment Objective		Redemptions Permitted
Berkeley Quantitative Colorado Fund LLC		15.83	%	$	6,270,844	$	(2,373,858	)	$	791,365	$	—		Leveraged Speculation		Monthly	*

Information about the investee fund’s portfolio is not available to the Series.

* The interest of a member in Berkeley Quantitative Colorado Fund LLC may be wholly or partially withdrawn on the last trading day of any calendar month provided the managing member has been provided written notice within five business days of such withdrawal.

39

4. 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. Total return Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more investment products or indices. In a typical total return Swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount or value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities.

Each Series invested in Credit Default Swaps (“CDS”) with highly-rated counterparties as part of its portfolio. CDS’s are over-the-counter investment instruments designed to mitigate counterparty risk and generally pay upon the happening of a credit default of a counterparty. The CDS were allocated to each Series based on their percentage ownership in the pooled cash management assets at U.S. Bank National Association as of the reporting date. All Credit Default Swaps expired during March, 2012.

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

The Managing Owner follows a procedure in selecting well-established financial institutions which the Managing Owner, in its sole discretion, considers to be reputable, reliable, financially responsible and well established to act as swap counterparties. The procedure includes due diligence review of documentation on all new and existing financial institution counterparties prior to initiation of the relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owner’s minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. As of September 30, 2012, approximately 4.0% of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain Swaps.

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

40

The Trust, with respect to the Series, has invested in the following Swaps as of September 30, 2012:

	Frontier Diversified Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	0		$	0
Termination Date		3/20/2012			3/20/2012
Investee Returns		On Default			On Default
Realized Gain/(Loss)	$	(83,850	)	$	(23,012	)
Unrealized Gain/(Loss)	$	(46,731	)	$	23,012
Fair Value as of 9/30/2012	$	—		$	—

	Frontier Long/Short Commodity Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	0		$	0
Termination Date		3/20/2012			3/20/2012
Investee Returns		On Default			On Default
Realized Gain/(Loss)	$	(45,848	)	$	(12,845	)
Unrealized Gain/(Loss)	$	(33,374	)	$	12,845
Fair Value as of 9/30/2012	$	—		$	—

	Frontier Masters Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	0		$	0
Termination Date		3/20/2012			3/20/2012
Investee Returns		On Default			On Default
Realized Gain/(Loss)	$	(44,412	)	$	(11,257	)
Unrealized Gain/(Loss)	$	(14,032	)	$	11,257
Fair Value as of 9/30/2012	$	—		$	—

	Balanced Series
	Credit Default Swap			Credit Default Swap			Option Swap		Total Return Swap
Counterparty		BNP Paribas			Societe Generale			Company A		DeutscheBank
Notional Amount	$	0		$	0		$	15,325,024	$	23,551,287
Termination Date		3/20/2012			3/20/2012			11/6/2012		6/30/2016
Investee Returns		On Default			On Default			Total Returns		Total Returns
Realized Gain/(Loss)	$	(133,362	)	$	(41,932	)	$	—	$	—
Unrealized Gain/(Loss)	$	(87,639	)	$	41,932		$	2,211,370	$	(575,010	)
Fair Value as of 9/30/2012	$	—		$	—		$	19,907,597	$	5,307,480

	Tiverton/Graham/Transtrend Series (1)
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	34,397		$	0
Termination Date		3/20/2012			3/20/2012
Investee Returns		On Default			On Default
Realized Gain/(Loss)	$	(26,333	)	$	(7,899	)
Unrealized Gain/(Loss)	$	(10,347	)	$	7,899
Fair Value as of 9/30/2012	$	—		$	—

(1) Formerly known as the Berkeley/Graham/Tiverton Series

41

	Currency Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	0		$	0
Termination Date		3/20/2012			3/20/2012
Investee Returns		On Default			On Default
Realized Gain/(Loss)	$	(4,730	)	$	(1,374	)
Unrealized Gain/(Loss)	$	2,229		$	1,374
Fair Value as of 9/30/2012	$	—		$	—

42

	Winton Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	0		$	0
Termination Date		3/20/2012			3/20/2012
Investee Returns		On Default			On Default
Realized Gain/(Loss)	$	(45,616	)	$	(12,165	)
Unrealized Gain/(Loss)	$	(19,456	)	$	12,165
Fair Value as of 9/30/2012	$	—		$	—

43

	Winton/Graham Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	0		$	0
Termination Date		3/20/2012			3/20/2012
Investee Returns		On Default			On Default
Realized Gain/(Loss)	$	(23,131	)	$	(7,471	)
Unrealized Gain/(Loss)	$	(6,528	)	$	7,471
Fair Value as of 9/30/2012	$	—		$	—

44

The Trust, with respect to the Series, has invested in the following Swaps as of December 31, 2011:

	Frontier Diversified Series
	Credit Default Swap			Credit Default Swap			Credit Default Swap			Option Basket
Counterparty		BNP Paribas			Societe Generale			Societe Generale			Company D
Notional Amount	$	42,411		$	12,238		$	7,818		$	7,437,929
Termination Date		3/20/2012			3/20/2012			12/20/2011			6/6/2014
Investee Returns		On Default			On Default			On Default			Total Returns
Realized Gain/(Loss)	$	—		$	—		$	—		$	(308,941	)
Unrealized Gain/(Loss)	$	(33,433	)	$	(9,670	)	$	(10,212	)	$	(335,303	)
Fair Value as of 12/31/2011	$	42,411		$	12,238		$	7,818		$	8,830,660

	Frontier Long/Short Commodity Series
	Credit Default Swap			Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale
Notional Amount	$	26,385		$	7,613		$	4,863
Termination Date		3/20/2012			3/20/2012			12/20/2011
Investee Returns		On Default			On Default			On Default
Realized Gain/(Loss)	$	—		$	—		$	—
Unrealized Gain/(Loss)	$	(18,345	)	$	(6,402	)	$	(6,647	)
Fair Value as of 12/31/2011	$	26,385		$	7,613		$	4,863

	Frontier Masters Series
	Credit Default Swap			Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale
Notional Amount	$	20,485		$	5,911		$	3,776
Termination Date		3/20/2012			3/20/2012			12/20/2011
Investee Returns		On Default			On Default			On Default
Realized Gain/(Loss)	$	—		$	—		$	—
Unrealized Gain/(Loss)	$	(16,304	)	$	(4,692	)	$	(5,241	)
Fair Value as of 12/31/2011	$	20,485		$	5,911		$	3,776

	Balanced Series
	Credit Default Swap			Credit Default Swap			Credit Default Swap			Option Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale			Company A
Notional Amount	$	75,939		$	21,913		$	13,998		$	15,792,082
Termination Date		3/20/2012			3/20/2012			12/20/2011			11/6/2012
Investee Returns		On Default			On Default			On Default			Total Returns
Realized Gain/(Loss)	$	—		$	—		$	—		$	6,689,123
Unrealized Gain/(Loss)	$	(55,807	)	$	(17,764	)	$	(17,666	)	$	(8,755,515	)
Fair Value as of 12/31/2011	$	75,939		$	21,913		$	13,998		$	27,790,087

	Tiverton/Graham/Transtrend Series (1)
	Credit Default Swap			Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale
Notional Amount	$	16,105		$	4,647		$	2,969
Termination Date		3/20/2012			3/20/2012			12/20/2011
Investee Returns		On Default			On Default			On Default
Realized Gain/(Loss)	$	—		$	—		$	—
Unrealized Gain/(Loss)	$	(13,633	)	$	(3,683	)	$	(4,135	)
Fair Value as of 12/31/2011	$	16,105		$	4,647		$	2,969

(1) Formerly known as the Berkeley/Graham/Tiverton Series

45

	Currency Series
	Credit Default Swap			Credit Default Swap			Credit Default Swap			Option Basket
Counterparty		BNP Paribas			Societe Generale			Societe Generale			Company B
Notional Amount	$	4,871		$	1,405		$	898		$	10,812,109
Termination Date		3/20/2012			3/20/2012			12/20/2011			1/26/2013
Investee Returns		On Default			On Default			On Default			On Default
Realized Gain/(Loss)	$	—		$	—		$	—		$	—
Unrealized Gain/(Loss)	$	(3,983	)	$	(1,145	)	$	(1,228	)	$	(500,589	)
Fair Value as of 12/31/2011	$	4,871		$	1,405		$	898		$	5,168,180

	Winton Series
	Credit Default Swap			Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale
Notional Amount	$	19,478		$	5,621		$	3,591
Termination Date		3/20/2012			3/20/2012			12/20/2011
Investee Returns		On Default			On Default			On Default
Realized Gain/(Loss)	$	—		$	—		$	—
Unrealized Gain/(Loss)	$	(17,486	)	$	(4,903	)	$	(5,453	)
Fair Value as of 12/31/2011	$	19,478		$	5,621		$	3,591

	Winton/Graham Series
	Credit Default Swap			Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale
Notional Amount	$	13,276		$	3,831		$	2,447
Termination Date		3/20/2012			3/20/2012			12/20/2011
Investee Returns		On Default			On Default			On Default
Realized Gain/(Loss)	$	—		$	—		$	—
Unrealized Gain/(Loss)	$	(13,104	)	$	(3,432	)	$	(3,713	)
Fair Value as of 12/31/2011	$	13,276		$	3,831		$	2,447

5. Investments in Unconsolidated Trading Companies

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

The following table summarizes the Balanced Series, Winton Series, Currency Series, Tiverton/Graham/Transtrend Series, Winton/Graham Series, Frontier Long/Short Commodity Series, Frontier Diversified Series, and Frontier Masters Series investments in unconsolidated Trading Companies as of September 30, 2012 and December 31, 2011.

46

	As of September 30, 2012					As of December 31, 2011
	Percentage of Series Net Assets Invested in Unconsolidated Trading  Companies			Fair Value		Percentage of Series Net Assets Invested in Unconsolidated Trading  Companies			Fair Value
Series
Frontier Diversified Series —
Frontier Trading Companies I, II, V, VII, IX, XIV, XV, XVIII, XXI and XXIII		35.22	%	$	42,501,058		28.54	%	$	38,240,171
Frontier Masters Series —
Frontier Trading Companies II, XIV and XV		14.27	%	$	8,579,221		8.92	%	$	4,717,914
Frontier Long/Short Commodity Series —
Frontier Trading Company I, XVIII and XXIII		4.93	%	$	3,729,273		5.03	%	$	4,081,988
Balanced Series —
Frontier Trading Companies II, V, VII and XVIII		6.68	%	$	18,012,182		6.17	%	$	18,255,809
Tiverton/Graham/Transtrend Series) (1) —
Frontier Trading Companies V, XV and XXI		29.54	%	$	8,779,345		20.79	%	$	8,234,047
Currency Series —
Frontier Trading Company XVII		67.37	%	$	2,122,993		54.46	%	$	2,352,121
Winton Series —
Frontier Trading Company II		16.16	%	$	7,020,423		9.45	%	$	4,731,916
Winton/Graham Series —
Frontier Trading Companies II and V		25.71	%	$	6,129,459		27.53	%	$	8,473,424

(1) Formerly known as the Berkeley/Graham/Tiverton Series.

47

The following tables summarize the Balanced Series, Winton Series, Currency Series, Tiverton/Graham/Transtrend Series, Winton/Graham Series, Frontier Long/Short Commodity Series, Frontier Diversified Series and Frontier Masters Series equity in earnings from unconsolidated Trading Companies for the nine and three months ended September 30, 2012 and 2011.

	Nine Months Ended September 30, 2012												Nine Months Ended September 30, 2011
	Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Change in Fair Value of Investments in Unconsolidated Trading Companies			Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Change in Fair Value of Investments in Unconsolidated Trading Companies
Trading Company
Frontier Diversified Series —
Frontier Trading Company I LLC	$	(548,081	)	$	2,682,665		$	43,648		$	2,178,232		$	(897,614	)	$	(7,744,476	)	$	(2,676,647	)	$	(11,318,737	)
Frontier Trading Company II LLC		(24,988	)		(349,717	)		(446,860	)		(821,565	)		(14,487	)		3,368,474			(661,284	)		2,692,703
Frontier Trading Company V LLC		(60,488	)		520,005			(511,640	)		(52,124	)		(23,822	)		(209,318	)		(49,320	)		(282,460	)
Frontier Trading Company VI LLC		—			—			—			—			(1,073	)		192,170			(95,556	)		95,541
Frontier Trading Company VII, LLC		(292,225	)		(11,523,540	)		8,122,052			(3,693,712	)		(327,082	)		(21,067	)		12,668,099			12,319,950
Frontier Trading Company IX, LLC		(12,383	)		(279,001	)		(62,409	)		(353,793	)		(14,896	)		876,952			47,909			909,965
Frontier Trading Company XIV, LLC		(422,308	)		9,598,657			134,134			9,310,484			—			—			—			—
Frontier Trading Company XV, LLC		(109,628	)		(1,024,135	)		(99,522	)		(1,233,285	)		(90,654	)		3,796,286			(160,106	)		3,545,526
Frontier Trading Company XVIII, LLC		(24,995	)		306,715			(105,758	)		175,962			(96,902	)		(514,956	)		1,944,940			1,333,082
Frontier Trading Company XXI, LLC		(834	)		26,658			(3,205	)		22,619			(529	)		(32,296	)		2,614			(30,211	)
Frontier Trading Company XXIII, LLC		(22,330	)		(367,519	)		135,130			(254,719	)		—			—			—			—
Total	$	(1,518,260	)	$	(409,212	)	$	7,205,570		$	5,278,098		$	(1,467,059	)	$	(288,231	)	$	11,020,649		$	9,265,359
Frontier Masters Series —
Frontier Trading Company II LLC	$	(11,779	)	$	(157,423	)	$	(229,350	)	$	(398,552	)	$	(9,236	)	$	1,956,691		$	(449,243	)	$	1,498,212
Frontier Trading Company XIV, LLC		(195,378	)		4,036,881			(139,982	)		3,701,521			(117,075	)		3,793,892			32,591		$	3,709,408
Frontier Trading Company XV, LLC		(38,432	)		(318,002	)		(57,922	)		(414,356	)		(34,342	)		3,540			527,601		$	496,799
Total	$	(245,589	)	$	3,561,456		$	(427,254	)	$	2,888,613		$	(160,653	)	$	5,754,123		$	110,949		$	5,704,419
Frontier Long/Short Commodity Series —
Frontier Trading Company I LLC	$	(48,910	)	$	(1,444,726	)	$	(350,054	)	$	(1,843,690	)	$	(38,668	)	$	924,491		$	(234,820	)	$	651,003
Frontier Trading Companies VII, LLC		—			—			—			—			(351,809	)		73,665,834			(63,287,455	)		10,026,570
Frontier Trading Companies XVIII, LLC		(11,271	)		116,615			(48,976	)		56,368			—			—			—			—
Frontier Trading Companies XXIII, LLC		(18,453	)		(103,400	)		82,874			(38,979	)		—			—			—			—
Total	$	(78,634	)	$	(1,431,511	)	$	(316,155	)	$	(1,826,301	)	$	(390,477	)	$	74,590,325		$	(63,522,275	)	$	10,677,573
Balanced Series —
Frontier Trading Company II LLC	$	(49,697	)	$	(652,377	)	$	(1,302,487	)	$	(2,004,561	)	$	(32,907	)	$	7,421,284		$	(1,495,919	)	$	5,892,458
Frontier Trading Company V LLC		(103,975	)		769,579			(636,783	)		28,821			—			—			—			—
Frontier Trading Company VII, LLC		(545,241	)		(22,610,306	)		16,047,057			(7,108,490	)		(908,254	)		3,534,286			33,194,115			35,820,147
Frontier Trading Company XIV, LLC		—			—			—			—			(83,595	)		2,045,925			(189,232	)		1,773,098
Frontier Trading Company XVIII, LLC		(10,452	)		267,327			(42,881	)		213,994			—			—			—			—
Frontier Trading Company XXIII, LLC		(20,804	)		229,730			45,494			254,420			—			—			—			—
Total	$	(730,169	)	$	(21,996,047	)	$	14,110,400		$	(8,615,816	)	$	(1,024,756	)	$	13,001,495		$	31,508,964		$	43,485,703
Tiverton/Graham/Transtrend Series (1) —
Frontier Trading Company V LLC	$	(113,007	)	$	2,510,500		$	(2,450,908	)	$	(53,415	)	$	(180,284	)	$	(1,297,538	)	$	(397,302	)	$	(1,875,124	)
Frontier Trading Company VI LLC		—			—			—			—			(1,451	)		259,429			(127,648	)		130,330
Frontier Trading Company XV, LLC		(53,677	)		(399,398	)		(135,117	)		(588,191	)		(53,403	)		87,930			528,354			562,881
Frontier Trading Company XXI, LLC		(28,537	)		1,173,471			(625,981	)		518,953			—			—			—			—
Total	$	(195,221	)	$	3,284,573		$	(3,212,006	)	$	(122,653	)	$	(235,138	)	$	(950,179	)	$	3,404		$	(1,181,913	)
Currency Series —
Frontier Trading Company XVII LLC	$	—		$	—		$	(229,606	)	$	(229,606	)	$	—		$	—		$	(94,181	)	$	(94,181	)
Winton Series —
Frontier Trading Company II LLC	$	(39,805	)	$	(531,851	)	$	(774,310	)	$	(1,345,966	)	$	(32,669	)	$	7,149,687		$	(1,508,780	)	$	5,608,238
Winton/Graham Series —
Frontier Trading Company II LLC	$	(13,788	)	$	(203,332	)	$	(72,990	)	$	(290,109	)	$	(15,117	)	$	3,224,822		$	(728,888	)	$	2,480,817
Frontier Trading Company V LLC		(141,659	)		703,045			(180,080	)		381,305			(77,367	)		(1,796,950	)		231,887			(1,642,430	)
	$	(155,447	)	$	499,713		$	(253,071	)	$	91,196		$	(92,484	)	$	1,427,872		$	(497,001	)	$	838,387

(1) Formerly known as the Berkeley/Graham/Tiverton Series.

48

	Three Months Ended September 30, 2012												Three Months Ended September 30, 2011
										Change in Fair Value												Change in Fair Value
							Change in			of Investments in									Change in			of Investments in
	Trading			Realized			Unrealized			Unconsolidated			Trading			Realized			Unrealized			Unconsolidated
	Commissions			Gain/(Loss)			Gain/(Loss)			Trading Companies			Commissions			Gain/(Loss)			Gain/(Loss)			Trading Companies
Trading Company
Frontier Diversified Series —
Frontier Trading Company I LLC	$	(147,606	)	$	(191,391	)	$	(393,000	)	$	(731,997	)	$	(260,794	)	$	(5,009,199	)	$	(866,940	)	$	(6,136,933	)
Frontier Trading Company II LLC		(6,875	)		7,849			420,549			421,523			(5,441	)		2,176,643			288,217			2,459,419
Frontier Trading Company V LLC		(11,924	)		583,700			(459,899	)		111,877			(9,413	)		(204,203	)		50,001			(163,615	)
Frontier Trading Company VII, LLC		(107,417	)		(12,417,915	)		10,661,492			(1,863,840	)		(102,309	)		(98,484	)		1,273,306			1,072,513
Frontier Trading Company IX, LLC		(19	)		532			—			513			(6,033	)		1,241,223			405,403			1,640,593
Frontier Trading Company XIV, LLC		(161,652	)		6,242,591			(542,495	)		5,538,444			—			—			—			—
Frontier Trading Company XV, LLC		(34,788	)		92,877			(43,252	)		14,837			(52,585	)		3,042,833			190,468			3,180,716
Frontier Trading Company XVIII, LLC		(1,662	)		57,605			14,262			70,205			(31,636	)		(2,277,417	)		5,169,906			2,860,853
Frontier Trading Company XXI, LLC		(309	)		4,122			(1,108	)		2,705			(189	)		(14,976	)		4,344			(10,821	)
Frontier Trading Company XXIII, LLC		(12,364	)		(550,605	)		122,426			(440,543	)		—			—			—			—
Total	$	(484,616	)	$	(6,170,635	)	$	9,778,975		$	3,123,724		$	(468,400	)	$	(1,143,580	)	$	6,514,705		$	4,902,725
Frontier Masters Series —
Frontier Trading Company II LLC	$	(3,386	)	$	7,390		$	174,274		$	178,278		$	(2,570	)	$	1,003,704		$	194,611		$	1,195,745
Frontier Trading Company XIV, LLC		(65,090	)		2,513,002			(222,782	)		2,225,130			(36,324	)		1,954,026			270,966		$	2,188,668
Frontier Trading Company XV, LLC		(14,120	)		44,241			(39,084	)		(8,963	)		(10,235	)		(717,523	)		1,662,733		$	934,975
Total	$	(82,596	)	$	2,564,633		$	(87,592	)	$	2,394,445		$	(49,129	)	$	2,240,207		$	2,128,310		$	4,319,388
Frontier Long/Short Commodity Series —
Frontier Trading Company I LLC	$	(18,573	)	$	(370,180	)	$	2,936		$	(385,817	)	$	(18,529	)	$	446,041		$	678,770		$	1,106,282
Frontier Trading Companies VII, LLC		—			—			—			—			(94,202	)		11,480,590			(12,103,528	)		(717,140	)
Frontier Trading Companies XXIII, LLC		(6,502	)		(323,461	)		68,223			(261,740	)		—			—			—			—
Total	$	(25,075	)	$	(693,641	)	$	71,159		$	(647,557	)	$	(112,731	)	$	11,926,631		$	(11,424,758	)	$	389,142
Balanced Series —
Frontier Trading Company II LLC	$	(14,301	)	$	70,125		$	373,430		$	429,254		$	(11,627	)	$	4,606,141		$	718,073		$	5,312,587
Frontier Trading Company V LLC		(17,266	)		845,162			(665,782	)		162,114			—			—			—			—
Frontier Trading Company VII, LLC		(192,209	)		(24,332,527	)		20,896,332			(3,628,404	)		(260,016	)		(1,089,579	)		3,428,506			2,078,911
Frontier Trading Company XVIII, LLC		(5,348	)		185,413			46,345			226,410			—			—			—			—
Frontier Trading Company XXIII, LLC		(872	)		(136,395	)		19,584			(117,683	)		—			—			—			—
Total	$	(229,996	)	$	(23,368,222	)	$	20,669,909		$	(2,928,309	)	$	(271,643	)	$	3,516,562		$	4,146,579		$	7,391,498
Tiverton/Graham/Transtrend Series (1) —
Frontier Trading Company V LLC	$	(22,533	)	$	1,102,656		$	(865,374	)	$	214,749		$	(62,442	)	$	(1,352,633	)	$	332,016		$	(1,083,059	)
Frontier Trading Company XV, LLC		(20,157	)		62,519			(55,047	)		(12,684	)		(14,644	)		(1,026,550	)		2,377,444			1,336,250
Frontier Trading Company XXI, LLC		(13,232	)		174,405			(40,209	)		120,964			—			—			—			—
Total	$	(55,922	)	$	1,339,580		$	(960,630	)	$	323,029		$	(77,086	)	$	(2,379,183	)	$	2,709,460		$	253,191
Currency Series —
Frontier Trading Company XVII LLC	$	—		$	—		$	2,940		$	2,940		$	—		$	—		$	(94,181	)	$	(94,181	)
Winton Series —
Frontier Trading Company II LLC	$	(11,442	)	$	24,971		$	588,982		$	602,511		$	(10,085	)	$	4,069,347		$	784,455		$	4,843,717
Winton/Graham Series —
Frontier Trading Company II LLC	$	(3,363	)	$	326		$	426,552		$	423,516		$	(3,773	)	$	1,525,312		$	296,182		$	1,817,721
Frontier Trading Company V LLC		(21,237	)		834,906			(51,282	)		762,386			(70,441	)		(1,488,064	)		355,194			(1,203,311	)
	$	(24,600	)	$	835,232		$	375,270		$	1,185,902		$	(74,214	)	$	37,248		$	651,376		$	614,410

(1) Formerly known as the Berkeley/Graham/Tiverton Series.

49

The statements of financial condition as of September 30, 2012 and December 31, 2011 and the Condensed Statement of Income for the nine and three months ended September 30, 2012 and 2011 for the unconsolidated Trading Companies are as follows:

	Frontier Trading			Frontier Trading
Statements of Financial Condition - September 30, 2012	Company II LLC			Company V LLC
Receivable from commission merchants	$	22,989,870		$	18,084,736
Open trade equity/(deficit)		1,136,578			(2,409,998	)
Total assets	$	24,126,448		$	15,674,738
Members’ equity	$	24,126,448		$	15,674,738
Condensed Statement of Income - For the Nine Months Ended September 30, 2012
Interest income	$	24,381		$	9,471
Net realized gain/(loss) on investments, less commissions		(2,034,756	)		4,084,001
Change in open trade equity/(deficit)		(2,825,996	)		(3,779,410	)
Net income/(loss)	$	(4,836,371	)	$	314,062
Condensed Statement of Income - For the Three Months Ended September 30, 2012
Interest income	$	7,977		$	7,318
Net realized gain/(loss) on investments, less commissions		71,295			3,293,463
Change in open trade equity/(deficit)		1,983,787			(2,042,336	)
Net income/(loss)	$	2,063,059		$	1,258,445

	Frontier Trading			Frontier Trading
Statements of Financial Condition - September 30, 2011	Company II LLC			Company V LLC
Receivable from commission merchants	$	13,144,853		$	6,298,040
Open trade equity/(deficit)		1,412,778			395,924
Total assets	$	14,557,631		$	6,693,964
Members’ equity	$	14,557,631		$	6,693,964
Condensed Statement of Income - For the Nine Months Ended September 30, 2011
Interest income	$	5,863		$	5,066
Net realized gain/(loss) on investments, less commissions		23,016,544			(3,296,188	)
Change in open trade equity/(deficit)		(4,844,114	)		(1,031,129	)
Net income	$	18,178,293		$	(4,322,251	)
Condensed Statement of Income - For the Three Months September 30, 2011
Interest income	$	5,054		$	937
Net realized gain/(loss) on investments, less commissions		13,347,654			(3,187,196	)
Change in open trade equity/(deficit)		2,281,537			737,210
Net income	$	15,634,245		$	(2,449,049	)

50

6. Transactions with Affiliates

The Managing Owner contributes funds to the Trust, with respect to the Series, 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 (“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, the Managing Owner agreed with certain regulatory bodies to maintain a 1% interest specifically in the Balanced Series Class 1 a Units and Balanced Series Class 2a Units, aggregated, and each of the Frontier Long/Short Commodity Series, Frontier Diversified Series and Frontier Masters 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. Principals of the Managing Owner or affiliates are allowed to own beneficial interests in the Trust, with respect to the Series, as well. All Units purchased by the Managing Owner are held for investment purposes only and not for resale. The Managing Owner may make purchases or redemptions at any time on the same terms as any Limited Owner. The Trust has and will continue to have certain relationships with the Managing Owner and its affiliates.

The Balanced Series had advanced funds to the Currency Series for the purpose of investing in the respective Trading Company for such Series on behalf of the Balanced Series.

The following table summarizes the Balanced Series advances to and reductions from the Currency Series of the Trust for the year ended December 31, 2011. All such advances were liquidated in 2011.

51

Balanced Series

Summary by Quarter

For the Year Ended December 31, 2011

	Currency Series			Total
Inter-series receivables January 1, 2011	$	12,816,775		$	12,816,775
Additions during period		—			—
Reduction during period		—			—
Net change in inter-series receivables		(476,691	)		(476,691	)
Inter-series receivables March 31, 2011	$	12,340,084		$	12,340,084
Additions during period		—			—
Reduction during period		—			—
Net change in inter-series receivables		(46,549	)		(46,549	)
Inter-series receivables June 30, 2011	$	12,293,535		$	12,293,535
Additions during period		—			—
Reduction during period		(11,281,861	)		(11,281,861	)
Net change in inter-series receivables		(1,011,674	)		(1,011,674	)
Inter-series receivables September 30, 2011	$	—		$	—
Additions during period		—			—
Reduction during period		—			—
Net change in inter-series receivables		—			—
Inter-series receivables December 31, 2011	$	—		$	—

(1) Balanced Series Inter-series receivables are corresponding Inter-series payables on the Statements of Financial Condition for the investee Series.

Expenses

Management Fees - Each Series of Units pays to the Managing Owner a monthly management fee equal to a certain percentage of such Series’ assets attributable to such Series (including notional 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, Frontier Long/Short Commodity Series Class 1 a and Class 2a and Frontier Masters Series, .075% for Frontier Diversified Series, 2.5% for the Winton/Graham Series and Tiverton/Graham/Transtrend Series, and 3.5% for the Frontier Long/Short Commodity Series Class 1 and Class 2. The Managing Owner may pay all or a portion of such management fees to the Trading Advisor(s) for such Series.

Trading Fees - In connection with each Series’ trading activities, the Frontier Long/Short Commodity Series (Classes 1, 2 and 3), Balanced Series, Currency Series, Tiverton/Graham/Transtrend Series, Winton Series and Winton/Graham Series pays to the Managing Owner a trading fee, or FCM Fee, up to 0.75% of such Series’ NAV, calculated daily. The Frontier Diversified Series, Frontier Long/Short Commodity Series (Classes 1a and 2a) and Frontier Masters Series pays to the Managing Owner a trading fee, or FCM Fee, up to 2.25% and a custodial/due diligence fee of 0.12% of such Series’ NAV, calculated daily.

52

Incentive Fees - 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, Winton/Graham Series, Tiverton/Graham/Transtrend Series, Currency Series and Frontier Long/Short Commodity Series may each employ multiple Trading Advisors, these Series will pay the Managing Owner a monthly incentive fee calculated on a Trading Advisor by Trading Advisor basis. It is therefore possible that in any given period the Balanced Series or the Frontier 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 the Frontier Diversified Series and 20% for the Winton Series, Currency Series, Winton/Graham Series, Tiverton/Graham/Transtrend Series, Frontier Long/Short Commodity Series and Frontier Masters Series. The Managing Owner may pay all or a portion of such incentive fees to the Trading Advisor(s) for such Series.

Service Fees - In addition, with respect to Class 1 and Class 1a Units of each Series, as applicable, the Series pays monthly or quarterly to the Managing Owner a service fee at an annualized rate, as described in more detail above, which the Managing Owner pays to selling agents of the Trust, with respect to the Series.

The following table summarizes fees earned by the Managing Owner for the nine and three months ended September 30, 2012 and 2011.

Series: Nine Months Ended September 30, 2012	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	1,445,371	$	2,258,377	$	3,079,256	$	1,131,348
Frontier Masters Series		1,069,958		979,635		488,081		584,434
Frontier Long/Short Commodity Series		2,599,254		778,408		1,059,204		352,904
Balanced Series		1,940,876		1,373,998		6,553,867		3,845,995
Tiverton/Graham/Transtrend Series		956,639		193,716		65,989		686,786
Currency Series		—		20,595		—		81,340
Winton Series		787,335		263,127		—		806,539
Winton/Graham Series		813,420		151,266		—		491,271

Series: Nine Months Ended September 30, 2011	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	1,469,361	$	2,675,921	$	4,386,760	$	1,393,776
Frontier Masters Series		1,094,180		1,095,725		805,663		624,864
Frontier Long/Short Commodity Series		2,781,137		536,554		2,744,245		673,297
Balanced Series		1,922,751		1,280,779		11,575,647		5,638,744
Tiverton/Graham/Transtrend Series		948,867		212,756		29,678		1,144,674
Currency Series		80,701		53,198		—		121,438
Winton Series		960,130		203,804		813,809		985,426
Winton/Graham Series		1,095,659		169,014		298,707		828,649

53

Series: Three Months Ended September 30, 2012	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	443,895	$	735,492	$	1,456,640	$	366,831
Frontier Masters Series		364,814		342,724		403,573		207,528
Frontier Long/Short Commodity Series		868,971		266,738		585,049		112,879
Balanced Series		601,212		443,728		3,268,561		1,240,331
Tiverton/Graham/Transtrend Series		326,209		60,869		7,136		213,767
Currency Series		—		6,351		—		24,937
Winton Series		259,965		84,533		—		257,849
Winton/Graham Series		225,076		47,300		—		153,063

Series: Three Months Ended September 30, 2011	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	519,364	$	808,751	$	1,467,047	$	417,549
Frontier Masters Series		355,001		332,882		534,851		193,356
Frontier Long/Short Commodity Series		910,662		207,381		440,077		177,277
Balanced Series		664,399		369,151		2,903,887		1,525,660
Tiverton/Graham/Transtrend Series		258,162		58,000		29,678		313,464
Currency Series		1,673		7,548		—		35,747
Winton Series		309,397		63,844		565,219		300,670
Winton/Graham Series		283,356		45,550		227,833		223,405

54

The following table summarizes fees payable to the Managing Owner as of September 30, 2012.

Series:	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	144,194	$	236,263	$	1,456,641	$	91,573
Frontier Masters Series		119,916		113,102		403,572		51,507
Frontier Long/Short Commodity Series		287,977		88,080		592,061		24,317
Balanced Series		190,633		146,800		3,268,560		359,015
Tiverton/Graham/Transtrend Series		106,160		18,967		7,136		64,380
Currency Series		—		1,956		—		3,882
Winton Series		84,397		27,034		—		65,968
Winton/Graham Series		64,529		14,864		—		43,304

The following table summarizes fees payable to the Managing Owner as of December 31, 2011.

Series:	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	180,232	$	269,021	$	522,033	$	76,877
Frontier Masters Series		117,541		105,278		—		41,911
Frontier Long/Short Commodity Series		284,677		83,646		127,052		22,920
Balanced Series		241,525		176,398		1,195,031		435,380
Tiverton/Graham/Transtrend Series		101,400		25,212		—		87,016
Currency Series		—		2,727		—		6,285
Winton Series		90,559		31,302		—		78,044
Winton/Graham Series		100,311		19,427		—		57,141

With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed therefore by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk and the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months. For the nine months ended September, 2012, amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees were $8,022 for the Tiverton/Graham/Transtrend Series, $3,584 for the Frontier Diversified Series and $4,272 for the Frontier Long/Short Commodity Series. For the nine months ended September 30, 2012, amounts paid or owing the Managing Owner for the difference in monthly service fees from prepaid initial service fees were $18,610 for the Balanced Series, $990 for the Currency Series, $2,928 for the Winton/Graham Series, $4,714 for the Winton Series and $432 for the Frontier Masters Series.

For the year ended December 31, 2011, amounts paid or owed to the Managing Owner for the difference in monthly service fees from prepaid initial service fees were $34,141 for the Balanced Series, $16,508 for the Frontier Long/Short Commodity Series, $23,473 for the Frontier Diversified Series, $755 for the Currency Series, $6,607 for the Tiverton Series, $5,102 for the Winton/Graham Series, $9,011 for the Winton Series and $12,444 for the Frontier Masters 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, Tiverton/Graham/Transtrend Series, Currency Series and Winton/Graham Series. For the Frontier Diversified Series, Frontier Long/Short Commodity Series, Frontier Masters Series and Balanced Series (Class 1a and Class 2a only) 20% of the total interest allocated to each Series is paid to the Managing Owner. During the nine months ended September 30, 2012, and 2011 the Trust, with respect to the Series, paid $5,748,014 and $7,197,876, respectively, of such interest income to the Managing Owner. Such expenses are not included in the statements of operations of the Series.

The Managing Owner paid 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. The amount paid under this agreement was $465,830 and $1,483,875, respectively, for the nine months ended September 30, 2012 and 2011. The amount paid under this agreement was $0 and $429,634, respectively, for the three months ended September 30, 2012 and 2011.This agreement ended April 19, 2012.

55

Solon Capital, LLC, an affiliate of the Trust, provides product development and marketing services. For these services, the Managing Owner paid Solon Capital, LLC, $2,030,547 and $2,670,975, respectively, for the nine months ended September 30, 2012 and 2011. For these services, the Managing Owner paid Solon Capital, LLC, $665,527 and $773,341, respectively, for the three months ended September 30, 2012 and 2011.

Equinox Group Distributors, LLC (Formerly known as Bornhoft Group Securities Corporation), a subsidiary of the Managing Owner, serves as wholesaler of the Trust by marketing to broker/dealer organizations. Its results are consolidated with the Managing Owner.

56

7. Financial Highlights

The following information presents the financial highlights of the Trust, with respect to the Series, for the nine and three months ended September 30, 2012 and 2011.

	Frontier Diversified Series						Frontier Masters Series						Frontier Long/Short Commodity Series (6)
	Class 1			Class 2			Class 1			Class 2			Class 1			Class 2			Class 3			Class 1a			Class 2a
Per unit operating performance (1)
Net asset value, December 31, 2011	$	99.40		$	103.96		$	100.25		$	104.83		$	136.13		$	161.97		$	161.96		$	121.71		$	127.23
Net operating results:
Interest income		1.29			1.35			1.46			1.54			2.01			2.06			2.41			1.83			2.15
Expenses		(6.87	)		(5.51	)		(6.40	)		(5.00	)		(10.98	)		(8.71	)		(10.19	)		(9.98	)		(9.09	)
Net gain/(loss) on investments, net of non-controlling interests		4.00			3.85			9.61			9.79			8.24			9.96			11.15			9.86			10.36
Net income/(loss)		(1.58	)		(0.30	)		4.67			6.34			(0.72	)		3.31			3.37			1.71			3.41
Net asset value, September 30, 2012 or at cessation of operations	$	97.82		$	103.66		$	104.92		$	111.17		$	135.41		$	165.28		$	165.33		$	123.42		$	130.64
Ratios to average net assets (3)
Net investment income/(loss)		–6.71	%		–4.53	%		–6.23	%		–4.06	%		-10.80	%		–5.27	%		–5.91	%		–8.41	%		–6.51	%
Expenses before incentive fees		6.02	%		3.85	%		7.29	%		5.13	%		11.99	%		5.45	%		6.38	%		8.90	%		7.25	%
Expenses after incentive fees		8.43	%		6.27	%		8.17	%		6.01	%		13.50	%		6.96	%		7.89	%		10.41	%		8.76	%
Total return before incentive fees (2)		0.82	%		2.12	%		5.54	%		6.93	%		0.98	%		3.56	%		3.59	%		2.92	%		4.19	%
Total return after incentive fees (2)		–1.59	%		–0.29	%		4.66	%		6.05	%		–0.53	%		2.04	%		2.08	%		1.40	%		2.68	%
																Tiverton/Graham/Transtrend
	Balanced Series (5)															Series (4)						Currency Series
	Class 1			Class 1a			Class 2			Class 2a			Class 3a			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2011	$	124.50		$	108.45		$	155.02		$	128.35		$	128.36		$	91.02		$	111.84		$	70.48		$	87.61
Net operating results:
Interest income		0.11			0.09			0.14			0.11			0.11			0.40			0.50			0.00			0.00
Expenses		(7.93	)		(6.87	)		(6.50	)		(5.37	)		(5.40	)		(5.07	)		(3.84	)		(1.90	)		(0.48	)
Net gain/(loss) on investments, net of non-controlling interests		6.11			10.89			7.63			7.05			6.64			(1.05	)		(1.37	)		(4.44	)		(5.54	)
Net income/(loss)		(1.71	)		4.13			1.28			1.80			1.36			(5.72	)		(4.72	)		(6.34	)		(6.02	)
Net asset value, September 30, 2012 or at cessation of operations	$	122.79		$	112.58		$	156.30		$	130.15		$	129.72		$	85.30		$	107.12		$	64.14		$	81.59
Ratios to average net assets (3)
Net investment income/(loss)		–7.47	%		–9.21	%		–4.53	%		–4.52	%		–4.53	%		–6.78	%		–3.92	%		–3.59	%		–0.72	%
Expenses before incentive fees		4.82	%		6.59	%		1.88	%		1.87	%		1.88	%		7.18	%		4.33	%		3.59	%		0.72	%
Expenses after incentive fees		7.59	%		9.37	%		4.65	%		4.64	%		4.65	%		7.37	%		4.52	%		3.59	%		0.72	%
Total return before incentive fees (2)		1.40	%		6.58	%		3.60	%		4.17	%		3.99	%		–6.10	%		–4.03	%		–9.00	%		–6.87	%
Total return after incentive fees (2)		–1.37	%		3.81	%		0.83	%		1.40	%		1.22	%		–6.28	%		–4.22	%		–9.00	%		–6.87	%

	Winton Series						Winton/Graham Series
	Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2011		$141.13			$165.82			$104.73			$129.70
Net operating results:
Interest income		1.12			1.33			0.33			0.41
Expenses		(6.13	)		(3.63	)		(6.00	)		(4.61	)
Net gain/(loss) on investments, net of non-controlling interests		(4.40	)		(5.25	)		(0.26	)		(0.37	)
Net income/(loss)		(9.40	)		(7.54	)		(5.93	)		(4.57	)
Net asset value, September 30, 2012		$131.73			$158.28			$98.80			$125.13
Ratios to average net assets (3)
Net investment income/(loss)		–4.72	%		–1.84	%		–7.22	%		–4.32	%
Expenses before incentive fees		5.78	%		2.91	%		7.63	%		4.74	%
Expenses after incentive fees		5.78	%		2.91	%		7.63	%		4.74	%
Total return before incentive fees (2)		–6.66	%		–4.55	%		–5.66	%		–3.52	%
Total return after incentive fees (2)		–6.66	%		–4.55	%		–5.66	%		–3.52	%

(1) Interest income and expenses per unit are calculated by dividing these amounts by the average number of units outstanding during the period.

The net gain/(loss) on investments, net of non-controlling interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

(2) Computed using 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 with the exception of incentive fees.

(4) Formerly the Berkeley/Graham/Tiverton Series.

(5) Class 1a operations ceased July 17, 2012 and all remaining Units were exchanged for Class 3a Units.

(6) Class 1 operations ceased July 18, 2012 and all remaining Units were exchanged for Class 3 Units.

57

	Frontier Diversified Series						Frontier Masters Series						Frontier Long/Short Commodity Series (6)
	Class 1			Class 2			Class 1			Class 2			Class 1			Class 2			Class 3			Class 1a			Class 2a
Per unit operating performance (1)
Net asset value, June 30, 2012	$	97.60		$	102.99		$	102.04		$	107.65		$	128.07		$	154.20		$	154.18		$	115.26		$	121.54
Net operating results:
Interest income		0.42			0.44			0.46			0.49			0.63			0.59			0.79			0.62			0.79
Expenses		(2.66	)		(2.23	)		(2.61	)		(2.16	)		(4.30	)		(3.03	)		(4.05	)		(4.27	)		(4.05	)
Net gain/(loss) on investments, net of non-controlling interests		2.46			2.46			5.03			5.19			11.01			13.52			14.41			11.81			12.36
Net income/(loss)		0.22			0.67			2.88			3.52			7.34			11.08			11.15			8.16			9.10
Net asset value, September 30, 2012 or at cessation of operations	$	97.82		$	103.66		$	104.92		$	111.17		$	135.41		$	165.28		$	165.33		$	123.42		$	130.64
Ratios to average net assets (3)
Net investment income/(loss)		–5.53	%		–3.30	%		–6.15	%		–3.96	%		–41.61	%		–4.46	%		–5.68	%		–9.63	%		–6.98	%
Expenses before incentive fees		6.07	%		3.84	%		7.25	%		5.07	%		50.73	%		5.14	%		6.87	%		10.94	%		8.73	%
Expenses after incentive fees		7.24	%		5.01	%		7.95	%		5.77	%		51.57	%		5.98	%		7.71	%		11.78	%		9.56	%
Total return before incentive fees (2)		1.39	%		1.82	%		3.52	%		15.90	%		6.57	%		8.03	%		8.07	%		7.92	%		8.33	%
Total return after incentive fees (2)		0.23	%		0.65	%		2.82	%		3.27	%		5.73	%		7.19	%		7.23	%		7.08	%		7.49	%
																Tiverton/Graham/Transtrend
	Balanced Series (5)															Series (4)						Currency Series
	Class 1			Class 1a			Class 2			Class 2a			Class 3a			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2012	$	122.65		$	108.13		$	155.01		$	128.99		$	128.54		$	86.29		$	107.04		$	64.87		$	81.87
Net operating results:
Interest income		0.01			0.01			0.02			0.01			0.01			0.21			0.26			0.00			0.00
Expenses		(3.30	)		(2.90	)		(2.99	)		(2.49	)		(2.48	)		(1.74	)		(1.35	)		(0.62	)		(0.16	)
Net gain/(loss) on investments, net of non-controlling interests		3.43			7.34			4.26			3.64			3.65			0.54			1.17			(0.11	)		(0.12	)
Net income/(loss)		0.14			4.45			1.29			1.16			1.18			(0.99	)		0.08			(0.73	)		(0.28	)
Net asset value, September 30, 2012 or at cessation of operations	$	122.79		$	112.58		$	156.30		$	130.15		$	129.72		$	85.30		$	107.12		$	64.14		$	81.59
Ratios to average net assets (3)
Net investment income/(loss)		–6.26	%		–27.55	%		–3.24	%		–3.24	%		-3.24	%		–7.00	%		–3.98	%		–3.81	%		–0.76	%
Expenses before incentive fees		4.88	%		26.34	%		1.86	%		1.86	%		6.24	%		7.92	%		4.91	%		3.81	%		0.76	%
Expenses after incentive fees		6.30	%		27.76	%		3.28	%		3.28	%		7.67	%		7.95	%		4.93	%		3.81	%		0.76	%
Total return before incentive fees (2)		1.54	%		5.54	%		2.25	%		2.32	%		2.50	%		–1.13	%		0.10	%		–1.13	%		–0.34	%
Total return after incentive fees (2)		0.11	%		4.12	%		0.83	%		0.90	%		1.07	%		–1.15	%		0.07	%		–1.13	%		–0.34	%

	Winton Series						Winton/Graham Series
	Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2012	$	131.72		$	157.12		$	96.05		$	120.78
Net operating results:
Interest income		0.38			0.46			0.13			0.16
Expenses		(2.03	)		(1.23	)		(1.87	)		(1.39	)
Net gain/(loss) on investments, net of non-controlling interests		1.66			1.93			4.49			5.58
Net income/(loss)		0.01			1.16			2.75			4.35
Net asset value, September 30, 2012	$	131.73		$	158.28		$	98.80		$	125.13
Ratios to average net assets (3)
Net investment income/(loss)		–4.98	%		–1.95	%		–7.19	%		–4.04	%
Expenses before incentive fees		6.13	%		3.10	%		7.72	%		4.57	%
Expenses after incentive fees		6.13	%		3.10	%		7.72	%		4.57	%
Total return before incentive fees (2)		0.01	%		0.74	%		2.86	%		3.60	%
Total return after incentive fees (2)		0.01	%		0.74	%		2.86	%		3.60	%

(1) Interest income and expenses per unit are calculated by dividing these amounts by the average number of units outstanding during the period.

The net gain/(loss) on investments, net of non-controlling interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

(2) Computed using 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) Formerly the Berkeley/Graham/Tiverton Series.

(5) Class 1a operations ceased July 17, 2012 and all remaining Units were exchanged for Class 3a Units.

(6) Class 1 operations ceased July 18, 2012 and all remaining Units were exchanged for Class 3 Units.

58

	Frontier Diversified Series						Frontier Long/Short Commodity Series															Frontier Masters Series
	Class 1			Class 2			Class 1			Class 2			Class 3			Class 1a			Class 2a			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2010	$	103.58		$	106.46		$	132.73		$	153.26		$	153.26		$	117.96		$	121.18		$	102.96		$	105.81
Net operating results:
Interest income		1.22			1.26			1.96			2.29			2.29			1.74			1.80			1.25			1.29
Expenses		(7.53	)		(6.02	)		(14.30	)		(13.27	)		(13.28	)		(12.69	)		(10.45	)		(6.62	)		(5.13	)
Net gain/(loss) on investments, net of non-controlling interests		3.20			2.92			16.21			19.03			19.03			14.66			14.10			5.17			5.03
Net income/(loss)		(3.11	)		(1.84	)		3.87			8.05			8.04			3.71			5.45			(0.20	)		1.19
Net asset value, September 30, 2011	$	100.47		$	104.62		$	136.60		$	161.31		$	161.30		$	121.67		$	126.63		$	102.76		$	107.00
Ratios to average net assets (3)
Net investment gain/(loss)		–8.12	%		–5.92	%		–11.39	%		–8.69	%		–8.69	%		–11.39	%		–8.69	%		–6.96	%		–4.81	%
Expenses before incentive fees		5.84	%		3.64	%		8.45	%		5.75	%		5.75	%		8.45	%		5.75	%		6.85	%		4.70	%
Expenses after incentive fees		9.69	%		7.50	%		13.20	%		10.50	%		10.50	%		13.20	%		10.50	%		8.57	%		6.42	%
Total return before incentive fees (2)		0.36	%		1.43	%		15.11	%		13.11	%		8.34	%		–0.56	%		0.90	%		1.45	%		2.31	%
Total return after incentive fees (2)		–2.52	%		–1.45	%		11.56	%		9.55	%		4.79	%		–4.11	%		–2.65	%		0.16	%		1.01	%

	Balanced Series															Tiverton/Graham/Transtrend Series (4)
	Class 1			Class 1a			Class 2			Class 2a			Class 3a			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2010		$131.95			$116.36			$159.46			$133.66			$133.66			$110.46			$131.73
Net operating results:
Interest income		0.15			0.13			0.18			0.15			0.15			0.13			0.16
Expenses		(8.93	)		(7.85	)		(7.25	)		(6.05	)		(6.06	)		(4.59	)		(2.65	)
Net gain/(loss) on investments, net of non-controlling interests		2.86			1.44			3.37			1.55			1.56			(7.27	)		(8.82	)
Net income/(loss)		(5.92	)		(6.28	)		(3.70	)		(4.35	)		(4.35	)		(11.73	)		(11.31	)
Net asset value, September 30, 2011		$126.03			$110.08			$155.76			$129.31			$129.31			$98.73			$120.42
Ratios to average net assets (3)
Net investment gain/(loss)		–8.84	%		–8.84	%		–5.84	%		–5.84	%		–5.84	%		–5.59	%		–2.59	%
Expenses before incentive fees		4.30	%		4.30	%		1.30	%		1.30	%		1.30	%		5.69	%		2.69	%
Expenses after incentive fees		8.99	%		8.99	%		5.99	%		5.99	%		5.99	%		5.76	%		2.76	%
Total return before incentive fees (2)		0.30	%		–0.24	%		1.73	%		0.51	%		0.71	%		–10.35	%		–7.86	%
Total return after incentive fees (2)		–3.21	%		–3.75	%		–1.78	%		–3.00	%		–2.80	%		–10.40	%		–7.91	%

	Currency Series (5)						Winton Series						Winton/Graham Series
	Class 1			Class 2			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2010	$	79.09		$	95.43		$	135.04		$	153.99		$	119.83		$	144.04
Net operating results:
Interest income		0.76			0.93			0.81			0.94			0.41			0.50
Expenses		(3.39	)		(2.08	)		(7.97	)		(5.65	)		(6.70	)		(4.91	)
Net gain/(loss) on investments, net of non-controlling interests		(4.35	)		(5.31	)		14.19			16.39			(0.23	)		(0.34	)
Net income/(loss)		(6.98	)		(6.46	)		7.03			11.68			(6.52	)		(4.75	)
Net asset value, September 30, 2011	$	72.11		$	88.97		$	142.07		$	165.67		$	113.31		$	139.29
Ratios to average net assets (3)
Net investment gain/(loss)		–4.66	%		–1.67	%		–6.98	%		–3.98	%		–7.10	%		–4.10	%
Expenses before incentive fees		6.00	%		3.01	%		5.81	%		2.81	%		6.69	%		3.70	%
Expenses after incentive fees		6.00	%		3.01	%		7.77	%		4.77	%		7.57	%		4.57	%
Total return before incentive fees (2)		–9.13	%		–3.14	%		6.37	%		8.73	%		–4.08	%		–1.29	%
Total return after incentive fees (2)		–9.13	%		–3.14	%		4.90	%		7.26	%		–4.73	%		–1.95	%

(1) Interest income and expenses per unit are calculated by dividing these amounts by the average number of units outstanding during the period.

The net gain/(loss) on investments, net of non-controlling interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

(2) Computed using 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) Formerly the Berkely/Graham/Tiverton Series.

(5) For the nine months ended September 30, 2011, 6.97% of the Currency Series’ Class 1 total return and 2.40% of the Currency Series’ Class 2 total return consists of a discretionary voluntary reimbursement by the managing owner for a realized investment loss. Excluding this item, total return would have been (16.11%) for Currency Series Class 1 and (5.54%) for Currency Series Class 2.

59

	Frontier Diversified Series						Frontier Long/Short Commodity Series															Frontier Masters Series
	Class 1			Class 2			Class 1			Class 2			Class 3			Class 1a			Class 2a			Class 1			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2011	$	101.63		$	105.37		$	140.52		$	164.69		$	164.68		$	124.76		$	129.28		$	99.01		$	102.63
Net operating results:
Interest income		0.44			0.45			0.71			0.83			0.83			0.63			0.65			0.53			0.55
Expenses		(2.60	)		(2.12	)		(4.03	)		(3.67	)		(3.66	)		(3.57	)		(2.87	)		(2.79	)		(2.32	)
Net gain/(loss) on investments, net of non-controlling interests		1.00			0.92			(0.60	)		(0.54	)		(0.55	)		(0.15	)		(0.43	)		6.01			6.14
Net income/(loss)		(1.16	)		(0.75	)		(3.92	)		(3.38	)		(3.38	)		(3.09	)		(2.65	)		3.75			4.37
Net asset value, September 30, 2011	$	100.47		$	104.62		$	136.60		$	161.31		$	161.30		$	121.67		$	126.63		$	102.76		$	107.00
Ratios to average net assets (3)
Net investment gain/(loss)		–8.61	%		–6.41	%		–9.16	%		–6.65	%		–6.65	%		–9.16	%		–6.65	%		–8.76	%		–6.62	%
Expenses before incentive fees		6.08	%		3.87	%		8.67	%		6.16	%		6.16	%		8.67	%		6.16	%		7.01	%		4.87	%
Expenses after incentive fees		10.35	%		8.15	%		11.10	%		8.59	%		8.59	%		11.10	%		8.59	%		10.80	%		8.66	%
Total return before incentive fees (2)		–0.06	%		0.39	%		–1.02	%		–0.58	%		–1.53	%		–2.64	%		–2.62	%		4.61	%		5.06	%
Total return after incentive fees (2)		–1.14	%		–0.69	%		–1.63	%		–1.19	%		–2.14	%		–3.26	%		–3.24	%		3.66	%		4.10	%

	Balanced Series															Tiverton/Graham/Transtrend Series (4)
	Class 1			Class 1a			Class 2			Class 2a			Class 3a			Class 1			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2011	$	130.46		$	114.39		$	160.02		$	133.35		$	133.36		$	100.81		$	122.02
Net operating results:
Interest income		0.08			0.07			0.09			0.08			0.08			0.12			0.14
Expenses		(2.77	)		(2.42	)		(2.24	)		(1.86	)		(1.86	)		(1.50	)		(0.90	)
Net gain/(loss) on investments, net of non-controlling interests		(1.74	)		(1.96	)		(2.11	)		(2.26	)		(2.27	)		(0.70	)		(0.84	)
Net income/(loss)		(4.43	)		(4.31	)		(4.26	)		(4.04	)		(4.05	)		(2.08	)		(1.60	)
Net asset value, September 30, 2011	$	126.03		$	110.08		$	155.76		$	129.31		$	129.31		$	98.73		$	120.42
Ratios to average net assets (3)
Net investment gain/(loss)		–8.50	%		–8.50	%		–5.50	%		–5.50	%		–5.50	%		–5.48	%		–2.48	%
Expenses before incentive fees		4.51	%		4.51	%		1.50	%		1.50	%		1.50	%		5.69	%		2.69	%
Expenses after incentive fees		8.73	%		8.73	%		5.73	%		5.73	%		5.73	%		5.95	%		2.95	%
Total return before incentive fees (2)		–2.55	%		–2.86	%		–1.77	%		–2.20	%		–2.30	%		–1.99	%		–1.26	%
Total return after incentive fees (2)		–3.62	%		–3.92	%		–2.83	%		–3.27	%		–3.37	%		–2.05	%		–1.32	%

	Currency Series (5)						Winton Series						Winton/Graham Series
	Class 1			Class 2			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2011	$	74.74		$	91.54		$	132.13		$	152.92		$	113.85		$	138.90
Net operating results:
Interest income		0.07			0.09			0.32			0.38			0.21			0.25
Expenses		(0.67	)		(0.16	)		(3.63	)		(2.98	)		(2.66	)		(2.17	)
Net gain/(loss) on investments, net of non-controlling interests		(2.03	)		(2.50	)		13.25			15.35			1.91			2.31
Net income/(loss)		(2.63	)		(2.57	)		9.94			12.75			(0.54	)		0.39
Net asset value, September 30, 2011	$	72.11		$	88.97		$	142.07		$	165.67		$	113.31		$	139.29
Ratios to average net assets (3)
Net investment gain/(loss)		–3.30	%		–0.30	%		–9.34	%		–6.34	%		–8.35	%		–5.35	%
Expenses before incentive fees		3.69	%		0.69	%		5.89	%		2.89	%		6.58	%		3.58	%
Expenses after incentive fees		3.69	%		0.69	%		10.25	%		7.25	%		9.05	%		6.05	%
Total return before incentive fees (2)		–3.69	%		–0.60	%		8.27	%		8.93	%		0.27	%		1.03	%
Total return after incentive fees (2)		–3.69	%		–0.60	%		7.17	%		7.83	%		–0.35	%		0.40	%

(1) Interest income and expenses per unit are calculated by dividing these amounts by the average number of units outstanding during the period.

The net gain/(loss) on investments, net of non-controlling interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

(2) Computed using 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) Formerly the Berkely/Graham/Tiverton Series. represents the liquidation value.

(5) For the three months ended September 30, 2011, 8.10% of the Currency Series’ Class 1 total return and 1.31% of the Currency Series’ Class 2 total return consists of a discretionary voluntary reimbursement by the managing owner for a realized investment loss. Excluding this item, total return would have been (11.79%) for Currency Series Class 1 and (1.90%) for Currency Series Class 2.

8. Derivative Instruments and Hedging Activities

The Series’ primary business is to engage in speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts). The Series do not enter into or hold positions for hedging purposes as defined under ASC 815, Derivatives and Hedging (“ASC 815”). The detail of the fair value of the Series’ derivatives by instrument types as of September 30, 2012 and December 31, 2011 is included in the Condensed Schedules of Investments. See Note 4 for further disclosure related to each Series’ position in swap contracts. This activity was performed by affiliated Trading Companies and does not include activity of unaffiliated trading Company investments.

60

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

For The Three Months Ended September 30, 2012

Monthly average contracts	Bought		Sold
Frontier Long/Short Commodity Series		3,308		3,232
Balanced Series		16,100		15,192
Frontier Masters Series		728		692

For The Nine Months Ended September 30, 2012

Monthly average contracts	Bought		Sold
Frontier Long/Short Commodity Series		12,808		14,032
Balanced Series		35,400		37,492
Frontier Masters Series		1,628		1,392

For The Three Months Ended September 30, 2011

Monthly average contracts	Bought		Sold
Frontier Long/Short Commodity Series		149,200		104,200
Frontier Masters Series		6,800		2,900
Balanced Series		12,200		4,600
Currency Series		3,800		1,500

For The Nine Months Ended September 30, 2011

Monthly average contracts	Bought		Sold
Frontier Long/Short Commodity Series		149,200		104,200
Frontier Masters Series		15,200		5,800
Balanced Series		24,300		11,600
Currency Series		7,000		3,500
Winton/Graham Series		17,900		6,800

61

The following tables summarize the trading revenues for the nine and three months ended September 30, 2012 and 2011 by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2012 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	1,035,617		$	(83,958	)	$	(999,514	)
Currencies		(223,060	)		644,753			7,244,212
Energies		(36,916,109	)		(1,030,886	)		(2,887,295	)
Agriculturals		(1,784,729	)		(160,749	)		(153,297	)
Interest rates		(463,226	)		479,790			12,318,263
Stock indices		1,066,555			777,791			3,920,788
Realized trading income/(loss)(2)	$	(37,284,952	)	$	626,741		$	19,443,157

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2012 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	(19,358,229	)	$	732,055		$	(568,809	)
Currencies		(8,956,393	)		497,081			3,992,511
Energies		(6,913,808	)		(849,482	)		(7,560,401	)
Agriculturals		(5,969,527	)		528,378			(1,371,522	)
Interest rates		(10,717,684	)		3,815,021			38,223,501
Stock indices		16,493,073			(658,159	)		1,032,951
Realized trading income/(loss)(2)	$	(35,422,568	)	$	4,064,894		$	33,748,231

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

for the Three Months Ended September 30, 2012 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	977,265		$	198,371		$	(1,564,940	)
Currencies		(49,765	)		(57,024	)		(2,430,043	)
Energies		33,718,036			(105,715	)		192,441
Agriculturals		6,164,516			(8,816	)		(994,834	)
Interest rates		(367,133	)		210,079			4,121,352
Stock indices		(999,355	)		(395,190	)		(2,197,371	)
Change in unrealized trading income/(loss)(3)	$	39,443,564		$	(158,295	)	$	(2,873,395	)

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

for the Nine Months Ended September 30, 2012 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	6,203,747		$	230,263		$	(331,441	)
Currencies		17,798,560			(129,384	)		(342,917	)
Energies		2,952,524			(707,102	)		(1,032,360	)
Agriculturals		10,232,405			(231,283	)		(2,648,196	)
Interest rates		(4,147,506	)		125,432			5,620,385
Stock indices		129,696			(294,603	)		(1,602,508	)
Change in unrealized trading income/(loss)(3)	$	33,169,426		$	(1,006,677	)	$	(337,037	)

(1) The Frontier Diversified Series, Tiverton/Graham/Ttranstrend Series (formerly known as Berkely/Graham/Tiverton Series), Winton/Graham Series and Winton Series participate in trading activities through equity in earnings/(loss) from trading companies. The Frontier Long/Short Commodity Series consolidated Frontier Trading Company XVIII as of May 15, 2012 and the Balanced Series consolidated the Frontier Trading Company XVIII prior to May 15, 2012. The Balanced Series consolidated Frontier Trading Company XIV, LLC as of June 20, 2011, Frontier Trading Company VI, LLC as of April 18, 2011 and Frontier Trading Company XXIII, LLLC as of July 7, 2012.

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

(3) Amounts recorded in the Statements of Operations under Net change in open trade equity.

62

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2011 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	(13,546,767	)	$	(188,629	)	$	(8,988,918	)
Currencies		708,553			(1,085,512	)		(28,712,306	)
Energies		9,678,380			(428,493	)		(3,855,272	)
Agriculturals		3,865,415			(330,073	)		(7,938,422	)
Interest rates		1,218,775			676,484			37,723,387
Stock indices		158,862			(154,044	)		2,555,251
Realized trading income/(loss)(2)	$	2,083,218		$	(1,510,267	)	$	(9,216,280	)

Type of contract	Currency Series
Metals	$	—
Currencies		27,976
Energies		—
Agriculturals		—
Interest rates		—
Stock indices		—
Realized trading income/(loss)(2)	$	27,976

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2011 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	(13,546,767	)	$	156,659		$	(9,080,153	)
Currencies		708,553			(1,389,109	)		(22,398,216	)
Energies		9,678,380			(1,492,202	)		(5,236,069	)
Agriculturals		3,865,415			(1,039,562	)		(10,521,887	)
Interest rates		1,218,775			1,167,949			42,189,800
Stock indices		158,862			(659,364	)		(5,757,583	)
Realized trading income/(loss)(2)	$	2,083,218		$	(3,255,629	)	$	(10,804,108	)

Type of contract	Currency Series			Winton/Graham Series
Metals	$	—		$	1,144,332
Currencies		(142,069	)		110,745
Energies		—			91,930
Agriculturals		—			1,912
Interest rates		—			391,518
Stock indices		—			(942,278	)
Realized trading income/(loss)(2)	$	(142,069	)	$	798,159

63

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

for the Three Months Ended September 30, 2011 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	15,878,273		$	165,475		$	19,876,345
Currencies		(555,810	)		(30,570	)		(6,530,704	)
Energies		(13,233,592	)		120,574			600,800
Agriculturals		(467,268	)		(133,312	)		4,161,214
Interest rates		(1,797,937	)		121,316			2,733,205
Stock indices		(426,825	)		194,318			(364,392	)
Change in unrealized trading income/(loss)(3)	$	(603,159	)	$	437,801		$	20,476,468

Type of contract	Currency Series
Metals	$	—
Currencies		(2,759	)
Energies		—
Agriculturals		—
Interest rates		—
Stock indices		—
Change in unrealized trading income/(loss)(3)	$	(2,759	)

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

for the Nine Months Ended September 30, 2011 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	15,878,273		$	(50,223	)	$	22,091,608
Currencies		(555,810	)		609,296			(22,590,346	)
Energies		(13,233,592	)		51,126			2,644,424
Agriculturals		(467,268	)		(31,548	)		(4,261,859	)
Interest rates		(1,797,937	)		(1,224,260	)		1,374,509
Stock indices		(426,825	)		910,501			(3,438,136	)
Change in unrealized trading income/(loss)(3)	$	(603,159	)	$	264,892		$	(4,179,800	)

Type of contract	Currency Series			Winton/Graham Series
Metals	$	—		$	(619,217	)
Currencies		(27,166	)		(571,607	)
Energies		—			12,279
Agriculturals		—			(371,424	)
Interest rates		—			(285,680	)
Stock indices		—			313,862
Change in unrealized trading income/(loss)(3)	$	(27,166	)	$	(1,521,787	)

(1) The Frontier Diversified Series, Tiverton/Graham/Transtren Series (formerly known as Berkely/Graham/Tiverton Series), Currency Series, Winton/Graham Series, Frontier Long/Short Commodity Series and Winton Series participate in trading activities through equity in earnings/(loss) from trading companies. The Balanced Series consolidated Frontier Trading Company XIV, LLC since June 20, 2011. The Frontier Long/Short Series consolidated Frontier Trading Company VII, LLC since September 28, 2011.

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

(3) Amounts recorded in the Statements of Operations under Net change in open trade equity.

9. 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 statements of financial condition, may result in future obligation or loss in excess of the amount paid by the Series for a particular investment. Each Trading Company expects to trade in futures, options, forward and swap contracts and will therefore be a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts, there exists a market risk that such contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being

64

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

10. Indemnifications

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

11. Subsequent Events

None.

65

The Frontier Fund

Consolidated Statements of Financial Condition

September 30, 2012 and December 31, 2011

	9/30/2012		12/31/2011
	(Unaudited)
ASSETS
Cash and cash equivalents	$	16,380,247	$	27,452,803
U.S. Treasury securities, at fair value		39,917,527		78,760,003
Custom time deposits		336,173,783		358,276,083
Receivable from futures commission merchants		152,250,812		160,366,935
Open trade equity, at fair value		18,859,821		—
Swap contracts, at fair value		25,215,077		24,211,688
Investments in Berkeley Quantitative Colorado Fund, LLC at fair value		—		6,270,844
Prepaid service fees		168,962		310,430
Interest receivable		187,489		1,088,724
Other assets		327,198		96,247
Total Assets	$	589,480,916	$	656,833,757
LIABILITIES & CAPITAL
LIABILITIES
Open trade deficit, at fair value	$	—	$	6,556,700
Options written, at fair value		4,621,429		3,336,326
Pending owner additions		906,222		384,457
Owner redemptions payable		1,040,601		3,387,126
Incentive fees payable to Managing Owner		5,797,491		1,844,116
Management fees payable to Managing Owner		1,006,610		1,120,495
Interest payable to Managing Owner		600,346		717,850
Trading fees payable to Managing Owner		585,471		715,113
Trailing service fees payable to Managing Owner		765,541		806,690
Payables to related parties		44,313		1,733
Other liabilities		234,273		16,608
Total Liabilities		15,602,297		18,887,214
CAPITAL
Managing Owner Units		6,614,398		6,538,575
Limited Owner Units		567,264,221		631,407,968
Total Owners’ Capital		573,878,619		637,946,543
Total Liabilities and Capital	$	589,480,916	$	656,833,757

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

66

The Frontier Fund

Consolidated Condensed Schedule of Investments

September 30, 2012

Description	Value			% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various stock index futures contracts (U.S.)	$	(1,088,709	)		–0.19	%
Various stock index futures contracts (Oceanic)		(26,803	)		0.00	%
Various stock index futures contracts (Mexico)		(135	)		0.00	%
Various stock index futures contracts (Far East)		50,246			0.01	%
Various stock index futures contracts (Europe)		(3,681,713	)		–0.64	%
Various stock index futures contracts (Canada)		(63,851	)		–0.01	%
Various stock index futures contracts (Africa)		(132,932	)		–0.02	%
Various soft futures contracts (U.S.)		(1,908,037	)		–0.33	%
Various soft futures contracts (Europe)		15,257			0.00	%
Various soft futures contracts (Canada)		(4,501	)		0.00	%
Various interest rates futures contracts (U.S.)		3,469,796			0.60	%
Various interest rates futures contracts (Oceanic)		889,685			0.16	%
Various interest rates futures contracts (Far East)		168,041			0.03	%
Various interest rates futures contracts (Europe)		4,069,517			0.71	%
Various interest rates futures contracts (Canada)		413,304			0.07	%
Various energy futures contracts (U.S.)		(926,384	)		–0.16	%
Various energy futures contracts (Far East)		(1,142	)		0.00	%
Various currency futures contracts (U.S.)		(1,269,433	)		–0.22	%
Various currency futures contracts (Oceanic)		525			0.00	%
Various currency futures contracts (Far East)		365,829			0.06	%
Various currency futures contracts (Europe)		7,203,683			1.26	%
Various base metals futures contracts (U.S.)		3,187,492			0.56	%
Various base metals futures contracts (Far East)		12,917			0.00	%
Various base metals futures contracts (Europe)		24,205,485			4.22	%
Total Long Futures Contracts		34,948,137			6.11	%
OPTIONS PURCHASED *
Various stock index futures contracts (U.S.)		1,793,428			0.31	%
Various soft futures contracts (U.S.)		2,430,218			0.42	%
Various interest rates futures contracts (U.S.)		130,094			0.02	%
Various energy futures contracts (U.S.)		257,190			0.04	%
Various currency futures contracts (U.S.)		22,825			0.00	%
Various base metals futures contracts (U.S.)		7,527,330			1.31	%
Various base metals futures contracts (Europe)		2,122,619			0.37	%
Total Options Purchased		14,283,704			2.47	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (U.S.)		—			0.00	%
Various base metals futures contracts (Europe)		—			0.00	%
Various currency futures contracts (U.S.)		—			0.00	%
Various currency futures contracts (Canada)		—			0.00	%
Various stock index futures contracts (U.S.)		105,777			0.02	%
Various stock index futures contracts (Oceanic)		2,231			0.00	%
Various stock index futures contracts (Far East)		(133,076	)		–0.02	%
Various stock index futures contracts (Canada)		813			0.00	%
Various soft futures contracts (U.S.)		3,700,411			0.64	%
Various soft futures contracts (Far East)		(8,511	)		0.00	%
Various soft futures contracts (Europe)		(223,371	)		–0.04	%
Various interest rates futures contracts (U.S.)		(228,362	)		–0.04	%
Various interest rates futures contracts (Oceanic)		(16,043	)		0.00	%
Various interest rates futures contracts (Far East)		(11,599	)		0.00	%
Various interest rates futures contracts (Europe)		(142,187	)		–0.02	%
Various interest rates futures contracts (Canada)		(286,100	)		–0.05	%
Various energy futures contracts (U.S.)		2,727,550			0.48	%
Various energy futures contracts (Europe)		32,792			0.01	%
Various currency futures contracts (U.S.)		774,953			0.14	%
Various currency futures contracts (Far East)		6,825			0.00	%
Various currency futures contracts (Europe)		(7,080,635	)		–1.23	%
Various base metals futures contracts (U.S.)		(351,303	)		–0.06	%
Various base metals futures contracts (Europe)		(28,855,979	)		–5.03	%
Total Short Futures Contracts		(29,985,814	)		–5.20	%
OPTIONS WRITTEN *
Various stock index futures contracts (U.S.)		(601,758	)		–0.10	%
Various soft futures contracts (U.S.)		(494,690	)		–0.09	%
Various interest rates futures contracts (U.S.)		(22,625	)		0.00	%
Various currency futures contracts (U.S.)		(8,610	)		0.00	%
Various currency futures contracts (Europe)		(507,227	)		–0.09	%
Various base metals futures contracts (U.S.)		(1,022,045	)		–0.18	%
Various base metals futures contracts (Europe)		(1,964,474	)		–0.34	%
Total Options Written		(4,621,429	)		–0.80	%
CURRENCY FORWARDS *
Various currency futures contracts()		(386,206	)		–0.07	%
Total Currency Forwards		(386,206	)		–0.07	%
Total Open Trade Equity	$	14,238,392			2.51	%
SWAPS (1)
Frontier Balanced RCW-1 Swap (U.S.)	$	19,907,597			3.47	%
Frontier Balanced DB Swap (U.S.)		5,307,480			0.92	%
Total Swaps	$	25,215,077			4.39	%
U.S. TREASURY SECURITIES

FACE VALUE			Fair Value
$	36,700,000.00	US Treasury Note 4.000% due 02/15/2015 (Cost $38,016,039)	$	39,917,527	6.96	%

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

(1) See Notes to Financial Statements, Note 4.

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

67

The Frontier Fund

Consolidated Condensed Schedules of Investments

December 31, 2011

Description	Value			% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various base metals futures contracts (U.S.)	$	(1,511,157	)		–0.24	%
Various base metals futures contracts (Europe)		(4,401,353	)		–0.69	%
Various currency futures contracts (U.S.)		891,115			0.14	%
Various currency futures contracts (Canada)		—			0.00	%
Various currency futures contracts (Europe)		353,570			0.06	%
Various currency futures contracts (Far East)		—			0.00	%
Various energy futures contracts (U.S.)		(13,430,017	)		–2.11	%
Various energy futures contracts (Europe)		(3,481,430	)		–0.55	%
Various interest rates futures contracts (U.S.)		1,352,108			0.21	%
Various interest rates futures contracts (Canada)		78,923			0.01	%
Various interest rates futures contracts (Europe)		4,207,802			0.66	%
Various interest rates futures contracts (Far East)		666,559			0.10	%
Various precious metals futures contracts (U.S.)		(1,105,701	)		–0.17	%
Silver @ COMEX Settling 12/1/13 (Number of Contracts: 152)		(11,121,080	)		–1.74	%
Various precious metals futures contracts (Europe)		—			0.00	%
Various soft futures contracts (U.S.)		(8,190,181	)		–1.28	%
Various soft futures contracts (Europe)		(3,750	)		0.00	%
Various soft futures contracts (Canada)		—			0.00	%
Various stock index futures contracts (U.S.)		483,160			0.08	%
Various stock index futures contracts (Canada)		5,579			0.00	%
Various stock index futures contracts (Europe)		252,897			0.04	%
Various stock index futures contracts (Far East)		(187,635	)		–0.03	%
Total Long Futures Contracts		(35,140,591	)		–5.51	%
OPTIONS PURCHASED *		11,933,138			1.87	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (US)		1,266,138			0.20	%
Various base metals futures contracts (Europe)		5,601,385			0.88	%
Various currency futures contracts (US)		70,134			0.01	%
Various currency futures contracts (Canada)		—			0.00	%
Various currency futures contracts (Europe)		851,771			0.13	%
Various currency futures contracts (Far East)		3,727			0.00	%
Various energy futures contracts (US)		(423,746	)		–0.07	%
Various energy futures contracts (Europe)		3,495,760			0.55	%
Various energy futures contracts (Far East)		(1,195	)		0.00	%
Various interest rates futures contracts (US)		(1,533,678	)		–0.24	%
Various interest rates futures contracts (Canada)		4,052			0.00	%
Various interest rates futures contracts (Europe)		(134,928	)		–0.02	%
Various interest rates futures contracts (Far East)		(94,959	)		–0.01	%
Various precious metals futures contracts (US)		3,257,794			0.51	%
Various soft futures contracts (US)		3,561,139			0.56	%
Various soft futures contracts (Europe)		575,766			0.09	%
Various soft futures contracts (Far East)		(29,121	)		0.00	%
Various stock index futures contracts (US)		(2,153	)		0.00	%
Various stock index futures contracts (Canada)		(27,463	)		0.00	%
Various stock index futures contracts (Europe)		(398,770	)		–0.06	%
Various stock index futures contracts (Far East)		137,100			0.02	%
Total Short Futures Contracts		16,178,751			2.52	%
CURRENCY FORWARDS *		472,001			0.07	%
Total Open Trade Equity	$	(6,556,700	)		–1.05	%
OPTIONS WRITTEN*		(3,336,326	)		–0.52	%
SWAPS (1)	$	6,504,931			1.02	%
Total Return Option Basket Swap (Termination date 11/6/12)		17,706,757			2.78	%
Total Swaps	$	24,211,688			3.80	%
Investment in Berkeley Quantitative Colorado Fund LLC (Cost of $8,487,603)	$	6,270,844			0.98	%
U.S. TREASURY SECURITIES

FACE VALUE			Fair Value
$	36,500,000.00	US Treasury Note 3.875% due 02/15/2013 (Cost $38,125,391) (2)	$	—	0.00	%
$	36,700,000.00	US Treasury Note 4.000% due 02/15/2015 (Cost $38,016,039) (2)		—	0.00	%
			$	—	0.00	%

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

(1) See Notes to Financial Statements, Note 4.

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

68

The Frontier Fund

Consolidated Statements of Operations

For the Nine Months Ended September 30, 2012 and 2011 (Unaudited)

	9/30/2012			9/30/2011
Investment income:
Interest - net	$	4,334,714		$	4,938,493
Total Income		4,334,714			4,938,493
Expenses:
Incentive Fees		11,463,249			20,654,509
Management Fees		9,758,788			10,461,004
Service Fees - Class 1		7,980,617			11,509,044
Trading Fees		6,019,122			6,632,199
Total Expenses		35,221,776			49,256,756
Investment loss - net		(30,887,062	)		(44,318,263	)
Realized and unrealized gain/(loss) on investments:
Net realized gain on futures, forwards and options		5,493,499			88,169,852
Net change in open trade equity/(deficit)		25,316,847			(28,236,907	)
Net realized gain/(loss) on swap contracts		(525,237	)		(2,168,133	)
Net unrealized gain/(loss) on swap contracts		1,538,438			(19,212,891	)
Net realized gain on U.S. Treasury securities		854,738			—
Net unrealized gain/(loss) on U.S. Treasury securities		(1,832,445	)		432,612
Trading commissions		(6,051,637	)		(6,121,802	)
Net increase from payments by managing owner		—			390,589
Net realized loss on investment in Berkeley Quantitative Colorado Fund LLC		(2,172,987	)		(135,775	)
Net unrealized gain/(loss) on investment in Berkeley Quantitative Colorado Fund LLC		2,084,880			(2,266,908	)
Net gain on investments		24,706,096			30,850,637
NET DECREASE IN CAPITAL RESULTING FROM OPERATIONS		(6,180,966	)		(13,467,626	)
Less: Operations attributable to non-controlling interests		—			(587	)
NET DECREASE IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(6,180,966	)	$	(13,467,039	)

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

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The Frontier Fund

Consolidated Statements of Operations

For the Three Months Ended September 30, 2012 and 2011 (Unaudited)

	9/30/2012			9/30/2011
Investment income:
Interest - net	$	1,377,089		$	1,696,577
Total Income		1,377,089			1,696,577
Expenses:
Incentive Fees		5,789,666			6,168,592
Management Fees		3,191,672			3,334,956
Service Fees - Class 1		2,540,950			3,198,864
Trading Fees		1,987,736			1,928,844
Total Expenses		13,510,024			14,631,256
Investment loss - net		(12,132,935	)		(12,934,679	)
Realized and unrealized gain/(loss) on investments:
Net realized gain on futures, forwards and options		(14,031,019	)		10,024,737
Net change in open trade equity/(deficit)		36,395,403			15,709,510
Net realized gain on swap contracts		—			(10,687,343	)
Net unrealized gain/(loss) on swap contracts		259,527			(7,587,158	)
Net unrealized gain/(loss) on U.S. Treasury securities		(173,695	)		382,259
Trading commissions		(1,914,850	)		(1,867,418	)
Net increase from payments by managing owner		—			390,589
Net unrealized gain/(loss) on investment in Berkeley Quantitative Colorado Fund LLC		—			(601,629	)
Net gain/(loss) on investments		20,535,366			5,763,547
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		8,402,431			(7,171,132	)
Less: Operations attributable to non-controlling interests		—			(340	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	8,402,431		$	(7,170,792	)

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

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The Frontier Fund

Consolidated Statement of Changes in Owners’ Capital

For the Nine Months Ended September 30, 2012 (Unaudited)

	Managing Owner		Limited Owners			Total
Owners’ Capital, December 31, 2011	$	6,538,575	$	631,407,968		$	637,946,543
Sale of Units		—		39,291,798			39,291,798
Redemption of Units		—		(97,178,756	)		(97,178,756	)
Net increase/(decrease) in Owners’ Capital resulting from operations		75,823		(6,256,789	)		(6,180,966	)
Owners’ Capital, September 30, 2012	$	6,614,398	$	567,264,221		$	573,878,619

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

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The Frontier Fund

Consolidated Statements of Cash Flows

For the Nine Months Ended September 30, 2012 and 2011 (Unaudited)

	2012			2011
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	(6,180,966	)	$	(13,467,039	)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Change in:
Net change in open trade equity		(25,416,521	)		20,932,116
Net change in options written, at fair value		1,285,103			(5,464,104	)
Net unrealized gain/(loss) on swap contracts		(1,538,438	)		2,168,133
Net realized gain/(loss) on swap contracts		525,537			19,212,891
Net unrealized gain/(loss) on U.S. Treasury securities		1,832,445			(432,612	)
Net realized gain/(loss) on U.S. Treasuries securities		(854,738	)		0
Net realized gain/(loss) on investment in Berkeley Colorado Quantitative Fund LLC		2,172,987			135,775
Net unrealized gain/loss on investment in Berkeley Colorado Quantitative Fund LLC		(2,084,880	)		2,266,908
(Purchases) sales of:
Sales of swap contracts		9,812			46,148,249
(Purchases) of swap contracts		—			—
Sales of U.S. Treasury securities		37,864,769			385,842
(Purchases) of U.S. Treasury securities		—			—
Sales of custom time deposits		25,000,000			100,000,000
(Interest rollover) of custom time deposits		(2,897,700	)		(6,671,542	)
Sales of certificates of deposit		—			—
Sales of Berkeley Colorado Quantitative Fund LLC		6,182,737			1,512,398
(Purchases) of Berkeley Colorado Quantitative Fund LLC		—			—
Increase and/or decrease in:
Receivable from futures commission merchants		8,116,123			43,229,646
Control of ownership of trading companies		—			—
Contributions to trading companies		—			—
Distributions from trading companies		—			(8,462	)
Prepaid service fees		141,468			161,880
Interest receivable		901,235			720,593
Receivable from related parties		0			—
Other assets		(230,951	)		(2,942	)
Incentive fees payable to Managing Owner		3,953,375			(1,487,585	)
Management fees payable to Managing Owner		(113,885	)		(258,509	)
Interest payable to Managing Owner		(117,504	)		(264,277	)
Trading fees payable to Managing Owner		(129,642	)		(194,821	)
Trailing service fees payable to Managing Owner		(41,149	)		(316,241	)
Payables to related parties		42,580			(101,261	)
Other liabilities		217,665			(28,091	)
Net cash provided by (used in) operating activities		48,639,162			208,176,945
Cash Flows from Financing Activities:
Proceeds from sale of capital		39,291,798			87,801,971
Payment for redemption of capital		(97,178,756	)		(288,327,793	)
Pending owner additions		521,765			(577,232	)
Redemptions payable		(2,346,525	)		(336,164	)
Net cash provided by (used in) financing activities		(59,711,718	)		(201,439,218	)
Net increase (decrease) in cash and cash equivalents		(11,072,556	)		6,737,727
Cash and cash equivalents, beginning of period		27,452,803			17,992,550
Cash and cash equivalents, end of period	$	16,380,247		$	24,730,277

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

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The Frontier Fund

Notes to Consolidated Financial Statements (Unaudited)

1. Organization and Purpose

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

Purchasers of Units are limited owners of the Trust (“Limited Owners”) with respect to beneficial interests of the Series’ Units purchased. The Trust Act provides that, except as otherwise provided in the amended and restated declaration of trust and trust agreement of the Trust dated as of August 8, 2003, by and among the Managing Owner, Wilmington Trust Company as trustee and the unitholders from time to time (the “Trust Agreement”), unitholders in a Delaware statutory trust will have the same limitation of liability as do stockholders of private corporations organized under the General Corporation Law of the State of Delaware. The Trust Agreement confers substantially the same limited liability, and contains the same limited exceptions thereto, as would a limited partnership agreement for a Delaware limited partnership engaged in like transactions as the Trust. In addition, pursuant to the Trust Agreement, the Managing Owner of the Trust is liable for obligations of a Series in excess of that Series’ assets. Limited Owners do not have any such liability. The Managing Owner will make contributions to Series of the Trust necessary to maintain at least a 1% interest in the aggregate capital, profits and losses of all Series.

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

The Trust has eight (8) separate and distinct Series of Units issued and outstanding: Frontier Diversified Series, Frontier Masters Series, Frontier Long/Short Commodity Series, Balanced Series, Tiverton/Graham/Transtrend Series (formerly Berkeley/Graham/Tiverton Series), Currency Series, Winton Series and Winton/Graham Series (each a “Series” and collectively, the “Series”). The Trust financial statements are comprised of unitized Series which are consolidated into the Trust financial statements. However, the consolidated Trust does not issue units.

The Trust, with respect to each Series:

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

• allocates funds to a limited liability trading company or companies (“Trading Company”). Except as otherwise described in these notes, 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 and make the trading decisions for the assets of each Series vested in such Trading Company. Each Trading Company will segregate its assets from any other Trading Company;

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

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

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

• maintains each Series of Units in three or six sub-classes—Class 1, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased 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. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1 a of such Series, is prepaid to Equinox Fund Management, LLC (the “Managing Owner”) by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 or Class 1 a 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

73

which such investor redeemed to reimburse the Managing Owner for the then-unamortized balance of the prepaid initial service fee. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Frontier Diversified Series, Frontier Dynamic Series and Frontier Masters Series or Class 2a Units of the Frontier Long/Short Commodity Series) sold until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series. The Managing Owner may also pay Selling Agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such Selling Agents; and

• all payments made to Selling Agents who are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and their associated persons that constitute underwriting compensation will be subject to the limitations set forth in Rule 2310(b)(4)(B)(ii) (formerly Rule 281 0(b)(4)(B)(ii)) of the Conduct Rules of FINRA (“Rule 2310”). An investor’s Class 1 Units or Class 2 Units of any Series, or Class 1a Units or Class 2a Units of the Frontier Long/Short Commodity Series or Balanced Series will be classified as Class 3 or Class 3a Units of such Series, as applicable, when the Managing Owner determines that the fee limitation set forth in Rule 2310 with respect to such Units has been reached or will be reached. No service fees are paid with respect to Class 3 or Class 3a Units. Units of any Class in a Series may be redeemed, in whole or in part, on a daily basis, at the then current NAV per Unit for such Series on the day of the week after the date the Managing Owner is in receipt of a redemption request for at least one (1) Business Day to be received by the Managing Owner prior to 4:00 PM in New York.

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

As of September 30, 2012 and December 31, 2011, the Trust, with respect to the Frontier Diversified Series, Frontier Masters Series, Tiverton/Graham/Transtrend Series, Currency Series, Winton Series and Winton/Graham Series, separates Units into three separate Classes—Class 1, Class 2, and Class 3. The Trust, with respect to the Balanced Series, and Frontier Long/Short Commodity Series separates Units into six separate Classes—Class 1, Class 2, Class 3, Class 1a, Class 2a and Class 3a. It is expected that between 10% and 30% of each Series’ assets normally will be invested in one or more Trading Companies to be committed as margin for trading positions, but from time to time these percentages may be substantially more or less. The remainders of each Series’ assets are maintained at the Trust level for cash management. Each of the respective Series has invested monies into pooled cash management assets which have included purchases of certificates of deposit, custom time deposits and U.S. Treasury securities. Each Series’ ownership in these investments is based on its percentage ownership in the pooled cash management assets on the reporting date.

Each Series of the Trust may invest a portion of its assets in a single Trading Company or in several different Trading Companies and may have multiple Trading Advisors that manage the assets invested in such Trading Companies.

In November 2010, the Tiverton/Graham/Transtrend Series of the Trust invested a portion of its assets in Berkeley Quantitative Colorado Fund LLC, an unaffiliated company, managed by an affiliate of Berkeley Quantitative L.P. Through this investment, Berkeley Quantitative L.P. became a commodity trading advisor to the Trust. The investment was liquidated March 20, 2012

During July, 2011, Currency Series of the Trust liquidated its interest in an option basket and realized a decrease in fair value greater than had previously been recorded as unrealized loss. The Managing Owner determined to make a onetime administrative adjustment by payment to the Currency Series of $390,589 to reimburse the effect of the loss on the investors in the series, exclusive of the inter-series payables’ interests, recorded in the Consolidated Statements of Operations as Net increase from payments by managing owner.

During July, 2011, Frontier Dynamic Series ceased trading operations and liquidated all positions and investor accounts. The Series is closed as of December 31, 2011.

During December, 2011, Long Only Commodity Series and Managed Futures Index Series ceased trading operations and liquidated all positions and investor accounts. The Series are closed as of December 31, 2011.

2. Significant Accounting Policies

The following are the significant accounting policies of the Trust.

Basis of Presentation—The Trust follows Generally Accepted Accounting Principles (“GAAP”), as established by the Financial Accounting Standards Board (the “FASB”), to ensure consistent reporting of financial condition, schedules of investments, results of operations, changes in capital and cash flows.

74

These financial statements should be read in conjunction with the audited financial statements and notes thereto included in our 2011 Annual report on Form 10-K as filed with the SEC.

Consolidation—Each Series of the Trust invests in Trading Companies who authorize certain Trading Advisors to place trades and manage assets at pre-determined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses, all of which is allocated to the Series. The Trading Companies and Series of the Trust which have a controlling interest are consolidated by the Trust.

Investment in Berkeley Quantitative Colorado Fund LLC—The Tiverton/Graham/Transtrend Series of the Trust had an investment in the Berkeley Quantitative Colorado Fund LLC. The Berkeley Quantitative Colorado Fund LLC began operations on November 1, 2010. The Berkeley Quantitative Colorado Fund LLC was not consolidated into the financial statements of the Trust because the Trust has no control or transparency over the operations of the fund. This investment was shown on the consolidated statements of financial condition with the change in fair value shown in net unrealized gain/(loss) on the Berkeley Quantitative Colorado Fund LLC. This investment was liquidated on March 20, 2012.

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

Cash and Cash Equivalents—Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits held at banks with maturities of three months or less.

Interest Income—Aggregate interest income from all sources, including assets held at Futures Commission Merchants (“FCM”), up to two percentage points of the aggregate percentage yield (annualized) is paid to the Managing Owner. All interest not paid to the Managing Owner is interest income to the Trust.

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

Custom Time Deposits—Custom time deposits are structured deposit agreements with U.S. Bank National Association that earn a guaranteed fixed interest rate between 2.17% and 3.75% , mature nine months from the deposit date and are subject to automatic six-month rollovers through October 2015. Custom time deposits were purchased on September 15, 2009, October 21, 2008 and October 30, 2008. Interest is paid monthly or at least every nine months. Unscheduled withdrawals will be subject to certain penalties and other costs of up to 1.0% of the amount deposited if withdrawn within the first nine months from the deposit date. The withdrawal fee is set at 0.225% for the period from nine months to one year subsequent to the deposit date and decreases by .05% increments for each year thereafter through the maturity date. In May 2011, July 2011, August 2011 and January 2012, the Trust redeemed approximately $25 million, $25 million, $50 million and $25 million, respectively, in custom time deposits held with U.S. Bank N.A which represented a full liquidation of the 2.17% investment tranche and an additional $25 million of the 3.17% tranche. Custom time deposits are allocated to each Series based on their percentage ownership in the pooled cash management assets as of the reporting date. The Trust values the custom time deposits at face value plus accrued interest as it is considered a deposit account under paragraph 7.50 of the Investment Company Audit Guide, and accordingly, this deposit is not subject to ASC 820.

Credit Default Swaps—The Trust invested in credit default swaps for the purpose of mitigating part of the risk of concentration of deposits with U.S. Bank National Association to other major financial institutions. See Note 4. Credit Default Swaps were reported at fair value based upon daily valuations provided by a third party pricing service. The Trust recorded the daily change in fair value in the consolidated statements of operations as net unrealized gain/(loss) on swap contracts. All Credit Default Swaps had expired during March, 2012.

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

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

75

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

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

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

Payments by the Managing Owner—The Managing Owner may make discretionary payments to the Trust related to a variety of factors, including investment losses to reimburse the effect of a loss on a portfolio investment which has been caused by a situation outside the Trust’s, or it’s affiliates’, direct control. Such payments will be made on a discretionary basis and will be disclosed in the consolidated statement of operations as a net increase from payments by managing owner. These payments are in accordance with the Trust agreement on a discretionary basis as determined by the Managing Owner.

Investments and Swaps—The Trust records investment transactions on a trade date basis 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 consolidated statements of operations. Certain Series of the Trust strategically invest a portion or all of their assets in total return Swaps, selected at the discretion of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more underlying investment products or indices. In a typical Swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. The valuation of swap contracts requires significant estimates corroborated by management and a third party pricing service. The third party pricing service utilizes a Black Scholes pricing model with input adjustments factoring in volatility and liquidity of the instruments. Swap contracts are reported utilizing Level 3 Inputs. The significant unobservable inputs used in the fair value measurement of the Trust, with respect to the Series, Swap contracts are asset liquidity, debt valuation, credit risk, volatility, market risk, distributions, dividends, risk premiums, and other risk management tools. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. All valuation processes are monitored by the valuation committee of the Managing Owner.

Income Taxes—The Trust applies the provisions of ASC 740 Income Taxes (“ASC 740”), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust’s financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Trust’s level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The Managing Owner has concluded there is no tax expense, interest or penalties to be recorded by the Trust for the years ended December 31, 2011 and 2010. The 2008 through 2011 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

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

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

Service Fees—The Trust maintains each Series of Units in three or six sub-classes—Class 1, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased 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. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 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. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Frontier Diversified Series and Frontier Masters Series or Class 2a Units of the Frontier Long/Short Commodity Series) sold until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series for administrative purposes. The Managing Owner may also pay Selling Agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such Selling Agents.

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 Class 1 and Class 1a Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed for such payment by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk of the downside and enjoys the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months.

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

Recently Adopted Accounting Pronouncements—In January 2010, FASB issued Accounting Standards update No. 2010-06 (“ASU 2010-06”) for improving disclosure about fair value measurements. ASU 2010-06 adds new disclosure requirements about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggregation for fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after December 15, 2009 except for disclosures about purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. As this update is disclosure related, adoption of ASU 2010-06 on January 1, 2011 did not have a material impact on the Trust’s consolidated statements of financial condition, results of operations or cash flows.

In May 2011, the FASB issued ASU No. 2011-04 which provides guidance pertaining to fair value measurement that included a common definition of fair value and information to assist reporting entities to measure and disclose fair value with regards to U.S. GAAP and International Financial Reporting Standards (“IFRS”) convergence issues. This guidance became effective for interim and annual periods beginning on or after December 15, 2011, with early adoption prohibited. Adoption of ASU 2011-04 on January 1, 2012 did not have a material impact on the Series’ statements of financial condition, results of operations and cash flows.

Recently Issued Accounting Pronouncements—In November of 2011, FASB issued new guidance that requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. This guidance is effective for annual and interim periods beginning on or after January, 1, 2013. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. Our effective date is January 1, 2013. The adoption of this guidance is not expected to have a material impact on the financial positions or results of operations.

Subsequent Events—The Trust follows the provisions of ASC 855, Subsequent Events, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date and up through the date the financial statements are issued. Refer to Note 10.

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3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

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

Level 3 Inputs

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

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

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

Swap Contracts. Certain Series of the Trust strategically invest a portion or all of their assets in total return Swaps, selected at the direction of the Managing Owner. Each Series also owned a portion of the Credit Default Swaps (“CDS”) based upon ownership percentages of the cash management pool. 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 of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. The valuation of swap contracts requires significant estimates utilizing Level 3 Inputs corroborated by management through the use of a third party pricing service (“pricing service”). The pricing service, utilizing proprietary model-intensive methodologies, selects and implements the pricing model appropriate for each swap valuation. The pricing service does not provide detail of the pricing model to management. The Managing Owner engages, via inquiry and review of methodology documentation, with the service provider to gain an understanding of the valuation model selected; the components of the model, both observable and unobservable; and quality control testing procedures in place. The pricing service’s methodology includes performance of tolerance testing on its valuation models to ensure consistency and reasonableness of the values derived. The tolerance testing includes valuing the components of the product separately, i.e. underlying asset, volatility, financing rates, and so forth. The tolerance testing is part of the initial valuation setup and throughout the ongoing daily valuation process. The pricing service also has several layers of quality control including: engineering / reverse engineering process to understand each swap and its’ subcomponent parts fully; comparative analysis against other valuations performed with similar composition and characteristics; review of output valuation against expectations based on observable price movements of underlying futures; and lastly, periodic review by senior financial engineer to ensure design and function of model is stable and perform as expected.

The Managing Owner has chartered a valuation committee to provide oversight of the valuation process for the Series. The valuation committee meets at least monthly to discuss the valuation process and any valuation issues that may arise. The valuation committee is comprised of senior members of the Managing Owner’s management team with varying areas of expertise that add value to the committee. The valuation committee reports to both the Managing Owner’s Investment Oversight and Risk Committee and the Trust’s Executive Committee. The committee further remains in communication with the Managing Owner’s Due Diligence Committee that provides ongoing counterparty risk monitoring of the swap counterparties. The committee monitors daily pricing provided by the swap counterparty and daily valuation provided by the third party pricing service. The committee may request a price challenge if the daily valuation provided by the counterparty does not fall within the lower and upper bounds provided by the pricing service. The Managing Owner’s valuation committee monitors some additional input factors such as liquidity, volatility, and counterparty risk in order to further review the valuations provide by the pricing service.

Investment in the Berkeley Quantitative Colorado Fund LLC. Investment in Berkeley Quantitative Colorado Fund LLC was valued based on the daily net asset value as reported by the managing member of the Berkeley Quantitative Colorado Fund LLC. The reported net asset value represented fair value based on observable data such as ongoing redemption and/or subscription activity, which was reported as a Level 2 input. This investment was liquidated on March 20, 2012.

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The following table summarizes the instruments that comprise the Trust’s financial asset portfolio, by Series, measured at fair value on a recurring basis as of September 30, 2012 and December 31, 2011, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

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

September 30, 2012	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	4,576,120		$	14,283,704		$	—	$	18,859,824
Swap Contracts		—			—			25,215,077		25,215,077
U.S. Treasury Securities		39,917,527			—			—		39,917,527
Written Options		—			(4,621,432	)		—		(4,621,432	)
December 31, 2011	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	(18,489,839	)	$	11,933,138		$	—	$	(6,556,701	)
Swap Contracts		—			—			24,211,688		24,211,688
U.S. Treasury Securities		78,760,003			—			—		78,760,003
Written Options		—			(3,336,325	)		—		(3,336,325	)

	Frontier Fund Trust For The Nine Months Ended September 30, 2012
Balance of recurring Level 3 assets as of January 1, 2012	$	24,211,688
Total gains or losses (realized/unrealized):
Included in earnings-realized		(525,237	)
Included in earnings-unrealized		1,538,438
Purchases of investments		—
Sales of investments		(9,812	)
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of September 30, 2012	$	25,215,077
	Frontier Fund Trust For The Year Ended December 31, 2011
Balance of recurring Level 3 assets as of January 1, 2011	$	104,877,949
Total gains or losses (realized/unrealized):
Included in earnings-realized		(9,630,838	)
Included in earnings-unrealized		(11,724,468	)
Purchases of investments		7,004,112
Sales of investments		(66,705,656	)
Transfers in and/or out of Level 3		—
Net increase in payments from Managing Owner		390,589
Balance of recurring Level 3 assets as of December 31, 2011	$	24,211,688

The Trust assess the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Trust’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the nine month period ended September 30, 2012, the Trust transferred currency forwards from Level 1 assets to Level 2 assets.

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4. 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. Total return Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more investment products or indices. In a typical total return Swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount or value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities.

The Trust invests in Credit Default Swaps (“CDS”) with highly-rated counterparties as part of its portfolio. CDSs are over-the-counter investment instruments designed to mitigate counterparty risk and generally pay upon the happening of a credit default of a counterparty. The CDS were allocated to each Series based on their percentage ownership in the pooled cash management assets at U.S. Bank National Association as of the reporting date. All Credit Default Swaps had expired as of March 31, 2012.

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

The Managing Owner follows a procedure in selecting well-established financial institutions which the Managing Owner, in its sole discretion, considers to be reputable, reliable, financially responsible and well established to act as swap counterparties. The procedure includes due diligence review of documentation on all new and existing financial institution counterparties prior to initiation of the relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owner’s minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. As of September 30, 2012 and December 31, 2011, approximately 4.0% and 5.0%, respectively, of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain Swaps.

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

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The Trust has invested in the following Swaps as of and for the nine months ended September 30, 2012:

	Credit Default Swap			Credit Default Swap			Option Swap		Total Return Swap
Counterparty		BNP Paribas			Societe Generale			Company A		DeutscheBank
Notional Amount	$	0		$	0		$	15,325,024	$	23,551,287
Termination Date		3/20/2012			3/20/2012			11/6/2012		6/30/2016
Investee Returns		On Default			On Default			Total Returns		Total Returns
Realized Gain/(Loss)	$	(407,283	)	$	(117,954	)	$	—	$	—
Unrealized Gain/(Loss)	$	(215,876	)	$	117,954		$	2,211,370	$	(575,010	)
Fair Value as of 9/30/2012	$	—		$	—		$	19,907,597	$	5,307,480

The Trust has invested in the following Swaps as of and for the year ended December 31, 2011:

	Credit Default Swap		Credit Default Swap			Credit Default Swap		Option Swap			Total Return Swap
Counterparty		BNP Paribas		Societe Generale			Societe Generale		Company A			DeutscheBank
Notional Amount	$	623,160	$	0		$	0	$	14,129,540		$	23,551,287
Termination Date		3/20/2012		3/20/2012			12/20/2011		11/6/2012			6/30/2016
Investee Returns		On Default		On Default			On Default		Total Returns			Total Returns
Realized Gain/(Loss)	$	—	$	—		$	—	$	6,689,123		$	—
Unrealized Gain/(Loss)	$	213,160	$	(120,458	)	$	—	$	(18,838,844	)	$	(368,228	)
Fair Value as of 12/31/2011	$	623,159	$	—		$	—	$	17,706,757		$	5,881,772

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5. Transactions with Affiliates

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

Expenses

Management Fees—Each Series of the Trust pays to the Managing Owner a monthly management fee equal to a certain percentage of such Series’ assets attributable to such Series (including notional 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, Frontier Long/Short Commodity Series Class 1 a and Class 2a and Frontier Masters Series, 0.75% for Frontier Diversified Series, 2.5% for the Winton/Graham Series and Tiverton/Graham/Transtrend Series, and 3.5% for the Frontier Long/Short Commodity Series Class 1 and Class 2. The Managing Owner may pay all or a portion of such management fees to the Trading Advisor(s) for such Series.

Trading Fees—In connection with each Series’ trading activities of the Trust, the Frontier Long/Short Commodity Series (Classes 1, 2 and 3), Balanced Series, Currency Series, Tiverton/Graham/Transtrend Series, Winton Series and Winton/Graham Series pays to the Managing Owner a trading fee, or FCM Fee, up to 0.75% of such Series’ NAV, calculated daily. The Frontier Diversified Series, Frontier Long/Short Commodity Series (Classes 1a and 2a) and Frontier Masters Series pays to the Managing Owner a trading fee, or FCM Fee, up to 2.25% and a custodial/due diligence fee of 0.12% of such Series’ NAV, calculated daily.

Incentive Fees—Some Series of the Trust 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, Winton/Graham Series, Berkeley/Graham/Tiverton Series, Currency Series and Frontier Long/Short Commodity Series may each employ multiple Trading Advisors, these Series will pay the Managing Owner a monthly incentive fee calculated on a Trading Advisor by Trading Advisor basis. It is therefore possible that in any given period the Balanced Series or the Frontier 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 the Frontier Diversified Series and 20% for the Winton Series, Currency Series, Winton/Graham Series, Tiverton/Graham/Transtrend Series, Frontier Long/Short Commodity Series and Frontier Masters Series. The Managing Owner may pay all or a portion of such incentive fees to the Trading Advisor(s) for such Series.

Service Fees—In addition, with respect to Class 1 and Class 1a Units of each Series of the Trust, as applicable, the Series pays monthly or quarterly to the Managing Owner a service fee at an annualized rate, as described in more detail above, which the Managing Owner pays to selling agents of the Trust.

With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed therefore by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk and enjoys the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months. For the three months ended September 30, 2012 amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees were $8,628. For the nine months ended September 30, 2012, amounts paid or owing the Managing Owner for the difference in monthly service fees from prepaid initial service fees were $11,795.

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For the year ended December 31, 2011, amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees were $2,910. For the year ended December 31, 2011, amounts paid or owed to the Managing Owner for the difference in monthly service fees from prepaid initial service fees were $108,041.

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, Berkeley/Graham/Tiverton Series, Currency Series and Winton/Graham Series. For the Frontier Diversified Series, Frontier Long/Short Commodity Series, Frontier Masters Series, and Balanced Series (Class 1a and Class 2a only), 20% of the total interest allocated to each Series is paid to the Managing Owner. During the nine months ended September 30, 2012, and 2011 the Trust, with respect to the Series, paid $5,748,014 and $7,197,876, respectively, of such interest income to the Managing Owner. Such expenses are not included in the statements of operations of the Series.

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. The amount paid under this agreement was $465,830 and $1,483,875, respectively for the nine months ended September 30, 2012 and 2011. The amount paid under this agreement was $0 and $429,634, respectively, for the three months ended September 30, 2012 and 2011. This agreement ended April 19, 2012.

Solon Capital, LLC, an affiliate of the Trust, provides product development and marketing services. For these services, the Managing Owner paid Solon Capital, LLC, $2,030,547 and $2,670,975, respectively, for the nine months ended September 30, 2012 and 2011. For these services, the Managing Owner paid Solon Capital, LLC, $665,527 and $773,341, respectively, for the three months ended September 30, 2012 and 2011.

Equinox Group Distributors, LLC, an affiliate of the Managing Owner, serves as wholesaler of the Trust by marketing to broker/dealer organizations. Its results are consolidated with the Managing Owner.

6. Financial Highlights

The following information presents the financial highlights of the Trust for the nine and three months ended September 30, 2012 and 2011. This data has been derived from the information presented in the consolidated financial statements.

	September 30, 2012			September 30, 2011
Nine Months Ended
Ratios to average net assets (1)
Net investment gain/(loss) (1)		-6.23	%		-6.61	%
Expenses before incentive fees		-5.29	%		-4.83	%
Expenses after incentive fees		-7.20	%		-7.44	%
Total return before incentive fees		0.88	%		0.91	%
Total return after incentive fees		-1.03	%		-1.70	%
	September 30, 2012			September 30, 2011
Three Months Ended
Ratios to average net assets (1)
Net investment gain/(loss) (1)		-5.34	%		-4.82	%
Expenses before incentive fees		-5.28	%		-4.90	%
Expenses after incentive fees		-6.28	%		-5.80	%
Total return before incentive fees		2.45	%		-0.15	%
Total return after incentive fees		1.45	%		-1.05	%

(1) Annualized with the exception of incentive fees.

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

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7. Derivative Instruments and Hedging Activities

The Trust’s primary business is to engage in speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts). The Trust does not enter into or hold positions for hedging purposes as defined under ASC 815. The detail of the fair value of the Trust’s derivatives by instrument types as of September 30, 2012 and December 31, 2011 is included in the Consolidated Condensed Schedules of Investments. See Note 4 for further disclosure related to the Trust’s positions in swap contracts.

For the nine and three months ended September 30, 2012 and 2011, the monthly average of futures contracts bought was approximately 49,800, 20,100, 213,600 and 172,000, respectively and sold was approximately 52,900, 19,100, 131,900 and 113,200, respectively. The following tables summarize the trading revenues for the nine and three months ended September 30, 2012 and 2011 by contract type:

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2012 (1)

Type of contract
Metals	$	(15,791,452	)
Currencies		(6,365,741	)
Energies		(23,685,527	)
Agriculturals		(2,695,834	)
Interest rates		47,939,795
Stock indices		6,092,258
Realized trading income/(loss) (1)	$	5,493,499

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

for the Nine Months Ended September 30, 2012 (2)

Type of contract
Metals	$	3,720,493
Currencies		14,487,416
Energies		529,216
Agriculturals		5,288,536
Interest rates		5,776,926
Stock indices		(4,485,740	)
Change in unrealized trading income/(loss) (2)	$	25,316,847

(1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options

(2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value.

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Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2012 (2)

Type of contract
Metals	$	(649,307	)
Currencies		7,835,846
Energies		(42,758,157	)
Agriculturals		324,580
Interest rates		12,963,102
Stock indices		8,252,917
Realized trading income/(loss) (1)	$	(14,031,019	)

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

for the Three Months Ended September 30, 2012 (2)

Type of contract
Metals	$	(2,999,805	)
Currencies		(2,974,438	)
Energies		35,116,173
Agriculturals		3,858,004
Interest rates		8,135,147
Stock indices		(4,739,678	)
Change in unrealized trading income/(loss) (2)	$	36,395,403

(1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options

(2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value.

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Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2011 (1)

Type of contract
Metals	$	6,225,603
Currencies		7,136,254
Energies		21,770,973
Agriculturals		38,239,122
Interest rates		(15,767,166	)
Stock indices		30,565,066
Realized trading income/(loss) (1)	$	88,169,852

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

for the Nine Months Ended September 30, 2011 (1)

Type of contract
Metals	$	6,306,915
Currencies		(21,644,755	)
Energies		7,265,939
Agriculturals		(7,728,022	)
Interest rates		(8,516,274	)
Stock indices		(3,920,710	)
Change in unrealized trading income/(loss) (2)	$	(28,236,907	)

(1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options

(2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value.

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Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2011 (1)

Type of contract
Metals	$	569,349
Currencies		652,630
Energies		2,905,543
Agriculturals		4,411,601
Interest rates		(1,441,951	)
Stock indices		2,927,565
Realized trading income/(loss) (1)	$	10,024,737

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

for the Three Months Ended September 30, 2011 (2)

Type of contract
Metals	$	495,331
Currencies		6,518,277
Energies		3,841,690
Agriculturals		2,852,828
Interest rates		1,370,456
Stock indices		630,928
Change in unrealized trading income/(loss) (2)	$	15,709,510

(1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options.

(2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value.

8. Trading Activities and Related Risks

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

In addition to market risk, trading futures, forward and swap contracts entails credit risk 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.

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

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

9. Indemnifications

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

10. Subsequent Events

None.

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

Introduction

The following discussion and tables should be read in conjunction with our unaudited consolidated financial statements and notes thereto included in this quarterly report and our 2011 Annual Report on Form 10-K for the year ended December 31, 2011.

Overview

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

The Trust, with respect to each Series of Units, engages in the speculative trading of a diversified portfolio of futures, forward (including interbank foreign currencies) and options contracts and other derivative instruments (including Swaps) and may, from time to time, engage in cash and spot transactions and allocates funds to an affiliated limited liability trading company (each a “Trading Company”). Each Trading Company has one-year renewable contracts with its own independent Trading Advisor(s) that will manage all or a portion of the applicable Trading Company’s assets, and make the trading decisions for the assets of each Series vested in such Trading Company. The assets of each Trading Company will be segregated from the assets of each other Trading Company. The Trust has an investment objective of increasing the value of the Units over the long term (capital appreciation), while controlling risk and volatility; further, to offer exposure to the investment programs of individual Trading Advisors and to specific instruments (currencies).

As of September 30, 2012, the Trust had eight separate Series of Units issued and outstanding: the Frontier Diversified Series, Frontier Long/Short Commodity Series, Frontier Masters Series, Balanced Series, Tiverton/Graham/Transtrend Series, Currency Series, Winton Series and Winton/Graham Series. Each Series of Units has between three and six separate classes issued and/or outstanding—Class 1, Class 2, Class 3, Class 1a, Class 2a, and Class 3a.

Critical Accounting Policies and Estimates

The financial statements of the Trust in this Quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm, but in the opinion of management, reflect all adjustments necessary for a fair presentation of the Trust’s financial

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position and results of operations. The financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”). These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and serve to update the Trust’s 2011 Annual Report on Form 10-K (“Form 10-K”). These financial statements do not include all of the information and notes necessary to constitute a complete set of financial statements under GAAP applicable to annual periods. Accordingly, they should be read in conjunction with the financial information contained in the Form 10-K. In the opinion of management, all adjustments necessary for a fair presentation have been included. The results of operations for the interim periods disclosed herein are not necessarily indicative of results that may be expected for the full year or any future period.

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

Investment Transactions and Valuation

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

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

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

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

Selection and Replacement of Trading Advisors

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

The managing owner utilizes certain quantitative and qualitative analysis in connection with the identification, evaluation and selection of the trading advisors. The managing owner’s proprietary and commercial analytical software programs and comprehensive trading advisor database provide the quantitative basis for the trading advisor selection, portfolio implementation process, and ongoing risk management, monitoring, and review.

In 1983, Richard Bornhoft, the Chief Investment Officer of the managing owner, began compiling its proprietary database of the leading United States and internationally based alternative investment programs. Trading advisors are monitored and performance data is entered on a daily, monthly, quarterly or bi-annual basis according to internal ranking systems.

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

Quantitative Analysis

The managing owner’s analytical software system applies a variety of statistical measures towards the evaluation of current and historical advisor performance data. Statistical measures include but are not limited to: (1) risk/reward analysis, (2) time window analysis, (3) risk analysis, (4) correlation analysis, (5) statistical overlays and (6) performance cycle analysis.

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Qualitative Analysis

Although quantitative analysis statistically identifies the top performing trading advisors, qualitative analysis plays a major role in the trading advisor evaluation and final selection process. Each trading advisor in the managing owner’s top decile universe initially undergoes extensive qualitative review by the managing owner’s research department, as well as continual monitoring. This analysis generally includes, but is not limited to: (1) preliminary information and due diligence, (2) background review, (3) onsite due diligence, (4) extensive due diligence questionnaires and (5) written review and periodic updates. This information allows a thorough review of each trading advisor’s trading philosophy, trading systems and corporate structure.

Multi-Manager Approach

A multi-manager approach to portfolio management provides diversification of trading advisors and access to broader global markets. Multiple trading advisors can provide diversification across trading methodologies, trading time horizons, and markets traded. Additionally, multi-manager portfolios tend to provide a greater level of professional management with ongoing risk management and review. The result can be more consistent returns with lower volatility.

The trading system of each of the major commodity trading advisors used by the Trading Companies is as follows:

Major Commodity Trading Advisor	Trading System Style
Beach Horizon LLP		Systematic
Cantab Capital Partners LLP		Systematic
Global Advisors (Jersey) Limited		Systematic
Graham Capital Management, L.P.		Systematic
Mesirow Financial Commodities Management, LLC		Discretionary
Quantitative Investment Management, LLC		Systematic
QuantMetrics Capital Management LLP		Systematic
Red Oak Commodity Advisors, Inc.		Discretionary
Rosetta Capital Management, LLC		Discretionary
Skyline Management, Inc.		Discretionary
Tiverton Trading		Discretionary
Transtrend B.V.		Systematic
Winton Capital Management Ltd.		Systematic

As of September 30, 2012, the allocation of the assets of each applicable Series of the Trust between the Trading Advisors was as follows:

	Allocation as of September 30, 2012 (expressed as a percentage of aggregate notional exposure to commodity trading programs)
Advisor	Frontier Diversified Series			Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series			Tiverton/ Graham/ Transtrend Series*			Winton Series			Winton/ Graham Series
Beach Horizon LLP		13	%		13	%		—			12	%		—			—			—
Cantab Capital Partners LLP		21	%		—			27	%		20	%		—			—			—
Global Advisors (Jersey) Limited		—			15	%		—			—			—			—			—
Graham Capital Management, L.P.		5	%		—			—			—			40	%		—			55	%
Mesirow Financial Commodities Management, LLC		—			12	%		—			—			—			—			—
Quantitative Investment Management, LLC		6	%		—			—			6	%		—			—			—
QuantMetrics Capital Management LLP		6	%		—			—			—			—			—			—
Red Oak Commodity Advisors, Inc.		—			13	%		—			—			—			—			—
Rosetta Capital Management, LLC		—			10	%		—			—			—			—			—
Skyline Management, Inc.		—			8	%		—			—			—			—			—
Tiverton Trading		15	%		—			20	%		15	%		40	%		—			—
Transtrend B.V.		—			—			33	%		—			20	%		—			—
Winton Capital Management Ltd.		13	%		—			21	%		13	%		—			100	%		45	%

* As of February 29, 2012, Berkeley Quantitative L.P. no longer provides trading advisory services to The Frontier Fund or any trading company managed by the Managing Owner of The Frontier Fund, and as of March 1, 2012 the Berkeley/Graham/Tiverton Series of The Frontier Fund was renamed Tiverton/Graham/Transtrend Series.

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Liquidity and Capital Resources

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

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

A portion of each Trading Company’s assets is used as margin to maintain that Trading Company’s forward currency contract positions, and another portion is deposited in cash in segregated accounts in the name of each Trading Company maintained for each Trading Company at the clearing brokers in accordance with CFTC segregation requirements. At September 30, 2012, cash deposited at the clearing brokers was $92,687,869 for the Balanced Series, $11,694,611 for the Frontier Long/Short Commodity Series and $6,793,726 for the Frontier Masters Series. At December 31, 2011, cash deposited at the clearing brokers was $74,736,294 for the Balanced Series, $47,822,021 for the Frontier Long/Short Commodity Series and $5,107,749 for the Frontier Masters Series. The clearing brokers are expected to credit each Trading Company with approximately 80%-100% of the interest earned on its average net assets on deposit with the clearing brokers each month. Currently, with the Federal Funds target rate at 0.00% to 0.25%, this amount is estimated to be 0.00%. In an attempt to increase interest income earned, the Managing Owner also may invest the non-margin assets in U.S. government securities which include any security issued or guaranteed as to principal or interest by the U.S., or by a person controlled by or supervised by and acting as an instrumentality of the government of the U.S. pursuant to authority granted by Congress or any certificate of deposit for any of the foregoing, including U.S. treasury bonds, U.S. treasury bills and issues of agencies of the U.S. government, and certain cash items such as money market funds, certificates of deposit (under nine months) and time deposits. 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, Tiverton/Graham/Transtrend Series, Currency Series, and Winton/Graham Series. For the Balanced Series (Class 1a and Class 2a only) and Frontier Long/Short Commodity Series 20% of the total interest allocated to each Series is paid to the Managing Owner.

Approximately 10% to 30% of the Trust’s assets are expected to be committed as required margin for futures contracts and forwards and options trading and held by the respective broker, although the amount committed may vary significantly. Such assets are maintained in the form of cash or U.S. treasury bills in segregated accounts with the futures broker pursuant to the Commodity Exchange Act and regulations there under. Approximately 2% to 6% of the Trust’s assets are expected to be deposited with over-the-counter counterparties in order to initiate and maintain forward and swap contracts. Such assets are not held in segregation or otherwise regulated under the Commodity Exchange Act, unless such over-the-counter counterparty is registered as a futures commission merchant. These assets are held in either U.S. government securities or short-term time deposits with U.S.-regulated bank affiliates of the over-the-counter counterparties. The remaining approximately 74% to 88% of the Trust’s assets will normally be invested in cash equivalents and short-term investments, such as money market funds and time deposits and held by the clearing broker, the over-the-counter counterparties and by U.S. federally chartered banks. As of September 30, 2012, total cash and cash equivalents and custom time deposits held at banking institutions were $72,690,542 for the Frontier Diversified Series, $41,064,095for the Frontier Masters Series, $46,958,119 for the Frontier Long/Short Commodity Series, $118,057,580 for the Balanced Series, $19,241,403 for the Tiverton/Graham/Transtrend Series, $929,418 for the Currency Series, $32,854,050, for the Winton Series, and $16,047,449 for the Winton/Graham Series. As of December 31, 2011, total cash and cash equivalents and custom time deposits held at banking institutions were $80,295,258 for the Frontier Diversified Series, $35,135,275 for the Frontier Masters Series, $46,107,395 for the Frontier Long/Short Commodity Series, $142,443,180 for the Balanced Series, $21,128,515 for the Tiverton/Graham/Transtrend Series, $1,668,188 for the Currency Series, $37,632,902, for the Winton Series, and $18,623,389 for the Winton/Graham Series.

During the first nine months of 2012 and 2011, the Trust experienced redemptions in excess of subscriptions due primarily to five of the eight Series being closed to new investments and to the termination of a selling agent relationship. The Managing Owner does not expect any impact on the investment mix of any Series due to the high level of liquidity maintained in the Trust.

As a commodity pool, the Trust has large cash positions. Such cash positions are used to pay margin for the trading of futures, forwards and options, and also to pay redemptions. Generally, the Trust has not been forced to liquidate positions to fund redemptions. During the period ending September 30, 2012, the Trust was able to pay all redemptions.

There are no other known trends or demands, commitments, events or uncertainties that will result in or that are reasonably likely to result in the Trust’s liquidity increasing or decreasing in any material way. There are no known material trends, favorable or unfavorable in the Trust’s capital resources.

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Off-Balance Sheet Risk

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

In addition to market risk, trading futures, forward and swap contracts entails credit risk which is the risk that a counterparty will not be able to meet its obligations to a Trading Company. The counterparty for futures contracts traded in the U.S. and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions. Some non-U.S. exchanges, in contrast to U.S. exchanges are principals’ markets in which performance is the responsibility only of the individual counterparty with whom the Trading Company has entered into the transaction with 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 an exchange. The counterparty is generally a single bank or other financial institution, rather than a group of financial institutions; thus, there may be a greater counterparty credit risk. The Managing Owner expects the Trading Advisors to trade only with those counterparties which it believes to be creditworthy. All positions of each Trading Company are valued each day on a mark-to-market basis. There can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to any Trading Company.

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

Disclosure of Contractual Obligations

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

Results of Operations

Series Returns and Other Information

The returns for each Series and Class of Units for the three months ended September 30, 2012 and September 30, 2011, and related information, are discussed below. The activities of the Trust on a consolidated basis are explained through the activity of the underlying Series. Please refer to the discussion of the Series activities in relation to the Trust on a consolidated basis.

Each Series had exposure to commodity interest positions within one or more sectors during fiscal 2012 and 2011. The performance of each Series was impacted over the course of the periods by, among other things, the relative performance of the relevant sector or sectors and the commodities within those sectors, the changing allocations among, and the specific positions taken by the Series’ Trading Advisors in, the relevant sector(s) and commodities, and the timing of entries and exits. For certain of the Series, a sector attribution chart has been included at the end of the relevant discussion. Each chart depicts the performance of the relevant Series’ positions within each of the relevant sectors (determined by the Managing Owner using monthly gross return and NAV figures, with various adjustments to net out a proportional allocation of the fees and expenses chargeable to the Series) during the periods presented.

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Three Months Ended September 30, 2012 Compared to Three Months Ended September 30, 2011.

Market conditions for 2012 are discussed after the Sector and Major CTA attribution charts included in the Series performance discussion, below.

Frontier Diversified Series

The Frontier Diversified Series—Class 1 NAV gained 0.2% and lost 1.1%, respectively, for the three months ended September 30, 2012 and 2011, net of fees and expenses; the Frontier Diversified Series—Class 2 NAV gained 0.7% and lost 0.7%, respectively for the three months ended September 30, 2012 and 2011, net of fees and expenses.

For the three months ended September 30, 2012, the Frontier Diversified Series recorded net gain on investments of $3,088,069, net investment income of $524,861, and total expenses of $3,002,858, resulting in a net increase in Owners’ capital from operations of $610,072. For the three months ended September 30, 2011, the Frontier Diversified Series recorded net gain on investments of $1,334,498, net investment income of $597,834, and total expenses of $3,212,711, resulting in a net decrease in Owners’ capital from operations of $1,280,379.

Please see additional discussion under “Nine Months Ended September 30, 2012 Compared to Nine Months Ended September 30, 2011—Frontier Diversified Series.”

Frontier Masters Series

The Frontier Masters Series—Class 1 NAV gained 2.8% and 3.7%, respectively, for the three months ended September 30, 2012 and 2011, net of fees and expenses; the Frontier Masters Series—Class 2 NAV gained 3.3% and 4.1%, respectively for the three months ended September 30, 2012 and 2011, net of fees and expenses.

For the three months ended September 30, 2012, the Frontier Masters Series recorded net gain on investments of $2,798,459, net investment income of $251,275, and total expenses of $1,318,639, resulting in a net increase in Owners’ capital from operations of $1,582,386, after non-controlling interests of ($148,709). For the three months ended September 30, 2011, the Frontier Masters Series recorded net gain on investments of $3,257,219, net investment income of $288,132, and total expenses of $1,416,090, resulting in a net increase in Owners’ capital from operations of $2,140,082, after non-controlling interests of $10,821.

Please see additional discussion under “Nine Months Ended September 30, 2012 Compared to Nine Months Ended September 30, 2011—Frontier Masters Series.”

Frontier Long/Short Commodity Series

The Frontier Long/Short Commodity Series—Class 1 NAV gained 5.7% and lost 1.6%, respectively, for the three months ended September 30, 2012 and 2011, net of fees and expenses; the Frontier Long/Short Commodity Series—Class 2 NAV gained 7.2% and lost 1.2%, respectively, for the three months ended September 30, 2012 and 2011, net of fees and expenses; the Frontier Long/Short Commodity Series—Class 3 NAV gained 7.2% and lost 2.1%, respectively for the three month period ended September 30, 2012 and 2011, net of fees and expenses; the Frontier Long/Short Commodity Series—Class 1a NAV gained 7.1% and lost 3.3%, respectively, for the three month period ended September 30, 2012 and 2011, net of fees and expenses; the Frontier Long/Short Commodity Series—Class 2a NAV gained 7.5% and lost 3.2%, respectively, for the three month period ended September 30, 2012 and 2011, net of fees and expenses.

For the three months ended September 30, 2012, the Frontier Long/Short Commodity Series recorded net gain on investments of $985,593, net investment income of $336,190, and total expenses of $1,833,637, resulting in a net decrease in Owners’ capital from operations of $4,804,594, after non-controlling interests of $5,316,448. For the three months ended September 30, 2011, the Frontier Long/Short Commodity Series recorded net gain on investments of $1,911,273, net investment income of $352,489, and total expenses of $1,735,397, resulting in a net decrease in Owners’ capital from operations of $1,660,506, after non-controlling interests of ($2,188,871).

Please see additional discussion under “Nine Months Ended September 30, 2012 Compared to Nine Months Ended September 30, 2011—Frontier Long/Short Commodity Series.”

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Balanced Series

The Balanced Series—Class 1 NAV gained 0.1% and lost 3.6%, respectively, for the three months ended September 30, 2012 and 2011, net of fees and expenses; the Balanced Series—Class 1a NAV gained 4.1% and lost 3.9%, respectively, for the three months ended September 30, 2012 and 2011, net of fees and expenses; the Balanced Series—Class 2 NAV gained 0.8% and lost 2.8%, respectively, for the three months ended September 30, 2012 and 2011, net of fees and expenses; the Balanced Series—Class 2a NAV gained 0.9% and lost 3.3%, respectively, for the three months ended September 30, 2012 and 2011, net of fees and expenses; the Balanced Series—Class 3a NAV gained 0.9% and lost 3.4% for the three months ended September 30, 2012 and 2011, respectively, net of fees and expenses.

For the three months ended September 30, 2012, the Balanced Series recorded net gain on investments of $12,592,196, net investment income of $22,120, and total expenses of $5,553,832, resulting in a net increase in Owners’ capital from operations of $893,203 after non-controlling interests of ($6,167,281). For the three months ended September 30, 2011, the Balanced Series recorded net gain on investments of $3,644,425, net investment income of $163,059, and total expenses of $5,463,097, resulting in a net decrease in Owners’ capital from operations of $9,337,840 after non-controlling interests of ($7,682,227).

The Balanced Series, through Frontier Trading Company I, LLC, has engaged in a fund option transaction, whereby the Balanced Series obtains exposure to the performance of additional commodity funds held by a counterparty to the option, for the purpose of further diversification among trading advisors and styles. The Trust does not have transparency to the underlying investments of these commodity funds, so the returns from this program cannot be characterized.

Please see additional discussion under “Nine Months Ended September 30, 2012 Compared to Nine Months Ended September 30, 2011—Balanced Series.”

Tiverton/Graham/Transtrend Series (formerly the Berkeley/Graham/Tiverton Series)

The Tiverton/Graham/Transtrend Series—Class 1 NAV lost 1.2% and 2.1%, respectively, for the three months ended September 30, 2012 and 2011, net of fees and expenses; the Tiverton/Graham/Transtrend Series—Class 2 NAV lost 0.1% and 1.3%, respectively for the three months ended September 30, 2012 and 2011, net of fees and expenses.

For the three months ended September 30, 2012, the Tiverton/Graham/Transtrend Series recorded net gain on investments of $310,424, net investment income of $75,086, and total expenses of $607,981, resulting in a net decrease in Owners’ capital from operations of $222,471. For the three months ended September 30, 2011, the Berkeley/Graham/Tiverton Series recorded net loss on investments of $313,891, net investment income of $54,940, and total expenses of $659,304, resulting in a net decrease in Owners’ capital from operations of $918,255.

Please see additional discussion under “Nine Months Ended September 30, 2012 Compared to Nine Months Ended September 30, 2011—Tiverton/Graham/Transtrend Series.”

Currency Series

The Currency Series—Class 1 NAV lost 1.1% and 3.7% , respectively, for the three months ended September 30, 2012 and 2011, net of fees and expenses; the Currency Series—Class 2 NAV lost 0.3% and 0.6%, respectively for the three months ended September 30, 2012 and 2011, net of fees and expenses.

For the three months ended September 30, 2012, the Currency Series recorded net gain on investments of $2,285, net investment income of $0, and total expenses of $31,288, resulting in a net decrease in Owners’ capital from operations of $29,003.

During July, 2011, Currency Series liquidated its interest in an option basket and realized a decrease in fair value greater than had previously been recorded as unrealized loss. The Managing Owner determined to make a one-time administrative adjustment by payment to the Currency Series of $390,589 to reimburse the effect of the loss on the investors in the series, exclusive of the inter-series payables’ interests, recorded in the Statements of Operations as Net increase from payments by managing owner.

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For the three months ended September 30, 2011, the Currency Series recorded net loss on investments of $138,127, net investment income of $5,231, and total expenses of $44,968, resulting in a net decrease in Owners’ capital from operations of $177,864.

Please see additional discussion under “Nine Months Ended September 30, 2012 Compared to Nine Months Ended September 30, 2011—Currency Series.”

Winton Series

The Winton Series—Class 1 NAV gained 0.0% and 7.2%, respectively, for the three months ended September 30, 2012 and 2011, net of fees and expenses; the Winton Series—Class 2 NAV gained 0.7% and 7.8%, respectively, for the three months ended September 30, 2012 and 2011, net of fees and expenses.

For the three months ended September 30, 2012, the Winton Series recorded net gain on investments of $583,943, net investment income of $127,814, and total expenses of $602,347, resulting in a net increase in Owners’ capital from operations of $109,410. For the three months ended September 30, 2011, the Winton Series recorded net gain on investments of $4,877,311, net income of $118,397, and total expenses of $1,239,130, resulting in a net increase in Owners’ capital from operations of $3,756,578.

Please see additional discussion under “Nine Months Ended September 30, 2012 Compared to Nine Months Ended September 30, 2011—Winton Series.”

Winton/Graham Series

The Winton/Graham Series—Class 1 NAV gained 2.9% and lost 0.4%, respectively, for the three months ended September 30, 2012 and 2011 net of fees and expenses; the Winton/Graham Series—Class 2 NAV gained 3.6% and lost 0.4%, respectively for the three months ended September 30, 2012 and 2011, net of fees and expenses.

For the three months ended September 30, 2012, the Winton/Graham Series recorded net gain on investments of $1,177,718, net investment income of $31,821, and total expenses of $425,439, resulting in a net increase in Owners’ capital from operations of $784,100. For the three months ended September 30, 2011, the Winton/Graham Series recorded net gain on investments of $639,990, net investment income of $64,449, and total expenses of $780,144, resulting in a net decrease in Owners’ capital from operations of $75,705.

Please see additional discussion under “Nine Months Ended September 30, 2012 Compared to Nine Months Ended September 30, 2011—Winton/Graham Series.”

Nine Months Ended September 30, 2012 Compared to Nine Months Ended September 30, 2011.

Frontier Diversified Series

2012

The Frontier Diversified Series—Class 1 NAV lost 1.2% for the nine months ended September 30, 2012, net of fees and expenses; the Frontier Diversified Series—Class 2 NAV lost 0.3% for the nine months ended September 30, 2012, net of fees and expenses.

For the nine months ended September 30, 2012 the Frontier Diversified Series recorded a net gain on investments of $4,943,176, net investment income of $1,668,101, and total expenses of $7,914,352, resulting in a net decrease in Owners’ capital from operations of $1,303,075. The NAV per Unit, Class 1, decreased from $99.40 at December 31, 2011, to $97.82 as of September 30, 2012. The NAV per Unit, Class 2, decreased from $103.96 at December 31, 2011, to $103.66 as of September 30, 2012. Total Class 1 subscriptions and redemptions for the period were $4,342,057 and $11,099,447, respectively. Total Class 2 subscriptions and redemptions for the period were $5,461,913 and $10,702,689, respectively. Ending capital at September 30, 2012, was $64,525,103 for Class 1 and $56,147,260 for Class 2. Ending capital at December 31, 2011, was $72,424,906 for Class 1 and $61,548,698 for Class 2.

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

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Frontier Diversified Series

Three of the six sectors traded in the Frontier Diversified Series were profitable in 3Q 2012. Currencies, Stock Indices and Interest Rates were profitable while Metals, Agriculturals and Energies finished negative for the quarter.

Two of the six sectors traded in the Frontier Diversified Series are profitable year to date. The Interest Rates and Stock Indices sectors are profitable while Currencies, Metals, Agriculturals and Energies are negative year to date.

In terms of major CTA performance, five of the seven major CTAs in the Frontier Diversified Series were profitable in 3Q 2012. Cantab, Graham, Quantmetrics, Winton and Transtrend were profitable while Tiverton and QIM finished negative for the quarter. Four of the seven major CTAs in the Frontier Diversified Series are profitable year to date. Cantab, QIM, Quantmetrics and Transtrend are profitable while Tiverton, Graham and Winton are negative year to date.

2011

The Frontier Diversified Series—Class 1 NAV lost 2.5% for the nine months ended September 30, 2011, net of fees and expenses; the Frontier Diversified Series—Class 2 NAV lost 1.5% for the nine months ended September 30, 2011, net of fees and expenses.

For the nine months ended September 30, 2011 the Frontier Diversified Series recorded a net gain on investments of $5,018,663, net income of $1,789,859, and total expenses of $9,925,818, resulting in a net decrease in Owners’ capital from operations of $3,117,296. The NAV per Unit, Class 1, decreased from $103.58 at December 31, 2010, to $100.47 as of September 30, 2011. The NAV per Unit, Class 2, decreased from $106.46 at December 31, 2010, to $104.62 as of September 30, 2011. Total Class 1 subscriptions and redemptions for the period were $23,978,069 and $35,264,462, respectively. Total Class 2 subscriptions and redemptions for the period were $16,223,278 and $22,971,187, respectively. Ending capital at September 30, 2011, was $76,596,019 for Class 1 and $61,748,355 for Class 2. Ending capital at December 31, 2010, was $90,022,131 for Class 1 and $69,473,841 for Class 2.

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

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Frontier Diversified Series

Two of the six sectors traded in the Diversified Series were profitable in the third quarter. The Metals and Interest Rates sectors were profitable while the Energies, Currencies, Agriculturals and Stock Indices sectors were negative for the quarter.

In terms of major CTA performance, five of the seven major CTAs in the Diversified Series were profitable during the second quarter. QIM, Cantab, Tiverton, Quantmetrics and Winton were positive while Transtrend and Graham were negative for the quarter.

Frontier Masters Series

2012

The Frontier Masters Series—Class 1 NAV gained 4.7% for the nine months ended September 30, 2012, net of fees and expenses; the Frontier Masters Series—Class 2 NAV gained 6.1% for the nine months ended September 30, 2012, net of fees and expenses.

For the nine months ended September 30, 2012 the Frontier Masters Series recorded a net gain on investments of $5,674,134, net investment income of $780,501, and total expenses of $3,122,108, resulting in a net increase in Owners’ capital from operations of $2,656,430 after non-controlling interests of ($676,097). The NAV per Unit, Class 1, increased from $100.25 at December 31, 2011, to $104.92 as of September 30, 2012. The NAV per Unit, Class 2, increased from $104.83 at December 31, 2011, to $111.17 as of September 30, 2012. Total Class 1 subscriptions and redemptions for the period were $6,542,621 and $2,699,710, respectively. Total Class 2 subscriptions and redemptions for the period were $1,584,876 and $3,051,076, respectively. Ending capital at September 30, 2012, was $39,500,593 for Class 1 and $18,357,545 for Class 2. Ending capital at December 31, 2011, was $34,090,136 for Class 1 and $18,734,861 for Class 2.

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

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Frontier Masters Series

Four of the six sectors traded in the Frontier Masters Series were profitable in 3Q 2012. Currencies, Agriculturals, Interest Rates and Stock Indices were positive while Energies and Metals were negative for the quarter.

Two of the six sectors traded in the Frontier Masters Series are profitable year to date. Interest Rates and Stock Indices are profitable while Energies, Currencies, Metals and Agriculturals are negative year to date.

In terms of major CTA performance, three of the four major CTAs in the Frontier Masters Series were profitable during the quarter. Cantab, Transtrend and Winton were positive while Tiverton finished negative for the quarter. Two of the four major CTAs in the Frontier Masters Series are profitable year to date. Cantab and Transtrend are profitable while Tiverton and Winton are negative year to date.

2011

The Frontier Masters Series—Class 1 NAV lost 0.2% for the nine months ended September 30, 2011, net of fees and expenses; the Frontier Masters Series—Class 2 NAV gained 1.0% for the nine months ended September 30, 2011, net of fees and expenses.

For the nine months ended September 30, 2011 the Frontier Masters Series recorded a net gain on investments of $3,135,666, net income of $753,268, and total expenses of $3,620,432, resulting in a net increase in Owners’ capital from operations of $298,713 after non-controlling interests of $30,211. The NAV per Unit, Class 1, decreased from $102.96 at December 31, 2010, to $102.76 as of September 30, 2011. The NAV per Unit, Class 2, increased from $105.81 at December 31, 2010, to $107.00 as of September 30, 2011. Total Class 1 subscriptions and redemptions for the period were $7,568,257 and $12,661,340, respectively. Total Class 2 subscriptions and redemptions for the period were $2,872,037 and $7,836,689, respectively. Ending capital at September 30, 2011, was $36,180,882 for Class 1 and $20,335,826 for Class 2. Ending capital at December 31, 2010, was $41,213,675 for Class 1 and $25,062,055 for Class 2.

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

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Frontier Masters Series

Two of the six sectors traded in the Frontier Masters Series were profitable in the third quarter. Metals and Interest Rates were positive while Currencies, Energies, Agriculturals and Stock Indices were negative for the quarter.

In terms of major CTA performance, three of the four major CTAs in the Frontier Masters Series were profitable during the second quarter. Cantab, Tiverton and Winton were positive while Transtrend was negative for the quarter.

Frontier Long/Short Commodity Series

2012

The Frontier Long/Short Commodity Series—Class 1 NAV lost 0.5% for the nine months ended September 30, 2012, net of fees and expenses; the Frontier Long/Short Commodity Series—Class 2 NAV gained 2.0% for the nine months ended September 30, 2012, net of fees and expenses; the Frontier Long/Short Commodity Series—Class 3 NAV gained 2.1% for the nine months ended September 30, 2012, net of fees and expenses; the Frontier Long/Short Commodity Series—Class 1a NAV gained 1.4% for the nine months ended September 30, 2012, net of fees and expenses; the Frontier Long/Short Commodity Series—Class 2a NAV gained 2.7% for the nine months ended September 30, 2012, net of fees and expenses.

For the nine months ended September 30, 2012, the Frontier Long/Short Commodity Series recorded net loss on investments of $5,684,584, net investment income of $1,047,821, and total expenses of $4,789,770, resulting in a net increase in Owners’ capital from operations of $1,343,755, after non-controlling interests of $10,770,288. The NAV per Unit, Class 1, decreased from $136.13 at December 31, 2011, to $135.41 as of September 30, 2012. The NAV per Unit, Class 2, increased from $161.97 at December 31, 2011, to $165.28 as of September 30, 2012. The NAV per Unit, Class 3, increased from $161.96 at December 31, 2011, to $165.33 as of September 30, 2012. The NAV per Unit, Class 1a, increased from $121.71 at December 31, 2011, to $123.42 as of September 30, 2012. The NAV per Unit, Class 2a, increased from $127.23 at December 31, 2011, to $130.64 as of September 30, 2012. Total Class 1 subscriptions and redemptions for the period were $9,530 and $4,103,565, respectively. Total Class 2 redemptions for the period were $403,979. There were no subscriptions. Total Class 3 subscriptions and redemptions for the period were $3,925,506 and $7,604,158,

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respectively. Total Class 1a subscriptions and redemptions for the period were $3,763,103 and $1,759,072, respectively. Total Class 2a subscriptions and redemptions for the period were $3,322,503 and $2,211,990, respectively. Ending capital at September 30, 2012, was $0 for Class 1, $8,962,935 for Class 2, $24,676,215 for Class 3, $21,208,126 for Class 1a and $12,395,083 for Class 2a. Ending capital at December 31, 2011, was $4,159,047 for Class 1, $9,188,762 for Class 2, $27,810,058 for Class 3, $18,891,395 for Class 1a and $10,911,464 for Class 2a.

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

Frontier Long/Short Commodity Series

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Five of the seven sectors traded in the Frontier Long/Short Commodity Series were profitable in 3Q 2012. Base Metals, Grains, Precious Metals, Financials and Softs were positive while Energies and Meats were negative for the quarter.

Two of the seven sectors traded in the Frontier Long/Short Commodity Series are profitable year to date. The Grains and Softs sectors are profitable while the Base Metals, Energies, Meats, Precious Metals and Financial sectors are negative year to date.

In terms of major CTA performance, three of the six major CTAs in the Frontier Long/Short Commodity Series was profitable in 3Q 2012. Global Advisors, Red Oak and Rosetta finished positive while Beach Horizon, Strategic Ag and Mesirow were negative for the quarter.

Two of the six major CTAs in the Frontier Long/Short Commodity Series is profitable year to date. Red Oak and Rosetta are profitable while Beach Horizon, Global Advisors, Mesirow and Strategic Ag are negative year to date.

The Frontier Long/Short Commodity Series Class 1 ceased trading operations in July, 2012.

Frontier Long/Short Commodity Series

2011

The Frontier Long/Short Commodity Series—Class 1 NAV gained 11.6% for the nine months ended September 30, 2011, net of fees and expenses; the Frontier Long/Short Commodity Series—Class 2 NAV gained 9.6% for the nine months ended September 30, 2011, net of fees and expenses; the Frontier Long/Short Commodity Series—Class 3 NAV gained 4.8% for the nine months ended September 30, 2011, net of fees and expenses; the Frontier Long/Short Commodity Series—Class 1a NAV gained 4.1% for the nine months ended September 30, 2011, net of fees and expenses; the Frontier Long/Short Commodity Series—Class 2a NAV gained 2.7% for the nine months ended September 30, 2011, net of fees and expenses.

For the nine months ended September 30, 2011, the Frontier Long/Short Commodity Series recorded net gain on investments of $12,174,086, net income of $1,044,384, and total expenses of $6,735,233, resulting in a net increase in Owners’ capital from

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operations of $4,294,366 after non-controlling interests of ($2,188,871). The NAV per Unit, Class 1, increased from $132.73 at December 31, 2010, to $136.60 as of September 30, 2011. The NAV per Unit, Class 2, increased from $153.26 at December 31, 2010, to $161.31 as of September 30, 2011. The NAV per Unit, Class 3, increased from $153.26 at December 31, 2010, to $161.30 as of September 30, 2011. The NAV per Unit, Class 1a, increased from $117.96 at December 31, 2010, to $121.67 as of September 30, 2011. The NAV per Unit, Class 2a, increased from $121.18 at December 31, 2010, to $126.63 as of September 30, 2011. Total Class 1 subscriptions and redemptions for the period were $66,006 and $24,776,644, respectively. Total Class 2 redemptions for the period were $7,610,987. There were no subscriptions. Total Class 3 subscriptions and redemptions for the period were $14,835,942 and $12,499,333, respectively. Total Class 1a subscriptions and redemptions for the period were $12,213,295 and $499,047, respectively. Total Class 2a subscriptions and redemptions for the period were $6,549,536 and $357,845, respectively. Ending capital at September 30, 2011, was $8,994,338 for Class 1, $9,273,160 for Class 2, $24,463,504 for Class 3, $16,892,584 for Class 1a and $9,775,143 for Class 2a. Ending capital at December 31, 2010, was $31,185,756 for Class 1, $15,584,978 for Class 2, $20,998,571 for Class 3, $5,652,309 for Class 1a and $3,761,826 for Class 2a.

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

Frontier Long/Short Commodity Series

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Four of the seven sectors traded in the Frontier Long/Short Commodity Series were profitable in the third quarter. Precious Metals, Base Metals, Softs and Financials were positive while Grains, Energies and Meats were negative during the quarter.

In terms of major CTA performance, two of the six major CTAs in the Frontier Long/Short Commodity Series were profitable during the second quarter. Beach Horizon and Mesirow were positive while Global Advisors, Red Oak, Rosetta and Strategic Ag were negative for the quarter.

Balanced Series

2012

The Balanced Series—Class 1 NAV lost 1.4% for the nine months ended September 30, 2012, net of fees and expenses; the Balanced Series—Class 1a NAV gained 3.8% for the nine months ended September 30, 2012, net of fees and expenses; the Balanced Series—Class 2 NAV gained 0.8% for the nine months ended September 30, 2012, net of fees and expenses; the Balanced Series—Class 2a NAV gained 1.4% for the nine months ended September 30, 2012, net of fees and expenses; the Balanced Series—Class 3a NAV gained 1.1% for the nine months ended September 30, 2012, net of fees and expenses.

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For the nine months ended September 30, 2012, the Balanced Series recorded net gain on investments of $21,942,059, net investment income of $208,856, and total expenses of $13,714,736, resulting in a net decrease in Owners’ capital from operations of $1,960,254 after non- controlling interests of ($10,396,433). The NAV per Unit, Class 1, decreased from $124.50 at December 31, 2011, to $122.79 at September 30, 2012. For Class 1a, the NAV per Unit increased from $108.45 at December 31, 2011, to $112.58 at September 30, 2012. The NAV per Unit, Class 2, increased from $155.02 at December 31, 2011, to $156.30 at September 30, 2012. For Class 2a, the NAV per Unit increased from $128.35 at December 31, 2011, to $130.15 at September 30, 2012. For Class 3a, the NAV per Unit increased from $128.36 at December 31, 2011, to $129.72 at September 30, 2012. Total Class 1 subscriptions and redemptions for the period were $367,799 and $22,241,622, respectively. Total Class 1a subscriptions and redemptions for the period were $482 and $2,524,092, respectively. Total Class 2 subscriptions and redemptions for the period were $11,968 and $7,771,998, respectively. Total Class 2a redemptions for the period were $1,675,156. There were no subscriptions. Total Class 3a subscriptions and redemptions for the period were $2,264,602 and $1,186,627, respectively. Ending capital at September 30, 2012, was $159,486,336 for Class 1, $0 for Class 1a, $56,046,060 for Class 2, $1,118,686 for Class 2a and $4,066,096 for Class 3a. At December 31, 2011, ending capital was $183,785,318 for Class 1, $2,536,559 for Class 1a, $63,372,567 for Class 2, $2,784,830 for Class 2a, and $2,952,802 for Class 3a.

The Balanced Series, through Frontier Trading Company XVII, LLC has invested in a swap whereby the Balanced Series obtains exposure to the performance of additional currency programs held by a counterparty to the swap for the purpose of further diversification among trading advisors.

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

Balanced Series

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Three of the six sectors traded in the Balanced Series were profitable in 3Q 2012. Currencies, Stock Indices and Interest Rates were profitable while Metals, Agriculturals and Energies finished negative for the quarter.

Two of the six sectors traded in the Balanced Series are profitable year to date. The Interest Rates and Stock Indices sectors are profitable while Currencies, Metals, Agriculturals and Energies are negative year to date.

In terms of major CTA performance, two of the five major CTAs in the Balanced Series were profitable in 3Q 2012. Winton and Cantab were profitable while QIM, Tiverton and Beach Horizon finished negative for the quarter.

Two of the five major CTAs in the Balanced Series are profitable year to date. QIM and Cantab are profitable while Tiverton, Beach Horizon and Winton are negative year to date.

The Balanced Series Class 1A ceased trading operations in July, 2012.

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Balanced Series

2011

The Balanced Series—Class 1 NAV lost 3.2% for the nine months ended September 30, 2011, net of fees and expenses; the Balanced Series—Class 1a NAV lost 3.8% for the nine months ended September 30, 2011, net of fees and expenses; the Balanced Series—Class 2 NAV lost 1.8% for the nine months ended September 30, 2011, net of fees and expenses; the Balanced Series—Class 2a NAV lost 3.0% for the nine months ended September 30, 2011, net of fees and expenses; the Balanced Series—Class 3a NAV lost 2.8% for the nine months ended September 30, 2011, net of fees and expenses.

For the nine months ended September 30, 2011, the Balanced Series recorded net gain on investments of $8,009,508, net income of $364,715, and total expenses of $20,417,921, resulting in a net decrease in Owners’ capital from operations of $9,555,096 after non- controlling interests of $2,488,602. The NAV per Unit, Class 1, decreased from $131.95 at December 31, 2010, to $126.03 at September 30, 2011. For Class 1a, the NAV per Unit decreased from $116.36 at December 31, 2010, to $110.08 at September 30, 2011. The NAV per Unit, Class 2, decreased from $159.46 at December 31, 2010, to $155.76 at September 30, 2011. For Class 2a, the NAV per Unit decreased from $133.66 at December 31, 2010, to $129.31 at September 30, 2011. For Class 3a, the NAV per Unit decreased from $133.66 at December 31, 2010, to $129.31 at September 30, 2011. Total Class 1 subscriptions and redemptions for the period were $545,789 and $86,531,717, respectively. Total Class 1a subscriptions and redemptions for the period were $4,879 and $1,568,235, respectively. Total Class 2 subscriptions and redemptions for the period were $12,565 and $11,546,131, respectively. Total Class 2a redemptions for the period were $574,437. There were no subscriptions. Total Class 3a subscriptions and redemptions for the period were $340,885 and $1,032,661, respectively. Ending capital at September 30, 2011, was $193,899,554 for Class 1, $3,396,804 for Class 1a, $63,908,065 for Class 2, $2,884,840 for Class 2a and $2,904,028 for Class 3a. At December 31, 2010, ending capital was $287,807,510 for Class 1, $5,120,558 for Class 1a, $76,715,728 for Class 2, $3,562,374 for Class 2a, and $3,691,280 for Class 3a.

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

Balanced Series

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Two of the six sectors traded in the Balanced Series were profitable in the third quarter. The Metals and Interest Rates sectors were profitable while the Energies, Currencies, Agriculturals and Stock Indices sectors were negative for the quarter.

In terms of major CTA performance, four of the five major CTAs in the Balanced Series were profitable during the third quarter. QIM, Cantab, Tiverton and Winton were positive while Transtrend was negative for the quarter.

Effective July 2011, Cantab Capital Partners has been designated as a major CTA to the Balanced Series. QuantMetrics Capital Management, that previously was a major CTA to the Series, has been designated as a non-major CTA to the Series.

Tiverton/Graham/Transtrend Series (formerly the Berkeley/Graham/Tiverton Series)

2012

The Tiverton/Graham/Transtrend Series—Class 1 NAV lost 6.3% for the nine months ended September 30, 2012, net of fees and expenses; the Tiverton/Graham/Transtrend Series—Class 2 NAV lost 4.2% for the nine months ended September 30, 2012, net of fees and expenses.

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For the nine months ended September 30, 2012, the Tiverton/Graham/Transtrend Series recorded net loss on investments of $307,991, net investment income of $159,048, and total expenses of $1,903,130, resulting in a net decrease in Owners’ capital from operations of $2,052,073. The NAV per Unit, Class 1, decreased from $91.02 at December 31, 2011, to $85.30 as of September 30, 2012. The NAV per Unit, Class 2, decreased from $111.84 at December 31, 2011, to $107.12 as of September 30, 2012. Total Class 1 subscriptions and redemptions for the period were $26,014 and $7,239,792, respectively. Total Class 2 redemptions for the period were $624,933. There were no subscriptions. Ending capital at September 30, 2012, was $26,076,936 for Class 1 and $3,646,252 for Class 2. Ending capital at December 31, 2011, was $35,180,631 for Class 1 and $4,433,341 for Class 2.

The Tiverton/Graham/Transtrend Series may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors.

Tiverton/Graham/Transtrend Series

Four of the six sectors traded in the Tiverton/Graham/Transtrend Series were profitable in 3Q 2012. Currencies, Agriculturals, Stock Indices and Interest Rates were positive while Metals and Energies were negative for the quarter.

Two of the six sectors traded in the Tiverton/Graham/Transtrend Series is profitable year to date. The Interest Rates and Stock Indices sectors are profitable while Currencies, Metals, Agriculturals and Energies are negative year to date.

In terms of major CTA performance Graham and Transtrend finished positive while Tiverton finished negative for the quarter. One of the three major CTAs in the Tiverton/Graham/Transtrend Series is profitable year to date. Transtrend is profitable while Tiverton and Graham are negative year to date.

2011

The Tiverton/Graham/Transtrend Series—Class 1 NAV lost 10.4% for the nine months ended September 30, 2011, net of fees and expenses; the Tiverton/Graham/Transtrend Series—Class 2 NAV lost 7.9% for the nine months ended September 30, 2011, net of fees and expenses.

For the nine months ended September 30, 2011, the Tiverton/Graham/Transtrend Series recorded net loss on investments of $3,574,024, net income of $72,116, and total expenses of $2,335,975, resulting in a net decrease in Owners’ capital from operations of

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$5,837,883. The NAV per Unit, Class 1, decreased from $110.46 at December 31, 2010, to $98.73 as of September 30, 2011. The NAV per Unit, Class 2, decreased from $131.73 at December 31, 2010, to $120.42 as of September 30, 2011. Total Class 1 subscriptions and redemptions for the period were $61,898 and $16,524,448, respectively. Total Class 2 redemptions for the period were $2,904,273. There were no subscriptions. Ending capital at September 30, 2011, was $40,068,730 for Class 1 and $4,955,892 for Class 2. Ending capital at December 31, 2010, was $61,842,996 for Class 1 and $8,386,332 for Class 2.

The Tiverton/Graham/Transtrend Series may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors.

Tiverton/Graham/Transtrend Series

Two of the six sectors traded in the Tiverton/Graham/Transtrend Series were profitable in the third quarter. Metals and Interest Rates were positive while Energies, Currencies, Agriculturals and Stock Indices were negative for the quarter.

In terms of major CTA performance, Tiverton was positive while Berkeley and Graham were negative for the quarter.

Currency Series

2012

The Currency Series—Class 1 NAV lost 9.0% for the nine months ended September 30, 2012, net of fees and expenses; the Currency Series—Class 2 NAV lost 6.9% for the nine months ended September 30, 2012, net of fees and expenses.

For the nine months ended September 30, 2012, the Currency Series recorded net loss on investments of $235,856, net investment income of $85, and total expenses of $101,935, resulting in a net decrease in Owners’ capital from operations of $337,706. The NAV per Unit, Class 1, decreased from $70.48 at December 31, 2011, to $64.14 as of September 30, 2012. The NAV per Unit, Class 2, decreased from $87.61 at December 31, 2011, to $81.59 as of September 30, 2012. Total Class 1 subscriptions and redemptions for the period were $37,133, and $842,240, respectively. Total Class 2 redemptions for the period were $25,319. There were no subscriptions. Ending capital at September 30, 2012, was $3,090,656 for Class 1 and $60,569 for Class 2. Ending capital at December 31, 2011, was $4,228,350 for Class 1 and $91,007 for Class 2.

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The Currency Series, through Frontier Trading Company XVII, LLC has invested in a swap whereby the Currency Series obtains exposure to the performance of additional currency programs held by a counterparty to the swap for the purpose of further diversification among trading advisors.

The Currency Series may have both long and short exposure to the Currencies sector only. Because all returns are from the Currencies sector, there are no Sector Attribution charts for the Currency Series.

2011

The Currency Series—Class 1 NAV lost 9.1% for the nine months ended September 30, 2011, net of fees and expenses; the Currency Series—Class 2 NAV lost 3.1% for the nine months ended September 30, 2011, net of fees and expenses.

For the nine months ended September 30, 2011, the Currency Series recorded net loss on investments of $315,958, net income of $59,690, and total expenses of $255,337, resulting in a net decrease in Owners’ capital from operations of $511,605. The NAV per Unit, Class 1, decreased from $79.09 at December 31, 2010, to $72.11 as of September 30, 2011. The NAV per Unit, Class 2, decreased from $95.43 at December 31, 2010, to $88.97 as of September 30, 2011. Total Class 1 subscriptions and redemptions for the period were $44,970 and $1,314,813, respectively. Total Class 2 redemptions for the period were $623,087. There were no subscriptions. Ending capital at September 30, 2011, was $4,617,403 for Class 1 and $117,462 for Class 2. Ending capital at December 31, 2010, was $6,381,882 for Class 1 and $757,518 for Class 2.

During July, 2011, Currency Series liquidated its interest in an option basket and realized a decrease in fair value greater than had previously been recorded as unrealized loss. The Managing Owner determined to make a one time administrative adjustment by payment to the Currency Series of $390,589 to reimburse the effect of the loss on the investors in the series, exclusive of the inter-series payables’ interests, recorded in the Statements of Operations as Net increase from payments by managing owner.

The Currency Series may have both long and short exposure to the Currencies sector only.

Currency Series

Winton Series

2012

The Winton Series—Class 1 NAV lost 6.7% for the nine months ended September 30, 2012, net of fees and expenses; the Winton Series—Class 2 NAV lost 4.5% for the nine months ended September 30, 2012, net of fees and expenses.

For the nine months ended September 30, 2012, the Winton Series recorded net loss on investments of $1,513,333, net investment income of $386,507, and total expenses of $1,857,001, resulting in a net decrease in Owners’ capital from operations of $2,983,827. The NAV per Unit, Class 1, decreased from $141.13 at December 31, 2011, to $131.73 as of September 30, 2012. The NAV per Unit, Class 2, decreased from $165.82 at December 31, 2011, to $158.28 as of September 30, 2012. Total Class 1 subscriptions for the period were $158,451 and redemptions were $3,104,434. Total Class 2 redemptions for the period were $677,556. There were no subscriptions. Ending capital at September 30, 2012, was $32,937,034 for Class 1 and $10,503,724 for Class 2. Ending capital at December 31, 2011, was $38,345,799 for Class 1 and $11,702,325 for Class 2.

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

Winton Series

Two of the six sectors traded in the Winton Series were profitable in 3Q 2012. Stock Indices and Interest Rates were positive while Metals, Currencies, Agriculturals and Energies were negative for the quarter.

Two of the six sectors traded in the Winton Series is profitable year to date. The Stock Indices and Interest Rates sectors are profitable while Currencies, Metals, Agriculturals and Energies are negative year to date.

Winton Series

2011

The Winton Series—Class 1 NAV gained 4.9% for the nine months ended September 30, 2011, net of fees and expenses; the Winton Series—Class 2 NAV gained 7.3% for the nine months ended September 30, 2011, net of fees and expenses.

For the nine months ended September 30, 2011, the Winton Series recorded net gain on investments of $5,619,808, net income of $327,662, and total expenses of $2,963,169, resulting in a net increase in Owners’ capital from operations of $2,984,301. The NAV per Unit, Class 1, increased from $135.04 at December 31, 2010, to $142.07 as of September 30, 2011. The NAV per Unit, Class 2, increased from $153.99 at December 31, 2010, to $165.67 as of September 30, 2011. Total Class 1 subscriptions for the period were $200,048 and redemptions were $12,338,804. Total Class 2 redemptions for the period were $468,313. There were no subscriptions. Ending capital at September 30, 2011, was $39,365,083 for Class 1 and $11,731,586 for Class 2. Ending capital at December 31, 2010, was $49,350,981 for Class 1 and $11,368,456 for Class 2.

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

Winton Series

111

Two of the six sectors traded in the Winton Series were profitable in the third quarter. Metals and Interest Rates were positive while Currencies, Energies, Agriculturals and Stock Indices were negative for the quarter.

Winton/Graham Series

2012

The Winton/Graham Series—Class 1 NAV lost 5.7% for the nine months ended September 30, 2012, net of fees and expenses; the Winton/Graham Series—Class 2 NAV lost 3.5% for the nine months ended September 30, 2012, net of fees and expenses.

For the nine months ended September 30, 2012, the Winton/Graham Series recorded net gain on investments of $15,888, net investment income of $85,811, and total expenses of $1,455,957, resulting in a net decrease in Owners’ capital from operations of $1,354,258. The NAV per Unit, Class 1, decreased from $104.73 at December 31, 2011, to $98.80 as of September 30, 2012. The NAV per Unit, Class 2, decreased from $129.70 at December 31, 2011, to $125.13 as of September 30, 2012. Total Class 1 subscriptions for the period were $47,245 and redemptions were $4,355,759. Total Class 2 redemptions for the period were $1,273,542. There were no subscriptions. Ending capital at September 30, 2012, was $19,275,024 for Class 1 and $4,562,349 for Class 2. Ending capital at December 31, 2011, was $24,783,519 for Class 1 and $5,990,168 for Class 2.

The Winton/Graham Series may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors.

Winton/Graham Series

Four of the six sectors traded in the Winton/Graham Series were profitable in 3Q 2012. Currencies, Agriculturals, Stock Indices and Interest Rates were positive while Metals and Energies were negative for the quarter.

Two of the six sectors traded in the Winton/Graham Series are profitable year to date. The Interest Rates and the Stock Indices sectors are profitable while Currencies, Metals, Agriculturals and Energies are negative year to date.

112

In terms of major CTA performance, both Graham and Winton were positive for the quarter and they are both negative year to date.

Winton/Graham Series

2011

The Winton/Graham Series—Class 1 NAV lost 4.7% for the nine months ended September 30, 2011, net of fees and expenses; the Winton/Graham Series—Class 2 NAV lost 1.2% for the nine months ended September 30, 2011, net of fees and expenses.

For the nine months ended September 30, 2011, the Winton/Graham Series recorded net loss on investments of $157,540, net income of $159,301, and total expenses of $2,392,029, resulting in a net decrease in Owners’ capital from operations of $1,919,549, after non-controlling interest of $470,719. The NAV per Unit, Class 1, decreased from $119.83 at December 31, 2010, to $113.31 as of September 30, 2011. The NAV per Unit, Class 2, decreased from $144.04 at December 31, 2010, to $139.29 as of September 30, 2011. Total Class 1 subscriptions and redemptions for the period were $91,371 and $16,009,137, respectively. Total Class 2 redemptions for the period were $4,811,151. There were no subscriptions. Ending capital at September 30, 2011, was $28,232,072 for Class 1 and $6,629,900 for Class 2. Ending capital at December 31, 2010, was $45,898,246 for Class 1 and $11,612,192 for Class 2.

The Winton/Graham Series may have both long and short exposure to the Interest Rates, Currencies, Stock Indices, Energies, Metals, and Commodities sectors.

Winton/Graham Series

Two of the six sectors traded in the Winton/Graham Series were profitable in the third quarter. Metals and Interest Rates were positive while Stock Indices, Energies, Agriculturals and Currencies were negative for the quarter.

In terms of major CTA performance, Winton was positive while Graham was negative for the quarter.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

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

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

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

Quantitative Market Risk

Trading Risk

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

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

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

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

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

Value at Risk by Market Sectors

The following table presents the trading value at risk associated with each Series’ exposure to open positions (as held by the Trading Companies) by market sector as of September 30, 2012 and December 31, 2011. All open position trading risk exposures of the Series have been included in calculating the figures set forth below.

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Frontier Diversified Series:

MARKET SECTOR	September 30, 2012					December 31, 2011
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	10,113,444		8.4	%	$	5,973,146		4.5	%
Currencies	$	8,337,519		6.9	%	$	4,110,056		3.1	%
Stock Indices	$	5,344,491		4.4	%	$	2,947,326		2.2	%
Metals	$	927,058		0.8	%	$	267,495		0.2	%
Agriculturals/Softs	$	2,604,059		2.2	%	$	2,060,410		1.5	%
Energy	$	868,892		0.7	%	$	2,137,689		1.6	%
Total:	$	28,195,463		23.4	%	$	17,496,122		13.1	%

Frontier Long/Short Commodity Series:

MARKET SECTOR	September 30, 2012					December 31, 2011
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	1,395,599		2.1	%	$	1,033,509		1.5	%
Currencies	$	989,628		1.5	%	$	460,279		0.6	%
Stock Indices	$	1,517,497		2.3	%	$	681,982		1.0	%
Metals	$	1,150,573		1.7	%	$	406,988		0.6	%
Agriculturals/Softs	$	3,724,333		5.5	%	$	2,736,200		3.9	%
Energy	$	1,396,030		2.1	%	$	4,843,829		6.8	%
Total:	$	10,173,660		15.2	%	$	10,162,787		14.4	%

Frontier Masters Series:

MARKET SECTOR	September 30, 2012					December 31, 2011
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	3,661,146		6.3	%	$	1,517,381		2.9	%
Currencies	$	2,940,618		5.1	%	$	1,168,162		2.2	%
Stock Indices	$	2,254,175		3.9	%	$	551,850		1.0	%
Metals	$	227,969		0.4	%	$	224,102		0.4	%
Agriculturals/Softs	$	423,697		0.7	%	$	612,343		1.2	%
Energy	$	225,747		0.4	%	$	499,134		0.9	%
Total:	$	9,733,352		16.8	%	$	4,572,972		8.6	%

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Balanced Series: (1)

	September 30, 2012					December 31, 2011
MARKET SECTOR	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	21,095,201		9.6	%	$	12,658,095		5.0	%
Currencies	$	18,832,122		8.5	%	$	9,980,695		3.9	%
Stock Indices	$	11,716,408		5.3	%	$	6,408,240		2.5	%
Metals	$	1,855,562		0.8	%	$	530,322		0.2	%
Agriculturals/Softs	$	5,320,508		2.4	%	$	4,171,096		1.6	%
Energy	$	1,661,252		0.8	%	$	4,239,430		1.7	%
Total:	$	60,481,053		27.4	%	$	37,987,878		14.9	%

Tiverton/Graham/Transtrend Series:

	September 30, 2012					December 31, 2011
MARKET SECTOR	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	2,195,664		7.4	%	$	1,987,350		5.0	%
Currencies	$	1,455,145		4.9	%	$	2,181,879		5.5	%
Stock Indices	$	1,603,210		5.4	%	$	821,477		2.1	%
Metals	$	266,136		0.9	%	$	20,795		0.1	%
Agriculturals/Softs	$	477,376		1.6	%	$	693,002		1.7	%
Energy	$	242,117		0.8	%	$	323,096		0.8	%
Total:	$	6,239,648		21.0	%	$	6,027,599		15.2	%

Currency Series:

	September 30, 2012					December 31, 2011
MARKET SECTOR	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	—		0	%	$	—		0	%
Currencies	$	942,040		29.9	%	$	940,205		21.8	%
Stock Indices	$	—		0	%	$	—		0	%
Metals	$	—		0	%	$	—		0	%
Agriculturals/Softs	$	—		0	%	$	—		0	%
Energy	$	—		0	%	$	—		0	%
Total:	$	942,040		29.9	%	$	940,205		21.8	%

116

Winton Series:

MARKET SECTOR	September 30, 2012					December 31, 2011
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	1,554,054		3.6	%	$	1,435,740		2.9	%
Currencies	$	2,787,443		6.4	%	$	1,562,233		3.1	%
Stock Indices	$	631,952		1.5	%	$	346,133		0.7	%
Metals	$	82,409		0.2	%	$	153,107		0.3	%
Agriculturals/Softs	$	377,954		0.9	%	$	411,136		0.8	%
Energy	$	117,649		0.3	%	$	80,743		0.2	%
Total:	$	5,551,461		12.9	%	$	3,989,092		8.0	%

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Winton/Graham Series:

	September 30, 2012					December 31, 2011
MARKET SECTOR	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	1,928,577		8.1	%	$	2,634,892		8.6	%
Currencies	$	1,707,927		7.2	%	$	2,502,412		8.1	%
Stock Indices	$	802,904		3.4	%	$	933,122		3.0	%
Metals	$	107,506		0.5	%	$	226,400		0.7	%
Agriculturals/Softs	$	401,910		1.7	%	$	845,163		2.7	%
Energy	$	190,434		0.8	%	$	325,600		1.1	%
Total:	$	5,139,258		21.7	%	$	7,467,589		24.2	%

(1) As of September 30, 2012 and December 31, 2011, a portion of the assets of the Balanced Series was invested in an Option of futures contracts with a notional value of $15,325,024 and $14,129,540, respectively. Margin information is not available for these contracts therefore no value at risk calculations were included in the table for these investments.

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

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

Non-Trading Risk

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

Qualitative Market Risk

The following are the primary trading risk exposures of the Series of the Trust as of September 30, 2012, by market sector.

Interest rates

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

118

addition, if interest rates fall below 0.75%, the Managing Owner is paid the difference between the Trust’s annualized interest income that is allocated to each of such Series and 0.75%. Interest income above what is paid to the Managing Owner is retained by the Series.

Currencies

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

Stock Indices

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

Metals

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

Agriculturals/Softs

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

Energy

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

Other Trading Risks

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

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

Systematic strategies do not consider fundamental types of data and do not have the benefit of discretionary decision making. The assets of the Series are allocated to Trading Advisors that rely on technical, systematic strategies that do not take into account factors external to the market itself (although certain of these strategies may have minor discretionary elements incorporated into their systematic strategy). The widespread use of technical trading systems frequently results in numerous trading advisors attempting to

119

execute similar trades at or about the same time, altering trading patterns and affecting market liquidity. Furthermore, the profit potential of trend-following systems may be diminished by the changing character of the markets, which may make historical price data (on which technical programs are based) only marginally relevant to future market patterns. Systematic strategies are developed on the basis of a statistical analysis of market prices. Consequently, any factor external to the market itself that dominates prices that a discretionary decision maker may take into account may cause major losses for a systematic strategy. For example, a pending political or economic event may be very likely to cause a major price movement, but a systematic strategy may continue to maintain positions indicated by its trading method that might incur major losses if the event proved to be adverse.

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

Qualitative Disclosures Regarding Means of Managing Risk Exposure

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

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ITEM 4. CONTROLS AND PROCEDURES

Evaluation of disclosure controls and procedures

Under the supervision and with the participation of the management of the Managing Owner, including its Chief Executive Officer and Chief Accounting 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 (the “Exchange Act”), for the Trust and each Series as of September 30, 2012 (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 Accounting 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.

Changes in Internal Control Over Financial Reporting

Effective July 17, 2012, the Managing Owner transferred cash custody of the Trust’s cash to US Bank Institutional Trust & Custody. The Managing Owner performed significant due diligence on US Bank Institutional Trust & Custody prior to selection of this custodial services provider. All cash transaction for the Trust, effective July 17, 2012, now are processed by the custodian with a dual authorization process from the Managing Owner.

Effective June 11, 2012, the Managing Owner transferred investor subscription and redemption processing and cash handling for the Frontier Fund to Phoenix American Financial Services, Inc. The Managing Owner performed significant due diligence on Phoenix American Financial Services prior to selection of the service provider to take over this service area. The Managing Owner performed parallel testing of the process prior to transition and continued to shadow this process through the end of the second quarter of 2012. Phoenix American Financial Services took over full transfer agency responsibility and functions, in addition to the services noted prior , effective October 17, 2012. The Managing Owner continues to provide oversight and monitoring of Phoenix American Financial Services in their capacity as transfer agent for the Fund.

Scope of Exhibit 31 Certifications

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

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

None

ITEM 1A. RISK FACTORS.

The section entitled “Risk Factors” beginning on page 19 of the Definitive Prospectus filed pursuant to Rule 242(b)(3) (File No. 333-164629) is incorporated by reference into this section.

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

The following table provides information regarding the sale of unregistered Units by the Registrant for the three months ended September 30, 2012. The number of Units listed below for each transaction is the aggregate number of Units in the particular Series of the Trust purchased in such transaction. The consideration listed below for each transaction is, except as otherwise noted, the aggregate amount of cash paid for the Units purchased. For each transaction reported below, the price per Unit was NAV per Unit at the time of the transaction and the Managing Owner of the Trust was the purchaser of the Units. No underwriting discount or sales commission was paid or received with respect to any of the transactions reported below. The Registrant claims an exemption from registration of each of the transactions listed below under Section 4(2) of the Securities Act, as a sale by an issuer not involving a public offering.

SERIES	DATE	UNITS	CONSIDERATION
NONE

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

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

121

ITEM 5. OTHER INFORMATION.

None

ITEM 6. EXHIBITS.

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

4.1	Declaration of Trust and Amended and Restated Trust Agreement of the Registrant (annexed to the prospectus as Exhibit A) ****
31.1	Certification of Principal Executive Officer of the Managing Owner pursuant to Rules 1 3a-14(a) and 15(d)-14(a) of the Securities Exchange Act of 1934 (furnished herewith)
31.2	Certification of Principal Financial Officer of the Managing Owner pursuant to Rules 1 3a-14(a) and 1 5(d)-14(a) of the Securities Exchange Act of 1934 (furnished 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)
32.6	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished herewith)
32.8	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)
32.12	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002. (furnished herewith)
101	Financials in XBRL format

**** Previously filed and incorporated by reference from the Definitive Prospectus filed pursuant to Rule 424(b)(3) filed May 4, 2012.

122

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: November 14, 2012
	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

123

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: November 14, 2012
	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

124

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/Graham Series,
	a Series of The Frontier Fund
	(Registrant)
Date: November 14, 2012
	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

125

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: November 14, 2012
	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

126

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.

	Tiverton/Graham/Transtrend Series,
	a Series of The Frontier Fund
	(Registrant)
Date: November 14, 2012
	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

127

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: November 14, 2012
	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

128

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.

	Frontier Long/Short Commodity Series,
	a Series of The Frontier Fund
	(Registrant)
Date: November 14, 2012
	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

129

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.

	Frontier Diversified Series,
	a Series of The Frontier Fund
	(Registrant)
Date: November 14, 2012
	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

130

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.

	Frontier Masters Series,
	a Series of The Frontier Fund
	(Registrant)
Date: November 14, 2012
	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

131

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 quarterly 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.

November 14, 2012	/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, Brent Bales, certify that:

1. I have reviewed this quarterly 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.

November 14, 2012	/s/ Brent Bales
	Brent Bales
	Chief Accounting Officer of Equinox Fund Management, LLC, the Managing Owner 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 Quarterly Report of The Frontier Fund on Form 10-Q for the period ended September 30, 2012 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 Accounting Officer of Equinox Fund
Management, LLC, the Managing Owner of The
Frontier Fund

Date: November 14, 2012

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Balanced Series, a Series of The Frontier Fund on Form 10-Q for the period ended September 30, 2012 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 Accounting Officer of Equinox Fund
Management, LLC, the Managing Owner of the
Balanced Series, a Series of The Frontier Fund

Date: November 14, 2012

EX-32.3

Exhibit 32.3

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Tiverton/Graham/Transtrend Series, a Series of The Frontier Fund on Form 10-Q for the period ended September 30, 2012 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 Tiverton/Graham/Transtrend Series.

/s/ Robert J. Enck

Robert J. Enck

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

Tiverton/Graham/Transtrend Series, a Series of The
Frontier Fund

/s/ Brent Bales

Brent Bales

Chief Accounting Officer of Equinox Fund

Management, LLC, the Managing Owner of the
Tiverton/Graham/Transtrend Series, a Series of The
Frontier Fund

Date: November 14, 2012

EX-32.4

Exhibit 32.4

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Currency Series, a Series of The Frontier Fund on Form 10-Q for the period ended September 30, 2012 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 Accounting Officer of Equinox Fund
Management, LLC, the Managing Owner of the
Currency Series, a Series of The Frontier Fund

Date: November 14, 2012

EX-32.6

Exhibit 32.6

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Frontier Long/Short Commodity Series, a Series of The Frontier Fund on Form 10-Q for the period ended September 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

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

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

/s/ Robert J. Enck

Robert J. Enck

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

/s/ Brent Bales

Brent Bales

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

Date: November 14, 2012

EX-32.8

Exhibit 32.8

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Winton Series, a Series of The Frontier Fund on Form 10-Q for the period ended September 30, 2012 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 Accounting Officer of Equinox Fund
Management, LLC, the Managing Owner of the
Winton Series, a Series of The Frontier Fund

Date: November 14, 2012

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 Quarterly Report of the Winton/Graham Series, a Series of The Frontier Fund on Form 10-Q for the period ended September 30, 2012 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/Graham Series.

/s/ Robert J. Enck

Robert J. Enck

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

/s/ Brent Bales

Brent Bales

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

Date: November 14, 2012

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 Quarterly Report of the Frontier Diversified Series, a Series of The Frontier Fund on Form 10-Q for the period ended September 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

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

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

/s/ Robert J. Enck

Robert J. Enck

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

/s/ Brent Bales

Brent Bales

Chief Accounting Officer of Equinox Fund
Management, LLC, the Managing Owner of the
Frontier Diversified Series, a Series of The Frontier
Fund

Date: November 14, 2012

EX-32.12

Exhibit 32.12

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Frontier Masters Series, a Series of The Frontier Fund on Form 10-Q for the period ended September 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:

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

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

/s/ Robert J. Enck

Robert J. Enck

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

/s/ Brent Bales

Brent Bales

Chief Accounting Officer of Equinox Fund
Management, LLC, the Managing Owner of the
Frontier Masters Series, a Series of The Frontier
Fund

Date: November 14, 2012

XML

Transactions with Affiliates - Balanced Series Advances to and Reductions (Detail) (USD $)	3 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011
Related Party Transaction [Line Items]
Inter-series receivables, beginning balance		$ 12,293,535	$ 12,340,084	$ 12,816,775
Additions during period
Reduction during period		(11,281,861)
Net change in inter-series receivables		(1,011,674)	(46,549)	(476,691)
Inter-series receivables, ending balance			12,293,535	12,340,084
Currency [Member]
Related Party Transaction [Line Items]
Inter-series receivables, beginning balance		12,293,535	12,340,084	12,816,775
Additions during period
Reduction during period		(11,281,861)
Net change in inter-series receivables		(1,011,674)	(46,549)	(476,691)
Inter-series receivables, ending balance			$ 12,293,535	$ 12,340,084

XML

Trading Activities and Related Risks - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2012
Trading Activity, Gains and Losses, Net [Line Items]
Percentage of loss realize by the holder of Units in Series	100.00%
The Frontier Fund [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Percentage of loss realize by the holder of Units in Series	100.00%
Maximum [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading advisor's margin-to-equity ratio percentage	35.00%
Maximum [Member] | The Frontier Fund [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading advisor's margin-to-equity ratio percentage	35.00%

XML

Swaps - Trust, with Respect to Series, has Invested in Following Swaps (Detail) (USD $)	3 Months Ended	9 Months Ended			12 Months Ended	9 Months Ended	12 Months Ended			3 Months Ended	9 Months Ended			12 Months Ended	9 Months Ended	12 Months Ended		3 Months Ended	9 Months Ended			12 Months Ended	9 Months Ended	12 Months Ended		3 Months Ended		9 Months Ended			12 Months Ended	9 Months Ended		12 Months Ended	9 Months Ended	12 Months Ended		3 Months Ended		9 Months Ended					12 Months Ended	9 Months Ended	12 Months Ended		3 Months Ended	9 Months Ended			12 Months Ended	9 Months Ended	12 Months Ended			3 Months Ended	9 Months Ended			12 Months Ended	9 Months Ended	12 Months Ended		3 Months Ended	9 Months Ended			12 Months Ended	9 Months Ended	12 Months Ended		3 Months Ended		9 Months Ended			12 Months Ended	9 Months Ended		12 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2011 Frontier Diversified Series [Member]	Sep. 30, 2012 Frontier Diversified Series [Member]	Sep. 30, 2011 Frontier Diversified Series [Member]	Sep. 30, 2012 Frontier Diversified Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Dec. 31, 2011 Frontier Diversified Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Sep. 30, 2012 Frontier Diversified Series [Member] Credit Default Swap [Member] Societe Generale [Member]	Dec. 31, 2011 Frontier Diversified Series [Member] Credit Default Swap Termination on 3/20/2012 [Member] Societe Generale [Member]	Dec. 31, 2011 Frontier Diversified Series [Member] Credit Default Swap Termination on 12/20/2011 [Member] Societe Generale [Member]	Dec. 31, 2011 Frontier Diversified Series [Member] Option Basket [Member] Company D [Member]	Sep. 30, 2011 Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Frontier Long/Short Commodity Series [Member]	Sep. 30, 2011 Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Frontier Long/Short Commodity Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Dec. 31, 2011 Frontier Long/Short Commodity Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Sep. 30, 2012 Frontier Long/Short Commodity Series [Member] Credit Default Swap [Member] Societe Generale [Member]	Dec. 31, 2011 Frontier Long/Short Commodity Series [Member] Credit Default Swap Termination on 3/20/2012 [Member] Societe Generale [Member]	Dec. 31, 2011 Frontier Long/Short Commodity Series [Member] Credit Default Swap Termination on 12/20/2011 [Member] Societe Generale [Member]	Sep. 30, 2011 Frontier Masters Series [Member]	Sep. 30, 2012 Frontier Masters Series [Member]	Sep. 30, 2011 Frontier Masters Series [Member]	Sep. 30, 2012 Frontier Masters Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Dec. 31, 2011 Frontier Masters Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Sep. 30, 2012 Frontier Masters Series [Member] Credit Default Swap [Member] Societe Generale [Member]	Dec. 31, 2011 Frontier Masters Series [Member] Credit Default Swap Termination on 3/20/2012 [Member] Societe Generale [Member]	Dec. 31, 2011 Frontier Masters Series [Member] Credit Default Swap Termination on 12/20/2011 [Member] Societe Generale [Member]	Sep. 30, 2012 Balanced Series [Member]	Sep. 30, 2011 Balanced Series [Member]	Sep. 30, 2012 Balanced Series [Member]	Sep. 30, 2011 Balanced Series [Member]	Sep. 30, 2012 Balanced Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Dec. 31, 2011 Balanced Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Sep. 30, 2012 Balanced Series [Member] Credit Default Swap [Member] Societe Generale [Member]	Sep. 30, 2012 Balanced Series [Member] Option Swap [Member] Company A [Member]	Dec. 31, 2011 Balanced Series [Member] Option Swap [Member] Company A [Member]	Sep. 30, 2012 Balanced Series [Member] Total Return Swap [Member] DeutscheBank [Member]	Dec. 31, 2011 Balanced Series [Member] Credit Default Swap Termination on 3/20/2012 [Member] Societe Generale [Member]	Dec. 31, 2011 Balanced Series [Member] Credit Default Swap Termination on 12/20/2011 [Member] Societe Generale [Member]	Sep. 30, 2011 Tiverton/Graham/Transtrend Series [Member]		Sep. 30, 2012 Tiverton/Graham/Transtrend Series [Member]		Sep. 30, 2011 Tiverton/Graham/Transtrend Series [Member]		Sep. 30, 2012 Tiverton/Graham/Transtrend Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Dec. 31, 2011 Tiverton/Graham/Transtrend Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Sep. 30, 2012 Tiverton/Graham/Transtrend Series [Member] Credit Default Swap [Member] Societe Generale [Member]	Dec. 31, 2011 Tiverton/Graham/Transtrend Series [Member] Credit Default Swap Termination on 3/20/2012 [Member] Societe Generale [Member]	Dec. 31, 2011 Tiverton/Graham/Transtrend Series [Member] Credit Default Swap Termination on 12/20/2011 [Member] Societe Generale [Member]	Sep. 30, 2011 Currency Series [Member]	Sep. 30, 2012 Currency Series [Member]	Sep. 30, 2011 Currency Series [Member]	Sep. 30, 2012 Currency Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Dec. 31, 2011 Currency Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Sep. 30, 2012 Currency Series [Member] Credit Default Swap [Member] Societe Generale [Member]	Dec. 31, 2011 Currency Series [Member] Credit Default Swap Termination on 3/20/2012 [Member] Societe Generale [Member]	Dec. 31, 2011 Currency Series [Member] Credit Default Swap Termination on 12/20/2011 [Member] Societe Generale [Member]	Dec. 31, 2011 Currency Series [Member] Option Basket [Member] Company B [Member]	Sep. 30, 2011 Winton Series [Member]	Sep. 30, 2012 Winton Series [Member]	Sep. 30, 2011 Winton Series [Member]	Sep. 30, 2012 Winton Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Dec. 31, 2011 Winton Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Sep. 30, 2012 Winton Series [Member] Credit Default Swap [Member] Societe Generale [Member]	Dec. 31, 2011 Winton Series [Member] Credit Default Swap Termination on 3/20/2012 [Member] Societe Generale [Member]	Dec. 31, 2011 Winton Series [Member] Credit Default Swap Termination on 12/20/2011 [Member] Societe Generale [Member]	Sep. 30, 2011 Winton/Graham Series [Member]	Sep. 30, 2012 Winton/Graham Series [Member]	Sep. 30, 2011 Winton/Graham Series [Member]	Sep. 30, 2012 Winton/Graham Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Dec. 31, 2011 Winton/Graham Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Sep. 30, 2012 Winton/Graham Series [Member] Credit Default Swap [Member] Societe Generale [Member]	Dec. 31, 2011 Winton/Graham Series [Member] Credit Default Swap Termination on 3/20/2012 [Member] Societe Generale [Member]	Dec. 31, 2011 Winton/Graham Series [Member] Credit Default Swap Termination on 12/20/2011 [Member] Societe Generale [Member]	Sep. 30, 2012 The Frontier Fund [Member]	Sep. 30, 2011 The Frontier Fund [Member]	Sep. 30, 2012 The Frontier Fund [Member]	Sep. 30, 2011 The Frontier Fund [Member]	Sep. 30, 2012 The Frontier Fund [Member] Credit Default Swap [Member] BNP Paribas [Member]	Dec. 31, 2011 The Frontier Fund [Member] Credit Default Swap [Member] BNP Paribas [Member]	Sep. 30, 2012 The Frontier Fund [Member] Credit Default Swap [Member] Societe Generale [Member]	Sep. 30, 2012 The Frontier Fund [Member] Option Swap [Member] Company A [Member]	Dec. 31, 2011 The Frontier Fund [Member] Option Swap [Member] Company A [Member]	Sep. 30, 2012 The Frontier Fund [Member] Total Return Swap [Member] DeutscheBank [Member]	Dec. 31, 2011 The Frontier Fund [Member] Total Return Swap [Member] DeutscheBank [Member]	Dec. 31, 2011 The Frontier Fund [Member] Credit Default Swap Termination on 3/20/2012 [Member] Societe Generale [Member]	Dec. 31, 2011 The Frontier Fund [Member] Credit Default Swap Termination on 12/20/2011 [Member] Societe Generale [Member]
Derivatives, Fair Value [Line Items]
Notional Amount				$ 0	$ 42,411	$ 0	$ 12,238	$ 7,818	$ 7,437,929				$ 0	$ 26,385	$ 0	$ 7,613	$ 4,863				$ 0	$ 20,485	$ 0	$ 5,911	$ 3,776					$ 0	$ 75,939	$ 0	$ 15,325,024	$ 15,792,082	$ 23,551,287	$ 21,913	$ 13,998							$ 34,397	$ 16,105	$ 0	$ 4,647	$ 2,969				$ 0	$ 4,871	$ 0	$ 1,405	$ 898	$ 10,812,109				$ 0	$ 19,478	$ 0	$ 5,621	$ 3,591				$ 0	$ 13,276	$ 0	$ 3,831	$ 2,447					$ 0	$ 623,160	$ 0	$ 15,325,024	$ 14,129,540	$ 23,551,287	$ 23,551,287	$ 0	$ 0
Termination Date				Mar. 20, 2012	Mar. 20, 2012	Mar. 20, 2012	Mar. 20, 2012	Dec. 20, 2011	Jun. 06, 2014				Mar. 20, 2012	Mar. 20, 2012	Mar. 20, 2012	Mar. 20, 2012	Dec. 20, 2011				Mar. 20, 2012	Mar. 20, 2012	Mar. 20, 2012	Mar. 20, 2012	Dec. 20, 2011					Mar. 20, 2012	Mar. 20, 2012	Mar. 20, 2012	Nov. 06, 2012	Nov. 06, 2012	Jun. 30, 2016	Mar. 20, 2012	Dec. 20, 2011							Mar. 20, 2012	Mar. 20, 2012	Mar. 20, 2012	Mar. 20, 2012	Dec. 20, 2011				Mar. 20, 2012	Mar. 20, 2012	Mar. 20, 2012	Mar. 20, 2012	Dec. 20, 2011	Jan. 26, 2013				Mar. 20, 2012	Mar. 20, 2012	Mar. 20, 2012	Mar. 20, 2012	Dec. 20, 2011				Mar. 20, 2012	Mar. 20, 2012	Mar. 20, 2012	Mar. 20, 2012	Dec. 20, 2011					Mar. 20, 2012	Mar. 20, 2012	Mar. 20, 2012	Nov. 06, 2012	Nov. 06, 2012	Jun. 30, 2016	Jun. 30, 2016	Mar. 20, 2012	Dec. 20, 2011
Investee Returns				On Default	On Default	On Default	On Default	On Default	Total Returns				On Default	On Default	On Default	On Default	On Default				On Default	On Default	On Default	On Default	On Default					On Default	On Default	On Default	Total Returns	Total Returns	Total Returns	On Default	On Default							On Default	On Default	On Default	On Default	On Default				On Default	On Default	On Default	On Default	On Default	On Default				On Default	On Default	On Default	On Default	On Default				On Default	On Default	On Default	On Default	On Default					On Default	On Default	On Default	Total Returns	Total Returns	Total Returns	Total Returns	On Default	On Default
Realized Gain/(Loss)		(106,862)	(308,941)	(83,850)		(23,012)			(308,941)		(58,693)		(45,848)		(12,845)				(55,669)	1,070,356	(44,412)		(11,257)					(175,294)	6,689,123	(133,362)		(41,932)		6,689,123						(34,232)	[1]			(26,333)		(7,899)			(8,301,000)	(6,104)	(8,301,000)	(4,730)		(1,374)					(57,781)		(45,616)		(12,165)				(30,602)		(23,131)		(7,471)				(10,687,343)	(525,237)	(2,168,133)	(407,283)		(117,954)		6,689,123
Unrealized Gain/(Loss)	(3,643,386)	(23,719)	(4,032,004)	(46,731)	(33,433)	23,012	(9,670)	(10,212)	(335,303)	10,516	(20,529)	(20,878)	(33,374)	(18,345)	12,845	(6,402)	(6,647)	3,403	(2,775)	(1,633,412)	(14,032)	(16,304)	11,257	(4,692)	(5,241)	259,527	(12,258,290)	1,590,654	(21,105,042)	(87,639)	(55,807)	41,932	2,211,370	(8,755,515)	(575,010)	(17,764)	(17,666)	5,635	[1]	(2,448)	[1]	(15,816)	[1]	(10,347)	(13,633)	7,899	(3,683)	(4,135)	6,832,263	3,603	6,325,318	2,229	(3,983)	1,374	(1,145)	(1,228)	(500,589)	4,232	(7,291)	(23,610)	(19,456)	(17,486)	12,165	(4,903)	(5,453)	3,771	943	(16,478)	(6,528)	(13,104)	7,471	(3,432)	(3,713)	259,527	(7,587,158)	1,538,438	(19,212,891)	(215,876)	213,160	117,954	2,211,370	(18,838,844)	(575,010)	(368,228)	(120,458)
Fair Value					$ 42,411		$ 12,238	$ 7,818	$ 8,830,660					$ 26,385		$ 7,613	$ 4,863					$ 20,485		$ 5,911	$ 3,776						$ 75,939		$ 19,907,597	$ 27,790,087	$ 5,307,480	$ 21,913	$ 13,998								$ 16,105		$ 4,647	$ 2,969					$ 4,871		$ 1,405	$ 898	$ 5,168,180					$ 19,478		$ 5,621	$ 3,591					$ 13,276		$ 3,831	$ 2,447						$ 623,159		$ 19,907,597	$ 17,706,757	$ 5,307,480	$ 5,881,772

[1] Formerly known as the Berkeley/Graham/Tiverton Series.

XML

Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2012

Monthly Averages of Futures Contracts

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

For The Three Months Ended September 30, 2012

Monthly average contracts	Bought		Sold
Frontier Long/Short Commodity Series		3,308		3,232
Balanced Series		16,100		15,192
Frontier Masters Series		728		692

For The Nine Months Ended September 30, 2012

Monthly average contracts	Bought		Sold
Frontier Long/Short Commodity Series		12,808		14,032
Balanced Series		35,400		37,492
Frontier Masters Series		1,628		1,392

For The Three Months Ended September 30, 2011

Monthly average contracts	Bought		Sold
Frontier Long/Short Commodity Series		149,200		104,200
Frontier Masters Series		6,800		2,900
Balanced Series		12,200		4,600
Currency Series		3,800		1,500

For The Nine Months Ended September 30, 2011

Monthly average contracts	Bought		Sold
Frontier Long/Short Commodity Series		149,200		104,200
Frontier Masters Series		15,200		5,800
Balanced Series		24,300		11,600
Currency Series		7,000		3,500
Winton/Graham Series		17,900		6,800

Realized Trading Revenue from Futures, Forwards and Options

The following tables summarize the trading revenues for the nine and three months ended September 30, 2012 and 2011 by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2012 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	1,035,617		$	(83,958	)	$	(999,514	)
Currencies		(223,060	)		644,753			7,244,212
Energies		(36,916,109	)		(1,030,886	)		(2,887,295	)
Agriculturals		(1,784,729	)		(160,749	)		(153,297	)
Interest rates		(463,226	)		479,790			12,318,263
Stock indices		1,066,555			777,791			3,920,788
Realized trading income/(loss)(2)	$	(37,284,952	)	$	626,741		$	19,443,157

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2012 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	(19,358,229	)	$	732,055		$	(568,809	)
Currencies		(8,956,393	)		497,081			3,992,511
Energies		(6,913,808	)		(849,482	)		(7,560,401	)
Agriculturals		(5,969,527	)		528,378			(1,371,522	)
Interest rates		(10,717,684	)		3,815,021			38,223,501
Stock indices		16,493,073			(658,159	)		1,032,951
Realized trading income/(loss)(2)	$	(35,422,568	)	$	4,064,894		$	33,748,231

(1) The Frontier Diversified Series, Tiverton/Graham/Ttranstrend Series (formerly known as Berkely/Graham/Tiverton Series), Winton/Graham Series and Winton Series participate in trading activities through equity in earnings/(loss) from trading companies. The Frontier Long/Short Commodity Series consolidated Frontier Trading Company XVIII as of May 15, 2012 and the Balanced Series consolidated the Frontier Trading Company XVIII prior to May 15, 2012. The Balanced Series consolidated Frontier Trading Company XIV, LLC as of June 20, 2011, Frontier Trading Company VI, LLC as of April 18, 2011 and Frontier Trading Company XXIII, LLLC as of July 7, 2012.

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

(3) Amounts recorded in the Statements of Operations under Net change in open trade equity.

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2011 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	(13,546,767	)	$	(188,629	)	$	(8,988,918	)
Currencies		708,553			(1,085,512	)		(28,712,306	)
Energies		9,678,380			(428,493	)		(3,855,272	)
Agriculturals		3,865,415			(330,073	)		(7,938,422	)
Interest rates		1,218,775			676,484			37,723,387
Stock indices		158,862			(154,044	)		2,555,251
Realized trading income/(loss)(2)	$	2,083,218		$	(1,510,267	)	$	(9,216,280	)

Type of contract	Currency Series
Metals	$	—
Currencies		27,976
Energies		—
Agriculturals		—
Interest rates		—
Stock indices		—
Realized trading income/(loss)(2)	$	27,976

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2011 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	(13,546,767	)	$	156,659		$	(9,080,153	)
Currencies		708,553			(1,389,109	)		(22,398,216	)
Energies		9,678,380			(1,492,202	)		(5,236,069	)
Agriculturals		3,865,415			(1,039,562	)		(10,521,887	)
Interest rates		1,218,775			1,167,949			42,189,800
Stock indices		158,862			(659,364	)		(5,757,583	)
Realized trading income/(loss)(2)	$	2,083,218		$	(3,255,629	)	$	(10,804,108	)

Type of contract	Currency Series			Winton/Graham Series
Metals	$	—		$	1,144,332
Currencies		(142,069	)		110,745
Energies		—			91,930
Agriculturals		—			1,912
Interest rates		—			391,518
Stock indices		—			(942,278	)
Realized trading income/(loss)(2)	$	(142,069	)	$	798,159

(1) The Frontier Diversified Series, Tiverton/Graham/Transtren Series (formerly known as Berkely/Graham/Tiverton Series), Currency Series, Winton/Graham Series, Frontier Long/Short Commodity Series and Winton Series participate in trading activities through equity in earnings/(loss) from trading companies. The Balanced Series consolidated Frontier Trading Company XIV, LLC since June 20, 2011. The Frontier Long/Short Series consolidated Frontier Trading Company VII, LLC since September 28, 2011.

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

(3) Amounts recorded in the Statements of Operations under Net change in open trade equity.

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

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

for the Three Months Ended September 30, 2012 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	977,265		$	198,371		$	(1,564,940	)
Currencies		(49,765	)		(57,024	)		(2,430,043	)
Energies		33,718,036			(105,715	)		192,441
Agriculturals		6,164,516			(8,816	)		(994,834	)
Interest rates		(367,133	)		210,079			4,121,352
Stock indices		(999,355	)		(395,190	)		(2,197,371	)
Change in unrealized trading income/(loss)(3)	$	39,443,564		$	(158,295	)	$	(2,873,395	)

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

for the Nine Months Ended September 30, 2012 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	6,203,747		$	230,263		$	(331,441	)
Currencies		17,798,560			(129,384	)		(342,917	)
Energies		2,952,524			(707,102	)		(1,032,360	)
Agriculturals		10,232,405			(231,283	)		(2,648,196	)
Interest rates		(4,147,506	)		125,432			5,620,385
Stock indices		129,696			(294,603	)		(1,602,508	)
Change in unrealized trading income/(loss)(3)	$	33,169,426		$	(1,006,677	)	$	(337,037	)

(1) The Frontier Diversified Series, Tiverton/Graham/Ttranstrend Series (formerly known as Berkely/Graham/Tiverton Series), Winton/Graham Series and Winton Series participate in trading activities through equity in earnings/(loss) from trading companies. The Frontier Long/Short Commodity Series consolidated Frontier Trading Company XVIII as of May 15, 2012 and the Balanced Series consolidated the Frontier Trading Company XVIII prior to May 15, 2012. The Balanced Series consolidated Frontier Trading Company XIV, LLC as of June 20, 2011, Frontier Trading Company VI, LLC as of April 18, 2011 and Frontier Trading Company XXIII, LLLC as of July 7, 2012.

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

(3) Amounts recorded in the Statements of Operations under Net change in open trade equity.

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

for the Three Months Ended September 30, 2011 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	15,878,273		$	165,475		$	19,876,345
Currencies		(555,810	)		(30,570	)		(6,530,704	)
Energies		(13,233,592	)		120,574			600,800
Agriculturals		(467,268	)		(133,312	)		4,161,214
Interest rates		(1,797,937	)		121,316			2,733,205
Stock indices		(426,825	)		194,318			(364,392	)
Change in unrealized trading income/(loss)(3)	$	(603,159	)	$	437,801		$	20,476,468

Type of contract	Currency Series
Metals	$	—
Currencies		(2,759	)
Energies		—
Agriculturals		—
Interest rates		—
Stock indices		—
Change in unrealized trading income/(loss)(3)	$	(2,759	)

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

for the Nine Months Ended September 30, 2011 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	15,878,273		$	(50,223	)	$	22,091,608
Currencies		(555,810	)		609,296			(22,590,346	)
Energies		(13,233,592	)		51,126			2,644,424
Agriculturals		(467,268	)		(31,548	)		(4,261,859	)
Interest rates		(1,797,937	)		(1,224,260	)		1,374,509
Stock indices		(426,825	)		910,501			(3,438,136	)
Change in unrealized trading income/(loss)(3)	$	(603,159	)	$	264,892		$	(4,179,800	)

Type of contract	Currency Series			Winton/Graham Series
Metals	$	—		$	(619,217	)
Currencies		(27,166	)		(571,607	)
Energies		—			12,279
Agriculturals		—			(371,424	)
Interest rates		—			(285,680	)
Stock indices		—			313,862
Change in unrealized trading income/(loss)(3)	$	(27,166	)	$	(1,521,787	)

(1) The Frontier Diversified Series, Tiverton/Graham/Transtren Series (formerly known as Berkely/Graham/Tiverton Series), Currency Series, Winton/Graham Series, Frontier Long/Short Commodity Series and Winton Series participate in trading activities through equity in earnings/(loss) from trading companies. The Balanced Series consolidated Frontier Trading Company XIV, LLC since June 20, 2011. The Frontier Long/Short Series consolidated Frontier Trading Company VII, LLC since September 28, 2011.

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

(3) Amounts recorded in the Statements of Operations under Net change in open trade equity.

The Frontier Fund [Member]

Realized Trading Revenue from Futures, Forwards and Options

The following tables summarize the trading revenues for the nine and three months ended September 30, 2012 and 2011 by contract type:

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2012 (1)

Type of contract
Metals	$	(15,791,452	)
Currencies		(6,365,741	)
Energies		(23,685,527	)
Agriculturals		(2,695,834	)
Interest rates		47,939,795
Stock indices		6,092,258
Realized trading income/(loss) (1)	$	5,493,499

(1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options

(2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value.

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2012 (2)

Type of contract
Metals	$	(649,307	)
Currencies		7,835,846
Energies		(42,758,157	)
Agriculturals		324,580
Interest rates		12,963,102
Stock indices		8,252,917
Realized trading income/(loss) (1)	$	(14,031,019	)

(1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options

(2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value.

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2011 (1)

Type of contract
Metals	$	6,225,603
Currencies		7,136,254
Energies		21,770,973
Agriculturals		38,239,122
Interest rates		(15,767,166	)
Stock indices		30,565,066
Realized trading income/(loss) (1)	$	88,169,852

(1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options

(2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value.

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2011 (1)

Type of contract
Metals	$	569,349
Currencies		652,630
Energies		2,905,543
Agriculturals		4,411,601
Interest rates		(1,441,951	)
Stock indices		2,927,565
Realized trading income/(loss) (1)	$	10,024,737

(1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options.

(2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value.

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

The following tables summarize the trading revenues for the nine and three months ended September 30, 2012 and 2011 by contract type:

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

for the Nine Months Ended September 30, 2012 (2)

Type of contract
Metals	$	3,720,493
Currencies		14,487,416
Energies		529,216
Agriculturals		5,288,536
Interest rates		5,776,926
Stock indices		(4,485,740	)
Change in unrealized trading income/(loss) (2)	$	25,316,847

(1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options

(2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value.

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

for the Three Months Ended September 30, 2012 (2)

Type of contract
Metals	$	(2,999,805	)
Currencies		(2,974,438	)
Energies		35,116,173
Agriculturals		3,858,004
Interest rates		8,135,147
Stock indices		(4,739,678	)
Change in unrealized trading income/(loss) (2)	$	36,395,403

(1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options

(2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value.

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

for the Nine Months Ended September 30, 2011 (1)

Type of contract
Metals	$	6,306,915
Currencies		(21,644,755	)
Energies		7,265,939
Agriculturals		(7,728,022	)
Interest rates		(8,516,274	)
Stock indices		(3,920,710	)
Change in unrealized trading income/(loss) (2)	$	(28,236,907	)

(1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options

(2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value.

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

for the Three Months Ended September 30, 2011 (2)

Type of contract
Metals	$	495,331
Currencies		6,518,277
Energies		3,841,690
Agriculturals		2,852,828
Interest rates		1,370,456
Stock indices		630,928
Change in unrealized trading income/(loss) (2)	$	15,709,510

(1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options.

(2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value.

XML

Financial Highlights of Trust (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
The Frontier Fund [Member]
Financial Highlights [Line Items]
Net investment income/(loss)	(0.0534)	(0.0482)	(0.0623)	(0.0661)
Expenses before incentive fees	(0.0528)	(0.0490)	(0.0529)	(0.0483)
Expenses after incentive fees	(0.0628)	(0.0580)	(0.0720)	(0.0744)
Total return before incentive fees	0.0245	(0.0015)	0.0088	0.0091
Total return after incentive fees	0.0145	(0.0105)	(0.0103)	(0.0170)
Frontier Diversified Series [Member] | Class 1 [Member]
Financial Highlights [Line Items]
Net asset value	97.60	101.63	99.40	103.58
Interest income	0.42	0.44	1.29	1.22
Expenses	(2.66)	(2.60)	(6.87)	(7.53)
Net gain/(loss) on investments, net of non-controlling interests	2.46	1.00	4.00	3.20
Net income/(loss)	0.22	(1.16)	(1.58)	(3.11)
Net asset value or at cessation of operations, Ending Balance	97.82	100.47	97.82	100.47
Net investment income/(loss)	(0.0553)	(0.0861)	(0.0671)	(0.0812)
Expenses before incentive fees	0.0607	0.0608	0.0602	0.0584
Expenses after incentive fees	0.0724	0.1035	0.0843	0.0969
Total return before incentive fees	0.0139	(0.0006)	0.0082	0.0036
Total return after incentive fees	0.0023	(0.0114)	(0.0159)	(0.0252)
Frontier Diversified Series [Member] | Class 2 [Member]
Financial Highlights [Line Items]
Net asset value	102.99	105.37	103.96	106.46
Interest income	0.44	0.45	1.35	1.26
Expenses	(2.23)	(2.12)	(5.51)	(6.02)
Net gain/(loss) on investments, net of non-controlling interests	2.46	0.92	3.85	2.92
Net income/(loss)	0.67	(0.75)	(0.30)	(1.84)
Net asset value or at cessation of operations, Ending Balance	103.66	104.62	103.66	104.62
Net investment income/(loss)	(0.0330)	(0.0641)	(0.0453)	(0.0592)
Expenses before incentive fees	0.0384	0.0387	0.0385	0.0364
Expenses after incentive fees	0.0501	0.0815	0.0627	0.0750
Total return before incentive fees	0.0182	0.0039	0.0212	0.0143
Total return after incentive fees	0.0065	(0.0069)	(0.0029)	(0.0145)
Frontier Masters Series [Member] | Class 1 [Member]
Financial Highlights [Line Items]
Net asset value	102.04	99.01	100.25	102.96
Interest income	0.46	0.53	1.46	1.25
Expenses	(2.61)	(2.79)	(6.40)	(6.62)
Net gain/(loss) on investments, net of non-controlling interests	5.03	6.01	9.61	5.17
Net income/(loss)	2.88	3.75	4.67	(0.20)
Net asset value or at cessation of operations, Ending Balance	104.92	102.76	104.92	102.76
Net investment income/(loss)	(0.0615)	(0.0876)	(0.0623)	(0.0696)
Expenses before incentive fees	0.0725	0.0701	0.0729	0.0685
Expenses after incentive fees	0.0795	0.1080	0.0817	0.0857
Total return before incentive fees	0.0352	0.0461	0.0554	0.0145
Total return after incentive fees	0.0282	0.0366	0.0466	0.0016
Frontier Masters Series [Member] | Class 2 [Member]
Financial Highlights [Line Items]
Net asset value	107.65	102.63	104.83	105.81
Interest income	0.49	0.55	1.54	1.29
Expenses	(2.16)	(2.32)	(5.00)	(5.13)
Net gain/(loss) on investments, net of non-controlling interests	5.19	6.14	9.79	5.03
Net income/(loss)	3.52	4.37	6.34	1.19
Net asset value or at cessation of operations, Ending Balance	111.17	107.00	111.17	107.00
Net investment income/(loss)	(0.0396)	(0.0662)	(0.0406)	(0.0481)
Expenses before incentive fees	0.0507	0.0487	0.0513	0.0470
Expenses after incentive fees	0.0577	0.0866	0.0601	0.0642
Total return before incentive fees	0.1590	0.0506	0.0693	0.0231
Total return after incentive fees	0.0327	0.0410	0.0605	0.0101
Frontier Long/Short Commodity Series [Member] | Class 1 [Member]
Financial Highlights [Line Items]
Net asset value	128.07	140.52	136.13	132.73
Interest income	0.63	0.71	2.01	1.96
Expenses	(4.30)	(4.03)	(10.98)	(14.30)
Net gain/(loss) on investments, net of non-controlling interests	11.01	(0.60)	8.24	16.21
Net income/(loss)	7.34	(3.92)	(0.72)	3.87
Net asset value or at cessation of operations, Ending Balance	135.41	136.60	135.41	136.60
Net investment income/(loss)	(0.4161)	(0.0916)	(0.1080)	(0.1139)
Expenses before incentive fees	0.5073	0.0867	0.1199	0.0845
Expenses after incentive fees	0.5157	0.1110	0.1350	0.1320
Total return before incentive fees	0.0657	(0.0102)	0.0098	0.1511
Total return after incentive fees	0.0573	(0.0163)	(0.0053)	0.1156
Frontier Long/Short Commodity Series [Member] | Class 2 [Member]
Financial Highlights [Line Items]
Net asset value	154.20	164.69	161.97	153.26
Interest income	0.59	0.83	2.06	2.29
Expenses	(3.03)	(3.67)	(8.71)	(13.27)
Net gain/(loss) on investments, net of non-controlling interests	13.52	(0.54)	9.96	19.03
Net income/(loss)	11.08	(3.38)	3.31	8.05
Net asset value or at cessation of operations, Ending Balance	165.28	161.31	165.28	161.31
Net investment income/(loss)	(0.0446)	(0.0665)	(0.0527)	(0.0869)
Expenses before incentive fees	0.0514	0.0616	0.0545	0.0575
Expenses after incentive fees	0.0598	0.0859	0.0696	0.1050
Total return before incentive fees	0.0803	(0.0058)	0.0356	0.1311
Total return after incentive fees	0.0719	(0.0119)	0.0204	0.0955
Frontier Long/Short Commodity Series [Member] | Class 3 [Member]
Financial Highlights [Line Items]
Net asset value	154.18	164.68	161.96	153.26
Interest income	0.79	0.83	2.41	2.29
Expenses	(4.05)	(3.66)	(10.19)	(13.28)
Net gain/(loss) on investments, net of non-controlling interests	14.41	(0.55)	11.15	19.03
Net income/(loss)	11.15	(3.38)	3.37	8.04
Net asset value or at cessation of operations, Ending Balance	165.33	161.30	165.33	161.30
Net investment income/(loss)	(0.0568)	(0.0665)	(0.0591)	(0.0869)
Expenses before incentive fees	0.0687	0.0616	0.0638	0.0575
Expenses after incentive fees	0.0771	0.0859	0.0789	0.1050
Total return before incentive fees	0.0807	(0.0153)	0.0359	0.0834
Total return after incentive fees	0.0723	(0.0214)	0.0208	0.0479
Frontier Long/Short Commodity Series [Member] | Class 1a [Member]
Financial Highlights [Line Items]
Net asset value	115.26	124.76	121.71	117.96
Interest income	0.62	0.63	1.83	1.74
Expenses	(4.27)	(3.57)	(9.98)	(12.69)
Net gain/(loss) on investments, net of non-controlling interests	11.81	(0.15)	9.86	14.66
Net income/(loss)	8.16	(3.09)	1.71	3.71
Net asset value or at cessation of operations, Ending Balance	123.42	121.67	123.42	121.67
Net investment income/(loss)	(0.0963)	(0.0916)	(0.0841)	(0.1139)
Expenses before incentive fees	0.1094	0.0867	0.0890	0.0845
Expenses after incentive fees	0.1178	0.1110	0.1041	0.1320
Total return before incentive fees	0.0792	(0.0264)	0.0292	(0.0056)
Total return after incentive fees	0.0708	(0.0326)	0.0140	(0.0411)
Frontier Long/Short Commodity Series [Member] | Class 2a [Member]
Financial Highlights [Line Items]
Net asset value	121.54	129.28	127.23	121.18
Interest income	0.79	0.65	2.15	1.80
Expenses	(4.05)	(2.87)	(9.09)	(10.45)
Net gain/(loss) on investments, net of non-controlling interests	12.36	(0.43)	10.36	14.10
Net income/(loss)	9.10	(2.65)	3.41	5.45
Net asset value or at cessation of operations, Ending Balance	130.64	126.63	130.64	126.63
Net investment income/(loss)	(0.0698)	(0.0665)	(0.0651)	(0.0869)
Expenses before incentive fees	0.0873	0.0616	0.0725	0.0575
Expenses after incentive fees	0.0956	0.0859	0.0876	0.1050
Total return before incentive fees	0.0833	(0.0262)	0.0419	0.0090
Total return after incentive fees	0.0749	(0.0324)	0.0268	(0.0265)
Balanced Series [Member] | Class 1 [Member]
Financial Highlights [Line Items]
Net asset value	122.65	130.46	124.50	131.95
Interest income	0.01	0.08	0.11	0.15
Expenses	(3.30)	(2.77)	(7.93)	(8.93)
Net gain/(loss) on investments, net of non-controlling interests	3.43	(1.74)	6.11	2.86
Net income/(loss)	0.14	(4.43)	(1.71)	(5.92)
Net asset value or at cessation of operations, Ending Balance	122.79	126.03	122.79	126.03
Net investment income/(loss)	(0.0626)	(0.0850)	(0.0747)	(0.0884)
Expenses before incentive fees	0.0488	0.0451	0.0482	0.0430
Expenses after incentive fees	0.0630	0.0873	0.0759	0.0899
Total return before incentive fees	0.0154	(0.0255)	0.0140	0.0030
Total return after incentive fees	0.0011	(0.0362)	(0.0137)	(0.0321)
Balanced Series [Member] | Class 2 [Member]
Financial Highlights [Line Items]
Net asset value	155.01	160.02	155.02	159.46
Interest income	0.02	0.09	0.14	0.18
Expenses	(2.99)	(2.24)	(6.50)	(7.25)
Net gain/(loss) on investments, net of non-controlling interests	4.26	(2.11)	7.63	3.37
Net income/(loss)	1.29	(4.26)	1.28	(3.70)
Net asset value or at cessation of operations, Ending Balance	156.30	155.76	156.30	155.76
Net investment income/(loss)	(0.0324)	(0.0550)	(0.0453)	(0.0584)
Expenses before incentive fees	0.0186	0.0150	0.0188	0.0130
Expenses after incentive fees	0.0328	0.0573	0.0465	0.0599
Total return before incentive fees	0.0225	(0.0177)	0.0360	0.0173
Total return after incentive fees	0.0083	(0.0283)	0.0083	(0.0178)
Balanced Series [Member] | Class 1a [Member]
Financial Highlights [Line Items]
Net asset value	108.13	114.39	108.45	116.36
Interest income	0.01	0.07	0.09	0.13
Expenses	(2.90)	(2.42)	(6.87)	(7.85)
Net gain/(loss) on investments, net of non-controlling interests	7.34	(1.96)	10.89	1.44
Net income/(loss)	4.45	(4.31)	4.13	(6.28)
Net asset value or at cessation of operations, Ending Balance	112.58	110.08	112.58	110.08
Net investment income/(loss)	(0.2755)	(0.0850)	(0.0921)	(0.0884)
Expenses before incentive fees	0.2634	0.0451	0.0659	0.0430
Expenses after incentive fees	0.2776	0.0873	0.0937	0.0899
Total return before incentive fees	0.0554	(0.0286)	0.0658	(0.0024)
Total return after incentive fees	0.0412	(0.0392)	0.0381	(0.0375)
Balanced Series [Member] | Class 2a [Member]
Financial Highlights [Line Items]
Net asset value	128.99	133.35	128.35	133.66
Interest income	0.01	0.08	0.11	0.15
Expenses	(2.49)	(1.86)	(5.37)	(6.05)
Net gain/(loss) on investments, net of non-controlling interests	3.64	(2.26)	7.05	1.55
Net income/(loss)	1.16	(4.04)	1.80	(4.35)
Net asset value or at cessation of operations, Ending Balance	130.15	129.31	130.15	129.31
Net investment income/(loss)	(0.0324)	(0.0550)	(0.0452)	(0.0584)
Expenses before incentive fees	0.0186	0.0150	0.0187	0.0130
Expenses after incentive fees	0.0328	0.0573	0.0464	0.0599
Total return before incentive fees	0.0232	(0.0220)	0.0417	0.0051
Total return after incentive fees	0.0090	(0.0327)	0.0140	(0.0300)
Balanced Series [Member] | Class 3a [Member]
Financial Highlights [Line Items]
Net asset value	128.54	133.36	128.36	133.66
Interest income	0.01	0.08	0.11	0.15
Expenses	(2.48)	(1.86)	(5.40)	(6.06)
Net gain/(loss) on investments, net of non-controlling interests	3.65	(2.27)	6.64	1.56
Net income/(loss)	1.18	(4.05)	1.36	(4.35)
Net asset value or at cessation of operations, Ending Balance	129.72	129.31	129.72	129.31
Net investment income/(loss)	(0.0324)	(0.0550)	(0.0453)	(0.0584)
Expenses before incentive fees	0.0624	0.0150	0.0188	0.0130
Expenses after incentive fees	0.0767	0.0573	0.0465	0.0599
Total return before incentive fees	0.0250	(0.0230)	0.0399	0.0071
Total return after incentive fees	0.0107	(0.0337)	0.0122	(0.0280)
Tiverton/Graham/Transtrend Series [Member] | Class 1 [Member]
Financial Highlights [Line Items]
Net asset value	86.29	100.81	91.02	110.46
Interest income	0.21	0.12	0.40	0.13
Expenses	(1.74)	(1.50)	(5.07)	(4.59)
Net gain/(loss) on investments, net of non-controlling interests	0.54	(0.70)	(1.05)	(7.27)
Net income/(loss)	(0.99)	(2.08)	(5.72)	(11.73)
Net asset value or at cessation of operations, Ending Balance	85.30	98.73	85.30	98.73
Net investment income/(loss)	(0.0700)	(0.0548)	(0.0678)	(0.0559)
Expenses before incentive fees	0.0792	0.0569	0.0718	0.0569
Expenses after incentive fees	0.0795	0.0595	0.0737	0.0576
Total return before incentive fees	(0.0113)	(0.0199)	(0.0610)	(0.1035)
Total return after incentive fees	(0.0115)	(0.0205)	(0.0628)	(0.1040)
Tiverton/Graham/Transtrend Series [Member] | Class 2 [Member]
Financial Highlights [Line Items]
Net asset value	107.04	122.02	111.84	131.73
Interest income	0.26	0.14	0.50	0.16
Expenses	(1.35)	(0.90)	(3.84)	(2.65)
Net gain/(loss) on investments, net of non-controlling interests	1.17	(0.84)	(1.37)	(8.82)
Net income/(loss)	0.08	(1.60)	(4.72)	(11.31)
Net asset value or at cessation of operations, Ending Balance	107.12	120.42	107.12	120.42
Net investment income/(loss)	(0.0398)	(0.0248)	(0.0392)	(0.0259)
Expenses before incentive fees	0.0491	0.0269	0.0433	0.0269
Expenses after incentive fees	0.0493	0.0295	0.0452	0.0276
Total return before incentive fees	0.0010	(0.0126)	(0.0403)	(0.0786)
Total return after incentive fees	0.0007	(0.0132)	(0.0422)	(0.0791)
Currency Series [Member] | Class 1 [Member]
Financial Highlights [Line Items]
Net asset value	64.87	74.74	70.48	79.09
Interest income	0.00	0.07	0.00	0.76
Expenses	(0.62)	(0.67)	(1.90)	(3.39)
Net gain/(loss) on investments, net of non-controlling interests	(0.11)	(2.03)	(4.44)	(4.35)
Net income/(loss)	(0.73)	(2.63)	(6.34)	(6.98)
Net asset value or at cessation of operations, Ending Balance	64.14	72.11	64.14	72.11
Net investment income/(loss)	(0.0381)	(0.0330)	(0.0359)	(0.0466)
Expenses before incentive fees	0.0381	0.0369	0.0359	0.0600
Expenses after incentive fees	0.0381	0.0369	0.0359	0.0600
Total return before incentive fees	(0.0113)	(0.0369)	(0.0900)	(0.0913)
Total return after incentive fees	(0.0113)	(0.0369)	(0.0900)	(0.0913)
Currency Series [Member] | Class 2 [Member]
Financial Highlights [Line Items]
Net asset value	81.87	91.54	87.61	95.43
Interest income	0.00	0.09	0.00	0.93
Expenses	(0.16)	(0.16)	(0.48)	(2.08)
Net gain/(loss) on investments, net of non-controlling interests	(0.12)	(2.50)	(5.54)	(5.31)
Net income/(loss)	(0.28)	(2.57)	(6.02)	(6.46)
Net asset value or at cessation of operations, Ending Balance	81.59	88.97	81.59	88.97
Net investment income/(loss)	(0.0076)	(0.0030)	(0.0072)	(0.0167)
Expenses before incentive fees	0.0076	0.0069	0.0072	0.0301
Expenses after incentive fees	0.0076	0.0069	0.0072	0.0301
Total return before incentive fees	(0.0034)	(0.0060)	(0.0687)	(0.0314)
Total return after incentive fees	(0.0034)	(0.0060)	(0.0687)	(0.0314)
Winton Series [Member] | Class 1 [Member]
Financial Highlights [Line Items]
Net asset value	131.72	132.13	141.13	135.04
Interest income	0.38	0.32	1.12	0.81
Expenses	(2.03)	(3.63)	(6.13)	(7.97)
Net gain/(loss) on investments, net of non-controlling interests	1.66	13.25	(4.40)	14.19
Net income/(loss)	0.01	9.94	(9.40)	7.03
Net asset value or at cessation of operations, Ending Balance	131.73	142.07	131.73	142.07
Net investment income/(loss)	(0.0498)	(0.0934)	(0.0472)	(0.0698)
Expenses before incentive fees	0.0613	0.0589	0.0578	0.0581
Expenses after incentive fees	0.0613	0.1025	0.0578	0.0777
Total return before incentive fees	0.0001	0.0827	(0.0666)	0.0637
Total return after incentive fees	0.0001	0.0717	(0.0666)	0.0490
Winton Series [Member] | Class 2 [Member]
Financial Highlights [Line Items]
Net asset value	157.12	152.92	165.82	153.99
Interest income	0.46	0.38	1.33	0.94
Expenses	(1.23)	(2.98)	(3.63)	(5.65)
Net gain/(loss) on investments, net of non-controlling interests	1.93	15.35	(5.25)	16.39
Net income/(loss)	1.16	12.75	(7.54)	11.68
Net asset value or at cessation of operations, Ending Balance	158.28	165.67	158.28	165.67
Net investment income/(loss)	(0.0195)	(0.0634)	(0.0184)	(0.0398)
Expenses before incentive fees	0.0310	0.0289	0.0291	0.0281
Expenses after incentive fees	0.0310	0.0725	0.0291	0.0477
Total return before incentive fees	0.0074	0.0893	(0.0455)	0.0873
Total return after incentive fees	0.0074	0.0783	(0.0455)	0.0726
Winton/Graham Series [Member] | Class 1 [Member]
Financial Highlights [Line Items]
Net asset value	96.05	113.85	104.73	119.83
Interest income	0.13	0.21	0.33	0.41
Expenses	(1.87)	(2.66)	(6.00)	(6.70)
Net gain/(loss) on investments, net of non-controlling interests	4.49	1.91	(0.26)	(0.23)
Net income/(loss)	2.75	(0.54)	(5.93)	(6.52)
Net asset value or at cessation of operations, Ending Balance	98.80	113.31	98.80	113.31
Net investment income/(loss)	(0.0719)	(0.0835)	(0.0722)	(0.0710)
Expenses before incentive fees	0.0772	0.0658	0.0763	0.0669
Expenses after incentive fees	0.0772	0.0905	0.0763	0.0757
Total return before incentive fees	0.0286	0.0027	(0.0566)	(0.0408)
Total return after incentive fees	0.0286	(0.0035)	(0.0566)	(0.0473)
Winton/Graham Series [Member] | Class 2 [Member]
Financial Highlights [Line Items]
Net asset value	120.78	138.90	129.70	144.04
Interest income	0.16	0.25	0.41	0.50
Expenses	(1.39)	(2.17)	(4.61)	(4.91)
Net gain/(loss) on investments, net of non-controlling interests	5.58	2.31	(0.37)	(0.34)
Net income/(loss)	4.35	0.39	(4.57)	(4.75)
Net asset value or at cessation of operations, Ending Balance	125.13	139.29	125.13	139.29
Net investment income/(loss)	(0.0404)	(0.0535)	(0.0432)	(0.0410)
Expenses before incentive fees	0.0457	0.0358	0.0474	0.0370
Expenses after incentive fees	0.0457	0.0605	0.0474	0.0457
Total return before incentive fees	0.0360	0.0103	(0.0352)	(0.0129)
Total return after incentive fees	0.0360	0.0040	(0.0352)	(0.0195)

XML

Investments in Unconsolidated Trading Companies - Condensed Statement of Income (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Frontier Trading Company II LLC [Member]
Interest income	$ 7,977	$ 5,054	$ 24,381	$ 5,863
Net realized gain/(loss) on investments, less commissions	71,295	13,347,654	(2,034,756)	23,016,544
Change in open trade equity/(deficit)	1,983,787	2,281,537	(2,825,996)	(4,844,114)
Change in fair value of investments in unconsolidated trading companies	2,063,059	15,634,245	(4,836,371)	18,178,293
Frontier Trading Company V LLC [Member]
Interest income	7,318	937	9,471	5,066
Net realized gain/(loss) on investments, less commissions	3,293,463	(3,187,196)	4,084,001	(3,296,188)
Change in open trade equity/(deficit)	(2,042,336)	737,210	(3,779,410)	(1,031,129)
Change in fair value of investments in unconsolidated trading companies	$ 1,258,445	$ (2,449,049)	$ 314,062	$ (4,322,251)

XML

Derivative Instruments and Hedging Activities - Additional Information (Detail) (The Frontier Fund [Member])	3 Months Ended		9 Months Ended
	Sep. 30, 2012 Contract	Sep. 30, 2011 Contract	Sep. 30, 2012 Contract	Sep. 30, 2011 Contract
The Frontier Fund [Member]
Derivative [Line Items]
Number of monthly average of futures contracts purchased	20,100	172,000	49,800	213,600
Number of monthly average futures contracts sold	19,100	113,200	52,900	131,900

XML

Significant Accounting Policies

9 Months Ended

Sep. 30, 2012

Significant Accounting Policies

2. Significant Accounting Policies

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

Basis of Presentation—The Series of the Trust follow Generally Accepted Accounting Principles (“GAAP”), as established by the Financial Accounting Standards Board (the “FASB”), to ensure consistent reporting of financial condition, condensed schedules of investments, results of operations, changes in capital and cash flows.

These financial statements should be read in conjunction with the audited financial statements and notes thereto included in our 2011 Annual report on Form 10-K as filed with the SEC.

Consolidation—The Series, through investing in the Trading 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 commodities interests 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 controlling and majority equity interest are consolidated by such Series. Investments in Trading Companies in which a Series does not have a controlling and majority interest are accounted for under the equity method, which approximates fair value. Fair value represents the proportionate share of the Series interest in the NAV in a Trading Company. The equity interest held by Series of the Trust is shown as investments in unconsolidated trading companies in the statements of financial condition. The income or loss attributable thereto in proportion of investment level is shown in the statements of operations as change in fair value of investments in unconsolidated trading companies.

The consolidated financial statements of the Balanced Series include the assets, liabilities and earnings of its majority-owned Trading Companies; Frontier Trading Company I LLC, Frontier Trading Company XIV, LLC, Frontier Trading Company XV, LLC, and Frontier Trading Company XVII, LLC and the assets and liabilities of its majority owned Trading Company, Frontier Trading Company XXIII, LLC along with the earnings of this Trading Company from July 7, 2012 through September 30, 2012. Also included in the consolidated financial statements were the earnings of its majority owned trading company, Frontier Trading Company VI, LLC, from January 1, 2011 through March 18, 2011, and Trading Company XVIII, LLC from January 1, 2011 through May 14, 2012.

The consolidated financial statements of the Currency Series include the earnings of its wholly owned trading company, Frontier Trading Company III, LLC through July 15, 2011.

The consolidated financial statements of the Winton/Graham Series include the earnings of its majority-owned trading company, Frontier Trading Company V, LLC through June 17, 2011.

The consolidated financial statements of the Frontier Long/Short Commodity Series include the assets, liabilities and earnings of its majority owned trading companies; Frontier Trading Company VII, LLC, from September 28, 2011 through September 30, 2012 and Frontier Trading Company XVIII, LLC from May 15, 2012 through September 30, 2012.

The consolidated financial statements of the Frontier Masters Series include the assets, liabilities and earnings of its majority owned trading company, Frontier Trading Company XXI, LLC (earnings from March 1, 2011 through September 30, 2012). Also included in the consolidated financial statements were the earnings of its wholly owned trading company, Frontier Trading Company XI, LLC from January 1, 2011 through March 11, 2011.

Investment in Berkeley Quantitative Colorado Fund LLC—The Tiverton/Graham/Transtrend Series had an investment in the Berkeley Quantitative Colorado Fund LLC. The Berkeley Quantitative Colorado Fund LLC began operations on November 1, 2010 and was liquidated on March 20, 2012. The Berkeley Quantitative Colorado Fund LLC was not consolidated into the financial statements of the Tiverton/Graham/Transtrend Series because the Trust had no control or transparency over the operations of the trading company. This investment was shown on the statements of financial condition with the change in fair value shown in net unrealized gain/(loss) on the Berkeley Quantitative Colorado Fund LLC.

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

Cash and Cash Equivalents—Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits held at banks with maturities of three months or less.

Interest Income—Aggregate interest income from all sources, including assets held at Futures Commission Merchants (“FCM”), up to two percentage points of the aggregate percentage yield (annualized) is paid to the Managing Owner by the Balanced Series (Class 1 and Class 2 only), Tiverton/Graham/Transtrend Series, Currency Series, Winton Series and Winton/Graham Series. For the Frontier Diversified Series, Frontier Long/Short Commodity Series, Frontier Masters Series and Balanced Series (Class 1a, Class 2a and Class 3a only), 20% of the total interest allocated to each Series is paid to the Managing Owner. All interest not paid to the Managing Owner is interest income to the Series.

U.S. Treasury Securities, custom time deposits and certain demand deposits are pooled for purposes of maximizing returns on these assets to investors of all Series. Interest income from pooled cash management assets is recognized on the accrual basis and allocated daily to each Series based upon its daily proportion of ownership of the pool. Interest income from demand deposits of the Series is allocated to the respective Series in proportion to their daily NAV.

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

Custom Time Deposits—Custom time deposits are structured deposit agreements with U.S. Bank National Association that earn a guaranteed fixed interest rate between 2.17% and 3.75% , mature nine months from the deposit date and are subject to automatic six-month rollovers through October 2015. Custom time deposits were purchased on September 15, 2009, October 21, 2008 and October 30, 2008. Interest is paid monthly or at least every nine months. Unscheduled withdrawals will be subject to certain penalties and other costs of up to 1.0% of the amount deposited if withdrawn within the first nine months from the deposit date. The withdrawal fee is set at 0.225% for the period from nine months to one year subsequent to the deposit date and decreases by .05% increments for each year thereafter through the maturity date. In May 2011, July 2011, August 2011 and January 2012, the Trust, with respect to the Series, redeemed approximately $25 million, $25 million, $50 million and $25 million, respectively, in custom time deposits held with U.S. Bank N.A which represented a full liquidation of the 2.17% investment tranche and an additional $25 million of the 3.17% tranche. Custom time deposits are allocated to each Series based on their percentage ownership in the pooled cash management assets as of the reporting date. The Series of the Trust values the custom time deposits at face value plus accrued interest as it is considered a deposit account under paragraph 7.50 of the Investment Company Audit Guide, and accordingly, this deposit is not subject to ASC 820.

Credit Default Swaps—The Series of the Trust invested in credit default swaps for the purpose of mitigating part of the risk of concentration of deposits with U.S. Bank National Association to other major financial institutions. See Note 4. Credit Default Swaps were allocated to each Series based on their percentage ownership in the pooled cash management assets as of the reporting date. Credit Default Swaps were reported at fair value based upon counterparty value per the valuation policy. The Series of the Trust recorded the daily change in fair value in the statements of operations as net unrealized gain/(loss) on swap contracts. All Credit Default Swaps expired during March 2012.

Receivable From Futures Commission Merchants—The Series of the Trust deposits assets with a FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust, with respect to the Series, earns interest income on its assets deposited with the FCM.

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

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

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

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

Each Series allocates funds to an affiliated Trading Company, or Companies, of the Trust. Each Trading Company allocates all of its daily trading gains or losses to the Series in proportion to each Series’ ownership interest in the Trading Company, adjusted on a daily basis. As of September 30, 2012, 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, for the purposes of diversification of investments and trading advisors through the other Series’ access to trading companies in which the Balanced Series did not have a direct interest, advanced funds to the Currency Series and the Frontier Dynamic Series. The amount of the funds advanced by the Balanced Series to the Currency Series participated on a pari passu basis with Class 2 Units of such investee Series. The Balanced Series reflected the changes in values of these investments as “net change in inter-series receivables/payables” in the statements of operations. The Balanced Series was 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 were not charged by the Balanced Series on the capital allocated to advances in affiliated Series. The Managing Owner monitored such allocations so that aggregate fees of the investee Series on the Balanced Series advances did not exceed the allowable fees of the Balanced Series as provided in the Trust’s Prospectus. Interest was not credited to the Balanced Series on the capital allocated to its inter-series advances to avoid the duplication of interest charged or received. These investments were liquidated during the third quarter of 2011.

Payments by the Managing Owner—The Managing Owner may make discretionary payments to a Series related to a variety of factors, including investment losses to reimburse the effect of a loss on a portfolio investment which has been caused by a situation outside the Trust’s, or it’s affiliates’, direct control. Such payments will be made on a discretionary basis and will be disclosed in the statement of operations as a net increase from payments by managing owner. These payments are in accordance with the Trust agreement on a discretionary basis as determined by the Managing Owner.

Investments and Swaps—The Trust, with respect to the Series, records investment transactions on a trade date basis and all investments are recorded at fair value, with changes in fair value reported as a component of realized and unrealized gains/(losses) on investments in the statements of operations. Certain Series of the Trust strategically invest a portion or all of their assets in total return Swaps, selected at the discretion of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more underlying investment products or indices. In a typical Swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investment or instrument. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. The valuation of swap contracts requires significant estimates. Swap contracts are reported utilizing Level 3 Inputs. The significant unobservable inputs used in the fair value measurement of the Trust, with respect to the Series’ Swap contracts are asset liquidity, debt valuation, credit risk, volatility, market risk, distributions, dividends, risk premiums, and other risk management tools. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Swap Contracts are reported at fair value based upon a weekly indicative value that is calculated by management using bid/ask prices from the counterparty. This fair value is corroborated by valuations provided by a third party pricing service. The third party pricing service utilizes a Black Scholes pricing model with input adjustments factoring in volatility and liquidity of the instruments. All valuation processes are monitored by the valuation committee of the Managing Owner.

Income Taxes—The Trust, with respect to the Series, applies the provisions of ASC 740 Income Taxes (“ASC 740”), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust, with respect to the Series’, financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Trust’s level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The Managing Owner has concluded there is no tax expense, interest or penalties to be recorded by the Trust, with respect to the Series. The 2008 through 2011 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

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

Fees and Expenses—All management fees, incentive fees, service fees and trading fees of the Trust, with respect to the Series, are paid to the Managing Owner. It is the responsibility of the Managing Owner to pay all Trading Advisor management and incentive fees, Selling Agent Service fees and all other operating expenses and continuing offering costs of the Trust, with respect to the Series.

Service Fees—The Trust maintains each Series of Units in three or six sub-classes—Class 1, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased 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. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 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. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Frontier Diversified Series and Frontier Masters Series or Class 2a Units of the Frontier Long/Short Commodity Series) sold until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series for administrative purposes. The Managing Owner may also pay Selling Agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such Selling Agents.

These service fees are part of the offering costs of the Trust, with respect to the Series, which include registration and filing fees, legal and blue sky expenses, accounting and audit, printing, marketing support and other offering costs which are 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 Class 1 and Class 1a Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed for such payment by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk of the downside and 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.

Recently Adopted Accounting Pronouncements—In January 2010, FASB issued Accounting Standards update No. 2010-06 (“ASU 2010-06”) for improving disclosure about fair value measurements. ASU 2010-06 adds new disclosure requirements about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggregation for fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after December 15, 2009 except for disclosures about purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. Adoption of ASU 2010-06 on January 1, 2011 did not have a material impact on the Series’ statements of financial condition, results of operations and cash flows.

In May 2011, the FASB issued ASU No. 2011-04 which provides guidance pertaining to fair value measurement that included a common definition of fair value and information to assist reporting entities to measure and disclose fair value with regards to U.S. GAAP and International Financial Reporting Standards (“IFRS”) convergence issues. This guidance became effective for interim and annual periods beginning on or after December 15, 2011, with early adoption prohibited. Adoption of ASU 2011-04 on January 1, 2012 did not have a material impact on the Series’ statements of financial condition, results of operations and cash flows.

Recently Issued Accounting Pronouncements—In November of 2011, FASB issued new guidance that requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. This guidance is effective for annual and interim periods beginning on or after January, 1, 2013. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The adoption of this guidance is not expected to have a material impact on the financial positions or results of operations.

Reclassification—Certain amounts in the 2011 financial statements have been reclassified to conform to the 2012 presentation. None of the reclassifications had an impact on the NAV or performance of any of the Series.

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

The Frontier Fund [Member]

Significant Accounting Policies

2. Significant Accounting Policies

The following are the significant accounting policies of the Trust.

Basis of Presentation—The Trust follows Generally Accepted Accounting Principles (“GAAP”), as established by the Financial Accounting Standards Board (the “FASB”), to ensure consistent reporting of financial condition, schedules of investments, results of operations, changes in capital and cash flows.

These financial statements should be read in conjunction with the audited financial statements and notes thereto included in our 2011 Annual report on Form 10-K as filed with the SEC.

Consolidation—Each Series of the Trust invests in Trading Companies who authorize certain Trading Advisors to place trades and manage assets at pre-determined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses, all of which is allocated to the Series. The Trading Companies and Series of the Trust which have a controlling interest are consolidated by the Trust.

Investment in Berkeley Quantitative Colorado Fund LLC—The Tiverton/Graham/Transtrend Series of the Trust had an investment in the Berkeley Quantitative Colorado Fund LLC. The Berkeley Quantitative Colorado Fund LLC began operations on November 1, 2010. The Berkeley Quantitative Colorado Fund LLC was not consolidated into the financial statements of the Trust because the Trust has no control or transparency over the operations of the fund. This investment was shown on the consolidated statements of financial condition with the change in fair value shown in net unrealized gain/(loss) on the Berkeley Quantitative Colorado Fund LLC. This investment was liquidated on March 20, 2012.

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

Cash and Cash Equivalents—Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits held at banks with maturities of three months or less.

Interest Income—Aggregate interest income from all sources, including assets held at Futures Commission Merchants (“FCM”), up to two percentage points of the aggregate percentage yield (annualized) is paid to the Managing Owner. All interest not paid to the Managing Owner is interest income to the Trust.

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

Custom Time Deposits—Custom time deposits are structured deposit agreements with U.S. Bank National Association that earn a guaranteed fixed interest rate between 2.17% and 3.75% , mature nine months from the deposit date and are subject to automatic six-month rollovers through October 2015. Custom time deposits were purchased on September 15, 2009, October 21, 2008 and October 30, 2008. Interest is paid monthly or at least every nine months. Unscheduled withdrawals will be subject to certain penalties and other costs of up to 1.0% of the amount deposited if withdrawn within the first nine months from the deposit date. The withdrawal fee is set at 0.225% for the period from nine months to one year subsequent to the deposit date and decreases by .05% increments for each year thereafter through the maturity date. In May 2011, July 2011, August 2011 and January 2012, the Trust redeemed approximately $25 million, $25 million, $50 million and $25 million, respectively, in custom time deposits held with U.S. Bank N.A which represented a full liquidation of the 2.17% investment tranche and an additional $25 million of the 3.17% tranche. Custom time deposits are allocated to each Series based on their percentage ownership in the pooled cash management assets as of the reporting date. The Trust values the custom time deposits at face value plus accrued interest as it is considered a deposit account under paragraph 7.50 of the Investment Company Audit Guide, and accordingly, this deposit is not subject to ASC 820.

Credit Default Swaps—The Trust invested in credit default swaps for the purpose of mitigating part of the risk of concentration of deposits with U.S. Bank National Association to other major financial institutions. See Note 4. Credit Default Swaps were reported at fair value based upon daily valuations provided by a third party pricing service. The Trust recorded the daily change in fair value in the consolidated statements of operations as net unrealized gain/(loss) on swap contracts. All Credit Default Swaps had expired during March, 2012.

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

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

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

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

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

Payments by the Managing Owner—The Managing Owner may make discretionary payments to the Trust related to a variety of factors, including investment losses to reimburse the effect of a loss on a portfolio investment which has been caused by a situation outside the Trust’s, or it’s affiliates’, direct control. Such payments will be made on a discretionary basis and will be disclosed in the consolidated statement of operations as a net increase from payments by managing owner. These payments are in accordance with the Trust agreement on a discretionary basis as determined by the Managing Owner.

Investments and Swaps—The Trust records investment transactions on a trade date basis 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 consolidated statements of operations. Certain Series of the Trust strategically invest a portion or all of their assets in total return Swaps, selected at the discretion of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more underlying investment products or indices. In a typical Swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. The valuation of swap contracts requires significant estimates corroborated by management and a third party pricing service. The third party pricing service utilizes a Black Scholes pricing model with input adjustments factoring in volatility and liquidity of the instruments. Swap contracts are reported utilizing Level 3 Inputs. The significant unobservable inputs used in the fair value measurement of the Trust, with respect to the Series, Swap contracts are asset liquidity, debt valuation, credit risk, volatility, market risk, distributions, dividends, risk premiums, and other risk management tools. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. All valuation processes are monitored by the valuation committee of the Managing Owner.

Income Taxes—The Trust applies the provisions of ASC 740 Income Taxes (“ASC 740”), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust’s financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Trust’s level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The Managing Owner has concluded there is no tax expense, interest or penalties to be recorded by the Trust for the years ended December 31, 2011 and 2010. The 2008 through 2011 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

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

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

Service Fees—The Trust maintains each Series of Units in three or six sub-classes—Class 1, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased 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. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 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. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Frontier Diversified Series and Frontier Masters Series or Class 2a Units of the Frontier Long/Short Commodity Series) sold until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series for administrative purposes. The Managing Owner may also pay Selling Agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such Selling Agents.

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 Class 1 and Class 1a Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed for such payment by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk of the downside and enjoys the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months.

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

Recently Adopted Accounting Pronouncements—In January 2010, FASB issued Accounting Standards update No. 2010-06 (“ASU 2010-06”) for improving disclosure about fair value measurements. ASU 2010-06 adds new disclosure requirements about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggregation for fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after December 15, 2009 except for disclosures about purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. As this update is disclosure related, adoption of ASU 2010-06 on January 1, 2011 did not have a material impact on the Trust’s consolidated statements of financial condition, results of operations or cash flows.

In May 2011, the FASB issued ASU No. 2011-04 which provides guidance pertaining to fair value measurement that included a common definition of fair value and information to assist reporting entities to measure and disclose fair value with regards to U.S. GAAP and International Financial Reporting Standards (“IFRS”) convergence issues. This guidance became effective for interim and annual periods beginning on or after December 15, 2011, with early adoption prohibited. Adoption of ASU 2011-04 on January 1, 2012 did not have a material impact on the Series’ statements of financial condition, results of operations and cash flows.

Recently Issued Accounting Pronouncements—In November of 2011, FASB issued new guidance that requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. This guidance is effective for annual and interim periods beginning on or after January, 1, 2013. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. Our effective date is January 1, 2013. The adoption of this guidance is not expected to have a material impact on the financial positions or results of operations.

Subsequent Events—The Trust follows the provisions of ASC 855, Subsequent Events, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date and up through the date the financial statements are issued. Refer to Note 10.

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Derivative Instruments and Hedging Activities - Monthly Averages of Futures Contracts (Detail) (Futures [Member])	3 Months Ended		9 Months Ended
	Sep. 30, 2012 Contract	Sep. 30, 2011 Contract	Sep. 30, 2012 Contract	Sep. 30, 2011 Contract
Frontier Long/Short Commodity Series [Member]
Derivative Instruments And Hedging Activities [Line Items]
Derivative Numbers of Instruments Bought	3,308	149,200	12,808	149,200
Derivative Numbers of Instruments Sold	3,232	104,200	14,032	104,200
Balanced Series [Member]
Derivative Instruments And Hedging Activities [Line Items]
Derivative Numbers of Instruments Bought	16,100	12,200	35,400	24,300
Derivative Numbers of Instruments Sold	15,192	4,600	37,492	11,600
Frontier Masters Series [Member]
Derivative Instruments And Hedging Activities [Line Items]
Derivative Numbers of Instruments Bought	728	6,800	1,628	15,200
Derivative Numbers of Instruments Sold	692	2,900	1,392	5,800
Currency Series [Member]
Derivative Instruments And Hedging Activities [Line Items]
Derivative Numbers of Instruments Bought		3,800		7,000
Derivative Numbers of Instruments Sold		1,500		3,500
Winton/Graham Series [Member]
Derivative Instruments And Hedging Activities [Line Items]
Derivative Numbers of Instruments Bought				17,900
Derivative Numbers of Instruments Sold				6,800

XML

Fair Value Measurements - Change in Level 3 Assets Measured at Fair Value on Recurring Basis (Detail) (USD $)	3 Months Ended	9 Months Ended		12 Months Ended	3 Months Ended		9 Months Ended			12 Months Ended	3 Months Ended		9 Months Ended			12 Months Ended	3 Months Ended		9 Months Ended			12 Months Ended	3 Months Ended		9 Months Ended			12 Months Ended	3 Months Ended				9 Months Ended					12 Months Ended	3 Months Ended		9 Months Ended			12 Months Ended	9 Months Ended	12 Months Ended	3 Months Ended		9 Months Ended			12 Months Ended	3 Months Ended		9 Months Ended			12 Months Ended
	Sep. 30, 2011 The Frontier Fund [Member]	Sep. 30, 2011 The Frontier Fund [Member]	Sep. 30, 2012 Swap [Member] The Frontier Fund [Member] Level 3 Inputs [Member]	Dec. 31, 2011 Swap [Member] The Frontier Fund [Member] Level 3 Inputs [Member]	Sep. 30, 2012 Frontier Diversified Series [Member]	Sep. 30, 2011 Frontier Diversified Series [Member]	Sep. 30, 2012 Frontier Diversified Series [Member]	Sep. 30, 2011 Frontier Diversified Series [Member]	Sep. 30, 2012 Frontier Diversified Series [Member] Swap [Member] Level 3 Inputs [Member]	Dec. 31, 2011 Frontier Diversified Series [Member] Swap [Member] Level 3 Inputs [Member]	Sep. 30, 2012 Frontier Masters Series [Member]	Sep. 30, 2011 Frontier Masters Series [Member]	Sep. 30, 2012 Frontier Masters Series [Member]	Sep. 30, 2011 Frontier Masters Series [Member]	Sep. 30, 2012 Frontier Masters Series [Member] Swap [Member] Level 3 Inputs [Member]	Dec. 31, 2011 Frontier Masters Series [Member] Swap [Member] Level 3 Inputs [Member]	Sep. 30, 2012 Frontier Long/Short Commodity Series [Member]	Sep. 30, 2011 Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Frontier Long/Short Commodity Series [Member]	Sep. 30, 2011 Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Frontier Long/Short Commodity Series [Member] Swap [Member] Level 3 Inputs [Member]	Dec. 31, 2011 Frontier Long/Short Commodity Series [Member] Swap [Member] Level 3 Inputs [Member]	Sep. 30, 2012 Balanced Series [Member]	Sep. 30, 2011 Balanced Series [Member]	Sep. 30, 2012 Balanced Series [Member]	Sep. 30, 2011 Balanced Series [Member]	Sep. 30, 2012 Balanced Series [Member] Swap [Member] Level 3 Inputs [Member]	Dec. 31, 2011 Balanced Series [Member] Swap [Member] Level 3 Inputs [Member]	Sep. 30, 2012 Tiverton/Graham/Transtrend Series [Member]		Sep. 30, 2011 Tiverton/Graham/Transtrend Series [Member]		Sep. 30, 2012 Tiverton/Graham/Transtrend Series [Member]		Sep. 30, 2011 Tiverton/Graham/Transtrend Series [Member]		Sep. 30, 2012 Tiverton/Graham/Transtrend Series [Member] Swap [Member] Level 3 Inputs [Member]	Dec. 31, 2011 Tiverton/Graham/Transtrend Series [Member] Swap [Member] Level 3 Inputs [Member]	Sep. 30, 2012 Currency Series [Member]	Sep. 30, 2011 Currency Series [Member]	Sep. 30, 2012 Currency Series [Member]	Sep. 30, 2011 Currency Series [Member]	Sep. 30, 2012 Currency Series [Member] Unconsolidated Trading Company [Member] Level 3 Inputs [Member]	Dec. 31, 2011 Currency Series [Member] Unconsolidated Trading Company [Member] Level 3 Inputs [Member]	Sep. 30, 2012 Currency Series [Member] Swap [Member] Level 3 Inputs [Member]	Dec. 31, 2011 Currency Series [Member] Swap [Member] Level 3 Inputs [Member]	Sep. 30, 2012 Winton Series [Member]	Sep. 30, 2011 Winton Series [Member]	Sep. 30, 2012 Winton Series [Member]	Sep. 30, 2011 Winton Series [Member]	Sep. 30, 2012 Winton Series [Member] Swap [Member] Level 3 Inputs [Member]	Dec. 31, 2011 Winton Series [Member] Swap [Member] Level 3 Inputs [Member]	Sep. 30, 2012 Winton/Graham Series [Member]	Sep. 30, 2011 Winton/Graham Series [Member]	Sep. 30, 2012 Winton/Graham Series [Member]	Sep. 30, 2011 Winton/Graham Series [Member]	Sep. 30, 2012 Winton/Graham Series [Member] Swap [Member] Level 3 Inputs [Member]	Dec. 31, 2011 Winton/Graham Series [Member] Swap [Member] Level 3 Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance of recurring Level 3 assets			$ 24,211,688	$ 104,877,949					$ 131,004	$ 11,407,905					$ 57,225	$ 26,242,246					$ 74,898						$ 23,819,312	$ 49,811,462									$ 34,397						$ 2,352,121		$ 2,583	$ 5,668,768					$ 61,888						$ 30,381
Included in earnings-realized			(525,237)	(9,630,838)					(106,862)	(5,621,987)					(55,669)	2,061,339					(58,693)	(11,411)					(175,294)	(19,161,366)									(34,232)	(6,252)						(2,334)	(6,104)	(6,958,362)					(57,781)	(9,969)					(30,602)	(5,791)
Change in fair value of investments in unconsolidated trading companies					(3,123,724)	(4,902,725)	(5,278,098)	(9,265,359)			(2,394,445)	(4,319,388)	(2,888,613)	(5,704,419)			647,557	(389,142)	1,826,300	(10,677,573)			2,928,309	(7,391,498)	8,615,816	(43,485,703)			(323,029)	[1]	(253,191)	[1]	122,653	[1]	1,181,913	[1]			(2,940)	94,181	229,606	94,181	(229,606)				(602,511)	(4,843,717)	1,345,966	(5,608,238)			(1,185,902)	(614,410)	(91,196)	(838,387)
Change in unrealized in investment of unconsolidated trading companies			1,538,438	(11,724,468)					(23,719)	1,315,339					(2,775)	(1,607,804)					(20,529)	20,529					1,590,654	4,529,039									(2,448)	2,447						(162,659)	3,603	6,327,609					(7,291)	7,291					943	(944)
Purchases of investments				7,004,112						45,929						142,819						78,248						19,527,925										71,712					555	2,500,000		23,489						83,357						64,011
Proceeds from sales of investments of unconsolidated trading companies			(9,812)	(66,705,656)						(7,096,699)						(26,826,316)											(10,362)	(27,897,084)															(77)			(5,043,086)
Change in ownership allocation of credit default swaps							423	(75,299)	(423)	80,517			(1,219)	(45,202)	1,219	44,941			(4,324)	25,283	4,324	(12,468)			9,233	37,475	(9,233)	(34,673)					(2,283)		26,482		2,283	(33,510)			82	82			(82)	(15,835)			(3,184)	17,219	3,184	(18,791)			722	20,513	(722)	(26,895)
Change in ownership allocation																																												17,114
Change in ownership allocation of total return swaps																										(7,185,226)		(2,955,991)
Transfers in and/or out of Level 3
Net increase in payments from Managing Owner	(390,589)	(390,589)		390,589																																				(390,589)		(390,589)
Balance of recurring Level 3 assets			$ 25,215,077	$ 24,211,688						$ 131,004						$ 57,225						$ 74,898					$ 25,215,077	$ 23,819,312										$ 34,397					$ 2,122,993	$ 2,352,121		$ 2,583						$ 61,888						$ 30,381

[1] Formerly known as the Berkeley/Graham/Tiverton Series.

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Fair Value Measurements - Financial Asset Portfolio, by Series, Measured at Fair Value on Recurring Basis (Detail) (USD $)	Sep. 30, 2012		Dec. 31, 2011
The Frontier Fund [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open trade equity, at fair value	$ 18,859,821
Open trade deficit, at fair value			(6,556,700)
Options written, at fair value	4,621,429		3,336,326
Swap contracts, at fair value	25,215,077		24,211,688
Investment in Berkeley Quantitative Colorado Fund LLC, at fair value			6,270,844
U.S. Treasury securities, at fair value	39,917,527		78,760,003
Fair Value, Measurements, Recurring [Member] | The Frontier Fund [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open Trade Equity (Deficit)	18,859,824		(6,556,701)
Options written, at fair value	(4,621,432)		(3,336,325)
Swap contracts, at fair value	25,215,077		24,211,688
U.S. Treasury securities, at fair value	39,917,527		78,760,003
Frontier Diversified Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Swap contracts, at fair value			131,004
Investments in unconsolidated trading companies, at fair value	42,501,058		38,240,171
U.S. Treasury securities, at fair value	8,274,558		16,557,304
Frontier Masters Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open trade equity, at fair value			792,372
Open trade deficit, at fair value	(214,557)
Swap contracts, at fair value			57,225
Investments in unconsolidated trading companies, at fair value	8,579,221		4,717,914
U.S. Treasury securities, at fair value	4,721,616		7,232,546
Frontier Long/Short Commodity Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open trade equity, at fair value	9,471,203
Open trade deficit, at fair value			(25,934,678)
Options written, at fair value	(465,465)
Swap contracts, at fair value			74,898
Investments in unconsolidated trading companies, at fair value	3,729,273		4,081,988
U.S. Treasury securities, at fair value	5,395,419		9,466,240
Balanced Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open Trade Equity (Deficit)	10,849,389
Open trade equity, at fair value	10,849,389		13,104,541
Options written, at fair value	(4,128,758)		(3,326,453)
Swap contracts, at fair value	25,215,077		23,819,312
Investments in unconsolidated trading companies, at fair value	18,012,182		18,255,809
U.S. Treasury securities, at fair value	13,580,404		29,168,216
Tiverton/Graham/Transtrend Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Swap contracts, at fair value			34,397	[1]
Investments in unconsolidated trading companies, at fair value	8,779,345		8,234,047
Investment in Berkeley Quantitative Colorado Fund LLC, at fair value			6,270,844	[1]
U.S. Treasury securities, at fair value	2,213,378	[1]	4,347,398	[1]
Currency Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Swap contracts, at fair value			2,583
Investments in unconsolidated trading companies, at fair value	2,122,993		2,352,121
U.S. Treasury securities, at fair value	106,913		326,517
Winton Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Swap contracts, at fair value			61,888
Investments in unconsolidated trading companies, at fair value	7,020,423		4,731,916
U.S. Treasury securities, at fair value	3,779,268		7,821,927
Winton/Graham Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Swap contracts, at fair value			30,381
Investments in unconsolidated trading companies, at fair value	6,129,459		8,473,424
U.S. Treasury securities, at fair value	1,845,971		3,839,855
Level 1 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | The Frontier Fund [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open Trade Equity (Deficit)	4,576,120		(18,489,839)
U.S. Treasury securities, at fair value	39,917,527		78,760,003
Level 1 Inputs [Member] | Frontier Diversified Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated trading companies, at fair value	39,776,678		30,885,365
U.S. Treasury securities, at fair value	8,274,558		16,557,304
Level 1 Inputs [Member] | Frontier Masters Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open trade equity, at fair value			792,372
Open trade deficit, at fair value	(214,557)
Investments in unconsolidated trading companies, at fair value	7,736,985		4,009,449
U.S. Treasury securities, at fair value	4,721,616		7,232,546
Level 1 Inputs [Member] | Frontier Long/Short Commodity Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open trade equity, at fair value	7,366,907
Open trade deficit, at fair value			(25,934,678)
Investments in unconsolidated trading companies, at fair value	3,691,094		3,221,324
U.S. Treasury securities, at fair value	5,395,419		9,466,240
Level 1 Inputs [Member] | Balanced Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open Trade Equity (Deficit)	(1,523,185)
Open trade equity, at fair value			1,175,762
Investments in unconsolidated trading companies, at fair value	17,251,115		18,257,754
U.S. Treasury securities, at fair value	13,580,404		29,168,216
Level 1 Inputs [Member] | Tiverton/Graham/Transtrend Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated trading companies, at fair value	8,779,345		7,219,498
U.S. Treasury securities, at fair value	2,213,378		4,347,398
Level 1 Inputs [Member] | Currency Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities, at fair value	106,913		326,517
Level 1 Inputs [Member] | Winton Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated trading companies, at fair value	7,023,366		4,733,423
U.S. Treasury securities, at fair value	3,779,268		7,821,927
Level 1 Inputs [Member] | Winton/Graham Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated trading companies, at fair value	6,129,459		8,474,102
U.S. Treasury securities, at fair value	1,845,971		3,839,855
Level 2 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | The Frontier Fund [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open Trade Equity (Deficit)	14,283,704		11,933,138
Options written, at fair value	(4,621,432)		(3,336,325)
Level 2 Inputs [Member] | Frontier Diversified Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated trading companies, at fair value	2,724,380		2,212,764
Level 2 Inputs [Member] | Frontier Masters Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated trading companies, at fair value	842,236		708,465
Level 2 Inputs [Member] | Frontier Long/Short Commodity Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open trade equity, at fair value	2,104,296
Options written, at fair value	(465,465)
Investments in unconsolidated trading companies, at fair value	38,179		5,428
Level 2 Inputs [Member] | Balanced Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open Trade Equity (Deficit)	12,372,574
Open trade equity, at fair value			11,928,779
Options written, at fair value	(4,128,758)		(3,326,453)
Investments in unconsolidated trading companies, at fair value	761,067		(1,945)
Level 2 Inputs [Member] | Tiverton/Graham/Transtrend Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated trading companies, at fair value			1,014,549
Investment in Berkeley Quantitative Colorado Fund LLC, at fair value			6,270,844
Level 2 Inputs [Member] | Winton Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated trading companies, at fair value	(2,943)		(1,507)
Level 2 Inputs [Member] | Winton/Graham Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated trading companies, at fair value			(678)
Level 3 Inputs [Member] | Fair Value, Measurements, Recurring [Member] | The Frontier Fund [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Swap contracts, at fair value	25,215,077		24,211,688
Level 3 Inputs [Member] | Frontier Diversified Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Swap contracts, at fair value			131,004
Investments in unconsolidated trading companies, at fair value			5,142,042
Level 3 Inputs [Member] | Frontier Masters Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Swap contracts, at fair value			57,225
Level 3 Inputs [Member] | Frontier Long/Short Commodity Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Swap contracts, at fair value			74,898
Investments in unconsolidated trading companies, at fair value			855,236
Level 3 Inputs [Member] | Balanced Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Swap contracts, at fair value	25,215,077		23,819,312
Level 3 Inputs [Member] | Tiverton/Graham/Transtrend Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Swap contracts, at fair value			34,397
Level 3 Inputs [Member] | Currency Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Swap contracts, at fair value			2,583
Investments in unconsolidated trading companies, at fair value	2,122,993		2,352,121
Level 3 Inputs [Member] | Winton Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Swap contracts, at fair value			61,888
Level 3 Inputs [Member] | Winton/Graham Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Swap contracts, at fair value			$ 30,381

[1] Formerly the Berkeley/Graham/Tiverton Series.

XML

Derivative Instruments and Hedging Activities - Realized Trading Revenue from Futures, Forwards and Options (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
The Frontier Fund [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	$ (14,031,019)	$ 10,024,737	$ 5,493,499	$ 88,169,852
Currency Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options		27,976		(142,069)
Winton/Graham Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options				798,159
Frontier Long/Short Commodity Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(37,284,952)	2,083,218	(35,422,568)	2,083,218
Frontier Masters Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	626,741	(1,510,267)	4,064,894	(3,255,629)
Balanced Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	19,443,157	(9,216,280)	33,748,231	(10,804,108)
Metals [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(649,307)	569,349	(15,791,452)	6,225,603
Metals [Member] | Winton/Graham Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options				1,144,332
Metals [Member] | Frontier Long/Short Commodity Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	1,035,617	(13,546,767)	(19,358,229)	(13,546,767)
Metals [Member] | Frontier Masters Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(83,958)	(188,629)	732,055	156,659
Metals [Member] | Balanced Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(999,514)	(8,988,918)	(568,809)	(9,080,153)
Currency [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	7,835,846	652,630	(6,365,741)	7,136,254
Currency [Member] | Currency Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options		27,976		(142,069)
Currency [Member] | Winton/Graham Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options				110,745
Currency [Member] | Frontier Long/Short Commodity Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(223,060)	708,553	(8,956,393)	708,553
Currency [Member] | Frontier Masters Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	644,753	(1,085,512)	497,081	(1,389,109)
Currency [Member] | Balanced Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	7,244,212	(28,712,306)	3,992,511	(22,398,216)
Energies [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(42,758,157)	2,905,543	(23,685,527)	21,770,973
Energies [Member] | Winton/Graham Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options				91,930
Energies [Member] | Frontier Long/Short Commodity Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(36,916,109)	9,678,380	(6,913,808)	9,678,380
Energies [Member] | Frontier Masters Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(1,030,886)	(428,493)	(849,482)	(1,492,202)
Energies [Member] | Balanced Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(2,887,295)	(3,855,272)	(7,560,401)	(5,236,069)
Agriculturals [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	324,580	4,411,601	(2,695,834)	38,239,122
Agriculturals [Member] | Winton/Graham Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options				1,912
Agriculturals [Member] | Frontier Long/Short Commodity Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(1,784,729)	3,865,415	(5,969,527)	3,865,415
Agriculturals [Member] | Frontier Masters Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(160,749)	(330,073)	528,378	(1,039,562)
Agriculturals [Member] | Balanced Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(153,297)	(7,938,422)	(1,371,522)	(10,521,887)
Interest rates [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	12,963,102	(1,441,951)	47,939,795	(15,767,166)
Interest rates [Member] | Winton/Graham Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options				391,518
Interest rates [Member] | Frontier Long/Short Commodity Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(463,226)	1,218,775	(10,717,684)	1,218,775
Interest rates [Member] | Frontier Masters Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	479,790	676,484	3,815,021	1,167,949
Interest rates [Member] | Balanced Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	12,318,263	37,723,387	38,223,501	42,189,800
Stock indices [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	8,252,917	2,927,565	6,092,258	30,565,066
Stock indices [Member] | Winton/Graham Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options				(942,278)
Stock indices [Member] | Frontier Long/Short Commodity Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	1,066,555	158,862	16,493,073	158,862
Stock indices [Member] | Frontier Masters Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	777,791	(154,044)	(658,159)	(659,364)
Stock indices [Member] | Balanced Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	$ 3,920,788	$ 2,555,251	$ 1,032,951	$ (5,757,583)

XML

Fair Value Measurements - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of management fee of the notional account net asset value	3.00%
Percentage fee of management fee of the new high net trading profits earned	20.00%

XML

Fair Value Measurements - Summarizes Tiverton/Graham/Transtrend Series Investment in Berkeley Quantitative Colorado Fund LLC (Detail) (Tiverton/Graham/Transtrend Series [Member], USD $)			12 Months Ended
	Sep. 30, 2012	Dec. 31, 2011	Dec. 31, 2011 Berkeley Quantitative Colorado Fund LLC [Member]
Schedule Of Equity Method Investments Joint Ventures [Line Items]
% of Owners' Capital			15.83%
Investment in Berkeley Quantitative Colorado Fund LLC, at fair value	$ 8,779,345	$ 8,234,047	$ 6,270,844
Income/(loss)			(2,373,858)
Mgmt Fee			791,365
Incentive Fees
Investment Objective			Leveraged Speculation
Redemptions Permitted			Monthly

XML

Organization and Purpose

9 Months Ended

Sep. 30, 2012

Organization and Purpose

1. Organization and Purpose

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

Purchasers of Units are limited owners of the Trust (“Limited Owners”) with respect to beneficial interests of the Series’ Units purchased. The Trust Act provides that, except as otherwise provided in the amended and restated declaration of trust and trust agreement dated August 8, 2003, by and among the Managing Owner, Wilmington Trust Company as trustee and the unitholders from time to time (the “Trust Agreement”), unitholders in a Delaware statutory trust will have the same limitation of liability as do stockholders of private corporations organized under the General Corporation Law of the State of Delaware. The Trust Agreement confers substantially the same limited liability, and contains the same limited exceptions thereto, as would a limited partnership agreement for a Delaware limited partnership engaged in like transactions as the Trust. In addition, pursuant to the Trust Agreement, the Managing Owner of the Trust is liable for obligations of a Series in excess of that Series’ assets. Limited Owners do not have any such liability. The Managing Owner will make contributions to the Series of the Trust necessary to maintain at least a 1% interest in the aggregate capital, profits and losses of all Series.

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

The Trust has eight (8) separate and distinct Series of Units issued and outstanding: Frontier Diversified Series, Frontier Masters Series, Balanced Series, Frontier Long/Short Commodity Series, Tiverton/Graham/Transtrend Series (formerly Berkeley/Graham/Tiverton Series), Currency Series, Winton Series and Winton/Graham Series (each a “Series” and collectively, the “Series”). The Trust, with respect to the Series, may issue additional Series of Units.

The Trust, with respect to each Series:

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

• allocates funds to a limited liability trading company or companies (“Trading Company”). Except as otherwise described in these notes, 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 and make the trading decisions for the assets of each Series vested in such Trading Company. Each Trading Company will segregate its assets from any other Trading Company;

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

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

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

• maintains each Series of Units in three or six sub-classes—Class 1, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased 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. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to Equinox Fund Management, LLC (the “Managing Owner”) by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 or Class 1a Units of any Series during the first twelve (12) months following the effective date of their purchase are subject to a redemption fee of up to 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. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Frontier Diversified Series and Frontier Masters Series or Class 2a Units of the Frontier Long/Short Commodity Series) sold until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series. The Managing Owner may also pay Selling Agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such Selling Agents; and

• all payments made to Selling Agents who are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and their associated persons that constitute underwriting compensation will be subject to the limitations set forth in Rule 2310(b)(4)(B)(ii) (formerly Rule 281 0(b)(4)(B)(ii)) of the Conduct Rules of FINRA (“Rule 2310”). An investor’s Class 1 Units or Class 2 Units of any Series, or Class 1a Units or Class 2a Units of the Frontier Long/Short Commodity Series or Balanced Series will be classified as Class 3 or Class 3a Units of such Series, as applicable, when the Managing Owner determines that the fee limitation set forth in Rule 2310 with respect to such Units has been reached or will be reached. No service fees are paid with respect to Class 3 or Class 3a Units. Units of any Class in a Series may be redeemed, in whole or in part, on a daily basis, at the then current NAV per Unit for such Series on the day of the week after the date the Managing Owner is in receipt of a redemption request for at least one (1) Business Day to be received by the Managing Owner prior to 4:00 PM in New York.

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

As of September 30, 2012, the Trust, with respect to the Frontier Diversified Series, Frontier Masters Series, Tiverton/Graham/Transtrend Series, Currency Series, Winton Series and Winton/Graham Series separates Units into three separate Classes—Class 1, Class 2, and Class 3. The Trust, with respect to the Balanced Series, and Frontier Long/Short Commodity Series separates Units into six separate Classes – Class 1, Class 2, Class 3, Class 1a, Class 2a and Class 3a. It is expected that between 10% and 30% of each Series’ assets normally will be invested in one or more Trading Companies to be committed as margin for trading positions, but from time to time these percentages may be substantially more or less. The remainders of each Series’ assets are maintained at the Trust level for cash management. Each of the respective Series has invested monies into pooled cash management assets which have included purchases of certificates of deposit, custom time deposits and U.S. Treasury securities. Each Series’ ownership in these investments is based on its percentage ownership in the pooled cash management assets on the reporting date.

As of September 30, 2012, Winton Series has invested a portion of its assets in a single Trading Company, and a single Trading Advisor manages 100% of the assets invested in such Trading Company. The Currency Series invests a portion of its assets in a single Trading Company, which allocates assets to one Swap. Each of the Frontier Diversified Series, Frontier Masters Series, Frontier Long/Short Commodity Series, Balanced Series, Tiverton/Graham/Transtrend Series, and Winton/Graham Series has invested a portion of its assets in several different Trading Companies and one or more Trading Advisors may manage the assets invested in such Trading Companies.

In November 2010, the Tiverton/Graham/Transtrend Series invested a portion of its assets in Berkeley Quantitative Colorado Fund LLC, an unaffiliated company, managed by an affiliate of Berkeley Quantitative L.P. Through this investment, Berkeley Quantitative L.P. became a commodity trading advisor to the Series. This investment was liquidated on March 20, 2012.

During July, 2011, Currency Series liquidated its interest in an option basket and realized a decrease in fair value greater than had previously been recorded as unrealized loss. The Managing Owner determined to make a onetime discretionary administrative adjustment by payment to the Currency Series of $390,589 to reimburse the effect of the loss on the investors in the series, exclusive of the inter-series payables’ interests, recorded in the Statements of Operations as Net increase from payments by managing owner.

During July, 2011, Frontier Dynamic Series ceased trading operations and liquidated all positions and investor accounts. The Series is closed as of December 31, 2011.

During December, 2011, Long Only Commodity Series and Managed Futures Index Series ceased trading operations and liquidated all positions and investor accounts. The Series are closed as of December 31, 2011.

During July 2012, Frontier Long/Short Commodity Series Class 1 Units and Balanced Series Class 1a Units Ceased Trading Operations and all remaining Units were exchanged for Class 3 Units and Class 3a Units, Respectively.

The Frontier Fund [Member]

Organization and Purpose

1. Organization and Purpose

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

Purchasers of Units are limited owners of the Trust (“Limited Owners”) with respect to beneficial interests of the Series’ Units purchased. The Trust Act provides that, except as otherwise provided in the amended and restated declaration of trust and trust agreement of the Trust dated as of August 8, 2003, by and among the Managing Owner, Wilmington Trust Company as trustee and the unitholders from time to time (the “Trust Agreement”), unitholders in a Delaware statutory trust will have the same limitation of liability as do stockholders of private corporations organized under the General Corporation Law of the State of Delaware. The Trust Agreement confers substantially the same limited liability, and contains the same limited exceptions thereto, as would a limited partnership agreement for a Delaware limited partnership engaged in like transactions as the Trust. In addition, pursuant to the Trust Agreement, the Managing Owner of the Trust is liable for obligations of a Series in excess of that Series’ assets. Limited Owners do not have any such liability. The Managing Owner will make contributions to Series of the Trust necessary to maintain at least a 1% interest in the aggregate capital, profits and losses of all Series.

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

The Trust has eight (8) separate and distinct Series of Units issued and outstanding: Frontier Diversified Series, Frontier Masters Series, Frontier Long/Short Commodity Series, Balanced Series, Tiverton/Graham/Transtrend Series (formerly Berkeley/Graham/Tiverton Series), Currency Series, Winton Series and Winton/Graham Series (each a “Series” and collectively, the “Series”). The Trust financial statements are comprised of unitized Series which are consolidated into the Trust financial statements. However, the consolidated Trust does not issue units.

The Trust, with respect to each Series:

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

• allocates funds to a limited liability trading company or companies (“Trading Company”). Except as otherwise described in these notes, 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 and make the trading decisions for the assets of each Series vested in such Trading Company. Each Trading Company will segregate its assets from any other Trading Company;

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

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

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

• maintains each Series of Units in three or six sub-classes—Class 1, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased 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. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1 a of such Series, is prepaid to Equinox Fund Management, LLC (the “Managing Owner”) by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 or Class 1 a 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. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Frontier Diversified Series, Frontier Dynamic Series and Frontier Masters Series or Class 2a Units of the Frontier Long/Short Commodity Series) sold until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series. The Managing Owner may also pay Selling Agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such Selling Agents; and

• all payments made to Selling Agents who are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and their associated persons that constitute underwriting compensation will be subject to the limitations set forth in Rule 2310(b)(4)(B)(ii) (formerly Rule 281 0(b)(4)(B)(ii)) of the Conduct Rules of FINRA (“Rule 2310”). An investor’s Class 1 Units or Class 2 Units of any Series, or Class 1a Units or Class 2a Units of the Frontier Long/Short Commodity Series or Balanced Series will be classified as Class 3 or Class 3a Units of such Series, as applicable, when the Managing Owner determines that the fee limitation set forth in Rule 2310 with respect to such Units has been reached or will be reached. No service fees are paid with respect to Class 3 or Class 3a Units. Units of any Class in a Series may be redeemed, in whole or in part, on a daily basis, at the then current NAV per Unit for such Series on the day of the week after the date the Managing Owner is in receipt of a redemption request for at least one (1) Business Day to be received by the Managing Owner prior to 4:00 PM in New York.

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

As of September 30, 2012 and December 31, 2011, the Trust, with respect to the Frontier Diversified Series, Frontier Masters Series, Tiverton/Graham/Transtrend Series, Currency Series, Winton Series and Winton/Graham Series, separates Units into three separate Classes—Class 1, Class 2, and Class 3. The Trust, with respect to the Balanced Series, and Frontier Long/Short Commodity Series separates Units into six separate Classes—Class 1, Class 2, Class 3, Class 1a, Class 2a and Class 3a. It is expected that between 10% and 30% of each Series’ assets normally will be invested in one or more Trading Companies to be committed as margin for trading positions, but from time to time these percentages may be substantially more or less. The remainders of each Series’ assets are maintained at the Trust level for cash management. Each of the respective Series has invested monies into pooled cash management assets which have included purchases of certificates of deposit, custom time deposits and U.S. Treasury securities. Each Series’ ownership in these investments is based on its percentage ownership in the pooled cash management assets on the reporting date.

Each Series of the Trust may invest a portion of its assets in a single Trading Company or in several different Trading Companies and may have multiple Trading Advisors that manage the assets invested in such Trading Companies.

In November 2010, the Tiverton/Graham/Transtrend Series of the Trust invested a portion of its assets in Berkeley Quantitative Colorado Fund LLC, an unaffiliated company, managed by an affiliate of Berkeley Quantitative L.P. Through this investment, Berkeley Quantitative L.P. became a commodity trading advisor to the Trust. The investment was liquidated March 20, 2012

During July, 2011, Currency Series of the Trust liquidated its interest in an option basket and realized a decrease in fair value greater than had previously been recorded as unrealized loss. The Managing Owner determined to make a onetime administrative adjustment by payment to the Currency Series of $390,589 to reimburse the effect of the loss on the investors in the series, exclusive of the inter-series payables’ interests, recorded in the Consolidated Statements of Operations as Net increase from payments by managing owner.

During July, 2011, Frontier Dynamic Series ceased trading operations and liquidated all positions and investor accounts. The Series is closed as of December 31, 2011.

During December, 2011, Long Only Commodity Series and Managed Futures Index Series ceased trading operations and liquidated all positions and investor accounts. The Series are closed as of December 31, 2011.

XML

Swaps - Additional Information (Detail)	Sep. 30, 2012	Dec. 31, 2011
Derivatives, Fair Value [Line Items]
Trust's assets deposited with over-the-counter counterparties	4.00%
The Frontier Fund [Member]
Derivatives, Fair Value [Line Items]
Trust's assets deposited with over-the-counter counterparties	4.00%	5.00%

XML

Transactions with Affiliates - Fees Earned by Managing Owner (Detail) (USD $)	3 Months Ended				9 Months Ended
	Sep. 30, 2012		Sep. 30, 2011		Sep. 30, 2012		Sep. 30, 2011
Frontier Diversified Series [Member]
Management Fees	$ 443,895		$ 519,364		$ 1,445,371		$ 1,469,361
Trading Fees	735,492		808,751		2,258,377		2,675,921
Incentive Fees	1,456,640		1,467,047		3,079,256		4,386,760
Service Fees	366,831		417,549		1,131,348		1,393,776
Frontier Masters Series [Member]
Management Fees	364,814		355,001		1,069,958		1,094,180
Trading Fees	342,724		332,882		979,635		1,095,725
Incentive Fees	403,573		534,851		488,081		805,663
Service Fees	207,528		193,356		584,434		624,864
Frontier Long/Short Commodity Series [Member]
Management Fees	868,971		910,662		2,599,254		2,781,137
Trading Fees	266,738		207,381		778,408		536,554
Incentive Fees	585,049		440,077		1,059,204		2,744,245
Service Fees	112,879		177,277		352,904		673,297
Balanced Series [Member]
Management Fees	601,212		664,399		1,940,876		1,922,751
Trading Fees	443,728		369,151		1,373,998		1,280,779
Incentive Fees	3,268,561		2,903,887		6,553,867		11,575,647
Service Fees	1,240,331		1,525,660		3,845,995		5,638,744
Tiverton/Graham/Transtrend Series [Member]
Management Fees	326,209	[1]	258,162	[1]	956,639	[1]	948,867	[1]
Trading Fees	60,869	[1]	58,000	[1]	193,716	[1]	212,756	[1]
Incentive Fees	7,136	[1]	29,678	[1]	65,989	[1]	29,678	[1]
Service Fees	213,767	[1]	313,464	[1]	686,786	[1]	1,144,674	[1]
Currency Series [Member]
Management Fees			1,673				80,701
Trading Fees	6,351		7,548		20,595		53,198
Service Fees	24,937		35,747		81,340		121,438
Winton Series [Member]
Management Fees	259,965		309,397		787,335		960,130
Trading Fees	84,533		63,844		263,127		203,804
Incentive Fees			565,219				813,809
Service Fees	257,849		300,670		806,539		985,426
Winton/Graham Series [Member]
Management Fees	225,076		283,356		813,420		1,095,659
Trading Fees	47,300		45,550		151,266		169,014
Incentive Fees			227,833				298,707
Service Fees	$ 153,063		$ 223,405		$ 491,271		$ 828,649

[1] Formerly known as the Berkeley/Graham/Tiverton Series.

XML

Consolidated Statements of Financial Condition (USD $)	Sep. 30, 2012		Dec. 31, 2011
The Frontier Fund [Member]
ASSETS
Cash and cash equivalents	$ 16,380,247		$ 27,452,803
U.S. Treasury securities, at fair value	39,917,527		78,760,003
Custom time deposits	336,173,783		358,276,083
Receivable from futures commission merchants	152,250,812		160,366,935
Open trade equity, at fair value	18,859,821
Swap contracts, at fair value	25,215,077		24,211,688
Investment in Berkeley Quantitative Colorado Fund LLC, at fair value			6,270,844
Prepaid service fees	168,962		310,430
Interest receivable	187,489		1,088,724
Other assets	327,198		96,247
Total Assets	589,480,916		656,833,757
LIABILITIES
Open trade deficit, at fair value			6,556,700
Options written, at fair value	4,621,429		3,336,326
Pending owner additions	906,222		384,457
Owner redemptions payable	1,040,601		3,387,126
Incentive fees payable to Managing Owner	5,797,491		1,844,116
Management fees payable to Managing Owner	1,006,610		1,120,495
Interest payable to Managing Owner	600,346		717,850
Trading fees payable to Managing Owner	585,471		715,113
Trailing service fees payable	765,541		806,690
Payables to related parties	44,313		1,733
Other liabilities	234,273		16,608
Total Liabilities	15,602,297		18,887,214
CAPITAL
Managing Owner Units	6,614,398		6,538,575
Limited Owner Units	567,264,221		631,407,968
Total Owners' Capital	573,878,619		637,946,543
Total Capital	573,878,619		637,946,543
Total Liabilities and Capital	589,480,916		656,833,757
Frontier Diversified Series [Member]
ASSETS
Cash and cash equivalents	3,004,622		4,976,749
U.S. Treasury securities, at fair value	8,274,558		16,557,304
Custom time deposits	69,685,920		75,318,509
Swap contracts, at fair value			131,004
Investments in unconsolidated trading companies, at fair value	42,501,058		38,240,171
Prepaid service fees	49,158		162,977
Interest receivable	38,865		228,877
Receivable from related parties			16,362
Other assets	29,927		10,129
Total Assets	123,584,108		135,642,082
LIABILITIES
Pending owner additions	762,366		243,088
Owner redemptions payable	84,305		321,138
Incentive fees payable to Managing Owner	1,456,641		522,033
Management fees payable to Managing Owner	144,194		180,232
Interest payable to Managing Owner	43,308		53,915
Trading fees payable to Managing Owner	236,263		269,021
Trailing service fees payable	91,573		76,877
Payables to related parties	34,606
Other liabilities	58,489		2,174
Total Liabilities	2,911,745		1,668,478
CAPITAL
Total Owners' Capital	120,672,363		133,973,604
Total Capital	120,672,363		133,973,604
Total Liabilities and Capital	123,584,108		135,642,082
Frontier Diversified Series [Member] | Managing Owner Class 1 [Member]
Units Outstanding	275		275
CAPITAL
Managing Owner Units	26,899		27,334
Total Capital	26,899		27,334
Frontier Diversified Series [Member] | Managing Owner Class 2 [Member]
Units Outstanding	14,301		14,301
CAPITAL
Managing Owner Units	1,482,374		1,486,740
Total Capital	1,482,374		1,486,740
Frontier Diversified Series [Member] | Limited Owners Class 1 [Member]
Units Outstanding	659,386		728,370
CAPITAL
Limited Owner Units	64,498,204		72,397,572
Total Capital	64,498,204		72,397,572
Frontier Diversified Series [Member] | Limited Owners Class 2 [Member]
Units Outstanding	527,370		577,736
CAPITAL
Limited Owner Units	54,664,886		60,061,958
Total Capital	54,664,886		60,061,958
Frontier Diversified Series [Member] | Total Owner Class 1 [Member]
Units Outstanding	659,661		728,645
Net Asset Value per Unit	$ 97.82		$ 99.40
Frontier Diversified Series [Member] | Total Owner Class 2 [Member]
Units Outstanding	541,671		592,037
Net Asset Value per Unit	$ 103.66		$ 103.96
Frontier Masters Series [Member]
ASSETS
Cash and cash equivalents	1,300,021		2,234,716
U.S. Treasury securities, at fair value	4,721,616		7,232,546
Custom time deposits	39,764,074		32,900,559
Receivable from futures commission merchants	6,793,726		5,107,749
Open trade equity, at fair value			792,372
Swap contracts, at fair value			57,225
Investments in unconsolidated trading companies, at fair value	8,579,221		4,717,914
Prepaid service fees	73,309		50,950
Interest receivable	22,177		99,978
Other assets	18,439		6,162
Total Assets	61,272,583		53,200,171
LIABILITIES
Open trade deficit, at fair value	214,557
Pending owner additions	21,030		22,716
Owner redemptions payable	15,499		4,996
Incentive fees payable to Managing Owner	403,572
Management fees payable to Managing Owner	119,916		117,541
Interest payable to Managing Owner	20,711		23,408
Trading fees payable to Managing Owner	113,102		105,278
Trailing service fees payable	51,507		41,911
Payables to related parties	78,361		56
Other liabilities	93,514		856
Total Liabilities	1,131,769		316,762
CAPITAL
Total Owners' Capital	57,858,138		52,824,997
Non-Controlling Interests	2,282,676		58,412
Total Capital	60,140,814		52,883,409
Total Liabilities and Capital	61,272,583		53,200,171
Frontier Masters Series [Member] | Managing Owner Class 1 [Member]
Units Outstanding	275		275
CAPITAL
Managing Owner Units	28,854		27,569
Total Capital	28,854		27,569
Frontier Masters Series [Member] | Managing Owner Class 2 [Member]
Units Outstanding	5,627		5,627
CAPITAL
Managing Owner Units	625,541		589,893
Total Capital	625,541		589,893
Frontier Masters Series [Member] | Limited Owners Class 1 [Member]
Units Outstanding	376,201		339,777
CAPITAL
Limited Owner Units	39,471,739		34,062,567
Total Capital	39,471,739		34,062,567
Frontier Masters Series [Member] | Limited Owners Class 2 [Member]
Units Outstanding	159,505		173,083
CAPITAL
Limited Owner Units	17,732,004		18,144,968
Total Capital	17,732,004		18,144,968
Frontier Masters Series [Member] | Total Owner Class 1 [Member]
Units Outstanding	376,476		340,052
Net Asset Value per Unit	$ 104.92		$ 100.25
Frontier Masters Series [Member] | Total Owner Class 2 [Member]
Units Outstanding	165,132		178,710
Net Asset Value per Unit	$ 111.17		$ 104.83
Frontier Long/Short Commodity Series [Member]
ASSETS
Cash and cash equivalents	1,519,473		3,045,849
U.S. Treasury securities, at fair value	5,395,419		9,466,240
Custom time deposits	45,438,646		43,061,546
Receivable from futures commission merchants	11,694,611		47,822,021
Open trade equity, at fair value	9,471,203
Swap contracts, at fair value			74,898
Investments in unconsolidated trading companies, at fair value	3,729,273		4,081,988
Prepaid service fees	46,495		96,503
Interest receivable	25,342		130,855
Receivable from related parties	18,560		4,071
Other assets	25,466		9,592
Total Assets	77,364,488		107,793,563
LIABILITIES
Open trade deficit, at fair value			25,934,678
Options written, at fair value	(465,465)
Pending owner additions	57,286		40,966
Owner redemptions payable	222,135		84,705
Incentive fees payable to Managing Owner	592,061		127,052
Management fees payable to Managing Owner	287,977		284,677
Interest payable to Managing Owner	27,893		30,614
Trading fees payable to Managing Owner	88,080		83,646
Trailing service fees payable	24,317		22,920
Payables to related parties	5,902
Other liabilities	9,639
Total Liabilities	1,780,755		26,609,258
CAPITAL
Total Owners' Capital	67,242,359		70,960,726
Non-Controlling Interests	8,341,374		10,223,579
Total Capital	75,583,733		81,184,305
Total Liabilities and Capital	77,364,488		107,793,563
Frontier Long/Short Commodity Series [Member] | Managing Owner Class 1a [Member]
Units Outstanding	117		117
CAPITAL
Managing Owner Units	14,471		14,271
Total Capital	14,471		14,271
Frontier Long/Short Commodity Series [Member] | Managing Owner Class 2 [Member]
Units Outstanding	3,083		3,083
CAPITAL
Managing Owner Units	509,540		499,336
Total Capital	509,540		499,336
Frontier Long/Short Commodity Series [Member] | Managing Owner Class 2a [Member]
Units Outstanding	2,222		2,222
CAPITAL
Managing Owner Units	290,301		282,740
Total Capital	290,301		282,740
Frontier Long/Short Commodity Series [Member] | Limited Owners Class 1 [Member]
Units Outstanding			30,551	[1]
CAPITAL
Limited Owner Units			4,159,047
Total Capital			4,159,047	[1]
Frontier Long/Short Commodity Series [Member] | Limited Owners Class 1a [Member]
Units Outstanding	171,725		155,099
CAPITAL
Limited Owner Units	21,193,655		18,877,124
Total Capital	21,193,655		18,877,124
Frontier Long/Short Commodity Series [Member] | Limited Owners Class 2 [Member]
Units Outstanding	51,145		53,648
CAPITAL
Limited Owner Units	8,453,395		8,689,426
Total Capital	8,453,395		8,689,426
Frontier Long/Short Commodity Series [Member] | Limited Owners Class 2a [Member]
Units Outstanding	92,661		83,538
CAPITAL
Limited Owner Units	12,104,782		10,628,724
Total Capital	12,104,782		10,628,724
Frontier Long/Short Commodity Series [Member] | Limited Owners Class 3 [Member]
Units Outstanding	149,259		171,708
CAPITAL
Limited Owner Units	24,676,215		27,810,058
Total Capital	24,676,215		27,810,058
Frontier Long/Short Commodity Series [Member] | Total Owner Class 1 [Member]
Units Outstanding			30,551
Net Asset Value per Unit	$ 135.41	[1]	$ 136.13
Frontier Long/Short Commodity Series [Member] | Total Owner Class 1a [Member]
Units Outstanding	171,842		155,216
Net Asset Value per Unit	$ 123.42		$ 121.71
Frontier Long/Short Commodity Series [Member] | Total Owner Class 2 [Member]
Units Outstanding	54,228		56,731
Net Asset Value per Unit	$ 165.28		$ 161.97
Frontier Long/Short Commodity Series [Member] | Total Owner Class 2a [Member]
Units Outstanding	94,883		85,760
Net Asset Value per Unit	$ 130.64		$ 127.23
Frontier Long/Short Commodity Series [Member] | Total Owner Class 3 [Member]
Units Outstanding	149,259		171,708
Net Asset Value per Unit	$ 165.33		$ 161.96
Balanced Series [Member]
ASSETS
Cash and cash equivalents	3,687,374		9,758,138
U.S. Treasury securities, at fair value	13,580,404		29,168,216
Custom time deposits	114,370,206		132,685,042
Receivable from futures commission merchants	92,687,869		74,736,294
Open trade equity, at fair value	10,849,389		13,104,541
Swap contracts, at fair value	25,215,077		23,819,312
Investments in unconsolidated trading companies, at fair value	18,012,182		18,255,809
Interest receivable	63,786		403,201
Other assets	69,507		48,273
Total Assets	278,535,794		301,978,826
LIABILITIES
Options written, at fair value	(4,128,758)		(3,326,453)
Pending owner additions	38,805		45,208
Owner redemptions payable	301,648		84,710
Incentive fees payable to Managing Owner	3,268,560		1,195,031
Management fees payable to Managing Owner	190,633		241,525
Interest payable to Managing Owner	341,672		397,864
Trading fees payable to Managing Owner	146,800		176,398
Trailing service fees payable	359,015		435,380
Payables to related parties	40,038		2,408
Other liabilities	7,762		8,437
Total Liabilities	8,823,691		5,913,414
CAPITAL
Total Owners' Capital	220,717,178		255,432,076
Non-Controlling Interests	48,994,925		40,633,336
Total Capital	269,712,103		296,065,412
Total Liabilities and Capital	278,535,794		301,978,826
Balanced Series [Member] | Managing Owner Class 2 [Member]
Units Outstanding	21,620		21,620
CAPITAL
Managing Owner Units	3,379,136		3,351,608
Total Capital	3,379,136		3,351,608
Balanced Series [Member] | Managing Owner Class 2a [Member]
Units Outstanding	1,237		1,237
CAPITAL
Managing Owner Units	161,038		158,814
Total Capital	161,038		158,814
Balanced Series [Member] | Limited Owners Class 1 [Member]
Units Outstanding	1,298,839		1,476,131
CAPITAL
Limited Owner Units	159,486,336		183,785,318
Total Capital	159,486,336		183,785,318
Balanced Series [Member] | Limited Owners Class 1a [Member]
Units Outstanding			23,388	[2]
CAPITAL
Limited Owner Units			2,536,559
Total Capital			2,536,559	[2]
Balanced Series [Member] | Limited Owners Class 2 [Member]
Units Outstanding	336,967		387,173
CAPITAL
Limited Owner Units	52,666,924		60,020,959
Total Capital	52,666,924		60,020,959
Balanced Series [Member] | Limited Owners Class 2a [Member]
Units Outstanding	7,359		20,460
CAPITAL
Limited Owner Units	957,648		2,626,016
Total Capital	957,648		2,626,016
Balanced Series [Member] | Total Owner Class 1 [Member]
Units Outstanding	1,298,839		1,476,131
Net Asset Value per Unit	$ 122.79		$ 124.50
Balanced Series [Member] | Total Owner Class 1a [Member]
Units Outstanding			23,388
Net Asset Value per Unit	$ 112.58	[2]	$ 108.45
Balanced Series [Member] | Total Owner Class 2 [Member]
Units Outstanding	358,587		408,793
Net Asset Value per Unit	$ 156.30		$ 155.02
Balanced Series [Member] | Total Owner Class 2a [Member]
Units Outstanding	8,596		21,697
Net Asset Value per Unit	$ 130.15		$ 128.35
Balanced Series [Member] | Limited Owners Class 3a [Member]
Units Outstanding	31,345		23,005
CAPITAL
Limited Owner Units	4,066,096		2,952,802
Total Capital	4,066,096		2,952,802
Balanced Series [Member] | Total Owner Class 3a [Member]
Units Outstanding	31,345		23,005
Net Asset Value per Unit	$ 129.72		$ 128.36
Tiverton/Graham/Transtrend Series [Member]
ASSETS
Cash and cash equivalents	600,980	[3]	1,352,378	[3]
U.S. Treasury securities, at fair value	2,213,378	[3]	4,347,398	[3]
Custom time deposits	18,640,423	[3]	19,776,137	[3]
Swap contracts, at fair value			34,397	[3]
Investments in unconsolidated trading companies, at fair value	8,779,345	[3]	8,234,047	[3]
Investment in Berkeley Quantitative Colorado Fund LLC, at fair value			6,270,844	[3]
Interest receivable	10,396	[3]	60,095	[3]
Other assets	75,090	[3]	7,914	[3]
Total Assets	30,319,612	[3]	40,083,210	[3]
LIABILITIES
Pending owner additions	2,217	[3]	3,396	[3]
Owner redemptions payable	327,536	[3]	182,552	[3]
Incentive fees payable to Managing Owner	7,136	[3]
Management fees payable to Managing Owner	106,160	[3]	101,400	[3]
Interest payable to Managing Owner	50,387	[3]	68,021	[3]
Trading fees payable to Managing Owner	18,967	[3]	25,212	[3]
Trailing service fees payable	64,380	[3]	87,016	[3]
Payables to related parties	18,497	[3]	268	[3]
Other liabilities	1,144	[3]	1,373	[3]
Total Liabilities	596,424	[3]	469,238	[3]
CAPITAL
Total Owners' Capital	29,723,188	[3]	39,613,972	[3]
Total Capital	29,723,188	[3]	39,613,972	[3]
Total Liabilities and Capital	30,319,612	[3]	40,083,210	[3]
Tiverton/Graham/Transtrend Series [Member] | Managing Owner Class 2 [Member]
Units Outstanding	70	[3]	70	[3]
CAPITAL
Managing Owner Units	7,546	[3]	7,878	[3]
Total Capital	7,546	[3]	7,878	[3]
Tiverton/Graham/Transtrend Series [Member] | Limited Owners Class 1 [Member]
Units Outstanding	305,723	[3]	386,533	[3]
CAPITAL
Limited Owner Units	26,076,936	[3]	35,180,631	[3]
Total Capital	26,076,936	[3]	35,180,631	[3]
Tiverton/Graham/Transtrend Series [Member] | Limited Owners Class 2 [Member]
Units Outstanding	33,969	[3]	39,571	[3]
CAPITAL
Limited Owner Units	3,638,706	[3]	4,425,463	[3]
Total Capital	3,638,706	[3]	4,425,463	[3]
Tiverton/Graham/Transtrend Series [Member] | Total Owner Class 1 [Member]
Units Outstanding	305,723	[3]	386,533	[3]
Net Asset Value per Unit	$ 85.30	[3]	$ 91.02	[3]
Tiverton/Graham/Transtrend Series [Member] | Total Owner Class 2 [Member]
Units Outstanding	34,039	[3]	39,641	[3]
Net Asset Value per Unit	$ 107.12	[3]	$ 111.84	[3]
Currency Series [Member]
ASSETS
Cash and cash equivalents	29,029		182,875
U.S. Treasury securities, at fair value	106,913		326,517
Custom time deposits	900,389		1,485,313
Swap contracts, at fair value			2,583
Investments in unconsolidated trading companies, at fair value	2,122,993		2,352,121
Interest receivable	502		4,514
Other assets	5,242		497
Total Assets	3,165,068		4,354,420
LIABILITIES
Pending owner additions	3,753		4,509
Owner redemptions payable			15,694
Incentive fees payable to Managing Owner
Interest payable to Managing Owner	4,117		5,681
Trading fees payable to Managing Owner	1,956		2,727
Trailing service fees payable	3,882		6,285
Payables to related parties	41		52
Other liabilities	94		115
Total Liabilities	13,843		35,063
CAPITAL
Total Owners' Capital	3,151,225		4,319,357
Total Capital	3,151,225		4,319,357
Total Liabilities and Capital	3,165,068		4,354,420
Currency Series [Member] | Managing Owner Class 2 [Member]
Units Outstanding	29		29
CAPITAL
Managing Owner Units	2,386		2,563
Total Capital	2,386		2,563
Currency Series [Member] | Limited Owners Class 1 [Member]
Units Outstanding	48,185		59,997
CAPITAL
Limited Owner Units	3,090,656		4,228,350
Total Capital	3,090,656		4,228,350
Currency Series [Member] | Limited Owners Class 2 [Member]
Units Outstanding	713		1,010
CAPITAL
Limited Owner Units	58,183		88,444
Total Capital	58,183		88,444
Currency Series [Member] | Total Owner Class 1 [Member]
Units Outstanding	48,185		59,997
Net Asset Value per Unit	$ 64.14		$ 70.48
Currency Series [Member] | Total Owner Class 2 [Member]
Units Outstanding	742		1,039
Net Asset Value per Unit	$ 81.59		$ 87.61
Winton Series [Member]
ASSETS
Cash and cash equivalents	1,026,153		2,051,272
U.S. Treasury securities, at fair value	3,779,268		7,821,927
Custom time deposits	31,827,897		35,581,630
Swap contracts, at fair value			61,888
Investments in unconsolidated trading companies, at fair value	7,020,423		4,731,916
Interest receivable	17,751		108,125
Other assets	62,823		6,890
Total Assets	43,734,315		50,363,648
LIABILITIES
Pending owner additions	16,045		18,811
Owner redemptions payable	25,708		10,618
Incentive fees payable to Managing Owner
Management fees payable to Managing Owner	84,397		90,559
Interest payable to Managing Owner	72,365		84,494
Trading fees payable to Managing Owner	27,034		31,302
Trailing service fees payable	65,968		78,044
Payables to related parties	396		319
Other liabilities	1,644		1,377
Total Liabilities	293,557		315,524
CAPITAL
Total Owners' Capital	43,440,758		50,048,124
Total Capital	43,440,758		50,048,124
Total Liabilities and Capital	43,734,315		50,363,648
Winton Series [Member] | Managing Owner Class 2 [Member]
Units Outstanding	207		207
CAPITAL
Managing Owner Units	32,718		34,276
Total Capital	32,718		34,276
Winton Series [Member] | Limited Owners Class 1 [Member]
Units Outstanding	250,038		271,704
CAPITAL
Limited Owner Units	32,937,034		38,345,799
Total Capital	32,937,034		38,345,799
Winton Series [Member] | Limited Owners Class 2 [Member]
Units Outstanding	66,155		70,368
CAPITAL
Limited Owner Units	10,471,006		11,668,049
Total Capital	10,471,006		11,668,049
Winton Series [Member] | Total Owner Class 1 [Member]
Units Outstanding	250,038		271,704
Net Asset Value per Unit	$ 131.73		$ 141.13
Winton Series [Member] | Total Owner Class 2 [Member]
Units Outstanding	66,362		70,575
Net Asset Value per Unit	$ 158.28		$ 165.82
Winton/Graham Series [Member]
ASSETS
Cash and cash equivalents	501,221		1,156,042
U.S. Treasury securities, at fair value	1,845,971		3,839,855
Custom time deposits	15,546,228		17,467,347
Swap contracts, at fair value			30,381
Investments in unconsolidated trading companies, at fair value	6,129,459		8,473,424
Interest receivable	8,670		53,079
Other assets	37,824		6,520
Total Assets	24,069,373		31,026,648
LIABILITIES
Pending owner additions	4,720		5,763
Owner redemptions payable	63,770		15,451
Incentive fees payable to Managing Owner
Management fees payable to Managing Owner	64,529		100,311
Interest payable to Managing Owner	39,893		52,268
Trading fees payable to Managing Owner	14,864		19,427
Trailing service fees payable	43,304		57,141
Payables to related parties	14		356
Other liabilities	906		2,244
Total Liabilities	232,000		252,961
CAPITAL
Total Owners' Capital	23,837,373		30,773,687
Total Capital	23,837,373		30,773,687
Total Liabilities and Capital	24,069,373		31,026,648
Winton/Graham Series [Member] | Managing Owner Class 2 [Member]
Units Outstanding	428		428
CAPITAL
Managing Owner Units	53,594		55,553
Total Capital	53,594		55,553
Winton/Graham Series [Member] | Limited Owners Class 1 [Member]
Units Outstanding	195,083		236,649
CAPITAL
Limited Owner Units	19,275,024		24,783,519
Total Capital	19,275,024		24,783,519
Winton/Graham Series [Member] | Limited Owners Class 2 [Member]
Units Outstanding	36,032		45,755
CAPITAL
Limited Owner Units	4,508,755		5,934,615
Total Capital	$ 4,508,755		$ 5,934,615
Winton/Graham Series [Member] | Total Owner Class 1 [Member]
Units Outstanding	195,083		236,649
Net Asset Value per Unit	$ 98.80		$ 104.73
Winton/Graham Series [Member] | Total Owner Class 2 [Member]
Units Outstanding	36,460		46,183
Net Asset Value per Unit	$ 125.13		$ 129.70

[1] Class 1 operations ceased July 18, 2012 and all remaining Class 1 Units were exchanged for Class 3 Units.

[2] Class 1a operations ceased July 17, 2012 and all remaining Class 1a Units were exchanged for Class 3a Units.

[3] Formerly the Berkeley/Graham/Tiverton Series.

XML

Derivative Instruments and Hedging Activities - Net Change in Open Trade Equity from Futures, Forwards and Options (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
The Frontier Fund [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	$ 36,395,403	$ 15,709,510	$ 25,316,847	$ (28,236,907)
Frontier Long/Short Commodity Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	39,443,564	(603,159)	33,169,426	(603,159)
Frontier Masters Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(158,295)	437,801	(1,006,677)	264,892
Balanced Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(2,873,395)	20,476,468	(337,037)	(4,179,800)
Currency Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options		(2,759)		(27,166)
Winton/Graham Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options				(1,521,787)
Metals [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(2,999,805)	495,331	3,720,493	6,306,915
Metals [Member] | Frontier Long/Short Commodity Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	977,265	15,878,273	6,203,747	15,878,273
Metals [Member] | Frontier Masters Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	198,371	165,475	230,263	(50,223)
Metals [Member] | Balanced Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(1,564,940)	19,876,345	(331,441)	22,091,608
Metals [Member] | Winton/Graham Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options				(619,217)
Currency [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(2,974,438)	6,518,277	14,487,416	(21,644,755)
Currency [Member] | Frontier Long/Short Commodity Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(49,765)	(555,810)	17,798,560	(555,810)
Currency [Member] | Frontier Masters Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(57,024)	(30,570)	(129,384)	609,296
Currency [Member] | Balanced Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(2,430,043)	(6,530,704)	(342,917)	(22,590,346)
Currency [Member] | Currency Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options		(2,759)		(27,166)
Currency [Member] | Winton/Graham Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options				(571,607)
Energies [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	35,116,173	3,841,690	529,216	7,265,939
Energies [Member] | Frontier Long/Short Commodity Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	33,718,036	(13,233,592)	2,952,524	(13,233,592)
Energies [Member] | Frontier Masters Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(105,715)	120,574	(707,102)	51,126
Energies [Member] | Balanced Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	192,441	600,800	(1,032,360)	2,644,424
Energies [Member] | Winton/Graham Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options				12,279
Agriculturals [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	3,858,004	2,852,828	5,288,536	(7,728,022)
Agriculturals [Member] | Frontier Long/Short Commodity Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	6,164,516	(467,268)	10,232,405	(467,268)
Agriculturals [Member] | Frontier Masters Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(8,816)	(133,312)	(231,283)	(31,548)
Agriculturals [Member] | Balanced Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(994,834)	4,161,214	(2,648,196)	(4,261,859)
Agriculturals [Member] | Winton/Graham Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options				(371,424)
Interest rates [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	8,135,147	1,370,456	5,776,926	(8,516,274)
Interest rates [Member] | Frontier Long/Short Commodity Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(367,133)	(1,797,937)	(4,147,506)	(1,797,937)
Interest rates [Member] | Frontier Masters Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	210,079	121,316	125,432	(1,224,260)
Interest rates [Member] | Balanced Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	4,121,352	2,733,205	5,620,385	1,374,509
Interest rates [Member] | Winton/Graham Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options				(285,680)
Stock indices [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(4,739,678)	630,928	(4,485,740)	(3,920,710)
Stock indices [Member] | Frontier Long/Short Commodity Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(999,355)	(426,825)	129,696	(426,825)
Stock indices [Member] | Frontier Masters Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(395,190)	194,318	(294,603)	910,501
Stock indices [Member] | Balanced Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(2,197,371)	(364,392)	(1,602,508)	(3,438,136)
Stock indices [Member] | Winton/Graham Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options				$ 313,862

XML

Consolidated Statements of Changes in Owners' Capital (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012		Sep. 30, 2012
The Frontier Fund [Member]
Capital (Net Asset Value), Beginning Balance			$ 637,946,543
Sale of Units			39,291,798
Redemption of Units			(97,178,756)
Net increase/(decrease) in Owners' Capital resulting from operations	8,402,431		(6,180,966)
Capital (Net Asset Value), Ending Balance	573,878,619		573,878,619
The Frontier Fund [Member] | Managing Owner [Member]
Capital (Net Asset Value), Beginning Balance			6,538,575
Net increase/(decrease) in Owners' Capital resulting from operations			75,823
Capital (Net Asset Value), Ending Balance	6,614,398		6,614,398
The Frontier Fund [Member] | Limited Owners [Member]
Capital (Net Asset Value), Beginning Balance			631,407,968
Sale of Units			39,291,798
Redemption of Units			(97,178,756)
Net increase/(decrease) in Owners' Capital resulting from operations			(6,256,789)
Capital (Net Asset Value), Ending Balance	567,264,221		567,264,221
Frontier Diversified Series [Member]
Capital (Net Asset Value), Beginning Balance			133,973,604
Sale of Units			9,803,970
Redemption of Units			(21,802,136)
Net increase/(decrease) in Owners' Capital resulting from operations	610,072		(1,303,075)
Capital (Net Asset Value), Ending Balance	120,672,363		120,672,363
Frontier Diversified Series [Member] | Managing Owner Class 1 [Member]
Capital (Net Asset Value), Beginning Balance			27,334
Net increase/(decrease) in Owners' Capital resulting from operations			(435)
Capital (Net Asset Value), Ending Balance	26,899		26,899
Capital - Units, Beginning Balance			275
Capital - Units, Ending Balance	275		275
Frontier Diversified Series [Member] | Limited Owners Class 1 [Member]
Capital (Net Asset Value), Beginning Balance			72,397,572
Sale of Units			4,342,057
Redemption of Units			(11,099,447)
Net increase/(decrease) in Owners' Capital resulting from operations			(1,141,978)
Capital (Net Asset Value), Ending Balance	64,498,204		64,498,204
Capital - Units, Beginning Balance			728,370
Capital - Units, Sale of Units			44,156
Capital - Units, Redemption of Units			(113,140)
Capital - Units, Ending Balance	659,386		659,386
Net asset value			$ 99.40	[1]
Change in net asset value per unit for operations, Ending Balance			$ (1.58)	[1]
Net asset value or at cessation of operations, Ending Balance	$ 97.82	[1]	$ 97.82	[1]
Frontier Diversified Series [Member] | Managing Owner Class 2 [Member]
Capital (Net Asset Value), Beginning Balance			1,486,740
Net increase/(decrease) in Owners' Capital resulting from operations			(4,366)
Capital (Net Asset Value), Ending Balance	1,482,374		1,482,374
Capital - Units, Beginning Balance			14,301
Capital - Units, Ending Balance	14,301		14,301
Frontier Diversified Series [Member] | Limited Owners Class 2 [Member]
Capital (Net Asset Value), Beginning Balance			60,061,958
Sale of Units			5,461,913
Redemption of Units			(10,702,689)
Net increase/(decrease) in Owners' Capital resulting from operations			(156,296)
Capital (Net Asset Value), Ending Balance	54,664,886		54,664,886
Capital - Units, Beginning Balance			577,736
Capital - Units, Sale of Units			53,090
Capital - Units, Redemption of Units			(103,456)
Capital - Units, Ending Balance	527,370		527,370
Net asset value			$ 103.96	[1]
Change in net asset value per unit for operations, Ending Balance			$ (0.30)	[1]
Net asset value or at cessation of operations, Ending Balance	$ 103.66	[1]	$ 103.66	[1]
Frontier Masters Series [Member]
Capital (Net Asset Value), Beginning Balance			52,883,409
Sale of Units			8,127,497
Redemption of Units			(5,750,786)
Contributions			5,101,862
Distributions			(3,553,695)
Operations attributable to non-controlling interests	148,709		676,097
Net increase/(decrease) in Owners' Capital resulting from operations	1,582,386		2,656,430
Capital (Net Asset Value), Ending Balance	60,140,814		60,140,814
Frontier Masters Series [Member] | Managing Owner Class 1 [Member]
Capital (Net Asset Value), Beginning Balance			27,569
Net increase/(decrease) in Owners' Capital resulting from operations			1,285
Capital (Net Asset Value), Ending Balance	28,854		28,854
Capital - Units, Beginning Balance			275
Capital - Units, Ending Balance	275		275
Frontier Masters Series [Member] | Limited Owners Class 1 [Member]
Capital (Net Asset Value), Beginning Balance			34,062,567
Sale of Units			6,542,621
Redemption of Units			(2,699,710)
Net increase/(decrease) in Owners' Capital resulting from operations			1,566,261
Capital (Net Asset Value), Ending Balance	39,471,739		39,471,739
Capital - Units, Beginning Balance			339,777
Capital - Units, Sale of Units			62,617
Capital - Units, Redemption of Units			(26,193)
Capital - Units, Ending Balance	376,201		376,201
Net asset value			$ 100.25	[1]
Change in net asset value per unit for operations, Ending Balance			$ 4.67	[1]
Net asset value or at cessation of operations, Ending Balance	$ 104.92	[1]	$ 104.92	[1]
Frontier Masters Series [Member] | Managing Owner Class 2 [Member]
Capital (Net Asset Value), Beginning Balance			589,893
Net increase/(decrease) in Owners' Capital resulting from operations			35,648
Capital (Net Asset Value), Ending Balance	625,541		625,541
Capital - Units, Beginning Balance			5,627
Capital - Units, Ending Balance	5,627		5,627
Frontier Masters Series [Member] | Limited Owners Class 2 [Member]
Capital (Net Asset Value), Beginning Balance			18,144,968
Sale of Units			1,584,876
Redemption of Units			(3,051,076)
Net increase/(decrease) in Owners' Capital resulting from operations			1,053,236
Capital (Net Asset Value), Ending Balance	17,732,004		17,732,004
Capital - Units, Beginning Balance			173,083
Capital - Units, Sale of Units			14,154
Capital - Units, Redemption of Units			(27,732)
Capital - Units, Ending Balance	159,505		159,505
Net asset value			$ 104.83	[1]
Change in net asset value per unit for operations, Ending Balance			$ 6.34	[1]
Net asset value or at cessation of operations, Ending Balance	$ 111.17	[1]	$ 111.17	[1]
Frontier Masters Series [Member] | Non-Controlling Interests [Member]
Capital (Net Asset Value), Beginning Balance			58,412
Contributions			5,101,862
Distributions			(3,553,695)
Operations attributable to non-controlling interests			676,097
Capital (Net Asset Value), Ending Balance	2,282,676		2,282,676
Tiverton/Graham/Transtrend Series [Member]
Capital (Net Asset Value), Beginning Balance			39,613,972	[2]
Sale of Units			26,014	[2]
Redemption of Units			(7,864,725)	[2]
Net increase/(decrease) in Owners' Capital resulting from operations	(222,471)	[3]	(2,052,073)	[2],[3]
Capital (Net Asset Value), Ending Balance	29,723,188	[2]	29,723,188	[2]
Tiverton/Graham/Transtrend Series [Member] | Limited Owners Class 1 [Member]
Capital (Net Asset Value), Beginning Balance			35,180,631	[2]
Sale of Units			26,014	[2]
Redemption of Units			(7,239,792)	[2]
Net increase/(decrease) in Owners' Capital resulting from operations			(1,889,917)	[2]
Capital (Net Asset Value), Ending Balance	26,076,936	[2]	26,076,936	[2]
Capital - Units, Beginning Balance			386,533	[2]
Capital - Units, Sale of Units			290	[2]
Capital - Units, Redemption of Units			(81,100)	[2]
Capital - Units, Ending Balance	305,723	[2]	305,723	[2]
Net asset value			$ 91.02	[2]
Change in net asset value per unit for operations, Ending Balance			$ (5.72)	[2]
Net asset value or at cessation of operations, Ending Balance	$ 85.30	[2]	$ 85.30	[2]
Tiverton/Graham/Transtrend Series [Member] | Managing Owner Class 2 [Member]
Capital (Net Asset Value), Beginning Balance			7,878	[2]
Net increase/(decrease) in Owners' Capital resulting from operations			(332)	[2]
Capital (Net Asset Value), Ending Balance	7,546	[2]	7,546	[2]
Capital - Units, Beginning Balance			70	[2]
Capital - Units, Ending Balance	70	[2]	70	[2]
Tiverton/Graham/Transtrend Series [Member] | Limited Owners Class 2 [Member]
Capital (Net Asset Value), Beginning Balance			4,425,463	[2]
Redemption of Units			(624,933)	[2]
Net increase/(decrease) in Owners' Capital resulting from operations			(161,824)	[2]
Capital (Net Asset Value), Ending Balance	3,638,706	[2]	3,638,706	[2]
Capital - Units, Beginning Balance			39,571	[2]
Capital - Units, Redemption of Units			(5,602)	[2]
Capital - Units, Ending Balance	33,969	[2]	33,969	[2]
Net asset value			$ 111.84	[1],[2]
Change in net asset value per unit for operations, Ending Balance			$ (4.72)	[1],[2]
Net asset value or at cessation of operations, Ending Balance	$ 107.12	[1],[2]	$ 107.12	[1],[2]
Currency Series [Member]
Capital (Net Asset Value), Beginning Balance			4,319,357
Sale of Units			37,133
Redemption of Units			(867,559)
Net increase/(decrease) in Owners' Capital resulting from operations	(29,003)		(337,706)
Capital (Net Asset Value), Ending Balance	3,151,225		3,151,225
Currency Series [Member] | Limited Owners Class 1 [Member]
Capital (Net Asset Value), Beginning Balance			4,228,350
Sale of Units			37,133
Redemption of Units			(842,240)
Net increase/(decrease) in Owners' Capital resulting from operations			(332,587)
Capital (Net Asset Value), Ending Balance	3,090,656		3,090,656
Capital - Units, Beginning Balance			59,997
Capital - Units, Sale of Units			546
Capital - Units, Redemption of Units			(12,358)
Capital - Units, Ending Balance	48,185		48,185
Net asset value			$ 70.48
Change in net asset value per unit for operations, Ending Balance			$ (6.34)
Net asset value or at cessation of operations, Ending Balance	$ 64.14		$ 64.14
Currency Series [Member] | Managing Owner Class 2 [Member]
Capital (Net Asset Value), Beginning Balance			2,563
Net increase/(decrease) in Owners' Capital resulting from operations			(177)
Capital (Net Asset Value), Ending Balance	2,386		2,386
Capital - Units, Beginning Balance			29
Capital - Units, Ending Balance	29		29
Currency Series [Member] | Limited Owners Class 2 [Member]
Capital (Net Asset Value), Beginning Balance			88,444
Redemption of Units			(25,319)
Net increase/(decrease) in Owners' Capital resulting from operations			(4,942)
Capital (Net Asset Value), Ending Balance	58,183		58,183
Capital - Units, Beginning Balance			1,010
Capital - Units, Redemption of Units			(297)
Capital - Units, Ending Balance	713		713
Net asset value			$ 87.61	[1]
Change in net asset value per unit for operations, Ending Balance			$ (6.02)	[1]
Net asset value or at cessation of operations, Ending Balance	$ 81.59	[1]	$ 81.59	[1]
Winton Series [Member]
Capital (Net Asset Value), Beginning Balance			50,048,124
Sale of Units			158,451
Redemption of Units			(3,781,990)
Net increase/(decrease) in Owners' Capital resulting from operations	109,410		(2,983,827)
Capital (Net Asset Value), Ending Balance	43,440,758		43,440,758
Winton Series [Member] | Limited Owners Class 1 [Member]
Capital (Net Asset Value), Beginning Balance			38,345,799
Sale of Units			158,451
Redemption of Units			(3,104,434)
Net increase/(decrease) in Owners' Capital resulting from operations			(2,462,782)
Capital (Net Asset Value), Ending Balance	32,937,034		32,937,034
Capital - Units, Beginning Balance			271,704
Capital - Units, Sale of Units			1,158
Capital - Units, Redemption of Units			(22,824)
Capital - Units, Ending Balance	250,038		250,038
Net asset value			$ 141.13
Change in net asset value per unit for operations, Ending Balance			$ (9.40)
Net asset value or at cessation of operations, Ending Balance	$ 131.73		$ 131.73
Winton Series [Member] | Managing Owner Class 2 [Member]
Capital (Net Asset Value), Beginning Balance			34,276
Net increase/(decrease) in Owners' Capital resulting from operations			(1,558)
Capital (Net Asset Value), Ending Balance	32,718		32,718
Capital - Units, Beginning Balance			207
Capital - Units, Ending Balance	207		207
Winton Series [Member] | Limited Owners Class 2 [Member]
Capital (Net Asset Value), Beginning Balance			11,668,049
Redemption of Units			(677,556)
Net increase/(decrease) in Owners' Capital resulting from operations			(519,487)
Capital (Net Asset Value), Ending Balance	10,471,006		10,471,006
Capital - Units, Beginning Balance			70,368
Capital - Units, Redemption of Units			(4,213)
Capital - Units, Ending Balance	66,155		66,155
Net asset value			$ 165.82	[1]
Change in net asset value per unit for operations, Ending Balance			$ (7.54)	[1]
Net asset value or at cessation of operations, Ending Balance	$ 158.28	[1]	$ 158.28	[1]
Winton/Graham Series [Member]
Capital (Net Asset Value), Beginning Balance			30,773,687
Sale of Units			47,245
Redemption of Units			(5,629,301)
Net increase/(decrease) in Owners' Capital resulting from operations	784,100		(1,354,258)
Capital (Net Asset Value), Ending Balance	23,837,373		23,837,373
Winton/Graham Series [Member] | Limited Owners Class 1 [Member]
Capital (Net Asset Value), Beginning Balance			24,783,519
Sale of Units			47,245
Redemption of Units			(4,355,759)
Net increase/(decrease) in Owners' Capital resulting from operations			(1,199,981)
Capital (Net Asset Value), Ending Balance	19,275,024		19,275,024
Capital - Units, Beginning Balance			236,649
Capital - Units, Sale of Units			458
Capital - Units, Redemption of Units			(42,024)
Capital - Units, Ending Balance	195,083		195,083
Net asset value			$ 104.73
Change in net asset value per unit for operations, Ending Balance			$ (5.93)
Net asset value or at cessation of operations, Ending Balance	$ 98.80		$ 98.80
Winton/Graham Series [Member] | Managing Owner Class 2 [Member]
Capital (Net Asset Value), Beginning Balance			55,553
Net increase/(decrease) in Owners' Capital resulting from operations			(1,959)
Capital (Net Asset Value), Ending Balance	53,594		53,594
Capital - Units, Beginning Balance			428
Capital - Units, Ending Balance	428		428
Winton/Graham Series [Member] | Limited Owners Class 2 [Member]
Capital (Net Asset Value), Beginning Balance			5,934,615
Redemption of Units			(1,273,542)
Net increase/(decrease) in Owners' Capital resulting from operations			(152,318)
Capital (Net Asset Value), Ending Balance	4,508,755		4,508,755
Capital - Units, Beginning Balance			45,755
Capital - Units, Redemption of Units			(9,723)
Capital - Units, Ending Balance	36,032		36,032
Net asset value			$ 129.70	[1]
Change in net asset value per unit for operations, Ending Balance			$ (4.57)	[1]
Net asset value or at cessation of operations, Ending Balance	$ 125.13	[1]	$ 125.13	[1]
Frontier Long/Short Commodity Series [Member]
Capital (Net Asset Value), Beginning Balance			81,184,305
Sale of Units			11,020,642
Redemption of Units			(16,082,764)
Change in control of ownership - Trading Companies			7,337,360
Contributions			45,161,968
Distributions			(43,611,245)
Operations attributable to non-controlling interests	(5,316,448)		(10,770,288)
Net increase/(decrease) in Owners' Capital resulting from operations	4,804,594		1,343,755
Capital (Net Asset Value), Ending Balance	75,583,733		75,583,733
Frontier Long/Short Commodity Series [Member] | Limited Owners Class 1 [Member]
Capital (Net Asset Value), Beginning Balance			4,159,047	[4]
Sale of Units			9,530	[4]
Redemption of Units			(4,103,565)	[4]
Net increase/(decrease) in Owners' Capital resulting from operations			(65,012)	[4]
Capital - Units, Beginning Balance			30,551	[4]
Capital - Units, Sale of Units			71	[4]
Capital - Units, Redemption of Units			(30,622)	[4]
Net asset value			$ 136.13	[4]
Change in net asset value per unit for operations, Ending Balance			$ (0.72)	[4]
Net asset value or at cessation of operations, Ending Balance	$ 135.41	[4]	$ 135.41	[4]
Frontier Long/Short Commodity Series [Member] | Managing Owner Class 2 [Member]
Capital (Net Asset Value), Beginning Balance			499,336
Net increase/(decrease) in Owners' Capital resulting from operations			10,204
Capital (Net Asset Value), Ending Balance	509,540		509,540
Capital - Units, Beginning Balance			3,083
Capital - Units, Ending Balance	3,083		3,083
Frontier Long/Short Commodity Series [Member] | Limited Owners Class 2 [Member]
Capital (Net Asset Value), Beginning Balance			8,689,426
Redemption of Units			(403,979)
Net increase/(decrease) in Owners' Capital resulting from operations			167,948
Capital (Net Asset Value), Ending Balance	8,453,395		8,453,395
Capital - Units, Beginning Balance			53,648
Capital - Units, Redemption of Units			(2,503)
Capital - Units, Ending Balance	51,145		51,145
Net asset value			$ 161.97	[1]
Change in net asset value per unit for operations, Ending Balance			$ 3.31	[1]
Net asset value or at cessation of operations, Ending Balance	$ 165.28	[1]	$ 165.28	[1]
Frontier Long/Short Commodity Series [Member] | Non-Controlling Interests [Member]
Capital (Net Asset Value), Beginning Balance			10,223,579
Change in control of ownership - Trading Companies			7,337,360
Contributions			45,161,968
Distributions			(43,611,245)
Operations attributable to non-controlling interests			(10,770,288)
Capital (Net Asset Value), Ending Balance	8,341,374		8,341,374
Frontier Long/Short Commodity Series [Member] | Limited Owners Class 3 [Member]
Capital (Net Asset Value), Beginning Balance			27,810,058
Sale of Units			3,925,506
Redemption of Units			(7,604,158)
Net increase/(decrease) in Owners' Capital resulting from operations			544,809
Capital (Net Asset Value), Ending Balance	24,676,215		24,676,215
Capital - Units, Beginning Balance			171,708
Capital - Units, Sale of Units			24,440
Capital - Units, Redemption of Units			(46,889)
Capital - Units, Ending Balance	149,259		149,259
Net asset value			$ 161.96
Change in net asset value per unit for operations, Ending Balance			$ 3.37
Net asset value or at cessation of operations, Ending Balance	$ 165.33		$ 165.33
Frontier Long/Short Commodity Series [Member] | Managing Owner Class 1a [Member]
Capital (Net Asset Value), Beginning Balance			14,271
Net increase/(decrease) in Owners' Capital resulting from operations			200
Capital (Net Asset Value), Ending Balance	14,471		14,471
Capital - Units, Beginning Balance			117
Capital - Units, Ending Balance	117		117
Frontier Long/Short Commodity Series [Member] | Limited Owners Class 1a [Member]
Capital (Net Asset Value), Beginning Balance			18,877,124
Sale of Units			3,763,103
Redemption of Units			(1,759,072)
Net increase/(decrease) in Owners' Capital resulting from operations			312,500
Capital (Net Asset Value), Ending Balance	21,193,655		21,193,655
Capital - Units, Beginning Balance			155,099
Capital - Units, Sale of Units			31,106
Capital - Units, Redemption of Units			(14,480)
Capital - Units, Ending Balance	171,725		171,725
Net asset value			$ 121.71	[1]
Change in net asset value per unit for operations, Ending Balance			$ 1.71	[1]
Net asset value or at cessation of operations, Ending Balance	$ 123.42	[1]	$ 123.42	[1]
Frontier Long/Short Commodity Series [Member] | Managing Owner Class 2a [Member]
Capital (Net Asset Value), Beginning Balance			282,740
Net increase/(decrease) in Owners' Capital resulting from operations			7,561
Capital (Net Asset Value), Ending Balance	290,301		290,301
Capital - Units, Beginning Balance			2,222
Capital - Units, Ending Balance	2,222		2,222
Frontier Long/Short Commodity Series [Member] | Limited Owners Class 2a [Member]
Capital (Net Asset Value), Beginning Balance			10,628,724
Sale of Units			3,322,503
Redemption of Units			(2,211,990)
Net increase/(decrease) in Owners' Capital resulting from operations			365,545
Capital (Net Asset Value), Ending Balance	12,104,782		12,104,782
Capital - Units, Beginning Balance			83,538
Capital - Units, Sale of Units			26,229
Capital - Units, Redemption of Units			(17,106)
Capital - Units, Ending Balance	92,661		92,661
Net asset value			$ 127.23	[1]
Change in net asset value per unit for operations, Ending Balance			$ 3.41	[1]
Net asset value or at cessation of operations, Ending Balance	$ 130.64	[1]	$ 130.64	[1]
Balanced Series [Member]
Capital (Net Asset Value), Beginning Balance			296,065,412
Sale of Units			2,644,851
Redemption of Units			(35,399,495)
Change in control of ownership - Trading Companies			(1,186,925)
Contributions			126,650,519
Distributions			(127,498,438)
Operations attributable to non-controlling interests	6,167,281		10,396,433
Net increase/(decrease) in Owners' Capital resulting from operations	893,203		(1,960,254)
Capital (Net Asset Value), Ending Balance	269,712,103		269,712,103
Balanced Series [Member] | Limited Owners Class 1 [Member]
Capital (Net Asset Value), Beginning Balance			183,785,318
Sale of Units			367,799
Redemption of Units			(22,241,622)
Net increase/(decrease) in Owners' Capital resulting from operations			(2,425,159)
Capital (Net Asset Value), Ending Balance	159,486,336		159,486,336
Capital - Units, Beginning Balance			1,476,131
Capital - Units, Sale of Units			2,966
Capital - Units, Redemption of Units			(180,258)
Capital - Units, Ending Balance	1,298,839		1,298,839
Net asset value			$ 124.50
Change in net asset value per unit for operations, Ending Balance			$ (1.71)
Net asset value or at cessation of operations, Ending Balance	$ 122.79		$ 122.79
Balanced Series [Member] | Managing Owner Class 2 [Member]
Capital (Net Asset Value), Beginning Balance			3,351,608
Net increase/(decrease) in Owners' Capital resulting from operations			27,528
Capital (Net Asset Value), Ending Balance	3,379,136		3,379,136
Capital - Units, Beginning Balance			21,620
Capital - Units, Ending Balance	21,620		21,620
Balanced Series [Member] | Limited Owners Class 2 [Member]
Capital (Net Asset Value), Beginning Balance			60,020,959
Sale of Units			11,968
Redemption of Units			(7,771,998)
Net increase/(decrease) in Owners' Capital resulting from operations			405,995
Capital (Net Asset Value), Ending Balance	52,666,924		52,666,924
Capital - Units, Beginning Balance			387,173
Capital - Units, Sale of Units			77
Capital - Units, Redemption of Units			(50,283)
Capital - Units, Ending Balance	336,967		336,967
Net asset value			$ 155.02	[1]
Change in net asset value per unit for operations, Ending Balance			$ 1.28	[1]
Net asset value or at cessation of operations, Ending Balance	$ 156.30	[1]	$ 156.30	[1]
Balanced Series [Member] | Non-Controlling Interests [Member]
Capital (Net Asset Value), Beginning Balance			40,633,336
Change in control of ownership - Trading Companies			(1,186,925)
Contributions			126,650,519
Distributions			(127,498,438)
Operations attributable to non-controlling interests			10,396,433
Capital (Net Asset Value), Ending Balance	48,994,925		48,994,925
Balanced Series [Member] | Limited Owners Class 1a [Member]
Capital (Net Asset Value), Beginning Balance			2,536,559	[5]
Sale of Units			482	[5]
Redemption of Units			(2,524,092)	[5]
Net increase/(decrease) in Owners' Capital resulting from operations			(12,949)	[5]
Capital - Units, Beginning Balance			23,388	[5]
Capital - Units, Sale of Units			4	[5]
Capital - Units, Redemption of Units			(23,392)	[5]
Net asset value			$ 108.45	[5]
Change in net asset value per unit for operations, Ending Balance			$ 4.13	[5]
Net asset value or at cessation of operations, Ending Balance	$ 112.58	[5]	$ 112.58	[5]
Balanced Series [Member] | Managing Owner Class 2a [Member]
Capital (Net Asset Value), Beginning Balance			158,814
Net increase/(decrease) in Owners' Capital resulting from operations			2,224
Capital (Net Asset Value), Ending Balance	161,038		161,038
Capital - Units, Beginning Balance			1,237
Capital - Units, Ending Balance	1,237		1,237
Balanced Series [Member] | Limited Owners Class 2a [Member]
Capital (Net Asset Value), Beginning Balance			2,626,016
Redemption of Units			(1,675,156)
Net increase/(decrease) in Owners' Capital resulting from operations			6,788
Capital (Net Asset Value), Ending Balance	957,648		957,648
Capital - Units, Beginning Balance			20,460
Capital - Units, Redemption of Units			(13,101)
Capital - Units, Ending Balance	7,359		7,359
Net asset value			$ 128.35	[1]
Change in net asset value per unit for operations, Ending Balance			$ 1.80	[1]
Net asset value or at cessation of operations, Ending Balance	$ 130.15	[1]	$ 130.15	[1]
Balanced Series [Member] | Limited Owners Class 3a [Member]
Capital (Net Asset Value), Beginning Balance			2,952,802
Sale of Units			2,264,602
Redemption of Units			(1,186,627)
Net increase/(decrease) in Owners' Capital resulting from operations			35,319
Capital (Net Asset Value), Ending Balance	$ 4,066,096		$ 4,066,096
Capital - Units, Beginning Balance			23,005
Capital - Units, Sale of Units			17,591
Capital - Units, Redemption of Units			(9,251)
Capital - Units, Ending Balance	31,345		31,345
Net asset value			$ 128.36
Change in net asset value per unit for operations, Ending Balance			$ 1.36
Net asset value or at cessation of operations, Ending Balance	$ 129.72		$ 129.72

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

[2] Formerly the Berkeley/Graham/Tiverton Series.

[3] Formerly known as the Berkeley/Graham/Tiverton Series.

[4] Class 1 operations ceased July 18, 2012 and all remaining Class 1 Units were exchanged for Class 3 Units.

[5] Class 1a operations ceased July 17, 2012 and all remaining Class 1a Units were exchanged for Class 3a Units.

XML

Investments in Unconsolidated Trading Companies - Equity in Earnings from Unconsolidated Trading Companies (Detail) (USD $)	3 Months Ended				9 Months Ended
	Sep. 30, 2012		Sep. 30, 2011		Sep. 30, 2012		Sep. 30, 2011
Frontier Trading Company II LLC [Member]
Change in fair value of investments in unconsolidated trading companies	$ 2,063,059		$ 15,634,245		$ (4,836,371)		$ 18,178,293
Frontier Trading Company V LLC [Member]
Change in fair value of investments in unconsolidated trading companies	1,258,445		(2,449,049)		314,062		(4,322,251)
Frontier Diversified Series [Member]
Change in fair value of investments in unconsolidated trading companies	3,123,724		4,902,725		5,278,098		9,265,359
Frontier Diversified Series [Member] | Frontier Trading Company I LLC [Member]
Trading Commissions	(147,606)		(260,794)		(548,081)		(897,614)
Realized Gain/(Loss)	(191,391)		(5,009,199)		2,682,665		(7,744,476)
Change in Unrealized Gain/(Loss)	(393,000)		(866,940)		43,648		(2,676,647)
Change in fair value of investments in unconsolidated trading companies	(731,997)		(6,136,933)		2,178,232		(11,318,737)
Frontier Diversified Series [Member] | Frontier Trading Company II LLC [Member]
Trading Commissions	(6,875)		(5,441)		(24,988)		(14,487)
Realized Gain/(Loss)	7,849		2,176,643		(349,717)		3,368,474
Change in Unrealized Gain/(Loss)	420,549		288,217		(446,860)		(661,284)
Change in fair value of investments in unconsolidated trading companies	421,523		2,459,419		(821,565)		2,692,703
Frontier Diversified Series [Member] | Frontier Trading Company V LLC [Member]
Trading Commissions	(11,924)		(9,413)		(60,488)		(23,822)
Realized Gain/(Loss)	583,700		(204,203)		520,005		(209,318)
Change in Unrealized Gain/(Loss)	(459,899)		50,001		(511,640)		(49,320)
Change in fair value of investments in unconsolidated trading companies	111,877		(163,615)		(52,124)		(282,460)
Frontier Diversified Series [Member] | Frontier Trading Company VI LLC [Member]
Trading Commissions							(1,073)
Realized Gain/(Loss)							192,170
Change in Unrealized Gain/(Loss)							(95,556)
Change in fair value of investments in unconsolidated trading companies							95,541
Frontier Diversified Series [Member] | Frontier Trading Company VII, LLC [Member]
Trading Commissions	(107,417)		(102,309)		(292,225)		(327,082)
Realized Gain/(Loss)	(12,417,915)		(98,484)		(11,523,540)		(21,067)
Change in Unrealized Gain/(Loss)	10,661,492		1,273,306		8,122,052		12,668,099
Change in fair value of investments in unconsolidated trading companies	(1,863,840)		1,072,513		(3,693,712)		12,319,950
Frontier Diversified Series [Member] | Frontier Trading Company IX, LLC [Member]
Trading Commissions	(19)		(6,033)		(12,383)		(14,896)
Realized Gain/(Loss)	532		1,241,223		(279,001)		876,952
Change in Unrealized Gain/(Loss)			405,403		(62,409)		47,909
Change in fair value of investments in unconsolidated trading companies	513		1,640,593		(353,793)		909,965
Frontier Diversified Series [Member] | Frontier Trading Company XIV, LLC [Member]
Trading Commissions	(161,652)				(422,308)
Realized Gain/(Loss)	6,242,591				9,598,657
Change in Unrealized Gain/(Loss)	(542,495)				134,134
Change in fair value of investments in unconsolidated trading companies	5,538,444				9,310,484
Frontier Diversified Series [Member] | Frontier Trading Company XV, LLC [Member]
Trading Commissions	(34,788)		(52,585)		(109,628)		(90,654)
Realized Gain/(Loss)	92,877		3,042,833		(1,024,135)		3,796,286
Change in Unrealized Gain/(Loss)	(43,252)		190,468		(99,522)		(160,106)
Change in fair value of investments in unconsolidated trading companies	14,837		3,180,716		(1,233,285)		3,545,526
Frontier Diversified Series [Member] | Frontier Trading Company XVIII, LLC [Member]
Trading Commissions	(1,662)		(31,636)		(24,995)		(96,902)
Realized Gain/(Loss)	57,605		(2,277,417)		306,715		(514,956)
Change in Unrealized Gain/(Loss)	14,262		5,169,906		(105,758)		1,944,940
Change in fair value of investments in unconsolidated trading companies	70,205		2,860,853		175,962		1,333,082
Frontier Diversified Series [Member] | Frontier Trading Company XXI, LLC [Member]
Trading Commissions	(309)		(189)		(834)		(529)
Realized Gain/(Loss)	4,122		(14,976)		26,658		(32,296)
Change in Unrealized Gain/(Loss)	(1,108)		4,344		(3,205)		2,614
Change in fair value of investments in unconsolidated trading companies	2,705		(10,821)		22,619		(30,211)
Frontier Diversified Series [Member] | Frontier Trading Company XXIII, LLC [Member]
Trading Commissions	(12,364)				(22,330)
Realized Gain/(Loss)	(550,605)				(367,519)
Change in Unrealized Gain/(Loss)	122,426				135,130
Change in fair value of investments in unconsolidated trading companies	(440,543)				(254,719)
Frontier Diversified Series [Member] | Frontier Trading Company Aggregate [Member]
Trading Commissions	(484,616)		(468,400)		(1,518,260)		(1,467,059)
Realized Gain/(Loss)	(6,170,635)		(1,143,580)		(409,212)		(288,231)
Change in Unrealized Gain/(Loss)	9,778,975		6,514,705		7,205,570		11,020,649
Change in fair value of investments in unconsolidated trading companies	3,123,724		4,902,725		5,278,098		9,265,359
Frontier Masters Series [Member]
Change in fair value of investments in unconsolidated trading companies	2,394,445		4,319,388		2,888,613		5,704,419
Frontier Masters Series [Member] | Frontier Trading Company II LLC [Member]
Trading Commissions	(3,386)		(2,570)		(11,779)		(9,236)
Realized Gain/(Loss)	7,390		1,003,704		(157,423)		1,956,691
Change in Unrealized Gain/(Loss)	174,274		194,611		(229,350)		(449,243)
Change in fair value of investments in unconsolidated trading companies	178,278		1,195,745		(398,552)		1,498,212
Frontier Masters Series [Member] | Frontier Trading Company XIV, LLC [Member]
Trading Commissions	(65,090)		(36,324)		(195,378)		(117,075)
Realized Gain/(Loss)	2,513,002		1,954,026		4,036,881		3,793,892
Change in Unrealized Gain/(Loss)	(222,782)		270,966		(139,982)		32,591
Change in fair value of investments in unconsolidated trading companies	2,225,130		2,188,668		3,701,521		3,709,408
Frontier Masters Series [Member] | Frontier Trading Company XV, LLC [Member]
Trading Commissions	(14,120)		(10,235)		(38,432)		(34,342)
Realized Gain/(Loss)	44,241		(717,523)		(318,002)		3,540
Change in Unrealized Gain/(Loss)	(39,084)		1,662,733		(57,922)		527,601
Change in fair value of investments in unconsolidated trading companies	(8,963)		934,975		(414,356)		496,799
Frontier Masters Series [Member] | Frontier Trading Company Aggregate [Member]
Trading Commissions	(82,596)		(49,129)		(245,589)		(160,653)
Realized Gain/(Loss)	2,564,633		2,240,207		3,561,456		5,754,123
Change in Unrealized Gain/(Loss)	(87,592)		2,128,310		(427,254)		110,949
Change in fair value of investments in unconsolidated trading companies	2,394,445		4,319,388		2,888,613		5,704,419
Frontier Long/Short Commodity Series [Member]
Change in fair value of investments in unconsolidated trading companies	(647,557)		389,142		(1,826,300)		10,677,573
Frontier Long/Short Commodity Series [Member] | Frontier Trading Company I LLC [Member]
Trading Commissions	(18,573)		(18,529)		(48,910)		(38,668)
Realized Gain/(Loss)	(370,180)		446,041		(1,444,726)		924,491
Change in Unrealized Gain/(Loss)	2,936		678,770		(350,054)		(234,820)
Change in fair value of investments in unconsolidated trading companies	(385,817)		1,106,282		(1,843,690)		651,003
Frontier Long/Short Commodity Series [Member] | Frontier Trading Company VII, LLC [Member]
Trading Commissions			(94,202)				(351,809)
Realized Gain/(Loss)			11,480,590				73,665,834
Change in Unrealized Gain/(Loss)			(12,103,528)				(63,287,455)
Change in fair value of investments in unconsolidated trading companies			(717,140)				10,026,570
Frontier Long/Short Commodity Series [Member] | Frontier Trading Company XVIII, LLC [Member]
Trading Commissions					(11,271)
Realized Gain/(Loss)					116,615
Change in Unrealized Gain/(Loss)					(48,976)
Change in fair value of investments in unconsolidated trading companies					56,368
Frontier Long/Short Commodity Series [Member] | Frontier Trading Company XXIII, LLC [Member]
Trading Commissions	(6,502)				(18,453)
Realized Gain/(Loss)	(323,461)				(103,400)
Change in Unrealized Gain/(Loss)	68,223				82,874
Change in fair value of investments in unconsolidated trading companies	(261,740)				(38,979)
Frontier Long/Short Commodity Series [Member] | Frontier Trading Company Aggregate [Member]
Trading Commissions	(25,075)		(112,731)		(78,634)		(390,477)
Realized Gain/(Loss)	(693,641)		11,926,631		(1,431,511)		74,590,325
Change in Unrealized Gain/(Loss)	71,159		(11,424,758)		(316,155)		(63,522,275)
Change in fair value of investments in unconsolidated trading companies	(647,557)		389,142		(1,826,300)		10,677,573
Balanced Series [Member]
Change in fair value of investments in unconsolidated trading companies	(2,928,309)		7,391,498		(8,615,816)		43,485,703
Balanced Series [Member] | Frontier Trading Company II LLC [Member]
Trading Commissions	(14,301)		(11,627)		(49,697)		(32,907)
Realized Gain/(Loss)	70,125		4,606,141		(652,377)		7,421,284
Change in Unrealized Gain/(Loss)	373,430		718,073		(1,302,487)		(1,495,919)
Change in fair value of investments in unconsolidated trading companies	429,254		5,312,587		(2,004,561)		5,892,458
Balanced Series [Member] | Frontier Trading Company V LLC [Member]
Trading Commissions	(17,266)				(103,975)
Realized Gain/(Loss)	845,162				769,579
Change in Unrealized Gain/(Loss)	(665,782)				(636,783)
Change in fair value of investments in unconsolidated trading companies	162,114				28,821
Balanced Series [Member] | Frontier Trading Company VII, LLC [Member]
Trading Commissions	(192,209)		(260,016)		(545,241)		(908,254)
Realized Gain/(Loss)	(24,332,527)		(1,089,579)		(22,610,306)		3,534,286
Change in Unrealized Gain/(Loss)	20,896,332		3,428,506		16,047,057		33,194,115
Change in fair value of investments in unconsolidated trading companies	(3,628,404)		2,078,911		(7,108,490)		35,820,147
Balanced Series [Member] | Frontier Trading Company XIV, LLC [Member]
Trading Commissions							(83,595)
Realized Gain/(Loss)							2,045,925
Change in Unrealized Gain/(Loss)							(189,232)
Change in fair value of investments in unconsolidated trading companies							1,773,098
Balanced Series [Member] | Frontier Trading Company XVIII, LLC [Member]
Trading Commissions	(5,348)				(10,452)
Realized Gain/(Loss)	185,413				267,327
Change in Unrealized Gain/(Loss)	46,345				(42,881)
Change in fair value of investments in unconsolidated trading companies	226,410				213,994
Balanced Series [Member] | Frontier Trading Company XXIII, LLC [Member]
Trading Commissions	(872)				(20,804)
Realized Gain/(Loss)	(136,395)				229,730
Change in Unrealized Gain/(Loss)	19,584				45,494
Change in fair value of investments in unconsolidated trading companies	(117,683)				254,420
Balanced Series [Member] | Frontier Trading Company Aggregate [Member]
Trading Commissions	(229,996)		(271,643)		(730,169)		(1,024,756)
Realized Gain/(Loss)	(23,368,222)		3,516,562		(21,996,047)		13,001,495
Change in Unrealized Gain/(Loss)	20,669,909		4,146,579		14,110,400		31,508,964
Change in fair value of investments in unconsolidated trading companies	(2,928,309)		7,391,498		(8,615,816)		43,485,703
Tiverton/Graham/Transtrend Series [Member]
Realized Gain/(Loss)					(2,172,987)		(135,775)
Change in Unrealized Gain/(Loss)					2,084,880		(2,266,908)
Change in fair value of investments in unconsolidated trading companies	323,029	[1]	253,191	[1]	(122,653)	[1]	(1,181,913)	[1]
Tiverton/Graham/Transtrend Series [Member] | Frontier Trading Company V LLC [Member]
Trading Commissions	(22,533)		(62,442)		(113,007)		(180,284)
Realized Gain/(Loss)	1,102,656		(1,352,633)		2,510,500		(1,297,538)
Change in Unrealized Gain/(Loss)	(865,374)		332,016		(2,450,908)		(397,302)
Change in fair value of investments in unconsolidated trading companies	214,749		(1,083,059)		(53,415)		(1,875,124)
Tiverton/Graham/Transtrend Series [Member] | Frontier Trading Company VI LLC [Member]
Trading Commissions							(1,451)
Realized Gain/(Loss)							259,429
Change in Unrealized Gain/(Loss)							(127,648)
Change in fair value of investments in unconsolidated trading companies							130,330
Tiverton/Graham/Transtrend Series [Member] | Frontier Trading Company XV, LLC [Member]
Trading Commissions	(20,157)		(14,644)		(53,677)		(53,403)
Realized Gain/(Loss)	62,519		(1,026,550)		(399,398)		87,930
Change in Unrealized Gain/(Loss)	(55,047)		2,377,444		(135,117)		528,354
Change in fair value of investments in unconsolidated trading companies	(12,684)		1,336,250		(588,191)		562,881
Tiverton/Graham/Transtrend Series [Member] | Frontier Trading Company XXI, LLC [Member]
Trading Commissions	(13,232)				(28,537)
Realized Gain/(Loss)	174,405				1,173,471
Change in Unrealized Gain/(Loss)	(40,209)				(625,981)
Change in fair value of investments in unconsolidated trading companies	120,964				518,953
Tiverton/Graham/Transtrend Series [Member] | Frontier Trading Company Aggregate [Member]
Trading Commissions	(55,922)		(77,086)		(195,221)		(235,138)
Realized Gain/(Loss)	1,339,580		(2,379,183)		3,284,573		(950,179)
Change in Unrealized Gain/(Loss)	(960,630)		2,709,460		(3,212,006)		3,404
Change in fair value of investments in unconsolidated trading companies	323,029		253,191		(122,653)		(1,181,913)
Currency Series [Member]
Change in fair value of investments in unconsolidated trading companies	2,940		(94,181)		(229,606)		(94,181)
Currency Series [Member] | Frontier Trading Company XVIII, LLC [Member]
Change in Unrealized Gain/(Loss)	2,940		(94,181)		(229,606)		(94,181)
Change in fair value of investments in unconsolidated trading companies	2,940		(94,181)		(229,606)		(94,181)
Winton Series [Member]
Change in fair value of investments in unconsolidated trading companies	602,511		4,843,717		(1,345,966)		5,608,238
Winton Series [Member] | Frontier Trading Company II LLC [Member]
Trading Commissions	(11,442)		(10,085)		(39,805)		(32,669)
Realized Gain/(Loss)	24,971		4,069,347		(531,851)		7,149,687
Change in Unrealized Gain/(Loss)	588,982		784,455		(774,310)		(1,508,780)
Change in fair value of investments in unconsolidated trading companies	602,511		4,843,717		(1,345,966)		5,608,238
Winton/Graham Series [Member]
Change in fair value of investments in unconsolidated trading companies	1,185,902		614,410		91,196		838,387
Winton/Graham Series [Member] | Frontier Trading Company II LLC [Member]
Trading Commissions	(3,363)		(3,773)		(13,788)		(15,117)
Realized Gain/(Loss)	326		1,525,312		(203,332)		3,224,822
Change in Unrealized Gain/(Loss)	426,552		296,182		(72,990)		(728,888)
Change in fair value of investments in unconsolidated trading companies	423,516		1,817,721		(290,109)		2,480,817
Winton/Graham Series [Member] | Frontier Trading Company V LLC [Member]
Trading Commissions	(21,237)		(70,441)		(141,659)		(77,367)
Realized Gain/(Loss)	834,906		(1,488,064)		703,045		(1,796,950)
Change in Unrealized Gain/(Loss)	(51,282)		355,194		(180,080)		231,887
Change in fair value of investments in unconsolidated trading companies	762,386		(1,203,311)		381,305		(1,642,430)
Winton/Graham Series [Member] | Frontier Trading Company Aggregate [Member]
Trading Commissions	(24,600)		(74,214)		(155,447)		(92,484)
Realized Gain/(Loss)	835,232		37,248		499,713		1,427,872
Change in Unrealized Gain/(Loss)	375,270		651,376		(253,071)		(497,001)
Change in fair value of investments in unconsolidated trading companies	$ 1,185,902		$ 614,410		$ 91,196		$ 838,387

[1] Formerly known as the Berkeley/Graham/Tiverton Series.

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Investments in Unconsolidated Trading Companies (Tables)

9 Months Ended

Sep. 30, 2012

Investments in Unconsolidated Trading Companies

The following table summarizes the Balanced Series, Winton Series, Currency Series, Tiverton/Graham/Transtrend Series, Winton/Graham Series, Frontier Long/Short Commodity Series, Frontier Diversified Series, and Frontier Masters Series investments in unconsolidated Trading Companies as of September 30, 2012 and December 31, 2011.

	As of September 30, 2012					As of December 31, 2011
	Percentage of Series Net Assets Invested in Unconsolidated Trading  Companies			Fair Value		Percentage of Series Net Assets Invested in Unconsolidated Trading  Companies			Fair Value
Series
Frontier Diversified Series —
Frontier Trading Companies I, II, V, VII, IX, XIV, XV, XVIII, XXI and XXIII		35.22	%	$	42,501,058		28.54	%	$	38,240,171
Frontier Masters Series —
Frontier Trading Companies II, XIV and XV		14.27	%	$	8,579,221		8.92	%	$	4,717,914
Frontier Long/Short Commodity Series —
Frontier Trading Company I, XVIII and XXIII		4.93	%	$	3,729,273		5.03	%	$	4,081,988
Balanced Series —
Frontier Trading Companies II, V, VII and XVIII		6.68	%	$	18,012,182		6.17	%	$	18,255,809
Tiverton/Graham/Transtrend Series) (1) —
Frontier Trading Companies V, XV and XXI		29.54	%	$	8,779,345		20.79	%	$	8,234,047
Currency Series —
Frontier Trading Company XVII		67.37	%	$	2,122,993		54.46	%	$	2,352,121
Winton Series —
Frontier Trading Company II		16.16	%	$	7,020,423		9.45	%	$	4,731,916
Winton/Graham Series —
Frontier Trading Companies II and V		25.71	%	$	6,129,459		27.53	%	$	8,473,424

(1) Formerly known as the Berkeley/Graham/Tiverton Series.

Equity in Earnings from Unconsolidated Trading Companies

The following tables summarize the Balanced Series, Winton Series, Currency Series, Tiverton/Graham/Transtrend Series, Winton/Graham Series, Frontier Long/Short Commodity Series, Frontier Diversified Series and Frontier Masters Series equity in earnings from unconsolidated Trading Companies for the nine and three months ended September 30, 2012 and 2011.

	Nine Months Ended September 30, 2012												Nine Months Ended September 30, 2011
	Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Change in Fair Value of Investments in Unconsolidated Trading Companies			Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Change in Fair Value of Investments in Unconsolidated Trading Companies
Trading Company
Frontier Diversified Series —
Frontier Trading Company I LLC	$	(548,081	)	$	2,682,665		$	43,648		$	2,178,232		$	(897,614	)	$	(7,744,476	)	$	(2,676,647	)	$	(11,318,737	)
Frontier Trading Company II LLC		(24,988	)		(349,717	)		(446,860	)		(821,565	)		(14,487	)		3,368,474			(661,284	)		2,692,703
Frontier Trading Company V LLC		(60,488	)		520,005			(511,640	)		(52,124	)		(23,822	)		(209,318	)		(49,320	)		(282,460	)
Frontier Trading Company VI LLC		—			—			—			—			(1,073	)		192,170			(95,556	)		95,541
Frontier Trading Company VII, LLC		(292,225	)		(11,523,540	)		8,122,052			(3,693,712	)		(327,082	)		(21,067	)		12,668,099			12,319,950
Frontier Trading Company IX, LLC		(12,383	)		(279,001	)		(62,409	)		(353,793	)		(14,896	)		876,952			47,909			909,965
Frontier Trading Company XIV, LLC		(422,308	)		9,598,657			134,134			9,310,484			—			—			—			—
Frontier Trading Company XV, LLC		(109,628	)		(1,024,135	)		(99,522	)		(1,233,285	)		(90,654	)		3,796,286			(160,106	)		3,545,526
Frontier Trading Company XVIII, LLC		(24,995	)		306,715			(105,758	)		175,962			(96,902	)		(514,956	)		1,944,940			1,333,082
Frontier Trading Company XXI, LLC		(834	)		26,658			(3,205	)		22,619			(529	)		(32,296	)		2,614			(30,211	)
Frontier Trading Company XXIII, LLC		(22,330	)		(367,519	)		135,130			(254,719	)		—			—			—			—
Total	$	(1,518,260	)	$	(409,212	)	$	7,205,570		$	5,278,098		$	(1,467,059	)	$	(288,231	)	$	11,020,649		$	9,265,359
Frontier Masters Series —
Frontier Trading Company II LLC	$	(11,779	)	$	(157,423	)	$	(229,350	)	$	(398,552	)	$	(9,236	)	$	1,956,691		$	(449,243	)	$	1,498,212
Frontier Trading Company XIV, LLC		(195,378	)		4,036,881			(139,982	)		3,701,521			(117,075	)		3,793,892			32,591		$	3,709,408
Frontier Trading Company XV, LLC		(38,432	)		(318,002	)		(57,922	)		(414,356	)		(34,342	)		3,540			527,601		$	496,799
Total	$	(245,589	)	$	3,561,456		$	(427,254	)	$	2,888,613		$	(160,653	)	$	5,754,123		$	110,949		$	5,704,419
Frontier Long/Short Commodity Series —
Frontier Trading Company I LLC	$	(48,910	)	$	(1,444,726	)	$	(350,054	)	$	(1,843,690	)	$	(38,668	)	$	924,491		$	(234,820	)	$	651,003
Frontier Trading Companies VII, LLC		—			—			—			—			(351,809	)		73,665,834			(63,287,455	)		10,026,570
Frontier Trading Companies XVIII, LLC		(11,271	)		116,615			(48,976	)		56,368			—			—			—			—
Frontier Trading Companies XXIII, LLC		(18,453	)		(103,400	)		82,874			(38,979	)		—			—			—			—
Total	$	(78,634	)	$	(1,431,511	)	$	(316,155	)	$	(1,826,301	)	$	(390,477	)	$	74,590,325		$	(63,522,275	)	$	10,677,573
Balanced Series —
Frontier Trading Company II LLC	$	(49,697	)	$	(652,377	)	$	(1,302,487	)	$	(2,004,561	)	$	(32,907	)	$	7,421,284		$	(1,495,919	)	$	5,892,458
Frontier Trading Company V LLC		(103,975	)		769,579			(636,783	)		28,821			—			—			—			—
Frontier Trading Company VII, LLC		(545,241	)		(22,610,306	)		16,047,057			(7,108,490	)		(908,254	)		3,534,286			33,194,115			35,820,147
Frontier Trading Company XIV, LLC		—			—			—			—			(83,595	)		2,045,925			(189,232	)		1,773,098
Frontier Trading Company XVIII, LLC		(10,452	)		267,327			(42,881	)		213,994			—			—			—			—
Frontier Trading Company XXIII, LLC		(20,804	)		229,730			45,494			254,420			—			—			—			—
Total	$	(730,169	)	$	(21,996,047	)	$	14,110,400		$	(8,615,816	)	$	(1,024,756	)	$	13,001,495		$	31,508,964		$	43,485,703
Tiverton/Graham/Transtrend Series (1) —
Frontier Trading Company V LLC	$	(113,007	)	$	2,510,500		$	(2,450,908	)	$	(53,415	)	$	(180,284	)	$	(1,297,538	)	$	(397,302	)	$	(1,875,124	)
Frontier Trading Company VI LLC		—			—			—			—			(1,451	)		259,429			(127,648	)		130,330
Frontier Trading Company XV, LLC		(53,677	)		(399,398	)		(135,117	)		(588,191	)		(53,403	)		87,930			528,354			562,881
Frontier Trading Company XXI, LLC		(28,537	)		1,173,471			(625,981	)		518,953			—			—			—			—
Total	$	(195,221	)	$	3,284,573		$	(3,212,006	)	$	(122,653	)	$	(235,138	)	$	(950,179	)	$	3,404		$	(1,181,913	)
Currency Series —
Frontier Trading Company XVII LLC	$	—		$	—		$	(229,606	)	$	(229,606	)	$	—		$	—		$	(94,181	)	$	(94,181	)
Winton Series —
Frontier Trading Company II LLC	$	(39,805	)	$	(531,851	)	$	(774,310	)	$	(1,345,966	)	$	(32,669	)	$	7,149,687		$	(1,508,780	)	$	5,608,238
Winton/Graham Series —
Frontier Trading Company II LLC	$	(13,788	)	$	(203,332	)	$	(72,990	)	$	(290,109	)	$	(15,117	)	$	3,224,822		$	(728,888	)	$	2,480,817
Frontier Trading Company V LLC		(141,659	)		703,045			(180,080	)		381,305			(77,367	)		(1,796,950	)		231,887			(1,642,430	)
	$	(155,447	)	$	499,713		$	(253,071	)	$	91,196		$	(92,484	)	$	1,427,872		$	(497,001	)	$	838,387

(1) Formerly known as the Berkeley/Graham/Tiverton Series.

	Three Months Ended September 30, 2012												Three Months Ended September 30, 2011
										Change in Fair Value												Change in Fair Value
							Change in			of Investments in									Change in			of Investments in
	Trading			Realized			Unrealized			Unconsolidated			Trading			Realized			Unrealized			Unconsolidated
	Commissions			Gain/(Loss)			Gain/(Loss)			Trading Companies			Commissions			Gain/(Loss)			Gain/(Loss)			Trading Companies
Trading Company
Frontier Diversified Series —
Frontier Trading Company I LLC	$	(147,606	)	$	(191,391	)	$	(393,000	)	$	(731,997	)	$	(260,794	)	$	(5,009,199	)	$	(866,940	)	$	(6,136,933	)
Frontier Trading Company II LLC		(6,875	)		7,849			420,549			421,523			(5,441	)		2,176,643			288,217			2,459,419
Frontier Trading Company V LLC		(11,924	)		583,700			(459,899	)		111,877			(9,413	)		(204,203	)		50,001			(163,615	)
Frontier Trading Company VII, LLC		(107,417	)		(12,417,915	)		10,661,492			(1,863,840	)		(102,309	)		(98,484	)		1,273,306			1,072,513
Frontier Trading Company IX, LLC		(19	)		532			—			513			(6,033	)		1,241,223			405,403			1,640,593
Frontier Trading Company XIV, LLC		(161,652	)		6,242,591			(542,495	)		5,538,444			—			—			—			—
Frontier Trading Company XV, LLC		(34,788	)		92,877			(43,252	)		14,837			(52,585	)		3,042,833			190,468			3,180,716
Frontier Trading Company XVIII, LLC		(1,662	)		57,605			14,262			70,205			(31,636	)		(2,277,417	)		5,169,906			2,860,853
Frontier Trading Company XXI, LLC		(309	)		4,122			(1,108	)		2,705			(189	)		(14,976	)		4,344			(10,821	)
Frontier Trading Company XXIII, LLC		(12,364	)		(550,605	)		122,426			(440,543	)		—			—			—			—
Total	$	(484,616	)	$	(6,170,635	)	$	9,778,975		$	3,123,724		$	(468,400	)	$	(1,143,580	)	$	6,514,705		$	4,902,725
Frontier Masters Series —
Frontier Trading Company II LLC	$	(3,386	)	$	7,390		$	174,274		$	178,278		$	(2,570	)	$	1,003,704		$	194,611		$	1,195,745
Frontier Trading Company XIV, LLC		(65,090	)		2,513,002			(222,782	)		2,225,130			(36,324	)		1,954,026			270,966		$	2,188,668
Frontier Trading Company XV, LLC		(14,120	)		44,241			(39,084	)		(8,963	)		(10,235	)		(717,523	)		1,662,733		$	934,975
Total	$	(82,596	)	$	2,564,633		$	(87,592	)	$	2,394,445		$	(49,129	)	$	2,240,207		$	2,128,310		$	4,319,388
Frontier Long/Short Commodity Series —
Frontier Trading Company I LLC	$	(18,573	)	$	(370,180	)	$	2,936		$	(385,817	)	$	(18,529	)	$	446,041		$	678,770		$	1,106,282
Frontier Trading Companies VII, LLC		—			—			—			—			(94,202	)		11,480,590			(12,103,528	)		(717,140	)
Frontier Trading Companies XXIII, LLC		(6,502	)		(323,461	)		68,223			(261,740	)		—			—			—			—
Total	$	(25,075	)	$	(693,641	)	$	71,159		$	(647,557	)	$	(112,731	)	$	11,926,631		$	(11,424,758	)	$	389,142
Balanced Series —
Frontier Trading Company II LLC	$	(14,301	)	$	70,125		$	373,430		$	429,254		$	(11,627	)	$	4,606,141		$	718,073		$	5,312,587
Frontier Trading Company V LLC		(17,266	)		845,162			(665,782	)		162,114			—			—			—			—
Frontier Trading Company VII, LLC		(192,209	)		(24,332,527	)		20,896,332			(3,628,404	)		(260,016	)		(1,089,579	)		3,428,506			2,078,911
Frontier Trading Company XVIII, LLC		(5,348	)		185,413			46,345			226,410			—			—			—			—
Frontier Trading Company XXIII, LLC		(872	)		(136,395	)		19,584			(117,683	)		—			—			—			—
Total	$	(229,996	)	$	(23,368,222	)	$	20,669,909		$	(2,928,309	)	$	(271,643	)	$	3,516,562		$	4,146,579		$	7,391,498
Tiverton/Graham/Transtrend Series (1) —
Frontier Trading Company V LLC	$	(22,533	)	$	1,102,656		$	(865,374	)	$	214,749		$	(62,442	)	$	(1,352,633	)	$	332,016		$	(1,083,059	)
Frontier Trading Company XV, LLC		(20,157	)		62,519			(55,047	)		(12,684	)		(14,644	)		(1,026,550	)		2,377,444			1,336,250
Frontier Trading Company XXI, LLC		(13,232	)		174,405			(40,209	)		120,964			—			—			—			—
Total	$	(55,922	)	$	1,339,580		$	(960,630	)	$	323,029		$	(77,086	)	$	(2,379,183	)	$	2,709,460		$	253,191
Currency Series —
Frontier Trading Company XVII LLC	$	—		$	—		$	2,940		$	2,940		$	—		$	—		$	(94,181	)	$	(94,181	)
Winton Series —
Frontier Trading Company II LLC	$	(11,442	)	$	24,971		$	588,982		$	602,511		$	(10,085	)	$	4,069,347		$	784,455		$	4,843,717
Winton/Graham Series —
Frontier Trading Company II LLC	$	(3,363	)	$	326		$	426,552		$	423,516		$	(3,773	)	$	1,525,312		$	296,182		$	1,817,721
Frontier Trading Company V LLC		(21,237	)		834,906			(51,282	)		762,386			(70,441	)		(1,488,064	)		355,194			(1,203,311	)
	$	(24,600	)	$	835,232		$	375,270		$	1,185,902		$	(74,214	)	$	37,248		$	651,376		$	614,410

(1) Formerly known as the Berkeley/Graham/Tiverton Series.

Statements of Financial Condition

The statements of financial condition as of September 30, 2012 and December 31, 2011 and the Condensed Statement of Income for the nine and three months ended September 30, 2012 and 2011 for the unconsolidated Trading Companies are as follows:

	Frontier Trading		Frontier Trading
Statements of Financial Condition - September 30, 2012	Company II LLC		Company V LLC
Receivable from commission merchants	$	22,989,870	$	18,084,736
Open trade equity/(deficit)		1,136,578		(2,409,998	)
Total assets	$	24,126,448	$	15,674,738
Members’ equity	$	24,126,448	$	15,674,738

	Frontier Trading		Frontier Trading
Statements of Financial Condition - September 30, 2011	Company II LLC		Company V LLC
Receivable from commission merchants	$	13,144,853	$	6,298,040
Open trade equity/(deficit)		1,412,778		395,924
Total assets	$	14,557,631	$	6,693,964
Members’ equity	$	14,557,631	$	6,693,964

Condensed Statement of Income

Condensed Statement of Income - For the Nine Months Ended September 30, 2012
Interest income	$	24,381		$	9,471
Net realized gain/(loss) on investments, less commissions		(2,034,756	)		4,084,001
Change in open trade equity/(deficit)		(2,825,996	)		(3,779,410	)
Net income/(loss)	$	(4,836,371	)	$	314,062
Condensed Statement of Income - For the Three Months Ended September 30, 2012
Interest income	$	7,977		$	7,318
Net realized gain/(loss) on investments, less commissions		71,295			3,293,463
Change in open trade equity/(deficit)		1,983,787			(2,042,336	)
Net income/(loss)	$	2,063,059		$	1,258,445

Condensed Statement of Income - For the Nine Months Ended September 30, 2011
Interest income	$	5,863		$	5,066
Net realized gain/(loss) on investments, less commissions		23,016,544			(3,296,188	)
Change in open trade equity/(deficit)		(4,844,114	)		(1,031,129	)
Net income	$	18,178,293		$	(4,322,251	)
Condensed Statement of Income - For the Three Months September 30, 2011
Interest income	$	5,054		$	937
Net realized gain/(loss) on investments, less commissions		13,347,654			(3,187,196	)
Change in open trade equity/(deficit)		2,281,537			737,210
Net income	$	15,634,245		$	(2,449,049	)

XML

Investments in Unconsolidated Trading Companies - Statements of Financial Condition (Detail) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Frontier Trading Company II LLC [Member]
Receivable from commission merchants	$ 22,989,870	$ 13,144,853
Open trade equity/(deficit)	1,136,578	1,412,778
Total Assets	24,126,448	14,557,631
Members' equity	24,126,448	14,557,631
Frontier Trading Company V LLC [Member]
Receivable from commission merchants	18,084,736	6,298,040
Open trade equity/(deficit)	(2,409,998)	395,924
Total Assets	15,674,738	6,693,964
Members' equity	$ 15,674,738	$ 6,693,964

XML

Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2012

Financial Highlights of Trust

The following information presents the financial highlights of the Trust, with respect to the Series, for the nine and three months ended September 30, 2012 and 2011.

	Frontier Diversified Series						Frontier Masters Series						Frontier Long/Short Commodity Series (6)
	Class 1			Class 2			Class 1			Class 2			Class 1			Class 2			Class 3			Class 1a			Class 2a
Per unit operating performance (1)
Net asset value, December 31, 2011	$	99.40		$	103.96		$	100.25		$	104.83		$	136.13		$	161.97		$	161.96		$	121.71		$	127.23
Net operating results:
Interest income		1.29			1.35			1.46			1.54			2.01			2.06			2.41			1.83			2.15
Expenses		(6.87	)		(5.51	)		(6.40	)		(5.00	)		(10.98	)		(8.71	)		(10.19	)		(9.98	)		(9.09	)
Net gain/(loss) on investments, net of non-controlling interests		4.00			3.85			9.61			9.79			8.24			9.96			11.15			9.86			10.36
Net income/(loss)		(1.58	)		(0.30	)		4.67			6.34			(0.72	)		3.31			3.37			1.71			3.41
Net asset value, September 30, 2012 or at cessation of operations	$	97.82		$	103.66		$	104.92		$	111.17		$	135.41		$	165.28		$	165.33		$	123.42		$	130.64
Ratios to average net assets (3)
Net investment income/(loss)		–6.71	%		–4.53	%		–6.23	%		–4.06	%		–10.80	%		–5.27	%		–5.91	%		–8.41	%		–6.51	%
Expenses before incentive fees		6.02	%		3.85	%		7.29	%		5.13	%		11.99	%		5.45	%		6.38	%		8.90	%		7.25	%
Expenses after incentive fees		8.43	%		6.27	%		8.17	%		6.01	%		13.50	%		6.96	%		7.89	%		10.41	%		8.76	%
Total return before incentive fees (2)		0.82	%		2.12	%		5.54	%		6.93	%		0.98	%		3.56	%		3.59	%		2.92	%		4.19	%
Total return after incentive fees (2)		–1.59	%		–0.29	%		4.66	%		6.05	%		–0.53	%		2.04	%		2.08	%		1.40	%		2.68	%
																Tiverton/Graham/Transtrend
	Balanced Series (5)															Series (4)						Currency Series
	Class 1			Class 1a			Class 2			Class 2a			Class 3a			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2011	$	124.50		$	108.45		$	155.02		$	128.35		$	128.36		$	91.02		$	111.84		$	70.48		$	87.61
Net operating results:
Interest income		0.11			0.09			0.14			0.11			0.11			0.40			0.50			0.00			0.00
Expenses		(7.93	)		(6.87	)		(6.50	)		(5.37	)		(5.40	)		(5.07	)		(3.84	)		(1.90	)		(0.48	)
Net gain/(loss) on investments, net of non-controlling interests		6.11			10.89			7.63			7.05			6.64			(1.05	)		(1.37	)		(4.44	)		(5.54	)
Net income/(loss)		(1.71	)		4.13			1.28			1.80			1.36			(5.72	)		(4.72	)		(6.34	)		(6.02	)
Net asset value, September 30, 2012 or at cessation of operations	$	122.79		$	112.58		$	156.30		$	130.15		$	129.72		$	85.30		$	107.12		$	64.14		$	81.59
Ratios to average net assets (3)
Net investment income/(loss)		–7.47	%		–9.21	%		–4.53	%		–4.52	%		–4.53	%		–6.78	%		–3.92	%		–3.59	%		–0.72	%
Expenses before incentive fees		4.82	%		6.59	%		1.88	%		1.87	%		1.88	%		7.18	%		4.33	%		3.59	%		0.72	%
Expenses after incentive fees		7.59	%		9.37	%		4.65	%		4.64	%		4.65	%		7.37	%		4.52	%		3.59	%		0.72	%
Total return before incentive fees (2)		1.40	%		6.58	%		3.60	%		4.18	%		3.99	%		–6.10	%		–4.03	%		–9.00	%		–6.87	%
Total return after incentive fees (2)		–1.37	%		3.81	%		0.83	%		1.40	%		1.22	%		–6.28	%		–4.22	%		–9.00	%		–6.87	%

	Winton Series						Winton/Graham Series
	Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2011		$141.13			$165.82			$104.73			$129.70
Net operating results:
Interest income		1.12			1.33			0.33			0.41
Expenses		(6.13	)		(3.63	)		(6.00	)		(4.61	)
Net gain/(loss) on investments, net of non-controlling interests		(4.40	)		(5.25	)		(0.26	)		(0.37	)
Net income/(loss)		(9.40	)		(7.54	)		(5.93	)		(4.57	)
Net asset value, September 30, 2012		$131.73			$158.28			$98.80			$125.13
Ratios to average net assets (3)
Net investment income/(loss)		–4.72	%		–1.84	%		–7.22	%		–4.32	%
Expenses before incentive fees		5.78	%		2.91	%		7.63	%		4.74	%
Expenses after incentive fees		5.78	%		2.91	%		7.63	%		4.74	%
Total return before incentive fees (2)		–6.66	%		–4.55	%		–5.66	%		–3.52	%
Total return after incentive fees (2)		–6.66	%		–4.55	%		–5.66	%		–3.52	%

(1) Interest income and expenses per unit are calculated by dividing these amounts by the average number of units outstanding during the period.

The net gain/(loss) on investments, net of non-controlling interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

(2) Computed using 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 with the exception of incentive fees.

(4) Formerly the Berkeley/Graham/Tiverton Series.

(5) Class 1a operations ceased July 17, 2012 and all remaining Units were exchanged for Class 3a Units.

(6) Class 1 operations ceased July 18, 2012 and all remaining Units were exchanged for Class 3 Units.

	Frontier Diversified Series						Frontier Masters Series						Frontier Long/Short Commodity Series
	Class 1			Class 2			Class 1			Class 2			Class 1			Class 2			Class 3			Class 1a			Class 2a
Per unit operating performance (1)
Net asset value, June 30, 2012	$	97.60		$	102.99		$	102.04		$	107.65		$	128.07		$	154.20		$	154.18		$	115.26		$	121.54
Net operating results:
Interest income		0.42			0.44			0.46			0.49			0.63			0.59			0.79			0.62			0.79
Expenses		(2.66	)		(2.23	)		(2.61	)		(2.16	)		(4.30	)		(3.03	)		(4.05	)		(4.27	)		(4.05	)
Net gain/(loss) on investments, net of non-controlling interests		2.46			2.46			5.03			5.19			11.01			13.52			14.41			11.81			12.36
Net income/(loss)		0.22			0.67			2.88			3.52			7.34			11.08			11.15			8.16			9.10
Net asset value, September 30, 2012 or at cessation of operations	$	97.82		$	103.66		$	104.92		$	111.17		$	135.41		$	165.28		$	165.33		$	123.42		$	130.64
Ratios to average net assets (3)
Net investment income/(loss)		–5.53	%		–3.30	%		–6.15	%		–3.96	%		–41.61	%		–4.46	%		–5.68	%		–9.63	%		–6.98	%
Expenses before incentive fees		6.07	%		3.84	%		7.25	%		5.07	%		50.73	%		5.14	%		6.95	%		11.06	%		8.82	%
Expenses after incentive fees		7.24	%		5.01	%		7.95	%		5.77	%		51.57	%		5.98	%		7.71	%		11.78	%		9.56	%
Total return before incentive fees (2)		1.39	%		1.82	%		3.52	%		15.90	%		6.57	%		8.03	%		8.07	%		7.92	%		8.33	%
Total return after incentive fees (2)		0.23	%		0.65	%		2.82	%		3.27	%		5.73	%		7.19	%		7.23	%		7.08	%		7.49	%
																Tiverton/Graham/Transtrend
	Balanced Series															Series (4)						Currency Series
	Class 1			Class 1a			Class 2			Class 2a			Class 3a			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2012	$	122.65		$	108.13		$	155.01		$	128.99		$	128.54		$	86.29		$	107.04		$	64.87		$	81.87
Net operating results:
Interest income		0.01			0.01			0.02			0.01			0.01			0.21			0.26			0.00			0.00
Expenses		(3.30	)		(2.90	)		(2.99	)		(2.49	)		(2.48	)		(1.74	)		(1.35	)		(0.62	)		(0.16	)
Net gain/(loss) on investments, net of non-controlling interests		3.43			7.34			4.26			3.64			3.85			0.54			1.17			0.16			(0.12	)
Net income/(loss)		0.14			4.45			1.29			1.16			1.38			(0.99	)		0.08			(0.46	)		(0.28	)
Net asset value, September 30, 2012 or at cessation of operations	$	122.79		$	112.58		$	156.30		$	130.15		$	129.92		$	85.30		$	107.12		$	64.41		$	81.59
Ratios to average net assets (3)
Net investment income/(loss)		–6.26	%		–27.55	%		–3.24	%		–3.26	%		–3.24	%		–7.00	%		–3.98	%		–3.81	%		–0.76	%
Expenses before incentive fees		4.88	%		26.34	%		1.86	%		1.86	%		6.24	%		7.92	%		4.91	%		3.81	%		0.76	%
Expenses after incentive fees		6.30	%		27.76	%		3.28	%		3.28	%		7.67	%		7.95	%		4.93	%		3.81	%		0.76	%
Total return before incentive fees (2)		1.54	%		5.54	%		2.25	%		2.32	%		2.50	%		–1.13	%		0.10	%		–1.13	%		–0.34	%
Total return after incentive fees (2)		0.11	%		4.12	%		0.83	%		0.90	%		1.07	%		–1.15	%		0.07	%		–1.13	%		–0.34	%

	Winton Series						Winton/Graham Series
	Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2012	$	131.72		$	157.12		$	96.05		$	120.78
Net operating results:
Interest income		0.38			0.46			0.13			0.16
Expenses		(2.03	)		(1.23	)		(1.87	)		(1.39	)
Net gain/(loss) on investments, net of non-controlling interests		1.66			1.93			4.49			5.58
Net income/(loss)		0.01			1.16			2.75			4.35
Net asset value, September 30, 2012	$	131.73		$	158.28		$	98.80		$	125.13
Ratios to average net assets (3)
Net investment income/(loss)		–4.98	%		–1.95	%		–7.19	%		–4.04	%
Expenses before incentive fees		6.13	%		3.10	%		7.72	%		4.57	%
Expenses after incentive fees		6.13	%		3.10	%		7.72	%		4.57	%
Total return before incentive fees (2)		0.01	%		0.74	%		2.86	%		3.60	%
Total return after incentive fees (2)		0.01	%		0.74	%		2.86	%		3.60	%

(1) Interest income and expenses per unit are calculated by dividing these amounts by the average number of units outstanding during the period.

The net gain/(loss) on investments, net of non-controlling interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

(2) Computed using 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) Formerly the Berkeley/Graham/Tiverton Series.

(5) Class 1a operations ceased July 17, 2012 and all remaining Units were exchanged for Class 3a Units.

(6) Class 1 operations ceased July 18, 2012 and all remaining Units were exchanged for Class 3 Units.

	Frontier Diversified Series						Frontier Long/Short Commodity Series															Frontier Masters Series
	Class 1			Class 2			Class 1			Class 2			Class 3			Class 1a			Class 2a			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2010	$	103.58		$	106.46		$	132.73		$	153.26		$	153.26		$	117.96		$	121.18		$	102.96		$	105.81
Net operating results:
Interest income		1.22			1.26			1.96			2.29			2.29			1.74			1.80			1.25			1.29
Expenses		(7.53	)		(6.02	)		(14.30	)		(13.27	)		(13.28	)		(12.69	)		(10.45	)		(6.62	)		(5.13	)
Net gain/(loss) on investments, net of non-controlling interests		3.20			2.92			16.21			19.03			19.03			14.66			14.10			5.17			5.03
Net income/(loss)		(3.11	)		(1.84	)		3.87			8.05			8.04			3.71			5.45			(0.20	)		1.19
Net asset value, September 30, 2011	$	100.47		$	104.62		$	136.60		$	161.31		$	161.30		$	121.67		$	126.63		$	102.76		$	107.00
Ratios to average net assets (3)
Net investment gain/(loss)		–8.12	%		–5.92	%		–11.39	%		–8.69	%		–8.69	%		–11.39	%		–8.69	%		–6.96	%		–4.81	%
Expenses before incentive fees		5.84	%		3.64	%		8.45	%		5.75	%		5.75	%		8.45	%		5.75	%		6.85	%		4.70	%
Expenses after incentive fees		9.69	%		7.50	%		13.20	%		10.50	%		10.50	%		13.20	%		10.50	%		8.57	%		6.42	%
Total return before incentive fees (2)		0.36	%		1.43	%		15.11	%		13.11	%		8.34	%		–0.56	%		0.90	%		1.45	%		2.31	%
Total return after incentive fees (2)		–2.52	%		–1.45	%		11.56	%		9.55	%		4.79	%		–4.11	%		–2.65	%		0.16	%		1.01	%

	Balanced Series															Tiverton/Graham/Transtrend Series (4)
	Class 1			Class 1a			Class 2			Class 2a			Class 3a			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2010		$131.95			$116.36			$159.46			$133.66			$133.66			$110.46			$131.73
Net operating results:
Interest income		0.15			0.13			0.18			0.15			0.15			0.13			0.16
Expenses		(8.93	)		(7.85	)		(7.25	)		(6.05	)		(6.06	)		(4.59	)		(2.65	)
Net gain/(loss) on investments, net of non-controlling interests		2.86			1.44			3.37			1.55			1.56			(7.27	)		(8.82	)
Net income/(loss)		(5.92	)		(6.28	)		(3.70	)		(4.35	)		(4.35	)		(11.73	)		(11.31	)
Net asset value, September 30, 2011		$126.03			$110.08			$155.76			$129.31			$129.31			$98.73			$120.42
Ratios to average net assets (3)
Net investment gain/(loss)		–8.84	%		–8.84	%		–5.84	%		–5.84	%		–5.84	%		–5.59	%		–2.59	%
Expenses before incentive fees		4.30	%		4.30	%		1.30	%		1.30	%		1.30	%		5.69	%		2.69	%
Expenses after incentive fees		8.99	%		8.99	%		5.99	%		5.99	%		5.99	%		5.76	%		2.76	%
Total return before incentive fees (2)		0.30	%		–0.24	%		1.73	%		0.51	%		0.71	%		–10.35	%		–7.86	%
Total return after incentive fees (2)		–3.21	%		–3.75	%		–1.78	%		–3.00	%		–2.80	%		–10.40	%		–7.91	%

	Currency Series (5)						Winton Series						Winton/Graham Series
	Class 1			Class 2			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2010	$	79.09		$	95.43		$	135.04		$	153.99		$	119.83		$	144.04
Net operating results:
Interest income		0.76			0.93			0.81			0.94			0.41			0.50
Expenses		(3.39	)		(2.08	)		(7.97	)		(5.65	)		(6.70	)		(4.91	)
Net gain/(loss) on investments, net of non-controlling interests		(4.35	)		(5.31	)		14.19			16.39			(0.23	)		(0.34	)
Net income/(loss)		(6.98	)		(6.46	)		7.03			11.68			(6.52	)		(4.75	)
Net asset value, September 30, 2011	$	72.11		$	88.97		$	142.07		$	165.67		$	113.31		$	139.29
Ratios to average net assets (3)
Net investment gain/(loss)		–4.66	%		–1.67	%		–6.98	%		–3.98	%		–7.10	%		–4.10	%
Expenses before incentive fees		6.00	%		3.01	%		5.81	%		2.81	%		6.69	%		3.70	%
Expenses after incentive fees		6.00	%		3.01	%		7.77	%		4.77	%		7.57	%		4.57	%
Total return before incentive fees (2)		–9.13	%		–3.14	%		6.37	%		8.73	%		–4.08	%		–1.29	%
Total return after incentive fees (2)		–9.13	%		–3.14	%		4.90	%		7.26	%		–4.73	%		–1.95	%

(1) Interest income and expenses per unit are calculated by dividing these amounts by the average number of units outstanding during the period.

The net gain/(loss) on investments, net of non-controlling interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

(2) Computed using 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) Formerly the Berkely/Graham/Tiverton Series.

(5) For the nine months ended September 30, 2011, 6.97% of the Currency Series’ Class 1 total return and 2.40% of the Currency Series’ Class 2 total return consists of a discretionary voluntary reimbursement by the managing owner for a realized investment loss. Excluding this item, total return would have been (16.11%) for Currency Series Class 1 and (5.54%) for Currency Series Class 2.

	Frontier Diversified Series						Frontier Long/Short Commodity Series															Frontier Masters Series
	Class 1			Class 2			Class 1			Class 2			Class 3			Class 1a			Class 2a			Class 1			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2011	$	101.63		$	105.37		$	140.52		$	164.69		$	164.68		$	124.76		$	129.28		$	99.01		$	102.63
Net operating results:
Interest income		0.44			0.45			0.71			0.83			0.83			0.63			0.65			0.53			0.55
Expenses		(2.60	)		(2.12	)		(4.03	)		(3.67	)		(3.66	)		(3.57	)		(2.87	)		(2.79	)		(2.32	)
Net gain/(loss) on investments, net of non-controlling interests		1.00			0.92			(0.60	)		(0.54	)		(0.55	)		(0.15	)		(0.43	)		6.01			6.14
Net income/(loss)		(1.16	)		(0.75	)		(3.92	)		(3.38	)		(3.38	)		(3.09	)		(2.65	)		3.75			4.37
Net asset value, September 30, 2011	$	100.47		$	104.62		$	136.60		$	161.31		$	161.30		$	121.67		$	126.63		$	102.76		$	107.00
Ratios to average net assets (3)
Net investment gain/(loss)		–8.61	%		–6.41	%		–9.16	%		–6.65	%		–6.65	%		–9.16	%		–6.65	%		–8.76	%		–6.62	%
Expenses before incentive fees		6.08	%		3.87	%		8.67	%		6.16	%		6.16	%		8.67	%		6.16	%		7.01	%		4.87	%
Expenses after incentive fees		10.35	%		8.15	%		11.10	%		8.59	%		8.59	%		11.10	%		8.59	%		10.80	%		8.66	%
Total return before incentive fees (2)		–0.06	%		0.39	%		–1.02	%		–0.58	%		–1.53	%		–2.64	%		–2.62	%		4.61	%		5.06	%
Total return after incentive fees (2)		–1.14	%		–0.69	%		–1.63	%		–1.19	%		–2.14	%		–3.26	%		–3.24	%		3.66	%		4.10	%

	Balanced Series															Tiverton/Graham/Transtrend Series (4)
	Class 1			Class 1a			Class 2			Class 2a			Class 3a			Class 1			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2011	$	130.46		$	114.39		$	160.02		$	133.35		$	133.36		$	100.81		$	122.02
Net operating results:
Interest income		0.08			0.07			0.09			0.08			0.08			0.12			0.14
Expenses		(2.77	)		(2.42	)		(2.24	)		(1.86	)		(1.86	)		(1.50	)		(0.90	)
Net gain/(loss) on investments, net of non-controlling interests		(1.74	)		(1.96	)		(2.11	)		(2.26	)		(2.27	)		(0.70	)		(0.84	)
Net income/(loss)		(4.43	)		(4.31	)		(4.26	)		(4.04	)		(4.05	)		(2.08	)		(1.60	)
Net asset value, September 30, 2011	$	126.03		$	110.08		$	155.76		$	129.31		$	129.31		$	98.73		$	120.42
Ratios to average net assets (3)
Net investment gain/(loss)		–8.50	%		–8.50	%		–5.50	%		–5.50	%		–5.50	%		–5.48	%		–2.48	%
Expenses before incentive fees		4.51	%		4.51	%		1.50	%		1.50	%		1.50	%		5.69	%		2.69	%
Expenses after incentive fees		8.73	%		8.73	%		5.73	%		5.73	%		5.73	%		5.95	%		2.95	%
Total return before incentive fees (2)		–2.55	%		–2.86	%		–1.77	%		–2.20	%		–2.30	%		–1.99	%		–1.26	%
Total return after incentive fees (2)		–3.62	%		–3.92	%		–2.83	%		–3.27	%		–3.37	%		–2.05	%		–1.32	%

	Currency Series (5)						Winton Series						Winton/Graham Series
	Class 1			Class 2			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2011	$	74.74		$	91.54		$	132.13		$	152.92		$	113.85		$	138.90
Net operating results:
Interest income		0.07			0.09			0.32			0.38			0.21			0.25
Expenses		(0.67	)		(0.16	)		(3.63	)		(2.98	)		(2.66	)		(2.17	)
Net gain/(loss) on investments, net of non-controlling interests		(2.03	)		(2.50	)		13.25			15.35			1.91			2.31
Net income/(loss)		(2.63	)		(2.57	)		9.94			12.75			(0.54	)		0.39
Net asset value, September 30, 2011	$	72.11		$	88.97		$	142.07		$	165.67		$	113.31		$	139.29
Ratios to average net assets (3)
Net investment gain/(loss)		–3.30	%		–0.30	%		–9.34	%		–6.34	%		–8.35	%		–5.35	%
Expenses before incentive fees		3.69	%		0.69	%		5.89	%		2.89	%		6.58	%		3.58	%
Expenses after incentive fees		3.69	%		0.69	%		10.25	%		7.25	%		9.05	%		6.05	%
Total return before incentive fees (2)		–3.69	%		–0.60	%		8.27	%		8.93	%		0.27	%		1.03	%
Total return after incentive fees (2)		–3.69	%		–0.60	%		7.17	%		7.83	%		–0.35	%		0.40	%

(1) Interest income and expenses per unit are calculated by dividing these amounts by the average number of units outstanding during the period.

The net gain/(loss) on investments, net of non-controlling interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

(2) Computed using 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) Formerly the Berkely/Graham/Tiverton Series. represents the liquidation value.

(5) For the three months ended September 30, 2011, 8.10% of the Currency Series’ Class 1 total return and 1.31% of the Currency Series’ Class 2 total return consists of a discretionary voluntary reimbursement by the managing owner for a realized investment loss. Excluding this item, total return would have been (11.79%) for Currency Series Class 1 and (1.90%) for Currency Series Class 2.

The Frontier Fund [Member]

Financial Highlights of Trust

The following information presents the financial highlights of the Trust for the nine and three months ended September 30, 2012 and 2011. This data has been derived from the information presented in the consolidated financial statements.

	September 30, 2012			September 30, 2011
Nine Months Ended
Ratios to average net assets (1)
Net investment gain/(loss) (1)		-6.23	%		-6.61	%
Expenses before incentive fees		-5.29	%		-4.83	%
Expenses after incentive fees		-7.20	%		-7.44	%
Total return before incentive fees		0.88	%		0.91	%
Total return after incentive fees		-1.03	%		-1.70	%
	September 30, 2012			September 30, 2011
Three Months Ended
Ratios to average net assets (1)
Net investment gain/(loss) (1)		-5.34	%		-4.82	%
Expenses before incentive fees		-5.28	%		-4.90	%
Expenses after incentive fees		-6.28	%		-5.80	%
Total return before incentive fees		2.45	%		-0.15	%
Total return after incentive fees		1.45	%		-1.05	%

(1) Annualized with the exception of incentive fees.

XML

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
	Sep. 30, 2012		Sep. 30, 2011
The Frontier Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$ (6,180,966)		$ (13,467,626)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Net change in open trade equity	(25,416,521)		20,932,116
Net change in options written, at fair value	1,285,103		(5,464,104)
Net unrealized (gain)/loss on swap contracts	(1,538,438)		2,168,133
Net realized (gain) on swap contracts	525,537		19,212,891
Net unrealized (gain) loss on U.S. Treasury securities, at fair value	1,832,445		(432,612)
Net realized (gain) loss on U.S. Treasury securities, at fair value	(854,738)		0
Net realized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC	2,172,987		135,775
Net unrealized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC	(2,084,880)		2,266,908
(Purchases) sales of:
Sales of swap contracts	9,812		46,148,249
(Purchases) of swap contracts
Sales of custom time deposits	25,000,000		100,000,000
(Interest rollover) of custom time deposits	(2,897,700)		(6,671,542)
Sales of U.S. Treasury securities	37,864,769		385,842
(Purchases) of U.S. Treasury securities
Sales of certificates of deposit
Sale of Berkeley Quantitative Colorado Fund LLC	6,182,737		1,512,398
(Purchases) of Berkeley Colorado Quantitative Fund LLC
Increase and/or decrease in:
Receivable from futures commission merchants	8,116,123		43,229,646
Change in control of ownership - trading companies
Contributions to trading companies
Distributions from trading companies			(8,462)
Prepaid service fees	141,468		161,880
Interest receivable	901,235		720,593
Receivable from related parties	0
Other assets	(230,951)		(2,942)
Incentive fees payable to Managing Owner	3,953,375		(1,487,585)
Management fees payable to Managing Owner	(113,885)		(258,509)
Interest payable to Managing Owner	(117,504)		(264,277)
Trading fees payable to Managing Owner	(129,642)		(194,821)
Trailing service fees payable to Managing Owner	(41,149)		(316,241)
Payables to related parties	42,580		(101,261)
Other liabilities	217,665		(28,091)
Net cash provided by (used in) operating activities	48,639,162		208,176,945
Cash Flows from Financing Activities:
Proceeds from sale of capital	39,291,798		87,801,971
Payment for redemption of capital	(97,178,756)		(288,327,793)
Pending owner additions	521,765		(577,232)
Owner redemptions payable	(2,346,525)		(336,164)
Net cash provided by (used in) financing activities	(59,711,718)		(201,439,218)
Net increase (decrease) in cash and cash equivalents	(11,072,556)		6,737,727
Cash and cash equivalents, beginning of period	27,452,803		17,992,550
Cash and cash equivalents, end of period	16,380,247		24,730,277
Frontier Diversified Series [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	(1,303,075)		(3,117,296)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Net change in ownership allocation of U.S. Treasury securities	283,224		(2,140,906)
Net change in custom time deposits	1,251,670		(2,405,528)
Net change in ownership allocation of credit default swaps	423		(75,299)
Net unrealized (gain)/loss on swap contracts	23,719		4,032,004
Net realized (gain) on swap contracts	106,862		308,941
Net unrealized (gain) loss on U.S. Treasury securities, at fair value	380,530		(94,249)
Net realized (gain) loss on U.S. Treasury securities, at fair value	(176,189)
(Purchases) sales of:
Sales of swap contracts			1,933,000
(Purchases) of swap contracts			(45,928)
Sales of custom time deposits	4,380,919		8,477,490
Sales of U.S. Treasury securities	7,795,181
Increase and/or decrease in:
Change in control of ownership - trading companies
Investments in unconsolidated trading companies, at fair value	(4,260,887)		11,472,878
Contributions to trading companies
Distributions from trading companies
Inter-series payables/receivables, at fair value
Prepaid service fees	113,819		136,249
Interest receivable	190,012		113,803
Receivable from related parties	16,362		90,000
Other assets	(19,798)		(1,552)
Incentive fees payable to Managing Owner	934,608		181,711
Management fees payable to Managing Owner	(36,038)		29,436
Interest payable to Managing Owner	(10,607)		(5,419)
Trading fees payable to Managing Owner	(32,758)		(44,782)
Trailing service fees payable to Managing Owner	14,696		20,421
Payables to related parties	34,606		(17,079)
Other liabilities	56,315		(13,938)
Net cash provided by (used in) operating activities	9,743,594		18,833,957
Cash Flows from Financing Activities:
Proceeds from sale of capital	9,803,970		40,201,347
Payment for redemption of capital	(21,802,136)		(58,235,649)
Pending owner additions	519,278		(425,825)
Owner redemptions payable	(236,833)		(51,789)
Net cash provided by (used in) financing activities	(11,715,721)		(18,511,916)
Net increase (decrease) in cash and cash equivalents	(1,972,127)		322,041
Cash and cash equivalents, beginning of period	4,976,749		4,647,422
Cash and cash equivalents, end of period	3,004,622		4,969,463
Frontier Masters Series [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	3,332,527		(731,498)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Net change in open trade equity	1,006,929		(264,892)
Net change in ownership allocation of U.S. Treasury securities	(1,319,471)		(4,366,641)
Net change in custom time deposits	(9,281,656)		(21,058,138)
Net change in ownership allocation of credit default swaps	(1,219)		(45,202)
Net unrealized (gain)/loss on swap contracts	2,775		1,633,412
Net realized (gain) on swap contracts	55,669		(2,070,356)
Net unrealized (gain) loss on U.S. Treasury securities, at fair value	179,102		(38,493)
Net realized (gain) loss on U.S. Treasury securities, at fair value	(84,120)
(Purchases) sales of:
Sales of swap contracts			26,826,316
(Purchases) of swap contracts			(142,819)
Sales of custom time deposits	2,418,141		5,505,655
Sales of U.S. Treasury securities	3,735,419
Increase and/or decrease in:
Receivable from futures commission merchants	(1,685,977)		(4,986,615)
Change in control of ownership - trading companies
Investments in unconsolidated trading companies, at fair value	(3,861,307)		9,888,393
Contributions to trading companies	5,101,862		111,000
Distributions from trading companies	(3,553,695)		(28,800)
Inter-series payables/receivables, at fair value
Prepaid service fees	(22,359)		117,016
Interest receivable	77,801		12,223
Receivable from related parties
Other assets	(12,277)		15
Incentive fees payable to Managing Owner	403,572		290,313
Management fees payable to Managing Owner	2,375		8,108
Interest payable to Managing Owner	(2,697)		11,401
Trading fees payable to Managing Owner	7,824		(21,931)
Trailing service fees payable to Managing Owner	9,596		17,329
Payables to related parties	78,305		(100,392)
Other liabilities	92,658		(5,120)
Net cash provided by (used in) operating activities	(3,320,223)		11,560,284
Cash Flows from Financing Activities:
Proceeds from sale of capital	8,127,497		10,440,294
Payment for redemption of capital	(5,750,786)		(20,498,029)
Pending owner additions	(1,686)		(16,000)
Owner redemptions payable	10,503		(171,954)
Net cash provided by (used in) financing activities	2,385,528		(10,245,689)
Net increase (decrease) in cash and cash equivalents	(934,695)		1,314,595
Cash and cash equivalents, beginning of period	2,234,716		1,207,290
Cash and cash equivalents, end of period	1,300,021		2,521,885
Frontier Long/Short Commodity Series [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	(9,426,533)		6,483,237
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Net change in open trade equity	(34,474,951)		27,029,769
Net change in options written, at fair value	(465,465)
Net change in ownership allocation of U.S. Treasury securities	(1,026,151)		621,333
Net change in custom time deposits	(4,499,445)		(602,239)
Net change in ownership allocation of credit default swaps	(4,324)		25,283
Net unrealized (gain)/loss on swap contracts	20,529		20,878
Net realized (gain) on swap contracts	58,693
Net unrealized (gain) loss on U.S. Treasury securities, at fair value	234,541		(57,006)
Net realized (gain) loss on U.S. Treasury securities, at fair value	(110,579)
(Purchases) sales of:
Sales of swap contracts
(Purchases) of swap contracts			(78,248)
Sales of custom time deposits	2,122,345		11,163,129
Sales of U.S. Treasury securities	4,973,010
Increase and/or decrease in:
Receivable from futures commission merchants	36,127,410		(83,085,859)
Change in control of ownership - trading companies	7,337,360		28,341,047
Investments in unconsolidated trading companies, at fair value	352,715		29,734,041
Contributions to trading companies	45,161,968
Distributions from trading companies	(43,611,245)		(4,643,000)
Inter-series payables/receivables, at fair value
Prepaid service fees	50,008		(97,946)
Interest receivable	105,513		64,463
Receivable from related parties	(14,489)		(18,650)
Other assets	(15,874)		(128)
Incentive fees payable to Managing Owner	465,009		(1,085,625)
Management fees payable to Managing Owner	3,300		(10,288)
Interest payable to Managing Owner	(2,721)		2,963
Trading fees payable to Managing Owner	4,434		25,268
Trailing service fees payable to Managing Owner	1,397		(40,953)
Payables to related parties	5,902		17,749
Other liabilities	9,639		(10,080)
Net cash provided by (used in) operating activities	3,381,996		13,799,138
Cash Flows from Financing Activities:
Proceeds from sale of capital	11,020,642		33,664,779
Payment for redemption of capital	(16,082,764)		(45,743,856)
Pending owner additions	16,320		(63,967)
Owner redemptions payable	137,430		(88,970)
Net cash provided by (used in) financing activities	(4,908,372)		(12,232,014)
Net increase (decrease) in cash and cash equivalents	(1,526,376)		1,567,124
Cash and cash equivalents, beginning of period	3,045,849		1,114,912
Cash and cash equivalents, end of period	1,519,473		2,682,036
Balanced Series [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	8,436,179		(12,043,698)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Net change in open trade equity	2,255,152		(2,016,352)
Net change in options written, at fair value	802,305
Net change in ownership allocation of U.S. Treasury securities	2,632,734		(1,365,280)
Net change in custom time deposits	9,436,860		(3,282,545)
Net change in ownership allocation of credit default swaps	9,233		37,475
Net change in ownership allocation of total return swaps			(7,185,226)
Net unrealized (gain)/loss on swap contracts	(1,590,654)		21,105,042
Net realized (gain) on swap contracts	175,294		(6,689,123)
Net unrealized (gain) loss on U.S. Treasury securities, at fair value	632,344		(146,835)
Net realized (gain) loss on U.S. Treasury securities, at fair value	(290,166)
(Purchases) sales of:
Sales of swap contracts	10,362		19,954,983
(Purchases) of swap contracts			(10,340,605)
Sales of custom time deposits	8,877,976		28,695,160
Sales of U.S. Treasury securities	12,612,900
Sale of Berkeley Quantitative Colorado Fund LLC
Increase and/or decrease in:
Receivable from futures commission merchants	(17,951,575)		18,088,817
Change in control of ownership - trading companies	(1,186,925)		17,035,844
Investments in unconsolidated trading companies, at fair value	243,627		19,597,023
Contributions to trading companies	126,650,519		103,510,000
Distributions from trading companies	(127,498,438)		(123,548,928)
Inter-series payables/receivables, at fair value			42,090,555
Prepaid service fees			3
Interest receivable	339,415		241,164
Receivable from related parties
Other assets	(21,234)		(1,021)
Incentive fees payable to Managing Owner	2,073,529		(193,618)
Management fees payable to Managing Owner	(50,892)		(92,840)
Interest payable to Managing Owner	(56,192)		(136,633)
Trading fees payable to Managing Owner	(29,598)		(60,291)
Trailing service fees payable to Managing Owner	(76,365)		(188,039)
Payables to related parties	37,630		(67,515)
Other liabilities	(675)		1,348
Net cash provided by (used in) operating activities	26,473,345		102,998,865
Cash Flows from Financing Activities:
Proceeds from sale of capital	2,644,851		904,118
Payment for redemption of capital	(35,399,495)		(101,253,181)
Pending owner additions	(6,403)
Owner redemptions payable	216,938		118,690
Net cash provided by (used in) financing activities	(32,544,109)		(100,230,373)
Net increase (decrease) in cash and cash equivalents	(6,070,764)		2,768,492
Cash and cash equivalents, beginning of period	9,758,138		5,375,950
Cash and cash equivalents, end of period	3,687,374		8,144,442
Tiverton/Graham/Transtrend Series [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	(2,052,073)	[1]	(5,837,883)	[1]
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Net change in ownership allocation of U.S. Treasury securities	(620,043)		1,334,161
Net change in custom time deposits	(878,775)		516,637
Net change in ownership allocation of credit default swaps	(2,283)		26,482
Net unrealized (gain)/loss on swap contracts	2,448		15,816
Net realized (gain) on swap contracts	34,232
Net unrealized (gain) loss on U.S. Treasury securities, at fair value	119,961		(26,388)
Net realized (gain) loss on U.S. Treasury securities, at fair value	(59,410)
Net realized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC	2,172,987		135,775
Net unrealized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC	(2,084,880)		2,266,908
(Purchases) sales of:
Sales of swap contracts
(Purchases) of swap contracts			(71,712)
Sales of custom time deposits	2,014,489		13,639,642
Sales of U.S. Treasury securities	2,693,512
Sale of Berkeley Quantitative Colorado Fund LLC	6,182,737		1,512,397
Increase and/or decrease in:
Receivable from futures commission merchants
Change in control of ownership - trading companies
Investments in unconsolidated trading companies, at fair value	(545,298)		6,613,068
Contributions to trading companies
Distributions from trading companies
Inter-series payables/receivables, at fair value
Prepaid service fees			16
Interest receivable	49,699		69,880
Receivable from related parties
Other assets	(67,176)		(308)
Incentive fees payable to Managing Owner	7,136		(240,879)
Management fees payable to Managing Owner	4,760		(68,571)
Interest payable to Managing Owner	(17,634)		(45,031)
Trading fees payable to Managing Owner	(6,245)		(11,312)
Trailing service fees payable to Managing Owner	(22,636)		(53,474)
Payables to related parties	18,229		(5,758)
Other liabilities	(229)		(230)
Net cash provided by (used in) operating activities	6,943,508		19,769,236
Cash Flows from Financing Activities:
Proceeds from sale of capital	26,014		61,898
Payment for redemption of capital	(7,864,725)		(19,428,721)
Pending owner additions	(1,179)
Owner redemptions payable	144,984		(16,233)
Net cash provided by (used in) financing activities	(7,694,906)		(19,383,056)
Net increase (decrease) in cash and cash equivalents	(751,398)		386,180
Cash and cash equivalents, beginning of period	1,352,378	[2]	1,341,151
Cash and cash equivalents, end of period	600,980	[2]	1,727,331
Currency Series [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	(337,706)		(511,605)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Net change in ownership allocation of U.S. Treasury securities	77,522		49,916
Net change in custom time deposits	(29,424)		(250,884)
Net change in ownership allocation of credit default swaps	82		82
Net unrealized (gain)/loss on swap contracts	(3,603)		(3,603)
Net realized (gain) on swap contracts	6,104		6,104
Net unrealized (gain) loss on U.S. Treasury securities, at fair value	6,948		6,293
Net realized (gain) loss on U.S. Treasury securities, at fair value	(3,199)		(3,199)
(Purchases) sales of:
Sales of swap contracts
(Purchases) of swap contracts
Sales of custom time deposits	614,348		614,348
Sales of U.S. Treasury securities	138,333		138,333
Sale of Berkeley Quantitative Colorado Fund LLC
Increase and/or decrease in:
Receivable from futures commission merchants
Change in control of ownership - trading companies
Investments in unconsolidated trading companies, at fair value	229,128		232,069
Contributions to trading companies
Distributions from trading companies
Inter-series payables/receivables, at fair value
Prepaid service fees
Interest receivable	4,012		2,643
Receivable from related parties
Other assets	(4,745)		(1,364)
Incentive fees payable to Managing Owner
Management fees payable to Managing Owner
Interest payable to Managing Owner	(1,564)		(1,628)
Trading fees payable to Managing Owner	(771)		(631)
Trailing service fees payable to Managing Owner	(2,403)		(1,740)
Payables to related parties	(11)		19
Other liabilities	(21)		57
Net cash provided by (used in) operating activities	693,030		478,112
Cash Flows from Financing Activities:
Proceeds from sale of capital	37,133		24,995
Payment for redemption of capital	(867,559)		(604,648)
Pending owner additions	(756)		(584)
Owner redemptions payable	(15,694)		(8,244)
Net cash provided by (used in) financing activities	(846,876)		(588,481)
Net increase (decrease) in cash and cash equivalents	(153,846)		(110,369)
Cash and cash equivalents, beginning of period	182,875		182,875
Cash and cash equivalents, end of period	29,029		72,506
Winton Series [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	(2,983,827)		2,984,301
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Net change in open trade equity
Net change in ownership allocation of U.S. Treasury securities	(137,380)		(210,311)
Net change in custom time deposits	1,658,699		(3,962,979)
Net change in ownership allocation of credit default swaps	(3,184)		17,219
Net unrealized (gain)/loss on swap contracts	7,291		23,610
Net realized (gain) on swap contracts	57,781
Net unrealized (gain) loss on U.S. Treasury securities, at fair value	193,198		(35,180)
Net realized (gain) loss on U.S. Treasury securities, at fair value	(90,903)
(Purchases) sales of:
(Purchases) of swap contracts			(83,357)
Sales of custom time deposits	2,095,034		12,335,669
Sales of U.S. Treasury securities	4,077,744
Increase and/or decrease in:
Receivable from futures commission merchants
Change in control of ownership - trading companies
Investments in unconsolidated trading companies, at fair value	(2,288,507)		2,238,899
Contributions to trading companies
Distributions from trading companies
Prepaid service fees
Interest receivable	90,374		71,880
Receivable from related parties
Other assets	(55,933)		16
Incentive fees payable to Managing Owner			3,090
Management fees payable to Managing Owner	(6,162)		(25,781)
Interest payable to Managing Owner	(12,129)		(17,154)
Trading fees payable to Managing Owner	(4,268)		(4,223)
Trailing service fees payable to Managing Owner	(12,076)		(20,058)
Payables to related parties	77		(6,146)
Other liabilities	267		113
Net cash provided by (used in) operating activities	2,586,096		13,309,608
Cash Flows from Financing Activities:
Proceeds from sale of capital	158,451		200,048
Payment for redemption of capital	(3,781,990)		(12,807,117)
Pending owner additions	(2,766)
Owner redemptions payable	15,090		10,267
Net cash provided by (used in) financing activities	(3,611,215)		(12,596,802)
Net increase (decrease) in cash and cash equivalents	(1,025,119)		712,806
Cash and cash equivalents, beginning of period	2,051,272		1,808,624
Cash and cash equivalents, end of period	1,026,153		2,521,430
Winton/Graham Series [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	(1,354,258)		(2,390,268)
Adjustments to reconcile net increase/(decrease) in capital resulting from operations to net cash provided by (used in) operating activities:
Net change in open trade equity			1,427,138
Net change in ownership allocation of U.S. Treasury securities	142,108		1,812,059
Net change in custom time deposits	(555,628)		2,870,360
Net change in ownership allocation of credit default swaps	722		20,513
Net unrealized (gain)/loss on swap contracts	(943)		16,478
Net realized (gain) on swap contracts	30,602
Net unrealized (gain) loss on U.S. Treasury securities, at fair value	85,821		(18,573)
Net realized (gain) loss on U.S. Treasury securities, at fair value	(40,172)
(Purchases) sales of:
(Purchases) of swap contracts			(64,011)
Sales of custom time deposits	2,476,747		13,486,442
Sales of U.S. Treasury securities	1,806,127
Increase and/or decrease in:
Receivable from futures commission merchants			11,090,076
Change in control of ownership - trading companies			(5,222,639)
Investments in unconsolidated trading companies, at fair value	2,343,965		(1,350,007)
Contributions to trading companies			3,981,000
Distributions from trading companies			(3,968,000)
Prepaid service fees
Interest receivable	44,409		72,276
Receivable from related parties
Other assets	(31,304)		26
Incentive fees payable to Managing Owner			(442,577)
Management fees payable to Managing Owner	(35,782)		(79,509)
Interest payable to Managing Owner	(12,375)		(38,389)
Trading fees payable to Managing Owner	(4,563)		(9,535)
Trailing service fees payable to Managing Owner	(13,837)		(39,858)
Payables to related parties	(342)		(4,731)
Other liabilities	(1,338)		(361)
Net cash provided by (used in) operating activities	4,879,959		21,147,910
Cash Flows from Financing Activities:
Proceeds from sale of capital	47,245		91,371
Payment for redemption of capital	(5,629,301)		(20,820,288)
Pending owner additions	(1,043)
Owner redemptions payable	48,319		(61,838)
Net cash provided by (used in) financing activities	(5,534,780)		(20,790,755)
Net increase (decrease) in cash and cash equivalents	(654,821)		357,155
Cash and cash equivalents, beginning of period	1,156,042		1,352,481
Cash and cash equivalents, end of period	$ 501,221		$ 1,709,636

[1] Formerly known as the Berkeley/Graham/Tiverton Series.

[2] Formerly the Berkeley/Graham/Tiverton Series.

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Consolidated Condensed Schedules of Investments (USD $)																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																										12 Months Ended				12 Months Ended
	Dec. 31, 2011 Options Purchased [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Options Purchased [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Options Purchased [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Options Purchased [Member] Balanced Series [Member]	Dec. 31, 2011 Options Purchased [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Options Purchased [Member] Currency Series [Member]	Dec. 31, 2011 Options Purchased [Member] The Frontier Fund [Member]	Sep. 30, 2012 Currency Forwards [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Currency Forwards [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Currency Forwards [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Currency Forwards [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Currency Forwards [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Currency Forwards [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Currency Forwards [Member] Balanced Series [Member]	Dec. 31, 2011 Currency Forwards [Member] Balanced Series [Member]	Sep. 30, 2012 Currency Forwards [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Currency Forwards [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Currency Forwards [Member] Currency Series [Member]	Dec. 31, 2011 Currency Forwards [Member] Currency Series [Member]	Sep. 30, 2012 Currency Forwards [Member] Winton Series [Member]	Dec. 31, 2011 Currency Forwards [Member] Winton Series [Member]	Sep. 30, 2012 Currency Forwards [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Currency Forwards [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Currency Forwards [Member] The Frontier Fund [Member]	Dec. 31, 2011 Currency Forwards [Member] The Frontier Fund [Member]	Dec. 31, 2011 Options Written [Member] Balanced Series [Member]	Dec. 31, 2011 Options Written [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Options Written [Member] Currency Series [Member]	Dec. 31, 2011 Options Written [Member] The Frontier Fund [Member]	Dec. 31, 2011 Swaps [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Swaps [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Swaps [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Swaps [Member] Balanced Series [Member]	Dec. 31, 2011 Swaps [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Swaps [Member] Currency Series [Member]	Dec. 31, 2011 Swaps [Member] Winton Series [Member]	Dec. 31, 2011 Swaps [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Swaps [Member] The Frontier Fund [Member]	Dec. 31, 2011 Investment in Berkeley Quantitative Colorado Fund LLC (Cost Of $8,487,603) [Member] Balanced Series [Member]	Dec. 31, 2011 Investment in Berkeley Quantitative Colorado Fund LLC (Cost Of $8,487,603) [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Investment in Berkeley Quantitative Colorado Fund LLC (Cost Of $8,487,603) [Member] Currency Series [Member]	Dec. 31, 2011 Investment in Berkeley Quantitative Colorado Fund LLC (Cost Of $8,487,603) [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Options Purchased [Member] Balanced Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Options Purchased [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Options Purchased [Member] Currency Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Options Purchased [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Options Written [Member] Balanced Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Options Written [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Options Written [Member] Currency Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (U.S.) [Member] Options Written [Member] The Frontier Fund [Member]	Sep. 30, 2012 Aluminum Settling 10/1/12 (Number of Contracts: 203) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Aluminum Settling 10/1/12 (Number of Contracts: 203) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Aluminum Settling 10/1/12 (Number of Contracts: 203) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Aluminum Settling 10/1/12 (Number of Contracts: 203) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Aluminum Settling 10/1/12 (Number of Contracts: 203) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Aluminum Settling 10/1/12 (Number of Contracts: 203) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Options Purchased [Member] Balanced Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Options Purchased [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Options Purchased [Member] Currency Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Options Purchased [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Short Futures Contracts [Member] 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Futures Contracts (Europe) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Base Metals Futures Contracts (Europe) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Options Written [Member] Balanced Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Options Written [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Options Written [Member] Currency Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Options Written [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Far East) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Currency Futures Contracts (US) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Currency Futures Contracts (US) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 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Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Currency Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Currency Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Currency Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Currency Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Currency Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Currency Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Currency Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Currency Series 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Currency Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Currency Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Currency Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Currency Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Currency Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Currency Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Currency Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Currency Futures Contracts (Europe) [Member] Short Futures Contracts [Member] 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Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Energy Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Energy Futures Contracts (U.S.) [Member] Options Written [Member] Balanced Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (U.S.) [Member] Options Written [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (U.S.) [Member] Options Written [Member] Currency Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (Far East) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Energy Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (Far East) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Options Purchased [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Options Purchased [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Options Purchased [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Options Purchased [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Options Written [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Options Written [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Options Written [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (U.S.) [Member] Options Written [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Canada) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Canada) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Canada) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Canada) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Europe) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Europe) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Europe) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Europe) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Far East) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Far East) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Far East) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Interest Rates Futures Contracts (Far East) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Mexico) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Mexico) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Mexico) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Oceanic) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Oceanic) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Oceanic) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Oceanic) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Oceanic) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Oceanic) [Member] Long Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Oceanic) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Oceanic) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Oceanic) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Oceanic) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Oceanic) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Oceanic) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Oceanic) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Interest Rates Futures Contracts (Oceanic) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Precious Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Precious Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Precious Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Precious Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Precious Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Precious Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Precious Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Precious Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Precious Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Precious Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Precious Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Precious Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Precious Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Precious Metals Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Precious Metals Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Precious Metals Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Canada) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Canada) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Europe) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Europe) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Europe) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Europe) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (Far East) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Soft Futures Contracts (Far East) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Soft Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Options Purchased [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Options Purchased [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Options Purchased [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Options Purchased [Member] Balanced Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Options Purchased [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Options Purchased [Member] Currency Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Options Purchased [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Soft Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Soft Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Options Written [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Options Written [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Options Written [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Options Written [Member] Balanced Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Options Written [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Options Written [Member] Currency Series [Member]	Sep. 30, 2012 Various Soft Futures Contracts (U.S.) [Member] Options Written [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (U.S.) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Options Purchased [Member] Balanced Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Options Purchased [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Options Purchased [Member] Currency Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Options Purchased [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (U.S.) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Options Written [Member] Balanced Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Options Written [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Options Written [Member] Currency Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (U.S.) [Member] Options Written [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Canada) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Canada) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Canada) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Canada) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Europe) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Europe) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Europe) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Far East) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Far East) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Far East) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Far East) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Far East) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Stock Index Futures Contracts (Far East) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Africa) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Africa) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Africa) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Africa) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Africa) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Africa) [Member] Long Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Africa) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Africa) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Africa) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Africa) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Oceanic) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Oceanic) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Oceanic) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Oceanic) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Oceanic) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Oceanic) [Member] Long Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Oceanic) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Oceanic) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Oceanic) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Oceanic) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Oceanic) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Oceanic) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Oceanic) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Oceanic) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Mexico) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Mexico) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Mexico) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Stock Index Futures Contracts (Mexico) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Total Long Futures Contracts [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Total Long Futures Contracts [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Total Long Futures Contracts [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Total Long Futures Contracts [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Total Long Futures Contracts [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Total Long Futures Contracts [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Total Long Futures Contracts [Member] Long Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Total Long Futures Contracts [Member] Long Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Total Long Futures Contracts [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Total Long Futures Contracts [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Total Long Futures Contracts [Member] Long Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Total Long Futures Contracts [Member] Long Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Total Long Futures Contracts [Member] Long Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Total Long Futures Contracts [Member] Long Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Total Long Futures Contracts [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Total Long Futures Contracts [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Total Long Futures Contracts [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Total Long Futures Contracts [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Total Long Futures Contracts [Member] Short Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Total Long Futures Contracts [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Total Long Futures Contracts [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Total Options Purchased [Member] Options Purchased [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Total Options Purchased [Member] Options Purchased [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Total Options Purchased [Member] Options Purchased [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Total Options Purchased [Member] Options Purchased [Member] Balanced Series [Member]	Sep. 30, 2012 Total Options Purchased [Member] Options Purchased [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Total Options Purchased [Member] Options Purchased [Member] Currency Series [Member]	Sep. 30, 2012 Total Options Purchased [Member] Options Purchased [Member] The Frontier Fund [Member]	Sep. 30, 2012 Aluminum Settling 11/1/12 (Number of Contracts: 159) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Aluminum Settling 11/1/12 (Number of Contracts: 159) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Aluminum Settling 11/1/12 (Number of Contracts: 159) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various currency futures contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various currency futures contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various currency futures contracts (U.S.) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various currency futures contracts (U.S.) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Crude Oil, Light Settling 2/1/13 (Number of Contracts: 434) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Crude Oil, Light Settling 2/1/13 (Number of Contracts: 434) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Crude Oil, Light Settling 2/1/13 (Number of Contracts: 434) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Crude Oil, Light Settling 4/1/13 (Number of Contracts: 180) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Crude Oil, Light Settling 4/1/13 (Number of Contracts: 180) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Crude Oil, Light Settling 4/1/13 (Number of Contracts: 180) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Crude Oil, Light Settling 6/1/13 (Number of Contracts: 390) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Crude Oil, Light Settling 6/1/13 (Number of Contracts: 390) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Crude Oil, Light Settling 6/1/13 (Number of Contracts: 390) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (Europe) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Energy Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Currency Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Energy Futures Contracts (Europe) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Energy Futures Contracts (Europe) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Energy Futures Contracts (Europe) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Soybeans Settling 1/1/13 (Number of Contracts: 402) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Soybeans Settling 1/1/13 (Number of Contracts: 402) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Soybeans Settling 1/1/13 (Number of Contracts: 402) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Soybeans Settling 11/1/12 (Number of Contracts: 810) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Soybeans Settling 11/1/12 (Number of Contracts: 810) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Soybeans Settling 11/1/12 (Number of Contracts: 810) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Total Short Futures Contracts [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Total Short Futures Contracts [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Total Short Futures Contracts [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Total Short Futures Contracts [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Total Short Futures Contracts [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Total Short Futures Contracts [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Total Short Futures Contracts [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Total Short Futures Contracts [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Total Short Futures Contracts [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Total Short Futures Contracts [Member] Short Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Total Short Futures Contracts [Member] Short Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Total Short Futures Contracts [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Total Short Futures Contracts [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Total Short Futures Contracts [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Total Short Futures Contracts [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Total Open Trade Equity (Deficit) [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Total Open Trade Equity (Deficit) [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Total Open Trade Equity (Deficit) [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Total Open Trade Equity (Deficit) [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Total Open Trade Equity (Deficit) [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Total Open Trade Equity (Deficit) [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Total Open Trade Equity (Deficit) [Member] Balanced Series [Member]	Dec. 31, 2011 Total Open Trade Equity (Deficit) [Member] Balanced Series [Member]	Sep. 30, 2012 Total Open Trade Equity (Deficit) [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Total Open Trade Equity (Deficit) [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Total Open Trade Equity (Deficit) [Member] Currency Series [Member]	Dec. 31, 2011 Total Open Trade Equity (Deficit) [Member] Currency Series [Member]	Sep. 30, 2012 Total Open Trade Equity (Deficit) [Member] Winton Series [Member]	Dec. 31, 2011 Total Open Trade Equity (Deficit) [Member] Winton Series [Member]	Sep. 30, 2012 Total Open Trade Equity (Deficit) [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Total Open Trade Equity (Deficit) [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Total Open Trade Equity (Deficit) [Member] The Frontier Fund [Member]	Dec. 31, 2011 Total Open Trade Equity (Deficit) [Member] The Frontier Fund [Member]	Sep. 30, 2012 Aggregate Options Written [Member] Options Written [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Aggregate Options Written [Member] Options Written [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Aggregate Options Written [Member] Options Written [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Aggregate Options Written [Member] Options Written [Member] Balanced Series [Member]	Sep. 30, 2012 Aggregate Options Written [Member] Options Written [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Aggregate Options Written [Member] Options Written [Member] Currency Series [Member]	Sep. 30, 2012 Aggregate Options Written [Member] Options Written [Member] The Frontier Fund [Member]	Sep. 30, 2012 U.S. Treasury Note 4.000% due 02/15/2015 [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 U.S. Treasury Note 4.000% due 02/15/2015 [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 U.S. Treasury Note 4.000% due 02/15/2015 [Member] Frontier Masters Series [Member]	Dec. 31, 2011 U.S. Treasury Note 4.000% due 02/15/2015 [Member] Frontier Masters Series [Member]	Sep. 30, 2012 U.S. Treasury Note 4.000% due 02/15/2015 [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 U.S. Treasury Note 4.000% due 02/15/2015 [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 U.S. Treasury Note 4.000% due 02/15/2015 [Member] Balanced Series [Member]	Dec. 31, 2011 U.S. Treasury Note 4.000% due 02/15/2015 [Member] Balanced Series [Member]	Sep. 30, 2012 U.S. Treasury Note 4.000% due 02/15/2015 [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 U.S. Treasury Note 4.000% due 02/15/2015 [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 U.S. Treasury Note 4.000% due 02/15/2015 [Member] Currency Series [Member]	Dec. 31, 2011 U.S. Treasury Note 4.000% due 02/15/2015 [Member] Currency Series [Member]	Sep. 30, 2012 U.S. Treasury Note 4.000% due 02/15/2015 [Member] Winton Series [Member]	Dec. 31, 2011 U.S. Treasury Note 4.000% due 02/15/2015 [Member] Winton Series [Member]	Sep. 30, 2012 U.S. Treasury Note 4.000% due 02/15/2015 [Member] Winton/Graham Series [Member]	Dec. 31, 2011 U.S. Treasury Note 4.000% due 02/15/2015 [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Aluminum Settling 10/1/12 (Number of Contracts: 941) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Aluminum Settling 10/1/12 (Number of Contracts: 941) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Aluminum Settling 10/1/12 (Number of Contracts: 941) [Member] Long Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Aluminum Settling 10/1/12 (Number of Contracts: 941) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Aluminum Settling 10/1/12 (Number of Contracts: 941) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Aluminum Settling 10/1/12 (Number of Contracts: 941) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Lead Settling 10/1/12 (Number of Contracts: 375) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Lead Settling 10/1/12 (Number of Contracts: 375) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Lead Settling 10/1/12 (Number of Contracts: 375) [Member] Long Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Lead Settling 10/1/12 (Number of Contracts: 375) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Lead Settling 10/1/12 (Number of Contracts: 375) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Lead Settling 10/1/12 (Number of Contracts: 375) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Lead Settling 11/1/12 (Number of Contracts: 368) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Lead Settling 11/1/12 (Number of Contracts: 368) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Lead Settling 11/1/12 (Number of Contracts: 368) [Member] Long Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Copper @ LME Settling 10/1/12 (Number of Contracts: 397) [Member] Long Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Copper @ LME Settling 10/1/12 (Number of Contracts: 397) [Member] Long Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Copper @ LME Settling 10/1/12 (Number of Contracts: 397) [Member] Long Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Gold At Comex Call At Three Thousand And Four Hundred Expiring June First Two Thousand And Thirteen Number Of Contracts Two Hundred And Forty Eight [Member] Options Purchased [Member] Balanced Series [Member]	Sep. 30, 2012 Gold At Comex Call At Three Thousand And Four Hundred Expiring June First Two Thousand And Thirteen Number Of Contracts Two Hundred And Forty Eight [Member] Options Purchased [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Gold At Comex Call At Three Thousand And Four Hundred Expiring June First Two Thousand And Thirteen Number Of Contracts Two Hundred And Forty Eight [Member] Options Purchased [Member] Currency Series [Member]	Sep. 30, 2012 Lead Settling 11/1/12 (Number of Contracts: 258) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Lead Settling 11/1/12 (Number of Contracts: 258) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Lead Settling 11/1/12 (Number of Contracts: 258) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Copper @ LME Settling 10/1/12 (Number of Contracts: 323) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Copper @ LME Settling 10/1/12 (Number of Contracts: 323) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Copper @ LME Settling 10/1/12 (Number of Contracts: 323) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Nickel @ LME Settling 10/1/12 (Number of Contracts: 147) [Member] Short Futures Contracts [Member] Balanced Series [Member]	Sep. 30, 2012 Nickel @ LME Settling 10/1/12 (Number of Contracts: 147) [Member] Short Futures Contracts [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Nickel @ LME Settling 10/1/12 (Number of Contracts: 147) [Member] Short Futures Contracts [Member] Currency Series [Member]	Sep. 30, 2012 Frontier Balanced DB Swap (U.S.) [Member] Swaps [Member] Balanced Series [Member]	Sep. 30, 2012 Frontier Balanced DB Swap (U.S.) [Member] Swaps [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Frontier Balanced DB Swap (U.S.) [Member] Swaps [Member] Currency Series [Member]	Sep. 30, 2012 Frontier Balanced DB Swap (U.S.) [Member] Swaps [Member] The Frontier Fund [Member]	Sep. 30, 2012 Frontier Balanced RCW-1 Swap (U.S.) [Member] Swaps [Member] Balanced Series [Member]	Sep. 30, 2012 Frontier Balanced RCW-1 Swap (U.S.) [Member] Swaps [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Frontier Balanced RCW-1 Swap (U.S.) [Member] Swaps [Member] Currency Series [Member]	Sep. 30, 2012 Frontier Balanced RCW-1 Swap (U.S.) [Member] Swaps [Member] The Frontier Fund [Member]	Sep. 30, 2012 Total Swaps [Member] Swaps [Member] Balanced Series [Member]	Dec. 31, 2011 Total Swaps [Member] Swaps [Member] Balanced Series [Member]	Sep. 30, 2012 Total Swaps [Member] Swaps [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Total Swaps [Member] Swaps [Member] Tiverton/Graham/Transtrend Series [Member]	Sep. 30, 2012 Total Swaps [Member] Swaps [Member] Currency Series [Member]	Dec. 31, 2011 Total Swaps [Member] Swaps [Member] Currency Series [Member]	Sep. 30, 2012 Total Swaps [Member] Swaps [Member] The Frontier Fund [Member]	Dec. 31, 2011 Total Swaps [Member] Swaps [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Currency Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Currency Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Currency Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Currency Futures Contracts (Canada) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Currency Futures Contracts (Canada) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Currency Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Currency Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Currency Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Currency Futures Contracts (Canada) [Member] Short Futures Contracts [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Various Currency Futures Contracts (Canada) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Various Currency Futures Contracts (Canada) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Precious Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton Series [Member]	Sep. 30, 2012 Various Precious Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Various Precious Metals Futures Contracts (Europe) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Light Crude Oil Settling 11/1/12 (Number of Contracts: 841) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Light Crude Oil Settling 11/1/12 (Number of Contracts: 841) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Light Crude Oil Settling 11/1/12 (Number of Contracts: 841) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Light Crude Oil Settling 1/1/13 (Number of Contracts: 841) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Light Crude Oil Settling 1/1/13 (Number of Contracts: 841) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Light Crude Oil Settling 1/1/13 (Number of Contracts: 841) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Light Crude Oil Settling 9/1/13 (Number of Contracts: 1,002) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Light Crude Oil Settling 9/1/13 (Number of Contracts: 1,002) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Light Crude Oil Settling 9/1/13 (Number of Contracts: 1,002) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Heating Oil Settling 9/1/12 (Number Of Contracts: 383) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Heating Oil Settling 9/1/12 (Number Of Contracts: 383) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Heating Oil Settling 9/1/12 (Number Of Contracts: 383) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 NYM RBOB Gas Settling 5/1/12 (Number of Contracts: 238) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 NYM RBOB Gas Settling 5/1/12 (Number of Contracts: 238) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 NYM RBOB Gas Settling 5/1/12 (Number of Contracts: 238) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 NYM RBOB Gas Settling 6/1/12 (Number of Contracts: 330) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 NYM RBOB Gas Settling 6/1/12 (Number of Contracts: 330) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 NYM RBOB Gas Settling 6/1/12 (Number of Contracts: 330) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 ICE Brent Crude Oil Settling 12/1/13 (Number of Contracts: 1,357) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 ICE Brent Crude Oil Settling 12/1/13 (Number of Contracts: 1,357) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 ICE Brent Crude Oil Settling 12/1/13 (Number of Contracts: 1,357) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Silver @ COMEX Settling 12/1/13 (Number of Contracts: 152) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Silver @ COMEX Settling 12/1/13 (Number of Contracts: 152) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Silver @ COMEX Settling 12/1/13 (Number of Contracts: 152) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Silver @ COMEX Settling 12/1/13 (Number of Contracts: 152) [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Dec. 31, 2011 Coffee @ CSCE Settling 12/1/12 (Number of Contracts: 151) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Coffee @ CSCE Settling 12/1/12 (Number of Contracts: 151) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Coffee @ CSCE Settling 12/1/12 (Number of Contracts: 151) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Corn Settling 12/1/12 (Number of Contracts: 1,525) [Member] Long Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Corn Settling 12/1/12 (Number of Contracts: 1,525) [Member] Long Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Corn Settling 12/1/12 (Number of Contracts: 1,525) [Member] Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Light Crude Oil Settling 12/1/12 (Number of Contracts: 218) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Light Crude Oil Settling 12/1/12 (Number of Contracts: 218) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Light Crude Oil Settling 12/1/12 (Number of Contracts: 218) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Light Crude Oil Settling 12/1/13 (Number of Contracts: 842) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Light Crude Oil Settling 12/1/13 (Number of Contracts: 842) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Light Crude Oil Settling 12/1/13 (Number of Contracts: 842) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Heating Oil Settling 6/1/12 (Number of Contracts: 373) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Heating Oil Settling 6/1/12 (Number of Contracts: 373) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Heating Oil Settling 6/1/12 (Number of Contracts: 373) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 NYM RBOB Gas Settling 4/1/12 (Number of Contracts: 2,123) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 NYM RBOB Gas Settling 4/1/12 (Number of Contracts: 2,123) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 NYM RBOB Gas Settling 4/1/12 (Number of Contracts: 2,123) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 ICE Brent Crude Oil Settling 12/1/12 (Number of Contracts: 78) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 ICE Brent Crude Oil Settling 12/1/12 (Number of Contracts: 78) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 ICE Brent Crude Oil Settling 12/1/12 (Number of Contracts: 78) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Silver @ COMEX Settling 12/1/12 (Number of Contracts: 152) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Silver @ COMEX Settling 12/1/12 (Number of Contracts: 152) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Silver @ COMEX Settling 12/1/12 (Number of Contracts: 152) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Corn Settling 7/1/12 (Number of Contracts: 1,123) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Corn Settling 7/1/12 (Number of Contracts: 1,123) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Corn Settling 7/1/12 (Number of Contracts: 1,123) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Corn Settling 9/1/12 (Number of Contracts: 288) [Member] Short Futures Contracts [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Corn Settling 9/1/12 (Number of Contracts: 288) [Member] Short Futures Contracts [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Corn Settling 9/1/12 (Number of Contracts: 288) [Member] Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 U.S. Treasury Note 3.875% due 02/15/2013 (Cost $38,125,391) [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 U.S. Treasury Note 3.875% due 02/15/2013 (Cost $38,125,391) [Member] Frontier Masters Series [Member]	Dec. 31, 2011 U.S. Treasury Note 3.875% due 02/15/2013 (Cost $38,125,391) [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 U.S. Treasury Note 3.875% due 02/15/2013 (Cost $38,125,391) [Member] Balanced Series [Member]	Dec. 31, 2011 U.S. Treasury Note 3.875% due 02/15/2013 (Cost $38,125,391) [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 U.S. Treasury Note 3.875% due 02/15/2013 (Cost $38,125,391) [Member] Currency Series [Member]	Dec. 31, 2011 U.S. Treasury Note 3.875% due 02/15/2013 (Cost $38,125,391) [Member] Winton Series [Member]	Dec. 31, 2011 U.S. Treasury Note 3.875% due 02/15/2013 (Cost $38,125,391) [Member] Winton/Graham Series [Member]	Dec. 31, 2011 U.S. Treasury Note 3.875% due 02/15/2013 (Cost $38,125,391) [Member] The Frontier Fund [Member]	Dec. 31, 2011 U.S. Treasury Note 4.000% due 02/15/2015 (Cost $38,016,039) [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 U.S. Treasury Note 4.000% due 02/15/2015 (Cost $38,016,039) [Member] Frontier Masters Series [Member]	Dec. 31, 2011 U.S. Treasury Note 4.000% due 02/15/2015 (Cost $38,016,039) [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 U.S. Treasury Note 4.000% due 02/15/2015 (Cost $38,016,039) [Member] Balanced Series [Member]	Dec. 31, 2011 U.S. Treasury Note 4.000% due 02/15/2015 (Cost $38,016,039) [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 U.S. Treasury Note 4.000% due 02/15/2015 (Cost $38,016,039) [Member] Currency Series [Member]	Dec. 31, 2011 U.S. Treasury Note 4.000% due 02/15/2015 (Cost $38,016,039) [Member] Winton Series [Member]	Dec. 31, 2011 U.S. Treasury Note 4.000% due 02/15/2015 (Cost $38,016,039) [Member] Winton/Graham Series [Member]	Sep. 30, 2012 U.S. Treasury Note 4.000% due 02/15/2015 (Cost $38,016,039) [Member] The Frontier Fund [Member]	Dec. 31, 2011 U.S. Treasury Note 4.000% due 02/15/2015 (Cost $38,016,039) [Member] The Frontier Fund [Member]	Dec. 31, 2011 Total U.S. Treasury Note Fair Value [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Fair Value [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Fair Value [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Fair Value [Member] Balanced Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Fair Value [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Fair Value [Member] Currency Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Fair Value [Member] Winton Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Fair Value [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Fair Value [Member] The Frontier Fund [Member]	Dec. 31, 2011 U.S. Treasury Note 3.875% due 02/15/2013 [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 U.S. Treasury Note 3.875% due 02/15/2013 [Member] Frontier Masters Series [Member]	Dec. 31, 2011 U.S. Treasury Note 3.875% due 02/15/2013 [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 U.S. Treasury Note 3.875% due 02/15/2013 [Member] Balanced Series [Member]	Dec. 31, 2011 U.S. Treasury Note 3.875% due 02/15/2013 [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 U.S. Treasury Note 3.875% due 02/15/2013 [Member] Currency Series [Member]	Dec. 31, 2011 U.S. Treasury Note 3.875% due 02/15/2013 [Member] Winton Series [Member]	Dec. 31, 2011 U.S. Treasury Note 3.875% due 02/15/2013 [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Face Value [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Face Value [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Face Value [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Face Value [Member] Balanced Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Face Value [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Face Value [Member] Currency Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Face Value [Member] Winton Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Face Value [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Cost [Member] Frontier Diversified Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Cost [Member] Frontier Masters Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Cost [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Cost [Member] Balanced Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Cost [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Cost [Member] Currency Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Cost [Member] Winton Series [Member]	Dec. 31, 2011 Total U.S. Treasury Note Cost [Member] Winton/Graham Series [Member]	Dec. 31, 2011 Total Return Option Basket Swap (Termination Date 11/6/12) [Member] Swaps [Member]	Dec. 31, 2011 Total Return Option Basket Swap (Termination Date 11/6/12) [Member] Swaps [Member] Balanced Series [Member]	Dec. 31, 2011 Total Return Option Basket Swap (Termination Date 11/6/12) [Member] Swaps [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Total Return Option Basket Swap (Termination Date 11/6/12) [Member] Swaps [Member] Currency Series [Member]	Dec. 31, 2011 Total Return Option Basket Swap (Termination Date 11/6/12) [Member] Swaps [Member] The Frontier Fund [Member]	Dec. 31, 2011 Total Return Option Basket Swap (Termination date 6/30/16) [Member] Swaps [Member]	Dec. 31, 2011 Total Return Option Basket Swap (Termination date 6/30/16) [Member] Swaps [Member] Balanced Series [Member]	Dec. 31, 2011 Total Return Option Basket Swap (Termination date 6/30/16) [Member] Swaps [Member] Tiverton/Graham/Transtrend Series [Member]	Dec. 31, 2011 Total Return Option Basket Swap (Termination date 6/30/16) [Member] Swaps [Member] Currency Series [Member]	Sep. 30, 2012 Various Currency Futures Contracts Oceanic [Member] Long Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various base metals futures contracts (U.S.) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Base Metals Futures Contracts (Europe) [Member] Short Futures Contracts [Member] The Frontier Fund [Member]	Sep. 30, 2012 Various Currency Futures Contracts [Member] Currency Forwards [Member] The Frontier Fund [Member]
Investment Owned, Value				$ 11,928,779			$ 11,933,138							$ 205,742	$ (283,733)									$ (386,206)	$ 472,001	$ (3,326,453)			$ (3,336,326)	$ 131,004	$ 57,225	$ 74,898	$ 230,783	$ 34,397	$ 2,583	$ 61,888	$ 30,381	$ 6,504,931		$ 6,270,844		$ 6,270,844			$ 265,363	$ (40,664)	$ 396,184	$ (49,183)	$ (8,647,695)	$ (1,930,354)									$ 3,187,492	$ (1,511,157)	$ 3,725,490			$ 7,527,330				$ 18,428	$ 71,420	$ 13,843	$ 9,773,496	$ 1,630,955										$ 1,266,138	$ (1,022,045)			$ (1,022,045)			$ 1,102,423			$ (1,048,310)			$ 622,976	$ (37,959)	$ 4,225,576	$ (206,400)	$ 13,756,516	$ (3,533,012)									$ 24,205,485	$ (4,401,353)	$ 2,122,619			$ 2,122,619			$ (712,790)	$ 57,511	$ (2,646,585)	$ 290,936	$ (14,276,870)	$ 4,181,645										$ 5,601,385	$ (1,964,478)			$ (1,964,474)		$ 12,917		$ 12,917						$ 14,696	$ 22,523	$ (21,334)	$ 179,573	$ (1,195,343)	$ 122,059									$ (1,269,433)	$ 891,115	$ 18,975			$ 22,825		$ 19,290	$ (3,375)	$ 741,664	$ (56,702)									$ 774,953	$ 70,134	$ (8,610)			$ 168,523	$ 4,733	$ 493,587	$ 416,924	$ 6,486,073	$ 11,380									$ 7,203,683	$ 353,570			$ (187,166)	$ 76,986	$ (352,641)	$ (918,634)	$ (6,408,752)	$ 442,669									$ (7,080,635)	$ 851,771	$ (507,227)			$ (507,227)			$ 6,927				$ 232,555										$ 365,829				$ 6,826	$ 3,727							$ 6,825	$ 3,727			$ (32,436)	$ 13,625	$ 7,970	$ (272,223)	$ (943,231)	$ (23,315)									$ (926,384)	$ (13,430,017)			$ 257,190				$ 257,190			$ (286,580)		$ (398,834)	$ 1,070,542	$ 684,350	$ (95,263)									$ 2,727,550	$ (423,746)					$ (1,141)		$ (1,142)				$ (1,195)			$ (1,195)			$ 142,837	$ 20,708	$ 36,928	$ 19,602	$ 1,265,531	$ 407,889									$ 3,469,796	$ 1,352,108			$ 130,094	$ 130,094			$ (6,784)	$ (24,881)	$ 688		$ (222,266)	$ (1,508,797)									$ (228,362)	$ (1,533,678)			$ (22,625)	$ (22,625)			$ 13,571	$ (2,284)	$ 26,141		$ 301,060	$ 56,394									$ 413,304	$ 78,923			$ (6,125)	$ 2,100			$ (279,481)	$ 896									$ (286,100)	$ 4,052			$ 17,277	$ 229,378	$ 115,030		$ 2,106,681	$ 1,984,386									$ 4,069,517	$ 4,207,802			$ (44,183)	$ (31)	$ 2,456		$ (99,753)	$ (134,897)									$ (142,187)	$ (134,928)				$ 2,876	$ 2,027		$ 131,628	$ 57,916									$ 168,041	$ 666,559				$ (173)	$ (11,134)	$ (75,712)	$ (192)	$ (22,100)									$ (11,599)	$ (94,959)					$ 48,221	$ 22,026	$ 563,169			$ 889,685		$ (4,952)		$ (5,144)			$ (16,043)						$ (194,462)	$ (152,208)							$ (1,105,701)				$ 20,200		$ 82,675		$ 293,052									$ 3,257,794								$ (15,153)	$ (8,013)					$ (4,501)														$ 13,273	$ 11,574	$ 1,440									$ 15,257	$ (3,750)	$ (246,120)	$ 471,246									$ (223,371)	$ 575,766							$ 1,074			$ (8,511)	$ (30,196)					$ (8,511)	$ (29,121)				$ 31,011	$ (303,923)	$ (1,017,374)	$ (529,294)	$ 230,760									$ (1,908,037)	$ (8,190,181)			$ 1,717,013	$ 713,205			$ 2,430,218			$ (47,213)	$ 314,855	$ 1,335,566	$ 273,765	$ (5,629)	$ (451,002)									$ 3,700,411	$ 3,561,139			$ (442,840)	$ (51,850)			$ (494,690)			$ (115,836)	$ 6,731	$ (290,563)	$ 111,130	$ (161,478)	$ 185,788									$ (1,088,709)	$ 483,160	$ 1,784,703			$ 1,793,428			$ 98,918	$ (3,693)	$ (2,540)	$ (864)	$ 9,400	$ 3,585									$ 105,777	$ (2,153)	$ (583,158)			$ (601,758)		$ (5,073)		$ (53,797)	$ 5,579									$ (63,851)	$ 5,579								$ (22,258)									$ 813	$ (27,463)			$ (141,705)	$ 31,302	$ (90,372)	$ (4,720)	$ (2,334,392)	$ 67,663									$ (3,681,713)	$ 252,897				$ 18,129				$ (396,702)									$ (398,770)			$ (27,388)		$ 8,330		$ 56,073	$ (171,692)									$ 50,246	$ (187,635)				$ 6,645			$ (112,900)	$ 110,866									$ (133,076)	$ 137,100		$ (15,225)		$ (106,568)			$ (132,932)					$ (3,892)	$ 4,463	$ (21,588)			$ (26,803)							$ 2,231		$ (135)		$ (135)			$ 955,324	$ 283,500	$ 5,739,753	$ (35,903,640)	$ 26,072,195	$ (2,979,817)									$ 34,948,137	$ (35,140,591)	$ 4,439,312					$ 2,104,297	$ 12,166,832			$ 14,283,704			$ (691,301)		$ (12,624)	$ (37,850)				$ 1,006,039			$ 842,074			$ 1,044,832		$ 1,520	$ (26,290)	$ (300,490)							$ (3,481,430)			$ 32,792	$ (100)		$ 573,850		$ 22,315									$ 32,792	$ 3,495,760			$ 2,513,273						$ (1,169,881)	$ 508,872	$ 1,627,153	$ 9,968,962	$ (27,595,380)							$ (29,985,814)	$ 16,178,751			$ (214,557)	$ 792,372	$ 9,471,203	$ (25,934,678)	$ 10,849,389	$ 13,104,541									$ 14,238,392	$ (6,556,700)			$ (465,465)	$ (4,128,758)			$ (4,621,429)	$ 8,274,558		$ 4,721,616		$ 5,395,419		$ 13,580,404		$ 2,213,378		$ 106,913		$ 3,779,268		$ 1,845,971		$ 3,916,244			$ (4,236,391)			$ 3,169,044			$ (3,625,969)			$ 2,792,292			$ 5,277,141			$ 3,801,840			$ (2,334,610)			$ (4,723,580)			$ (2,218,122)			$ 5,307,480			$ 5,307,480	$ 19,907,597			$ 19,907,597	$ 25,215,077	$ 23,819,312		$ 34,397		$ 2,583	$ 25,215,077	$ 24,211,688																			$ (3,555,016)			$ (3,802,753)			$ (4,371,122)			$ (1,647,299)			$ 892,954			$ (836,209)			$ (3,069,350)			$ (11,121,080)	$ (11,121,080)			$ (2,559,548)			$ (4,790,794)			$ (1,842,322)			$ (1,910,259)			$ 1,591,665			$ 869,669			$ 2,835,790			$ 2,879,260			$ 2,867,576			$ 1,370,557	$ 7,976,700	$ 3,484,374	$ 4,560,486	$ 14,052,173	$ 2,094,416	$ 157,304	$ 3,768,316	$ 1,849,901		$ 8,580,604	$ 3,748,172	$ 4,905,754	$ 15,116,043	$ 2,252,982	$ 169,213	$ 4,053,611	$ 1,989,954	$ 39,917,527		$ 16,557,304	$ 7,232,546	$ 9,466,240	$ 29,168,216	$ 4,347,398	$ 326,517	$ 7,821,927	$ 3,839,855																											$ 17,706,757			$ 17,706,757		$ 5,881,772			$ 525	$ (351,303)	$ (28,855,979)	$ (386,206)
Investment Owned, Underlying Face Amount, at Market Value																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																											7,607,592	7,715,249	4,341,033	3,370,168	4,960,525	4,411,008	12,485,764	13,591,588	2,034,970	2,025,768	98,295	152,148	3,474,642	3,644,803	1,697,178	1,789,267																																																																																																																														36,500,000									36,700,000	36,700,000										7,673,204	3,351,802	4,386,970	13,517,520	2,014,729	151,319	3,624,941	1,779,516	15,388,453	6,721,970	8,797,978	27,109,108	4,040,497	303,467	7,269,744	3,568,783
Investment Owned, Value				11,928,779			11,933,138							205,742	(283,733)									(386,206)	472,001	(3,326,453)			(3,336,326)	131,004	57,225	74,898	230,783	34,397	2,583	61,888	30,381	6,504,931		6,270,844		6,270,844			265,363	(40,664)	396,184	(49,183)	(8,647,695)	(1,930,354)									3,187,492	(1,511,157)	3,725,490			7,527,330				18,428	71,420	13,843	9,773,496	1,630,955										1,266,138	(1,022,045)			(1,022,045)			1,102,423			(1,048,310)			622,976	(37,959)	4,225,576	(206,400)	13,756,516	(3,533,012)									24,205,485	(4,401,353)	2,122,619			2,122,619			(712,790)	57,511	(2,646,585)	290,936	(14,276,870)	4,181,645										5,601,385	(1,964,478)			(1,964,474)		12,917		12,917						14,696	22,523	(21,334)	179,573	(1,195,343)	122,059									(1,269,433)	891,115	18,975			22,825		19,290	(3,375)	741,664	(56,702)									774,953	70,134	(8,610)			168,523	4,733	493,587	416,924	6,486,073	11,380									7,203,683	353,570			(187,166)	76,986	(352,641)	(918,634)	(6,408,752)	442,669									(7,080,635)	851,771	(507,227)			(507,227)			6,927				232,555										365,829				6,826	3,727							6,825	3,727			(32,436)	13,625	7,970	(272,223)	(943,231)	(23,315)									(926,384)	(13,430,017)			257,190				257,190			(286,580)		(398,834)	1,070,542	684,350	(95,263)									2,727,550	(423,746)					(1,141)		(1,142)				(1,195)			(1,195)			142,837	20,708	36,928	19,602	1,265,531	407,889									3,469,796	1,352,108			130,094	130,094			(6,784)	(24,881)	688		(222,266)	(1,508,797)									(228,362)	(1,533,678)			(22,625)	(22,625)			13,571	(2,284)	26,141		301,060	56,394									413,304	78,923			(6,125)	2,100			(279,481)	896									(286,100)	4,052			17,277	229,378	115,030		2,106,681	1,984,386									4,069,517	4,207,802			(44,183)	(31)	2,456		(99,753)	(134,897)									(142,187)	(134,928)				2,876	2,027		131,628	57,916									168,041	666,559				(173)	(11,134)	(75,712)	(192)	(22,100)									(11,599)	(94,959)					48,221	22,026	563,169			889,685		(4,952)		(5,144)			(16,043)						(194,462)	(152,208)							(1,105,701)				20,200		82,675		293,052									3,257,794								(15,153)	(8,013)					(4,501)														13,273	11,574	1,440									15,257	(3,750)	(246,120)	471,246									(223,371)	575,766							1,074			(8,511)	(30,196)					(8,511)	(29,121)				31,011	(303,923)	(1,017,374)	(529,294)	230,760									(1,908,037)	(8,190,181)			1,717,013	713,205			2,430,218			(47,213)	314,855	1,335,566	273,765	(5,629)	(451,002)									3,700,411	3,561,139			(442,840)	(51,850)			(494,690)			(115,836)	6,731	(290,563)	111,130	(161,478)	185,788									(1,088,709)	483,160	1,784,703			1,793,428			98,918	(3,693)	(2,540)	(864)	9,400	3,585									105,777	(2,153)	(583,158)			(601,758)		(5,073)		(53,797)	5,579									(63,851)	5,579								(22,258)									813	(27,463)			(141,705)	31,302	(90,372)	(4,720)	(2,334,392)	67,663									(3,681,713)	252,897				18,129				(396,702)									(398,770)			(27,388)		8,330		56,073	(171,692)									50,246	(187,635)				6,645			(112,900)	110,866									(133,076)	137,100		(15,225)		(106,568)			(132,932)					(3,892)	4,463	(21,588)			(26,803)							2,231		(135)		(135)			955,324	283,500	5,739,753	(35,903,640)	26,072,195	(2,979,817)									34,948,137	(35,140,591)	4,439,312					2,104,297	12,166,832			14,283,704			(691,301)		(12,624)	(37,850)				1,006,039			842,074			1,044,832		1,520	(26,290)	(300,490)							(3,481,430)			32,792	(100)		573,850		22,315									32,792	3,495,760			2,513,273						(1,169,881)	508,872	1,627,153	9,968,962	(27,595,380)							(29,985,814)	16,178,751			(214,557)	792,372	9,471,203	(25,934,678)	10,849,389	13,104,541									14,238,392	(6,556,700)			(465,465)	(4,128,758)			(4,621,429)	8,274,558		4,721,616		5,395,419		13,580,404		2,213,378		106,913		3,779,268		1,845,971		3,916,244			(4,236,391)			3,169,044			(3,625,969)			2,792,292			5,277,141			3,801,840			(2,334,610)			(4,723,580)			(2,218,122)			5,307,480			5,307,480	19,907,597			19,907,597	25,215,077	23,819,312		34,397		2,583	25,215,077	24,211,688																			(3,555,016)			(3,802,753)			(4,371,122)			(1,647,299)			892,954			(836,209)			(3,069,350)			(11,121,080)	(11,121,080)			(2,559,548)			(4,790,794)			(1,842,322)			(1,910,259)			1,591,665			869,669			2,835,790			2,879,260			2,867,576			1,370,557	7,976,700	3,484,374	4,560,486	14,052,173	2,094,416	157,304	3,768,316	1,849,901		8,580,604	3,748,172	4,905,754	15,116,043	2,252,982	169,213	4,053,611	1,989,954	39,917,527		16,557,304	7,232,546	9,466,240	29,168,216	4,347,398	326,517	7,821,927	3,839,855																											17,706,757			17,706,757		5,881,772			525	(351,303)	(28,855,979)	(386,206)
Investment Owned, at Cost																																										$ 8,487,603																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																	$ 7,880,396	$ 7,991,913	$ 4,496,700	$ 3,491,020	$ 5,138,406	$ 4,569,184	$ 12,933,496	$ 14,078,974	$ 2,107,943	$ 2,098,411	$ 101,820	$ 157,604	$ 3,559,241	$ 3,775,504	$ 1,758,037	$ 1,853,429																																																																																																																														$ 38,125,391									$ 38,016,039	$ 38,016,039										$ 8,014,902	$ 3,501,062	$ 4,582,327	$ 14,119,472	$ 2,104,447	$ 158,057	$ 3,786,364	$ 1,858,760									$ 16,006,815	$ 6,992,082	$ 9,151,511	$ 28,198,446	$ 4,202,858	$ 315,661	$ 7,561,868	$ 3,712,189
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	0.00%	0.00%	4.02%	0.00%	0.00%	1.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%	(0.27%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.07%)	0.07%	(1.12%)	0.00%	0.00%	(0.52%)	0.10%	0.11%	0.09%	0.08%	0.09%	0.06%	0.12%	0.10%	1.02%	0.00%	15.83%	0.00%	0.98%	0.00%	0.00%	0.46%	(0.08%)	0.59%	(0.06%)	(3.92%)	(0.65%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.56%	(0.24%)	1.69%	0.00%	0.00%	1.31%	0.00%	0.00%	0.00%	0.03%	0.11%	0.02%	4.43%	0.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.20%	(0.46%)	0.00%	0.00%	(0.18%)	0.00%	0.00%	1.64%	0.00%	0.00%	(1.56%)	0.00%	0.00%	1.08%	(0.07%)	6.28%	(0.25%)	6.23%	(1.19%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.22%	(0.69%)	0.96%	0.00%	0.00%	0.37%	0.00%	0.00%	(1.23%)	0.11%	(3.94%)	0.36%	(6.47%)	1.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.88%	(0.89%)	0.00%	0.00%	(0.34%)	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.04%	(0.03%)	0.22%	(0.54%)	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.22%)	0.14%	0.01%	0.00%	0.00%	0.00%	0.00%	0.04%	0.00%	0.34%	(0.02%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.14%	0.01%	0.00%	0.00%	0.00%	0.29%	0.01%	0.73%	0.51%	2.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.26%	0.06%	0.00%	0.00%	(0.32%)	0.15%	(0.52%)	(1.13%)	(2.90%)	0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(1.23%)	0.13%	(0.23%)	0.00%	0.00%	(0.09%)	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%	0.00%	0.00%	0.00%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.06%)	0.03%	0.01%	(0.34%)	(0.43%)	(0.01%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.16%)	(2.11%)	0.00%	0.00%	0.38%	0.00%	0.00%	0.00%	0.04%	0.00%	0.00%	(0.05%)	0.00%	(0.59%)	1.32%	0.31%	(0.03%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.48%	(0.07%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%	0.04%	0.05%	0.02%	0.57%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.60%	0.21%	0.00%	0.00%	0.19%	0.02%	0.00%	0.00%	(0.01%)	(0.05%)	0.00%	0.00%	(0.10%)	(0.51%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.04%)	(0.24%)	0.00%	0.00%	(0.03%)	0.00%	0.00%	0.00%	0.02%	0.00%	0.04%	0.00%	0.14%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	0.01%	0.00%	0.00%	(0.01%)	0.00%	0.00%	0.00%	(0.13%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.05%)	0.00%	0.00%	0.00%	0.30%	0.43%	0.17%	0.00%	0.95%	0.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.71%	0.66%	0.00%	0.00%	(0.08%)	0.00%	0.00%	0.00%	(0.05%)	(0.05%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.02%)	(0.02%)	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.06%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.10%	0.00%	0.00%	0.00%	0.00%	(0.02%)	(0.09%)	0.00%	(0.01%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.01%)	0.00%	0.00%	0.00%	0.00%	0.08%	0.03%	0.26%	0.00%	0.00%	0.16%	0.00%	(0.01%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.24%)	(0.05%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.17%)	0.00%	0.00%	0.00%	0.04%	0.00%	0.10%	0.00%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.03%)	(0.01%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.11%)	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.04%)	0.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.01%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%	(0.45%)	(1.25%)	(0.24%)	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.33%)	(1.28%)	0.00%	0.00%	2.55%	0.32%	0.00%	0.00%	0.42%	0.00%	0.00%	(0.08%)	0.60%	1.99%	0.34%	0.00%	(0.15%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.64%	0.56%	0.00%	0.00%	(0.66%)	(0.02%)	0.00%	0.00%	(0.09%)	0.00%	0.00%	(0.20%)	0.01%	(0.43%)	0.14%	(0.07%)	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.19%)	0.08%	0.81%	0.00%	0.00%	0.31%	0.00%	0.00%	0.17%	(0.01%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.00%	(0.26%)	0.00%	0.00%	(0.10%)	0.00%	(0.01%)	0.00%	(0.02%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.01%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.01%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.24%)	0.06%	(0.13%)	(0.01%)	(1.06%)	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.64%)	0.04%	0.00%	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%	(0.13%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.06%)	0.00%	0.00%	(0.05%)	0.00%	0.01%	0.00%	0.03%	(0.06%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	(0.03%)	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	(0.05%)	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.02%)	0.02%	0.00%	(0.03%)	0.00%	(0.05%)	0.00%	0.00%	(0.02%)	0.00%	0.00%	0.00%	0.00%	(0.01%)	0.01%	(0.01%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.91%	0.54%	8.53%	(44.22%)	11.83%	(1.01%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.11%	(5.51%)	1.50%	0.00%	0.00%	0.00%	0.00%	3.12%	5.51%	0.00%	0.00%	2.47%	0.00%	0.00%	(1.03%)	0.00%	(0.02%)	(0.06%)	0.00%	0.00%	0.00%	1.50%	0.00%	0.00%	1.25%	0.00%	0.00%	1.55%	0.00%	0.00%	(0.03%)	(0.10%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(0.55%)	0.00%	0.00%	0.06%	0.00%	0.00%	0.71%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.55%	0.00%	0.00%	3.74%	0.00%	0.00%	0.00%	0.00%	0.00%	(1.57%)	0.96%	2.42%	12.30%	(12.49%)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(5.20%)	2.52%	0.00%	0.00%	(0.37%)	1.50%	14.07%	(31.92%)	4.94%	4.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.51%	(1.05%)	0.00%	0.00%	(0.69%)	(1.86%)	0.00%	0.00%	(0.80%)	6.86%		8.16%		8.02%		5.04%		7.45%		3.39%		8.70%		7.74%		1.77%	0.00%	0.00%	(1.92%)	0.00%	0.00%	1.44%	0.00%	0.00%	(1.64%)	0.00%	0.00%	1.27%	0.00%	0.00%	2.39%	0.00%	0.00%	1.72%	0.00%	0.00%	(1.06%)	0.00%	0.00%	(2.14%)	0.00%	0.00%	(1.00%)	0.00%	0.00%	2.40%	0.00%	0.00%	0.92%	9.02%	0.00%	0.00%	3.47%	11.42%	8.03%	0.00%	0.09%	0.00%	0.06%	4.39%	3.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	(4.38%)	0.00%	0.00%	(4.68%)	0.00%	0.00%	(5.38%)	0.00%	0.00%	(2.03%)	0.00%	0.00%	1.10%	0.00%	0.00%	(1.03%)	0.00%	0.00%	(3.78%)	0.00%	0.00%	(13.70%)	(1.74%)	0.00%	0.00%	(3.15%)	0.00%	0.00%	(5.90%)	0.00%	0.00%	(2.27%)	0.00%	0.00%	(2.35%)	0.00%	0.00%	1.96%	0.00%	0.00%	1.07%	0.00%	0.00%	3.49%	0.00%	0.00%	3.55%	0.00%	0.00%	3.53%	0.00%	0.00%	1.69%	5.95%	6.59%	6.03%	4.74%	5.29%	3.64%	7.53%	6.01%	0.00%	6.40%	7.09%	6.49%	5.10%	5.69%	3.92%	8.10%	6.47%	6.96%	0.00%	12.35%	13.68%	12.52%	9.84%	10.98%	7.56%	15.63%	12.48%	0.00%																										5.97%	0.00%	0.00%	2.78%		1.98%	0.00%	0.00%	0.00%	(0.06%)	(5.03%)	(0.07%)
Termination date																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																																				Nov. 06, 2012				Nov. 06, 2012	Jun. 30, 2016

XML

Indemnifications

9 Months Ended

Sep. 30, 2012

Indemnifications

10. Indemnifications

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

The Frontier Fund [Member]

Indemnifications

9. Indemnifications

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

XML

Document and Entity Information	9 Months Ended
	Sep. 30, 2012
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q3
Trading Symbol	FRFD
Entity Registrant Name	FRONTIER FUND
Entity Central Index Key	0001261379
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0

XML

Subsequent Events

9 Months Ended

Sep. 30, 2012

Subsequent Events

11. Subsequent Events

None.

The Frontier Fund [Member]

Subsequent Events

10. Subsequent Events

None.

XML

Consolidated Condensed Schedules of Investments (Parenthetical) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2012	Dec. 31, 2011
U.S. Treasury Note 4.000% Due 02/15/2015 [Member]
Rate	4.00%	4.00%
Debt Instrument, Maturity Date	Feb. 15, 2015	Feb. 15, 2015
U.S. Treasury Note 3.875% due 02/15/2013 (Cost $38,125,391) [Member]
Investment Owned, Underlying Face Amount, at Market Value		36,500,000
Rate		3.875%
Investment Owned, at Cost		38,125,391
Debt Instrument, Maturity Date		Feb. 15, 2013
U.S. Treasury Note 4.000% due 02/15/2015 (Cost $38,016,039) [Member]
Investment Owned, Underlying Face Amount, at Market Value		36,700,000
Rate		4.00%
Investment Owned, at Cost		38,016,039
Debt Instrument, Maturity Date		Feb. 15, 2015
U.S. Treasury Note 3.875% Due 02/15/2013 [Member]
Rate		3.875%
Debt Instrument, Maturity Date		Feb. 15, 2013
Long Futures Contracts [Member] | Aluminum Settling 10/1/12 (Number of Contracts: 203) [Member]
Number of Contracts	203
Settling	Oct. 01, 2012
Long Futures Contracts [Member] | Aluminum Settling 10/1/12 (Number of Contracts: 941) [Member]
Number of Contracts	941
Settling	Oct. 01, 2012
Long Futures Contracts [Member] | Lead Settling 10/1/12 (Number of Contracts: 375) [Member]
Number of Contracts	375
Settling	Oct. 01, 2012
Long Futures Contracts [Member] | Lead Settling 11/1/12 (Number of Contracts: 368) [Member]
Number of Contracts	368
Settling	Nov. 01, 2012
Long Futures Contracts [Member] | Copper @ LME Settling 10/1/12 (Number of Contracts: 397) [Member]
Number of Contracts	397
Settling	Oct. 01, 2012
Long Futures Contracts [Member] | Light Crude Oil Settling 11/1/12 (Number of Contracts: 841) [Member]
Number of Contracts		841
Settling		Nov. 01, 2012
Long Futures Contracts [Member] | Light Crude Oil Settling 1/1/13 (Number of Contracts: 841) [Member]
Number of Contracts		841
Settling		Jan. 01, 2013
Long Futures Contracts [Member] | Light Crude Oil Settling 9/1/13 (Number of Contracts: 1,002) [Member]
Number of Contracts		1,002
Settling		Sep. 01, 2013
Long Futures Contracts [Member] | NYM RBOB Gas Settling 5/1/12 (Number of Contracts: 238) [Member]
Number of Contracts		238
Settling		May 01, 2012
Long Futures Contracts [Member] | NYM RBOB Gas Settling 6/1/12 (Number of Contracts: 330) [Member]
Number of Contracts		330
Settling		Jun. 01, 2012
Long Futures Contracts [Member] | ICE Brent Crude Oil Settling 12/1/13 (Number of Contracts: 1,357) [Member]
Number of Contracts		1,357
Settling		Dec. 01, 2013
Long Futures Contracts [Member] | Silver @ COMEX Settling 12/1/13 (Number of Contracts: 152) [Member]
Number of Contracts		152
Settling		Dec. 01, 2013
Long Futures Contracts [Member] | Coffee @ CSCE Settling 12/1/12 (Number of Contracts: 151) [Member]
Number of Contracts		151
Settling		Dec. 01, 2012
Long Futures Contracts [Member] | Corn Settling 12/1/12 (Number of Contracts: 1,525) [Member]
Number of Contracts		1,525
Settling		Dec. 01, 2012
Long Futures Contracts [Member] | Heating Oil Settling 9/1/12 (Number of Contracts: 393) [Member]
Number of Contracts		393
Settling		Sep. 01, 2012
Options Purchased [Member] | Aluminum Settling 10/1/12 (Number of Contracts: 941) [Member]
Number of Contracts	941
Settling	Oct. 01, 2012
Options Purchased [Member] | Gold @ Comex Call @ 3,400 Expiring 6/1/13 (Number of Contracts: 248) [Member]
Number of Contracts	248
Settling	Jun. 01, 2013
Short Futures Contracts [Member] | Aluminum Settling 10/1/12 (Number of Contracts: 203) [Member]
Number of Contracts	203
Settling	Oct. 01, 2012
Short Futures Contracts [Member] | Aluminum Settling 11/1/12 (Number of Contracts: 159) [Member]
Number of Contracts	159
Settling	Nov. 01, 2012
Short Futures Contracts [Member] | Crude Oil, Light Settling 2/1/13 (Number of Contracts: 434) [Member]
Number of Contracts	434
Settling	Feb. 01, 2013
Short Futures Contracts [Member] | Crude Oil, Light Settling 4/1/13 (Number of Contracts: 180) [Member]
Number of Contracts	180
Settling	Apr. 01, 2013
Short Futures Contracts [Member] | Crude Oil, Light Settling 6/1/13 (Number of Contracts: 390) [Member]
Number of Contracts	390
Settling	Jun. 01, 2013
Short Futures Contracts [Member] | Soybeans Settling 1/1/13 (Number of Contracts: 402) [Member]
Number of Contracts	402
Settling	Jan. 01, 2013
Short Futures Contracts [Member] | Soybeans Settling 11/1/12 (Number of Contracts: 810) [Member]
Number of Contracts	810
Settling	Nov. 01, 2012
Short Futures Contracts [Member] | Lead Settling 10/1/12 (Number of Contracts: 375) [Member]
Number of Contracts	375
Settling	Oct. 01, 2012
Short Futures Contracts [Member] | Lead Settling 11/1/12 (Number of Contracts: 258) [Member]
Number of Contracts	258
Settling	Nov. 01, 2012
Short Futures Contracts [Member] | Copper @ LME Settling 10/1/12 (Number of Contracts: 323) [Member]
Number of Contracts	323
Settling	Oct. 01, 2012
Short Futures Contracts [Member] | Nickel @ LME Settling 10/1/12 (Number of Contracts: 147) [Member]
Number of Contracts	147
Settling	Oct. 01, 2012
Short Futures Contracts [Member] | Light Crude Oil Settling 12/1/12 (Number of Contracts: 218) [Member]
Number of Contracts		218
Settling		Dec. 01, 2012
Short Futures Contracts [Member] | Light Crude Oil Settling 12/1/13 (Number of Contracts: 842) [Member]
Number of Contracts		842
Settling		Dec. 01, 2013
Short Futures Contracts [Member] | Heating Oil Settling 6/1/12 (Number of Contracts: 373) [Member]
Number of Contracts		373
Settling		Jun. 01, 2012
Short Futures Contracts [Member] | NYM RBOB Gas Settling 4/1/12 (Number of Contracts: 2,123) [Member]
Number of Contracts		2,123
Settling		Apr. 01, 2012
Short Futures Contracts [Member] | ICE Brent Crude Oil Settling 12/1/12 (Number of Contracts: 78) [Member]
Number of Contracts		78
Settling		Dec. 01, 2012
Short Futures Contracts [Member] | Silver @ COMEX Settling 12/1/12 (Number of Contracts: 152) [Member]
Number of Contracts		152
Settling		Dec. 01, 2012
Short Futures Contracts [Member] | Corn Settling 7/1/12 (Number of Contracts: 1,123) [Member]
Number of Contracts		1,123
Settling		Jul. 01, 2012
Short Futures Contracts [Member] | Corn Settling 9/1/12 (Number of Contracts: 288) [Member]
Number of Contracts		288
Settling		Sep. 01, 2012
Swaps [Member] | Total Return Option Basket Swap (Termination Date 11/6/12) [Member]
Termination date		Nov. 06, 2012
The Frontier Fund [Member] | U.S. Treasury Note 3.875% due 02/15/2013 (Cost $38,125,391) [Member]
Investment Owned, Underlying Face Amount, at Market Value		36,500,000
Rate		3.875%
Investment Owned, at Cost		38,125,391
Debt Instrument, Maturity Date		Feb. 15, 2013
The Frontier Fund [Member] | U.S. Treasury Note 4.000% due 02/15/2015 (Cost $38,016,039) [Member]
Investment Owned, Underlying Face Amount, at Market Value	36,700,000	36,700,000
Rate	4.00%	4.00%
Investment Owned, at Cost	38,016,039	38,016,039
Debt Instrument, Maturity Date	Feb. 15, 2015	Feb. 15, 2015
The Frontier Fund [Member] | Long Futures Contracts [Member] | Silver @ COMEX Settling 12/1/13 (Number of Contracts: 152) [Member]
Number of Contracts		152
Settling		Dec. 01, 2013
The Frontier Fund [Member] | Swaps [Member] | Total Return Option Basket Swap (Termination Date 11/6/12) [Member]
Termination date		Nov. 06, 2012
The Frontier Fund [Member] | Investment in Berkeley Quantitative Colorado Fund LLC (Cost Of $8,487,603) [Member]
Investment Owned, at Cost		8,487,603

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Investments in Unconsolidated Trading Companies

9 Months Ended

Sep. 30, 2012

Investments in Unconsolidated Trading Companies

5. Investments in Unconsolidated Trading Companies

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

The following table summarizes the Balanced Series, Winton Series, Currency Series, Tiverton/Graham/Transtrend Series, Winton/Graham Series, Frontier Long/Short Commodity Series, Frontier Diversified Series, and Frontier Masters Series investments in unconsolidated Trading Companies as of September 30, 2012 and December 31, 2011.

	As of September 30, 2012					As of December 31, 2011
	Percentage of Series Net Assets Invested in Unconsolidated Trading  Companies			Fair Value		Percentage of Series Net Assets Invested in Unconsolidated Trading  Companies			Fair Value
Series
Frontier Diversified Series —
Frontier Trading Companies I, II, V, VII, IX, XIV, XV, XVIII, XXI and XXIII		35.22	%	$	42,501,058		28.54	%	$	38,240,171
Frontier Masters Series —
Frontier Trading Companies II, XIV and XV		14.27	%	$	8,579,221		8.92	%	$	4,717,914
Frontier Long/Short Commodity Series —
Frontier Trading Company I, XVIII and XXIII		4.93	%	$	3,729,273		5.03	%	$	4,081,988
Balanced Series —
Frontier Trading Companies II, V, VII and XVIII		6.68	%	$	18,012,182		6.17	%	$	18,255,809
Tiverton/Graham/Transtrend Series) (1) —
Frontier Trading Companies V, XV and XXI		29.54	%	$	8,779,345		20.79	%	$	8,234,047
Currency Series —
Frontier Trading Company XVII		67.37	%	$	2,122,993		54.46	%	$	2,352,121
Winton Series —
Frontier Trading Company II		16.16	%	$	7,020,423		9.45	%	$	4,731,916
Winton/Graham Series —
Frontier Trading Companies II and V		25.71	%	$	6,129,459		27.53	%	$	8,473,424

(1) Formerly known as the Berkeley/Graham/Tiverton Series.

The following tables summarize the Balanced Series, Winton Series, Currency Series, Tiverton/Graham/Transtrend Series, Winton/Graham Series, Frontier Long/Short Commodity Series, Frontier Diversified Series and Frontier Masters Series equity in earnings from unconsolidated Trading Companies for the nine and three months ended September 30, 2012 and 2011.

	Nine Months Ended September 30, 2012												Nine Months Ended September 30, 2011
	Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Change in Fair Value of Investments in Unconsolidated Trading Companies			Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Change in Fair Value of Investments in Unconsolidated Trading Companies
Trading Company
Frontier Diversified Series —
Frontier Trading Company I LLC	$	(548,081	)	$	2,682,665		$	43,648		$	2,178,232		$	(897,614	)	$	(7,744,476	)	$	(2,676,647	)	$	(11,318,737	)
Frontier Trading Company II LLC		(24,988	)		(349,717	)		(446,860	)		(821,565	)		(14,487	)		3,368,474			(661,284	)		2,692,703
Frontier Trading Company V LLC		(60,488	)		520,005			(511,640	)		(52,124	)		(23,822	)		(209,318	)		(49,320	)		(282,460	)
Frontier Trading Company VI LLC		—			—			—			—			(1,073	)		192,170			(95,556	)		95,541
Frontier Trading Company VII, LLC		(292,225	)		(11,523,540	)		8,122,052			(3,693,712	)		(327,082	)		(21,067	)		12,668,099			12,319,950
Frontier Trading Company IX, LLC		(12,383	)		(279,001	)		(62,409	)		(353,793	)		(14,896	)		876,952			47,909			909,965
Frontier Trading Company XIV, LLC		(422,308	)		9,598,657			134,134			9,310,484			—			—			—			—
Frontier Trading Company XV, LLC		(109,628	)		(1,024,135	)		(99,522	)		(1,233,285	)		(90,654	)		3,796,286			(160,106	)		3,545,526
Frontier Trading Company XVIII, LLC		(24,995	)		306,715			(105,758	)		175,962			(96,902	)		(514,956	)		1,944,940			1,333,082
Frontier Trading Company XXI, LLC		(834	)		26,658			(3,205	)		22,619			(529	)		(32,296	)		2,614			(30,211	)
Frontier Trading Company XXIII, LLC		(22,330	)		(367,519	)		135,130			(254,719	)		—			—			—			—
Total	$	(1,518,260	)	$	(409,212	)	$	7,205,570		$	5,278,098		$	(1,467,059	)	$	(288,231	)	$	11,020,649		$	9,265,359
Frontier Masters Series —
Frontier Trading Company II LLC	$	(11,779	)	$	(157,423	)	$	(229,350	)	$	(398,552	)	$	(9,236	)	$	1,956,691		$	(449,243	)	$	1,498,212
Frontier Trading Company XIV, LLC		(195,378	)		4,036,881			(139,982	)		3,701,521			(117,075	)		3,793,892			32,591		$	3,709,408
Frontier Trading Company XV, LLC		(38,432	)		(318,002	)		(57,922	)		(414,356	)		(34,342	)		3,540			527,601		$	496,799
Total	$	(245,589	)	$	3,561,456		$	(427,254	)	$	2,888,613		$	(160,653	)	$	5,754,123		$	110,949		$	5,704,419
Frontier Long/Short Commodity Series —
Frontier Trading Company I LLC	$	(48,910	)	$	(1,444,726	)	$	(350,054	)	$	(1,843,690	)	$	(38,668	)	$	924,491		$	(234,820	)	$	651,003
Frontier Trading Companies VII, LLC		—			—			—			—			(351,809	)		73,665,834			(63,287,455	)		10,026,570
Frontier Trading Companies XVIII, LLC		(11,271	)		116,615			(48,976	)		56,368			—			—			—			—
Frontier Trading Companies XXIII, LLC		(18,453	)		(103,400	)		82,874			(38,979	)		—			—			—			—
Total	$	(78,634	)	$	(1,431,511	)	$	(316,155	)	$	(1,826,301	)	$	(390,477	)	$	74,590,325		$	(63,522,275	)	$	10,677,573
Balanced Series —
Frontier Trading Company II LLC	$	(49,697	)	$	(652,377	)	$	(1,302,487	)	$	(2,004,561	)	$	(32,907	)	$	7,421,284		$	(1,495,919	)	$	5,892,458
Frontier Trading Company V LLC		(103,975	)		769,579			(636,783	)		28,821			—			—			—			—
Frontier Trading Company VII, LLC		(545,241	)		(22,610,306	)		16,047,057			(7,108,490	)		(908,254	)		3,534,286			33,194,115			35,820,147
Frontier Trading Company XIV, LLC		—			—			—			—			(83,595	)		2,045,925			(189,232	)		1,773,098
Frontier Trading Company XVIII, LLC		(10,452	)		267,327			(42,881	)		213,994			—			—			—			—
Frontier Trading Company XXIII, LLC		(20,804	)		229,730			45,494			254,420			—			—			—			—
Total	$	(730,169	)	$	(21,996,047	)	$	14,110,400		$	(8,615,816	)	$	(1,024,756	)	$	13,001,495		$	31,508,964		$	43,485,703
Tiverton/Graham/Transtrend Series (1) —
Frontier Trading Company V LLC	$	(113,007	)	$	2,510,500		$	(2,450,908	)	$	(53,415	)	$	(180,284	)	$	(1,297,538	)	$	(397,302	)	$	(1,875,124	)
Frontier Trading Company VI LLC		—			—			—			—			(1,451	)		259,429			(127,648	)		130,330
Frontier Trading Company XV, LLC		(53,677	)		(399,398	)		(135,117	)		(588,191	)		(53,403	)		87,930			528,354			562,881
Frontier Trading Company XXI, LLC		(28,537	)		1,173,471			(625,981	)		518,953			—			—			—			—
Total	$	(195,221	)	$	3,284,573		$	(3,212,006	)	$	(122,653	)	$	(235,138	)	$	(950,179	)	$	3,404		$	(1,181,913	)
Currency Series —
Frontier Trading Company XVII LLC	$	—		$	—		$	(229,606	)	$	(229,606	)	$	—		$	—		$	(94,181	)	$	(94,181	)
Winton Series —
Frontier Trading Company II LLC	$	(39,805	)	$	(531,851	)	$	(774,310	)	$	(1,345,966	)	$	(32,669	)	$	7,149,687		$	(1,508,780	)	$	5,608,238
Winton/Graham Series —
Frontier Trading Company II LLC	$	(13,788	)	$	(203,332	)	$	(72,990	)	$	(290,109	)	$	(15,117	)	$	3,224,822		$	(728,888	)	$	2,480,817
Frontier Trading Company V LLC		(141,659	)		703,045			(180,080	)		381,305			(77,367	)		(1,796,950	)		231,887			(1,642,430	)
	$	(155,447	)	$	499,713		$	(253,071	)	$	91,196		$	(92,484	)	$	1,427,872		$	(497,001	)	$	838,387

(1) Formerly known as the Berkeley/Graham/Tiverton Series.

	Three Months Ended September 30, 2012												Three Months Ended September 30, 2011
										Change in Fair Value												Change in Fair Value
							Change in			of Investments in									Change in			of Investments in
	Trading			Realized			Unrealized			Unconsolidated			Trading			Realized			Unrealized			Unconsolidated
	Commissions			Gain/(Loss)			Gain/(Loss)			Trading Companies			Commissions			Gain/(Loss)			Gain/(Loss)			Trading Companies
Trading Company
Frontier Diversified Series —
Frontier Trading Company I LLC	$	(147,606	)	$	(191,391	)	$	(393,000	)	$	(731,997	)	$	(260,794	)	$	(5,009,199	)	$	(866,940	)	$	(6,136,933	)
Frontier Trading Company II LLC		(6,875	)		7,849			420,549			421,523			(5,441	)		2,176,643			288,217			2,459,419
Frontier Trading Company V LLC		(11,924	)		583,700			(459,899	)		111,877			(9,413	)		(204,203	)		50,001			(163,615	)
Frontier Trading Company VII, LLC		(107,417	)		(12,417,915	)		10,661,492			(1,863,840	)		(102,309	)		(98,484	)		1,273,306			1,072,513
Frontier Trading Company IX, LLC		(19	)		532			—			513			(6,033	)		1,241,223			405,403			1,640,593
Frontier Trading Company XIV, LLC		(161,652	)		6,242,591			(542,495	)		5,538,444			—			—			—			—
Frontier Trading Company XV, LLC		(34,788	)		92,877			(43,252	)		14,837			(52,585	)		3,042,833			190,468			3,180,716
Frontier Trading Company XVIII, LLC		(1,662	)		57,605			14,262			70,205			(31,636	)		(2,277,417	)		5,169,906			2,860,853
Frontier Trading Company XXI, LLC		(309	)		4,122			(1,108	)		2,705			(189	)		(14,976	)		4,344			(10,821	)
Frontier Trading Company XXIII, LLC		(12,364	)		(550,605	)		122,426			(440,543	)		—			—			—			—
Total	$	(484,616	)	$	(6,170,635	)	$	9,778,975		$	3,123,724		$	(468,400	)	$	(1,143,580	)	$	6,514,705		$	4,902,725
Frontier Masters Series —
Frontier Trading Company II LLC	$	(3,386	)	$	7,390		$	174,274		$	178,278		$	(2,570	)	$	1,003,704		$	194,611		$	1,195,745
Frontier Trading Company XIV, LLC		(65,090	)		2,513,002			(222,782	)		2,225,130			(36,324	)		1,954,026			270,966		$	2,188,668
Frontier Trading Company XV, LLC		(14,120	)		44,241			(39,084	)		(8,963	)		(10,235	)		(717,523	)		1,662,733		$	934,975
Total	$	(82,596	)	$	2,564,633		$	(87,592	)	$	2,394,445		$	(49,129	)	$	2,240,207		$	2,128,310		$	4,319,388
Frontier Long/Short Commodity Series —
Frontier Trading Company I LLC	$	(18,573	)	$	(370,180	)	$	2,936		$	(385,817	)	$	(18,529	)	$	446,041		$	678,770		$	1,106,282
Frontier Trading Companies VII, LLC		—			—			—			—			(94,202	)		11,480,590			(12,103,528	)		(717,140	)
Frontier Trading Companies XXIII, LLC		(6,502	)		(323,461	)		68,223			(261,740	)		—			—			—			—
Total	$	(25,075	)	$	(693,641	)	$	71,159		$	(647,557	)	$	(112,731	)	$	11,926,631		$	(11,424,758	)	$	389,142
Balanced Series —
Frontier Trading Company II LLC	$	(14,301	)	$	70,125		$	373,430		$	429,254		$	(11,627	)	$	4,606,141		$	718,073		$	5,312,587
Frontier Trading Company V LLC		(17,266	)		845,162			(665,782	)		162,114			—			—			—			—
Frontier Trading Company VII, LLC		(192,209	)		(24,332,527	)		20,896,332			(3,628,404	)		(260,016	)		(1,089,579	)		3,428,506			2,078,911
Frontier Trading Company XVIII, LLC		(5,348	)		185,413			46,345			226,410			—			—			—			—
Frontier Trading Company XXIII, LLC		(872	)		(136,395	)		19,584			(117,683	)		—			—			—			—
Total	$	(229,996	)	$	(23,368,222	)	$	20,669,909		$	(2,928,309	)	$	(271,643	)	$	3,516,562		$	4,146,579		$	7,391,498
Tiverton/Graham/Transtrend Series (1) —
Frontier Trading Company V LLC	$	(22,533	)	$	1,102,656		$	(865,374	)	$	214,749		$	(62,442	)	$	(1,352,633	)	$	332,016		$	(1,083,059	)
Frontier Trading Company XV, LLC		(20,157	)		62,519			(55,047	)		(12,684	)		(14,644	)		(1,026,550	)		2,377,444			1,336,250
Frontier Trading Company XXI, LLC		(13,232	)		174,405			(40,209	)		120,964			—			—			—			—
Total	$	(55,922	)	$	1,339,580		$	(960,630	)	$	323,029		$	(77,086	)	$	(2,379,183	)	$	2,709,460		$	253,191
Currency Series —
Frontier Trading Company XVII LLC	$	—		$	—		$	2,940		$	2,940		$	—		$	—		$	(94,181	)	$	(94,181	)
Winton Series —
Frontier Trading Company II LLC	$	(11,442	)	$	24,971		$	588,982		$	602,511		$	(10,085	)	$	4,069,347		$	784,455		$	4,843,717
Winton/Graham Series —
Frontier Trading Company II LLC	$	(3,363	)	$	326		$	426,552		$	423,516		$	(3,773	)	$	1,525,312		$	296,182		$	1,817,721
Frontier Trading Company V LLC		(21,237	)		834,906			(51,282	)		762,386			(70,441	)		(1,488,064	)		355,194			(1,203,311	)
	$	(24,600	)	$	835,232		$	375,270		$	1,185,902		$	(74,214	)	$	37,248		$	651,376		$	614,410

(1) Formerly known as the Berkeley/Graham/Tiverton Series.

The statements of financial condition as of September 30, 2012 and December 31, 2011 and the Condensed Statement of Income for the nine and three months ended September 30, 2012 and 2011 for the unconsolidated Trading Companies are as follows:

	Frontier Trading			Frontier Trading
Statements of Financial Condition - September 30, 2012	Company II LLC			Company V LLC
Receivable from commission merchants	$	22,989,870		$	18,084,736
Open trade equity/(deficit)		1,136,578			(2,409,998	)
Total assets	$	24,126,448		$	15,674,738
Members’ equity	$	24,126,448		$	15,674,738
Condensed Statement of Income - For the Nine Months Ended September 30, 2012
Interest income	$	24,381		$	9,471
Net realized gain/(loss) on investments, less commissions		(2,034,756	)		4,084,001
Change in open trade equity/(deficit)		(2,825,996	)		(3,779,410	)
Net income/(loss)	$	(4,836,371	)	$	314,062
Condensed Statement of Income - For the Three Months Ended September 30, 2012
Interest income	$	7,977		$	7,318
Net realized gain/(loss) on investments, less commissions		71,295			3,293,463
Change in open trade equity/(deficit)		1,983,787			(2,042,336	)
Net income/(loss)	$	2,063,059		$	1,258,445

	Frontier Trading			Frontier Trading
Statements of Financial Condition - September 30, 2011	Company II LLC			Company V LLC
Receivable from commission merchants	$	13,144,853		$	6,298,040
Open trade equity/(deficit)		1,412,778			395,924
Total assets	$	14,557,631		$	6,693,964
Members’ equity	$	14,557,631		$	6,693,964
Condensed Statement of Income - For the Nine Months Ended September 30, 2011
Interest income	$	5,863		$	5,066
Net realized gain/(loss) on investments, less commissions		23,016,544			(3,296,188	)
Change in open trade equity/(deficit)		(4,844,114	)		(1,031,129	)
Net income	$	18,178,293		$	(4,322,251	)
Condensed Statement of Income - For the Three Months September 30, 2011
Interest income	$	5,054		$	937
Net realized gain/(loss) on investments, less commissions		13,347,654			(3,187,196	)
Change in open trade equity/(deficit)		2,281,537			737,210
Net income	$	15,634,245		$	(2,449,049	)

XML

Swaps

9 Months Ended

Sep. 30, 2012

Swaps

4. 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. Total return Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more investment products or indices. In a typical total return Swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount or value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities.

Each Series invested in Credit Default Swaps (“CDS”) with highly-rated counterparties as part of its portfolio. CDS’s are over-the-counter investment instruments designed to mitigate counterparty risk and generally pay upon the happening of a credit default of a counterparty. The CDS were allocated to each Series based on their percentage ownership in the pooled cash management assets at U.S. Bank National Association as of the reporting date. All Credit Default Swaps expired during March, 2012.

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

The Managing Owner follows a procedure in selecting well-established financial institutions which the Managing Owner, in its sole discretion, considers to be reputable, reliable, financially responsible and well established to act as swap counterparties. The procedure includes due diligence review of documentation on all new and existing financial institution counterparties prior to initiation of the relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owner’s minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. As of September 30, 2012, approximately 4.0% of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain Swaps.

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

The Trust, with respect to the Series, has invested in the following Swaps as of September 30, 2012:

	Frontier Diversified Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	0		$	0
Termination Date		3/20/2012			3/20/2012
Investee Returns		On Default			On Default
Realized Gain/(Loss)	$	(83,850	)	$	(23,012	)
Unrealized Gain/(Loss)	$	(46,731	)	$	23,012
Fair Value as of 9/30/2012	$	—		$	—

	Frontier Long/Short Commodity Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	0		$	0
Termination Date		3/20/2012			3/20/2012
Investee Returns		On Default			On Default
Realized Gain/(Loss)	$	(45,848	)	$	(12,845	)
Unrealized Gain/(Loss)	$	(33,374	)	$	12,845
Fair Value as of 9/30/2012	$	—		$	—

	Frontier Masters Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	0		$	0
Termination Date		3/20/2012			3/20/2012
Investee Returns		On Default			On Default
Realized Gain/(Loss)	$	(44,412	)	$	(11,257	)
Unrealized Gain/(Loss)	$	(14,032	)	$	11,257
Fair Value as of 9/30/2012	$	—		$	—

	Balanced Series
	Credit Default Swap			Credit Default Swap			Option Swap		Total Return Swap
Counterparty		BNP Paribas			Societe Generale			Company A		DeutscheBank
Notional Amount	$	0		$	0		$	15,325,024	$	23,551,287
Termination Date		3/20/2012			3/20/2012			11/6/2012		6/30/2016
Investee Returns		On Default			On Default			Total Returns		Total Returns
Realized Gain/(Loss)	$	(133,362	)	$	(41,932	)	$	—	$	—
Unrealized Gain/(Loss)	$	(87,639	)	$	41,932		$	2,211,370	$	(575,010	)
Fair Value as of 9/30/2012	$	—		$	—		$	19,907,597	$	5,307,480

	Tiverton/Graham/Transtrend Series (1)
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	34,397		$	0
Termination Date		3/20/2012			3/20/2012
Investee Returns		On Default			On Default
Realized Gain/(Loss)	$	(26,333	)	$	(7,899	)
Unrealized Gain/(Loss)	$	(10,347	)	$	7,899
Fair Value as of 9/30/2012	$	—		$	—

(1) Formerly known as the Berkeley/Graham/Tiverton Series

	Currency Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	0		$	0
Termination Date		3/20/2012			3/20/2012
Investee Returns		On Default			On Default
Realized Gain/(Loss)	$	(4,730	)	$	(1,374	)
Unrealized Gain/(Loss)	$	2,229		$	1,374
Fair Value as of 9/30/2012	$	—		$	—

	Winton Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	0		$	0
Termination Date		3/20/2012			3/20/2012
Investee Returns		On Default			On Default
Realized Gain/(Loss)	$	(45,616	)	$	(12,165	)
Unrealized Gain/(Loss)	$	(19,456	)	$	12,165
Fair Value as of 9/30/2012	$	—		$	—

	Winton/Graham Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	0		$	0
Termination Date		3/20/2012			3/20/2012
Investee Returns		On Default			On Default
Realized Gain/(Loss)	$	(23,131	)	$	(7,471	)
Unrealized Gain/(Loss)	$	(6,528	)	$	7,471
Fair Value as of 9/30/2012	$	—		$	—

The Trust, with respect to the Series, has invested in the following Swaps as of December 31, 2011:

	Frontier Diversified Series
	Credit Default Swap			Credit Default Swap			Credit Default Swap			Option Basket
Counterparty		BNP Paribas			Societe Generale			Societe Generale			Company D
Notional Amount	$	42,411		$	12,238		$	7,818		$	7,437,929
Termination Date		3/20/2012			3/20/2012			12/20/2011			6/6/2014
Investee Returns		On Default			On Default			On Default			Total Returns
Realized Gain/(Loss)	$	—		$	—		$	—		$	(308,941	)
Unrealized Gain/(Loss)	$	(33,433	)	$	(9,670	)	$	(10,212	)	$	(335,303	)
Fair Value as of 12/31/2011	$	42,411		$	12,238		$	7,818		$	8,830,660

	Frontier Long/Short Commodity Series
	Credit Default Swap			Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale
Notional Amount	$	26,385		$	7,613		$	4,863
Termination Date		3/20/2012			3/20/2012			12/20/2011
Investee Returns		On Default			On Default			On Default
Realized Gain/(Loss)	$	—		$	—		$	—
Unrealized Gain/(Loss)	$	(18,345	)	$	(6,402	)	$	(6,647	)
Fair Value as of 12/31/2011	$	26,385		$	7,613		$	4,863

	Frontier Masters Series
	Credit Default Swap			Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale
Notional Amount	$	20,485		$	5,911		$	3,776
Termination Date		3/20/2012			3/20/2012			12/20/2011
Investee Returns		On Default			On Default			On Default
Realized Gain/(Loss)	$	—		$	—		$	—
Unrealized Gain/(Loss)	$	(16,304	)	$	(4,692	)	$	(5,241	)
Fair Value as of 12/31/2011	$	20,485		$	5,911		$	3,776

	Balanced Series
	Credit Default Swap			Credit Default Swap			Credit Default Swap			Option Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale			Company A
Notional Amount	$	75,939		$	21,913		$	13,998		$	15,792,082
Termination Date		3/20/2012			3/20/2012			12/20/2011			11/6/2012
Investee Returns		On Default			On Default			On Default			Total Returns
Realized Gain/(Loss)	$	—		$	—		$	—		$	6,689,123
Unrealized Gain/(Loss)	$	(55,807	)	$	(17,764	)	$	(17,666	)	$	(8,755,515	)
Fair Value as of 12/31/2011	$	75,939		$	21,913		$	13,998		$	27,790,087

	Tiverton/Graham/Transtrend Series (1)
	Credit Default Swap			Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale
Notional Amount	$	16,105		$	4,647		$	2,969
Termination Date		3/20/2012			3/20/2012			12/20/2011
Investee Returns		On Default			On Default			On Default
Realized Gain/(Loss)	$	—		$	—		$	—
Unrealized Gain/(Loss)	$	(13,633	)	$	(3,683	)	$	(4,135	)
Fair Value as of 12/31/2011	$	16,105		$	4,647		$	2,969

(1) Formerly known as the Berkeley/Graham/Tiverton Series

	Currency Series
	Credit Default Swap			Credit Default Swap			Credit Default Swap			Option Basket
Counterparty		BNP Paribas			Societe Generale			Societe Generale			Company B
Notional Amount	$	4,871		$	1,405		$	898		$	10,812,109
Termination Date		3/20/2012			3/20/2012			12/20/2011			1/26/2013
Investee Returns		On Default			On Default			On Default			On Default
Realized Gain/(Loss)	$	—		$	—		$	—		$	—
Unrealized Gain/(Loss)	$	(3,983	)	$	(1,145	)	$	(1,228	)	$	(500,589	)
Fair Value as of 12/31/2011	$	4,871		$	1,405		$	898		$	5,168,180

	Winton Series
	Credit Default Swap			Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale
Notional Amount	$	19,478		$	5,621		$	3,591
Termination Date		3/20/2012			3/20/2012			12/20/2011
Investee Returns		On Default			On Default			On Default
Realized Gain/(Loss)	$	—		$	—		$	—
Unrealized Gain/(Loss)	$	(17,486	)	$	(4,903	)	$	(5,453	)
Fair Value as of 12/31/2011	$	19,478		$	5,621		$	3,591

	Winton/Graham Series
	Credit Default Swap			Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale
Notional Amount	$	13,276		$	3,831		$	2,447
Termination Date		3/20/2012			3/20/2012			12/20/2011
Investee Returns		On Default			On Default			On Default
Realized Gain/(Loss)	$	—		$	—		$	—
Unrealized Gain/(Loss)	$	(13,104	)	$	(3,432	)	$	(3,713	)
Fair Value as of 12/31/2011	$	13,276		$	3,831		$	2,447

The Frontier Fund [Member]

Swaps

4. 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. Total return Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more investment products or indices. In a typical total return Swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount or value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities.

The Trust invests in Credit Default Swaps (“CDS”) with highly-rated counterparties as part of its portfolio. CDSs are over-the-counter investment instruments designed to mitigate counterparty risk and generally pay upon the happening of a credit default of a counterparty. The CDS were allocated to each Series based on their percentage ownership in the pooled cash management assets at U.S. Bank National Association as of the reporting date. All Credit Default Swaps had expired as of March 31, 2012.

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

The Managing Owner follows a procedure in selecting well-established financial institutions which the Managing Owner, in its sole discretion, considers to be reputable, reliable, financially responsible and well established to act as swap counterparties. The procedure includes due diligence review of documentation on all new and existing financial institution counterparties prior to initiation of the relationship, and quarterly ongoing review during the relationship, to ensure that counterparties meet the Managing Owner’s minimum credit requirements, the counterparty average rating being no less than an investment grade rating as defined by the rating agencies. As of September 30, 2012 and December 31, 2011, approximately 4.0% and 5.0%, respectively, of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain Swaps.

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

The Trust has invested in the following Swaps as of and for the nine months ended September 30, 2012:

	Credit Default Swap			Credit Default Swap			Option Swap		Total Return Swap
Counterparty		BNP Paribas			Societe Generale			Company A		DeutscheBank
Notional Amount	$	0		$	0		$	15,325,024	$	23,551,287
Termination Date		3/20/2012			3/20/2012			11/6/2012		6/30/2016
Investee Returns		On Default			On Default			Total Returns		Total Returns
Realized Gain/(Loss)	$	(407,283	)	$	(117,954	)	$	—	$	—
Unrealized Gain/(Loss)	$	(215,876	)	$	117,954		$	2,211,370	$	(575,010	)
Fair Value as of 9/30/2012	$	—		$	—		$	19,907,597	$	5,307,480

The Trust has invested in the following Swaps as of and for the year ended December 31, 2011:

	Credit Default Swap		Credit Default Swap			Credit Default Swap		Option Swap			Total Return Swap
Counterparty		BNP Paribas		Societe Generale			Societe Generale		Company A			DeutscheBank
Notional Amount	$	623,160	$	0		$	0	$	14,129,540		$	23,551,287
Termination Date		3/20/2012		3/20/2012			12/20/2011		11/6/2012			6/30/2016
Investee Returns		On Default		On Default			On Default		Total Returns			Total Returns
Realized Gain/(Loss)	$	—	$	—		$	—	$	6,689,123		$	—
Unrealized Gain/(Loss)	$	213,160	$	(120,458	)	$	—	$	(18,838,844	)	$	(368,228	)
Fair Value as of 12/31/2011	$	623,159	$	—		$	—	$	17,706,757		$	5,881,772

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Transactions with Affiliates (Tables)

9 Months Ended

Sep. 30, 2012

The Balanced Series Advances to and Reductions

Balanced Series

Summary by Quarter

For the Year Ended December 31, 2011

	Currency Series			Total
Inter-series receivables January 1, 2011	$	12,816,775		$	12,816,775
Additions during period		—			—
Reduction during period		—			—
Net change in inter-series receivables		(476,691	)		(476,691	)
Inter-series receivables March 31, 2011	$	12,340,084		$	12,340,084
Additions during period		—			—
Reduction during period		—			—
Net change in inter-series receivables		(46,549	)		(46,549	)
Inter-series receivables June 30, 2011	$	12,293,535		$	12,293,535
Additions during period		—			—
Reduction during period		(11,281,861	)		(11,281,861	)
Net change in inter-series receivables		(1,011,674	)		(1,011,674	)
Inter-series receivables September 30, 2011	$	—		$	—
Additions during period		—			—
Reduction during period		—			—
Net change in inter-series receivables		—			—
Inter-series receivables December 31, 2011	$	—		$	—

(1) Balanced Series Inter-series receivables are corresponding Inter-series payables on the Statements of Financial Condition for the investee Series.

Fees Earned by Managing Owner

The following table summarizes fees earned by the Managing Owner for the nine and three months ended September 30, 2012 and 2011.

Series: Nine Months Ended September 30, 2012	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	1,445,371	$	2,258,377	$	3,079,256	$	1,131,348
Frontier Masters Series		1,069,958		979,635		488,081		584,434
Frontier Long/Short Commodity Series		2,599,254		778,408		1,059,204		352,904
Balanced Series		1,940,876		1,373,998		6,553,867		3,845,995
Tiverton/Graham/Transtrend Series		956,639		193,716		65,989		686,786
Currency Series		—		20,595		—		81,340
Winton Series		787,335		263,127		—		806,539
Winton/Graham Series		813,420		151,266		—		491,271

Series: Nine Months Ended September 30, 2011	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	1,469,361	$	2,675,921	$	4,386,760	$	1,393,776
Frontier Masters Series		1,094,180		1,095,725		805,663		624,864
Frontier Long/Short Commodity Series		2,781,137		536,554		2,744,245		673,297
Balanced Series		1,922,751		1,280,779		11,575,647		5,638,744
Tiverton/Graham/Transtrend Series		948,867		212,756		29,678		1,144,674
Currency Series		80,701		53,198		—		121,438
Winton Series		960,130		203,804		813,809		985,426
Winton/Graham Series		1,095,659		169,014		298,707		828,649

Series: Three Months Ended September 30, 2012	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	443,895	$	735,492	$	1,456,640	$	366,831
Frontier Masters Series		364,814		342,724		403,573		207,528
Frontier Long/Short Commodity Series		868,971		266,738		585,049		112,879
Balanced Series		601,212		443,728		3,268,561		1,240,331
Tiverton/Graham/Transtrend Series		326,209		60,869		7,136		213,767
Currency Series		—		6,351		—		24,937
Winton Series		259,965		84,533		—		257,849
Winton/Graham Series		225,076		47,300		—		153,063

Series: Three Months Ended September 30, 2011	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	519,364	$	808,751	$	1,467,047	$	417,549
Frontier Masters Series		355,001		332,882		534,851		193,356
Frontier Long/Short Commodity Series		910,662		207,381		440,077		177,277
Balanced Series		664,399		369,151		2,903,887		1,525,660
Tiverton/Graham/Transtrend Series		258,162		58,000		29,678		313,464
Currency Series		1,673		7,548		—		35,747
Winton Series		309,397		63,844		565,219		300,670
Winton/Graham Series		283,356		45,550		227,833		223,405

Fees Payable to Managing Owner

The following table summarizes fees payable to the Managing Owner as of September 30, 2012.

Series:	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	144,194	$	236,263	$	1,456,641	$	91,573
Frontier Masters Series		119,916		113,102		403,572		51,507
Frontier Long/Short Commodity Series		287,977		88,080		592,061		24,317
Balanced Series		190,633		146,800		3,268,560		359,015
Tiverton/Graham/Transtrend Series		106,160		18,967		7,136		64,380
Currency Series		—		1,956		—		3,882
Winton Series		84,397		27,034		—		65,968
Winton/Graham Series		64,529		14,864		—		43,304

The following table summarizes fees payable to the Managing Owner as of December 31, 2011.

Series:	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	180,232	$	269,021	$	522,033	$	76,877
Frontier Masters Series		117,541		105,278		—		41,911
Frontier Long/Short Commodity Series		284,677		83,646		127,052		22,920
Balanced Series		241,525		176,398		1,195,031		435,380
Tiverton/Graham/Transtrend Series		101,400		25,212		—		87,016
Currency Series		—		2,727		—		6,285
Winton Series		90,559		31,302		—		78,044
Winton/Graham Series		100,311		19,427		—		57,141

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Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2012

Basis of Presentation

Basis of Presentation—The Series of the Trust follow Generally Accepted Accounting Principles (“GAAP”), as established by the Financial Accounting Standards Board (the “FASB”), to ensure consistent reporting of financial condition, condensed schedules of investments, results of operations, changes in capital and cash flows.

These financial statements should be read in conjunction with the audited financial statements and notes thereto included in our 2011 Annual report on Form 10-K as filed with the SEC.

Consolidation

Consolidation—The Series, through investing in the Trading 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 commodities interests 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 controlling and majority equity interest are consolidated by such Series. Investments in Trading Companies in which a Series does not have a controlling and majority interest are accounted for under the equity method, which approximates fair value. Fair value represents the proportionate share of the Series interest in the NAV in a Trading Company. The equity interest held by Series of the Trust is shown as investments in unconsolidated trading companies in the statements of financial condition. The income or loss attributable thereto in proportion of investment level is shown in the statements of operations as change in fair value of investments in unconsolidated trading companies.

The consolidated financial statements of the Balanced Series include the assets, liabilities and earnings of its majority-owned Trading Companies; Frontier Trading Company I LLC, Frontier Trading Company XIV, LLC, Frontier Trading Company XV, LLC, and Frontier Trading Company XVII, LLC and the assets and liabilities of its majority owned Trading Company, Frontier Trading Company XXIII, LLC along with the earnings of this Trading Company from July 7, 2012 through September 30, 2012. Also included in the consolidated financial statements were the earnings of its majority owned trading company, Frontier Trading Company VI, LLC, from January 1, 2011 through March 18, 2011, and Trading Company XVIII, LLC from January 1, 2011 through May 14, 2012.

The consolidated financial statements of the Currency Series include the earnings of its wholly owned trading company, Frontier Trading Company III, LLC through July 15, 2011.

The consolidated financial statements of the Winton/Graham Series include the earnings of its majority-owned trading company, Frontier Trading Company V, LLC through June 17, 2011.

The consolidated financial statements of the Frontier Long/Short Commodity Series include the assets, liabilities and earnings of its majority owned trading companies; Frontier Trading Company VII, LLC, from September 28, 2011 through September 30, 2012 and Frontier Trading Company XVIII, LLC from May 15, 2012 through September 30, 2012.

The consolidated financial statements of the Frontier Masters Series include the assets, liabilities and earnings of its majority owned trading company, Frontier Trading Company XXI, LLC (earnings from March 1, 2011 through September 30, 2012). Also included in the consolidated financial statements were the earnings of its wholly owned trading company, Frontier Trading Company XI, LLC from January 1, 2011 through March 11, 2011.

Investment in Berkeley Quantitative Colorado Fund LLC

Investment in Berkeley Quantitative Colorado Fund LLC—The Tiverton/Graham/Transtrend Series had an investment in the Berkeley Quantitative Colorado Fund LLC. The Berkeley Quantitative Colorado Fund LLC began operations on November 1, 2010 and was liquidated on March 20, 2012. The Berkeley Quantitative Colorado Fund LLC was not consolidated into the financial statements of the Tiverton/Graham/Transtrend Series because the Trust had no control or transparency over the operations of the trading company. This investment was shown on the statements of financial condition with the change in fair value shown in net unrealized gain/(loss) on the Berkeley Quantitative Colorado Fund LLC.

Use of Estimates

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

Cash and Cash Equivalents

Cash and Cash Equivalents—Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits held at banks with maturities of three months or less.

Interest Income

Interest Income—Aggregate interest income from all sources, including assets held at Futures Commission Merchants (“FCM”), up to two percentage points of the aggregate percentage yield (annualized) is paid to the Managing Owner by the Balanced Series (Class 1 and Class 2 only), Tiverton/Graham/Transtrend Series, Currency Series, Winton Series and Winton/Graham Series. For the Frontier Diversified Series, Frontier Long/Short Commodity Series, Frontier Masters Series and Balanced Series (Class 1a, Class 2a and Class 3a only), 20% of the total interest allocated to each Series is paid to the Managing Owner. All interest not paid to the Managing Owner is interest income to the Series.

U.S. Treasury Securities

U.S. Treasury Securities, custom time deposits and certain demand deposits are pooled for purposes of maximizing returns on these assets to investors of all Series. Interest income from pooled cash management assets is recognized on the accrual basis and allocated daily to each Series based upon its daily proportion of ownership of the pool. Interest income from demand deposits of the Series is allocated to the respective Series in proportion to their daily NAV.

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

Custom Time Deposits

Custom Time Deposits—Custom time deposits are structured deposit agreements with U.S. Bank National Association that earn a guaranteed fixed interest rate between 2.17% and 3.75% , mature nine months from the deposit date and are subject to automatic six-month rollovers through October 2015. Custom time deposits were purchased on September 15, 2009, October 21, 2008 and October 30, 2008. Interest is paid monthly or at least every nine months. Unscheduled withdrawals will be subject to certain penalties and other costs of up to 1.0% of the amount deposited if withdrawn within the first nine months from the deposit date. The withdrawal fee is set at 0.225% for the period from nine months to one year subsequent to the deposit date and decreases by .05% increments for each year thereafter through the maturity date. In May 2011, July 2011, August 2011 and January 2012, the Trust, with respect to the Series, redeemed approximately $25 million, $25 million, $50 million and $25 million, respectively, in custom time deposits held with U.S. Bank N.A which represented a full liquidation of the 2.17% investment tranche and an additional $25 million of the 3.17% tranche. Custom time deposits are allocated to each Series based on their percentage ownership in the pooled cash management assets as of the reporting date. The Series of the Trust values the custom time deposits at face value plus accrued interest as it is considered a deposit account under paragraph 7.50 of the Investment Company Audit Guide, and accordingly, this deposit is not subject to ASC 820.

Credit Default Swaps

Credit Default Swaps—The Series of the Trust invested in credit default swaps for the purpose of mitigating part of the risk of concentration of deposits with U.S. Bank National Association to other major financial institutions. See Note 4. Credit Default Swaps were allocated to each Series based on their percentage ownership in the pooled cash management assets as of the reporting date. Credit Default Swaps were reported at fair value based upon counterparty value per the valuation policy. The Series of the Trust recorded the daily change in fair value in the statements of operations as net unrealized gain/(loss) on swap contracts. All Credit Default Swaps expired during March 2012.

Receivable From Futures Commission Merchants

Receivable From Futures Commission Merchants—The Series of the Trust deposits assets with a FCM subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such FCM. The Trust, with respect to the Series, earns interest income on its assets deposited with the FCM.

Investment Transactions

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

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

Foreign currency transactions

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

Allocation of Earnings

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

Each Series allocates funds to an affiliated Trading Company, or Companies, of the Trust. Each Trading Company allocates all of its daily trading gains or losses to the Series in proportion to each Series’ ownership interest in the Trading Company, adjusted on a daily basis. As of September 30, 2012, 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

Inter-Series Receivables/Payables—The Balanced Series, for the purposes of diversification of investments and trading advisors through the other Series’ access to trading companies in which the Balanced Series did not have a direct interest, advanced funds to the Currency Series and the Frontier Dynamic Series. The amount of the funds advanced by the Balanced Series to the Currency Series participated on a pari passu basis with Class 2 Units of such investee Series. The Balanced Series reflected the changes in values of these investments as “net change in inter-series receivables/payables” in the statements of operations. The Balanced Series was 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 were not charged by the Balanced Series on the capital allocated to advances in affiliated Series. The Managing Owner monitored such allocations so that aggregate fees of the investee Series on the Balanced Series advances did not exceed the allowable fees of the Balanced Series as provided in the Trust’s Prospectus. Interest was not credited to the Balanced Series on the capital allocated to its inter-series advances to avoid the duplication of interest charged or received. These investments were liquidated during the third quarter of 2011.

Payments by the Managing Owner

Payments by the Managing Owner—The Managing Owner may make discretionary payments to a Series related to a variety of factors, including investment losses to reimburse the effect of a loss on a portfolio investment which has been caused by a situation outside the Trust’s, or it’s affiliates’, direct control. Such payments will be made on a discretionary basis and will be disclosed in the statement of operations as a net increase from payments by managing owner. These payments are in accordance with the Trust agreement on a discretionary basis as determined by the Managing Owner.

Investments and Swaps

Investments and Swaps—The Trust, with respect to the Series, records investment transactions on a trade date basis and all investments are recorded at fair value, with changes in fair value reported as a component of realized and unrealized gains/(losses) on investments in the statements of operations. Certain Series of the Trust strategically invest a portion or all of their assets in total return Swaps, selected at the discretion of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more underlying investment products or indices. In a typical Swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investment or instrument. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. The valuation of swap contracts requires significant estimates. Swap contracts are reported utilizing Level 3 Inputs. The significant unobservable inputs used in the fair value measurement of the Trust, with respect to the Series’ Swap contracts are asset liquidity, debt valuation, credit risk, volatility, market risk, distributions, dividends, risk premiums, and other risk management tools. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Swap Contracts are reported at fair value based upon a weekly indicative value that is calculated by management using bid/ask prices from the counterparty. This fair value is corroborated by valuations provided by a third party pricing service. The third party pricing service utilizes a Black Scholes pricing model with input adjustments factoring in volatility and liquidity of the instruments. All valuation processes are monitored by the valuation committee of the Managing Owner.

Income Taxes

Income Taxes—The Trust, with respect to the Series, applies the provisions of ASC 740 Income Taxes (“ASC 740”), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust, with respect to the Series’, financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Trust’s level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The Managing Owner has concluded there is no tax expense, interest or penalties to be recorded by the Trust, with respect to the Series. The 2008 through 2011 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

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

Fees and Expenses

Fees and Expenses—All management fees, incentive fees, service fees and trading fees of the Trust, with respect to the Series, are paid to the Managing Owner. It is the responsibility of the Managing Owner to pay all Trading Advisor management and incentive fees, Selling Agent Service fees and all other operating expenses and continuing offering costs of the Trust, with respect to the Series.

Service Fees

Service Fees—The Trust maintains each Series of Units in three or six sub-classes—Class 1, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased 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. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 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. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Frontier Diversified Series and Frontier Masters Series or Class 2a Units of the Frontier Long/Short Commodity Series) sold until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series for administrative purposes. The Managing Owner may also pay Selling Agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such Selling Agents.

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

Pending Owner Additions

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

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements—In January 2010, FASB issued Accounting Standards update No. 2010-06 (“ASU 2010-06”) for improving disclosure about fair value measurements. ASU 2010-06 adds new disclosure requirements about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggregation for fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after December 15, 2009 except for disclosures about purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. Adoption of ASU 2010-06 on January 1, 2011 did not have a material impact on the Series’ statements of financial condition, results of operations and cash flows.

In May 2011, the FASB issued ASU No. 2011-04 which provides guidance pertaining to fair value measurement that included a common definition of fair value and information to assist reporting entities to measure and disclose fair value with regards to U.S. GAAP and International Financial Reporting Standards (“IFRS”) convergence issues. This guidance became effective for interim and annual periods beginning on or after December 15, 2011, with early adoption prohibited. Adoption of ASU 2011-04 on January 1, 2012 did not have a material impact on the Series’ statements of financial condition, results of operations and cash flows.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements—In November of 2011, FASB issued new guidance that requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. This guidance is effective for annual and interim periods beginning on or after January, 1, 2013. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The adoption of this guidance is not expected to have a material impact on the financial positions or results of operations.

Reclassification

Reclassification—Certain amounts in the 2011 financial statements have been reclassified to conform to the 2012 presentation. None of the reclassifications had an impact on the NAV or performance of any of the Series.

Subsequent Events

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

The Frontier Fund [Member]

Basis of Presentation

Basis of Presentation—The Trust follows Generally Accepted Accounting Principles (“GAAP”), as established by the Financial Accounting Standards Board (the “FASB”), to ensure consistent reporting of financial condition, schedules of investments, results of operations, changes in capital and cash flows.

These financial statements should be read in conjunction with the audited financial statements and notes thereto included in our 2011 Annual report on Form 10-K as filed with the SEC.

Consolidation

Consolidation—Each Series of the Trust invests in Trading Companies who authorize certain Trading Advisors to place trades and manage assets at pre-determined investment levels. The Trading Companies were organized by the Managing Owner for the purpose of investing in commodities interests and derivative instruments, and have no operating income or expenses, except for trading income and expenses, all of which is allocated to the Series. The Trading Companies and Series of the Trust which have a controlling interest are consolidated by the Trust.

Investment in Berkeley Quantitative Colorado Fund LLC

Investment in Berkeley Quantitative Colorado Fund LLC—The Tiverton/Graham/Transtrend Series of the Trust had an investment in the Berkeley Quantitative Colorado Fund LLC. The Berkeley Quantitative Colorado Fund LLC began operations on November 1, 2010. The Berkeley Quantitative Colorado Fund LLC was not consolidated into the financial statements of the Trust because the Trust has no control or transparency over the operations of the fund. This investment was shown on the consolidated statements of financial condition with the change in fair value shown in net unrealized gain/(loss) on the Berkeley Quantitative Colorado Fund LLC. This investment was liquidated on March 20, 2012.

Use of Estimates

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

Cash and Cash Equivalents

Cash and Cash Equivalents—Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits held at banks with maturities of three months or less.

Interest Income

Interest Income—Aggregate interest income from all sources, including assets held at Futures Commission Merchants (“FCM”), up to two percentage points of the aggregate percentage yield (annualized) is paid to the Managing Owner. All interest not paid to the Managing Owner is interest income to the Trust.

U.S. Treasury Securities

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

Custom Time Deposits

Custom Time Deposits—Custom time deposits are structured deposit agreements with U.S. Bank National Association that earn a guaranteed fixed interest rate between 2.17% and 3.75% , mature nine months from the deposit date and are subject to automatic six-month rollovers through October 2015. Custom time deposits were purchased on September 15, 2009, October 21, 2008 and October 30, 2008. Interest is paid monthly or at least every nine months. Unscheduled withdrawals will be subject to certain penalties and other costs of up to 1.0% of the amount deposited if withdrawn within the first nine months from the deposit date. The withdrawal fee is set at 0.225% for the period from nine months to one year subsequent to the deposit date and decreases by .05% increments for each year thereafter through the maturity date. In May 2011, July 2011, August 2011 and January 2012, the Trust redeemed approximately $25 million, $25 million, $50 million and $25 million, respectively, in custom time deposits held with U.S. Bank N.A which represented a full liquidation of the 2.17% investment tranche and an additional $25 million of the 3.17% tranche. Custom time deposits are allocated to each Series based on their percentage ownership in the pooled cash management assets as of the reporting date. The Trust values the custom time deposits at face value plus accrued interest as it is considered a deposit account under paragraph 7.50 of the Investment Company Audit Guide, and accordingly, this deposit is not subject to ASC 820.

Credit Default Swaps

Credit Default Swaps—The Trust invested in credit default swaps for the purpose of mitigating part of the risk of concentration of deposits with U.S. Bank National Association to other major financial institutions. See Note 4. Credit Default Swaps were reported at fair value based upon daily valuations provided by a third party pricing service. The Trust recorded the daily change in fair value in the consolidated statements of operations as net unrealized gain/(loss) on swap contracts. All Credit Default Swaps had expired during March, 2012.

Receivable From Futures Commission Merchants

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

Investment Transactions

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

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

Foreign currency transactions

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

Allocation of Earnings

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

Payments by the Managing Owner

Payments by the Managing Owner—The Managing Owner may make discretionary payments to the Trust related to a variety of factors, including investment losses to reimburse the effect of a loss on a portfolio investment which has been caused by a situation outside the Trust’s, or it’s affiliates’, direct control. Such payments will be made on a discretionary basis and will be disclosed in the consolidated statement of operations as a net increase from payments by managing owner. These payments are in accordance with the Trust agreement on a discretionary basis as determined by the Managing Owner.

Investments and Swaps

Investments and Swaps—The Trust records investment transactions on a trade date basis 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 consolidated statements of operations. Certain Series of the Trust strategically invest a portion or all of their assets in total return Swaps, selected at the discretion of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more underlying investment products or indices. In a typical Swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the amount of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. The valuation of swap contracts requires significant estimates corroborated by management and a third party pricing service. The third party pricing service utilizes a Black Scholes pricing model with input adjustments factoring in volatility and liquidity of the instruments. Swap contracts are reported utilizing Level 3 Inputs. The significant unobservable inputs used in the fair value measurement of the Trust, with respect to the Series, Swap contracts are asset liquidity, debt valuation, credit risk, volatility, market risk, distributions, dividends, risk premiums, and other risk management tools. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. All valuation processes are monitored by the valuation committee of the Managing Owner.

Income Taxes

Income Taxes—The Trust applies the provisions of ASC 740 Income Taxes (“ASC 740”), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Trust’s financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Trust’s level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The Managing Owner has concluded there is no tax expense, interest or penalties to be recorded by the Trust for the years ended December 31, 2011 and 2010. The 2008 through 2011 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

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

Fees and Expenses

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

Service Fees

Service Fees—The Trust maintains each Series of Units in three or six sub-classes—Class 1, Class 1a, Class 2, Class 2a, Class 3, and Class 3a. Investors who have purchased 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. The initial service fee, which is amortized monthly at an annual rate of up to three percent (3.0%) of the average daily NAV of Class 1 or Class 1a of such Series, is prepaid to the Managing Owner by each Series, and paid to the selling agents by the Managing Owner in the month following sale; provided, however, that investors who redeem all or a portion of their Class 1 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. With respect to Class 2 and Class 2a Units of any Series, the Managing Owner pays an ongoing service fee to Selling Agents of up to one half percent (0.5%) annually of the NAV of each Class 2 or Class 2a Unit (of which 0.25% will be charged to Limited Owners holding Class 2 Units of the Frontier Diversified Series and Frontier Masters Series or Class 2a Units of the Frontier Long/Short Commodity Series) sold until such Class 2 or Class 2a Units which are subject to the fee limitation are reclassified as Class 3 or Class 3a Units of the applicable Series for administrative purposes. The Managing Owner may also pay Selling Agents certain additional fees and expenses for administrative and other services rendered and expenses incurred by such Selling Agents.

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 Class 1 and Class 1a Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed for such payment by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk of the downside and enjoys the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months.

Pending Owner Additions

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

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements—In January 2010, FASB issued Accounting Standards update No. 2010-06 (“ASU 2010-06”) for improving disclosure about fair value measurements. ASU 2010-06 adds new disclosure requirements about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggregation for fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after December 15, 2009 except for disclosures about purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. As this update is disclosure related, adoption of ASU 2010-06 on January 1, 2011 did not have a material impact on the Trust’s consolidated statements of financial condition, results of operations or cash flows.

In May 2011, the FASB issued ASU No. 2011-04 which provides guidance pertaining to fair value measurement that included a common definition of fair value and information to assist reporting entities to measure and disclose fair value with regards to U.S. GAAP and International Financial Reporting Standards (“IFRS”) convergence issues. This guidance became effective for interim and annual periods beginning on or after December 15, 2011, with early adoption prohibited. Adoption of ASU 2011-04 on January 1, 2012 did not have a material impact on the Series’ statements of financial condition, results of operations and cash flows.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements—In November of 2011, FASB issued new guidance that requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. This guidance is effective for annual and interim periods beginning on or after January, 1, 2013. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. Our effective date is January 1, 2013. The adoption of this guidance is not expected to have a material impact on the financial positions or results of operations.

Subsequent Events

Subsequent Events—The Trust follows the provisions of ASC 855, Subsequent Events, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date and up through the date the financial statements are issued. Refer to Note 10.

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Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2012

Derivative Instruments and Hedging Activities

8. Derivative Instruments and Hedging Activities

The Series’ primary business is to engage in speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts). The Series do not enter into or hold positions for hedging purposes as defined under ASC 815, Derivatives and Hedging (“ASC 815”). The detail of the fair value of the Series’ derivatives by instrument types as of September 30, 2012 and December 31, 2011 is included in the Condensed Schedules of Investments. See Note 4 for further disclosure related to each Series’ position in swap contracts. This activity was performed by affiliated Trading Companies and does not include activity of unaffiliated trading Company investments.

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

For The Three Months Ended September 30, 2012

Monthly average contracts	Bought		Sold
Frontier Long/Short Commodity Series		3,308		3,232
Balanced Series		16,100		15,192
Frontier Masters Series		728		692

For The Nine Months Ended September 30, 2012

Monthly average contracts	Bought		Sold
Frontier Long/Short Commodity Series		12,808		14,032
Balanced Series		35,400		37,492
Frontier Masters Series		1,628		1,392

For The Three Months Ended September 30, 2011

Monthly average contracts	Bought		Sold
Frontier Long/Short Commodity Series		149,200		104,200
Frontier Masters Series		6,800		2,900
Balanced Series		12,200		4,600
Currency Series		3,800		1,500

For The Nine Months Ended September 30, 2011

Monthly average contracts	Bought		Sold
Frontier Long/Short Commodity Series		149,200		104,200
Frontier Masters Series		15,200		5,800
Balanced Series		24,300		11,600
Currency Series		7,000		3,500
Winton/Graham Series		17,900		6,800

The following tables summarize the trading revenues for the nine and three months ended September 30, 2012 and 2011 by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2012 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	1,035,617		$	(83,958	)	$	(999,514	)
Currencies		(223,060	)		644,753			7,244,212
Energies		(36,916,109	)		(1,030,886	)		(2,887,295	)
Agriculturals		(1,784,729	)		(160,749	)		(153,297	)
Interest rates		(463,226	)		479,790			12,318,263
Stock indices		1,066,555			777,791			3,920,788
Realized trading income/(loss)(2)	$	(37,284,952	)	$	626,741		$	19,443,157

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2012 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	(19,358,229	)	$	732,055		$	(568,809	)
Currencies		(8,956,393	)		497,081			3,992,511
Energies		(6,913,808	)		(849,482	)		(7,560,401	)
Agriculturals		(5,969,527	)		528,378			(1,371,522	)
Interest rates		(10,717,684	)		3,815,021			38,223,501
Stock indices		16,493,073			(658,159	)		1,032,951
Realized trading income/(loss)(2)	$	(35,422,568	)	$	4,064,894		$	33,748,231

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

for the Three Months Ended September 30, 2012 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	977,265		$	198,371		$	(1,564,940	)
Currencies		(49,765	)		(57,024	)		(2,430,043	)
Energies		33,718,036			(105,715	)		192,441
Agriculturals		6,164,516			(8,816	)		(994,834	)
Interest rates		(367,133	)		210,079			4,121,352
Stock indices		(999,355	)		(395,190	)		(2,197,371	)
Change in unrealized trading income/(loss)(3)	$	39,443,564		$	(158,295	)	$	(2,873,395	)

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

for the Nine Months Ended September 30, 2012 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	6,203,747		$	230,263		$	(331,441	)
Currencies		17,798,560			(129,384	)		(342,917	)
Energies		2,952,524			(707,102	)		(1,032,360	)
Agriculturals		10,232,405			(231,283	)		(2,648,196	)
Interest rates		(4,147,506	)		125,432			5,620,385
Stock indices		129,696			(294,603	)		(1,602,508	)
Change in unrealized trading income/(loss)(3)	$	33,169,426		$	(1,006,677	)	$	(337,037	)

(1) The Frontier Diversified Series, Tiverton/Graham/Ttranstrend Series (formerly known as Berkely/Graham/Tiverton Series), Winton/Graham Series and Winton Series participate in trading activities through equity in earnings/(loss) from trading companies. The Frontier Long/Short Commodity Series consolidated Frontier Trading Company XVIII as of May 15, 2012 and the Balanced Series consolidated the Frontier Trading Company XVIII prior to May 15, 2012. The Balanced Series consolidated Frontier Trading Company XIV, LLC as of June 20, 2011, Frontier Trading Company VI, LLC as of April 18, 2011 and Frontier Trading Company XXIII, LLLC as of July 7, 2012.

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

(3) Amounts recorded in the Statements of Operations under Net change in open trade equity.

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2011 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	(13,546,767	)	$	(188,629	)	$	(8,988,918	)
Currencies		708,553			(1,085,512	)		(28,712,306	)
Energies		9,678,380			(428,493	)		(3,855,272	)
Agriculturals		3,865,415			(330,073	)		(7,938,422	)
Interest rates		1,218,775			676,484			37,723,387
Stock indices		158,862			(154,044	)		2,555,251
Realized trading income/(loss)(2)	$	2,083,218		$	(1,510,267	)	$	(9,216,280	)

Type of contract	Currency Series
Metals	$	—
Currencies		27,976
Energies		—
Agriculturals		—
Interest rates		—
Stock indices		—
Realized trading income/(loss)(2)	$	27,976

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2011 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	(13,546,767	)	$	156,659		$	(9,080,153	)
Currencies		708,553			(1,389,109	)		(22,398,216	)
Energies		9,678,380			(1,492,202	)		(5,236,069	)
Agriculturals		3,865,415			(1,039,562	)		(10,521,887	)
Interest rates		1,218,775			1,167,949			42,189,800
Stock indices		158,862			(659,364	)		(5,757,583	)
Realized trading income/(loss)(2)	$	2,083,218		$	(3,255,629	)	$	(10,804,108	)

Type of contract	Currency Series			Winton/Graham Series
Metals	$	—		$	1,144,332
Currencies		(142,069	)		110,745
Energies		—			91,930
Agriculturals		—			1,912
Interest rates		—			391,518
Stock indices		—			(942,278	)
Realized trading income/(loss)(2)	$	(142,069	)	$	798,159

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

for the Three Months Ended September 30, 2011 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	15,878,273		$	165,475		$	19,876,345
Currencies		(555,810	)		(30,570	)		(6,530,704	)
Energies		(13,233,592	)		120,574			600,800
Agriculturals		(467,268	)		(133,312	)		4,161,214
Interest rates		(1,797,937	)		121,316			2,733,205
Stock indices		(426,825	)		194,318			(364,392	)
Change in unrealized trading income/(loss)(3)	$	(603,159	)	$	437,801		$	20,476,468

Type of contract	Currency Series
Metals	$	—
Currencies		(2,759	)
Energies		—
Agriculturals		—
Interest rates		—
Stock indices		—
Change in unrealized trading income/(loss)(3)	$	(2,759	)

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

for the Nine Months Ended September 30, 2011 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	15,878,273		$	(50,223	)	$	22,091,608
Currencies		(555,810	)		609,296			(22,590,346	)
Energies		(13,233,592	)		51,126			2,644,424
Agriculturals		(467,268	)		(31,548	)		(4,261,859	)
Interest rates		(1,797,937	)		(1,224,260	)		1,374,509
Stock indices		(426,825	)		910,501			(3,438,136	)
Change in unrealized trading income/(loss)(3)	$	(603,159	)	$	264,892		$	(4,179,800	)

Type of contract	Currency Series			Winton/Graham Series
Metals	$	—		$	(619,217	)
Currencies		(27,166	)		(571,607	)
Energies		—			12,279
Agriculturals		—			(371,424	)
Interest rates		—			(285,680	)
Stock indices		—			313,862
Change in unrealized trading income/(loss)(3)	$	(27,166	)	$	(1,521,787	)

(1) The Frontier Diversified Series, Tiverton/Graham/Transtren Series (formerly known as Berkely/Graham/Tiverton Series), Currency Series, Winton/Graham Series, Frontier Long/Short Commodity Series and Winton Series participate in trading activities through equity in earnings/(loss) from trading companies. The Balanced Series consolidated Frontier Trading Company XIV, LLC since June 20, 2011. The Frontier Long/Short Series consolidated Frontier Trading Company VII, LLC since September 28, 2011.

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

(3) Amounts recorded in the Statements of Operations under Net change in open trade equity.

The Frontier Fund [Member]

Derivative Instruments and Hedging Activities

7. Derivative Instruments and Hedging Activities

The Trust’s primary business is to engage in speculative trading of a diversified portfolio of futures, forwards (including interbank foreign currencies), options contracts and other derivative instruments (including swap contracts). The Trust does not enter into or hold positions for hedging purposes as defined under ASC 815. The detail of the fair value of the Trust’s derivatives by instrument types as of September 30, 2012 and December 31, 2011 is included in the Consolidated Condensed Schedules of Investments. See Note 4 for further disclosure related to the Trust’s positions in swap contracts.

For the nine and three months ended September 30, 2012 and 2011, the monthly average of futures contracts bought was approximately 49,800, 20,100, 213,600 and 172,000, respectively and sold was approximately 52,900, 19,100, 131,900 and 113,200, respectively. The following tables summarize the trading revenues for the nine and three months ended September 30, 2012 and 2011 by contract type:

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2012 (1)

Type of contract
Metals	$	(15,791,452	)
Currencies		(6,365,741	)
Energies		(23,685,527	)
Agriculturals		(2,695,834	)
Interest rates		47,939,795
Stock indices		6,092,258
Realized trading income/(loss) (1)	$	5,493,499

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

for the Nine Months Ended September 30, 2012 (2)

Type of contract
Metals	$	3,720,493
Currencies		14,487,416
Energies		529,216
Agriculturals		5,288,536
Interest rates		5,776,926
Stock indices		(4,485,740	)
Change in unrealized trading income/(loss) (2)	$	25,316,847

(1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options

(2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value.

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2012 (2)

Type of contract
Metals	$	(649,307	)
Currencies		7,835,846
Energies		(42,758,157	)
Agriculturals		324,580
Interest rates		12,963,102
Stock indices		8,252,917
Realized trading income/(loss) (1)	$	(14,031,019	)

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

for the Three Months Ended September 30, 2012 (2)

Type of contract
Metals	$	(2,999,805	)
Currencies		(2,974,438	)
Energies		35,116,173
Agriculturals		3,858,004
Interest rates		8,135,147
Stock indices		(4,739,678	)
Change in unrealized trading income/(loss) (2)	$	36,395,403

(1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options

(2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value.

Realized Trading Revenue from Futures, Forwards and Options

for the Nine Months Ended September 30, 2011 (1)

Type of contract
Metals	$	6,225,603
Currencies		7,136,254
Energies		21,770,973
Agriculturals		38,239,122
Interest rates		(15,767,166	)
Stock indices		30,565,066
Realized trading income/(loss) (1)	$	88,169,852

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

for the Nine Months Ended September 30, 2011 (1)

Type of contract
Metals	$	6,306,915
Currencies		(21,644,755	)
Energies		7,265,939
Agriculturals		(7,728,022	)
Interest rates		(8,516,274	)
Stock indices		(3,920,710	)
Change in unrealized trading income/(loss) (2)	$	(28,236,907	)

(1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options

(2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value.

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended September 30, 2011 (1)

Type of contract
Metals	$	569,349
Currencies		652,630
Energies		2,905,543
Agriculturals		4,411,601
Interest rates		(1,441,951	)
Stock indices		2,927,565
Realized trading income/(loss) (1)	$	10,024,737

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

for the Three Months Ended September 30, 2011 (2)

Type of contract
Metals	$	495,331
Currencies		6,518,277
Energies		3,841,690
Agriculturals		2,852,828
Interest rates		1,370,456
Stock indices		630,928
Change in unrealized trading income/(loss) (2)	$	15,709,510

(1) In the Consolidated Statement of Operations under net realized gain/(loss) on futures, forwards and options.

(2) In the Consolidated Statement of Operations under net change in open trade equity (deficit), at fair value.

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Transactions with Affiliates

9 Months Ended

Sep. 30, 2012

Transactions with Affiliates

6. Transactions with Affiliates

The Managing Owner contributes funds to the Trust, with respect to the Series, in order to have a 1% interest 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 (“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, the Managing Owner agreed with certain regulatory bodies to maintain a 1% interest specifically in the Balanced Series Class 1 a Units and Balanced Series Class 2a Units, aggregated, and each of the Frontier Long/Short Commodity Series, Frontier Diversified Series and Frontier Masters 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. Principals of the Managing Owner or affiliates are allowed to own beneficial interests in the Trust, with respect to the Series, as well. All Units purchased by the Managing Owner are held for investment purposes only and not for resale. The Managing Owner may make purchases or redemptions at any time on the same terms as any Limited Owner. The Trust has and will continue to have certain relationships with the Managing Owner and its affiliates.

The Balanced Series had advanced funds to the Currency Series for the purpose of investing in the respective Trading Company for such Series on behalf of the Balanced Series.

The following table summarizes the Balanced Series advances to and reductions from the Currency Series of the Trust for the year ended December 31, 2011. All such advances were liquidated in 2011.

Balanced Series

Summary by Quarter

For the Year Ended December 31, 2011

	Currency Series			Total
Inter-series receivables January 1, 2011	$	12,816,775		$	12,816,775
Additions during period		—			—
Reduction during period		—			—
Net change in inter-series receivables		(476,691	)		(476,691	)
Inter-series receivables March 31, 2011	$	12,340,084		$	12,340,084
Additions during period		—			—
Reduction during period		—			—
Net change in inter-series receivables		(46,549	)		(46,549	)
Inter-series receivables June 30, 2011	$	12,293,535		$	12,293,535
Additions during period		—			—
Reduction during period		(11,281,861	)		(11,281,861	)
Net change in inter-series receivables		(1,011,674	)		(1,011,674	)
Inter-series receivables September 30, 2011	$	—		$	—
Additions during period		—			—
Reduction during period		—			—
Net change in inter-series receivables		—			—
Inter-series receivables December 31, 2011	$	—		$	—

(1) Balanced Series Inter-series receivables are corresponding Inter-series payables on the Statements of Financial Condition for the investee Series.

Expenses

Management Fees - Each Series of Units pays to the Managing Owner a monthly management fee equal to a certain percentage of such Series’ assets attributable to such Series (including notional 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, Frontier Long/Short Commodity Series Class 1 a and Class 2a and Frontier Masters Series, .075% for Frontier Diversified Series, 2.5% for the Winton/Graham Series and Tiverton/Graham/Transtrend Series, and 3.5% for the Frontier Long/Short Commodity Series Class 1 and Class 2. The Managing Owner may pay all or a portion of such management fees to the Trading Advisor(s) for such Series.

Trading Fees - In connection with each Series’ trading activities, the Frontier Long/Short Commodity Series (Classes 1, 2 and 3), Balanced Series, Currency Series, Tiverton/Graham/Transtrend Series, Winton Series and Winton/Graham Series pays to the Managing Owner a trading fee, or FCM Fee, up to 0.75% of such Series’ NAV, calculated daily. The Frontier Diversified Series, Frontier Long/Short Commodity Series (Classes 1a and 2a) and Frontier Masters Series pays to the Managing Owner a trading fee, or FCM Fee, up to 2.25% and a custodial/due diligence fee of 0.12% of such Series’ NAV, calculated daily.

Incentive Fees - Some Series pay to the Managing Owner an incentive fee of a certain percentage of new net trading profits generated by such Series, monthly or quarterly. Because the Balanced Series, Winton/Graham Series, Tiverton/Graham/Transtrend Series, Currency Series and Frontier Long/Short Commodity Series may each employ multiple Trading Advisors, these Series will pay the Managing Owner a monthly incentive fee calculated on a Trading Advisor by Trading Advisor basis. It is therefore possible that in any given period the Balanced Series or the Frontier 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 the Frontier Diversified Series and 20% for the Winton Series, Currency Series, Winton/Graham Series, Tiverton/Graham/Transtrend Series, Frontier Long/Short Commodity Series and Frontier Masters Series. The Managing Owner may pay all or a portion of such incentive fees to the Trading Advisor(s) for such Series.

Service Fees - In addition, with respect to Class 1 and Class 1a Units of each Series, as applicable, the Series pays monthly or quarterly to the Managing Owner a service fee at an annualized rate, as described in more detail above, which the Managing Owner pays to selling agents of the Trust, with respect to the Series.

The following table summarizes fees earned by the Managing Owner for the nine and three months ended September 30, 2012 and 2011.

Series: Nine Months Ended September 30, 2012	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	1,445,371	$	2,258,377	$	3,079,256	$	1,131,348
Frontier Masters Series		1,069,958		979,635		488,081		584,434
Frontier Long/Short Commodity Series		2,599,254		778,408		1,059,204		352,904
Balanced Series		1,940,876		1,373,998		6,553,867		3,845,995
Tiverton/Graham/Transtrend Series		956,639		193,716		65,989		686,786
Currency Series		—		20,595		—		81,340
Winton Series		787,335		263,127		—		806,539
Winton/Graham Series		813,420		151,266		—		491,271

Series: Nine Months Ended September 30, 2011	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	1,469,361	$	2,675,921	$	4,386,760	$	1,393,776
Frontier Masters Series		1,094,180		1,095,725		805,663		624,864
Frontier Long/Short Commodity Series		2,781,137		536,554		2,744,245		673,297
Balanced Series		1,922,751		1,280,779		11,575,647		5,638,744
Tiverton/Graham/Transtrend Series		948,867		212,756		29,678		1,144,674
Currency Series		80,701		53,198		—		121,438
Winton Series		960,130		203,804		813,809		985,426
Winton/Graham Series		1,095,659		169,014		298,707		828,649

Series: Three Months Ended September 30, 2012	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	443,895	$	735,492	$	1,456,640	$	366,831
Frontier Masters Series		364,814		342,724		403,573		207,528
Frontier Long/Short Commodity Series		868,971		266,738		585,049		112,879
Balanced Series		601,212		443,728		3,268,561		1,240,331
Tiverton/Graham/Transtrend Series		326,209		60,869		7,136		213,767
Currency Series		—		6,351		—		24,937
Winton Series		259,965		84,533		—		257,849
Winton/Graham Series		225,076		47,300		—		153,063

Series: Three Months Ended September 30, 2011	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	519,364	$	808,751	$	1,467,047	$	417,549
Frontier Masters Series		355,001		332,882		534,851		193,356
Frontier Long/Short Commodity Series		910,662		207,381		440,077		177,277
Balanced Series		664,399		369,151		2,903,887		1,525,660
Tiverton/Graham/Transtrend Series		258,162		58,000		29,678		313,464
Currency Series		1,673		7,548		—		35,747
Winton Series		309,397		63,844		565,219		300,670
Winton/Graham Series		283,356		45,550		227,833		223,405

The following table summarizes fees payable to the Managing Owner as of September 30, 2012.

Series:	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	144,194	$	236,263	$	1,456,641	$	91,573
Frontier Masters Series		119,916		113,102		403,572		51,507
Frontier Long/Short Commodity Series		287,977		88,080		592,061		24,317
Balanced Series		190,633		146,800		3,268,560		359,015
Tiverton/Graham/Transtrend Series		106,160		18,967		7,136		64,380
Currency Series		—		1,956		—		3,882
Winton Series		84,397		27,034		—		65,968
Winton/Graham Series		64,529		14,864		—		43,304

The following table summarizes fees payable to the Managing Owner as of December 31, 2011.

Series:	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	180,232	$	269,021	$	522,033	$	76,877
Frontier Masters Series		117,541		105,278		—		41,911
Frontier Long/Short Commodity Series		284,677		83,646		127,052		22,920
Balanced Series		241,525		176,398		1,195,031		435,380
Tiverton/Graham/Transtrend Series		101,400		25,212		—		87,016
Currency Series		—		2,727		—		6,285
Winton Series		90,559		31,302		—		78,044
Winton/Graham Series		100,311		19,427		—		57,141

With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed therefore by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk and the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months. For the nine months ended September, 2012, amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees were $8,022 for the Tiverton/Graham/Transtrend Series, $3,584 for the Frontier Diversified Series and $4,272 for the Frontier Long/Short Commodity Series. For the nine months ended September 30, 2012, amounts paid or owing the Managing Owner for the difference in monthly service fees from prepaid initial service fees were $18,610 for the Balanced Series, $990 for the Currency Series, $2,928 for the Winton/Graham Series, $4,714 for the Winton Series and $432 for the Frontier Masters Series.

For the year ended December 31, 2011, amounts paid or owed to the Managing Owner for the difference in monthly service fees from prepaid initial service fees were $34,141 for the Balanced Series, $16,508 for the Frontier Long/Short Commodity Series, $23,473 for the Frontier Diversified Series, $755 for the Currency Series, $6,607 for the Tiverton Series, $5,102 for the Winton/Graham Series, $9,011 for the Winton Series and $12,444 for the Frontier Masters 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, Tiverton/Graham/Transtrend Series, Currency Series and Winton/Graham Series. For the Frontier Diversified Series, Frontier Long/Short Commodity Series, Frontier Masters Series and Balanced Series (Class 1a and Class 2a only) 20% of the total interest allocated to each Series is paid to the Managing Owner. During the nine months ended September 30, 2012, and 2011 the Trust, with respect to the Series, paid $5,748,014 and $7,197,876, respectively, of such interest income to the Managing Owner. Such expenses are not included in the statements of operations of the Series.

The Managing Owner paid 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. The amount paid under this agreement was $465,830 and $1,483,875, respectively, for the nine months ended September 30, 2012 and 2011. The amount paid under this agreement was $0 and $429,634, respectively, for the three months ended September 30, 2012 and 2011.This agreement ended April 19, 2012.

Solon Capital, LLC, an affiliate of the Trust, provides product development and marketing services. For these services, the Managing Owner paid Solon Capital, LLC, $2,030,547 and $2,670,975, respectively, for the nine months ended September 30, 2012 and 2011. For these services, the Managing Owner paid Solon Capital, LLC, $665,527 and $773,341, respectively, for the three months ended September 30, 2012 and 2011.

Equinox Group Distributors, LLC (Formerly known as Bornhoft Group Securities Corporation), a subsidiary of the Managing Owner, serves as wholesaler of the Trust by marketing to broker/dealer organizations. Its results are consolidated with the Managing Owner.

The Frontier Fund [Member]

Transactions with Affiliates

5. Transactions with Affiliates

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

Expenses

Management Fees—Each Series of the Trust pays to the Managing Owner a monthly management fee equal to a certain percentage of such Series’ assets attributable to such Series (including notional 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, Frontier Long/Short Commodity Series Class 1 a and Class 2a and Frontier Masters Series, 0.75% for Frontier Diversified Series, 2.5% for the Winton/Graham Series and Tiverton/Graham/Transtrend Series, and 3.5% for the Frontier Long/Short Commodity Series Class 1 and Class 2. The Managing Owner may pay all or a portion of such management fees to the Trading Advisor(s) for such Series.

Trading Fees—In connection with each Series’ trading activities of the Trust, the Frontier Long/Short Commodity Series (Classes 1, 2 and 3), Balanced Series, Currency Series, Tiverton/Graham/Transtrend Series, Winton Series and Winton/Graham Series pays to the Managing Owner a trading fee, or FCM Fee, up to 0.75% of such Series’ NAV, calculated daily. The Frontier Diversified Series, Frontier Long/Short Commodity Series (Classes 1a and 2a) and Frontier Masters Series pays to the Managing Owner a trading fee, or FCM Fee, up to 2.25% and a custodial/due diligence fee of 0.12% of such Series’ NAV, calculated daily.

Incentive Fees—Some Series of the Trust 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, Winton/Graham Series, Berkeley/Graham/Tiverton Series, Currency Series and Frontier Long/Short Commodity Series may each employ multiple Trading Advisors, these Series will pay the Managing Owner a monthly incentive fee calculated on a Trading Advisor by Trading Advisor basis. It is therefore possible that in any given period the Balanced Series or the Frontier 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 the Frontier Diversified Series and 20% for the Winton Series, Currency Series, Winton/Graham Series, Tiverton/Graham/Transtrend Series, Frontier Long/Short Commodity Series and Frontier Masters Series. The Managing Owner may pay all or a portion of such incentive fees to the Trading Advisor(s) for such Series.

Service Fees—In addition, with respect to Class 1 and Class 1a Units of each Series of the Trust, as applicable, the Series pays monthly or quarterly to the Managing Owner a service fee at an annualized rate, as described in more detail above, which the Managing Owner pays to selling agents of the Trust.

With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed therefore by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk and enjoys the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months. For the three months ended September 30, 2012 amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees were $8,628. For the nine months ended September 30, 2012, amounts paid or owing the Managing Owner for the difference in monthly service fees from prepaid initial service fees were $11,795.

For the year ended December 31, 2011, amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees were $2,910. For the year ended December 31, 2011, amounts paid or owed to the Managing Owner for the difference in monthly service fees from prepaid initial service fees were $108,041.

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, Berkeley/Graham/Tiverton Series, Currency Series and Winton/Graham Series. For the Frontier Diversified Series, Frontier Long/Short Commodity Series, Frontier Masters Series, and Balanced Series (Class 1a and Class 2a only), 20% of the total interest allocated to each Series is paid to the Managing Owner. During the nine months ended September 30, 2012, and 2011 the Trust, with respect to the Series, paid $5,748,014 and $7,197,876, respectively, of such interest income to the Managing Owner. Such expenses are not included in the statements of operations of the Series.

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. The amount paid under this agreement was $465,830 and $1,483,875, respectively for the nine months ended September 30, 2012 and 2011. The amount paid under this agreement was $0 and $429,634, respectively, for the three months ended September 30, 2012 and 2011. This agreement ended April 19, 2012.

Solon Capital, LLC, an affiliate of the Trust, provides product development and marketing services. For these services, the Managing Owner paid Solon Capital, LLC, $2,030,547 and $2,670,975, respectively, for the nine months ended September 30, 2012 and 2011. For these services, the Managing Owner paid Solon Capital, LLC, $665,527 and $773,341, respectively, for the three months ended September 30, 2012 and 2011.

Equinox Group Distributors, LLC, an affiliate of the Managing Owner, serves as wholesaler of the Trust by marketing to broker/dealer organizations. Its results are consolidated with the Managing Owner.

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Financial Highlights

9 Months Ended

Sep. 30, 2012

Financial Highlights

7. Financial Highlights

The following information presents the financial highlights of the Trust, with respect to the Series, for the nine and three months ended September 30, 2012 and 2011.

	Frontier Diversified Series						Frontier Masters Series						Frontier Long/Short Commodity Series (6)
	Class 1			Class 2			Class 1			Class 2			Class 1			Class 2			Class 3			Class 1a			Class 2a
Per unit operating performance (1)
Net asset value, December 31, 2011	$	99.40		$	103.96		$	100.25		$	104.83		$	136.13		$	161.97		$	161.96		$	121.71		$	127.23
Net operating results:
Interest income		1.29			1.35			1.46			1.54			2.01			2.06			2.41			1.83			2.15
Expenses		(6.87	)		(5.51	)		(6.40	)		(5.00	)		(10.98	)		(8.71	)		(10.19	)		(9.98	)		(9.09	)
Net gain/(loss) on investments, net of non-controlling interests		4.00			3.85			9.61			9.79			8.24			9.96			11.15			9.86			10.36
Net income/(loss)		(1.58	)		(0.30	)		4.67			6.34			(0.72	)		3.31			3.37			1.71			3.41
Net asset value, September 30, 2012 or at cessation of operations	$	97.82		$	103.66		$	104.92		$	111.17		$	135.41		$	165.28		$	165.33		$	123.42		$	130.64
Ratios to average net assets (3)
Net investment income/(loss)		–6.71	%		–4.53	%		–6.23	%		–4.06	%		–10.80	%		–5.27	%		–5.91	%		–8.41	%		–6.51	%
Expenses before incentive fees		6.02	%		3.85	%		7.29	%		5.13	%		11.99	%		5.45	%		6.38	%		8.90	%		7.25	%
Expenses after incentive fees		8.43	%		6.27	%		8.17	%		6.01	%		13.50	%		6.96	%		7.89	%		10.41	%		8.76	%
Total return before incentive fees (2)		0.82	%		2.12	%		5.54	%		6.93	%		0.98	%		3.56	%		3.59	%		2.92	%		4.19	%
Total return after incentive fees (2)		–1.59	%		–0.29	%		4.66	%		6.05	%		–0.53	%		2.04	%		2.08	%		1.40	%		2.68	%
																Tiverton/Graham/Transtrend
	Balanced Series (5)															Series (4)						Currency Series
	Class 1			Class 1a			Class 2			Class 2a			Class 3a			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2011	$	124.50		$	108.45		$	155.02		$	128.35		$	128.36		$	91.02		$	111.84		$	70.48		$	87.61
Net operating results:
Interest income		0.11			0.09			0.14			0.11			0.11			0.40			0.50			0.00			0.00
Expenses		(7.93	)		(6.87	)		(6.50	)		(5.37	)		(5.40	)		(5.07	)		(3.84	)		(1.90	)		(0.48	)
Net gain/(loss) on investments, net of non-controlling interests		6.11			10.89			7.63			7.05			6.64			(1.05	)		(1.37	)		(4.44	)		(5.54	)
Net income/(loss)		(1.71	)		4.13			1.28			1.80			1.36			(5.72	)		(4.72	)		(6.34	)		(6.02	)
Net asset value, September 30, 2012 or at cessation of operations	$	122.79		$	112.58		$	156.30		$	130.15		$	129.72		$	85.30		$	107.12		$	64.14		$	81.59
Ratios to average net assets (3)
Net investment income/(loss)		–7.47	%		–9.21	%		–4.53	%		–4.52	%		–4.53	%		–6.78	%		–3.92	%		–3.59	%		–0.72	%
Expenses before incentive fees		4.82	%		6.59	%		1.88	%		1.87	%		1.88	%		7.18	%		4.33	%		3.59	%		0.72	%
Expenses after incentive fees		7.59	%		9.37	%		4.65	%		4.64	%		4.65	%		7.37	%		4.52	%		3.59	%		0.72	%
Total return before incentive fees (2)		1.40	%		6.58	%		3.60	%		4.17	%		3.99	%		–6.10	%		–4.03	%		–9.00	%		–6.87	%
Total return after incentive fees (2)		–1.37	%		3.81	%		0.83	%		1.40	%		1.22	%		–6.28	%		–4.22	%		–9.00	%		–6.87	%

	Winton Series						Winton/Graham Series
	Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2011		$141.13			$165.82			$104.73			$129.70
Net operating results:
Interest income		1.12			1.33			0.33			0.41
Expenses		(6.13	)		(3.63	)		(6.00	)		(4.61	)
Net gain/(loss) on investments, net of non-controlling interests		(4.40	)		(5.25	)		(0.26	)		(0.37	)
Net income/(loss)		(9.40	)		(7.54	)		(5.93	)		(4.57	)
Net asset value, September 30, 2012		$131.73			$158.28			$98.80			$125.13
Ratios to average net assets (3)
Net investment income/(loss)		–4.72	%		–1.84	%		–7.22	%		–4.32	%
Expenses before incentive fees		5.78	%		2.91	%		7.63	%		4.74	%
Expenses after incentive fees		5.78	%		2.91	%		7.63	%		4.74	%
Total return before incentive fees (2)		–6.66	%		–4.55	%		–5.66	%		–3.52	%
Total return after incentive fees (2)		–6.66	%		–4.55	%		–5.66	%		–3.52	%

(1) Interest income and expenses per unit are calculated by dividing these amounts by the average number of units outstanding during the period.

The net gain/(loss) on investments, net of non-controlling interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

(2) Computed using 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 with the exception of incentive fees.

(4) Formerly the Berkeley/Graham/Tiverton Series.

(5) Class 1a operations ceased July 17, 2012 and all remaining Units were exchanged for Class 3a Units.

(6) Class 1 operations ceased July 18, 2012 and all remaining Units were exchanged for Class 3 Units.

	Frontier Diversified Series						Frontier Masters Series						Frontier Long/Short Commodity Series (6)
	Class 1			Class 2			Class 1			Class 2			Class 1			Class 2			Class 3			Class 1a			Class 2a
Per unit operating performance (1)
Net asset value, June 30, 2012	$	97.60		$	102.99		$	102.04		$	107.65		$	128.07		$	154.20		$	154.18		$	115.26		$	121.54
Net operating results:
Interest income		0.42			0.44			0.46			0.49			0.63			0.59			0.79			0.62			0.79
Expenses		(2.66	)		(2.23	)		(2.61	)		(2.16	)		(4.30	)		(3.03	)		(4.05	)		(4.27	)		(4.05	)
Net gain/(loss) on investments, net of non-controlling interests		2.46			2.46			5.03			5.19			11.01			13.52			14.41			11.81			12.36
Net income/(loss)		0.22			0.67			2.88			3.52			7.34			11.08			11.15			8.16			9.10
Net asset value, September 30, 2012 or at cessation of operations	$	97.82		$	103.66		$	104.92		$	111.17		$	135.41		$	165.28		$	165.33		$	123.42		$	130.64
Ratios to average net assets (3)
Net investment income/(loss)		–5.53	%		–3.30	%		–6.15	%		–3.96	%		–41.61	%		–4.46	%		–5.68	%		–9.63	%		–6.98	%
Expenses before incentive fees		6.07	%		3.84	%		7.25	%		5.07	%		50.73	%		5.14	%		6.87	%		10.94	%		8.73	%
Expenses after incentive fees		7.24	%		5.01	%		7.95	%		5.77	%		51.57	%		5.98	%		7.71	%		11.78	%		9.56	%
Total return before incentive fees (2)		1.39	%		1.82	%		3.52	%		15.90	%		6.57	%		8.03	%		8.07	%		7.92	%		8.33	%
Total return after incentive fees (2)		0.23	%		0.65	%		2.82	%		3.27	%		5.73	%		7.19	%		7.23	%		7.08	%		7.49	%
																Tiverton/Graham/Transtrend
	Balanced Series (5)															Series (4)						Currency Series
	Class 1			Class 1a			Class 2			Class 2a			Class 3a			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2012	$	122.65		$	108.13		$	155.01		$	128.99		$	128.54		$	86.29		$	107.04		$	64.87		$	81.87
Net operating results:
Interest income		0.01			0.01			0.02			0.01			0.01			0.21			0.26			0.00			0.00
Expenses		(3.30	)		(2.90	)		(2.99	)		(2.49	)		(2.48	)		(1.74	)		(1.35	)		(0.62	)		(0.16	)
Net gain/(loss) on investments, net of non-controlling interests		3.43			7.34			4.26			3.64			3.65			0.54			1.17			(0.11)			(0.12	)
Net income/(loss)		0.14			4.45			1.29			1.16			1.18			(0.99	)		0.08			(0.73	)		(0.28	)
Net asset value, September 30, 2012 or at cessation of operations	$	122.79		$	112.58		$	156.30		$	130.15		$	129.72		$	85.30		$	107.12		$	64.14		$	81.59
Ratios to average net assets (3)
Net investment income/(loss)		–6.26	%		–27.55	%		–3.24	%		–3.24	%		–3.24	%		–7.00	%		–3.98	%		–3.81	%		–0.76	%
Expenses before incentive fees		4.88	%		26.34	%		1.86	%		1.86	%		6.34	%		7.92	%		4.91	%		3.81	%		0.76	%
Expenses after incentive fees		6.30	%		27.76	%		3.28	%		3.28	%		7.67	%		7.95	%		4.93	%		3.81	%		0.76	%
Total return before incentive fees (2)		1.54	%		5.54	%		2.25	%		2.32	%		2.50	%		–1.13	%		0.10	%		–1.13	%		–0.34	%
Total return after incentive fees (2)		0.11	%		4.12	%		0.83	%		0.90	%		1.07	%		–1.15	%		0.07	%		–1.13	%		–0.34	%

	Winton Series						Winton/Graham Series
	Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2012	$	131.72		$	157.12		$	96.05		$	120.78
Net operating results:
Interest income		0.38			0.46			0.13			0.16
Expenses		(2.03	)		(1.23	)		(1.87	)		(1.39	)
Net gain/(loss) on investments, net of non-controlling interests		1.66			1.93			4.49			5.58
Net income/(loss)		0.01			1.16			2.75			4.35
Net asset value, September 30, 2012	$	131.73		$	158.28		$	98.80		$	125.13
Ratios to average net assets (3)
Net investment income/(loss)		–4.98	%		–1.95	%		–7.19	%		–4.04	%
Expenses before incentive fees		6.13	%		3.10	%		7.72	%		4.57	%
Expenses after incentive fees		6.13	%		3.10	%		7.72	%		4.57	%
Total return before incentive fees (2)		0.01	%		0.74	%		2.86	%		3.60	%
Total return after incentive fees (2)		0.01	%		0.74	%		2.86	%		3.60	%

(1) Interest income and expenses per unit are calculated by dividing these amounts by the average number of units outstanding during the period.

The net gain/(loss) on investments, net of non-controlling interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

(2) Computed using 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) Formerly the Berkeley/Graham/Tiverton Series.

(5) Class 1a operations ceased July 17, 2012 and all remaining Units were exchanged for Class 3a Units.

(6) Class 1 operations ceased July 18, 2012 and all remaining Units were exchanged for Class 3 Units.

	Frontier Diversified Series						Frontier Long/Short Commodity Series															Frontier Masters Series
	Class 1			Class 2			Class 1			Class 2			Class 3			Class 1a			Class 2a			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2010	$	103.58		$	106.46		$	132.73		$	153.26		$	153.26		$	117.96		$	121.18		$	102.96		$	105.81
Net operating results:
Interest income		1.22			1.26			1.96			2.29			2.29			1.74			1.80			1.25			1.29
Expenses		(7.53	)		(6.02	)		(14.30	)		(13.27	)		(13.28	)		(12.69	)		(10.45	)		(6.62	)		(5.13	)
Net gain/(loss) on investments, net of non-controlling interests		3.20			2.92			16.21			19.03			19.03			14.66			14.10			5.17			5.03
Net income/(loss)		(3.11	)		(1.84	)		3.87			8.05			8.04			3.71			5.45			(0.20	)		1.19
Net asset value, September 30, 2011	$	100.47		$	104.62		$	136.60		$	161.31		$	161.30		$	121.67		$	126.63		$	102.76		$	107.00
Ratios to average net assets (3)
Net investment gain/(loss)		–8.12	%		–5.92	%		–11.39	%		–8.69	%		–8.69	%		–11.39	%		–8.69	%		–6.96	%		–4.81	%
Expenses before incentive fees		5.84	%		3.64	%		8.45	%		5.75	%		5.75	%		8.45	%		5.75	%		6.85	%		4.70	%
Expenses after incentive fees		9.69	%		7.50	%		13.20	%		10.50	%		10.50	%		13.20	%		10.50	%		8.57	%		6.42	%
Total return before incentive fees (2)		0.36	%		1.43	%		15.11	%		13.11	%		8.34	%		–0.56	%		0.90	%		1.45	%		2.31	%
Total return after incentive fees (2)		–2.52	%		–1.45	%		11.56	%		9.55	%		4.79	%		–4.11	%		–2.65	%		0.16	%		1.01	%

	Balanced Series															Tiverton/Graham/Transtrend Series (4)
	Class 1			Class 1a			Class 2			Class 2a			Class 3a			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2010		$131.95			$116.36			$159.46			$133.66			$133.66			$110.46			$131.73
Net operating results:
Interest income		0.15			0.13			0.18			0.15			0.15			0.13			0.16
Expenses		(8.93	)		(7.85	)		(7.25	)		(6.05	)		(6.06	)		(4.59	)		(2.65	)
Net gain/(loss) on investments, net of non-controlling interests		2.86			1.44			3.37			1.55			1.56			(7.27	)		(8.82	)
Net income/(loss)		(5.92	)		(6.28	)		(3.70	)		(4.35	)		(4.35	)		(11.73	)		(11.31	)
Net asset value, September 30, 2011		$126.03			$110.08			$155.76			$129.31			$129.31			$98.73			$120.42
Ratios to average net assets (3)
Net investment gain/(loss)		–8.84	%		–8.84	%		–5.84	%		–5.84	%		–5.84	%		–5.59	%		–2.59	%
Expenses before incentive fees		4.30	%		4.30	%		1.30	%		1.30	%		1.30	%		5.69	%		2.69	%
Expenses after incentive fees		8.99	%		8.99	%		5.99	%		5.99	%		5.99	%		5.76	%		2.76	%
Total return before incentive fees (2)		0.30	%		–0.24	%		1.73	%		0.51	%		0.71	%		–10.35	%		–7.86	%
Total return after incentive fees (2)		–3.21	%		–3.75	%		–1.78	%		–3.00	%		–2.80	%		–10.40	%		–7.91	%

	Currency Series (5)						Winton Series						Winton/Graham Series
	Class 1			Class 2			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2010	$	79.09		$	95.43		$	135.04		$	153.99		$	119.83		$	144.04
Net operating results:
Interest income		0.76			0.93			0.81			0.94			0.41			0.50
Expenses		(3.39	)		(2.08	)		(7.97	)		(5.65	)		(6.70	)		(4.91	)
Net gain/(loss) on investments, net of non-controlling interests		(4.35	)		(5.31	)		14.19			16.39			(0.23	)		(0.34	)
Net income/(loss)		(6.98	)		(6.46	)		7.03			11.68			(6.52	)		(4.75	)
Net asset value, September 30, 2011	$	72.11		$	88.97		$	142.07		$	165.67		$	113.31		$	139.29
Ratios to average net assets (3)
Net investment gain/(loss)		–4.66	%		–1.67	%		–6.98	%		–3.98	%		–7.10	%		–4.10	%
Expenses before incentive fees		6.00	%		3.01	%		5.81	%		2.81	%		6.69	%		3.70	%
Expenses after incentive fees		6.00	%		3.01	%		7.77	%		4.77	%		7.57	%		4.57	%
Total return before incentive fees (2)		–9.13	%		–3.14	%		6.37	%		8.73	%		–4.08	%		–1.29	%
Total return after incentive fees (2)		–9.13	%		–3.14	%		4.90	%		7.26	%		–4.73	%		–1.95	%

(1) Interest income and expenses per unit are calculated by dividing these amounts by the average number of units outstanding during the period.

The net gain/(loss) on investments, net of non-controlling interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

(2) Computed using 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) Formerly the Berkely/Graham/Tiverton Series.

(5) For the nine months ended September 30, 2011, 6.97% of the Currency Series’ Class 1 total return and 2.40% of the Currency Series’ Class 2 total return consists of a discretionary voluntary reimbursement by the managing owner for a realized investment loss. Excluding this item, total return would have been (16.11%) for Currency Series Class 1 and (5.54%) for Currency Series Class 2.

	Frontier Diversified Series						Frontier Long/Short Commodity Series															Frontier Masters Series
	Class 1			Class 2			Class 1			Class 2			Class 3			Class 1a			Class 2a			Class 1			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2011	$	101.63		$	105.37		$	140.52		$	164.69		$	164.68		$	124.76		$	129.28		$	99.01		$	102.63
Net operating results:
Interest income		0.44			0.45			0.71			0.83			0.83			0.63			0.65			0.53			0.55
Expenses		(2.60	)		(2.12	)		(4.03	)		(3.67	)		(3.66	)		(3.57	)		(2.87	)		(2.79	)		(2.32	)
Net gain/(loss) on investments, net of non-controlling interests		1.00			0.92			(0.60	)		(0.54	)		(0.55	)		(0.15	)		(0.43	)		6.01			6.14
Net income/(loss)		(1.16	)		(0.75	)		(3.92	)		(3.38	)		(3.38	)		(3.09	)		(2.65	)		3.75			4.37
Net asset value, September 30, 2011	$	100.47		$	104.62		$	136.60		$	161.31		$	161.30		$	121.67		$	126.63		$	102.76		$	107.00
Ratios to average net assets (3)
Net investment gain/(loss)		–8.61	%		–6.41	%		–9.16	%		–6.65	%		–6.65	%		–9.16	%		–6.65	%		–8.76	%		–6.62	%
Expenses before incentive fees		6.08	%		3.87	%		8.67	%		6.16	%		6.16	%		8.67	%		6.16	%		7.01	%		4.87	%
Expenses after incentive fees		10.35	%		8.15	%		11.10	%		8.59	%		8.59	%		11.10	%		8.59	%		10.80	%		8.66	%
Total return before incentive fees (2)		–0.06	%		0.39	%		–1.02	%		–0.58	%		–1.53	%		–2.64	%		–2.62	%		4.61	%		5.06	%
Total return after incentive fees (2)		–1.14	%		–0.69	%		–1.63	%		–1.19	%		–2.14	%		–3.26	%		–3.24	%		3.66	%		4.10	%

	Balanced Series															Tiverton/Graham/Transtrend Series (4)
	Class 1			Class 1a			Class 2			Class 2a			Class 3a			Class 1			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2011	$	130.46		$	114.39		$	160.02		$	133.35		$	133.36		$	100.81		$	122.02
Net operating results:
Interest income		0.08			0.07			0.09			0.08			0.08			0.12			0.14
Expenses		(2.77	)		(2.42	)		(2.24	)		(1.86	)		(1.86	)		(1.50	)		(0.90	)
Net gain/(loss) on investments, net of non-controlling interests		(1.74	)		(1.96	)		(2.11	)		(2.26	)		(2.27	)		(0.70	)		(0.84	)
Net income/(loss)		(4.43	)		(4.31	)		(4.26	)		(4.04	)		(4.05	)		(2.08	)		(1.60	)
Net asset value, September 30, 2011	$	126.03		$	110.08		$	155.76		$	129.31		$	129.31		$	98.73		$	120.42
Ratios to average net assets (3)
Net investment gain/(loss)		–8.50	%		–8.50	%		–5.50	%		–5.50	%		–5.50	%		–5.48	%		–2.48	%
Expenses before incentive fees		4.51	%		4.51	%		1.50	%		1.50	%		1.50	%		5.69	%		2.69	%
Expenses after incentive fees		8.73	%		8.73	%		5.73	%		5.73	%		5.73	%		5.95	%		2.95	%
Total return before incentive fees (2)		–2.55	%		–2.86	%		–1.77	%		–2.20	%		–2.30	%		–1.99	%		–1.26	%
Total return after incentive fees (2)		–3.62	%		–3.92	%		–2.83	%		–3.27	%		–3.37	%		–2.05	%		–1.32	%

	Currency Series (5)						Winton Series						Winton/Graham Series
	Class 1			Class 2			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, June 30, 2011	$	74.74		$	91.54		$	132.13		$	152.92		$	113.85		$	138.90
Net operating results:
Interest income		0.07			0.09			0.32			0.38			0.21			0.25
Expenses		(0.67	)		(0.16	)		(3.63	)		(2.98	)		(2.66	)		(2.17	)
Net gain/(loss) on investments, net of non-controlling interests		(2.03	)		(2.50	)		13.25			15.35			1.91			2.31
Net income/(loss)		(2.63	)		(2.57	)		9.94			12.75			(0.54	)		0.39
Net asset value, September 30, 2011	$	72.11		$	88.97		$	142.07		$	165.67		$	113.31		$	139.29
Ratios to average net assets (3)
Net investment gain/(loss)		–3.30	%		–0.30	%		–9.34	%		–6.34	%		–8.35	%		–5.35	%
Expenses before incentive fees		3.69	%		0.69	%		5.89	%		2.89	%		6.58	%		3.58	%
Expenses after incentive fees		3.69	%		0.69	%		10.25	%		7.25	%		9.05	%		6.05	%
Total return before incentive fees (2)		–3.69	%		–0.60	%		8.27	%		8.93	%		0.27	%		1.03	%
Total return after incentive fees (2)		–3.69	%		–0.60	%		7.17	%		7.83	%		–0.35	%		0.40	%

(1) Interest income and expenses per unit are calculated by dividing these amounts by the average number of units outstanding during the period.

The net gain/(loss) on investments, net of non-controlling interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

(2) Computed using 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) Formerly the Berkely/Graham/Tiverton Series. represents the liquidation value.

(5) For the three months ended September 30, 2011, 8.10% of the Currency Series’ Class 1 total return and 1.31% of the Currency Series’ Class 2 total return consists of a discretionary voluntary reimbursement by the managing owner for a realized investment loss. Excluding this item, total return would have been (11.79%) for Currency Series Class 1 and (1.90%) for Currency Series Class 2.

The Frontier Fund [Member]

Financial Highlights

6. Financial Highlights

The following information presents the financial highlights of the Trust for the nine and three months ended September 30, 2012 and 2011. This data has been derived from the information presented in the consolidated financial statements.

	September 30, 2012			September 30, 2011
Nine Months Ended
Ratios to average net assets (1)
Net investment gain/(loss) (1)		-6.23	%		-6.61	%
Expenses before incentive fees		-5.29	%		-4.83	%
Expenses after incentive fees		-7.20	%		-7.44	%
Total return before incentive fees		0.88	%		0.91	%
Total return after incentive fees		-1.03	%		-1.70	%
	September 30, 2012			September 30, 2011
Three Months Ended
Ratios to average net assets (1)
Net investment gain/(loss) (1)		-5.34	%		-4.82	%
Expenses before incentive fees		-5.28	%		-4.90	%
Expenses after incentive fees		-6.28	%		-5.80	%
Total return before incentive fees		2.45	%		-0.15	%
Total return after incentive fees		1.45	%		-1.05	%

(1) Annualized with the exception of incentive fees.

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

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Trading Activities and Related Risks

9 Months Ended

Sep. 30, 2012

Trading Activities and Related Risks

9. Trading Activities and Related Risks

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

In addition to market risk, trading futures, forward and swap contracts entails credit risk 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 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.

The Frontier Fund [Member]

Trading Activities and Related Risks

8. Trading Activities and Related Risks

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

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

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Investments in Unconsolidated Trading Companies - Investments in Unconsolidated Trading Companies (Detail) (USD $)	Sep. 30, 2012		Dec. 31, 2011
Frontier Diversified Series [Member]
Investments in Unconsolidated Trading Companies, Fair Value	$ 42,501,058		$ 38,240,171
Frontier Masters Series [Member]
Investments in Unconsolidated Trading Companies, Fair Value	8,579,221		4,717,914
Frontier Long/Short Commodity Series [Member]
Investments in Unconsolidated Trading Companies, Fair Value	3,729,273		4,081,988
Balanced Series [Member]
Investments in Unconsolidated Trading Companies, Fair Value	18,012,182		18,255,809
Tiverton/Graham/Transtrend Series [Member]
Investments in Unconsolidated Trading Companies, Fair Value	8,779,345	[1]	8,234,047	[1]
Currency Series [Member]
Investments in Unconsolidated Trading Companies, Fair Value	2,122,993		2,352,121
Winton Series [Member]
Investments in Unconsolidated Trading Companies, Fair Value	7,020,423		4,731,916
Winton/Graham Series [Member]
Investments in Unconsolidated Trading Companies, Fair Value	6,129,459		8,473,424
Frontier Trading Companies I, II, V, VII, IX, XIV, XV, XVIII, XXI and XXIII [Member] | Frontier Diversified Series [Member]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	35.22%		28.54%
Investments in Unconsolidated Trading Companies, Fair Value	42,501,058		38,240,171
Frontier Trading Companies II, XIV and XV [Member] | Frontier Masters Series [Member]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	14.27%		8.92%
Investments in Unconsolidated Trading Companies, Fair Value	8,579,221		4,717,914
Frontier Trading Company I, and XXIII [Member] | Frontier Long/Short Commodity Series [Member]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	4.93%		5.03%
Investments in Unconsolidated Trading Companies, Fair Value	3,729,273		4,081,988
Frontier Trading Companies II, V, VII,XVII and XXIII [Member] | Balanced Series [Member]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	6.68%		6.17%
Investments in Unconsolidated Trading Companies, Fair Value	18,012,182		18,255,809
Frontier Trading Companies V, XV and XXI [Member] | Tiverton/Graham/Transtrend Series [Member]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	29.54%		20.79%
Investments in Unconsolidated Trading Companies, Fair Value	8,779,345		8,234,047
Frontier Trading Company XVII [Member] | Currency Series [Member]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	67.37%		54.46%
Investments in Unconsolidated Trading Companies, Fair Value	2,122,993		2,352,121
Frontier Trading Company II [Member] | Winton Series [Member]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	16.16%		9.45%
Investments in Unconsolidated Trading Companies, Fair Value	7,020,423		4,731,916
Frontier Trading Companies II and V [Member] | Winton/Graham Series [Member]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	25.71%		27.53%
Investments in Unconsolidated Trading Companies, Fair Value	$ 6,129,459		$ 8,473,424

[1] Formerly the Berkeley/Graham/Tiverton Series.

XML

Swaps (Tables)

9 Months Ended

Sep. 30, 2012

Trust, with Respect to Series, has Invested in Following Swaps

The Trust, with respect to the Series, has invested in the following Swaps as of September 30, 2012:

	Frontier Diversified Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	0		$	0
Termination Date		3/20/2012			3/20/2012
Investee Returns		On Default			On Default
Realized Gain/(Loss)	$	(83,850	)	$	(23,012	)
Unrealized Gain/(Loss)	$	(46,731	)	$	23,012
Fair Value as of 9/30/2012	$	—		$	—

	Frontier Long/Short Commodity Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	0		$	0
Termination Date		3/20/2012			3/20/2012
Investee Returns		On Default			On Default
Realized Gain/(Loss)	$	(45,848	)	$	(12,845	)
Unrealized Gain/(Loss)	$	(33,374	)	$	12,845
Fair Value as of 9/30/2012	$	—		$	—

	Frontier Masters Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	0		$	0
Termination Date		3/20/2012			3/20/2012
Investee Returns		On Default			On Default
Realized Gain/(Loss)	$	(44,412	)	$	(11,257	)
Unrealized Gain/(Loss)	$	(14,032	)	$	11,257
Fair Value as of 9/30/2012	$	—		$	—

	Balanced Series
	Credit Default Swap			Credit Default Swap			Option Swap		Total Return Swap
Counterparty		BNP Paribas			Societe Generale			Company A		DeutscheBank
Notional Amount	$	0		$	0		$	15,325,024	$	23,551,287
Termination Date		3/20/2012			3/20/2012			11/6/2012		6/30/2016
Investee Returns		On Default			On Default			Total Returns		Total Returns
Realized Gain/(Loss)	$	(133,362	)	$	(41,932	)	$	—	$	—
Unrealized Gain/(Loss)	$	(87,639	)	$	41,932		$	2,211,370	$	(575,010	)
Fair Value as of 9/30/2012	$	—		$	—		$	19,907,597	$	5,307,480

	Tiverton/Graham/Transtrend Series (1)
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	34,397		$	0
Termination Date		3/20/2012			3/20/2012
Investee Returns		On Default			On Default
Realized Gain/(Loss)	$	(26,333	)	$	(7,899	)
Unrealized Gain/(Loss)	$	(10,347	)	$	7,899
Fair Value as of 9/30/2012	$	—		$	—

(1) Formerly known as the Berkeley/Graham/Tiverton Series

	Currency Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	0		$	0
Termination Date		3/20/2012			3/20/2012
Investee Returns		On Default			On Default
Realized Gain/(Loss)	$	(4,730	)	$	(1,374	)
Unrealized Gain/(Loss)	$	2,229		$	1,374
Fair Value as of 9/30/2012	$	—		$	—

	Winton Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	0		$	0
Termination Date		3/20/2012			3/20/2012
Investee Returns		On Default			On Default
Realized Gain/(Loss)	$	(45,616	)	$	(12,165	)
Unrealized Gain/(Loss)	$	(19,456	)	$	12,165
Fair Value as of 9/30/2012	$	—		$	—

	Winton/Graham Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	0		$	0
Termination Date		3/20/2012			3/20/2012
Investee Returns		On Default			On Default
Realized Gain/(Loss)	$	(23,131	)	$	(7,471	)
Unrealized Gain/(Loss)	$	(6,528	)	$	7,471
Fair Value as of 9/30/2012	$	—		$	—

The Trust, with respect to the Series, has invested in the following Swaps as of December 31, 2011:

	Frontier Diversified Series
	Credit Default Swap			Credit Default Swap			Credit Default Swap			Option Basket
Counterparty		BNP Paribas			Societe Generale			Societe Generale			Company D
Notional Amount	$	42,411		$	12,238		$	7,818		$	7,437,929
Termination Date		3/20/2012			3/20/2012			12/20/2011			6/6/2014
Investee Returns		On Default			On Default			On Default			Total Returns
Realized Gain/(Loss)	$	—		$	—		$	—		$	(308,941	)
Unrealized Gain/(Loss)	$	(33,433	)	$	(9,670	)	$	(10,212	)	$	(335,303	)
Fair Value as of 12/31/2011	$	42,411		$	12,238		$	7,818		$	8,830,660

	Frontier Long/Short Commodity Series
	Credit Default Swap			Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale
Notional Amount	$	26,385		$	7,613		$	4,863
Termination Date		3/20/2012			3/20/2012			12/20/2011
Investee Returns		On Default			On Default			On Default
Realized Gain/(Loss)	$	—		$	—		$	—
Unrealized Gain/(Loss)	$	(18,345	)	$	(6,402	)	$	(6,647	)
Fair Value as of 12/31/2011	$	26,385		$	7,613		$	4,863

	Frontier Masters Series
	Credit Default Swap			Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale
Notional Amount	$	20,485		$	5,911		$	3,776
Termination Date		3/20/2012			3/20/2012			12/20/2011
Investee Returns		On Default			On Default			On Default
Realized Gain/(Loss)	$	—		$	—		$	—
Unrealized Gain/(Loss)	$	(16,304	)	$	(4,692	)	$	(5,241	)
Fair Value as of 12/31/2011	$	20,485		$	5,911		$	3,776

	Balanced Series
	Credit Default Swap			Credit Default Swap			Credit Default Swap			Option Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale			Company A
Notional Amount	$	75,939		$	21,913		$	13,998		$	15,792,082
Termination Date		3/20/2012			3/20/2012			12/20/2011			11/6/2012
Investee Returns		On Default			On Default			On Default			Total Returns
Realized Gain/(Loss)	$	—		$	—		$	—		$	6,689,123
Unrealized Gain/(Loss)	$	(55,807	)	$	(17,764	)	$	(17,666	)	$	(8,755,515	)
Fair Value as of 12/31/2011	$	75,939		$	21,913		$	13,998		$	27,790,087

	Tiverton/Graham/Transtrend Series (1)
	Credit Default Swap			Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale
Notional Amount	$	16,105		$	4,647		$	2,969
Termination Date		3/20/2012			3/20/2012			12/20/2011
Investee Returns		On Default			On Default			On Default
Realized Gain/(Loss)	$	—		$	—		$	—
Unrealized Gain/(Loss)	$	(13,633	)	$	(3,683	)	$	(4,135	)
Fair Value as of 12/31/2011	$	16,105		$	4,647		$	2,969

(1) Formerly known as the Berkeley/Graham/Tiverton Series

	Currency Series
	Credit Default Swap			Credit Default Swap			Credit Default Swap			Option Basket
Counterparty		BNP Paribas			Societe Generale			Societe Generale			Company B
Notional Amount	$	4,871		$	1,405		$	898		$	10,812,109
Termination Date		3/20/2012			3/20/2012			12/20/2011			1/26/2013
Investee Returns		On Default			On Default			On Default			On Default
Realized Gain/(Loss)	$	—		$	—		$	—		$	—
Unrealized Gain/(Loss)	$	(3,983	)	$	(1,145	)	$	(1,228	)	$	(500,589	)
Fair Value as of 12/31/2011	$	4,871		$	1,405		$	898		$	5,168,180

	Winton Series
	Credit Default Swap			Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale
Notional Amount	$	19,478		$	5,621		$	3,591
Termination Date		3/20/2012			3/20/2012			12/20/2011
Investee Returns		On Default			On Default			On Default
Realized Gain/(Loss)	$	—		$	—		$	—
Unrealized Gain/(Loss)	$	(17,486	)	$	(4,903	)	$	(5,453	)
Fair Value as of 12/31/2011	$	19,478		$	5,621		$	3,591

	Winton/Graham Series
	Credit Default Swap			Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale
Notional Amount	$	13,276		$	3,831		$	2,447
Termination Date		3/20/2012			3/20/2012			12/20/2011
Investee Returns		On Default			On Default			On Default
Realized Gain/(Loss)	$	—		$	—		$	—
Unrealized Gain/(Loss)	$	(13,104	)	$	(3,432	)	$	(3,713	)
Fair Value as of 12/31/2011	$	13,276		$	3,831		$	2,447

The Frontier Fund [Member]

Trust, with Respect to Series, has Invested in Following Swaps

The Trust has invested in the following Swaps as of and for the nine months ended September 30, 2012:

	Credit Default Swap			Credit Default Swap			Option Swap		Total Return Swap
Counterparty		BNP Paribas			Societe Generale			Company A		DeutscheBank
Notional Amount	$	0		$	0		$	15,325,024	$	23,551,287
Termination Date		3/20/2012			3/20/2012			11/6/2012		6/30/2016
Investee Returns		On Default			On Default			Total Returns		Total Returns
Realized Gain/(Loss)	$	(407,283	)	$	(117,954	)	$	—	$	—
Unrealized Gain/(Loss)	$	(215,876	)	$	117,954		$	2,211,370	$	(575,010	)
Fair Value as of 9/30/2012	$	—		$	—		$	19,907,597	$	5,307,480

The Trust has invested in the following Swaps as of and for the year ended December 31, 2011:

	Credit Default Swap		Credit Default Swap			Credit Default Swap		Option Swap			Total Return Swap
Counterparty		BNP Paribas		Societe Generale			Societe Generale		Company A			DeutscheBank
Notional Amount	$	623,160	$	0		$	0	$	14,129,540		$	23,551,287
Termination Date		3/20/2012		3/20/2012			12/20/2011		11/6/2012			6/30/2016
Investee Returns		On Default		On Default			On Default		Total Returns			Total Returns
Realized Gain/(Loss)	$	—	$	—		$	—	$	6,689,123		$	—
Unrealized Gain/(Loss)	$	213,160	$	(120,458	)	$	—	$	(18,838,844	)	$	(368,228	)
Fair Value as of 12/31/2011	$	623,159	$	—		$	—	$	17,706,757		$	5,881,772

XML

Organization and Purpose - Additional Information (Detail) (USD $)	1 Months Ended	9 Months Ended
	Jul. 31, 2011	Sep. 30, 2012
Organization [Line Items]
Managing owner contributions to the series of the trust		1.00%
Percentage of invested assets manages by trading company		100.00%
One time administrative adjustment	$ 390,589
The Frontier Fund [Member]
Organization [Line Items]
Managing owner contributions to the series of the trust		1.00%
One time administrative adjustment	$ 390,589
Minimum [Member]
Organization [Line Items]
Assets normally invested in one or more trading companies		10.00%
Minimum [Member] | The Frontier Fund [Member]
Organization [Line Items]
Assets normally invested in one or more trading companies		10.00%
Maximum [Member]
Organization [Line Items]
Assets normally invested in one or more trading companies		30.00%
Maximum [Member] | The Frontier Fund [Member]
Organization [Line Items]
Assets normally invested in one or more trading companies		30.00%
Class 1 or Class 1a [Member]
Organization [Line Items]
Percentage of NAV charged as a service fees		3.00%
Amortized monthly annual rate		3.00%
Redemption fee		3.00%
Class 1 or Class 1a [Member] | The Frontier Fund [Member]
Organization [Line Items]
Percentage of NAV charged as a service fees		3.00%
Amortized monthly annual rate		3.00%
Redemption fee		3.00%
Class 2 or Class 2a [Member]
Organization [Line Items]
Service fee		0.50%
Service fee charged to limited owners		0.25%
Class 2 or Class 2a [Member] | The Frontier Fund [Member]
Organization [Line Items]
Service fee		0.50%
Service fee charged to limited owners		0.25%

XML

Transactions with Affiliates - Fees Payable to Managing Owner (Detail) (USD $)	Sep. 30, 2012		Dec. 31, 2011
Frontier Diversified Series [Member]
Management Fees	$ 144,194		$ 180,232
Trading Fees	236,263		269,021
Incentive Fees	1,456,641		522,033
Service Fees	91,573		76,877
Frontier Masters Series [Member]
Management Fees	119,916		117,541
Trading Fees	113,102		105,278
Incentive Fees	403,572
Service Fees	51,507		41,911
Frontier Long/Short Commodity Series [Member]
Management Fees	287,977		284,677
Trading Fees	88,080		83,646
Incentive Fees	592,061		127,052
Service Fees	24,317		22,920
Balanced Series [Member]
Management Fees	190,633		241,525
Trading Fees	146,800		176,398
Incentive Fees	3,268,560		1,195,031
Service Fees	359,015		435,380
Tiverton/Graham/Transtrend Series [Member]
Management Fees	106,160	[1]	101,400	[1]
Trading Fees	18,967	[1]	25,212	[1]
Incentive Fees	7,136	[1]
Service Fees	64,380	[1]	87,016	[1]
Currency Series [Member]
Trading Fees	1,956		2,727
Incentive Fees
Service Fees	3,882		6,285
Winton Series [Member]
Management Fees	84,397		90,559
Trading Fees	27,034		31,302
Incentive Fees
Service Fees	65,968		78,044
Winton/Graham Series [Member]
Management Fees	64,529		100,311
Trading Fees	14,864		19,427
Incentive Fees
Service Fees	$ 43,304		$ 57,141

[1] Formerly the Berkeley/Graham/Tiverton Series.

XML

Consolidated Statement of Operations (USD $)	3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended				9 Months Ended				3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended				9 Months Ended				3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended			9 Months Ended			3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended			9 Months Ended			3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended				9 Months Ended				3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2012 The Frontier Fund [Member]	Sep. 30, 2011 The Frontier Fund [Member]	Sep. 30, 2012 The Frontier Fund [Member]	Sep. 30, 2011 The Frontier Fund [Member]	Sep. 30, 2012 Balanced Series [Member]	Sep. 30, 2011 Balanced Series [Member]	Sep. 30, 2012 Balanced Series [Member]	Sep. 30, 2011 Balanced Series [Member]	Sep. 30, 2012 Tiverton/Graham/Transtrend Series [Member]		Sep. 30, 2011 Tiverton/Graham/Transtrend Series [Member]		Sep. 30, 2012 Tiverton/Graham/Transtrend Series [Member]		Sep. 30, 2011 Tiverton/Graham/Transtrend Series [Member]		Sep. 30, 2012 Currency Series [Member]	Sep. 30, 2011 Currency Series [Member]	Sep. 30, 2012 Currency Series [Member]	Sep. 30, 2011 Currency Series [Member]	Sep. 30, 2012 Frontier Diversified Series [Member]	Sep. 30, 2011 Frontier Diversified Series [Member]	Sep. 30, 2012 Frontier Diversified Series [Member]	Sep. 30, 2011 Frontier Diversified Series [Member]	Sep. 30, 2012 Frontier Masters Series [Member]	Sep. 30, 2011 Frontier Masters Series [Member]	Sep. 30, 2012 Frontier Masters Series [Member]	Sep. 30, 2011 Frontier Masters Series [Member]	Sep. 30, 2012 Frontier Long/Short Commodity Series [Member]	Sep. 30, 2011 Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Frontier Long/Short Commodity Series [Member]	Sep. 30, 2011 Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Winton Series [Member]	Sep. 30, 2011 Winton Series [Member]	Sep. 30, 2012 Winton Series [Member]	Sep. 30, 2011 Winton Series [Member]	Sep. 30, 2012 Winton/Graham Series [Member]	Sep. 30, 2011 Winton/Graham Series [Member]	Sep. 30, 2012 Winton/Graham Series [Member]	Sep. 30, 2011 Winton/Graham Series [Member]	Sep. 30, 2012 Total Owner Class 1 [Member] Balanced Series [Member]	Sep. 30, 2011 Total Owner Class 1 [Member] Balanced Series [Member]	Sep. 30, 2012 Total Owner Class 1 [Member] Balanced Series [Member]	Sep. 30, 2011 Total Owner Class 1 [Member] Balanced Series [Member]	Sep. 30, 2012 Total Owner Class 1 [Member] Tiverton/Graham/Transtrend Series [Member]		Sep. 30, 2011 Total Owner Class 1 [Member] Tiverton/Graham/Transtrend Series [Member]		Sep. 30, 2012 Total Owner Class 1 [Member] Tiverton/Graham/Transtrend Series [Member]		Sep. 30, 2011 Total Owner Class 1 [Member] Tiverton/Graham/Transtrend Series [Member]		Sep. 30, 2012 Total Owner Class 1 [Member] Currency Series [Member]	Sep. 30, 2011 Total Owner Class 1 [Member] Currency Series [Member]	Sep. 30, 2012 Total Owner Class 1 [Member] Currency Series [Member]	Sep. 30, 2011 Total Owner Class 1 [Member] Currency Series [Member]	Sep. 30, 2012 Total Owner Class 1 [Member] Frontier Diversified Series [Member]	Sep. 30, 2011 Total Owner Class 1 [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Total Owner Class 1 [Member] Frontier Diversified Series [Member]	Sep. 30, 2011 Total Owner Class 1 [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Total Owner Class 1 [Member] Frontier Masters Series [Member]	Sep. 30, 2011 Total Owner Class 1 [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Total Owner Class 1 [Member] Frontier Masters Series [Member]	Sep. 30, 2011 Total Owner Class 1 [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Total Owner Class 1 [Member] Frontier Long/Short Commodity Series [Member]		Sep. 30, 2011 Total Owner Class 1 [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Total Owner Class 1 [Member] Frontier Long/Short Commodity Series [Member]		Sep. 30, 2011 Total Owner Class 1 [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Total Owner Class 1 [Member] Winton Series [Member]	Sep. 30, 2011 Total Owner Class 1 [Member] Winton Series [Member]	Sep. 30, 2012 Total Owner Class 1 [Member] Winton Series [Member]	Sep. 30, 2011 Total Owner Class 1 [Member] Winton Series [Member]	Sep. 30, 2012 Total Owner Class 1 [Member] Winton/Graham Series [Member]	Sep. 30, 2011 Total Owner Class 1 [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Total Owner Class 1 [Member] Winton/Graham Series [Member]	Sep. 30, 2011 Total Owner Class 1 [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Total Owner Class 1a [Member] Balanced Series [Member]		Sep. 30, 2011 Total Owner Class 1a [Member] Balanced Series [Member]	Sep. 30, 2012 Total Owner Class 1a [Member] Balanced Series [Member]		Sep. 30, 2011 Total Owner Class 1a [Member] Balanced Series [Member]	Sep. 30, 2012 Total Owner Class 1a [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2011 Total Owner Class 1a [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Total Owner Class 1a [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2011 Total Owner Class 1a [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Total Owner Class 2 [Member] Balanced Series [Member]	Sep. 30, 2011 Total Owner Class 2 [Member] Balanced Series [Member]	Sep. 30, 2012 Total Owner Class 2 [Member] Balanced Series [Member]	Sep. 30, 2011 Total Owner Class 2 [Member] Balanced Series [Member]	Sep. 30, 2012 Total Owner Class 2 [Member] Tiverton/Graham/Transtrend Series [Member]		Sep. 30, 2011 Total Owner Class 2 [Member] Tiverton/Graham/Transtrend Series [Member]		Sep. 30, 2012 Total Owner Class 2 [Member] Tiverton/Graham/Transtrend Series [Member]		Sep. 30, 2011 Total Owner Class 2 [Member] Tiverton/Graham/Transtrend Series [Member]		Sep. 30, 2012 Total Owner Class 2 [Member] Currency Series [Member]	Sep. 30, 2011 Total Owner Class 2 [Member] Currency Series [Member]	Sep. 30, 2012 Total Owner Class 2 [Member] Currency Series [Member]	Sep. 30, 2011 Total Owner Class 2 [Member] Currency Series [Member]	Sep. 30, 2012 Total Owner Class 2 [Member] Frontier Diversified Series [Member]	Sep. 30, 2011 Total Owner Class 2 [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Total Owner Class 2 [Member] Frontier Diversified Series [Member]	Sep. 30, 2011 Total Owner Class 2 [Member] Frontier Diversified Series [Member]	Sep. 30, 2012 Total Owner Class 2 [Member] Frontier Masters Series [Member]	Sep. 30, 2011 Total Owner Class 2 [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Total Owner Class 2 [Member] Frontier Masters Series [Member]	Sep. 30, 2011 Total Owner Class 2 [Member] Frontier Masters Series [Member]	Sep. 30, 2012 Total Owner Class 2 [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2011 Total Owner Class 2 [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Total Owner Class 2 [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2011 Total Owner Class 2 [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Total Owner Class 2 [Member] Winton Series [Member]	Sep. 30, 2011 Total Owner Class 2 [Member] Winton Series [Member]	Sep. 30, 2012 Total Owner Class 2 [Member] Winton Series [Member]	Sep. 30, 2011 Total Owner Class 2 [Member] Winton Series [Member]	Sep. 30, 2012 Total Owner Class 2 [Member] Winton/Graham Series [Member]	Sep. 30, 2011 Total Owner Class 2 [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Total Owner Class 2 [Member] Winton/Graham Series [Member]	Sep. 30, 2011 Total Owner Class 2 [Member] Winton/Graham Series [Member]	Sep. 30, 2012 Total Owner Class 2a [Member] Balanced Series [Member]	Sep. 30, 2011 Total Owner Class 2a [Member] Balanced Series [Member]	Sep. 30, 2012 Total Owner Class 2a [Member] Balanced Series [Member]	Sep. 30, 2011 Total Owner Class 2a [Member] Balanced Series [Member]	Sep. 30, 2012 Total Owner Class 2a [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2011 Total Owner Class 2a [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Total Owner Class 2a [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2011 Total Owner Class 2a [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Total Owner Class 3a [Member] Balanced Series [Member]	Sep. 30, 2011 Total Owner Class 3a [Member] Balanced Series [Member]	Sep. 30, 2012 Total Owner Class 3a [Member] Balanced Series [Member]	Sep. 30, 2011 Total Owner Class 3a [Member] Balanced Series [Member]	Sep. 30, 2012 Total Owner Class 3 [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2011 Total Owner Class 3 [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2012 Total Owner Class 3 [Member] Frontier Long/Short Commodity Series [Member]	Sep. 30, 2011 Total Owner Class 3 [Member] Frontier Long/Short Commodity Series [Member]
Investment Income:
Interest - net	$ 1,377,089	$ 1,696,577	$ 4,334,714	$ 4,938,493	$ 22,120	$ 163,059	$ 208,856	$ 364,715	$ 75,086	[1]	$ 54,940	[1]	$ 159,048	[1]	$ 72,116	[1]		$ 5,231	$ 85	$ 59,690	$ 524,861	$ 597,834	$ 1,668,101	$ 1,789,859	$ 251,275	$ 288,132	$ 780,501	$ 753,268	$ 336,190	$ 352,489	$ 1,047,821	$ 1,044,384	$ 127,814	$ 118,397	$ 386,507	$ 327,662	$ 31,821	$ 64,449	$ 85,811	$ 159,301
Total Income	1,377,089	1,696,577	4,334,714	4,938,493	22,120	163,059	208,856	364,715	75,086	[1]	54,940	[1]	159,048	[1]	72,116	[1]		5,231	85	59,690	524,861	597,834	1,668,101	1,789,859	251,275	288,132	780,501	753,268	336,190	352,489	1,047,821	1,044,384	127,814	118,397	386,507	327,662	31,821	64,449	85,811	159,301
Expenses:
Incentive Fees	5,789,666	6,168,592	11,463,249	20,654,509	3,268,561	2,903,887	6,553,867	11,575,647	7,136	[1]	29,678	[1]	65,989	[1]	29,678	[1]					1,456,640	1,467,047	3,079,256	4,386,760	403,573	534,851	488,081	805,663	585,049	440,077	1,059,204	2,744,245		565,219		813,809		227,833		298,707
Management Fees	3,191,672	3,334,956	9,758,788	10,461,004	601,212	664,399	1,940,876	1,922,751	326,209	[1]	258,162	[1]	956,639	[1]	948,867	[1]		1,673		80,701	443,895	519,364	1,445,371	1,469,361	364,814	355,001	1,069,958	1,094,180	868,971	910,662	2,599,254	2,781,137	259,965	309,397	787,335	960,130	225,076	283,356	813,420	1,095,659
Service Fees - Class 1	2,540,950	3,198,864	7,980,617	11,509,044	1,240,331	1,525,660	3,845,995	5,638,744	213,767	[1]	313,464	[1]	686,786	[1]	1,144,674	[1]	24,937	35,747	81,340	121,438	366,831	417,549	1,131,348	1,393,776	207,528	193,356	584,434	624,864	112,879	177,277	352,904	673,297	257,849	300,670	806,539	985,426	153,063	223,405	491,271	828,649
Trading Fees	1,987,736	1,928,844	6,019,122	6,632,199	443,728	369,151	1,373,998	1,280,779	60,869	[1]	58,000	[1]	193,716	[1]	212,756	[1]	6,351	7,548	20,595	53,198	735,492	808,751	2,258,377	2,675,921	342,724	332,882	979,635	1,095,725	266,738	207,381	778,408	536,554	84,533	63,844	263,127	203,804	47,300	45,550	151,266	169,014
Total Expenses	13,510,024	14,631,256	35,221,776	49,256,756	5,553,832	5,463,097	13,714,736	20,417,921	607,981	[1]	659,304	[1]	1,903,130	[1]	2,335,975	[1]	31,288	44,968	101,935	255,337	3,002,858	3,212,711	7,914,352	9,925,818	1,318,639	1,416,090	3,122,108	3,620,432	1,833,637	1,735,397	4,789,770	6,735,233	602,347	1,239,130	1,857,001	2,963,169	425,439	780,144	1,455,957	2,392,029
Investment income/(loss) - net	(12,132,935)	(12,934,679)	(30,887,062)	(44,318,263)	(5,531,712)	(5,300,038)	(13,505,880)	(20,053,206)	(532,895)	[1]	(604,364)	[1]	(1,744,082)	[1]	(2,263,859)	[1]	(31,288)	(39,737)	(101,850)	(195,647)	(2,477,997)	(2,614,877)	(6,246,251)	(8,135,959)	(1,067,364)	(1,127,958)	(2,341,607)	(2,867,164)	(1,497,447)	(1,382,908)	(3,741,949)	(5,690,849)	(474,533)	(1,120,733)	(1,470,494)	(2,635,507)	(393,618)	(715,695)	(1,370,146)	(2,232,728)
Realized and unrealized gain/(loss) on investments:
Net realized gain on futures, forwards and options	(14,031,019)	10,024,737	5,493,499	88,169,852	19,443,157	(9,216,280)	33,748,231	(10,804,108)										27,976		(142,069)					626,741	(1,510,267)	4,064,894	(3,255,629)	(37,284,952)	2,083,218	(35,422,568)	2,083,218								798,159
Net change in open trade equity/(deficit)	36,395,403	15,709,510	25,316,847	(28,236,907)	(2,873,395)	20,476,468	(337,037)	(4,179,800)										(2,759)		(27,166)					(158,295)	437,801	(1,006,677)	264,892	39,443,564	(603,159)	33,169,426	(603,159)								(1,521,787)
Net realized gain on swap contracts		(10,687,343)	(525,237)	(2,168,133)			(175,294)	6,689,123					(34,232)	[1]				(8,301,000)	(6,104)	(8,301,000)			(106,862)	(308,941)			(55,669)	1,070,356			(58,693)				(57,781)				(30,602)
Net unrealized gain/(loss) on swap contracts	259,527	(7,587,158)	1,538,438	(19,212,891)	259,527	(12,258,290)	1,590,654	(21,105,042)			5,635	[1]	(2,448)	[1]	(15,816)	[1]		6,832,263	3,603	6,325,318		(3,643,386)	(23,719)	(4,032,004)		3,403	(2,775)	(1,633,412)		10,516	(20,529)	(20,878)		4,232	(7,291)	(23,610)		3,771	943	(16,478)
Net realized gain/(loss) on U.S. Treasury securities			854,738				290,166						59,410	[1]					3,199				176,189				84,120				110,579				90,903				40,172
Net unrealized gain/(loss) on U.S. Treasury securities	(173,695)	382,259	(1,832,445)	432,612	(58,350)	136,214	(632,344)	146,835	(12,605)	[1]	28,912	[1]	(119,961)	[1]	26,388	[1]	(655)	(2,689)	(6,948)	(2,363)	(35,655)	75,159	(380,530)	94,249	(17,319)	26,009	(179,102)	38,493	(22,359)	51,230	(234,541)	57,006	(18,568)	29,362	(193,198)	35,180	(8,184)	21,809	(85,821)	18,573
Trading commissions	(1,914,850)	(1,867,418)	(6,051,637)	(6,121,802)	(1,250,434)	(1,211,996)	(3,926,501)	(3,747,289)																	(47,113)	(19,115)	(119,270)	(53,453)	(503,103)	(19,674)	(1,401,958)	(19,674)								(274,394)
Net change in inter-series receivables						(1,673,189)		(2,475,914)
Net change in inter-series payables																		1,011,674		1,534,914
Net increase from payments by managing owner		390,589		390,589														390,589		390,589
Change in fair value of investments in unconsolidated trading companies					(2,928,309)	7,391,498	(8,615,816)	43,485,703	323,029	[1]	253,191	[1]	(122,653)	[1]	(1,181,913)	[1]	2,940	(94,181)	(229,606)	(94,181)	3,123,724	4,902,725	5,278,098	9,265,359	2,394,445	4,319,388	2,888,613	5,704,419	(647,557)	389,142	(1,826,300)	10,677,573	602,511	4,843,717	(1,345,966)	5,608,238	1,185,902	614,410	91,196	838,387
Net realized gain/ (loss) on investment in Berkeley Quantitative Colorado Fund LLC			(2,172,987)	(135,775)									(2,172,987)	[1]	(135,775)	[1]
Net unrealized gain/ (loss) on investment in Berkeley Quantitative Colorado Fund LLC		(601,629)	2,084,880	(2,266,908)							(601,629)	[1]	2,084,880	[1]	(2,266,908)	[1]
Net gain/(loss) on investments	20,535,366	5,763,547	24,706,096	30,850,637	12,592,196	3,644,425	21,942,059	8,009,508	310,424	[1]	(313,891)	[1]	(307,991)	[1]	(3,574,024)	[1]	2,285	(138,127)	(235,856)	(315,958)	3,088,069	1,334,498	4,943,176	5,018,663	2,798,459	3,257,219	5,674,134	2,135,666	985,593	1,911,273	(5,684,584)	12,174,086	583,943	4,877,311	(1,513,333)	5,619,808	1,177,718	639,990	15,888	(157,540)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	8,402,431	(7,171,132)	(6,180,966)	(13,467,626)	7,060,484	(1,655,613)	8,436,179	(12,043,698)	(222,471)	[1]	(918,255)	[1]	(2,052,073)	[1]	(5,837,883)	[1]	(29,003)	(177,864)	(337,706)	(511,605)	610,072	(1,280,379)	(1,303,075)	(3,117,296)	1,731,095	2,129,261	3,332,527	(731,498)	(511,854)	528,365	(9,426,533)	6,483,237	109,410	3,756,578	(2,983,827)	2,984,301	784,100	(75,705)	(1,354,258)	(2,390,268)
Less: Operations attributable to non-controlling interests		(340)		(587)	6,167,281	7,682,227	10,396,433	(2,488,602)																	148,709	(10,821)	676,097		(5,316,448)	2,188,871	(10,770,288)	2,188,871								(470,719)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$ 8,402,431	$ (7,170,792)	$ (6,180,966)	$ (13,467,039)	$ 893,203	$ (9,337,840)	$ (1,960,254)	$ (9,555,096)	$ (222,471)	[1]	$ (918,255)	[1]	$ (2,052,073)	[1],[2]	$ (5,837,883)	[1]	$ (29,003)	$ (177,864)	$ (337,706)	$ (511,605)	$ 610,072	$ (1,280,379)	$ (1,303,075)	$ (3,117,296)	$ 1,582,386	$ 2,140,082	$ 2,656,430	$ (731,498)	$ 4,804,594	$ (1,660,506)	$ 1,343,755	$ 4,294,366	$ 109,410	$ 3,756,578	$ (2,983,827)	$ 2,984,301	$ 784,100	$ (75,705)	$ (1,354,258)	$ (1,919,549)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
NET INCREASE (DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT																																									0.14	(4.43)	(1.71)	(5.92)	(0.99)	[1]	(2.80)	[1]	(5.72)	[1]	(11.73)	[1]	(0.73)	(2.63)	(6.34)	(6.98)	0.22	(1.16)	(1.58)	(3.11)	2.88	3.75	4.67	(0.20)	7.34	[3]	(3.92)	(0.72)	[3]	3.87	0.01	9.94	(9.40)	7.03	2.75	(0.54)	(5.93)	(6.52)	4.45	[4]	(4.31)	4.13	[4]	(6.28)	8.16	(3.09)	1.71	3.71	1.29	(4.26)	1.28	(3.70)	0.08	[1]	(1.60)	[1]	(4.72)	[1]	(11.31)	[1]	(0.28)	(2.57)	(6.02)	(6.46)	0.67	(0.75)	(0.30)	(1.84)	3.52	4.37	6.34	1.19	11.08	(3.38)	3.31	8.05	1.16	12.75	(7.54)	11.68	4.35	0.39	(4.57)	(4.75)	1.16	(4.04)	1.80	(4.35)	9.10	(2.65)	3.41	5.45	1.18	(4.05)	1.36	(4.35)	11.15	(3.38)	3.37	8.04

[1] Formerly known as the Berkeley/Graham/Tiverton Series.

[2] Formerly the Berkeley/Graham/Tiverton Series.

[3] Class 1 operations ceased July 18, 2012 and all remaining Class 1 Units were exchanged for Class 3 Units.

[4] Class 1a operations ceased July 17, 2012 and all remaining Class 1a Units were exchanged for Class 3a Units.

XML

Fair Value Measurements

9 Months Ended

Sep. 30, 2012

Fair Value Measurements

3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

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

Level 3 Inputs

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

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

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

Swap Contracts. Certain Series of the Trust strategically invest a portion or all of their assets in total return Swaps, selected at the direction of the Managing Owner. Each Series also owned a portion of the Credit Default Swaps (“CDS”) based upon ownership percentages of the cash management pool. 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 of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. Swap contracts are reported at fair value basis upon daily reports from the counterparty. The valuation requires significant estimates utilizing Level 3 inputs, corroborated by management through the use of a third party pricing service (“pricing service”). The pricing service, utilizing proprietary model-intensive methodologies, selects and implements the pricing model appropriate for each swap valuation. The pricing service does not provide detail of the pricing model to management. The Managing Owner engages, via inquiry and review of methodology documentation, with the service provider to gain an understanding of the valuation model selected; the components of the model, both observable and unobservable; and quality control testing procedures in place. The pricing service’s methodology includes performance of tolerance testing on its valuation models to ensure consistency and reasonableness of the values derived. The tolerance testing includes valuing the components of the product separately, i.e. underlying asset, volatility, financing rates, and so forth. The tolerance testing is part of the initial valuation setup and throughout the ongoing daily valuation process. The pricing service also has several layers of quality control including: engineering / reverse engineering process to understand each swap and its’ subcomponent parts fully; comparative analysis against other valuations performed with similar composition and characteristics; review of output valuation against expectations based on observable price movements of underlying futures; and lastly, periodic review by senior financial engineer to ensure design and function of model is stable and perform as expected.

The Managing Owner has chartered a valuation committee to provide oversight of the valuation process for the Series. The valuation committee meets at least monthly to discuss the valuation process and any valuation issues that may arise. The valuation committee is comprised of senior members of the Managing Owner’s management team with varying areas of expertise that add value to the committee. The valuation committee reports to both the Managing Owner’s Investment Oversight and Risk Committee and the Trust’s Executive Committee. The committee further remains in communication with the Managing Owner’s Due Diligence Committee that provides ongoing counterparty risk monitoring of the swap counterparties. The committee monitors daily pricing provided by the swap counterparty and daily valuation provided by the third party pricing service. The committee may request a price challenge if the daily valuation provided by the counterparty valuations differs significantly from the valuation obtained by the pricing service. The Managing Owner’s valuation committee monitors some additional input factors such as liquidity, volatility, and counterparty risk in order to further review the valuations provide by the pricing service.

Investment in Unconsolidated Trading Companies. This investment represents the fair value of the allocation of cash, futures, forwards, options and swaps to each respective Series relative to its trading allocations from unconsolidated Trading Companies. The Series may redeem their investment in the trading companies on a daily basis at the stated net asset value and therefore the inputs qualify for Level 2. However, as the Series, under the same management as the Trading Companies, have access to the underlying positions of the Trading Companies, the level determination is reflected on that basis. As such, the Series report investments in unconsolidated Trading Companies at fair value using the corresponding inputs of the underlying securities of the Trading Companies which results in the Series reporting the corresponding Level determination from the inputs of the Trading Company.

Investment in the Berkeley Quantitative Colorado Fund LLC. Investment in Berkeley Quantitative Colorado Fund LLC was valued based on the daily net asset value as reported by the managing member of the Berkeley Quantitative Colorado Fund, LLC. The reported net asset value represented fair value based on observable data such as ongoing redemption and/or subscription activity, which was reported as a Level 2 input. The Berkeley Quantitative Colorado Fund LLC began operations on November 1, 2010 and was liquidated on March 20, 2012.

The following table summarizes the instruments that comprise the Trust, with respect to the Series, financial asset portfolio, by Series, measured at fair value on a recurring basis as of September 30, 2012 and December 31, 2011, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

September 30, 2012	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Frontier Diversified Series
Investment in Unconsolidated Trading Companies	$	39,776,678		$	2,724,380		$	—	$	42,501,058
U.S. Treasury Securities		8,274,558			—			—		8,274,558
Frontier Masters Series
Open Trade Deficit		(214,557	)		—			—		(214,557	)
Investment in Unconsolidated Trading Companies		7,736,985			842,236					8,579,221
U.S. Treasury Securities		4,721,616			—			—		4,721,616
Frontier Long/Short Commodity Series
Open Trade Equity		7,366,907			2,104,296			—		9,471,203
Options Written		—			(465,465	)		—		(465,465	)
Investment in Unconsolidated Trading Companies		3,691,094			38,179					3,729,273
U.S. Treasury Securities		5,395,419			—			—		5,395,419
Balanced Series
Open Trade Equity (Deficit)		(1,523,185	)		12,372,574			—		10,849,389
Options Written		—			(4,128,758	)		—		(4,128,758	)
Swap Contracts		—			—			25,215,077		25,215,077
Investment in Unconsolidated Trading Companies		17,251,115			761,067					18,012,182
U.S. Treasury Securities		13,580,404			—			—		13,580,404
Tiverton/Graham/Transtrend Series
Investment in Unconsolidated Trading Companies		8,779,345			—			—		8,779,345
U.S. Treasury Securities		2,213,378			—			—		2,213,378
Currency Series
Investment in Unconsolidated Trading Companies		—			—			2,122,993		2,122,993
U.S. Treasury Securities		106,913			—			—		106,913
Winton Series
Investment in Unconsolidated Trading Companies		7,023,366			(2,943	)		—		7,020,423
U.S. Treasury Securities		3,779,268			—			—		3,779,268
Winton/Graham Series
Investment in Unconsolidated Trading Companies		6,129,459			—					6,129,459
U.S. Treasury Securities		1,845,971			—			—		1,845,971

December 31, 2011	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Frontier Diversified Series
Swap Contracts	$	—		$	—		$	131,004	$	131,004
Investment in Unconsolidated Trading Companies		30,885,365			2,212,764			5,142,042		38,240,171
U.S. Treasury Securities		16,557,304			—			—		16,557,304
Frontier Long/Short Commodity Series
Open Trade Deficit		(25,934,678	)		—			—		(25,934,678	)
Swap Contracts		—			—			74,898		74,898
Investment in Unconsolidated Trading Companies		3,221,324			5,428			855,236		4,081,988
U.S. Treasury Securities		9,466,240			—			—		9,466,240
Frontier Masters Series
Open Trade Equity		792,372			—			—		792,372
Swap Contracts		—			—			57,225		57,225
Investment in Unconsolidated Trading Companies		4,009,449			708,465			—		4,717,914
U.S. Treasury Securities		7,232,546			—			—		7,232,546
Balanced Series
Open Trade Equity		1,175,762			11,928,779			—		13,104,541
Options Written		—			(3,326,453	)		—		(3,326,453	)
Swap Contracts		—			—			23,819,312		23,819,312
Investment in Unconsolidated Trading Companies		18,257,754			(1,945	)		—		18,255,809
U.S. Treasury Securities		29,168,216			—			—		29,168,216
Tiverton/Graham/Transtrend Series
Swap Contracts		—			—			34,397		34,397
Investment in Unconsolidated Trading Companies		7,219,498			1,014,549			—		8,234,047
Investment in Berkeley Quantitative Colorado Fund LLC		—			6,270,844			—		6,270,844
U.S. Treasury Securities		4,347,398			—			—		4,347,398
Currency Series
Swap Contracts		—			—			2,583		2,583
U.S. Treasury Securities		326,517			—			—		326,517
Investment in Unconsolidated Trading Companies		—			—			2,352,121		2,352,121
Winton Series
Swap Contracts		—			—			61,888		61,888
Investment in Unconsolidated Trading Companies		4,733,423			(1,507	)		—		4,731,916
U.S. Treasury Securities		7,821,927			—			—		7,821,927
Winton/Graham Series
Swap Contracts		—			—			30,381		30,381
Investment in Unconsolidated Trading Companies		8,474,102			(678	)		—		8,473,424
U.S. Treasury Securities		3,839,855			—			—		3,839,855

The changes in Level 3 assets measured at fair value on a recurring basis are summarized in the following tables. Swap contract asset gains and losses (realized/unrealized) included in earnings are classified in “realized and unrealized gain (loss) on investments—net unrealized gain/(loss) on swap contracts” on the statements of operations. Investment in unconsolidated trading company asset gains and losses (realized/unrealized) included in earnings are classified in “Change in fair value of investments in unconsolidated trading companies.” During the nine months ended September 30, 2012 and year ended December 31, 2011, all identified Level 3 assets are components of the Frontier Diversified Series, Frontier Long/Short Commodity Series, Frontier Masters Series, Balanced Series, Tiverton/Graham/Transtrend Series, Currency Series, Winton Series and Winton/Graham Series.

For the Nine Months Ended September 30, 2012

Swaps:

	Frontier Diversified Series			Frontier Masters Series			Frontier Long/Short Commodity Series
Balance of recurring Level 3 assets as of January 1, 2012	$	131,004		$	57,225		$	74,898
Total gains or losses (realized/unrealized):
Included in earnings-realized		(106,862	)		(55,669	)		(58,693	)
Included in earnings-unrealized		(23,719	)		(2,775	)		(20,529	)
Change in ownership allocation of credit default swaps		(423	)		1,219			4,324
Transfers in and/or out of Level 3		—			—			—
Balance of recurring Level 3 assets as of September 30, 2012	$	—		$	—		$	—

	Balanced Series			Tiverton/Graham/Transtrend Series			Currency Series
Balance of recurring Level 3 assets as of January 1, 2012	$	23,819,312		$	34,397		$	2,583
Total gains or losses (realized/unrealized):
Included in earnings-realized		(175,294	)		(34,232	)		(6,104	)
Included in earnings-unrealized		1,590,654			(2,448	)		3,603
Sales of investments		(10,362	)		—			—
Change in ownership allocation of credit default swaps		(9,233	)		2,283			(82	)
Transfers in and/or out of Level 3		—			—			—
Balance of recurring Level 3 assets as of September 30, 2012	$	25,215,077		$	—		$	—

	Winton Series			Winton/Graham Series
Balance of recurring Level 3 assets as of January 1, 2012	$	61,888		$	30,381
Total gains or losses (realized/unrealized):
Included in earnings-realized		(57,781	)		(30,602	)
Included in earnings-unrealized		(7,291	)		943
Change in ownership allocation of credit default swaps		3,184			(722	)
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of September 30, 2012	$	—		$	—

Investments in Unconsolidated Trading Companies:

	Currency Series
Balance of recurring Level 3 assets as of January 1, 2012	$	2,352,121
Change in fair value of investments in unconsolidated trading companies		(229,606	)
Proceeds from sales of investments of unconsolidated trading companies		(77	)
Purchases of investments of unconsolidated trading companies		555
Change in ownership allocation		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of September 30, 2012	$	2,122,993

For the Year Ended December 31, 2011

Swaps:

	Frontier Diversified Series			Frontier Long/Short Commodity Series			Frontier Masters Series
Balance of recurring Level 3 assets as of January 1, 2011	$	11,407,905		$	—		$	26,242,246
Total gains or losses (realized/unrealized):
Included in earnings-realized		(5,621,987	)		(11,411	)		2,061,339
Included in earnings-unrealized		1,315,339			20,529			(1,607,804	)
Purchases of investments		45,929			78,248			142,819
Sales of investments		(7,096,699	)		—			(26,826,316	)
Change in ownership allocation of credit default swaps		80,517			(12,468	)		44,941
Transfers in and/or out of Level 3		—			—			—
Balance of recurring Level 3 assets as of December 31, 2011	$	131,004		$	74,898		$	57,225

	Balanced Series			Tiverton/Graham/Transtrend Series			Currency Series
Balance of recurring Level 3 assets as of January 1, 2011	$	49,811,462		$	—		$	5,668,768
Total gains or losses (realized/unrealized):
Included in earnings-realized		(19,161,366	)		(6,252	)		(6,958,362	)
Included in earnings-unrealized		4,529,039			2,447			6,327,609
Purchases of investments		19,527,925			71,712			23,489
Sales of investments		(27,897,084	)		—			(5,043,086	)
Change in ownership allocation of credit default swaps		(34,673	)		(33,510	)		(15,835	)
Change in ownership allocation of total return swaps		(2,955,991	)		—			—
Transfers in and/or out of Level 3		—			—			—
Balance of recurring Level 3 assets as of December 31, 2011	$	23,819,312		$	34,397		$	2,583

	Winton Series			Winton/Graham Series
Balance of recurring Level 3 assets as of January 1, 2011	$	—		$	—
Total gains or losses (realized/unrealized):
Included in earnings-realized		(9,969	)		(5,791	)
Included in earnings-unrealized		7,291			(944	)
Purchases of investments		83,357			64,011
Sales of investments		—			—
Change in ownership allocation of credit default swaps		(18,791	)		(26,895	)
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of December 31, 2011	$	61,888		$	30,381

Investments in Unconsolidated Trading Companies:

	Currency Series
Balance of recurring Level 3 assets as of January 1, 2011	$	—
Change in unrealized in investment of unconsolidated trading companies		(162,659	)
Realized gain/(loss) in investment of unconsolidated trading companies		(2,334	)
Proceeds from sales of investments of unconsolidated trading companies		—
Purchases of investments of unconsolidated trading companies		2,500,000
Change in ownership allocation		17,114
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2011	$	2,352,121

The Series of the Trust assess the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Series’ accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the nine months ended September 30, 2012, the Series transferred currency forwards from Level 1 to Level 2.

Investment in Berkeley Quantitative Colorado Fund LLC

On November 1, 2010, the Tiverton /Graham/Transtrend Series made an investment in a non-registered fund, the Berkeley Quantitative Colorado Fund LLC. As of December 31, 2011, the fair value of the investment in Berkeley Quantitative Colorado Fund LLC exceeded five percent of the Tiverton/Graham/Transtrend Series owners’ capital balance. The investment was liquidated on March 20, 2012.

The following table summarizes the Tiverton/Graham/Transtrend Series investment in Berkeley Quantitative Colorado Fund LLC as of and for the year ended December 31, 2011. The management agreement of the investee fund provided for compensation to the investment manager in the form of fees in the monthly amount equal to one-twelfth of 3.0% of the notional account net asset value and 20% of the new high net trading profits earned.

Investment	% of Owners’ Capital			Fair value		Income (loss)			Mgmt Fee		Incentive Fees		Investment Objective		Redemptions Permitted
Berkeley Quantitative Colorado Fund LLC		15.83	%	$	6,270,844	$	(2,373,858	)	$	791,365	$	—		Leveraged Speculation		Monthly	*

Information about the investee fund’s portfolio is not available to the Series.

* The interest of a member in Berkeley Quantitative Colorado Fund LLC may be wholly or partially withdrawn on the last trading day of any calendar month provided the managing member has been provided written notice within five business days of such withdrawal.

The Frontier Fund [Member]

Fair Value Measurements

3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

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

Level 3 Inputs

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

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

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

Swap Contracts. Certain Series of the Trust strategically invest a portion or all of their assets in total return Swaps, selected at the direction of the Managing Owner. Each Series also owned a portion of the Credit Default Swaps (“CDS”) based upon ownership percentages of the cash management pool. 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 of value of the underlying asset used in computing the particular interest rate, return, or other amount to be exchanged) in a particular investment, or in a “basket” of securities. The valuation of swap contracts requires significant estimates utilizing Level 3 Inputs corroborated by management through the use of a third party pricing service (“pricing service”). The pricing service, utilizing proprietary model-intensive methodologies, selects and implements the pricing model appropriate for each swap valuation. The pricing service does not provide detail of the pricing model to management. The Managing Owner engages, via inquiry and review of methodology documentation, with the service provider to gain an understanding of the valuation model selected; the components of the model, both observable and unobservable; and quality control testing procedures in place. The pricing service’s methodology includes performance of tolerance testing on its valuation models to ensure consistency and reasonableness of the values derived. The tolerance testing includes valuing the components of the product separately, i.e. underlying asset, volatility, financing rates, and so forth. The tolerance testing is part of the initial valuation setup and throughout the ongoing daily valuation process. The pricing service also has several layers of quality control including: engineering / reverse engineering process to understand each swap and its’ subcomponent parts fully; comparative analysis against other valuations performed with similar composition and characteristics; review of output valuation against expectations based on observable price movements of underlying futures; and lastly, periodic review by senior financial engineer to ensure design and function of model is stable and perform as expected.

The Managing Owner has chartered a valuation committee to provide oversight of the valuation process for the Series. The valuation committee meets at least monthly to discuss the valuation process and any valuation issues that may arise. The valuation committee is comprised of senior members of the Managing Owner’s management team with varying areas of expertise that add value to the committee. The valuation committee reports to both the Managing Owner’s Investment Oversight and Risk Committee and the Trust’s Executive Committee. The committee further remains in communication with the Managing Owner’s Due Diligence Committee that provides ongoing counterparty risk monitoring of the swap counterparties. The committee monitors daily pricing provided by the swap counterparty and daily valuation provided by the third party pricing service. The committee may request a price challenge if the daily valuation provided by the counterparty does not fall within the lower and upper bounds provided by the pricing service. The Managing Owner’s valuation committee monitors some additional input factors such as liquidity, volatility, and counterparty risk in order to further review the valuations provide by the pricing service.

Investment in the Berkeley Quantitative Colorado Fund LLC. Investment in Berkeley Quantitative Colorado Fund LLC was valued based on the daily net asset value as reported by the managing member of the Berkeley Quantitative Colorado Fund LLC. The reported net asset value represented fair value based on observable data such as ongoing redemption and/or subscription activity, which was reported as a Level 2 input. This investment was liquidated on March 20, 2012.

The following table summarizes the instruments that comprise the Trust’s financial asset portfolio, by Series, measured at fair value on a recurring basis as of September 30, 2012 and December 31, 2011, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

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

September 30, 2012	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	4,576,120		$	14,283,704		$	—	$	18,859,824
Swap Contracts		—			—			25,215,077		25,215,077
U.S. Treasury Securities		39,917,527			—			—		39,917,527
Written Options		—			(4,621,432	)		—		(4,621,432	)
December 31, 2011	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	(18,489,839	)	$	11,933,138		$	—	$	(6,556,701	)
Swap Contracts		—			—			24,211,688		24,211,688
U.S. Treasury Securities		78,760,003			—			—		78,760,003
Written Options		—			(3,336,325	)		—		(3,336,325	)

	Frontier Fund Trust For The Nine Months Ended September 30, 2012
Balance of recurring Level 3 assets as of January 1, 2012	$	24,211,688
Total gains or losses (realized/unrealized):
Included in earnings-realized		(525,237	)
Included in earnings-unrealized		1,538,438
Purchases of investments		—
Sales of investments		(9,812	)
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of September 30, 2012	$	25,215,077
	Frontier Fund Trust For The Year Ended December 31, 2011
Balance of recurring Level 3 assets as of January 1, 2011	$	104,877,949
Total gains or losses (realized/unrealized):
Included in earnings-realized		(9,630,838	)
Included in earnings-unrealized		(11,724,468	)
Purchases of investments		7,004,112
Sales of investments		(66,705,656	)
Transfers in and/or out of Level 3		—
Net increase in payments from Managing Owner		390,589
Balance of recurring Level 3 assets as of December 31, 2011	$	24,211,688

The Trust assess the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Trust’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the nine month period ended September 30, 2012, the Trust transferred currency forwards from Level 1 assets to Level 2 assets.

XML

Significant Accounting Policies - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	1 Months Ended				9 Months Ended
	Jan. 31, 2012	Aug. 31, 2011	Jul. 31, 2011	May 31, 2011	Sep. 30, 2012
Significant Accounting Policies [Line Items]
Interest allocated to each Series is paid to the Managing Owner					20.00%
Maturity period					9 months
Penalties and other costs					1.00%
Withdrawal fee from nine months to one year subsequent to the deposit date					0.225%
Decreases in withdrawal fee each year after through the maturity date					0.05%
Trust redeemed amount	$ 25	$ 50	$ 25	$ 25
Liquidation of investment tranche					2.17%
Additional Liquidation of investment tranche					25
Liquidation of tranche					3.17%
Class 1 or Class 1a [Member]
Significant Accounting Policies [Line Items]
Percentage of NAV charged as a service fees					3.00%
Amortized monthly annual rate					3.00%
Redemption fee					3.00%
Class 2 or Class 2a [Member]
Significant Accounting Policies [Line Items]
Service fee					0.50%
Class 2 [Member]
Significant Accounting Policies [Line Items]
Service fee					0.25%
The Frontier Fund [Member]
Significant Accounting Policies [Line Items]
Maturity period					9 months
Penalties and other costs					1.00%
Withdrawal fee from nine months to one year subsequent to the deposit date					0.225%
Decreases in withdrawal fee each year after through the maturity date					0.05%
Trust redeemed amount	25	50	25	25
Liquidation of investment tranche					2.17%
Additional Liquidation of investment tranche					$ 25
Liquidation of tranche					3.17%
The Frontier Fund [Member] | Class 1 or Class 1a [Member]
Significant Accounting Policies [Line Items]
Percentage of NAV charged as a service fees					3.00%
Amortized monthly annual rate					3.00%
Redemption fee					3.00%
The Frontier Fund [Member] | Class 2 or Class 2a [Member]
Significant Accounting Policies [Line Items]
Service fee					0.50%
The Frontier Fund [Member] | Class 2 [Member]
Significant Accounting Policies [Line Items]
Service fee					0.25%
Minimum [Member]
Significant Accounting Policies [Line Items]
Guaranteed fixed interest rate					2.17%
Gross income of the Trust constitutes qualifying income					90.00%
Minimum [Member] | The Frontier Fund [Member]
Significant Accounting Policies [Line Items]
Guaranteed fixed interest rate					2.17%
Gross income of the Trust constitutes qualifying income					90.00%
Maximum [Member]
Significant Accounting Policies [Line Items]
Guaranteed fixed interest rate					3.75%
Maximum [Member] | The Frontier Fund [Member]
Significant Accounting Policies [Line Items]
Guaranteed fixed interest rate					3.75%

XML

Transactions with Affiliates - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Balanced Series [Member]
Annual rate of management fees			0.50%
Prepaid service fees paid or owing			$ 18,610		$ 34,141
Winton Series [Member]
Annual rate of management fees			2.00%
Prepaid service fees paid or owing			4,714		9,011
Currency Series [Member]
Annual rate of management fees			2.00%
Prepaid service fees paid or owing			990		755
Frontier Long/Short Commodity Series [Member]
Prepaid service fees received or receivable			4,272
Prepaid service fees paid or owing					16,508
Frontier Masters Series [Member]
Annual rate of management fees			2.00%
Prepaid service fees paid or owing			432		12,444
Frontier Diversified Series [Member]
Annual rate of management fees			0.075%
Prepaid service fees received or receivable			3,584
Prepaid service fees paid or owing					23,473
Winton/Graham Series [Member]
Annual rate of management fees			2.50%
Prepaid service fees paid or owing			2,928		5,102
Tiverton/Graham/Transtrend Series [Member]
Annual rate of management fees			2.50%
Prepaid service fees received or receivable			8,022
Prepaid service fees paid or owing					6,607
Maximum [Member] | Balanced Series [Member]
Trading fees			0.75%
Maximum [Member] | Winton Series [Member]
Trading fees			0.75%
Maximum [Member] | Currency Series [Member]
Trading fees			0.75%
Maximum [Member] | Winton/Graham Series [Member]
Trading fees			0.75%
Maximum [Member] | Tiverton/Graham/Transtrend Series [Member]
Trading fees			0.75%
Class 1a and Class 2a [Member] | Frontier Long/Short Commodity Series [Member]
Annual rate of management fees			2.00%
Class 1 and Class 2 [Member] | Frontier Long/Short Commodity Series [Member]
Annual rate of management fees			3.50%
Class 1, 2 and 3 [Member] | Maximum [Member] | Frontier Long/Short Commodity Series [Member]
Trading fees			0.75%
The Frontier Fund [Member]
Managing Owner Contributions to Series Percent			1.00%
Diligence fees			0.12%
Prepaid service fees received or receivable			8,628		2,910
Prepaid service fees paid or owing			11,795		108,041
Interest income payment to managing owner			5,748,014	7,197,876
Managing Owner pays to Bornhoft Group Corporation, monthly fee of NAV of the Trust	0.25%		0.25%
Amount paid for NAV of the trust	0	429,634	465,830	1,483,875
Managing and marketing services fee payment	665,527	773,341	2,030,547	2,670,975
The Frontier Fund [Member] | Balanced Series [Member]
Annual rate of management fees			0.50%
Incentive Fees			25.00%
The Frontier Fund [Member] | Winton Series [Member]
Annual rate of management fees			2.00%
Incentive Fees			20.00%
The Frontier Fund [Member] | Currency Series [Member]
Annual rate of management fees			2.00%
Incentive Fees			20.00%
The Frontier Fund [Member] | Frontier Long/Short Commodity Series [Member]
Incentive Fees			20.00%
The Frontier Fund [Member] | Frontier Masters Series [Member]
Annual rate of management fees			2.00%
Incentive Fees			20.00%
The Frontier Fund [Member] | Frontier Diversified Series [Member]
Annual rate of management fees			0.75%
Incentive Fees			25.00%
The Frontier Fund [Member] | Winton/Graham Series [Member]
Annual rate of management fees			2.50%
Incentive Fees			20.00%
The Frontier Fund [Member] | Tiverton/Graham/Transtrend Series [Member]
Annual rate of management fees			2.50%
Incentive Fees			20.00%
The Frontier Fund [Member] | Maximum [Member] | Balanced Series [Member]
Trading fees			0.75%
The Frontier Fund [Member] | Maximum [Member] | Winton Series [Member]
Trading fees			0.75%
The Frontier Fund [Member] | Maximum [Member] | Currency Series [Member]
Trading fees			0.75%
The Frontier Fund [Member] | Maximum [Member] | Frontier Masters Series [Member]
Trading fees			2.25%
The Frontier Fund [Member] | Maximum [Member] | Frontier Diversified Series [Member]
Trading fees			2.25%
The Frontier Fund [Member] | Maximum [Member] | Winton/Graham Series [Member]
Trading fees			0.75%
The Frontier Fund [Member] | Maximum [Member] | Tiverton/Graham/Transtrend Series [Member]
Trading fees			0.75%
The Frontier Fund [Member] | Purchase Commitment [Member] | Minimum [Member]
Minimum purchase commitment	1.00%		1.00%
The Frontier Fund [Member] | Class 1a and Class 2a [Member] | Balanced Series [Member]
Managing Owner Contributions to Series Percent			1.00%
The Frontier Fund [Member] | Class 1a and Class 2a [Member] | Frontier Long/Short Commodity Series [Member]
Annual rate of management fees			2.00%
The Frontier Fund [Member] | Class 1a and Class 2a [Member] | Maximum [Member] | Frontier Long/Short Commodity Series [Member]
Trading fees			2.25%
The Frontier Fund [Member] | Class 1 and Class 2 [Member] | Frontier Long/Short Commodity Series [Member]
Annual rate of management fees			3.50%
The Frontier Fund [Member] | Class 1, 2 and 3 [Member] | Maximum [Member] | Frontier Long/Short Commodity Series [Member]
Trading fees			0.75%
The Frontier Fund [Member] | Balanced Series Class 1 and Class 2 [Member] | Winton Series, Tiverton/Graham/Transtrend Series, Currency Series and Winton/Graham Series [Member]
Aggregate interest income from all sources, including assets held at clearing brokers is paid to the Managing Owner	2.00%		2.00%
The Frontier Fund [Member] | Balanced Series Class 1a and Class 2a [Member] | Frontier Diversified Series, Frontier Long/Short Commodity Series, Frontier Masters Series [Member]
Aggregate interest income from all sources, including assets held at clearing brokers is paid to the Managing Owner	20.00%		20.00%
Bornhoft Group Corporation [Member]
Managing Owner pays to Bornhoft Group Corporation, monthly fee of NAV of the Trust	0.25%		0.25%
Amount paid for NAV of the trust	0	429,634	465,830	1,483,875
Solon Capital, LLC [Member]
Managing and marketing services fee payment	$ 665,527	$ 773,341	$ 2,030,547	$ 2,670,975

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

Financial Asset Portfolio, by Series, Measured at Fair Value on Recurring Basis

The following table summarizes the instruments that comprise the Trust, with respect to the Series, financial asset portfolio, by Series, measured at fair value on a recurring basis as of September 30, 2012 and December 31, 2011, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

September 30, 2012	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Frontier Diversified Series
Investment in Unconsolidated Trading Companies	$	39,776,678		$	2,724,380		$	—	$	42,501,058
U.S. Treasury Securities		8,274,558			—			—		8,274,558
Frontier Masters Series
Open Trade Deficit		(214,557	)		—			—		(214,557	)
Investment in Unconsolidated Trading Companies		7,736,985			842,236					8,579,221
U.S. Treasury Securities		4,721,616			—			—		4,721,616
Frontier Long/Short Commodity Series
Open Trade Equity		7,366,907			2,104,296			—		9,471,203
Options Written		—			(465,465	)		—		(465,465	)
Investment in Unconsolidated Trading Companies		3,691,094			38,179					3,729,273
U.S. Treasury Securities		5,395,419			—			—		5,395,419
Balanced Series
Open Trade Equity (Deficit)		(1,523,185	)		12,372,574			—		10,849,389
Options Written		—			(4,128,758	)		—		(4,128,758	)
Swap Contracts		—			—			25,215,077		25,215,077
Investment in Unconsolidated Trading Companies		17,251,115			761,067					18,012,182
U.S. Treasury Securities		13,580,404			—			—		13,580,404
Tiverton/Graham/Transtrend Series
Investment in Unconsolidated Trading Companies		8,779,345			—			—		8,779,345
U.S. Treasury Securities		2,213,378			—			—		2,213,378
Currency Series
Investment in Unconsolidated Trading Companies		—			—			2,122,993		2,122,993
U.S. Treasury Securities		106,913			—			—		106,913
Winton Series
Investment in Unconsolidated Trading Companies		7,023,366			(2,943	)		—		7,020,423
U.S. Treasury Securities		3,779,268			—			—		3,779,268
Winton/Graham Series
Investment in Unconsolidated Trading Companies		6,129,459			—					6,129,459
U.S. Treasury Securities		1,845,971			—			—		1,845,971

December 31, 2011	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Frontier Diversified Series
Swap Contracts	$	—		$	—		$	131,004	$	131,004
Investment in Unconsolidated Trading Companies		30,885,365			2,212,764			5,142,042		38,240,171
U.S. Treasury Securities		16,557,304			—			—		16,557,304
Frontier Long/Short Commodity Series
Open Trade Deficit		(25,934,678	)		—			—		(25,934,678	)
Swap Contracts		—			—			74,898		74,898
Investment in Unconsolidated Trading Companies		3,221,324			5,428			855,236		4,081,988
U.S. Treasury Securities		9,466,240			—			—		9,466,240
Frontier Masters Series
Open Trade Equity		792,372			—			—		792,372
Swap Contracts		—			—			57,225		57,225
Investment in Unconsolidated Trading Companies		4,009,449			708,465			—		4,717,914
U.S. Treasury Securities		7,232,546			—			—		7,232,546
Balanced Series
Open Trade Equity		1,175,762			11,928,779			—		13,104,541
Options Written		—			(3,326,453	)		—		(3,326,453	)
Swap Contracts		—			—			23,819,312		23,819,312
Investment in Unconsolidated Trading Companies		18,257,754			(1,945	)		—		18,255,809
U.S. Treasury Securities		29,168,216			—			—		29,168,216
Tiverton/Graham/Transtrend Series
Swap Contracts		—			—			34,397		34,397
Investment in Unconsolidated Trading Companies		7,219,498			1,014,549			—		8,234,047
Investment in Berkeley Quantitative Colorado Fund LLC		—			6,270,844			—		6,270,844
U.S. Treasury Securities		4,347,398			—			—		4,347,398
Currency Series
Swap Contracts		—			—			2,583		2,583
U.S. Treasury Securities		326,517			—			—		326,517
Investment in Unconsolidated Trading Companies		—			—			2,352,121		2,352,121
Winton Series
Swap Contracts		—			—			61,888		61,888
Investment in Unconsolidated Trading Companies		4,733,423			(1,507	)		—		4,731,916
U.S. Treasury Securities		7,821,927			—			—		7,821,927
Winton/Graham Series
Swap Contracts		—			—			30,381		30,381
Investment in Unconsolidated Trading Companies		8,474,102			(678	)		—		8,473,424
U.S. Treasury Securities		3,839,855			—			—		3,839,855

Change in Level 3 Assets Measured at Fair Value on Recurring Basis

During the nine months ended September 30, 2012 and year ended December 31, 2011, all identified Level 3 assets are components of the Frontier Diversified Series, Frontier Long/Short Commodity Series, Frontier Masters Series, Balanced Series, Tiverton/Graham/Transtrend Series, Currency Series, Winton Series and Winton/Graham Series.

For the Nine Months Ended September 30, 2012

Swaps:

	Frontier Diversified Series			Frontier Masters Series			Frontier Long/Short Commodity Series
Balance of recurring Level 3 assets as of January 1, 2012	$	131,004		$	57,225		$	74,898
Total gains or losses (realized/unrealized):
Included in earnings-realized		(106,862	)		(55,669	)		(58,693	)
Included in earnings-unrealized		(23,719	)		(2,775	)		(20,529	)
Change in ownership allocation of credit default swaps		(423	)		1,219			4,324
Transfers in and/or out of Level 3		—			—			—
Balance of recurring Level 3 assets as of September 30, 2012	$	—		$	—		$	—

	Balanced Series			Tiverton/Graham/Transtrend Series			Currency Series
Balance of recurring Level 3 assets as of January 1, 2012	$	23,819,312		$	34,397		$	2,583
Total gains or losses (realized/unrealized):
Included in earnings-realized		(175,294	)		(34,232	)		(6,104	)
Included in earnings-unrealized		1,590,654			(2,448	)		3,603
Sales of investments		(10,362	)		—			—
Change in ownership allocation of credit default swaps		(9,233	)		2,283			(82	)
Transfers in and/or out of Level 3		—			—			—
Balance of recurring Level 3 assets as of September 30, 2012	$	25,215,077		$	—		$	—

	Winton Series			Winton/Graham Series
Balance of recurring Level 3 assets as of January 1, 2012	$	61,888		$	30,381
Total gains or losses (realized/unrealized):
Included in earnings-realized		(57,781	)		(30,602	)
Included in earnings-unrealized		(7,291	)		943
Change in ownership allocation of credit default swaps		3,184			(722	)
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of September 30, 2012	$	—		$	—

Investments in Unconsolidated Trading Companies:

	Currency Series
Balance of recurring Level 3 assets as of January 1, 2012	$	2,352,121
Change in fair value of investments in unconsolidated trading companies		(229,606	)
Proceeds from sales of investments of unconsolidated trading companies		(77	)
Purchases of investments of unconsolidated trading companies		555
Change in ownership allocation		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of September 30, 2012	$	2,122,993

For the Year Ended December 31, 2011

Swaps:

	Frontier Diversified Series			Frontier Long/Short Commodity Series			Frontier Masters Series
Balance of recurring Level 3 assets as of January 1, 2011	$	11,407,905		$	—		$	26,242,246
Total gains or losses (realized/unrealized):
Included in earnings-realized		(5,621,987	)		(11,411	)		2,061,339
Included in earnings-unrealized		1,315,339			20,529			(1,607,804	)
Purchases of investments		45,929			78,248			142,819
Sales of investments		(7,096,699	)		—			(26,826,316	)
Change in ownership allocation of credit default swaps		80,517			(12,468	)		44,941
Transfers in and/or out of Level 3		—			—			—
Balance of recurring Level 3 assets as of December 31, 2011	$	131,004		$	74,898		$	57,225

	Balanced Series			Tiverton/Graham/Transtrend Series			Currency Series
Balance of recurring Level 3 assets as of January 1, 2011	$	49,811,462		$	—		$	5,668,768
Total gains or losses (realized/unrealized):
Included in earnings-realized		(19,161,366	)		(6,252	)		(6,958,362	)
Included in earnings-unrealized		4,529,039			2,447			6,327,609
Purchases of investments		19,527,925			71,712			23,489
Sales of investments		(27,897,084	)		—			(5,043,086	)
Change in ownership allocation of credit default swaps		(34,673	)		(33,510	)		(15,835	)
Change in ownership allocation of total return swaps		(2,955,991	)		—			—
Transfers in and/or out of Level 3		—			—			—
Balance of recurring Level 3 assets as of December 31, 2011	$	23,819,312		$	34,397		$	2,583

	Winton Series			Winton/Graham Series
Balance of recurring Level 3 assets as of January 1, 2011	$	—		$	—
Total gains or losses (realized/unrealized):
Included in earnings-realized		(9,969	)		(5,791	)
Included in earnings-unrealized		7,291			(944	)
Purchases of investments		83,357			64,011
Sales of investments		—			—
Change in ownership allocation of credit default swaps		(18,791	)		(26,895	)
Transfers in and/or out of Level 3		—			—
Balance of recurring Level 3 assets as of December 31, 2011	$	61,888		$	30,381

Investments in Unconsolidated Trading Companies:

	Currency Series
Balance of recurring Level 3 assets as of January 1, 2011	$	—
Change in unrealized in investment of unconsolidated trading companies		(162,659	)
Realized gain/(loss) in investment of unconsolidated trading companies		(2,334	)
Proceeds from sales of investments of unconsolidated trading companies		—
Purchases of investments of unconsolidated trading companies		2,500,000
Change in ownership allocation		17,114
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2011	$	2,352,121

Summarizes Tiverton/Graham/Transtrend Series Investment in Berkeley Quantitative Colorado Fund LLC

Investment	% of Owners’ Capital			Fair value		Income (loss)			Mgmt Fee		Incentive Fees		Investment Objective		Redemptions Permitted
Berkeley Quantitative Colorado Fund LLC		15.83	%	$	6,270,844	$	(2,373,858	)	$	791,365	$	—		Leveraged Speculation		Monthly	*

Information about the investee fund’s portfolio is not available to the Series.

* The interest of a member in Berkeley Quantitative Colorado Fund LLC may be wholly or partially withdrawn on the last trading day of any calendar month provided the managing member has been provided written notice within five business days of such withdrawal.

The Frontier Fund [Member]

Financial Asset Portfolio, by Series, Measured at Fair Value on Recurring Basis

The following table summarizes the instruments that comprise the Trust’s financial asset portfolio, by Series, measured at fair value on a recurring basis as of September 30, 2012 and December 31, 2011, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

September 30, 2012	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	4,576,120		$	14,283,704		$	—	$	18,859,824
Swap Contracts		—			—			25,215,077		25,215,077
U.S. Treasury Securities		39,917,527			—			—		39,917,527
Written Options		—			(4,621,432	)		—		(4,621,432	)
December 31, 2011	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	(18,489,839	)	$	11,933,138		$	—	$	(6,556,701	)
Swap Contracts		—			—			24,211,688		24,211,688
U.S. Treasury Securities		78,760,003			—			—		78,760,003
Written Options		—			(3,336,325	)		—		(3,336,325	)

Change in Level 3 Assets Measured at Fair Value on Recurring Basis

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

	Frontier Fund Trust For The Nine Months Ended September 30, 2012
Balance of recurring Level 3 assets as of January 1, 2012	$	24,211,688
Total gains or losses (realized/unrealized):
Included in earnings-realized		(525,237	)
Included in earnings-unrealized		1,538,438
Purchases of investments		—
Sales of investments		(9,812	)
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of September 30, 2012	$	25,215,077
	Frontier Fund Trust For The Year Ended December 31, 2011
Balance of recurring Level 3 assets as of January 1, 2011	$	104,877,949
Total gains or losses (realized/unrealized):
Included in earnings-realized		(9,630,838	)
Included in earnings-unrealized		(11,724,468	)
Purchases of investments		7,004,112
Sales of investments		(66,705,656	)
Transfers in and/or out of Level 3		—
Net increase in payments from Managing Owner		390,589
Balance of recurring Level 3 assets as of December 31, 2011	$	24,211,688