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 March 31, 2013

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;

FRONTIER SELECT SERIES (FORMERLY TIVERTON/GRAHAM/TRANSTREND SERIES);

CURRENCY SERIES; WINTON SERIES;

FRONTIER HERITAGE SERIES (FORMERLY 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;

Frontier Select Series (formerly 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;

Frontier Heritage Series (formerly 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 March 31, 2013 (Unaudited) and December 31, 2012	4
	Condensed Schedules of Investments as of March 31, 2013 (Unaudited) and December 31, 2012	7
	Statements of Operations for the three months ended March 31, 2013 and 2012 (Unaudited)	13
	Statements of Changes in Owners’ Capital for the three months ended March 31, 2013 (Unaudited)	16
	Statements of Cash Flows for the three months ended March 31, 2013 and 2012 (Unaudited)	21
	Notes to Financial Statements (Unaudited)	24
	Trust Financial Statements (1)
	Consolidated Statements of Financial Condition as of March 31, 2013 (Unaudited) and December 31, 2012	50
	Consolidated Condensed Schedules of Investments as of March 31, 2013 (Unaudited) and December 31, 2012	51
	Consolidated Statements of Operations for the three months ended March 31, 2013 and 2012 (Unaudited)	53
	Consolidated Statement of Changes in Owners’ Capital for the three months ended March 31, 2013 (Unaudited)	54
	Consolidated Statements of Cash Flows for the three months ended March 31, 2013 and 2012 (Unaudited)	55
	Notes to Consolidated Financial Statements (Unaudited)	56
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	70
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	92
Item 4.	Controls and Procedures	100
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	100
Item 1A.	Risk Factors	100
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	100
Item 3.	Defaults Upon Senior Securities	100
Item 4.	Mine Safety Disclosures	100
Item 5.	Other Information	101
Item 6.	Exhibits	101
SIGNATURES		102

(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 MARCH 31, 2013, 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

March 31, 2013 and December 31, 2012

	Frontier Diversified Series				Frontier Masters Series				Frontier Long/Short Commodity Series
	3/31/2013 (Unaudited)		12/31/2012		3/31/2013 (Unaudited)		12/31/2012		3/31/2013 (Unaudited)		12/31/2012
ASSETS
Cash and cash equivalents	$	800,313	$	2,681,889	$	497,172	$	1,542,661	$	528,571	$	1,710,151
U.S. Treasury securities, at fair value		—		3,853,000		—		2,212,909		—		2,388,540
Custom time deposits		65,038,036		66,875,140		37,822,374		38,288,877		40,068,748		41,327,739
Receivable from futures commission merchants		219,483		—		—		—		9,706,955		14,770,973
Open trade equity, at fair value		—		—		—		—		1,691,189		—
Swap contracts, at fair value		—		—		—		—		—		—
Investments in unconsolidated trading companies, at fair value		42,533,163		42,826,426		11,946,638		9,771,797		2,609,741		3,675,238
Prepaid service fees - Class 1		33,199		40,235		46,051		57,276		28,473		42,004
Interest receivable		1,261		54,006		72		31,017		77		33,479
Receivable from related parties		142,099		114,481		98,674		38,735		77,190		549
Receivable from other series		189,085		—		87,205		—		94,229
Other assets		—		—		—		—		—		—
Total Assets	$	108,956,639	$	116,445,177	$	50,498,186	$	51,943,272	$	54,805,173	$	63,948,673
LIABILITIES & CAPITAL
LIABILITIES
Open trade deficit, at fair value	$	141,927	$	—	$	—	$	—	$	—	$	819,535
Options written, at fair value		—		—		—		—		236,780		928,690
Pending owner additions		3,263		23,900		10,595		15,449		13,250		62,537
Owner redemptions payable		26,888		521,439		286,394		141,453		297,928		344,538
Incentive fees payable to Managing Owner		184,498		189,903		—		—		—		—
Management fees payable to Managing Owner		140,979		150,188		112,054		118,274		211,741		277,379
Interest payable to Managing Owner		40,401		41,394		19,522		20,028		25,280		26,319
Trading fees payable to Managing Owner		230,821		228,169		105,224		104,852		71,113		79,400
Service fees payable to Managing Owner		85,636		89,177		51,411		47,423		28,094		24,074
Payables to related parties		1,904		19,435		57,827		9,635		49,958		34,037
Other liabilities		—		—		—		—		237		—
Total Liabilities		856,317		1,263,605		643,027		457,114		934,381		2,596,509
CAPITAL
Managing Owner Units - Class 1		25,632		25,959		27,950		27,804		—		—
Managing Owner Units - Class 1a		—		—		—		—		12,661		12,732
Managing Owner Units - Class 2		1,424,960		1,436,973		611,079		605,508		447,346		449,011
Managing Owner Units - Class 2a		—		—		—		—		256,204		256,560
Limited Owner Units - Class 1		54,125,706		58,973,977		33,915,419		34,575,695		—		—
Limited Owner Units - Class 1a		—		—		—		—		17,609,330		18,970,806
Limited Owner Units - Class 2		52,524,024		54,744,663		15,300,711		16,277,151		5,255,509		6,449,774
Limited Owner Units - Class 2a		—		—		—		—		9,864,078		10,625,551
Limited Owner Units - Class 3		—		—		—		—		16,256,087		19,761,047
Total Owners’ Capital		108,100,322		115,181,572		49,855,159		51,486,158		49,701,215		56,525,481
Non-Controlling Interests		—		—		—		—		4,169,577		4,826,683
Total Capital		108,100,322		115,181,572		49,855,159		51,486,158		53,870,792		61,352,164
Total Liabilities and Capital	$	108,956,639	$	116,445,177	$	50,498,186	$	51,943,272	$	54,805,173	$	63,948,673
Units Outstanding
Class 1		580,955		625,015		334,070		342,249		N/A		N/A
Class 1a		N/A		N/A		N/A		N/A		163,205		174,830
Class 2		541,454		559,127		146,520		156,889		39,302		47,367
Class 2a		N/A		N/A		N/A		N/A		87,781		94,257
Class 3		N/A		N/A		N/A		N/A		112,000		135,642
Net Asset Value per Unit
Class 1	$	93.21	$	94.40	$	101.64	$	101.11		N/A	$	135.41	(1)
Class 1a		N/A		N/A		N/A		N/A	$	107.97	$	108.58
Class 2	$	99.64	$	100.48	$	108.60	$	107.61	$	145.11	$	145.65
Class 2a		N/A		N/A		N/A		N/A	$	115.29	$	115.45
Class 3		N/A		N/A		N/A		N/A	$	145.14	$	145.69

(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

March 31, 2013 and December 31, 2012

	Balanced Series					Frontier Select Series (1)				Currency Series
	3/31/2013 (Unaudited)		12/31/2012			3/31/2013 (Unaudited)		12/31/2012		3/31/2013 (Unaudited)		12/31/2012
ASSETS
Cash and cash equivalents	$	1,143,968	$	4,111,855$			263,894	$	664,310	$	—	$	33,887
U.S. Treasury securities, at fair value		—		5,951,633			—		961,568		—		49,052
Custom time deposits		101,165,197		102,978,191			20,145,576		16,637,538		—		848,715
Receivable from futures commission merchants		82,853,490		92,043,593			—		—		—		—
Open trade equity, at fair value		1,789,065		—			—		—		—		—
Swap contracts, at fair value		21,831,735		22,289,478			—		—		—		—
Investments in unconsolidated trading companies, at fair value		18,407,717		20,193,128			4,147,981		7,373,509		1,755,295		1,801,498
Interest receivable		191		83,422			39		13,478		—		688
Receivable from related parties		99,967		17,313			—		—		220		—
Receivable from other series		395,020		—			42,573		—		—		—
Other assets		34,355		34,301			—		—		—		—
Total Assets	$	227,720,705	$	247,702,914		$	24,600,063	$	25,650,403	$	1,755,515	$	2,733,840
LIABILITIES & CAPITAL
LIABILITIES
Payable to other series	$	—	$	—		$	—	$	—	$	915,112	$	—
Open trade deficit, at fair value		—		672,511			—		—		—		—
Options written, at fair value		363,800		165,363			—		—		—		—
Pending owner additions		26,360		34,831			1,454		1,522		189		3,413
Owner redemptions payable		326,706		342,417			72,104		40,093		—		—
Incentive fees payable to Managing Owner		259,439		527,306			—		—		—		—
Management fees payable to Managing Owner		163,400		193,155			52,722		103,089		—		—
Interest payable to Managing Owner		307,480		330,341			41,638		42,764		1,435		3,889
Trading fees payable to Managing Owner		117,318		132,875			15,631		16,057		539		1,791
Service fees payable to Managing Owner		306,834		332,942			53,470		54,702		1,836		3,510
Payables to related parties		8,124		1,490			24,179		47,535		—		112
Other liabilities		7,018		—			—		—		—		—
Total Liabilities		1,886,479		2,733,231			261,198		305,762		919,111		12,715
CAPITAL
Managing Owner Units - Class 2		3,190,111		3,225,784			7,349		7,013		2,114		2,134
Managing Owner Units - Class 2a		152,771		153,884			—		—		—		—
Limited Owner Units - Class 1		129,567,330		143,906,872			21,393,158		22,266,758		789,015		2,666,969
Limited Owner Units - Class 1a		—		—			—		—		—		—
Limited Owner Units - Class 2		45,584,296		48,233,784			2,938,358		3,070,870		45,275		52,022
Limited Owner Units - Class 2a		753,579		855,636			—		—		—		—
Limited Owner Units - Class 3a		2,967,747		3,776,790			—		—		—		—
Total Owners’ Capital		182,215,834		200,152,750			24,338,865		25,344,641		836,404		2,721,125
Non-Controlling Interests		43,618,392		44,816,933			—		—		—		—
Total Capital		225,834,226		244,969,683			24,338,865		25,344,641		836,404		2,721,125
Total Liabilities and Capital	$	227,720,705	$	247,702,914		$	24,600,063	$	25,650,403	$	1,755,515	$	2,733,840
Units Outstanding
Class 1		1,134,525		1,237,173			261,329		283,073		14,097		46,863
Class 1a		N/A		N/A			N/A		N/A		N/A		N/A
Class 2		330,552		344,894			28,228		30,918		655		742
Class 2a		7,341		8,117			N/A		N/A		N/A		N/A
Class 3a		24,118		30,469			N/A		N/A		N/A		N/A
Net Asset Value per Unit
Class 1	$	114.20	$	116.32		$	81.86	$	78.66	$	55.97	$	56.91
Class 1a		N/A	$	104.32	(2)		N/A		N/A		N/A		N/A
Class 2	$	147.55	$	149.20		$	104.35	$	99.55	$	72.26	$	72.95
Class 2a	$	123.46	$	124.36			N/A		N/A		N/A		N/A
Class 3a	$	123.05	$	123.96			N/A		N/A		N/A		N/A

(1) Formerly the Tiverton/Graham/Transtrend 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

March 31, 2013 and December 31, 2012

	Winton Series				Frontier Heritage Series (1)
	3/31/2012 (Unaudited)		12/31/2012		3/31/2012 (Unaudited)		12/31/2012
ASSETS
Cash and cash equivalents	$	450,133	$	1,249,455	$	217,648	$	536,159
U.S. Treasury securities, at fair value		—		1,808,547		—		776,073
Custom time deposits		34,302,545		31,292,395		16,627,710		13,428,015
Swap Contracts, at fair value		—		—		—		—
Investments in unconsolidated trading companies, at fair value		6,500,914		6,865,965		3,482,249		6,174,855
Interest receivable		66		25,350		32		10,878
Receivable from other series		71,698		—		35,303		—
Other assets		15,719		—		11,972		—
Total Assets	$	41,341,075	$	41,241,712	$	20,374,914	$	20,925,980
LIABILITIES & CAPITAL
LIABILITIES
Pending owner additions	$	15,498	$	15,044	$	3,986	$	3,976
Owner redemptions payable		87,430		22,467		70,611		18,231
Management fees payable to Managing Owner		89,916		86,138		32,341		63,642
Interest payable to Managing Owner		69,984		69,369		34,510		35,011
Trading fees payable to Managing Owner		26,260		26,041		12,950		13,148
Service fees payable to Managing Owner		61,796		62,556		37,908		38,116
Payables to related parties		—		563		—		317
Other liabilities		—		—		—		—
Total Liabilities		350,884		282,178		192,306		172,441
CAPITAL
Managing Owner Units - Class 2		34,423		32,721		55,954		51,683
Limited Owner Units - Class 1		30,262,765		30,645,208		16,362,182		16,680,498
Limited Owner Units - Class 2		10,693,003		10,281,605		3,764,472		4,021,358
Total Owners’ Capital		40,990,191		40,959,534		20,182,608		20,753,539
Non-Controlling Interests		—		—		—		—
Total Capital		40,990,191		40,959,534		20,182,608		20,753,539
Total Liabilities and Capital	$	41,341,075	$	41,241,712	$	20,374,914	$	20,925,980
Units Outstanding
Class 1		221,659		234,414		160,996		176,419
Class 2		64,423		65,159		29,242		33,753
Net Asset Value per Unit
Class 1	$	136.53	$	130.73	$	101.63	$	94.55
Class 2	$	166.52	$	158.30	$	130.65	$	120.67

(1) Formerly the Winton/Graham Series.

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

6

The Series of the Frontier Fund

Condensed Schedules of Investments (Unaudited)

March 31, 2013

	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 stock index futures contracts (U.S.)	$	—			0.00	%	$	—		0.00	%	$	74,780			0.14	%
Various stock index futures contracts (Oceanic)		—			0.00	%		—		0.00	%		(8,491	)		-0.02	%
Various stock index futures contracts (Mexico)		—			0.00	%		—		0.00	%		—			0.00	%
Various stock index futures contracts (Far East)		—			0.00	%		—		0.00	%		25,232			0.05	%
Various stock index futures contracts (Europe)		—			0.00	%		—		0.00	%		(36,858	)		-0.07	%
Various stock index futures contracts (Canada)		—			0.00	%		—		0.00	%		—			0.00	%
Various stock index futures contracts (Africa)		—			0.00	%		—		0.00	%		—			0.00	%
Various soft futures contracts (U.S.)		—			0.00	%		—		0.00	%		(985,750	)		-1.83	%
Corn Settling 7/1/2013 (Number of Contracts: 643)		—			0.00	%		—		0.00	%		(593,219	)		-1.10	%
Various soft futures contracts (Far East)		—			0.00	%		—		0.00	%		—			0.00	%
Various soft futures contracts (Europe)		—			0.00	%		—		0.00	%		(40,023	)		-0.07	%
Various soft futures contracts (Canada)		—			0.00	%		—		0.00	%		1,195			0.00	%
Various precious metal futures contracts (U.S.)		—			0.00	%		—		0.00	%		(81,596	)		-0.15	%
Various precious metal futures contracts (Europe)		—			0.00	%		—		0.00	%		—			0.00	%
Various precious metal futures contracts (Far East)		—			0.00	%		—		0.00	%		—			0.00	%
Various interest rates futures contracts (U.S.)		—			0.00	%		—		0.00	%		266,954			0.50	%
Various interest rates futures contracts (Oceanic)		—			0.00	%		—		0.00	%		329			0.00	%
Various interest rates futures contracts (Far East)		—			0.00	%		—		0.00	%		2,070			0.00	%
Various interest rates futures contracts (Europe)		—			0.00	%		—		0.00	%		82,860			0.15	%
Various interest rates futures contracts (Canada)		—			0.00	%		—		0.00	%		16,591			0.03	%
Various energy futures contracts (U.S.)		—			0.00	%		—		0.00	%		1,491,102			2.77	%
Brent Oil Settling 5/1/2013 (Number of Contracts: 889)		—			0.00	%		—		0.00	%		1,016,870			1.89	%
Brent Oil Settling 10/1/2013 (Number of Contracts: 288)		—			0.00	%		—		0.00	%		(921,710	)		-1.71	%
Crude Oil Settling 10/1/2013 (Number of Contracts: 370)		—			0.00	%		—		0.00	%		1,927,306			3.58	%
Crude Oil Settling 12/1/2013 (Number of Contracts: 1,197)		—			0.00	%		—		0.00	%		4,269,823			7.93	%
Crude Oil Settling 2/1/2014 (Number of Contracts: 114)		—			0.00	%		—		0.00	%		556,060			1.03	%
Crude Oil Settling 9/1/2014 (Number of Contracts: 809)		—			0.00	%		—		0.00	%		2,380,443			4.42	%
Various energy futures contracts (Far East)		—			0.00	%		—		0.00	%		—			0.00	%
Various currency futures contracts (U.S.)		—			0.00	%		—		0.00	%		109,537			0.20	%
Various currency futures contracts (Oceanic)		—			0.00	%		—		0.00	%		—			0.00	%
Various currency futures contracts (Mexico)		—			0.00	%		—		0.00	%		—			0.00	%
Various currency futures contracts (Europe)		—			0.00	%		—		0.00	%		—			0.00	%
Various currency futures contracts (Far East)		—			0.00	%		—		0.00	%		—			0.00	%
Various base metals futures contracts (U.S.)		—			0.00	%		—		0.00	%		—			0.00	%
Copper Settling 5/1/2013 (Number of Contracts: 540)		—			0.00	%		—		0.00	%		(633,890	)		-1.18	%
Various base metals futures contracts (Europe)		(430,145	)		-0.40	%		—		0.00	%		(1,670,315	)		-3.10	%
Total Long Futures Contracts	$	(430,145	)		-0.40	%		—		0.00	%	$	7,249,300			13.46	%
OPTIONS PURCHASED *
Various stock index futures contracts (U.S.)	$	—			0.00	%		—		0.00	%	$	773			0.00	%
Various soft futures contracts (U.S.)		—			0.00	%		—		0.00	%		576,744			1.07	%
Various precious metal futures contracts (U.S.)		—			0.00	%		—		0.00	%		—			0.00	%
Various energy futures contracts (U.S.)		—			0.00	%		—		0.00	%		1,168,680			2.17	%
Crude Oil Settling 5/16/2013 (Number of Contracts: 372)		—			0.00	%		—		0.00	%		834,880			1.55	%
Various currency futures contracts (U.S.)		—			0.00	%		—		0.00	%		—			0.00	%
Various base metals futures contracts (U.S.)		—			0.00	%		—		0.00	%		—			0.00	%
Various base metals futures contracts (Europe)		—			0.00	%		—		0.00	%		—			0.00	%
Total Options Purchased	$	—			0.00	%		—		0.00	%	$	2,581,077			4.79	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (U.S.)	$	—			0.00	%		—		0.00	%	$	43,330			0.08	%
Copper Settling 7/1/2013 (Number of Contracts: 534)		—			0.00	%		—		0.00	%		597,915			1.11	%
Various base metals futures contracts (Europe)		288,218			0.27	%		—		0.00	%		1,538,105			2.86	%
Various currency futures contracts (U.S.)		—			0.00	%		—		0.00	%		(188,693	)		-0.35	%
Various currency futures contracts (Canada)		—			0.00	%		—		0.00	%		—			0.00	%
Various currency futures contracts (Far East)		—			0.00	%		—		0.00	%		—			0.00	%
Various stock index futures contracts (U.S.)		—			0.00	%		—		0.00	%		64,660			0.12	%
Various stock index futures contracts (Oceanic)		—			0.00	%		—		0.00	%		—			0.00	%
Various stock index futures contracts (Europe)		—			0.00	%		—		0.00	%		—			0.00	%
Various stock index futures contracts (Far East)		—			0.00	%		—		0.00	%		—			0.00	%
Various stock index futures contracts (Canada)		—			0.00	%		—		0.00	%		—			0.00	%
Various stock index futures contracts (Africa)		—			0.00	%		—		0.00	%		—			0.00	%
Various soft futures contracts (U.S.)		—			0.00	%		—		0.00	%		1,336,948			2.48	%
Corn Settling 5/1/2013 (Number of Contracts: 272)		—			0.00	%		—		0.00	%		521,326			0.97	%
Various soft futures contracts (Europe)		—			0.00	%		—		0.00	%		—			0.00	%
Various soft futures contracts (Far East)		—			0.00	%		—		0.00	%		—			0.00	%
Various interest rates futures contracts (U.S.)		—			0.00	%		—		0.00	%		(312,442	)		-0.58	%
Various interest rates futures contracts (Oceanic)		—			0.00	%		—		0.00	%		(759	)		0.00	%
Various interest rates futures contracts (Far East)		—			0.00	%		—		0.00	%		(15,708	)		-0.03	%
Various interest rates futures contracts (Europe)		—			0.00	%		—		0.00	%		(11,365	)		-0.02	%
Various interest rates futures contracts (Canada)		—			0.00	%		—		0.00	%		—			0.00	%
Various precious metal futures contracts (U.S.)		—			0.00	%		—		0.00	%		26,335			0.05	%
Various energy futures contracts (U.S.)		—			0.00	%		—		0.00	%		(1,420,774	)		-2.64	%
Brent Oil Settling 6/1/2013 (Number of Contracts: 556)		—			0.00	%		—		0.00	%		(905,730	)		-1.68	%
Brent Oil Settling 7/1/2013 (Number of Contracts: 295)		—			0.00	%		—		0.00	%		(1,024,870	)		-1.90	%
Crude Oil Settling 5/1/2013 (Number of Contracts: 321)		—			0.00	%		—		0.00	%		(1,285,891	)		-2.39	%
Crude Oil Settling 6/1/2013 (Number of Contracts: 240)		—			0.00	%		—		0.00	%		(782,611	)		-1.45	%
Crude Oil Settling 7/1/2013 (Number of Contracts: 801)		—			0.00	%		—		0.00	%		(1,345,885	)		-2.50	%
Crude Oil Settling 9/1/2013 (Number of Contracts: 405)		—			0.00	%		—		0.00	%		(1,459,802	)		-2.71	%
Crude Oil Settling 12/1/2014 (Number of Contracts: 859)		—			0.00	%		—		0.00	%		(2,459,158	)		-4.56	%
Natural Gas Settling 7/1/2013 (Number of Contracts: 418)		—			0.00	%		—		0.00	%		(1,054,119	)		-1.96	%
Various energy futures contracts (Europe)		—			0.00	%		—		0.00	%		—			0.00	%
Total Short Futures Contracts	$	288,218			0.27	%		—		0.00	%	$	(8,139,188	)		-15.13	%
CURRENCY FORWARDS *	$	—			0.00	%	$	—		0.00	%	$	—			0.00	%
Total Open Trade Equity (Deficit)	$	(141,927	)		-0.13	%	$	—		0.00	%	$	1,691,189			3.12	%
OPTIONS WRITTEN *
Various soft futures contracts (U.S.)	$	—			0.00	%	$	—		0.00	%	$	(236,780	)		-0.44	%
Total Options Written	$	—			0.00	%	$	—		0.00	%	$	(236,780	)		-0.44	%

* 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.

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

7

The Series of the Frontier Fund

Condensed Schedules of Investments (Unaudited)

March 31, 2013

	Balanced Series						Frontier Select Series (1)					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 stock index futures contracts (U.S.)	$	1,063,333			0.47	%	$	—		0.00	%	$	—		0.00	%
Various stock index futures contracts (Oceanic)		(48,187	)		-0.02	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Mexico)		—			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Far East)		313,562			0.14	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		(1,627,966	)		-0.72	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Canada)		(80,053	)		-0.04	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Africa)		(46,716	)		-0.02	%		—		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		(484,027	)		-0.21	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Far East)		—			0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Europe)		(168,874	)		-0.07	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Canada)		—			0.00	%		—		0.00	%		—		0.00	%
Various precious metal futures contracts (U.S.)		22,920			0.01	%		—		0.00	%		—		0.00	%
Various precious metal futures contracts (Europe)		—			0.00	%		—		0.00	%		—		0.00	%
Various precious metal futures contracts (Far East)		—			0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		1,147,896			0.51	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		(2,079	)		0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)		68,117			0.03	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		1,460,171			0.65	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)		92,424			0.04	%		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		2,243,326			0.99	%		—		0.00	%		—		0.00	%
Various energy futures contracts (Far East)		—			0.00	%		—		0.00	%		—		0.00	%
Various currency futures contracts (U.S.)		288,811			0.13	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Oceanic)		—			0.00	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Mexico)		—			0.00	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Europe)		—			0.00	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Far East)		—			0.00	%		—		0.00	%		—		0.00	%
Various base metals futures contracts (U.S.)		(13,063	)		-0.01	%		—		0.00	%		—		0.00	%
Various base metals futures contracts (Europe)		(7,189,490	)		-3.18	%		—		0.00	%		—		0.00	%
Total Long Futures Contracts	$	(2,959,895	)		-1.31	%	$	—		0.00	%	$	—		0.00	%
OPTIONS PURCHASED *
Various stock index futures contracts (U.S.)	$	728,628			0.32	%	$	—		0.00	%	$	—		0.00	%
Various soft futures contracts (U.S.)		—			0.00	%		—		0.00	%		—		0.00	%
Various precious metal futures contracts (U.S.)		—			0.00	%		—		0.00	%		—		0.00	%
Various currency futures contracts (U.S.)		—			0.00	%		—		0.00	%		—		0.00	%
Various base metals futures contracts (U.S.)		—			0.00	%		—		0.00	%		—		0.00	%
Various base metals futures contracts (Europe)		—			0.00	%		—		0.00	%		—		0.00	%
Total Options Purchased	$	728,628			0.32	%	$	—		0.00	%	$	—		0.00	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (U.S.)	$	441,561			0.20	%	$	—		0.00	%	$	—		0.00	%
Various base metals futures contracts (Europe)		6,482,297			2.87	%		—		0.00	%		—		0.00	%
Various currency futures contracts (U.S.)		(458,755	)		-0.20	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Canada)		—			0.00	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Far East)		—			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		36,863			0.02	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Oceanic)		—			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		(76	)		0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Far East)		(72,841	)		-0.03	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Canada)		—			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Africa)		(102	)		0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		572,776			0.25	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Europe)		(78,490	)		-0.03	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Far East)		20,394			0.01	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		(1,557	)		0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		(83,420	)		-0.04	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)		(135,322	)		-0.06	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		(166,373	)		-0.07	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)		—			0.00	%		—		0.00	%		—		0.00	%
Various precious metal futures contracts (U.S.)		366,111			0.16	%		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		(2,186,365	)		-0.97	%		—		0.00	%		—		0.00	%
Various energy futures contracts (Europe)		—			0.00	%		—		0.00	%		—		0.00	%
Total Short Futures Contracts	$	4,736,701			2.11	%	$	—		0.00	%	$	—		0.00	%
CURRENCY FORWARDS *
Various currency forwards contracts	$	(716,369	)		-0.32	%	$	—		0.00	%	$	—		0.00	%
Total Currency Forwards	$	(716,369	)		-0.32	%	$	—		0.00	%	$	—		0.00	%
Total Open Trade Equity (Deficit)	$	1,789,065			0.79	%	$	—		0.00	%	$	—		0.00	%
OPTIONS WRITTEN *
Various stock index futures contracts (U.S.)	$	(363,800	)		-0.16	%	$	—		0.00	%	$	—		0.00	%
Total Options Written	$	(363,800	)		-0.16	%	$	—		0.00	%	$	—		0.00	%
Swaps (2)
Frontier Balanced DB Swap (U.S.)	$	2,632,943			1.17	%	$	—		0.00	%	$	—		0.00	%
Frontier Currency DB Swap (U.S.)		1,755,295			0.78	%		—		0.00	%		—		0.00	%
Frontier Balanced RCW-1 Swap (U.S.)		17,443,497			7.72	%		—		0.00	%		—		0.00	%
Total Swaps		21,831,735			9.67	%	$	—		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) Formerly the Tiverton/Graham/Transtrend Series.

(2) 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)

March 31, 2013

	Winton Series					Frontier Heritage Series (1)
Description	Value		% of Total Capital (Net Asset Value)			Value		% of Total Capital (Net Asset Value)
Various stock index futures contracts (Mexico)		—		0.00	%		—		0.00	%
Various stock index futures contracts (Far East)		—		0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		—		0.00	%		—		0.00	%
Various stock index futures contracts (Canada)		—		0.00	%		—		0.00	%
Various stock index futures contracts (Africa)		—		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		—		0.00	%		—		0.00	%
Various soft futures contracts (Far East)		—		0.00	%		—		0.00	%
Various soft futures contracts (Europe)		—		0.00	%		—		0.00	%
Various soft futures contracts (Canada)		—		0.00	%		—		0.00	%
Various precious metal futures contracts (U.S.)		—		0.00	%		—		0.00	%
Various precious metal futures contracts (Europe)		—		0.00	%		—		0.00	%
Various precious metal futures contracts (Far East)		—		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		—		0.00	%		—		0.00	%
Various energy futures contracts (Far East)		—		0.00	%		—		0.00	%
Various currency futures contracts (U.S.)		—		0.00	%		—		0.00	%
Various currency futures contracts (Oceanic)		—		0.00	%		—		0.00	%
Various currency futures contracts (Mexico)		—		0.00	%		—		0.00	%
Various currency futures contracts (Europe)		—		0.00	%		—		0.00	%
Various currency futures contracts (Far East)		—		0.00	%		—		0.00	%
Various base metals futures contracts (U.S.)		—		0.00	%		—		0.00	%
Various base metals futures contracts (Europe)		—		0.00	%		—		0.00	%
Total Long Futures Contracts	$	—		0.00	%	$	—		0.00	%
OPTIONS PURCHASED *
Various stock index futures contracts (U.S.)	$	—		0.00	%	$	—		0.00	%
Various soft futures contracts (U.S.)		—		0.00	%		—		0.00	%
Various precious metal futures contracts (U.S.)		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		—		0.00	%		—		0.00	%
Various currency futures contracts (U.S.)		—		0.00	%		—		0.00	%
Various base metals futures contracts (U.S.)		—		0.00	%		—		0.00	%
Various base metals futures contracts (Europe)		—		0.00	%		—		0.00	%
Total Options Purchased	$	—		0.00	%	$	—		0.00	%
SHORT 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 (Far East)		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		—		0.00	%		—		0.00	%
Various stock index futures contracts (Oceanic)		—		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	%
Various stock index futures contracts (Canada)		—		0.00	%		—		0.00	%
Various stock index futures contracts (Africa)		—		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 (Far East)		—		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)		—		0.00	%		—		0.00	%
Various precious metal futures contracts (U.S.)		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		—		0.00	%		—		0.00	%
Various energy futures contracts (Europe)		—		0.00	%		—		0.00	%
Total Short Futures Contracts	$	—		0.00	%	$	—		0.00	%
CURRENCY FORWARDS *
Various currency forwards contracts	$	—		0.00	%	$	—		0.00	%
Total Currency Forwards	$	—		0.00	%	$	—		0.00	%
Total Open Trade Equity (Deficit)	$	—		0.00	%	$	—		0.00	%

* Accordingly, the number of contracts and expiration dates are not presented.

(1) Formerly the Winton/Graham Series.

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

9

The Series of the Frontier Fund

Condensed Schedules of Investments

December 31, 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	%	$	—		0.00	%	$	(22,516	)		-0.04	%
Various base metals futures contracts (Europe)		—		0.00	%		—		0.00	%		892,015			1.45	%
Various base metals futures contracts (Far East)		—		0.00	%		—		0.00	%		—			0.00	%
Various currency futures contracts (U.S.)		—		0.00	%		—		0.00	%		(29,925	)		-0.05	%
Various currency futures contracts (Europe)		—		0.00	%		—		0.00	%		—			0.00	%
Various currency futures contracts (Far East)		—		0.00	%		—		0.00	%		—			0.00	%
Various energy futures contracts (U.S.)		—		0.00	%		—		0.00	%		857,585			1.40	%
Brent Crude Oil Settling 4/1/2013 (Number of Contracts: 497)		—		0.00	%		—		0.00	%		1,188,750			1.94	%
Brent Crude Oil Settling 9/1/2013 (Number of Contracts: 270)		—		0.00	%		—		0.00	%		729,410			1.19	%
Crude Oil Settling 2/1/2013 (Number of Contracts: 566)		—		0.00	%		—		0.00	%		1,837,974			3.00	%
Crude Oil Settling 2/1/2014 (Number of Contracts: 606)		—		0.00	%		—		0.00	%		1,784,120			2.91	%
Crude Oil Settling 4/1/2014 (Number of Contracts: 428)		—		0.00	%		—		0.00	%		1,628,500			2.65	%
Crude Oil Settling 8/1/2014 (Number of Contracts: 219)		—		0.00	%		—		0.00	%		630,550			1.03	%
Crude Oil Settling 1/1/2015 (Number of Contracts: 191)		—		0.00	%		—		0.00	%		722,766			1.18	%
Various energy futures contracts (Far East)		—		0.00	%		—		0.00	%		—			0.00	%
Various interest rates futures contracts (U.S.)		—		0.00	%		—		0.00	%		16,663			0.03	%
Various interest rates futures contracts (Canada)		—		0.00	%		—		0.00	%		(13,842	)		-0.02	%
Various interest rates futures contracts (Europe)		—		0.00	%		—		0.00	%		37,199			0.06	%
Various interest rates futures contracts (Far East)		—		0.00	%		—		0.00	%		(3,574	)		-0.01	%
Various interest rates futures contracts (Mexico)		—		0.00	%		—		0.00	%		—			0.00	%
Various interest rates futures contracts (Oceanic)		—		0.00	%		—		0.00	%		20,049			0.03	%
Various precious metals futures contracts (U.S.)		—		0.00	%		—		0.00	%		(357,780	)		-0.58	%
Various precious metals futures contracts (Far East)		—		0.00	%		—		0.00	%		—			0.00	%
Various soft futures contracts (Canada)		—		0.00	%		—		0.00	%		(827	)		0.00	%
Various soft futures contracts (Europe)		—		0.00	%		—		0.00	%		285			0.00	%
Various soft futures contracts (Far East)		—		0.00	%		—		0.00	%		—			0.00	%
Various soft futures contracts (U.S.)		—		0.00	%		—		0.00	%		(968,793	)		-1.58	%
Various stock index futures contracts (U.S.)		—		0.00	%		—		0.00	%		2,499			0.00	%
Various stock index futures contracts (Canada)		—		0.00	%		—		0.00	%		—			0.00	%
Various stock index futures contracts (Europe)		—		0.00	%		—		0.00	%		(33,084	)		-0.05	%
Various stock index futures contracts (Far East)		—		0.00	%		—		0.00	%		83,003			0.14	%
Various stock index futures contracts (Africa)		—		0.00	%		—		0.00	%		—			0.00	%
Various stock index futures contracts (Oceanic)		—		0.00	%		—		0.00	%		10,863			0.02	%
Various stock index futures contracts (Mexico)		—		0.00	%		—		0.00	%		—			0.00	%
Total Long Futures Contracts	$	—		0.00	%	$	—		0.00	%	$	9,011,890			14.70	%
OPTIONS PURCHASED *
Various energy futures contracts (U.S.)	$	—		0.00	%	$	—		0.00	%	$	1,417,280			2.31	%
Various currency futures contracts (U.S.)		—		0.00	%		—		0.00	%		517,500			0.84	%
Various interest rates futures contracts (U.S.)		—		0.00	%		—		0.00	%		—			0.00	%
Various soft futures contracts (U.S.)		—		0.00	%		—		0.00	%		966,540			1.58	%
Total Options Purchased	$	—		0.00	%	$	—		0.00	%	$	2,901,320			4.73	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (U.S.)	$	—		0.00	%	$	—		0.00	%	$	8,300			0.01	%
Various base metals futures contracts (Europe)		—		0.00	%		—		0.00	%		(1,111,581	)		-1.81	%
Various base metals futures contracts (Far East)		—		0.00	%		—		0.00	%		—			0.00	%
Various currency futures contracts (U.S.)		—		0.00	%		—		0.00	%		99,526			0.16	%
Various currency futures contracts (Europe)		—		0.00	%		—		0.00	%		—			0.00	%
Various currency futures contracts (Far East)		—		0.00	%		—		0.00	%		—			0.00	%
Various energy futures contracts (U.S.)		—		0.00	%		—		0.00	%		(1,309,564	)		-2.13	%
Brent Crude Oil, Settling 6/1/2013 (Number of Contracts: 424)		—		0.00	%		—		0.00	%		(1,182,720	)		-1.93	%
Crude Oil, Settling 4/1/2013 (Number of Contracts: 323)		—		0.00	%		—		0.00	%		(923,841	)		-1.51	%
Crude Oil, Settling 5/1/2013 (Number of Contracts: 166)		—		0.00	%		—		0.00	%		(669,526	)		-1.09	%
Crude Oil, Settling 6/1/2013 (Number of Contracts: 787)		—		0.00	%		—		0.00	%		(3,500,831	)		-5.71	%
Crude Oil, Settling 7/1/2013 (Number of Contracts: 290)		—		0.00	%		—		0.00	%		(1,400,082	)		-2.28	%
Crude Oil, Settling 3/1/2014 (Number of Contracts: 450)		—		0.00	%		—		0.00	%		(1,446,060	)		-2.36	%
Crude Oil, Settling 6/1/2014 (Number of Contracts: 449)		—		0.00	%		—		0.00	%		(1,477,983	)		-2.41	%
Crude Oil, Settling 9/1/2014 (Number of Contracts: 219)		—		0.00	%		—		0.00	%		(618,510	)		-1.01	%
Various energy futures contracts (Far East)		—		0.00	%		—		0.00	%		—			0.00	%
Various interest rates futures contracts (US)		—		0.00	%		—		0.00	%		12,197			0.02	%
Various interest rates futures contracts (Canada)		—		0.00	%		—		0.00	%		—			0.00	%
Various interest rates futures contracts (Europe)		—		0.00	%		—		0.00	%		—			0.00	%
Various interest rates futures contracts (Far East)		—		0.00	%		—		0.00	%		24,219			0.04	%
Various interest rates futures contracts (Oceanic)		—		0.00	%		—		0.00	%		—			0.00	%
Various precious metals futures contracts (U.S.)		—		0.00	%		—		0.00	%		59,128			0.10	%
Various soft futures contracts (U.S.)		—		0.00	%		—		0.00	%		703,810			1.15	%
Various soft futures contracts (Far East)		—		0.00	%		—		0.00	%		—			0.00	%
Various soft futures contracts (Europe)		—		0.00	%		—		0.00	%		773			0.00	%
Various stock index futures contracts (U.S.)		—		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 (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	%	$	—		0.00	%	$	(12,732,745	)		-20.76	%
CURRENCY FORWARDS *	$	—		0.00	%	$	—		0.00	%	$	—			0.00	%
Total Open Trade Equity (Deficit)	$	—		0.00	%	$	—		0.00	%	$	(819,535	)		-1.33	%
OPTIONS WRITTEN *
Various interest rates futures contracts (U.S.)	$	—		0.00	%	$	—		0.00	%	$	—			0.00	%
Various currency futures contracts (U.S.)		—		0.00	%		—		0.00	%		(155,250	)		-0.25	%
Various energy futures contracts (U.S.)		—		0.00	%		—		0.00	%		(445,060	)		-0.73	%
Various soft futures contracts (U.S.)		—		0.00	%		—		0.00	%		(328,380	)		-0.54	%
Total Options Written	$	—		0.00	%	$	—		0.00	%	$	(928,690	)		-1.52	%
U.S. TREASURY SECURITIES		Fair Value					Fair Value					Fair Value
US Treasury Note 4.000% due 02/15/2015 (1)	$	3,853,000		3.35	%	$	2,212,909		4.30	%	$	2,388,540			3.89	%
Additional Disclosure on U.S. Treasury Securities	Face Value					Face Value					Face Value
U.S. Treasury Note 4.000% due 02/15/2015 (1)	$	3,574,465				$	2,052,937				$	2,215,872
	Cost					Cost					Cost
U.S. Treasury Note 4.000% due 02/15/2015 (1)	$	3,702,643				$	2,126,554				$	2,295,332

* 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.

10

The Series of the Frontier Fund

Condensed Schedules of Investments

December 31, 2012

	Balanced Series						Frontier Select 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.)	$	7,365			0.00	%	$	—		0.00	%	$	—		0.00	%
Various base metals futures contracts (Europe)		1,079,576			0.44	%		—		0.00	%		—		0.00	%
Various currency futures contracts (U.S.)		(2,013,943	)		-0.82	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Europe)		—			0.00	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Far East)		—			0.00	%		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		618,362			0.25	%		—		0.00	%		—		0.00	%
Brent Curde Oil Settling 2/1/2013 (Number of Contracts: 735)		2,850,050			1.16	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		(285,562	)		-0.12	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)		(62,247	)		-0.03	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		1,247,403			0.51	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)		(146,326	)		-0.06	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		298,712			0.12	%		—		0.00	%		—		0.00	%
Various precious metals futures contracts (U.S.)		76,885			0.03	%		—		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		(888,222	)		-0.36	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Europe)		(131,803	)		-0.05	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		(494,955	)		-0.20	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Canada)		246,124			0.10	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		(1,219,796	)		-0.50	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Africa)		82,200			0.03	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Oceanic)		132,147			0.05	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Far East)		1,111,191			0.45	%		—		0.00	%		—		0.00	%
Total Long Futures Contracts	$	2,507,161			1.00	%	$	—		0.00	%	$	—		0.00	%
OPTIONS PURCHASED *
Various base metals futures contracts(Europe)	$	—			0.00	%	$	—		0.00	%	$	—		0.00	%
Various base metals futures contracts (U.S.)		—			0.00	%		—		0.00	%		—		0.00	%
Various currency futures contracts(U.S.)		—			0.00	%		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		—			0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		—			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		439,170			0.18	%		—		0.00	%		—		0.00	%
Total Options Purchased		439,170			0.18	%	$	—		0.00	%	$	—		0.00	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (U.S.)	$	(57,925	)		-0.02	%	$	—		0.00	%	$	—		0.00	%
Various base metals futures contracts (Europe)		(3,453,452	)		-1.41	%		—		0.00	%		—		0.00	%
Various currency futures contracts (US)		1,732,960			0.71	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Europe)		—			0.00	%		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		(2,108,322	)		-0.86	%		—		0.00	%		—		0.00	%
Various energy futures contracts (Europe)		—			0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (U.S.)		(356,406	)		-0.15	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Canada)		79,806			0.03	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Europe)		9,865			0.00	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Far East)a		172,781			0.07	%		—		0.00	%		—		0.00	%
Various interest rates futures contracts (Oceanic)		(1,482	)		0.00	%		—		0.00	%		—		0.00	%
Various precious metals futures contracts (U.S.)		8,095			0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		1,114,717			0.46	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Europe)		124,047			0.05	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Far East)		—			0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (Canada)		—			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		(341,725	)		-0.14	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Canada)		—			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Europe)		86,851			0.04	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Oceanic)		—			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (Far East)		(628,652	)		-0.26	%		—		0.00	%		—		0.00	%
Total Short Futures Contracts	$	(3,618,842	)		-1.95	%	$	—		0.00	%	$	—		0.00	%
CURRENCY FORWARDS *	$	—			0.00	%	$	—		0.00	%	$	—		0.00	%
Total Open Trade Equity (Deficit)	$	(672,511	)		-0.27	%	$	—		0.00	%	$	—		0.00	%
OPTIONS WRITTEN *
Various base metals futures contracts (Europe)	$	—			0.00	%	$	—		0.00	%	$	—		0.00	%
Various base metals futures contracts (U.S)		—			0.00	%		—		0.00	%		—		0.00	%
Various currency futures contracts (Europe)		—			0.00	%		—		0.00	%		—		0.00	%
Various energy futures contracts (U.S.)		—			0.00	%		—		0.00	%		—		0.00	%
Various soft futures contracts (U.S.)		—			0.00	%		—		0.00	%		—		0.00	%
Various stock index futures contracts (U.S.)		(165,363	)		-0.07	%		—		0.00	%		—		0.00	%
Total Options Written	$	(165,363	)		-0.07	%	$	—		0.00	%	$	—		0.00	%
Swaps (3)
Frontier Select CTA TRS Deutsche Bank Swap (U.S.)		4,503,745			1.84	%		—		0.00	%		—		0.00	%
Frontier Balanced RCW-1 Swap (U.S.)		17,785,733			7.26	%		—		0.00	%		—		0.00	%
Total Swaps	$	22,289,478			9.10	%	$	—		0.00	%	$	—		0.00	%
U.S. TREASURY SECURITIES
	Fair Value						Fair Value					Fair Value
US Treasury Note 4.000% due 02/15/2015 (1)	$	5,951,633			2.97	%	$	961,568		3.79	%	$	49,052		1.80	%
Additional Disclosure on U.S. Treasury Securities	Face Value						Face Value					Face Value
US Treasury Note 4.000% due 02/15/2015 (1)	$	5,521,388					$	892,056				$	45,506
	Cost						Cost					Cost
US Treasury Note 4.000% due 02/15/2015 (1)	$	5,719,381					$	924,044				$	47,137

* 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 Tiverton/Graham/Tiverton Series.

(3) See Note 4 to the Financial Statements.

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

11

The Series of the Frontier Fund

Condensed Schedules of Investments

December 31, 2012

	Winton Series					Frontier Heritage Series (2)
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	%
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 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)	$	1,808,547		4.42	%	$	776,073		3.74	%
Additional Disclosure on U.S. Treasury Securities	Face Value					Face Value
US Treasury Note 4.000% due 02/15/2015 (1)	$	1,677,806				$	719,971
	Cost					Cost
US Treasury Note 4.000% due 02/15/2015 (1)	$	1,737,971				$	745,788

* 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 Winton/Graham Series.

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

12

The Series of the Frontier Fund

Statements of Operations

For the Three Months Ended March 31, 2013 and 2012

	Frontier Diversified Series						Frontier Masters Series						Frontier Long/Short Commodity Series
	(Unaudited)						(Unaudited)						(Unaudited)
	3/31/2013			3/31/2012			3/31/2013			3/31/2012			3/31/2013			3/31/2012
Investment income:
Interest - net	$	476,525		$	597,279		$	231,188		$	267,859		$	297,099		$	363,576
Total Income		476,525			597,279			231,188			267,859			297,099			363,576
Expenses:
Incentive Fees		184,498			5,758			—			—			—			77,070
Management Fees		410,426			516,204			324,723			352,610			638,253			864,191
Service Fees - Class 1		305,403			391,766			175,344			187,327			96,103			124,836
Trading Fees		636,522			773,697			292,626			317,570			211,732			254,373
Total Expenses		1,536,849			1,687,425			792,693			857,507			946,088			1,320,470
Investment income/(loss) - net		(1,060,324	)		(1,090,146	)		(561,505	)		(589,648	)		(648,989	)		(956,894	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		876,008			—			—			1,291,194			(1,915,581	)		(33,714,900	)
Net change in open trade equity/(deficit)		(708,704	)		—			—			(325,481	)		1,458,592			29,602,183
Net realized gain/(loss) on swap contracts		—			(106,862	)		—			(55,669	)		—			(58,693	)
Net unrealized gain/(loss) on swap contracts		—			(23,719	)		—			(2,775	)		—			(20,529	)
Net realized gain/(loss) on U.S. Treasury securities		221,284			74,756			107,483			34,851			138,776			46,967
Net unrealized gain/(loss) on U.S. Treasury securities		(236,981	)		(210,923	)		(115,107	)		(96,719	)		(148,620	)		(128,175	)
Trading commissions		(4,325	)		—			—			(30,664	)		(373,510	)		(423,733	)
Change in fair value of investments in unconsolidated trading companies		(260,299	)		(3,978,434	)		890,658			190,278			(531,113	)		(1,035,255	)
Net gain/(loss) on investments		(113,017	)		(4,245,182	)		883,034			1,005,015			(1,371,456	)		(5,732,135	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(1,173,341	)		(5,335,328	)		321,529			415,367			(2,020,445	)		(6,689,029	)
Less: Operations attributable to non-controlling interests		—			—			—			(29,479	)		(1,825,717	)		(6,156,086	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(1,173,341	)	$	(5,335,328	)	$	321,529		$	444,846		$	(194,728	)	$	(532,943	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(1.19	)	$	(4.17	)	$	0.53		$	0.70			N/A		$	(1.92	)
Class 1a		N/A			N/A			N/A			N/A		$	(0.61	)	$	(1.16	)
Class 2	$	(0.84	)	$	(3.92	)	$	0.99		$	1.19		$	(0.54	)	$	(1.09	)
Class 2a		N/A			N/A			N/A			N/A		$	(0.16	)	$	(0.66	)
Class 3		N/A			N/A			N/A			N/A		$	(0.55	)	$	(1.09	)

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

13

The Series of the Frontier Fund

Statements of Operations

For the Three Months Ended March 31, 2013 and 2012

	Balanced Series						Frontier Select Series (1)						Currency Series
	(Unaudited)						(Unaudited)						(Unaudited)
	3/31/2013			3/31/2012			3/31/2013			3/31/2012			3/31/2013			3/31/2012
Investment income:
Interest - net	$	47,281		$	151,548		$	90,594		$	18,444		$	2,203		$	—
Total Income/(loss)		47,281			151,548			90,594			18,444			2,203			—
Expenses:
Incentive Fees		259,439			178,125			—			—			—			—
Management Fees		494,637			689,478			209,199			272,986			—			—
Service Fees - Class 1		991,548			1,340,888			157,859			254,314			14,395			29,910
Trading Fees		345,915			477,527			44,783			70,889			3,688			7,497
Total Expenses		2,091,539			2,686,018			411,841			598,189			18,083			37,407
Investment (loss) - net		(2,044,258	)		(2,534,470	)		(321,247	)		(579,745	)		(15,880	)		(37,407	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		(7,710,668	)		(3,425,652	)		—			—			—			—
Net change in open trade equity/(deficit)		2,079,022			(2,358,281	)		—			—			—			—
Net realized gain/(loss) on swap contracts		—			(175,294	)		—			(34,232	)		—			(6,104	)
Net unrealized gain/(loss) on swap contracts		(457,743	)		648,445			—			(2,448	)		—			3,603
Net realized gain/(loss) on U.S. Treasury securities		362,137			124,168			78,233			25,726			4,064			1,336
Net unrealized gain/(loss) on U.S. Treasury securities		(387,826	)		(354,777	)		(83,782	)		(62,790	)		(4,352	)		(3,833	)
Trading commissions		(669,441	)		(1,207,366	)		—			—			—			—
Change in fair value of investments in unconsolidated trading companies		2,812,325			(3,988,952	)		1,328,440			191,503			(46,203	)		(132,912	)
Net realized gain/(loss) on investment in Berkeley Quantitative Colorado Fund LLC		—			—			—			(2,172,987	)		—			—
Net unrealized gain/(loss) on investment in Berkeley Quantitative Colorado Fund LLC		—			—			—			2,084,880			—			—
Net gain/(loss) on investments		(3,972,194	)		(10,737,709	)		1,322,891			29,652			(46,491	)		(137,910	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		(6,016,452	)		(13,272,179	)		1,001,644			(550,093	)		(62,371	)		(175,317	)
Less: Operations attributable to non-controlling interests		(2,804,033	)		(3,042,910	)		—			—			—			—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	(3,212,419	)	$	(10,229,269	)	$	1,001,644		$	(550,093	)	$	(62,371	)	$	(175,317	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	(2.12	)	$	(5.38	)	$	3.20		$	(1.39	)	$	(0.94	)	$	(3.11	)
Class 1a		N/A		$	(4.58	)		N/A			N/A			N/A			N/A
Class 2	$	(1.65	)	$	(5.58	)	$	4.80		$	(0.92	)	$	(0.69	)	$	(3.24	)
Class 2a	$	(0.90	)	$	(4.51	)		N/A			N/A			N/A			N/A
Class 3a	$	(0.91	)	$	(4.51	)		N/A			N/A			N/A			N/A

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

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

14

The Series of the Frontier Fund

Statements of Operations

For the Three Months Ended March 31, 2013 and 2012

	Winton Series						Frontier Heritage Series (1)
	(Unaudited)						(Unaudited)
	3/31/2013			3/31/2012			3/31/2013			3/31/2012
Investment income:
Interest - net	$	110,026		$	126,136		$	37,238		$	21,969
Total Income		110,026			126,136			37,238			21,969
Expenses:
Incentive Fees		—			—			—			—
Management Fees		252,254			267,609			139,061			298,313
Service Fees - Class 1		222,806			282,428			119,839			179,072
Trading Fees		74,742			91,423			37,183			55,058
Total Expenses		549,802			641,460			296,083			532,443
Investment (loss) - net		(439,776	)		(515,324	)		(258,845	)		(510,474	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		—			—			—			—
Net change in open trade equity/(deficit)		—			—			—			—
Net realized gain/(loss) on swap contracts		—			(57,781	)		—			(30,602	)
Net unrealized gain/(loss) on swap contracts		—			(7,291	)		—			943
Net realized gain/(loss) on U.S. Treasury securities		115,236			38,080			50,795			16,888
Net unrealized gain/(loss) on U.S. Treasury securities		(123,411	)		(104,872	)		(54,398	)		(46,888	)
Trading commissions		—			—			—			—
Change in fair value of investments in unconsolidated trading companies		2,319,375			(365,754	)		1,763,456			544,182
Net gain/(loss) on investments		2,311,200			(497,618	)		1,759,853			484,523
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS		1,871,424			(1,012,942	)		1,501,008			(25,951	)
Less: Operations attributable to non-controlling interests		—			—			—			—
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	$	1,871,424		$	(1,012,942	)	$	1,501,008		$	(25,951	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS PER UNIT
Class 1	$	5.80		$	(3.13	)	$	7.08		$	(0.36	)
Class 2	$	8.22		$	(2.47	)	$	9.98		$	0.53

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

15

The Series of the Frontier Fund

Statements of Changes in Owners’ Capital

For the Three Months Ended March 31, 2013

(Unaudited)

	Frontier Diversified Series															Frontier Masters Series
	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			Total
Owners’ Capital, December 31, 2012	$	25,959		$	58,973,977		$	1,436,973		$	54,744,663		$	115,181,572		$	27,804	$	34,575,695		$	605,508	$	16,277,151		$	51,486,158
Sale of Units		—			696,614			—			845,651			1,542,265			—		1,148,139			—		472,083			1,620,222
Redemption of Units		—			(4,824,816	)		—			(2,625,358	)		(7,450,174	)		—		(1,976,286	)		—		(1,596,464	)		(3,572,750	)
Change in control of ownership - Trading Companies		—			—			—			—			—			—		—			—		—			—
Contributions		—			—			—			—			—			—		—			—		—			—
Distributions		—			—			—			—			—			—		—			—		—			—
Operations attributable to non-controlling interests		—			—			—			—			—			—		—			—		—			—
Net increase/(decrease) in Owners’
Capital resulting from operations		(327	)		(720,069	)		(12,013	)		(440,932	)		(1,173,341	)		146		167,871			5,571		147,941			321,529
Owners’ Capital, March 31, 2013	$	25,632		$	54,125,706		$	1,424,960		$	52,524,024		$	108,100,322		$	27,950	$	33,915,419		$	611,079	$	15,300,711		$	49,855,159
Owners’ Capital - Units, December 31, 2012		275			624,740			14,301			544,826						275		341,974			5,627		151,262
Sale of Units		—			7,502			—			8,657						—		11,320			—		4,411
Redemption of Units		—			(51,562	)		—			(26,330	)					—		(19,499	)		—		(14,780	)
Owners’ Capital - Units, March 31, 2013		275			580,680			14,301			527,153						275		333,795			5,627		140,893
					(1)						(1)								(1)					(1)
Net asset value per unit at December 31, 2012				$	94.40					$	100.48							$	101.11				$	107.61
Change in net asset value per unit for the period ended March 31, 2013					(1.19	)					(0.84	)							0.53					0.99
Net asset value per unit at March 31, 2013				$	93.21					$	99.64							$	101.64				$	108.60

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

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

16

The Series of the Frontier Fund

Statements of Changes in Owners’ Capital

For the Three Months Ended March 31, 2013

(Unaudited)

	Frontier Long/Short Commodity Series
	Class 2						Class 3			Class 1a			Class 1a			Class 2a			Class 2a
	Managing Owner			Limited Owners			Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Non-Controlling Interests			Total
Owners’ Capital, December 31, 2012	$	449,011		$	6,449,774		$	19,761,047		$	12,732		$	18,970,806		$	256,560		$	10,625,551		$	4,826,683		$	61,352,164
Sale of Units		—			—			—			—			354,310			—			221,400			—			575,710
Redemption of Units		—			(1,167,978	)		(3,450,590	)		—			(1,622,472	)		—			(964,208	)		—			(7,205,248	)
Change in control of ownership - Trading Companies		—			—			—			—			—			—			—			(1,021,567	)		(1,021,567	)
Contributions		—			—			—			—			—			—			—			2,920,468			2,920,468
Distributions		—			—			—			—			—			—			—			(730,290	)		(730,290	)
Operations attributable to non-controlling interests		—			—			—			—			—			—			—			(1,825,717	)		(1,825,717	)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(1,665	)		(26,287	)		(54,370	)		(71	)		(93,314	)		(356	)		(18,665	)		—			(194,728	)
Owners’ Capital, March 31, 2013		447,346			5,255,509			16,256,087			12,661			17,609,330			256,204			9,864,078			4,169,577			53,870,792
Owners’ Capital - Units, December 31, 2012		3,083			44,284			135,642			117			174,713			2,222			92,035
Sale of Units		—			—			—			—			3,251			—			1,931
Redemption of Units		—			(8,065	)		(23,642	)		—			(14,876	)		—			(8,407	)
Owners’ Capital - Units, March 31, 2013		3,083			36,219			112,000			117			163,088			2,222			85,559
					(1)									(1)						(1)
Net asset value per unit at December 31, 2012				$	145.65		$	145.69					$	108.58					$	115.45
Change in net asset value per unit for the period ended March 31, 2013					(0.54	)		(0.55	)					(0.61	)					(0.16	)
Net asset value per unit at March 31, 2013				$	145.11		$	145.14					$	107.97					$	115.29

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

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

17

The Series of the Frontier Fund

Statements of Changes in Owners’ Capital

For the Three Months Ended March 31, 2013

(Unaudited)

	Balanced Series
	Class 1			Class 2						Class 2a						Class 3a
	Limited Owners			Managing Owner			Limited Owners			Managing Owner			Limited Owners			Limited Owners			Non-Controlling Interests			Total
Owners’ Capital, December 31, 2012		143,906,872			3,225,784			48,233,784			153,884			855,636			3,776,790			44,816,933			244,969,683
Sale of Units		92,934			—			3,856			—			—			—			—			96,790
Redemption of Units		(11,819,813	)		—			(2,127,467	)		—			(94,778	)		(779,229	)		—			(14,821,287	)
Change in control of ownership - Trading Companies		—			—			—			—			—			—			(281,653	)		(281,653	)
Contributions		—			—			—			—			—			—			20,816,220			20,816,220
Distributions		—			—			—			—			—			—			(18,929,075	)		(18,929,075	)
Operations attributable to non-controlling interests		—			—			—			—			—			—			(2,804,033	)		(2,804,033	)
Net increase/(decrease) in Owners’ Capital resulting from operations attributable to controlling interests		(2,612,663	)		(35,673	)		(525,877	)		(1,113	)		(7,279	)		(29,814	)		—			(3,212,419	)
Owners’ Capital, March 31, 2013	$	129,567,330		$	3,190,111		$	45,584,296		$	152,771		$	753,579		$	2,967,747		$	43,618,392		$	225,834,226
Owners’ Capital - Units, December 31, 2012		1,237,173			21,620			323,274			1,237			6,880			30,469
Sale of Units		807			—			26			—			—			—
Redemption of Units		(103,455	)		—			(14,368	)		—			(776	)		(6,351	)
Owners’ Capital - Units, March 31, 2013		1,134,525			21,620			308,932			1,237			6,104			24,118
								(1)						(1)
Net asset value per unit at December 31, 2012	$	116.32					$	149.20					$	124.36		$	123.96
Change in net asset value per unit for the period ended March 31, 2013		(2.12	)					(1.65	)					(0.90	)		(0.91	)
Net asset value per unit at March 31, 2013	$	114.20					$	147.55					$	123.46		$	123.05

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

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

18

The Series of the Frontier Fund

Statements of Changes in Owners’ Capital

For the Three Months Ended March 31, 2013

(Unaudited)

	Frontier Select Series (2)											Currency Series
	Class 1			Class 2								Class 1			Class 2
	Limited Owners			Managing Owner		Limited Owners			Total			Limited Owners			Managing Owner			Limited Owners			Total
Owners’ Capital, December 31, 2012		22,266,758			7,013		3,070,870			25,344,641			2,666,969			2,134			52,022			2,721,125
Sale of Units		4,380			—		—			4,380			6,870			—			—			6,870
Redemption of Units		(1,742,251	)		—		(269,549	)		(2,011,800	)		(1,823,076	)		—			(6,144	)		(1,829,220	)
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests		864,271			336		137,037			1,001,644			(61,748	)		(20	)		(603	)		(62,371	)
Owners’ Capital, March 31, 2013	$	21,393,158		$	7,349	$	2,938,358		$	24,338,865		$	789,015		$	2,114		$	45,275		$	836,404
Owners’ Capital - Units, December 31, 2012		283,073			70		30,848						46,863			29			713
Sale of Units		55			—		—						123			—			—
Redemption of Units		(21,799	)		—		(2,690	)					(32,889	)		—			(87	)
Owners’ Capital - Units, March 31, 2013		261,329			70		28,158						14,097			29			626
							(1)												(1)
Net asset value per unit at December 31, 2012	$	78.66				$	99.55					$	56.91					$	72.95
Change in net asset value per unit for the period ended March 31, 2013		3.20					4.80						(0.94	)					(0.69	)
Net asset value per unit at March 31, 2013	$	81.86				$	104.35					$	55.97					$	72.26

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

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

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

19

The Series of the Frontier Fund

Statements of Changes in Owners’ Capital

For the Three Months Ended March 31, 2013

(Unaudited)

	Winton Series											Frontier Heritage Series (2)
	Class 1			Class 2								Class 1			Class 2
	Limited Owners			Managing Owner		Limited Owners			Total			Limited Owners			Managing Owner		Limited Owners			Total
Owners’ Capital, December 31, 2012		30,645,208			32,721		10,281,605			40,959,534			16,680,498			51,683		4,021,358			20,753,539
Sale of Units		43,950			—		—			43,950			11,409			—		—			11,409
Redemption of Units		(1,767,373	)		—		(117,344	)		(1,884,717	)		(1,519,117	)		—		(564,231	)		(2,083,348	)
Change in control of ownership - Trading Companies		—			—		—			—			—			—		—			—
Contributions		—			—		—			—			—			—		—			—
Distributions		—			—		—			—			—			—		—			—
Operations attributable to non-controlling interests		—			—		—			—			—			—		—			—
Net increase/(decrease) in Owners’
Capital resulting from operations attributable to controlling interests		1,340,980			1,702		528,742			1,871,424			1,189,392			4,271		307,345			1,501,008
Owners’ Capital, March 31, 2013	$	30,262,765		$	34,423	$	10,693,003		$	40,990,191		$	16,362,182		$	55,954	$	3,764,472		$	20,182,608
Owners’ Capital - Units, December 31, 2012		234,414			207		64,952						176,419			428		33,325
Sale of Units		326			—		—						117			—		—
Redemption of Units		(13,081	)		—		(736	)					(15,540	)		—		(4,511	)
Owners’ Capital - Units, March 31, 2013		221,659			207		64,216						160,996			428		28,814
							(1)											(1)
Net asset value per unit at December 31, 2012	$	130.73				$	158.30					$	94.55				$	120.67
Change in net asset value per unit for the period ended March 31, 2013		5.80					8.22						7.08					9.98
Net asset value per unit at March 31, 2013	$	136.53				$	166.52					$	101.63				$	130.65

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

(1) Formerly the Winton/Graham Series.

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

20

The Series of the Frontier Fund

Statements of Cash Flows

For the Three Months Ended March 31, 2013 and 2012

(Unaudited)

	Frontier Diversified Series						Frontier Masters Series						Frontier Long/Short Commodity Series
	3/31/2013			3/31/2012			3/31/2013			3/31/2012			3/31/2013			3/31/2012
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	(1,173,341	)	$	(5,335,328	)	$	321,529		$	415,367		$	(2,020,445	)	$	(6,689,029	)
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)		141,927			—			—			325,481			(2,510,724	)		(28,220,701	)
Net change in options written		—			—			—			—			(691,910	)		231,913
Net change in ownership allocation of U.S. Treasury securities		154,070			337,697			416,252			(571,973	)		68,797			(734,629	)
Net change in ownership allocation of custom time deposits		1,837,104			1,661,906			466,503			(3,166,402	)		1,258,991			(2,506,283	)
Net change in ownership allocation of credit default swaps		—			423			—			(1,219	)		—			(4,324	)
Net realized (gain) on swap contracts		—			106,862			—			55,669			—			58,693
Net unrealized (gain)/loss on swap contracts		—			23,719			—			2,775			—			20,529
Net unrealized (gain)/loss on U.S. Treasury securities		236,981			210,923			115,107			96,719			148,620			128,175
Net realized (gain)/loss on U.S. Treasury securities		(221,284	)		(74,756	)		(107,483	)		(34,851	)		(138,776	)		(46,967	)
(Purchases) sales of:
Sales of swap contracts		—			—			—			—			—			—
(Purchases) of swap contracts		—			—			—			—			—			—
Sales of custom time deposits		—			4,380,919			—			2,418,141			—			2,122,345
(Purchases) of custom time deposits		—			—			—			—			—			—
Sales of U.S. Treasury securities		3,683,233			3,196,285			1,789,033			1,483,058			2,309,899			2,037,623
Increase and/or decrease in:
Receivable from futures commission merchants		(219,483	)		—			—			(821,048	)		5,064,018			25,948,364
Change in control of ownership - trading companies		—			—			—			—			(1,021,567	)		—
Contributions to trading companies		—			—			—			2,399,103			2,920,468			11,701,255
Distributions from trading companies		—			—			—			(196,470	)		(730,290	)		(4,910,823	)
Investments in unconsolidated trading companies		293,263			(5,692,279	)		(2,174,841	)		(4,460,038	)		1,065,497			(1,149,406	)
Prepaid service fees - Class 1		7,036			56,533			11,225			2,243			13,531			15,988
Interest receivable		52,745			168,516			30,945			70,659			33,402			93,000
Receivable from other series		(189,085	)		—			(87,205	)		—			(94,229	)		—
Receivable from related parties		(27,618	)		(199,902	)		(59,939	)		—			(76,641	)		(150,722	)
Other assets		—			(1,038	)		—			(274	)		—			(45	)
Inter-series payables/receivables, at fair value		—			—			—			—			—			—
Incentive fees payable to Managing Owner		(5,405	)		(491,297	)		—			5,203			—			(70,633	)
Management fees payable to Managing Owner		(9,209	)		(8,654	)		(6,220	)		3,220			(65,638	)		20,555
Interest payable to Managing Owner		(993	)		(4,165	)		(506	)		(192	)		(1,039	)		55
Trading fees payable to Managing Owner		2,652			(10,383	)		372			3,783			(8,287	)		4,397
Service fees payable to Managing Owner		(3,541	)		5,236			3,988			3,189			4,020			(7,326	)
Payables to related parties		(17,531	)		50,000			48,192			108,209			15,921			—
Other liabilities		—			6,319			—			2,630			237			4,914
Net cash provided by (used in) operating activities		4,541,521			(1,612,464	)		766,952			(1,857,018	)		5,543,855			(2,103,082	)
Cash Flows from Financing Activities:
Proceeds from sale of units		1,542,265			3,992,293			1,620,222			2,019,536			575,710			5,357,107
Payment for redemption of units		(7,450,174	)		(6,880,123	)		(3,572,750	)		(1,956,295	)		(7,205,248	)		(6,130,690	)
Pending owner additions		(20,637	)		(187,099	)		(4,854	)		274,050			(49,287	)		53,127
Owner redemptions payable		(494,551	)		(80,926	)		144,941			(1,646	)		(46,610	)		(4,736	)
Net cash provided by (used in) financing activities		(6,423,097	)		(3,155,855	)		(1,812,441	)		335,645			(6,725,435	)		(725,192	)
Net increase (decrease) in cash and cash equivalents		(1,881,576	)		(4,768,319	)		(1,045,489	)		(1,521,373	)		(1,181,580	)		(2,828,274	)
Cash and cash equivalents, beginning of period		2,681,889			4,976,749			1,542,661			2,234,716			1,710,151			3,045,849
Cash and cash equivalents, end of period	$	800,313		$	208,430		$	497,172		$	713,343		$	528,571		$	217,575

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

21

The Series of the Frontier Fund

Statements of Cash Flows

For the Three Months Ended March 31, 2013 and 2012

(Unaudited)

	Balanced Series						Frontier Select Series (1)						Currency Series
	3/31/2013			3/31/2012			3/31/2013			3/31/2012			3/31/2013			3/31/2012
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	(6,016,452	)	$	(13,272,179	)	$	1,001,644		$	(550,093	)	$	(62,371	)	$	(175,317	)
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		(2,461,576	)		849,550			—			—			—			—
Net change in options written, at fair value		198,437			(1,114,036	)		—			—			—			—
Net change in ownership allocation of U.S. Treasury securities		(101,758	)		2,560,311			(346,146	)		(1,076,814	)		(18,874	)		29,392
Net change in custom time deposits		1,812,994			10,435,694			(3,508,038	)		(5,243,876	)		848,715			(401,191	)
Net change in ownership allocation of credit default swaps		—			9,782			—			(2,283	)		—			82
Net change in ownership allocation of total return swaps		—			—			—			—			—			—
Net unrealized (gain)/loss on swap contracts		457,743			(648,445	)		—			2,448			—			(3,603	)
Net realized (gain)/loss on swap contracts		—			175,294			—			34,232			—			6,104
Net unrealized (gain)/loss on U.S. Treasury securities		387,826			354,777			83,782			(25,726	)		4,352			(1,336	)
Net realized (gain)/loss on U.S. Treasury securities		(362,137	)		(124,168	)		(78,233	)		62,790			(4,064	)		3,833
Net realized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC		—			—			—			2,172,987			—			—
Net unrealized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC		—			—			—			(2,084,880	)		—			—
Net increase from payments by managing owner		—			—			—			—			—			—
(Purchases) sales of:
Sales of swap contracts		—			—			—			—			—			—
(Purchases) of swap contracts		—			—			—			—			—			—
Sales of custom time deposits		—			8,877,976			—			2,014,489			—			614,348
(Purchases) of custom time deposits		—			—			—			—			—			—
Sales of U.S. Treasury securities		6,027,702			5,287,147			1,302,165			1,107,497			67,638			57,972
Sale (purchase) of Berkeley Quantitative Colorado Fund LLC		—			—			—			6,182,737			—			—
Increase and/or decrease in:
Receivable from futures commission merchants		9,190,103			(18,962,235	)		—			—			—			—
Change in control of ownership - trading companies		(281,653	)		—			—			—			—			—
Investments in unconsolidated trading companies, at fair value		1,785,411			(2,721,260	)		3,225,528			(895,496	)		46,203			132,990
Contributions to trading companies		20,816,220			47,191,603			—			—			—			—
Distributions from trading companies		(18,929,075	)		(33,736,201	)		—			—			—			—
Inter-series payables/receivables, at fair value		—			—			—			—			—			—
Prepaid service fees - Class 1		—			—			—			—			—			—
Interest receivable		83,231			304,418			13,439			40,050			688			3,406
Receivable from other series		(395,020	)		—			(42,573	)		—			—			—
Receivable from related parties		(82,654	)		(500,436	)		—			—			(220	)		—
Other assets		(54	)		(9,297	)		—			(796	)		—			(52	)
Payable to other series		—			—			—			—			915,112			—
Incentive fees payable to Managing Owner		(267,867	)		(1,195,031	)		—			—			—			—
Management fees payable to Managing Owner		(29,755	)		(13,081	)		(50,367	)		(14,371	)		—			—
Interest payable to Managing Owner		(22,861	)		(30,345	)		(1,126	)		(4,719	)		(2,454	)		(1,239	)
Trading fees payable to Managing Owner		(15,557	)		(18,718	)		(426	)		(1,698	)		(1,252	)		(298	)
Service fees payable to Managing Owner		(26,108	)		(35,268	)		(1,232	)		(6,356	)		(1,674	)		(920	)
Payables to related parties		6,634			492			(23,356	)		47,290			(112	)		83
Other liabilities		7,018			17,906			—			570			—			21
Net cash provided by (used in) operating activities		11,780,792			3,684,250			1,575,061			1,757,982			1,791,687			264,275
Cash Flows from Financing Activities:
Proceeds from sale of units		96,790			1,886,584			4,380			9,489			6,870			12,662
Payment for redemption of units		(14,821,287	)		(14,749,780	)		(2,011,800	)		(2,793,543	)		(1,829,220	)		(428,009	)
Pending owner additions		(8,471	)		(4,499	)		(68	)		(283	)		(3,224	)		(268	)
Owner redemptions payable		(15,711	)		278,128			32,011			(131,181	)		—			(14,022	)
Net cash provided by (used in) financing activities		(14,748,679	)		(12,589,567	)		(1,975,477	)		(2,915,518	)		(1,825,574	)		(429,637	)
Net increase (decrease) in cash and cash equivalents		(2,967,887	)		(8,905,317	)		(400,416	)		(1,157,536	)		(33,887	)		(165,362	)
Cash and cash equivalents, beginning of period		4,111,855			9,758,138			664,310			1,352,378			33,887			182,875
Cash and cash equivalents, end of period	$	1,143,968		$	852,821		$	263,894		$	194,842		$	—		$	17,513

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

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

22

The Series of the Frontier Fund

Statements of Cash Flows

For the Three Months Ended March 31, 2013 and 2012

(Unaudited)

	Winton Series						Frontier Heritage Series (1)
	3/31/2013			3/31/2012			3/31/2013			3/31/2012
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	1,871,424		$	(1,012,942	)	$	1,501,008		$	(25,951	)
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		—			—			—			—
Net change in ownership allocation of U.S. Treasury securities		(117,717	)		(608,100	)		(73,002	)		126,646
Net change in custom time deposits		(3,010,150	)		(2,589,559	)		(3,199,695	)		(911,369	)
Net change in ownership allocation of credit default swaps		—			(3,184	)		—			722
Net unrealized (gain)/loss on swap contracts		—			7,291			—			(943	)
Net realized (gain)/loss on swap contracts		—			57,781			—			30,602
Net unrealized (gain) loss on U.S. Treasury securities, at fair value		123,411			104,872			54,398			46,888
Net realized (gain) loss on U.S. Treasury securities, at fair value		(115,236	)		(38,080	)		(50,795	)		(16,888	)
(Purchases) sale of:
(Purchases) of swap contracts		—			—			—			—
Sales of custom time deposits		—			2,095,034			—			2,476,747
(Purchases) of custom time deposits		—			—			—			—
Sales of U.S. Treasury Securities, at fair value		1,918,089			1,652,092			845,472			725,012
Increase and/or decrease in:
Receivable from futures commission merchants		—			—			—			—
Change in control of ownership of trading companies		—			—			—			—
Contributions to trading companies		—			—			—			—
Distributions from trading companies		—			—			—			—
Investments in unconsolidated trading companies, at fair value		365,051			(726,221	)		2,692,606			(678,749	)
Prepaid service fees - Class 1		—			—			—			—
Interest receivable		25,284			76,691			10,846			39,223
Receivable from other series		(71,698	)		—			(35,303	)		—
Receivable from related parties		(15,719	)		—			(11,972	)		—
Other assets		—			(2,395	)		—			(1,461	)
Incentive fees payable to Managing Owner		—			—			—			—
Management fees payable to Managing Owner		3,778			154			(31,301	)		2,047
Interest payable to Managing Owner		615			(1,709	)		(501	)		(3,413	)
Trading fees payable to Managing Owner		219			(561	)		(198	)		(1,224	)
Service fees payable to Managing Owner		(760	)		(2,502	)		(208	)		(3,776	)
Payables to related parties		(563	)		308			(317	)		(16	)
Other liabilities		—			1,165			—			(743	)
Net cash provided by (used in) operating activities		976,028			(989,865	)		1,701,038			1,803,354
Cash Flows from Financing Activities:
Proceeds from sale of units		43,950			54,670			11,409			16,185
Payment for redemption of units		(1,884,717	)		(953,645	)		(2,083,348	)		(3,026,729	)
Pending owner additions		454			(348	)		10			(158	)
Owner redemptions payable		64,963			(319	)		52,380			165,125
Net cash provided by (used in) financing activities		(1,775,350	)		(899,642	)		(2,019,549	)		(2,845,577	)
Net increase (decrease) in cash and cash equivalents		(799,322	)		(1,889,507	)		(318,511	)		(1,042,223	)
Cash and cash equivalents, beginning of period		1,249,455			2,051,272			536,159			1,156,042
Cash and cash equivalents, end of period	$	450,133		$	161,765		$	217,648		$	113,819

(1) Formerly the Winton/Graham Series.

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

23

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 quarterly 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 the combined Series of the Trust.

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 nine (9) separate and distinct Series of Units issued and outstanding: Frontier Diversified Series, Frontier Masters Series, Balanced Series, Frontier Long/Short Commodity Series, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Currency Series, Winton Series, Frontier Heritage Series (formerly Winton/Graham Series) and TBG Institutional Series (each a “Series” and collectively, the “Series”). The TBG Institutional Series is a private series of the Trust and has been consolidated within the Trust financial statements and notes to the financial statements. The Trust, with respect to the Series, may issue additional Series of Units.

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, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Currency Series, Winton Series and Frontier Heritage Series (formerly 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 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 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

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• 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 March 31, 2013, the Trust, with respect to the Frontier Diversified Series, Frontier Masters Series, Frontier Select Series, Currency Series, Winton Series and Frontier Heritage 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 March 31, 2013, 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, Frontier Select Series, and Frontier Heritage 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 Frontier Select 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 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.

Effective April 19, 2013, the Currency Series ceased operations and liquidated. All existing investors were redeemed as of April 19, 2013 at that date’s unit net asset value.

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.

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 2012 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.

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The consolidated financial statements of the Balanced Series include the assets, liabilities and earnings of its majority-controlled Trading Companies; Frontier Trading Company I LLC, Frontier Trading Company XIV, LLC, Frontier Trading Company IX, LLC and Frontier Trading Company XVII, LLC and the assets and liabilities of its majority owned Trading Companies, and the earnings of Trading Company XXIII, LLC from July 11, 2012 to March 12, 2013. Also included in the consolidated financial statements were the earnings of its majority controlled trading company, Trading Company XVIII, LLC from January 1, 2011 through May 14, 2012 and the earnings from Frontier Trading Company XV, LLC from January 1, 2011 through December 28, 2012. Multiple Series have investment interests in Frontier Trading Company I LLC. The Managing Owner assigns the full ownership and earnings of that swap identified in footnote four as Option/Swap with Societe Generale, owned by Frontier Trading Company I LLC, to the Balanced Series.

The consolidated financial statements of the Frontier Long/Short Commodity Series include the assets, liabilities and earnings of its majority controlled trading companies; Frontier Trading Company VII, LLC, from September 28, 2011 to March 31, 2013 and Frontier Trading Company XVIII, LLC from May 15, 2012 through March 31, 2013.

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 December 28, 2012). The consolidated financial statements of the Frontier Diversified Series include the assets, liabilities and earnings of its majority owned trading company, Frontier Trading Company V, LLC (earnings from March 9, 2013 through March 31, 2013).

Investment in Berkeley Quantitative Colorado Fund LLC—The Frontier Select 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 Frontier Select 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. 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. Actual results could differ from these estimates, and such differences could be material.

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

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), Frontier Select Series, Currency Series, Winton Series and Frontier Heritage 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. All U.S. Treasury Securities have been liquidated as of March 31, 2013.

U.S. Treasury Securities—U.S. Treasury Securities were 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 were reported at fair value as Level 1 inputs under ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). The Series of the Trust valued U.S. Treasury Securities at fair value and recorded the daily change in value in the statements of operations as net unrealized gain/(loss) on U.S. Treasury securities. Accrued interest was 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 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 April 1, 2010, 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, October 2012, and November 2012, the Trust, with respect to the Series, redeemed approximately $25 million, $25 million, $50 million $25 million and $16 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 3.75% 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.

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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 change in open trade equity (deficit) 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. The Series do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized or unrealized gain or loss from investments.

Allocation of Earnings—Each Series of the Trust 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 trading level interest in the Trading Company, adjusted on a daily basis (except for Trading Advisors and other investments such as swap that are directly allocated to a specific series). 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.

Receivables/Payables From Other Series—Advances between the Series can be made through a re-allocation of the Series’ interest in the cash management pool and all accounted for as a receivable or payable from/to other Series.

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 on a daily basis. 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.

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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 2009 through 2012 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 December 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. FASB issued additional clarification to specify that the guidance applies only to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria of the Codification or subject to a master netting arrangement or similar agreement. 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 Series financial position or results of operations and is disclosed in Note 8.

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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.

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. 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

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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 Valuation 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.

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 March 31, 2013 and December 31, 2012, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

March 31, 2013	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Frontier Diversified Series
Investment in Unconsolidated Trading Companies	$	40,126,797		$	1,395,866		$	1,010,500	$	42,533,163
Open Trade Equity (Deficit)		(141,927	)		—			—		(141,927	)
Frontier Masters Series
Investment in Unconsolidated Trading Companies		10,584,500			1,362,138			—		11,946,638
Frontier Long/Short Commodity Series
Open Trade Equity (Deficit)		(889,888	)		2,581,077			—		1,691,189
Options Written		—			(236,780	)		—		(236,780	)
Investment in Unconsolidated Trading Companies		2,609,741			—			—		2,609,741
Balanced Series
Open Trade Equity (Deficit)		1,776,806			12,259			—		1,789,065
Options Written		—			(363,800	)		—		(363,800	)
Swap Contracts		—			—			21,831,735		21,831,735
Investment in Unconsolidated Trading Companies		14,332,314			2,660,703			1,414,700		18,407,717
Frontier Select Series (1)
Investment in Unconsolidated Trading Companies		1,598,696			932,485			1,616,800		4,147,981
Currency Series
Investment in Unconsolidated Trading Companies					—			1,755,295		1,755,295
Winton Series
Investment in Unconsolidated Trading Companies		6,550,410			(49,496	)		—		6,500,914
Frontier Heritage Series (2)
Investment in Unconsolidated Trading Companies		2,272,374			(11,125	)		1,221,000		3,482,249

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

(2) Formerly the Winton/Graham Series.

30

December 31, 2012	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Frontier Diversified Series
Investment in Unconsolidated Trading Companies	$	41,070,543		$	1,755,883		$	—	$	42,826,426
U.S. Treasury Securities		3,853,000			—			—		3,853,000
Frontier Masters Series
Investment in Unconsolidated Trading Companies		8,172,213			1,599,584			—		9,771,797
U.S. Treasury Securities		2,212,909			—			—		2,212,909
Frontier Long/Short Commodity Series
Open Trade Equity (Deficit)		(3,720,855	)		2,901,320			—		(819,535	)
Options Written		—			(928,690	)		—		(928,690	)
Investment in Unconsolidated Trading Companies		3,661,455			13,783			—		3,675,238
U.S. Treasury Securities		2,388,540			—			—		2,388,540
Balanced Series
Open Trade Equity (Deficit)		(1,111,681	)		439,170			—		(672,511	)
Options Written		—			(165,363	)		—		(165,363	)
Swap Contracts		—			—			22,289,478		22,289,478
Investment in Unconsolidated Trading Companies		16,719,672			3,473,456			—		20,193,128
U.S. Treasury Securities		5,951,633			—			—		5,951,633
Frontier Select Series (1)
Investment in Unconsolidated Trading Companies		5,981,225			1,392,284			—		7,373,509
U.S. Treasury Securities		961,568			—			—		961,568
Currency Series
Investment in Unconsolidated Trading Companies		—			—			1,801,498		1,801,498
U.S. Treasury Securities		49,052			—			—		49,052
Winton Series
Investment in Unconsolidated Trading Companies		6,820,010			45,955			—		6,865,965
U.S. Treasury Securities		1,808,547			—			—		1,808,547
Frontier Heritage Series (2)
Investment in Unconsolidated Trading Companies		6,070,974			103,881			—		6,174,855
U.S. Treasury Securities		776,073			—			—		776,073

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

(2) Formerly the Winton/Graham Series.

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 three months ended March 31, 2013, all identified Level 3 assets are components of the Frontier Diversified Series, Frontier Long/Short Commodity Series, Frontier Masters Series, Balanced Series, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Currency Series, Winton Series and Frontier Heritage Series (formerly Winton/Graham Series) Series.

31

For the Three Months Ended March 31, 2013

Swaps

	Balanced Series
Balance of recurring Level 3 assets as of January 1, 2013	$	22,289,478
Total gains or losses (realized/unrealized):
Included in earnings-realized		—
Included in earnings-unrealized		(457,743	)
Change in ownership allocation of credit default swaps		—
Change in ownership allocation of total return swaps		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of March 31, 2013	$	21,831,735

Investments in Unconsolidated Trading Companies:

	Balanced Series		Currency Series			Frontier Select Series (1)
Balance of recurring Level 3 assets as of January 1, 2013	$	—	$	1,801,498		$	—
Change in fair value of investments in unconsolidated trading companies		14,700		(46,203	)		16,800
Proceeds from sales of investments of unconsolidated trading companies		—		—			—
Purchases of investments of unconsolidated trading companies		1,400,000		—			1,600,000
Change in ownership allocation		—		—			—
Transfers in and/or out of Level 3		—		—			—
Balance of recurring Level 3 assets as of March 31, 2013	$	1,414,700	$	1,755,295		$	1,616,800

	Frontier Diversified Series		Frontier Heritage Series (2)
Balance of recurring Level 3 assets as of January 1, 2013	$	—	$	—
Change in fair value of investments in unconsolidated trading companies		10,500		21,000
Proceeds from sales of investments of unconsolidated trading companies		—		—
Purchases of investments of unconsolidated trading companies		1,000,000		1,200,000
Change in ownership allocation		—		—
Transfers in and/or out of Level 3		—		—
Balance of recurring Level 3 assets as of March 31, 2013	$	1,010,500	$	1,221,000

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

(2) Formerly the Winton/Graham Series.

For the Year Ended December 31, 2012

32

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 December 31, 2012	$	—		$	—		$	—

	Balanced Series			Frontier Select Series (1)			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		(1,334,945	)		(2,448	)		3,603
Sales of swap contract		—			—			—
Change in ownership allocation of credit default swaps		(19,595	)		2,283			(82	)
Transfers in and/or out of Level 3		—			—			—
Balance of recurring Level 3 assets as of December 31, 2012	$	22,289,478		$	—		$	—

	Winton Series			Frontier Heritage Series  (2)
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 December 31, 2012	$	—		$	—

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

(2) Formerly the Winton/Graham Series.

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		(551,100	)
Proceeds from sales of investments of unconsolidated trading companies		—
Purchases of investments of unconsolidated trading companies		477
Change in ownership allocation		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2012	$	1,801,498

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 three months ended March 31, 2013, all identified Level 3 assets are components of the Frontier Diversified Series, Balanced Series, Frontier Select Series, Currency Series and Frontier Heritage Series. During the year ended December 31, 2012, the Trust transferred currency forwards from Level 1 assets to Level 2 assets.

33

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 March 31, 2013 and December 31, 2012, approximately 4.0% and 4.0%, respectively, of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain Swaps and is recorded as cash and cash equivalents on the Statements of Financial Condition.

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

The Series had invested in the following swaps as of and for the three months ended March 31, 2013:

	Balanced Series
	Option/Swap			Total Return Swap			Total Return Swap
Counterparty		Societe Generale			DeutscheBank			DeutscheBank
Notional Amount	$	21,053,483		$	3,850,194		$	2,566,796
Termination Date		11/21/2014			6/30/2016			6/30/2016
Investee Returns		Total Returns			Total Returns			Total Returns
Realized Gain/(Loss)	$	—		$	—		$	—
Unrealized Gain/(Loss)	$	(342,236	)	$	(69,304	)	$	(46,203	)
Fair Value as of 3/31/13	$	17,443,498		$	2,632,942		$	1,755,295

34

The Series had invested in the following Swaps as and for the year ended December 31, 2012:

	Frontier Diversified Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	—		$	—
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 12/31/2012	$	—		$	—
	Frontier Masters Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	—		$	—
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 12/31/2012	$	—		$	—
	Frontier Long/Short Commodity Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	—		$	—
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 12/31/2012	$	—		$	—

	Balanced Series
	Credit Default Swap			Credit Default Swap			Option/Swap		Total Return Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale		DeutscheBank
Notional Amount	$	—		$	—		$	20,486,403	$	23,551,287
Termination Date		3/20/2012			3/20/2012			11/21/2014		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		$	78,977	$	(1,344,945	)
Fair Value as of 12/31/2012	$	—		$	—		$	17,785,734	$	4,503,744

	Frontier Select Series (1)
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	—		$	—
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 12/31/2012	$	—		$	—

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

35

	Currency Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	—		$	—
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 12/31/2012	$	—		$	—
	Winton Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	—		$	—
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 12/31/2012	$	—		$	—
	Frontier Heritage Series (1)
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	—		$	—
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 12/31/2012	$	—		$	—

(1) Formerly the Winton/Graham Series.

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, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Frontier Heritage Series (formerly Winton/Graham Series), Frontier Long/Short Commodity Series, Frontier Diversified Series, and Frontier Masters Series investments in unconsolidated Trading Companies as of March 31, 2013 and December 31, 2012.

36

	As of March 31, 2013					As of December 31, 2012
	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, VII, IX, XIV, XV, XVIII, XXIII and XXXIX		39.35	%	$	42,533,163		37.18	%	$	42,826,426
Frontier Masters Series —
Frontier Trading Companies II, XIV and XV		23.96	%	$	11,946,638		18.98	%	$	9,771,797
Frontier Long/Short Commodity Series —
Frontier Trading Company I and XXIII		4.84	%	$	2,609,741		6.00	%	$	3,675,238
Balanced Series —
Frontier Trading Companies II, VII, XV, XVIII, XXIII and XXXIX		8.15	%	$	18,407,717		8.24	%	$	20,193,128
Frontier Select Series (1) —
Frontier Trading Companies XV and XXXIX		17.04	%	$	4,147,981		29.09	%	$	7,373,509
Currency Series —
Frontier Trading Company XVII		209.86	%	$	1,755,295		66.20	%	$	1,801,498
Winton Series —
Frontier Trading Company II		15.86	%	$	6,500,914		16.76	%	$	6,865,965
Frontier Heritage Series (2) —
Frontier Trading Companies II and XXXIX		17.25	%	$	3,482,249		29.75	%	$	6,174,855

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

(1) Formerly known as the Winton/Graham Series.

37

The following tables summarize the Balanced Series, Winton Series, Currency Series, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Frontier Heritage Series (formerly Winton/Graham Series), Frontier Long/Short Commodity Series, Frontier Diversified Series and Frontier Masters Series equity in earnings from unconsolidated Trading Companies for the three months ended March 31, 2013 and 2012.

	Three Months Ended March 31, 2013												Three Months Ended March 31, 2012
	Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)			Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)
Trading Company
Balanced Series —
Frontier Trading Company II LLC	$	(11,501	)	$	2,382,683		$	29,643		$	2,400,825		$	(17,480	)	$	1,130,303		$	(1,604,191	)	$	(491,368	)
Frontier Trading Company V LLC		(13,876	)		1,530,384			(272,459	)		1,244,049			(51,183	)		559,558			42,753			551,128
Frontier Trading Company VII, LLC		(144,075	)		(1,326,705	)		256,553			(1,214,227	)		(186,655	)		(18,053,930	)		14,305,300			(3,935,285	)
Frontier Trading Company XV, LLC		(36,685	)		91,850			255,168			310,332			—			—			—			—
Frontier Trading Company XVI, LLC		(3,769	)		47,987			(29,090	)		15,128			—			—			—			—
Frontier Trading Company XXIII, LLC		(1,179	)		13,038			29,659			41,518			(8,530	)		(229,496	)		124,599			(113,427	)
Frontier Trading Company XXXIX, LLC		—			—			14,700			14,700			—			—			—			—
Total	$	(211,085	)	$	2,739,237		$	284,173		$	2,812,325		$	(263,848	)	$	(16,593,565	)	$	12,868,461		$	(3,988,952	)
Winton Series —
Frontier Trading Company II LLC	$	(11,653	)	$	2,504,392		$	(173,364	)	$	2,319,375		$	(12,882	)	$	833,391		$	(1,186,263	)	$	(365,754	)
Currency Series —
Frontier Trading Company XVII LLC	$	—		$	—		$	(46,203	)	$	(46,203	)	$	—		$	—		$	(132,912	)	$	(132,912	)
Frontier Select Series (1) —
Frontier Trading Company V LLC	$	(12,346	)	$	1,188,592		$	(78,854	)	$	1,097,391		$	(49,745	)	$	2,040,212		$	(1,446,023	)	$	544,444
Frontier Trading Company VI LLC		—			—			—			—			—			—			—			—
Frontier Trading Company XV, LLC		(22,858	)		131,648			105,459			214,249			(12,897	)		(209,247	)		(76,048	)		(298,192	)
Frontier Trading Company XXI, LLC		—			—			—			—			(3,598	)		399,495			(450,646	)		(54,749	)
Frontier Trading Company XXXIX, LLC		—			—			16,799			16,799			—			—			—			—
Total	$	(35,204	)	$	1,320,240		$	43,404		$	1,320,440		$	(66,240	)	$	2,230,460		$	(1,972,717	)	$	191,503
Frontier Heritage Series (2) —
Frontier Trading Company II LLC	$	(2,664	)	$	554,947		$	4,069		$	556,353		$	(4,747	)	$	306,322		$	(434,737	)	$	(133,162	)
Frontier Trading Company V LLC		(13,268	)		1,404,612			(205,240	)		1,186,104			(67,329	)		692,142			52,531			677,344
Frontier Trading Company XXXIX, LLC		—			—			20,999			20,999			—			—			—			—
Total	$	(15,931	)	$	1,959,559		$	(180,172	)	$	1,763,456		$	(72,076	)	$	998,464		$	(382,206	)	$	544,182
Frontier Long/Short Commodity Series —
Frontier Trading Company I LLC	$	(15,794	)	$	(157,118	)	$	(150,252	)	$	(323,164	)	$	(14,204	)	$	(1,039,964	)	$	(305,434	)	$	(1,359,602	)
Frontier Trading Companies XVIII, LLC		—			—			—			—			(7,614	)		472,507			(72,707	)		392,186
Frontier Trading Companies XXIII, LLC		(6,308	)		(180,509	)		(21,131	)		(207,949	)		(5,118	)		(137,444	)		74,723			(67,839	)
Total	$	(22,102	)	$	(337,627	)	$	(171,384	)	$	(531,113	)	$	(26,936	)	$	(704,901	)	$	(303,418	)	$	(1,035,255	)
Frontier Diversified Series —
Frontier Trading Company I LLC	$	(128,516	)	$	(357,571	)	$	(672,046	)	$	(1,158,132	)	$	(194,760	)	$	(2,331,404	)	$	1,077		$	(2,525,087	)
Frontier Trading Company II LLC		(6,096	)		1,311,057			(92,220	)		1,212,741			(8,216	)		530,724			(753,385	)		(230,877	)
Frontier Trading Company V LLC		(9,571	)		1,055,495			(187,841	)		858,083			(27,108	)		269,249			21,957			264,098
Frontier Trading Company VI LLC		—			—			—			—			—			—			—			—
Frontier Trading Company VII, LLC		(87,931	)		(534,092	)		48,285			(573,737	)		(96,249	)		(9,316,926	)		7,381,068			(2,032,107	)
Frontier Trading Company IX, LLC		—			—			—			—			(11,687	)		(159,693	)		(161,676	)		(333,056	)
Frontier Trading Company XIV, LLC		(78,418	)		(1,225,951	)		938,457			(365,912	)		(95,707	)		1,137,455			(226,492	)		815,256
Frontier Trading Company XV, LLC		(18,486	)		32,629			148,279			162,422			(30,257	)		(569,163	)		(48,533	)		(647,953	)
Frontier Trading Company XVIII, LLC		—			—			—			—			(14,682	)		911,355			(138,281	)		758,392
Frontier Trading Company XXI, LLC		—			—			—			—			(254	)		8,435			1,468			9,649
Frontier Trading Company XXIII, LLC		(13,200	)		(328,080	)		(64,983	)		(406,263	)		(4,266	)		(114,732	)		62,249			(56,749	)
Frontier Trading Company XXXIX, LLC		—			—			10,500			10,500			—			—			—			—
Total	$	(342,217	)	$	(46,513	)	$	128,431		$	(260,299	)	$	(483,186	)	$	(9,634,700	)	$	6,139,452		$	(3,978,434	)
Frontier Masters Series —
Frontier Trading Company II LLC	$	(3,449	)	$	741,157		$	(51,324	)	$	686,385		$	(3,813	)	$	246,545		$	(351,200	)	$	(108,468	)
Frontier Trading Company XIV, LLC		(31,416	)		(491,605	)		375,740			(147,281	)		(60,305	)		718,517			(148,563	)		509,649
Frontier Trading Company XV, LLC		(37,689	)		76,997			312,247			351,555			(9,832	)		(185,032	)		(16,039	)		(210,903	)
Total	$	(72,554	)	$	326,549		$	636,663		$	890,658		$	(73,950	)	$	780,030		$	(515,802	)	$	190,278

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

(2) Formerly known as the Winton/Graham Series.

38

The statements of financial condition as of March 31, 2013 and December 31, 2012 and the Condensed Statement of Income for the three months ended March 31, 2013 and 2012 for the unconsolidated Trading Companies are as follows:

Statements of Financial Condition - March 31, 2013	Frontier Trading Company II LLC			Frontier Trading Company XV LLC			Frontier Trading Company XXIII LLC			Frontier Trading Company XXXIX, LLC
Receivable from commission merchants	$	18,184,284		$	10,180,464		$	2,486,529		$	6,000,000
Open trade equity/(deficit)		1,216,243			7,876,042			16,850			62,997
Interest receivable/(payable)		2,634			(838	)		—			—
Total assets	$	19,403,161		$	18,056,506		$	2,503,379		$	6,062,997
Members’ equity	$	19,403,161		$	18,056,506		$	2,503,379		$	6,062,997
Condensed Statement of Income - For the Three Months Ended March 31, 2013
Interest income	$	7,225		$	(3,176	)	$	7		$	—
Net realized gain/(loss) on investments, less commissions		7,451,650			242,745			(1,254,614	)		—
Change in open trade equity/(deficit)		(283,196	)		852,622			(214,330	)		62,997
Net income/(loss)	$	7,175,679		$	1,092,191		$	(1,468,937	)	$	62,997

Statements of Financial Condition - December 31, 2012	Frontier Trading Company II LLC			Frontier Trading Company V LLC			Frontier Trading Company XXIII, LLC
Receivable from commission merchants	$	20,525,159		$	14,732,606		$	3,343,890
Open trade equity/(deficit)		1,499,438			1,311,171			231,181
Interest receivable/(payable)		2,882			2,181			(7	)
Total assets	$	22,027,479		$	16,045,958		$	3,575,064
Members’ equity	$	22,027,479		$	16,045,958		$	3,575,064
Condensed Statement of Income - For the Three Months Ended March 31, 2012
Interest income	$	8,807		$	735		$	—
Net realized gain/(loss) on investments, less commissions		3,000,146			3,365,796			(511,507	)
Change in open trade equity/(deficit)		(4,329,777	)		(1,328,782	)		267,807
Net income/(loss)	$	(1,320,824	)	$	2,037,749		$	(243,700	)

39

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.

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 Class 1, Class 2 and Class 3, 1.0% for the Balanced Series Class 1a and Class 2a, 2.0% for the Winton Series, Currency Series, Frontier Long/Short Commodity Series Class 1a and Class 2a and Frontier Masters Series, 0.75% for Frontier Diversified Series, 2.5% for the Frontier Heritage Series (formerly Winton/Graham Series) and Frontier Select Series (formerly 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, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Winton Series and Frontier Heritage Series (formerly 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, Frontier Heritage Series (formerly Winton/Graham Series), Frontier Select Series (formerly 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 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, Frontier Heritage Series (formerly Winton/Graham Series), Frontier Select Series (formerly 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 service fee to the Managing Owner up to 3% annually, which the Managing Owner pays to selling agents of the Trust, with respect to the Series.

40

The following table summarizes fees earned by the Managing Owner for the three months ended March 31, 2013 and 2012.

Series: Three Months Ended March 31, 2013	Management Fee		Trading Fee		Incentive Fee		Service Fee
Frontier Diversified Series	$	410,426	$	636,522	$	184,498	$	305,403
Frontier Masters Series		324,723		292,626		—		175,344
Frontier Long/Short Commodity Series		638,253		211,732		—		96,103
Balanced Series		494,637		345,915		259,439		991,548
Frontier Select Series (1)		209,199		44,783		—		157,859
Currency Series		—		3,688		—		14,395
Winton Series		252,254		74,742		—		222,806
Frontier Heritage Series (2)		139,061		37,183		—		119,839
Series: Three Months Ended March 31, 2012	Management Fee		Trading Fee		Incentive Fee		Service Fee
Frontier Diversified Series	$	516,204	$	773,697	$	5,758	$	391,766
Frontier Masters Series		352,610		317,570		—		187,327
Frontier Long/Short Commodity Series		864,191		254,373		77,070		124,836
Balanced Series		689,478		477,527		178,125		1,340,888
Frontier Select Series (1)		272,986		70,889		—		254,314
Currency Series		—		7,497		—		29,910
Winton Series		267,609		91,423		—		282,428
Frontier Heritage Series (2)		298,313		55,058		—		179,072

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

(1) Formerly the Winton/Graham Series.

41

The following table summarizes fees payable to the Managing Owner as of March 31, 2013 and December 31, 2012.

As of March 31, 2013

	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	140,979	$	230,821	$	184,498	$	85,636
Frontier Masters Series		112,054		105,224		—		51,411
Frontier Long/Short Commodity Series		211,741		71,113		—		28,094
Balanced Series		163,400		117,318		259,439		306,834
Frontier Select Series (1)		52,722		15,631		—		53,470
Currency Series		—		539		—		1,836
Winton Series		89,916		26,260		—		61,796
Frontier Heritage Series (2)		32,341		12,950		—		37,908

As of December 31, 2012

	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	150,188	$	228,169	$	189,903	$	89,177
Frontier Masters Series		118,274		104,852		—		47,423
Frontier Long/Short Commodity Series		277,379		79,400		—		24,074
Balanced Series		193,155		132,875		527,306		332,942
Frontier Select Series (1)		103,089		16,057		—		54,702
Currency Series		—		1,791		—		3,510
Winton Series		86,138		26,041		—		62,556
Frontier Heritage Series (2)		63,642		13,148		—		38,116

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

(1) Formerly the Winton/Graham Series.

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 three months ended March 31, 2013, amounts paid or owed to the Managing Owner for the difference in monthly service fees from prepaid initial service fees were $1,735 for the Balanced Series, ($1,878) for the Frontier Long/Short Commodity Series, ($2,214) for the Frontier Diversified Series, $108 for the Currency Series, $89 for the Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), $290 for the Frontier Heritage Series (formerly Winton/Graham Series), $628 for the Winton Series and ($1,427) for the Frontier Masters Series.

For the year ended December 31, 2012, amounts paid or owed to the Managing Owner for the difference in monthly service fees from prepaid initial service fees were $23,454 for the Balanced Series, ($5,660) for the Frontier Long/Short Commodity Series, ($4,996) for the Frontier Diversified Series, $1,415 for the Currency Series, ($7,427) for the Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), $4,064 for the Frontier Heritage Series (formerly Winton/Graham Series), $6,938 for the Winton Series and $1,336 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, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Currency Series and Frontier Heritage Series (formerly 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 three months ended March 31, 2013 and 2012, the Trust paid $1,582,082, and $2,014,194, 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 $0 and $388,634, respectively for the three months ended March 31, 2013 and 2012. As of April 20, 2012, the contract with The Bornhoft Group Corporation was amended to provide for an annual payment of $1,100,000 for investment and advisor services and 0.1% annually of the trading level with the Balanced Series in lieu of a monthly service fee. The Managing Owner paid $251,890 under this agreement for the three months ended March 31, 2013.

Equinox Financial Group, LLC, an affiliate of the Trust, provides management services for the Managing Owner who paid $250,000, for the three months ended March 31, 2013.

42

Solon Capital, LLC, an affiliate of the Trust, provides product development and marketing services. For these services, the Managing Owner paid Solon Capital, LLC, $548,092, and $699,541, respectively, for the three months ended March 31, 2013 and 2012.

Equinox Group Distributors LLC (formerly Bornhoft Group Securities Corporation), an affiliate under common control of the Managing Owner, serves as wholesaler of the Trust by marketing to broker/dealer organizations.

43

7. Financial Highlights

The following information presents the financial highlights of the Trust, with respect to the Series, for the three months ended March 31, 2013 and 2012.

	Frontier Diversified Series						Frontier Masters Series						Frontier Long/Short Commodity Series
	Class 1			Class 2			Class 1			Class 2			Class 2			Class 3			Class 1a			Class 2a
Per unit operating performance (1)
Net asset value, December 31, 2012	$	94.40		$	100.48		$	101.11		$	107.61		$	145.65		$	145.69		$	108.58		$	115.45
Net operating results:
Interest income		0.40			0.43			0.46			0.49			0.81			0.81			0.60			0.64
Expenses		(1.54	)		(1.10	)		(1.74	)		(1.30	)		(2.32	)		(2.32	)		(2.29	)		(1.84	)
Net gain/(loss) on investments, net of non-controlling interests		(0.05	)		(0.17	)		1.81			1.80			0.97			0.96			1.08			1.04
Net income/(loss)		(1.19	)		(0.84	)		0.53			0.99			(0.54	)		(0.55	)		(0.61	)		(0.16	)
Net asset value, March 31, 2013	$	93.21		$	99.64		$	101.64		$	108.60		$	145.11		$	145.14		$	107.97		$	115.29
Ratios to average net assets (3)
Net investment income/(loss)		–4.44	%		–2.24	%		–5.14	%		–3.06	%		–4.19	%		–4.19	%		–6.29	%		–4.19	%
Expenses before incentive fees (6)		6.01	%		3.81	%		6.97	%		4.90	%		6.45	%		6.45	%		8.55	%		6.45	%
Expenses after incentive fees (6)		6.18	%		3.98	%		6.97	%		4.90	%		6.45	%		6.45	%		8.55	%		6.45	%
Total return before incentive fees (2)		–1.09	%		–0.67	%		0.52	%		0.92	%		–0.37	%		–0.38	%		–0.56	%		–0.14	%
Total return after incentive fees (2)		–1.26	%		–0.84	%		0.52	%		0.92	%		–0.37	%		–0.38	%		–0.56	%		–0.14	%
	Balanced Series												Frontier Select Series  (4)						Currency Series
	Class 1			Class 2			Class 2a			Class 3a			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2012	$	116.32		$	149.20		$	124.36		$	123.96		$	78.66		$	99.55		$	56.91		$	72.95
Net operating results:
Interest income		0.03			0.04			0.03			0.03			0.29			0.37			0.06			0.08
Expenses		(1.49	)		(0.85	)		(0.71	)		(0.71	)		(1.40	)		(1.04	)		(0.52	)		(0.13	)
Net gain/(loss) on investments, net of non-controlling interests		(0.65	)		(0.84	)		(0.23	)		(0.23	)		4.31			5.47			(0.48	)		(0.64	)
Net income/(loss)		(2.12	)		(1.65	)		(0.90	)		(0.91	)		3.20			4.80			(0.94	)		(0.69	)
Net asset value, March 31, 2013	$	114.20		$	147.55		$	123.46		$	123.05		$	81.86		$	104.35		$	55.97		$	72.26
Ratios to average net assets (3)
Net investment income/(loss)		–4.76	%		–1.82	%		–1.82	%		–1.82	%		–5.62	%		–2.68	%		–3.30	%		–0.30	%
Expenses before incentive fees (6)		4.72	%		1.78	%		1.78	%		1.78	%		7.10	%		4.16	%		3.74	%		0.75	%
Expenses after incentive fees (6)		4.86	%		1.92	%		1.92	%		1.92	%		7.10	%		4.16	%		3.74	%		0.75	%
Total return before incentive fees (2)		–1.69	%		–0.97	%		–0.59	%		–0.60	%		4.07	%		4.82	%		–1.65	%		–0.95	%
Total return after incentive fees (2)		–1.82	%		–1.11	%		–0.72	%		–0.73	%		4.07	%		4.82	%		–1.65	%		–0.95	%

	Winton Series						Frontier Heritage Series (5)
	Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2012	$	130.73		$	158.30		$	94.55		$	120.67
Net operating results:
Interest income		0.36			0.43			0.18			0.23
Expenses		(2.04	)		(1.29	)		(1.56	)		(1.08	)
Net gain/(loss) on investments, net of non-controlling interests		7.48			9.08			8.46			10.83
Net income/(loss)		5.80			8.22			7.08			9.98
Net asset value, March 31, 2013	$	136.53		$	166.52		$	101.63		$	130.65
Ratios to average net assets (3)
Net investment income/(loss)		–5.07	%		–2.13	%		–5.68	%		–2.75	%
Expenses before incentive fees (6)		6.15	%		3.21	%		6.42	%		3.48	%
Expenses after incentive fees (6)		6.15	%		3.21	%		6.42	%		3.48	%
Total return before incentive fees (2)		4.44	%		5.19	%		7.49	%		8.27	%
Total return after incentive fees (2)		4.44	%		5.19	%		7.49	%		8.27	%

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

(2) Impact of incentive fee computed using average net assets, otherwise computed using average units outstanding during the period prior to the effects of any non-controlling transactions. An owner’s total returns may vary from the above returns based on the timing of contributions and withdrawals. Total returns are not annualized.

(3) Annualized with the exception of incentive fees.

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

(5) Formerly the Winton/Graham Series.

(6) Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Statements of Operations of the Series, see footnote 6.

44

	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, 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		0.44			0.47			0.51			0.53			0.70			0.83			0.83			0.62			0.65
Expenses		(1.50	)		(1.01	)		(1.81	)		(1.33	)		(3.05	)		(2.74	)		(2.74	)		(2.74	)		(2.15	)
Net gain/(loss) on investments, net of non-controlling interests		(3.11	)		(3.38	)		2.00			1.99			0.43			0.82			0.82			0.96			0.84
Net income/(loss)		(4.17	)		(3.92	)		0.70			1.19			(1.92	)		(1.09	)		(1.09	)		(1.16	)		(0.66	)
Net asset value, March 31, 2012	$	95.23		$	100.04		$	100.95		$	106.02		$	134.21		$	160.88		$	160.87		$	120.55		$	126.57
Ratios to average net assets (3)
Net investment gain/(loss)		–4.26	%		–2.08	%		–5.22	%		–3.06	%		–6.50	%		–4.28	%		–4.28	%		–6.52	%		–4.28	%
Expenses before incentive fees (6)		6.05	%		3.88	%		7.25	%		5.09	%		8.55	%		6.34	%		6.34	%		8.58	%		6.34	%
Expenses after incentive fees (6)		6.07	%		3.90	%		7.25	%		5.09	%		8.99	%		6.77	%		6.77	%		9.01	%		6.78	%
Total return before incentive fees (2)		–4.19	%		–3.77	%		0.70	%		4.55	%		–1.30	%		–0.56	%		–0.56	%		–0.84	%		–0.41	%
Total return after incentive fees (2)		–4.20	%		–3.77	%		0.70	%		1.14	%		–1.41	%		–0.67	%		–0.67	%		–0.95	%		–0.52	%
	Balanced Series															Frontier Select 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		0.08			0.07			0.09			0.08			0.08			0.04			0.05			0.00			0.00
Expenses		(1.58	)		(1.37	)		(0.84	)		(0.69	)		(0.69	)		(1.49	)		(1.00	)		(0.65	)		(0.16	)
Net gain/(loss) on investments, net of non-controlling interests		(3.88	)		(3.28	)		(4.85	)		(3.90	)		(3.90	)		0.06			0.03			(2.46	)		(3.08	)
Net income/(loss)		(5.38	)		(4.58	)		(5.58	)		(4.51	)		(4.51	)		(1.39	)		(0.92	)		(3.11	)		(3.24	)
Net asset value, March 31, 2012	$	119.12		$	103.87		$	149.44		$	123.84		$	123.85		$	89.63		$	110.92		$	67.37		$	84.37
Ratios to average net assets (3)
Net investment gain/(loss)		–4.58	%		–4.59	%		–1.63	%		–1.63	%		–1.63	%		–6.37	%		–3.40	%		–3.71	%		–0.73	%
Expenses before incentive fees (6)		4.82	%		4.82	%		1.87	%		1.88	%		1.87	%		6.56	%		3.59	%		3.71	%		0.73	%
Expenses after incentive fees (6)		5.11	%		5.12	%		2.16	%		2.17	%		2.16	%		6.56	%		3.59	%		3.71	%		0.73	%
Total return before incentive fees (2)		–4.25	%		–4.15	%		–3.53	%		–3.44	%		–3.44	%		–1.53	%		–0.82	%		–4.41	%		–3.70	%
Total return after incentive fees (2)		–4.32	%		–4.22	%		–3.60	%		–3.51	%		–3.51	%		–1.53	%		–0.82	%		–4.41	%		–3.70	%

	Winton Series						Frontier Heritage Series (5)
	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		0.36			0.42			0.08			0.10
Expenses		(2.07	)		(1.20	)		(2.05	)		(1.56	)
Net gain/(loss) on investments, net of non-controlling interests		(1.42	)		(1.69	)		1.61			1.99
Net income/(loss)		(3.13	)		(2.47	)		(0.36	)		0.53
Net asset value, March 31, 2012	$	138.00		$	163.35		$	104.37		$	130.23
Ratios to average net assets (3)
Net investment gain/(loss)		–4.86	%		–1.89	%		–7.55	%		6.14	%
Expenses before incentive fees (6)		5.88	%		2.91	%		7.85	%		4.84	%
Expenses after incentive fees (6)		5.88	%		2.91	%		7.85	%		4.84	%
Total return before incentive fees (2)		–2.22	%		–1.49	%		–0.34	%		0.41	%
Total return after incentive fees (2)		–2.22	%		–1.49	%		–0.34	%		0.41	%

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

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

(2) Impact of incentive fee computed using average net assets, otherwise computed using average units outstanding during the period. 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 Tiverton/Graham/Transtrend Series.

(5) Formerly the Winton/Graham Series.

(6) Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Statements of Operations of the Series, see footnote 6.

45

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 March 31, 2013 and December 31, 2012 is included in the Condensed Schedules of Investments. See Note 4 for further disclosure related to each Series’ position in swap contracts.

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

For The Three Months Ended March 31, 2013

Monthly average contracts:	Bought		Sold
Frontier Long/Short Commodity Series		3,836		3,751
Balanced Series		9,914		10,005
Diversified Series		8		29

For The Three Months Ended March 31, 2012

Monthly average contracts:	Bought		Sold
Frontier Long/Short Commodity Series		26,250		23,275
Balanced Series		6,325		8,575
Frontier Masters Series		1,375		700

The following tables summarize the trading revenues for the three months ended March 31, 2013 and 2012 by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2013

Type of contract	Frontier Long/Short Commodity  Series			Balanced Series			Diversified Series
Metals	$	(875,420	)	$	(2,726,807	)	$	(488,195	)
Currencies		1,327,935			(310,035	)		1,300,655
Energies		(3,696,351	)		30,607			(3,465	)
Agriculturals		(169,442	)		(1,472,771	)		8,936
Interest rates		237,979			(13,192,219	)		(88,186	)
Stock indices		1,259,718			9,960,557			146,263
Realized trading income/(loss)(2)	$	(1,915,581	)	$	(7,710,668	)	$	876,008

46

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

for the Three Months Ended March 31, 2013

Type of contract	Frontier Long/Short Commodity Series			Balanced Series			Diversified Series
Metals	$	352,320		$	2,364,213		$	466,465
Currencies		(307,622	)		(567,405	)		(1,191,389	)
Energies		1,596,146			(1,330,051	)		2,210
Agriculturals		442,484			(385,548	)		(21,226	)
Interest rates		(314,640	)		1,439,004			79,060
Stock indices		(310,096	)		558,809			(43,824	)
Change in unrealized trading income/(loss)(3)	$	1,458,592		$	2,079,022		$	(708,704	)

(1) The Frontier Diversified Series, Frontier Select Series (formerly known as Tiverton/Graham/Transtrend), Frontier Heritage Series (formerly know as Winton/Graham Series) and Winton Series participate in trading activities through equity in earnings/(loss) from trading companies. The Diversified Series began consolidating the Frontier Trading Company V as of March 8, 2013.

(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 (deficit).

47

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2012 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	(18,715,970	)	$	716,722		$	(1,901,528	)
Currencies		(8,498,267	)		325,491			(863,556	)
Energies		(4,350,150	)		166,614			(442,043	)
Agriculturals		(6,871,127	)		263,170			(698,213	)
Interest rates		(12,430,721	)		476,107			(1,263,154	)
Stock indices		17,151,335			(656,911	)		1,742,842
Realized trading income/(loss)(2)	$	(33,714,900	)	$	1,291,193		$	(3,425,652	)

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

for the Three Months Ended March 31, 2012 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	3,766,803		$	(41,417	)	$	(300,085	)
Currencies		18,113,239			(199,158	)		(1,443,005	)
Energies		6,482,818			(71,280	)		(516,459	)
Agriculturals		2,012,905			(22,132	)		(160,360	)
Interest rates		(1,257,357	)		13,825			100,168
Stock indices		483,775			(5,319	)		(38,540	)
Change in unrealized trading income/(loss)(3)	$	29,602,183		$	(325,481	)	$	(2,358,281	)

(1) The Frontier Diversified Series, Frontier Masters Series, and Frontier Long/Short Commodity Series participate in trading activities through equity in earnings/(loss) from trading companies. The Frontier Long/Short Commodity Series began consolidating Frontier Trading Company XVIII as of May 15, 2012 and the Balanced Series began consolidating Frontier Trading Company XVIII prior to May 15, 2012. The Balance Series consolidated Frontier Trading Company XXIII, LLc 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 (deficit), at fair value.

Certain financial instruments and derivative instruments are eligible for offset in the statements of financial condition under U.S. GAAP. The Series’ open trade equity/(deficit), options written, and receivable from Futures Commissions Merchants are subject to master netting arrangements and collateral arrangements and meet the U.S. GAAP guidance to qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. The Series’ policy is to recognize amounts subject to master netting arrangements on a gross basis on the statements of financial condition.

The following tables present gross and net information about the Series’ assets and liabilities subject to master netting arrangements as disclosed on the statements of financial condition as of March 31, 2013 and December 31, 2012.

Offsetting of Derivative Assets and Liabilities

As of March 31, 2013

	Gross Amounts of recognized Derivative Assets		Gross Amounts of recognized Derivative Liabilities			Net Amounts of Derivative Assets and Liabilities Presented in the Statements of Financial Condition
Frontier Diversified Series
Open Trade Equity/(Deficit)	$	—	$	(141,927	)	$	(141,927	)
Options Written		—		—			—
Receivable from Futures Commissions Merchants		16,074,764		(15,855,281	)		219,483
Frontier Long/Short Commodity Series
Open Trade Equity/(Deficit)	$	3,232,650	$	(1,541,461	)	$	1,691,189
Options Written		—		(236,780	)		(236,780	)
Receivable from Futures Commissions Merchants		18,782,906		(9,075,951	)		9,706,955
Balanced Series
Open Trade Equity/(Deficit)	$	6,722,200	$	(4,933,135	)	$	1,789,065
Options Written		—		(363,800	)		(363,800	)
Receivable from Futures Commissions Merchants		87,470,417		(4,616,927	)		82,853,490

As of December 31, 2012

	Gross Amounts  of recognized Derivative Assets		Gross Amounts  of recognized Derivative Liabilities			Net Amounts of Derivative  Assets and Liabilities Presented in the Statements of Financial Condition
Frontier Long/Short Commodity Series
Open Trade Equity/(Deficit)	$	3,314,175	$	(4,133,710	)	$	(819,535	)
Options Written		—		—			(928,690	)
Receivable from Futures Commissions Merchants		22,276,098		(7,505,125	)		14,770,973
Balanced Series
Open Trade Equity/(Deficit)	$	4,215,436	$	(4,887,947	)	$	(672,511	)
Options Written		—		(165,363	)		(165,363	)
Receivable from Futures Commissions Merchants		98,277,094		(6,233,501	)		92,043,593

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.

48

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

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

10. Indemnifications and Guarantees

The Trust has entered into agreements, which provide for the indemnification of futures clearing brokers, and commodity trading advisers, among others, against losses, costs, claims and liabilities arising from the performance of their individual obligations under such agreements, except for gross negligence 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. Maximum exposure is unfulfilled obligations of the Series up to the amount of equity at risk with UBS of the referenced Series as allocated from the Trading Company. The Series have not recorded any liability for the guarantees in the accompanying financial statements as it expects any possibility of losses to be remote.

The Trust has guaranteed the obligations of the trading companies under the customer agreements with UBS Securities as Clearing Broker. In the event that one Series of the Trust is unable to meet its obligations to UBS Securities, the assets of the other Series will be available to UBS Securities as part of the guarantee, but only to the extent of such Series’ pro rata allocation to the trading company. The Series have not recorded any liability for the indemnifications in the accompanying financial statement, as it expects any possibility of losses to be remote.

11. Subsequent Events

Effective April 19, 2013, the Currency Series ceased operations and liquidated. All existing investors were redeemed as of April 19, 2013 at that date’s unit net asset value.

49

The Frontier Fund

Consolidated Statements of Financial Condition

March 31, 2013 and December 31, 2012

	3/31/2013		12/31/2012
ASSETS
Cash and cash equivalents	$	9,300,375	$	17,094,782
U.S. Treasury securities, at fair value		—		18,001,322
Custom time deposits		314,268,788		311,468,033
Receivable from futures commission merchants		123,631,206		148,029,229
Open trade equity, at fair value		13,706,976		12,116,649
Swap contracts, at fair value		27,894,734		22,289,479
Prepaid service fees		107,723		140,203
Interest receivable		—		251,630
Receivables from related parties		216,992
Other assets		34,996		35,043
Total Assets	$	489,161,789	$	529,426,370
LIABILITIES & CAPITAL
LIABILITIES
Open trade deficit, at fair value	$	—	$	—
Written options, at fair value		1,860,096		4,199,198
Pending owner additions		74,595		160,672
Owner redemptions payable		1,168,061		1,430,638
Incentive fees payable to Managing Owner		455,580		732,119
Management fees payable to Managing Owner		814,398		1,003,663
Interest payable to Managing Owner		540,250		569,115
Trading fees payable to Managing Owner		579,856		602,333
Service fees payable to Managing Owner		626,985		652,500
Payables to related parties		66,606		38,925
Other liabilities		62,340		51,484
Total Liabilities		6,248,767		9,440,647
CAPITAL
Managing Owner		6,248,554		6,287,766
Limited Owner		476,664,468		513,697,957
Total Capital		482,913,022		519,985,723
Total Liabilities and Capital	$	489,161,789	$	529,426,370

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

50

The Frontier Fund

Consolidated Condensed Schedule of Investments

March 31, 2013 (Unaudited)

Description	Value			% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various stock index futures contracts (U.S.)	$	1,880,583			0.39	%
Various stock index futures contracts (Oceanic)		(103,355	)		–0.02	%
Various stock index futures contracts (Far East)		938,642			0.19	%
Various stock index futures contracts (Europe)		(2,449,508	)		–0.51	%
Various stock index futures contracts (Canada)		(93,350	)		–0.02	%
Various stock index futures contracts (Africa)		(63,965	)		–0.01	%
Various soft futures contracts (U.S.)		(2,236,253	)		–0.46	%
Various soft futures contracts (Europe)		(219,477	)		–0.05	%
Various soft futures contracts (Canada)		2,326			0.00	%
Various precious metal futures contracts (U.S.)		(101,825	)		–0.02	%
Various precious metal futures contracts (Far East)		(3,386	)		0.00	%
Various interest rates futures contracts (U.S.)		1,744,016			0.36	%
Various interest rates futures contracts (Oceanic)		(5,904	)		0.00	%
Various interest rates futures contracts (Far East)		230,702			0.05	%
Various interest rates futures contracts (Europe)		2,916,006			0.60	%
Various interest rates futures contracts (Canada)		118,117			0.02	%
Various energy futures contracts (U.S.)		13,472,882			2.79	%
Various energy futures contracts (Far East)		727			0.00	%
Various currency futures contracts (U.S.)		736,669			0.15	%
Various currency futures contracts (Far East)		41			0.00	%
Various base metals futures contracts (U.S.)		(646,953	)		–0.13	%
Various base metals futures contracts (Europe)		(15,448,958	)		–3.20	%
Total Long Futures Contracts	$	667,777			0.14	%
OPTIONS PURCHASED *
Various stock index futures contracts (U.S.)	$	1,363,440			0.28	%
Various soft futures contracts (U.S.)		3,416,109			0.71	%
Various precious metal futures contracts (U.S.)		104,980			0.02	%
Various energy futures contracts (U.S.)		2,003,560			0.41	%
Various currency futures contracts (U.S.)		1,938,645			0.40	%
Various base metals futures contracts (Europe)		2,516,331			0.52	%
Total Options Purchased	$	11,343,065			2.35	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (U.S.)	$	1,151,118			0.24	%
Various base metals futures contracts (Europe)		14,167,669			2.93	%
Various currency futures contracts (U.S.)		(1,706,026	)		–0.35	%
Various stock index futures contracts (U.S.)		136,969			0.03	%
Various stock index futures contracts (Europe)		228,597			0.05	%
Various stock index futures contracts (Far East)		(80,050	)		–0.02	%
Various stock index futures contracts (Canada)		6,094			0.00	%
Various stock index futures contracts (Africa)		(102	)		0.00	%
Various soft futures contracts (U.S.)		3,214,053			0.67	%
Various soft futures contracts (Europe)		(100,417	)		–0.02	%
Various soft futures contracts (Far East)		20,394			0.00	%
Various interest rates futures contracts (U.S.)		(412,845	)		–0.09	%
Various interest rates futures contracts (Oceanic)		(142,256	)		–0.03	%
Various interest rates futures contracts (Far East)		(151,030	)		–0.03	%
Various interest rates futures contracts (Europe)		(166,773	)		–0.03	%
Various interest rates futures contracts (Canada)		909			0.00	%
Various precious metal futures contracts (U.S.)		578,922			0.12	%
Various energy futures contracts (U.S.)		(14,061,087	)		–2.91	%
Various energy futures contracts (Europe)		(1,755	)		0.00	%
Total Short Futures Contracts	$	2,682,384			0.56	%
CURRENCY FORWARDS *
Various currency forward contracts	$	(986,250	)		–0.20	%
Total Currency Forwards	$	(986,250	)		–0.20	%
Total Open Trade Equity	$	13,706,976			2.46	%
OPTIONS WRITTEN *
Various stock index futures contracts (U.S.)	$	(439,495	)		–0.09	%
Various soft futures contracts (U.S.)		(375,905	)		–0.08	%
Various precious metal futures contracts (U.S.)		(72,610	)		–0.02	%
Various currency futures contracts (U.S.)		(213,818	)		–0.04	%
Various base metals futures contracts (Europe)		(758,268	)		–0.16	%
Total Options Written	$	(1,860,096	)		–0.39	%
SWAPS (1)
Frontier Balanced RCW-1 Swap (U.S.)	$	17,443,499			3.61	%
Frontier Balanced DB Swap (U.S.)		2,632,943			0.55	%
Frontier Currency DB Swap (U.S.)		1,755,295			0.36	%
Frontier Brevan Howard Swap (U.S.)		6,062,997			1.26	%
Total Swaps	$	27,894,734			5.78	%

* 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 the Consolidated Financial Statements, Note 4.

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

51

The Frontier Fund

Consolidated Condensed Schedule of Investments

December 31, 2012

Description	Value			% of Total Capital (Net Asset Value)
LONG FUTURES CONTRACTS *
Various stock index futures contracts (U.S.)	$	(708,671	)		–0.14	%
Various stock index futures contracts (Oceanic)		190,826			0.04	%
Various stock index futures contracts (Mexico)		1,548			0.00	%
Various stock index futures contracts (Far East)		3,549,518			0.68	%
Various stock index futures contracts (Europe)		(1,746,507	)		–0.34	%
Various stock index futures contracts (Canada)		272,823			0.05	%
Various stock index futures contracts (Africa)		97,909			0.02	%
Various soft futures contracts (U.S.)		(2,211,954	)		–0.43	%
Various soft futures contracts (Europe)		(145,288	)		–0.03	%
Various soft futures contracts (Canada)		(335	)		0.00	%
Various precious metal futures contracts (U.S.)		(756,478	)		–0.15	%
Various interest rates futures contracts (U.S.)		(609,966	)		–0.12	%
Various interest rates futures contracts (Oceanic)		298,169			0.06	%
Various interest rates futures contracts (Far East)		(428,542	)		–0.08	%
Various interest rates futures contracts (Europe)		2,592,153			0.50	%
Various interest rates futures contracts (Canada)		(120,227	)		–0.02	%
Various energy futures contracts (U.S.)		13,149,004			2.53	%
Various energy futures contracts (Far East)		462			0.00	%
Various currency futures contracts (U.S.)		(2,156,861	)		–0.41	%
Various base metals futures contracts (U.S.)		(9,439	)		0.00	%
Various base metals futures contracts (Europe)		3,463,404			0.67	%
Total Long Futures Contracts	$	14,721,548			2.83	%
OPTIONS PURCHASED *
Various stock index futures contracts (U.S.)	$	439,170			0.08	%
Various soft futures contracts (U.S.)		1,320,884			0.25	%
Various precious metals futures contracts (U.S.)		711,000			0.14	%
Various energy futures contracts (U.S.)		6,285,280			1.21	%
Various currency futures contracts (U.S.)		2,901,488			0.56	%
Various base metals futures contracts (Europe)		2,277,291			0.44	%
Total Options Purchased	$	13,935,113			2.68	%
SHORT FUTURES CONTRACTS *
Various base metals futures contracts (U.S.)	$	(76,900	)		–0.01	%
Various base metals futures contracts (Europe)		(7,712,906	)		–1.48	%
Various currency futures contracts (U.S.)		3,852,251			0.74	%
Various currency futures contracts (Canada)		—			0.00	%
Various currencey futures contracts (Far East)		684			0.00	%
Various stock index futures contracts (U.S.)		(373,552	)		–0.07	%
Various stock index futures contracts (Europe)		86,644			0.02	%
Various stock index futures contracts (Far East)		(630,695	)		–0.12	%
Various stock index futures contracts (Canada)		(6,159	)		0.00	%
Various soft futures contracts (U.S.)		2,445,673			0.47	%
Various soft futures contracts (Europe)		122,990			0.02	%
Various interest rates futures contracts (U.S.)		(385,887	)		–0.07	%
Various interest rates futures contracts (Oceanic)		(17,218	)		0.00	%
Various interest rates futures contracts (Far East)		197,000			0.04	%
Various interest rates futures contracts (Europe)		(1,273	)		0.00	%
Various interest rates futures contracts (Canada)		81,091			0.02	%
Various precious metal futures contracts (U.S.)		476,388			0.09	%
Various energy futures contracts (U.S.)		(15,297,097	)		–2.94	%
Various energy futures contracts (Europe)		7,109			0.00	%
Total Short Futures Contracts	$	(17,231,857	)		–3.29	%
CURRENCY FORWARDS *
Various currency futures contracts	$	691,845			0.13	%
Total Currency Forwards	$	691,845			0.13	%
Total Open Trade Equity	$	12,116,649			2.35	%
OPTIONS WRITTEN *
Various stock index futures contracts (U.S.)	$	(165,363	)		–0.03	%
Various soft futures contracts (U.S.)		(447,693	)		–0.09	%
Various precious metal futures contracts (U.S.)		(540,330	)		–0.10	%
Various currency futures contracts (U.S.)		(1,340,750	)		–0.26	%
Various base metals futures contracts (Europe)		(261,172	)		–0.05	%
Various energy futures contracts (U.S.)		(1,443,890	)		–0.28	%
Total Options Written	$	(4,199,198	)		–0.81	%
SWAPS (1)
Frontier Balanced RCW-1 Swap (U.S.)	$	17,785,733			3.42	%
Frontier Balanced DB Swap (U.S.)		2,702,247			0.52	%
Frontier Currency DB Swap (U.S.)		1,801,498			0.35	%
Total Swaps	$	22,289,478			4.29	%
U.S. TREASURY SECURITIES

FACE VALUE		Fair Value		Fair Value
$36,700,000	U.S. Treasury Note 4.000% due 02/15/2015 (Cost $38,016,039)		18,001,322		3.46	%
	Total U.S. Treasury Securities		18,001,322		3.46	%

* 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 the Consolidated Financial Statements, Note 4.

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

52

The Frontier Fund

Consolidated Statements of Operations

For the Three Months Ended March 31, 2013 and March 31, 2012 (Unaudited)

	3/31/2013			3/31/2012
Investment income:
Interest - net	$	1,298,374		$	1,550,705
Total Income		1,298,374			1,550,705
Expenses:
Incentive Fees		455,580			283,700
Management Fees		2,502,777			3,276,488
Service Fees - Class 1		2,088,170			2,808,189
Trading Fees		1,666,545			2,048,034
Total Expenses		6,713,072			8,416,411
Investment income/(loss) - net		(5,414,698	)		(6,865,706	)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options		4,305,677			(29,734,078	)
Net change in open trade equity/(deficit)		2,719,847			21,527,670
Net realized gain/(loss) on swap contracts		—			(525,237	)
Net unrealized gain/(loss) on swap contracts		(394,745	)		596,229
Net realized gain/(loss) on U.S. Treasury securities		1,078,008			362,772
Net unrealized gain/(loss) on U.S. Treasury securities		(1,154,477	)		(1,008,977	)
Trading commissions		(1,255,367	)		(1,922,612	)
Net realized gain/(loss) on investment in Berkeley Quantitative Colorado Fund LLC		—			(2,172,987	)
Net unrealized gain/(loss) on investment in Berkeley Quantitative Colorado Fund LLC		—			2,080,986
Net gain/(loss) on investments		5,298,943			(10,796,234	)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	$	(115,755	)	$	(17,661,940	)

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

53

The Frontier Fund

Consolidated Statement of Changes in Owners’ Capital

For the Three Months Ended March 31, 2013 (Unaudited)

	Managing Owner			Limited Owners			Total
Owners’ Capital, December 31, 2012	$	6,287,766		$	513,697,957		$	519,985,723
Sale of Units		—			3,901,596			3,901,596
Redemption of Units		—			(40,858,542	)		(40,858,542	)
Net increase/(decrease) in Owners’ Capital resulting from operations		(39,212	)		(76,543	)		(115,755	)
Owners’ Capital, March 31, 2013	$	6,248,554		$	476,664,468		$	482,913,022

The consolidated Trust is not unitized as are the individual Series of the Trust

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

54

The Frontier Fund

Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2013 and 2012

	2013			2012
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$	(115,755	)	$	(17,661,940	)
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		(1,590,327	)		(21,627,414	)
Net change in options written		(2,339,102	)		(880,333	)
Net unrealized gain/(loss) on swap contracts		394,745			(596,229	)
Net realized gain/(loss) on swap contracts		—			525,237
Net unrealized gain/(loss) on U.S. Treasury securities		1,154,477			1,008,977
Net realized gain/(loss) on U.S. Treasuries securities		(1,078,008	)		(362,772	)
Net realized gain/(loss) on investment in Berkeley Colorado Quantitative Fund LLC		—			2,172,987
Net unrealized gain/loss on investment in Berkeley Colorado Quantitative Fund LLC		—			(2,080,986	)
(Purchases) sales of:
Sales of swap contracts		—			—
(Purchases) of swap contracts		(6,000,000	)		—
Sales of U.S. Treasury securities		17,924,853			15,609,216
Sales of custom time deposits		—			22,278,919
(Purchases) of custom time deposits		—			—
Interest rollover of custom time deposits		(2,800,755	)		—
Sales of Berkeley Colorado Quantitative Fund LLC		—			6,178,843
Increase and/or decrease in:
Receivable from futures commission merchants		24,398,023			(4,493,188	)
Control of ownership of trading companies		—			—
Contributions to trading companies		—			—
Distributions from trading companies		—			—
Prepaid service fees		32,480			74,764
Interest receivable		251,630			795,963
Receivable from related parties		(216,992	)		(432,458	)
Other assets		51			(15,089	)
Incentive fees payable to Managing Owner		(276,539	)		(1,729,011	)
Management fees payable to Managing Owner		(189,265	)		(5,347	)
Interest payable to Managing Owner		(28,865	)		(47,312	)
Trading fees payable to Managing Owner		(22,477	)		(9,158	)
Service fees payable to Managing Owner		(25,515	)		(48,839	)
Payables to related parties		27,681			(1,733	)
Other liabilities		10,856			32,749
Net cash provided by (used in) operating activities		29,511,196			(1,314,154	)
Cash Flows from Financing Activities:
Proceeds from sale of capital		3,901,596			20,774,522
Payment for redemption of capital		(40,858,545	)		(36,918,814	)
Pending owner additions		(86,077	)		134,522
Redemptions payable		(262,577	)		(2,456,839	)
Net cash provided by (used in) financing activities		(37,305,603	)		(18,466,609	)
Net increase (decrease) in cash and cash equivalents		(7,794,407	)		(19,780,763	)
Cash and cash equivalents, beginning of period		17,094,782			27,452,803
Cash and cash equivalents, end of period	$	9,300,375		$	7,672,040

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

55

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 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 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 nine (9) separate and distinct Series of Units issued and outstanding: Frontier Diversified Series, Frontier Masters Series, Frontier Long/Short Commodity Series, Balanced Series, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Currency Series, Winton Series, Frontier Heritage Series (formerly Winton/Graham Series) and TBG Institutional Series (each a “Series” and collectively, the “Series”). The TBG Institutional Series is a private series of the Trust and has been consolidated within the Trust financial statements and notes to the financial statements. 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

56

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 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 March 31, 2013, the Trust, with respect to the Frontier Diversified Series, Frontier Masters Series, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Currency Series, Winton Series and Frontier Heritage Series (formerly 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 Frontier Select Series (formerly 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.

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.

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 2012 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 are consolidated by the Trust.

Investment in Berkeley Quantitative Colorado Fund LLC—The Frontier Select Series (formerly 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.

57

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. Actual results could differ from these estimates and such differences could be material.

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

Interest Income—Aggregate interest income from all sources, including assets held at Futures Commission Merchants (“FCM”), up to the first two percentage points or 20% 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 consolidated statements of operations as net unrealized gain/(loss) on U.S. Treasury securities. Accrued interest is reported on the consolidated statements of financial condition as interest receivable. All U.S. Treasury Securities have been liquidated as of March 31, 2013.

Custom Time Deposits—Custom time deposits are structured deposit agreements with U.S. Bank National Association that earn a guaranteed fixed interest rate between 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 April 1, 2010, 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, October 2012, and November 2012, the Trust, redeemed approximately $25 million, $25 million, $50 million $25 million and $16 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 3.75% 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 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 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. 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.

58

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, with changes in fair value reported as a component of realized and unrealized gains/(losses) on investments in the statements of operations. 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’s Swap contracts are asset liquidity, debt valuation, credit risk, volatility, market risk, distributions, dividends, risk premiums, and other risk management tools. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Swap Contracts are reported at fair value based upon a weekly indicative value that is calculated by management using bid/ask prices from the counterparty. 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. Please refer to Note 3 Fair Value Measurements.

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, 2012, 2011 and 2010. The 2009 through 2012 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.

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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 December 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. FASB issued additional clarification to specify that the guidance applies only to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria of the Codification or subject to a master netting arrangement or similar agreement. 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 Series financial position or results of operations and is discussed in Note 7.

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.

3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

Inputs other than quoted prices included in Level 1 that are observable for the financial 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 and futures contracts are reported at fair value using Level 1 inputs. Trading securities instruments further include open trade equity positions (trading options and currency forwards) that are quoted prices for identical or similar assets that are not traded on active markets. Trading options and currency forwards are reported at fair value using Level 2 inputs.

Swap Contracts. Certain Series of the Trust strategically invest a portion or all of their assets in total return Swaps, selected at the direction of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more investment products or indices. In a typical Swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between 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

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particular investment, or in a “basket” of securities. Swap contracts are reported at fair value based upon daily reports from the counterparty. 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 through the Valuation Committee charted by the Executive Committee of the Trust, 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 Valuation committee meets on a monthly basis and as needed to discuss any updates or changes in the valuation process, reporting to the Executive Committee. 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 valuation provided by the swap counterparty and daily valuation provided by the third party pricing service to ensure the change in fair value is reasonable and valuations are in accordance with current regulations and best practices. 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.

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 March 31, 2013 and December 31, 2012, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

March 31, 2013	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	14,693,226		$	(986,250	)	$	—	$	13,706,976
Swap Contracts		—			—			27,894,734		27,894,734
Written Options		—			(1,860,096	)		—		(1,860,096	)
December 31, 2012	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	(2,510,310	)	$	14,626,959		$	—	$	12,116,649
Swap Contracts		—			—			22,289,478		22,289,478
U.S. Treasury Securities		18,001,322			—			—		18,001,322
Written Options		—			(4,199,198	)		—		(4,199,198	)

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.

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	For the Three Months Ended March 31, 2013
Balance of recurring Level 3 assets as of January 1, 2013	$	22,289,479
Total gains or losses (realized/unrealized):
Included in earnings-realized		—
Included in earnings-unrealized		(394,745	)
Purchases of investments		6,000,000
Sales of investments		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of March 31, 2013	$	27,894,734
	For the Year Ended December 31, 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		(1,387,160	)
Purchases of investments		—
Sales of investments		(9,812	)
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2012	$	22,289,479

The Trust assesses 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.

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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 invested 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 March 31, 2013 and December 31, 2012, approximately 4.0% and 4.0%, 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 had invested in the following Swaps as of and for the three months ended March 31, 2013:

	Total Return Swap		Option			Total Return Swap			Total Return Swap
Counterparty		Deutsche Bank		Societe Generale			Deutsche Bank			Deutsche Bank
Notional Amount	$	30,000,000	$	21,053,483		$	3,850,194		$	2,566,796
Termination Date		3/26/2018		11/21/2014			6/30/2016			6/30/2016
Investee Returns		On Default		Total Returns			Total Returns			Total Returns
Realized Gain/(Loss)	$	—	$	—		$	—		$	—
Unrealized Gain/(Loss)	$	62,997	$	(342,236	)	$	(69,304	)	$	(46,203	)
Fair Value as of 3/31/13	$	6,062,997	$	17,443,499		$	2,632,943		$	1,755,295

The Trust had invested in the following Swaps as of and for the year ended December 31, 2012:

	Credit Default Swap			Credit Default Swap			Option/Swap		Total Return Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale		Deutsche Bank
Notional Amount	$	—		$	—		$	20,486,403	$	23,551,287
Termination Date		3/20/2012			3/20/2012			11/21/2014		6/30/2016
Investee Returns		On Default			On Default			Total Returns		Total Returns
Realized Gain/(Loss)	$	(407,283	)	$	(117,954	)	$	—	$	—
Unrealized Gain/(Loss)	$	(215,874	)	$	117,954		$	78,977	$	(1,378,028	)
Fair Value as of 12/31/2012	$	—		$	—		$	17,785,733	$	4,503,745

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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 Frontier Heritage Series (formerly Winton/Graham Series) and Frontier Select Series (formerly 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, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series),

Winton Series and Frontier Heritage Series (formerly 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, Frontier Heritage Series (formerly Winton/Graham Series), Frontier Select Series (formerly 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 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, Frontier Heritage Series (formerly Winton/Graham Series), Frontier Select Series (formerly 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 up to 3% annually, which the Managing Owner pays to selling agents of the Trust.

As of March 31, 2013, the Trust has a payable to the Managing Owner in the amounts of $455,580, $814,398, $540,250, $579,856 and $626,985 for incentive fees, management fees, interest, trading fees, and trailing service fees, respectively.

As of December 31, 2012, the Trust has a payable to the Managing Owner in the amounts of $732,119, $1,003,663, $569, 115, $602,333 and $652,500 for incentive fees, management fees, interest, trading fees, and trailing service fees, respectively.

For the three months ended March 31, 2013, the Trust paid the Managing Owner $455,580, $2,502,777, $2,088,170 and $1,666,545 for incentive fees, management fees, service fees, and trading fees, respectively.

For the three months ended March 31, 2012, the Trust paid the Managing Owner $283,700, $3,276,488, $2,808,189 and $2,048,034 for incentive fees, management fees, service fees, and trading fees, respectively.

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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 March 31, 2013 amounts paid or owed to the Managing Owner for the difference in monthly service fees from the prepaid initial service fees were $2,669. For the year ended December 31, 2012 amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees were $2,096.

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 Frontier Heritage Series (formerly 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 three months ended March 31, 2013 and 2012 the Trust, with respect to the Series, paid $1,581,082 and $2,014,194, 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 $388,634, respectively for the three months ended March 31, 2012. 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, $548,092 and $699,541, respectively, for the three months ended March 31, 2013 and 2012.

Equinox Financial Group, LLC, an affiliate of the Trust, provides management services for the Managing Owner paid $250,000 for the three months ended March 31, 2013.

Equinox Group Distributors, LLC, an affiliate of the Managing Owner under common control, serves as wholesaler of the Trust by marketing to broker/dealer organizations.

6. Financial Highlights

The following information presents the financial highlights of the Trust for the three months ended March 31, 2013 and 2012. This data has been derived from the information presented in the consolidated financial statements.

	2013			2012
Ratios to average net assets (1) (2)
Net investment income/(loss)		-4.10	%		-4.43	%
Expenses before incentive fees (4)		5.06	%		-5.25	%
Expenses after incentive fees (4)		5.15	%		-5.44	%
Total return before incentive fees (3)		0.07	%		-2.80	%
Total return after incentive fees (3)		-0.02	%		-2.84	%

(1) Annualized with the exception of incentive fees.

(2) Computed using average net assets outstanding during the period prior to the effects of any non-controlling transactions.

(3) Total returns are not annualized.

(4) Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Statements of Operations of the Series, see footnote 5.

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 December 31, 2012 and 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.

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For the three months ended March 31, 2013 and 2012, the monthly average of futures contracts bought was approximately 10,305 and 33,950, respectively and sold was approximately 13,785 and 32,250, respectively. The following tables summarize the trading revenues for the three months ended March 31, 2013 and 2012 by contract type:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2013

Type of contract
Metals	$	(4,931,538	)
Currencies		7,577,127
Energies		(5,569,614	)
Agriculturals		(1,789,149	)
Interest rates		(16,567,527	)
Stock indices		25,586,378
Realized trading income/(loss)(1)	$	4,305,677

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

for the Three Months Ended March 31, 2013

Type of contract
Metals	$	3,556,020
Currencies		(3,704,100	)
Energies		566,698
Agriculturals		909,899
Interest rates		2,093,086
Stock indices		(701,756	)
Change in unrealized trading income/(loss)(2)	$	2,719,847

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

(2) Amounts recorded in the Consolidated Statement of Operations under net change in open trade equity (deficit).

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Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2012 ⁽¹⁾

Type of contract
Metals	$	(16,504,940	)
Currencies		(7,495,517	)
Energies		(3,836,856	)
Agriculturals		(6,060,371	)
Interest rates		(10,963,963	)
Stock indices		15,127,571
Realized trading income/(loss)(1)	$	(29,734,078	)

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

for the Three Months Ended March 31, 2012 ⁽²⁾

Type of contract
Metals	$	2,739,341
Currencies		13,172,537
Energies		4,714,516
Agriculturals		1,463,850
Interest rates		(914,391	)
Stock indices		351,817
Change in unrealized trading income/(loss)(2)	$	21,527,670

(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.

Certain financial instruments and derivative instruments are eligible for offset in the statements of financial condition under U.S. GAAP. The Trust’s open trade equity/(deficit), options written, and receivable from Futures Commissions Merchants are subject to master netting arrangements and collateral arrangements and meet the U.S. GAAP guidance to qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. The Trust’s policy is to recognize amounts subject to master netting arrangements on a gross basis on the statements of financial condition.

The following tables present gross and net information about the Trust’s assets and liabilities subject the master netting arrangements as disclosed on the statements of financial condition as of March 31, 2013 and December 31, 2012:

Offsetting of Derivative Assets and Liabilities

As of March 31, 2013

	Gross Amounts  of recognized Derivative Assets		Gross Amounts  of recognized Derivative Liabilities			Net Amounts of Derivative Assets and Liabilities Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	20,763,887	$	(7,056,911	)	$	13,706,976
Options Written		—		(1,860,096	)		(1,860,096	)
Receivable from Futures Commissions Merchants		226,379,726		(102,748,520	)		123,631,206

Offsetting of Derivative Assets and Liabilities

As of December 31, 2012

	Gross Amounts  of recognized Derivative Assets		Gross Amounts  of recognized Derivative Liabilities			Net Amounts of Derivative Assets and Liabilities Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	22,637,635	$	(10,520,986	)	$	12,116,649
Options Written		—		(4,199,198	)		(4,199,198	)
Receivable from Futures Commissions Merchants		225,653,255		(77,624,026	)		148,029,229

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.

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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.

9. Indemnifications and Guarantees

The Trust has entered into agreements, which provide for the indemnification of futures clearing brokers, and commodity trading advisers, among others, against losses, costs, claims and liabilities arising from the performance of their individual obligations under such agreements, except for gross negligence 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. Maximum exposure is unfulfilled obligations of the Trust up to the amount of equity at risk with UBS. The Trust has not recorded any liability for the guarantees in the accompanying financial statements as it expects any possibility of losses to be remote.

The Trust has guaranteed the obligations of the trading companies under the customer agreements with UBS Securities as Clearing Broker. In the event that one Series of the Trust is unable to meet its obligations to UBS Securities, the assets of the other Series will be available to UBS Securities as part of the guarantee, but only to the extent of such Series’ pro rata allocation to the trading company. The Trust has not recorded any liability for the indemnifications in the accompanying financial statements as it expects any possibility of losses to be remote.

10. Subsequent Events

Effective April 19, 2013, the Currency Series ceased operations and liquidated. All existing investor were redeemed as of April 19, 2013 at that date’s unit net asset value.

Effective April 30, 2013 the TBG Institutional Series ceased operations and is in the process of liquidated.

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 2012 Annual Report on Form 10-K for the year ended December 31, 2012.

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).

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As of March 31, 2013, the Trust has nine (9) separate and distinct Series of Units issued and outstanding: Frontier Diversified Series, Frontier Masters Series, Frontier Long/Short Commodity Series, Balanced Series, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series) Currency Series, Winton Series, Frontier Heritage Series (formerly Winton/Graham Series) and TBG Institutional Series (each a “Series” and collectively, the “Series”). The TBG Institutional Series is a private series of the Trust and has been consolidated within the Trust financial statements and notes to the financial statements. 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 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 2012 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.

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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.

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 March 31, 2013, the allocation of the assets of each applicable Series of the Trust between the Trading Advisors was as follows:

	Allocation as of March 31, 2013 (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			Frontier Select Series*			Winton Series			Frontier Heritage Series**
Beach Horizon LLP		12	%		12	%		—			6	%		—			—			—
Cantab Capital Partners LLP		21	%		—			28	%		24	%		—			—			—
Global Advisors (Jersey) Limited		—			14	%		—			—			—			—			—
Brevan Howard Systematic Trading		2	%		—			—			—			26	%		—			45	%
Mesirow Financial Commodities Management, LLC		4	%		13	%		—			—			—			—			—
Quantitative Investment Management, LLC		11	%		—			—			14	%		—			—			—
QuantMetrics Capital Management LLP		8	%		—			—			—			—			—			—
Red Oak Commodity Advisors, Inc.		—			14	%		—			—			—			—			—
Rosetta Capital Management, LLC		—			11	%		—			—			—			—			—
Skyline Management, Inc.		—			9	%		—			—			—			—			—
Tiverton Trading		15	%		—			21	%		16	%		41	%		—			—
Transtrend B.V.		—			—			28	%		—			33	%		—			—
Winton Capital Management Ltd.		12	%		—			23	%		12	%		—			100	%		55	%

* Formerly the Tiverton/Graham/Transtrend Series.

** Formerly the Winton/Graham 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 March 31, 2013, cash deposited at the clearing brokers was $82,853,490 for the Balanced Series, $9,706,955 for the Frontier Long/Short Commodity Series and $219,483 for the Frontier Diversified Series. At December 31, 2012, cash deposited at the clearing brokers was $92,043,593 for the Balanced Series, and $14,770,973 for the Frontier Long/Short Commodity 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, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Currency Series, and Frontier Heritage Series (formerly 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 March 31, 2013, total cash and cash equivalents and custom time deposits held at banking institutions were $65,838,349 for the Frontier Diversified Series, $38,319,546 for the Frontier Masters Series, $40,597,319 for the Frontier Long/Short Commodity Series, $102,309,165 for the Balanced Series, $20,409,470 for the Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), $0 for the Currency Series, $34,752,678 for the Winton Series, and $16,845,358 for the Frontier Heritage Series (formerly Winton/Graham Series). As of December 31, 2012, total cash and cash equivalents and custom time deposits held at banking institutions were $69,557,079 for the Frontier Diversified Series, $43,037,890 for the Frontier Long/Short Commodity Series, $39,831,538 for the Frontier Masters Series, $107,090,046 for the Balanced Series, $17,301,848 for the Frontier Select Series (formerly the Tiverton/Graham/Transtrend Series),

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$882,602 for the Currency Series, $32,541,850 for the Winton Series, and $13,964,174 for the Frontier Heritage Series (formerly the Winton/Graham Series). During the three months of 2013, 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 March 31, 2013, 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.

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.

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Results of Operations

Series Returns and Other Information

The returns for each Series and Class of Units for the three months ended March 31, 2012 and March 31, 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.

Three Months Ended March 31, 2013 Compared to Three Months Ended March 31, 2012.

Frontier Diversified Series

2013

The Frontier Diversified Series – Class 1 NAV lost 1.26% for the three months ended March 31, 2012, net of fees and expenses; the Frontier Diversified Series – Class 2 NAV lost 0.84% for the three months ended March 31, 2012, net of fees and expenses.

For the three months ended March 31, 2013 the Frontier Diversified Series recorded a net loss on investments of $113,017, net investment income of $476,525, and total expenses of $1,536,849, resulting in a net decrease in Owners’ capital from operations of $1,173,341. The NAV per Unit, Class 1, decreased from $94.40 at December 31, 2012, to $93.21 as of March 31, 2013. The NAV per Unit, Class 2, decreased from $100.48 at December 31, 2012, to $99.64 as of March 31, 2013. Total Class 1 subscriptions and redemptions for the period were $696,614 and $4,824,816, respectively. Total Class 2 subscriptions and redemptions for the period were $845,651 and $2,625,358, respectively. Ending capital at March 31, 2013, was $54,151,338 for Class 1 and $53,948,984 for Class 2. Ending capital at December 31, 2012, was $58,999,936 for Class 1 and $56,181,636 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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Two of the six sectors traded in the Frontier Diversified Series was profitable in 1Q 2013. Stock Indices and Currencies were profitable while Interest Rates, Metals, Agriculturals and Energies finished negative for the quarter.

The Stock Indices and Currencies sectors are positive YTD while Interest Rates, Metals, Agriculturals and Energies are negative YTD.

In terms of major CTA performance, five of the eight major CTAs in the Frontier Diversified Series were profitable in 1Q 2013 . Mesirow, Quantmetrics, Tiverton, Brevan Howard and Winton were profitable in the quarter and are profitable YTD while Cantab and Beach Horizon finished negative for the quarter and are negative YTD.

Graham was replaced by Brevan Howard as a major advisor in the Diversified Series. Mesirow was added as a major advisor to the Diversified Series.

2012

The Frontier Diversified Series – Class 1 NAV lost 4.20% for the three months ended March 31, 2012, net of fees and expenses; the Frontier Diversified Series – Class 2 NAV lost 3.77% for the three months ended March 31, 2012, net of fees and expenses.

For the three months ended March 31, 2012 the Frontier Diversified Series recorded a net loss on investments of $4,245,182, net investment income of $597,279, and total expenses of $1,687,425, resulting in a net decrease in Owners’ capital from operations of $5,335,328. The NAV per Unit, Class 1, decreased from $99.40 at December 31, 2011, to $95.23 as of March 31, 2012. The NAV per Unit, Class 2, decreased from $103.96 at December 31, 2011, to $100.04 as of March 31, 2012. Total Class 1 subscriptions and redemptions for the period were $1,875,533 and $3,220,386, respectively. Total Class 2 subscriptions and redemptions for the period were $2,116,760 and $3,659,737, respectively. Ending capital at March 31, 2012, was $68,071,953 for Class 1 and $57,678,493 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.

Frontier Diversified Series

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Two of the six sectors traded in the Frontier Diversified Series were profitable in 1Q 2012. Energies and Stock Indices were profitable while Metals, Currencies, Agriculturals and Interest Rates finished negative for the quarter.

In terms of major CTA performance, three of the seven major CTAs in the Frontier Diversified Series were profitable in 1Q 2012. Cantab, Graham and Transtrend were profitable while QIM, Quantmetrics, Tiverton and Winton finished negative for the quarter.

Frontier Masters Series

2013

The Frontier Masters Series – Class 1 NAV gained 0.52% for the three months ended March 31, 2013, net of fees and expenses; the Frontier Masters Series – Class 2 NAV gained .92% for the three months ended March 31, 2013, net of fees and expenses.

For the three months ended March 31, 2013 the Frontier Masters Series recorded a net gain on investments of $883,034, net investment income of $231,188, and total expenses of $792,693, resulting in a net increase in Owners’ capital from operations of $321,529. The NAV per Unit, Class 1, increased from $101.11 at December 31, 2012, to $101.64 as of March 31, 2013. The NAV per Unit, Class 2, increased from $107.61 at December 31, 2012, to $108.60 as of March 31, 2013. Total Class 1 subscriptions and redemptions for the period were $1,148,139 and $1,976,286, respectively. Total Class 2 subscriptions and redemptions for the period were $472,083 and $1,596,464, respectively. Ending capital at March 31, 2013, was $33,943,369 for Class 1 and $15,911,790 for Class 2. Ending capital at December 31, 2012, was $34,603,499 for Class 1 and $16,882,659 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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Three of the six sectors traded in the Frontier Masters Series were profitable in 1Q 2013. Currencies, Agriculturals and Stock Indices were positive while Interest Rates, Energies and Metals were negative for the quarter.

Currencies, Agriculturals and Stock Indices are positive for the year while Interest Rates, Energies and Metals are negative for the year.

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

2012

The Frontier Masters Series – Class 1 NAV gained 0.70% for the three months ended March 31, 2012, net of fees and expenses; the Frontier Masters Series – Class 2 NAV gained 1.14% for the three months ended March 31, 2012, net of fees and expenses.

For the three months ended March 31, 2012 the Frontier Masters Series recorded a net gain on investments of $1,005,015, net investment income of $267,859, and total expenses of $857,507, resulting in a net increase in Owners’ capital from operations of $444,846 after non-controlling interests of $29,479. The NAV per Unit, Class 1, increased from $100.25 at December 31, 2011, to $100.95 as of March 31, 2012. The NAV per Unit, Class 2, increased from $104.83 at December 31, 2011, to $106.02 as of March 31, 2012. Total Class 1 subscriptions and redemptions for the period were $1,805,536 and $1,105,134, respectively. Total Class 2 subscriptions and redemptions for the period were $214,000 and $851,161, respectively. Ending capital at March 31, 2012, was $35,022,932 for Class 1 and $18,310,152 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.

Frontier Masters Series

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Two of the six sectors traded in the Frontier Masters Series were profitable in 1Q 2012. Energies and Stock Indices were positive while Metals, Currencies, Agriculturals and Interest Rates were negative for the quarter.

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

Frontier Long/Short Commodity Series

2013

The Frontier Long/Short Commodity Series – Class 2 NAV lost 0.37% for the three months ended March 31, 2013, net of fees and expenses; the Frontier Long/Short Commodity Series – Class 3 NAV lost 0.38% for the three months ended March 31, 2013, net of fees and expenses; the Frontier Long/Short Commodity Series – Class 1a NAV lost 0.56% for the three months ended March 31, 2013, net of fees and expenses; the Frontier Long/Short Commodity Series – Class 2a NAV lost 0.14% for the three months ended March 31, 2013, net of fees and expenses.

For the three months ended March 31, 2013, the Frontier Long/Short Commodity Series recorded net loss on investments of $1,371,456, net investment income of $297,099, and total expenses of $946,088, resulting in a net decrease in Owners’ capital from operations of $194,728, after non-controlling interests of $1,825,717. The NAV per Unit, Class 2, decreased from $145.65 at December 31, 2012, to $145.11 as of March 31, 2013. The NAV per Unit, Class 3, decreased from $145.69 at December 31, 2012, to $145.14 as of March 31, 2013. The NAV per Unit, Class 1a, decreased from $108.58 at December 31, 2012, to $107.97 as of March 31, 2013. The NAV per Unit, Class 2a, decreased from $115.45 at December 31, 2012, to $115.29 as of March 31, 2013. Total Class 2 redemptions for the period were $1,167,978. There were no subscriptions. Total Class 3 redemptions for the period were $3,450,590. There were no subscriptions. Total Class 1a subscriptions and redemptions for the period were $354,310 and $1,622,472, respectively. Total Class 2a subscriptions and redemptions for the period were $221,400 and $964,208, respectively. Ending capital at March 31, 2013, was $5,702,855 for Class 2, $16,256,087 for Class 3, $17,621,991 for Class 1a and $10,120,281 for Class 2a. Ending capital at December 31, 2012, $6,898,785 for Class 2, $19,761,047 for Class 3, $18,983,538 for Class 1a and $10,882,111 for Class 2a.

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Two of the seven sectors traded in the Frontier Long/Short Commodity Series were profitable in 1Q 2013. Energies and Financials finished positive for the quarter while Base Metals, Grains, Meats, Precious Metals and Softs finished negative for the quarter.

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Energies and Financials are positive YTD while Base Metals, Grains, Meats, Precious Metals and Softs are negative YTD.

In terms of major CTA performance, five of the six major CTAs in the Frontier Long/Short Commodity Series was profitable in 1Q 2013. Global Advisors, Red Oak, Rosetta, Strategic Ag and Mesirow were positive for the quarter and are positive YTD while Beach Horizon finished negative for the quarter and is negative YTD.

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.

2012

The Frontier Long/Short Commodity Series – Class 1 NAV lost 1.41% for the three months ended March 31, 2012, net of fees and expenses; the Frontier Long/Short Commodity Series – Class 2 NAV lost 0.67% for the three months ended March 31, 2012, net of fees and expenses; the Frontier Long/Short Commodity Series – Class 3 NAV lost 0.67% for the three months ended March 31, 2012, net of fees and expenses; the Frontier Long/Short Commodity Series – Class 1a NAV lost 0.95% for the three months ended March 31, 2012, net of fees and expenses; the Frontier Long/Short Commodity Series – Class 2a NAV lost 0.52% for the three months ended March 31, 2012, net of fees and expenses.

For the three months ended March 31, 2012, the Frontier Long/Short Commodity Series recorded net loss on investments of $5,732,135, net investment income of $363,576, and total expenses of $1,320,470, resulting in a net decrease in Owners’ capital from operations of $532,943, after non-controlling interests of $6,156,086. The NAV per Unit, Class 1, decreased from $136.13 at December 31, 2011, to $134.21 as of March 31, 2012. The NAV per Unit, Class 2, decreased from $161.97 at December 31, 2011, to $160.88 as of March 31, 2012. The NAV per Unit, Class 3, decreased from $161.96 at December 31, 2011, to $160.87 as of March 31, 2012. The NAV per Unit, Class 1a, decreased from $121.71 at December 31, 2011, to $120.55 as of March 31, 2012. The NAV per Unit, Class 2a, decreased from $127.23 at December 31, 2011, to $126.57 as of March 31, 2012. Total Class 1 subscriptions and redemptions for the period were $5,473 and $2,690,064, respectively. Total Class 2 redemptions for the period were $170,040. There were no subscriptions. Total Class 3 subscriptions and redemptions for the period were $2,628,674and $2,590,599, respectively. Total Class 1a subscriptions and redemptions for the period were $1,854,807 and $462,534, respectively. Total Class 2a subscriptions and redemptions for the period were $868,153 and $217,453, respectively. Ending capital at March 31, 2012, was $1,449,541 for Class 1, $8,958,148 for Class 2, $27,652,652 for Class 3, $20,092,488 for Class 1a and $11,501,371 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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Four of the seven sectors traded in the Frontier Long/Short Commodity Series were profitable in 1Q 2012. Energies, Grains, Meats and Financials were positive while Base Metals, Precious Metals and Softs were negative for the quarter.

In terms of major CTA performance, three of the six major CTAs in the Frontier Long/Short Commodity Series were profitable in 1Q 2012. Red Oak, Rosetta and Strategic Ag were positive while Beach Horizon, Global Advisors and Mesirow were negative for the quarter.

Balanced Series

2013

The Balanced Series – Class 1 NAV lost 1.82% for the three months ended March 31, 2013, net of fees and expenses; the Balanced Series – Class 2 NAV lost 1.11% for the three months ended March 31, 2013, net of fees and expenses; the Balanced Series – Class 2a NAV lost .72% for the three months ended March 31, 2013, net of fees and expenses; the Balanced Series – Class 3a NAV lost .73% for the three months ended March 31, 2013, net of fees and expenses.

For the three months ended March 31, 2013, the Balanced Series recorded net loss on investments of $3,972,194, net investment income of $47,281, and total expenses of $2,091,539, resulting in a net decrease in Owners’ capital from operations of $3,212,419 after non- controlling interests of $2,804,033. The NAV per Unit, Class 1, decreased from $116.32 at December 31, 2012, to $114.20 at March 31, 2013. The NAV per Unit, Class 2, decreased from $149.20 at December 31, 2012, to $147.55 at March 31, 2013. For Class 2a, the NAV per Unit increased from $124.36 at December 31, 2012, to $123.46 at March 31, 2013. For Class 3a, the NAV per Unit decreased from $123.96 at December 31, 2012, to $123.05 at March 31, 2013. Total Class 1 subscriptions and redemptions for the period were $92,934 and $11,819,813, respectively. Total Class 2 subscriptions and redemptions for the period were $3,856 and $2,127,467, respectively. Total Class 2a redemptions for the period were $94,778. There were no subscriptions. Total Class 3a redemptions for the period were $779,229. There were no subscriptions. Ending capital at March 31, 2013, was $129,567,330 for Class 1, $48,774,407 for Class 2, $906,350 for Class 2a and $2,967,747 for Class 3a. At December 31, 2012, ending capital was $143,906,872 for Class 1, $51,459,568 for Class 2, $1,009,520 for Class 2a, and $3,776,790 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.

One of the six sectors traded in the Balanced Series was profitable in 1Q 2013. The Stock Indices sector was profitable while Interest Rates, Metals, Agriculturals, Currencies and Energies finished negative for the quarter.

The Stock Indices sector is positive YTD while Interest Rates, Metals, Agriculturals, Currencies and Energies are negative YTD.

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In terms of major CTA performance, two of the five major CTAs in the Balanced Series were profitable in 1Q 2013. Winton and Tiverton were positive for the quarter and are positive YTD while Cantab, QIM and Beach Horizon finished negative for the quarter and are negative YTD.

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2012

The Balanced Series – Class 1 NAV lost 4.32% for the three months ended March 31, 2012, net of fees and expenses; the Balanced Series – Class 1a NAV lost 4.22% for the three months ended March 31, 2012, net of fees and expenses; the Balanced Series – Class 2 NAV lost 3.60% for the three months ended March 31, 2012, net of fees and expenses; the Balanced Series – Class 2a NAV lost 3.51% for the three months ended March 31, 2012, net of fees and expenses; the Balanced Series – Class 3a NAV lost 3.51% for the three months ended March 31, 2012, net of fees and expenses.

For the three months ended March 31, 2011, the Balanced Series recorded net loss on investments of $10,734,709, net investment income of $151,548, and total expenses of $2,686,018, resulting in a net decrease in Owners’ capital from operations of $10,229,269 after non- controlling interests of $3,042,910. The NAV per Unit, Class 1, decreased from $124.50 at December 31, 2011, to $119.12 at March 31, 2012. For Class 1a, the NAV per Unit decreased from $108.45 at December 31, 2011, to $103.87 at March 31, 2012. The NAV per Unit, Class 2, decreased from $155.02 at December 31, 2011, to $149.44 at March 31, 2012. For Class 2a, the NAV per Unit decreased from $128.35 at December 31, 2011, to $123.84 at March 31, 2011. For Class 3a, the NAV per Unit decreased from $128.36 at December 31, 2011, to $123.85 at March 31, 2012. Total Class 1 subscriptions and redemptions for the period were $124,903 and $8,447,051, respectively. Total Class 1a subscriptions and redemptions for the period were $271 and $2,011,673, respectively. Total Class 2 subscriptions and redemptions for the period were $3,990 and $2,678,547, respectively. Total Class 2a redemptions for the period were $1,184,974. There were no subscriptions. Total Class 3a subscriptions and redemptions for the period were $1,757,420 and $427,535, respectively. Ending capital at March 31, 2012, was $167,728,802 for Class 1, $480,341 for Class 1a, $58,468,021 for Class 2, $1,526,349 for Class 2a and $4,136,098 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 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 1Q 2012. Energies and Stock Indices were profitable while Metals, Currencies, Agriculturals and Interest Rates finished negative for the quarter.

In terms of major CTA performance, two of the five major CTAs in the Balanced Series were profitable in 1Q 2012. Transtrend and Cantab were profitable while Winton, Tiverton and QIM finished negative for the quarter.

Frontier Select Series (formerly Tiverton/Graham/Transtrend Series)

2013

The Frontier Select Series (formerly Tiverton/Graham/Transtrend Series) – Class 1 NAV gained 4.07% for the three months ended March 31, 2013, net of fees and expenses; the Frontier Select Series (formerly Tiverton/Graham/Transtrend Series) – Class 2 NAV gained 4.82% for the three months ended March 31, 2013, net of fees and expenses.

For the three months ended March 31, 2013, the Frontier Select Series (formerly Tiverton/Graham/Transtrend Series) recorded net gain on investments of $1,322,891, net investment income of $90,594, and total expenses of $411,841, resulting in a net increase in Owners’ capital from operations of $1,001,644. The NAV per Unit, Class 1, increased from $78.66 at December 31, 2012, to $81.86 as of March 31, 2013. The NAV per Unit, Class 2, increased from $99.55 at December 31, 2012, to $104.35 as of March 31, 2013. Total Class 1 subscriptions and redemptions for the period were $4,380 and $1,742,251, respectively. Total Class 2 redemptions for the period were $269,549. There were no subscriptions. Ending capital at March 31, 2013, was $21,393,158 for Class 1 and $2,945,707 for Class 2. Ending capital at December 31, 2012, was $22,266,758 for Class 1 and $3,077,883 for Class 2.

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

Three of the six sectors traded in the Select Series were profitable in 1Q 2013. Currencies, Agriculturals and Stock Indices were positive while Interest Rates, Metals and Energies were negative for the quarter.

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

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In terms of major CTA performance Brevan Howard and Transtrend finished positive for the quarter and are positive YTD while Tiverton finished negative for the quarter and is negative YTD.

The “Tiverton/Graham/Transtrend Series” name was changed to the “Select Series.” Graham was replaced by Brevan Howard as a major advisor in the Select Series.

2012

The Frontier Select Series (formerly Tiverton/Graham/Transtrend Series) – Class 1 NAV lost 1.53% for the three months ended March 31, 2011, net of fees and expenses; the Frontier Select Series (formerly Tiverton/Graham/Transtrend Series) – Class 2 NAV lost 0.82% for the three months ended March 31, 2011, net of fees and expenses.

For the three months ended March 31, 2012, the Frontier Select Series (formerly Tiverton/Graham/Transtrend Series) recorded net gain on investments of $29,652, net investment income of $18,444, and total expenses of $598,189, resulting in a net decrease in Owners’ capital from operations of $550,093. The NAV per Unit, Class 1, decreased from $91.02 at December 31, 2011, to $89.63 as of March 31, 2012. The NAV per Unit, Class 2, decreased from $111.84 at December 31, 2011, to $110.92 as of March 31, 2012. Total Class 1 subscriptions and redemptions for the period were $9,489 and $2,550,838, respectively. Total Class 2 redemptions for the period were $242,705. There were no subscriptions. Ending capital at March 31, 2012, was $32,122,523 for Class 1 and $4,157,302 for Class 2. Ending capital at December 31, 2011, was $35,180,631 for Class 1 and $4,433,341 for Class 2.

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

Frontier Select Series (formerly Tiverton/Graham/Transtrend Series)

Two of the six sectors traded in the Frontier Select Series (formerly Tiverton/Graham/Transtrend Series) were profitable in 1Q 2012. Energies and Stock Indices were positive while Metals, Currencies, Agriculturals and Interest Rates were negative for the quarter. In terms of major CTA performance Graham finished positive Tiverton, Berkeley and Transtrend finished negative for the quarter. Please note that February 2012 was the last full trading month for Berkeley Quantitative.

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Currency Series

2013

The Currency Series – Class 1 NAV lost 1.65% for the three months ended March 31, 2013, net of fees and expenses; the Currency Series – Class 2 NAV lost .95% for the three months ended March 31, 2013, net of fees and expenses.

For the three months ended March 31, 2013, the Currency Series recorded net loss on investments of $46,491, net investment income of $2,203, and total expenses of $18,083, resulting in a net decrease in Owners’ capital from operations of $62,371. The NAV per Unit, Class 1, decreased from $56.91 at December 31, 2012, to $55.97 as of March 31, 2013. The NAV per Unit, Class 2, decreased from $72.95 at December 31, 2012, to $72.26 as of March 31, 2013. Total Class 1 subscriptions and redemptions for the period were $6,870 and $1,823,076, respectively. Total Class 2 redemptions for the period were $6,144. There were no subscriptions. Ending capital at March 31, 2013, was $789,015 for Class 1 and $47,389 for Class 2. Ending capital at December 31, 2012, was $2,666,969 for Class 1 and $54,156 for Class 2.

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.

2012

The Currency Series – Class 1 NAV lost 4.41% for the three months ended March 31, 2012, net of fees and expenses; the Currency Series – Class 2 NAV lost 3.70% for the three months ended March 31, 2012, net of fees and expenses.

For the three months ended March 31, 2012, the Currency Series recorded net loss on investments of $137,910, net investment income of $0, and total expenses of $37,407, resulting in a net decrease in Owners’ capital from operations of $175,317. The NAV per Unit, Class 1, decreased from $70.48 at December 31, 2011, to $67.37 as of March 31, 2012. The NAV per Unit, Class 2, decreased from $87.61 at December 31, 2011, to $84.37 as of March 31, 2012. Total Class 1 subscriptions and redemptions for the period were $12,662, and $414,172, respectively. Total Class 2 redemptions for the period were $13,837. There were no subscriptions. Ending capital at March 31, 2012, was $3,654,394 for Class 1 and $74,299 for Class 2. Ending capital at December 31, 2011, was $4,228,350 for Class 1 and $91,007 for Class 2.

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.

Winton Series

2013

The Winton Series – Class 1 NAV gained 4.44% for the three months ended March 31, 2013, net of fees and expenses; the Winton Series – Class 2 NAV gained 5.19% for the three months ended March 31, 2013, net of fees and expenses.

For the three months ended March 31, 2013, the Winton Series recorded net gain on investments of $2,311,200, net investment income of $110,026, and total expenses of $549,802, resulting in a net increase in Owners’ capital from operations of $1,871,424. The NAV per Unit, Class 1, increased from $130.73 at December 31, 2012, to $136.53 as of March 31, 2013. The NAV per Unit, Class 2, increased from $158.30 at December 31, 2012, to $166.52 as of March 31, 2013. Total Class 1 subscriptions for the period were $43,950 and redemptions were $1,767,373. Total Class 2 redemptions for the period were $117,344. There were no subscriptions. Ending capital at March 31, 2013, was $30,262,765 for Class 1 and $10,727,426 for Class 2. Ending capital at December 31, 2012, was $30,645,208 for Class 1 and $10,314,326 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.

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Three of the six sectors traded in the Winton Series were profitable in 1Q 2013. Currencies, Agriculturals and Stock Indices were positive while Metals, Interest Rates and Energies were negative for the quarter.

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

2012

The Winton Series – Class 1 NAV lost 2.22% for the three months ended March 31, 2012, net of fees and expenses; the Winton Series – Class 2 NAV lost 1.49% for the three months ended March 31, 2012, net of fees and expenses.

For the three months ended March 31, 2012, the Winton Series recorded net loss on investments of $497,618, net investment income of $126,136, and total expenses of $641,460, resulting in a net decrease in Owners’ capital from operations of $1,012,942. The NAV per Unit, Class 1, decreased from $141.13 at December 31, 2011, to $138.00 as of March 31, 2012. The NAV per Unit, Class 2, decreased from $165.82 at December 31, 2011, to $163.35 as of March 31, 2012. Total Class 1 subscriptions for the period were $54,670 and redemptions were $950,434. Total Class 2 redemptions for the period were $3,211. There were no subscriptions. Ending capital at March 31, 2012, was $36,610,938 for Class 1 and $11,525,269 for Class 2. Ending capital at December 31, 2011, was $38,345,799 for Class 1 and $11,702,325 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

Two of the six sectors traded in the Winton Series were profitable in 1Q 2012. Energies and Stock Indices were positive while Metals, Currencies, Agriculturals and Interest Rates were negative for the year.

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Frontier Heritage Series (formerly Winton/Graham Series)

2013

The Frontier Heritage Series (formerly Winton/Graham Series) – Class 1 NAV gained 7.49 % for the three months ended March 31, 2013, net of fees and expenses; the Frontier Heritage Series (formerly Winton/Graham Series) – Class 2 NAV gained 8.27% for the three months ended March 31, 2013, net of fees and expenses.

For the three months ended March 31, 2013, the Frontier Heritage Series (formerly Winton/Graham Series) recorded net gain on investments of $1,759,853, net investment income of $37,238, and total expenses of $296,083, resulting in a net increase in Owners’ capital from operations of $1,501,008. The NAV per Unit, Class 1, increased from $94.55 at December 31, 2012, to $101.63 as of March 31, 2013. The NAV per Unit, Class 2, increased from $120.67 at December 31, 2012, to $130.65 as of March 31, 2013. Total Class 1 subscriptions for the period were $11,409 and redemptions were $1,519,117. Total Class 2 redemptions for the period were $564,231. There were no subscriptions. Ending capital at March 31, 2013, was $16,362,182 for Class 1 and $3,820,426 for Class 2. Ending capital at December 31, 2012, was $16,680,498 for Class 1 and $4,073,041 for Class 2.

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

Three of the six sectors traded in the Heritage Series were profitable in 1Q 2013. Currencies, Agriculturals and Stock Indices were positive while Interest Rates, Metals and Energies were negative for the quarter.

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

In terms of major CTA performance, both Brevan Howard and Winton finished positive for the quarter and are positive YTD.

The “Winton/Graham Series” name was changed to the “Heritage Series.” Graham was replaced by Brevan Howard as a major advisor in the Heritage Series.

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2012

The Frontier Heritage Series (formerly Winton/Graham Series) – Class 1 NAV lost 0.34% for the three months ended March 31, 2012, net of fees and expenses; the Frontier Heritage Series (formerly Winton/Graham Series) – Class 2 NAV gained 0.41% for the three months ended March 31, 2012, net of fees and expenses.

For the three months ended March 31, 2012, the Frontier Heritage Series (formerly Winton/Graham Series) recorded net gain on investments of $484,523, net investment income of $21,969, and total expenses of $532,443, resulting in a net decrease in Owners’ capital from operations of $25,951. The NAV per Unit, Class 1, decreased from $104.73 at December 31, 2011, to $104.37 as of March 31, 2012. The NAV per Unit, Class 2, increased from $129.70 at December 31, 2011, to $130.23 as of March 31, 2012. Total Class 1 subscriptions for the period were $16,185 and redemptions were $2,238,081. Total Class 2 redemptions for the period were $788,648. There were no subscriptions. Ending capital at March 31, 2012, was $22,496,784 for Class 1 and $5,240,408 for Class 2. Ending capital at December 31, 2011, was $24,783,519 for Class 1 and $5,990,168 for Class 2.

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

Frontier Heritage Series (formerly Winton/Graham Series)

Two of the six sectors traded in the Frontier Heritage Series (formerly Winton/Graham Series) were profitable in 1Q 2012. Energies and Stock Indices were positive while Metals, Interest Rates, Agriculturals and Currencies were negative for the quarter.

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

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.

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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 March 31, 2013 and December 31, 2012. 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	March 31, 2013					December 31, 2012
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	5,539,893		5.1	%	$	10,668,213		9.3	%
Currencies	$	4,941,302		4.6	%	$	6,944,890		6.0	%
Stock Indices	$	4,836,532		4.5	%	$	6,884,232		6.0	%
Metals	$	745,311		0.7	%	$	529,904		0.5	%
Agriculturals/Softs	$	3,992,549		4.4	%	$	2,106,237		1.8	%
Energy	$	879,582		0.8	%	$	826,602		0.7	%
Total:	$	20,935,170		19.4	%	$	27,960,078		24.3	%

Frontier Long/Short Commodity Series:

MARKET SECTOR	March 31, 2013					December 31, 2012
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	905,750		1.7	%	$	1,456,457		2.6	%
Currencies	$	648,234		1.2	%	$	649,353		1.1	%
Stock Indices	$	718,929		1.3	%	$	915,438		1.6	%
Metals	$	318,614		0.6	%	$	430,652		0.8	%
Agriculturals/Softs	$	1,500,453		2.8	%	$	2,128,861		3.8	%
Energy	$	2,356,060		4.4	%	$	1,768,300		3.1	%
Total:	$	6,448,039		12.0	%	$	7,349,062		13	%

Frontier Masters Series:

MARKET SECTOR	March 31, 2013					December 31, 2012
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	1,897,704		3.8	%	$	2,289,229		4.4	%
Currencies	$	2,040,826		4.1	%	$	2,293,953		4.5	%
Stock Indices	$	1,154,816		2.3	%	$	1,147,721		2.2	%
Metals	$	146,287		0.3	%	$	74,930		0.1	%
Agriculturals/Softs	$	974,745		2.0	%	$	182,665		0.4	%
Energy	$	80,709		0.2	%	$	83,701		0.2	%
Total:	$	6,295,087		12.6	%	$	6,072,199		11.8	%

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Balanced Series: (1)

	March 31, 2013					December 31, 2012
MARKET SECTOR	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	10,704,597		4.7	%	$	21,555,846		10.8	%
Currencies	$	9,240,098		4.1	%	$	15,370,708		7.7	%
Stock Indices	$	8,747,084		3.9	%	$	13,812,873		6.9	%
Metals	$	1,341,390		0.6	%	$	1,031,714		0.5	%
Agriculturals/Softs	$	7,347,203		3.3	%	$	4,076,766		2.0	%
Energy	$	1,234,251		0.5	%	$	1,493,380		0.7	%
Total:	$	38,614,623		17.1	%	$	57,341,288		28.6	%

Frontier Select Series (formerly Tiverton/Graham/Transtrend Series):

	March 31, 2013					December 31, 2012
MARKET SECTOR	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	213,896		0.9	%	$	1,108,185		4.4	%
Currencies	$	279,837		1.1	%	$	1,324,364		5.2	%
Stock Indices	$	278,957		1.1	%	$	864,109		3.4	%
Metals	$	12,875		0.1	%	$	71,543		0.3	%
Agriculturals/Softs	$	87,765		0.4	%	$	206,823		0.8	%
Energy	$	9,036		0.0	%	$	116,831		0.5	%
Total:	$	882,367		3.6	%	$	3,691,855		14.6	%

Currency Series:

	March 31, 2013					December 31, 2012
MARKET SECTOR	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	—		0	%	$	—		0	%
Currencies	$	1,283,398		153.4	%	$	942,040		34.6	%
Stock Indices	$	—		0	%	$	—		0	%
Metals	$	—		0	%	$	—		0	%
Agriculturals/Softs	$	—		0	%	$	—		0	%
Energy	$	—		0	%	$	—		0	%
Total:	$	1,283,398		153.4	%	$	942,040		34.6	%

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Winton Series:

MARKET SECTOR	March 31, 2013					December 31, 2012
	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	943,179		2.3	%	$	1,355,328		3.3	%
Currencies	$	3,162,439		7.7	%	$	2,941,414		7.2	%
Stock Indices	$	1,034,454		2.5	%	$	992,759		2.4	%
Metals	$	69,265		0.2	%	$	70,872		0.2	%
Agriculturals/Softs	$	513,623		1.3	%	$	241,874		0.6	%
Energy	$	85,756		0.2	%	$	85,535		0.2	%
Total:	$	5,808,716		14.2	%	$	5,687,781		13.9	%

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Frontier Heritage Series (formerly Winton/Graham Series):

	March 31, 2013					December 31, 2012
MARKET SECTOR	VALUE AT RISK		% OF TOTAL CAPITALIZATION			VALUE AT RISK		% OF TOTAL CAPITALIZATION
Interest Rates	$	212,004		1.1	%	$	1,660,955		8.0	%
Currencies	$	710,841		3.5	%	$	2,207,110		10.6	%
Stock Indices	$	232,521		1.2	%	$	1,031,543		5.0	%
Metals	$	15,569		0.1	%	$	104,133		0.5	%
Agriculturals/Softs	$	115,450		0.6	%	$	311,136		1.5	%
Energy	$	19,276		0.1	%	$	161,051		0.8	%
Total:	$	1,305,661		6.5	%	$	5,475,927		26.4	%

(1) As of March 31, 2013 and December 31, 2012, a portion of the assets of the Balanced Series was invested in an Option of futures contracts with a notional value of $21,053,483 and $20,486,403, 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 March 31, 2013, 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, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Currency Series and Frontier Heritage Series (formerly 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),

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20% of the total interest allocated to each Series is paid to the Managing Owner. In 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

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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 March 31, 2013 (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

There were no changes in the Trust’s internal control over financial reporting during the three months ended March 31, 2013, that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

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 20 of the Prospectus filed pursuant to Rule 424(b)(3) (File No. 333-185695) 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 March 31, 2013. 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.

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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)
32.5	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)
32.6	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)
32.7	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)
32.8	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)
32.9	Certification pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes- Oxley Act of 2002. (furnished herewith)
101	Financials in XBRL format

**** Previously filed and incorporated by reference from the Definitive Prospectus filed pursuant to Rule 424(b)(3) filed May 24, 2013.

101

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: May 15, 2013
	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

102

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: May 15, 2013
	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

103

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 Heritage Series (formerly Winton/Graham Series),
	a Series of The Frontier Fund
	(Registrant)
Date: May 15, 2013
	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

104

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: May 15, 2013
	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

105

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 Select Series (formerly
	Tiverton/Graham/Transtrend Series),
	a Series of The Frontier Fund
	(Registrant)
Date: May 15, 2013
	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

106

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: May 15, 2013
	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

107

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: May 15, 2013
	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

108

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: May 15, 2013
	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

109

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: May 15, 2013
	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

110

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.

May 15, 2013	/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.

May 15, 2013	/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 March 31, 2013 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: May 15, 2013

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 March 31, 2013 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: May 15, 2013

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 Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), a Series of The Frontier Fund on Form 10-Q for the period ended March 31, 2013 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 Select Series (formerly 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
Frontier Select Series (formerly
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
Frontier Select Series (formerly

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

Date: May 15, 2013

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 March 31, 2013 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: May 15, 2013

EX-32.5

Exhibit 32.5

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Frontier Long/Short Commodity Series, a Series of The Frontier Fund on Form 10-Q for the period ended March 31, 2013 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: May 15, 2013

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 Winton Series, a Series of The Frontier Fund on Form 10-Q for the period ended March 31, 2013 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: May 15, 2013

EX-32.7

Exhibit 32.7

CERTIFICATION PURSUANT TO

18 U.S.C.§1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Frontier Heritage Series (formerly Winton/Graham Series), a Series of The Frontier Fund on Form 10-Q for the period ended March 31, 2013 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 Heritage Series (formerly 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
Frontier Heritage Series (formerly 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
Frontier Heritage Series (formerly Winton/Graham
Series), a Series of The Frontier Fund

Date: May 15, 2013

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 Frontier Diversified Series, a Series of The Frontier Fund on Form 10-Q for the period ended March 31, 2013 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: May 15, 2013

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 Frontier Masters Series, a Series of The Frontier Fund on Form 10-Q for the period ended March 31, 2013 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: May 15, 2013

XML

Financial Highlights - Financial Highlights of Trust (Detail) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
The Frontier Fund [Member]
Financial Highlights [Line Items]
Net investment gain/(loss)	(4.10%)	(4.43%)
Expenses before incentive fees	5.06%	(5.25%)
Expenses after incentive fees	5.15%	(5.44%)
Total return before incentive fees	0.07%	(2.80%)
Total return after incentive fees	(0.02%)	(2.84%)
Frontier Diversified Series [Member] | Class 1 [Member]
Financial Highlights [Line Items]
Net asset value per unit, Beginning Balance	94.40	99.40
Interest income	0.40	0.44
Expenses	(1.54)	(1.50)
Net gain/(loss) on investments, net of non-controlling interests	(0.05)	(3.11)
Net income/(loss)	(1.19)	(4.17)
Net asset value per unit, Ending balance	93.21	95.23
Net investment gain/(loss)	(4.44%)	(4.26%)
Expenses before incentive fees	6.01%	6.05%
Expenses after incentive fees	6.18%	6.07%
Total return before incentive fees	(1.09%)	(4.19%)
Total return after incentive fees	(1.26%)	(4.20%)
Frontier Diversified Series [Member] | Class 2 [Member]
Financial Highlights [Line Items]
Net asset value per unit, Beginning Balance	100.48	103.96
Interest income	0.43	0.47
Expenses	(1.10)	(1.01)
Net gain/(loss) on investments, net of non-controlling interests	(0.17)	(3.38)
Net income/(loss)	(0.84)	(3.92)
Net asset value per unit, Ending balance	99.64	100.04
Net investment gain/(loss)	(2.24%)	(2.08%)
Expenses before incentive fees	3.81%	3.88%
Expenses after incentive fees	3.98%	3.90%
Total return before incentive fees	(0.67%)	(3.77%)
Total return after incentive fees	(0.84%)	(3.77%)
Frontier Masters Series [Member] | Class 1 [Member]
Financial Highlights [Line Items]
Net asset value per unit, Beginning Balance	101.11	100.25
Interest income	0.46	0.51
Expenses	(1.74)	(1.81)
Net gain/(loss) on investments, net of non-controlling interests	1.81	2.00
Net income/(loss)	0.53	0.70
Net asset value per unit, Ending balance	101.64	100.95
Net investment gain/(loss)	(5.14%)	(5.22%)
Expenses before incentive fees	6.97%	7.25%
Expenses after incentive fees	6.97%	7.25%
Total return before incentive fees	0.52%	0.70%
Total return after incentive fees	0.52%	0.70%
Frontier Masters Series [Member] | Class 2 [Member]
Financial Highlights [Line Items]
Net asset value per unit, Beginning Balance	107.61	104.83
Interest income	0.49	0.53
Expenses	(1.30)	(1.33)
Net gain/(loss) on investments, net of non-controlling interests	1.80	1.99
Net income/(loss)	0.99	1.19
Net asset value per unit, Ending balance	108.60	106.02
Net investment gain/(loss)	(3.06%)	(3.06%)
Expenses before incentive fees	4.90%	5.09%
Expenses after incentive fees	4.90%	5.09%
Total return before incentive fees	0.92%	4.55%
Total return after incentive fees	0.92%	1.14%
Frontier Long/Short Commodity Series [Member] | Class 1 [Member]
Financial Highlights [Line Items]
Net asset value per unit, Beginning Balance		136.13
Interest income		0.70
Expenses		(3.05)
Net gain/(loss) on investments, net of non-controlling interests		0.43
Net income/(loss)		(1.92)
Net asset value per unit, Ending balance		134.21
Net investment gain/(loss)		(6.50%)
Expenses before incentive fees		8.55%
Expenses after incentive fees		8.99%
Total return before incentive fees		(1.30%)
Total return after incentive fees		(1.41%)
Frontier Long/Short Commodity Series [Member] | Class 2 [Member]
Financial Highlights [Line Items]
Net asset value per unit, Beginning Balance	145.65	161.97
Interest income	0.81	0.83
Expenses	(2.32)	(2.74)
Net gain/(loss) on investments, net of non-controlling interests	0.97	0.82
Net income/(loss)	(0.54)	(1.09)
Net asset value per unit, Ending balance	145.11	160.88
Net investment gain/(loss)	(4.19%)	(4.28%)
Expenses before incentive fees	6.45%	6.34%
Expenses after incentive fees	6.45%	6.77%
Total return before incentive fees	(0.37%)	(0.56%)
Total return after incentive fees	(0.37%)	(0.67%)
Frontier Long/Short Commodity Series [Member] | Class 3 [Member]
Financial Highlights [Line Items]
Net asset value per unit, Beginning Balance	145.69	161.96
Interest income	0.81	0.83
Expenses	(2.32)	(2.74)
Net gain/(loss) on investments, net of non-controlling interests	0.96	0.82
Net income/(loss)	(0.55)	(1.09)
Net asset value per unit, Ending balance	145.14	160.87
Net investment gain/(loss)	(4.19%)	(4.28%)
Expenses before incentive fees	6.45%	6.34%
Expenses after incentive fees	6.45%	6.77%
Total return before incentive fees	(0.38%)	(0.56%)
Total return after incentive fees	(0.38%)	(0.67%)
Frontier Long/Short Commodity Series [Member] | Class 1a [Member]
Financial Highlights [Line Items]
Net asset value per unit, Beginning Balance	108.58	121.71
Interest income	0.60	0.62
Expenses	(2.29)	(2.74)
Net gain/(loss) on investments, net of non-controlling interests	1.08	0.96
Net income/(loss)	(0.61)	(1.16)
Net asset value per unit, Ending balance	107.97	120.55
Net investment gain/(loss)	(6.29%)	(6.52%)
Expenses before incentive fees	8.55%	8.58%
Expenses after incentive fees	8.55%	9.01%
Total return before incentive fees	(0.56%)	(0.84%)
Total return after incentive fees	(0.56%)	(0.95%)
Frontier Long/Short Commodity Series [Member] | Class 2a [Member]
Financial Highlights [Line Items]
Net asset value per unit, Beginning Balance	115.45	127.23
Interest income	0.64	0.65
Expenses	(1.84)	(2.15)
Net gain/(loss) on investments, net of non-controlling interests	1.04	0.84
Net income/(loss)	(0.16)	(0.66)
Net asset value per unit, Ending balance	115.29	126.57
Net investment gain/(loss)	(4.19%)	(4.28%)
Expenses before incentive fees	6.45%	6.34%
Expenses after incentive fees	6.45%	6.78%
Total return before incentive fees	(0.14%)	(0.41%)
Total return after incentive fees	(0.14%)	(0.52%)
Balanced Series [Member] | Class 1 [Member]
Financial Highlights [Line Items]
Net asset value per unit, Beginning Balance	116.32	124.50
Interest income	0.03	0.08
Expenses	(1.49)	(1.58)
Net gain/(loss) on investments, net of non-controlling interests	(0.65)	(3.88)
Net income/(loss)	(2.12)	(5.38)
Net asset value per unit, Ending balance	114.20	119.12
Net investment gain/(loss)	(4.76%)	(4.58%)
Expenses before incentive fees	4.72%	4.82%
Expenses after incentive fees	4.86%	5.11%
Total return before incentive fees	(1.69%)	(4.25%)
Total return after incentive fees	(1.82%)	(4.32%)
Balanced Series [Member] | Class 2 [Member]
Financial Highlights [Line Items]
Net asset value per unit, Beginning Balance	149.20	155.02
Interest income	0.04	0.09
Expenses	(0.85)	(0.84)
Net gain/(loss) on investments, net of non-controlling interests	(0.84)	(4.85)
Net income/(loss)	(1.65)	(5.58)
Net asset value per unit, Ending balance	147.55	149.44
Net investment gain/(loss)	(1.82%)	(1.63%)
Expenses before incentive fees	1.78%	1.87%
Expenses after incentive fees	1.92%	2.16%
Total return before incentive fees	(0.97%)	(3.53%)
Total return after incentive fees	(1.11%)	(3.60%)
Balanced Series [Member] | Class 1a [Member]
Financial Highlights [Line Items]
Net asset value per unit, Beginning Balance		108.45
Interest income		0.07
Expenses		(1.37)
Net gain/(loss) on investments, net of non-controlling interests		(3.28)
Net income/(loss)		(4.58)
Net asset value per unit, Ending balance		103.87
Net investment gain/(loss)		(4.59%)
Expenses before incentive fees		4.82%
Expenses after incentive fees		5.12%
Total return before incentive fees		(4.15%)
Total return after incentive fees		(4.22%)
Balanced Series [Member] | Class 2a [Member]
Financial Highlights [Line Items]
Net asset value per unit, Beginning Balance	124.36	128.35
Interest income	0.03	0.08
Expenses	(0.71)	(0.69)
Net gain/(loss) on investments, net of non-controlling interests	(0.23)	(3.90)
Net income/(loss)	(0.90)	(4.51)
Net asset value per unit, Ending balance	123.46	123.84
Net investment gain/(loss)	(1.82%)	(1.63%)
Expenses before incentive fees	1.78%	1.88%
Expenses after incentive fees	1.92%	2.17%
Total return before incentive fees	(0.59%)	(3.44%)
Total return after incentive fees	(0.72%)	(3.51%)
Balanced Series [Member] | Class 3a [Member]
Financial Highlights [Line Items]
Net asset value per unit, Beginning Balance	123.96	128.36
Interest income	0.03	0.08
Expenses	(0.71)	(0.69)
Net gain/(loss) on investments, net of non-controlling interests	(0.23)	(3.90)
Net income/(loss)	(0.91)	(4.51)
Net asset value per unit, Ending balance	123.05	123.85
Net investment gain/(loss)	(1.82%)	(1.63%)
Expenses before incentive fees	1.78%	1.87%
Expenses after incentive fees	1.92%	2.16%
Total return before incentive fees	(0.60%)	(3.44%)
Total return after incentive fees	(0.73%)	(3.51%)
Frontier Select Series [Member] | Class 1 [Member]
Financial Highlights [Line Items]
Net asset value per unit, Beginning Balance	78.66	91.02
Interest income	0.29	0.04
Expenses	(1.40)	(1.49)
Net gain/(loss) on investments, net of non-controlling interests	4.31	0.06
Net income/(loss)	3.20	(1.39)
Net asset value per unit, Ending balance	81.86	89.63
Net investment gain/(loss)	(5.62%)	(6.37%)
Expenses before incentive fees	7.10%	6.56%
Expenses after incentive fees	7.10%	6.56%
Total return before incentive fees	4.07%	(1.53%)
Total return after incentive fees	4.07%	(1.53%)
Frontier Select Series [Member] | Class 2 [Member]
Financial Highlights [Line Items]
Net asset value per unit, Beginning Balance	99.55	111.84
Interest income	0.37	0.05
Expenses	(1.04)	(1.00)
Net gain/(loss) on investments, net of non-controlling interests	5.47	0.03
Net income/(loss)	4.80	(0.92)
Net asset value per unit, Ending balance	104.35	110.92
Net investment gain/(loss)	(2.68%)	(3.40%)
Expenses before incentive fees	4.16%	3.59%
Expenses after incentive fees	4.16%	3.59%
Total return before incentive fees	4.82%	(0.82%)
Total return after incentive fees	4.82%	(0.82%)
Currency Series [Member] | Class 1 [Member]
Financial Highlights [Line Items]
Net asset value per unit, Beginning Balance	56.91	70.48
Interest income	0.06	0.00
Expenses	(0.52)	(0.65)
Net gain/(loss) on investments, net of non-controlling interests	(0.48)	(2.46)
Net income/(loss)	(0.94)	(3.11)
Net asset value per unit, Ending balance	55.97	67.37
Net investment gain/(loss)	(3.30%)	(3.71%)
Expenses before incentive fees	3.74%	3.71%
Expenses after incentive fees	3.74%	3.71%
Total return before incentive fees	(1.65%)	(4.41%)
Total return after incentive fees	(1.65%)	(4.41%)
Currency Series [Member] | Class 2 [Member]
Financial Highlights [Line Items]
Net asset value per unit, Beginning Balance	72.95	87.61
Interest income	0.08	0.00
Expenses	(0.13)	(0.16)
Net gain/(loss) on investments, net of non-controlling interests	(0.64)	(3.08)
Net income/(loss)	(0.69)	(3.24)
Net asset value per unit, Ending balance	72.26	84.37
Net investment gain/(loss)	(0.30%)	(0.73%)
Expenses before incentive fees	0.75%	0.73%
Expenses after incentive fees	0.75%	0.73%
Total return before incentive fees	(0.95%)	(3.70%)
Total return after incentive fees	(0.95%)	(3.70%)
Winton Series [Member] | Class 1 [Member]
Financial Highlights [Line Items]
Net asset value per unit, Beginning Balance	130.73	141.13
Interest income	0.36	0.36
Expenses	(2.04)	(2.07)
Net gain/(loss) on investments, net of non-controlling interests	7.48	(1.42)
Net income/(loss)	5.80	(3.13)
Net asset value per unit, Ending balance	136.53	138.00
Net investment gain/(loss)	(5.07%)	(4.86%)
Expenses before incentive fees	6.15%	5.88%
Expenses after incentive fees	6.15%	5.88%
Total return before incentive fees	4.44%	(2.22%)
Total return after incentive fees	4.44%	(2.22%)
Winton Series [Member] | Class 2 [Member]
Financial Highlights [Line Items]
Net asset value per unit, Beginning Balance	158.30	165.82
Interest income	0.43	0.42
Expenses	(1.29)	(1.20)
Net gain/(loss) on investments, net of non-controlling interests	9.08	(1.69)
Net income/(loss)	8.22	(2.47)
Net asset value per unit, Ending balance	166.52	163.35
Net investment gain/(loss)	(2.13%)	(1.89%)
Expenses before incentive fees	3.21%	2.91%
Expenses after incentive fees	3.21%	2.91%
Total return before incentive fees	5.19%	(1.49%)
Total return after incentive fees	5.19%	(1.49%)
Frontier Heritage Series [Member] | Class 1 [Member]
Financial Highlights [Line Items]
Net asset value per unit, Beginning Balance	94.55	104.73
Interest income	0.18	0.08
Expenses	(1.56)	(2.05)
Net gain/(loss) on investments, net of non-controlling interests	8.46	1.61
Net income/(loss)	7.08	(0.36)
Net asset value per unit, Ending balance	101.63	104.37
Net investment gain/(loss)	(5.68%)	(7.55%)
Expenses before incentive fees	6.42%	7.85%
Expenses after incentive fees	6.42%	7.85%
Total return before incentive fees	7.49%	(0.34%)
Total return after incentive fees	7.49%	(0.34%)
Frontier Heritage Series [Member] | Class 2 [Member]
Financial Highlights [Line Items]
Net asset value per unit, Beginning Balance	120.67	129.70
Interest income	0.23	0.10
Expenses	(1.08)	(1.56)
Net gain/(loss) on investments, net of non-controlling interests	10.83	1.99
Net income/(loss)	9.98	0.53
Net asset value per unit, Ending balance	130.65	130.23
Net investment gain/(loss)	(2.75%)	6.14%
Expenses before incentive fees	3.48%	4.84%
Expenses after incentive fees	3.48%	4.84%
Total return before incentive fees	8.27%	0.41%
Total return after incentive fees	8.27%	0.41%

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Derivative Instruments and Hedging Activities - Summary of Derivative Assets and Liabilities Disclosed on Statements of Financial Condition (Detail) (The Frontier Fund [Member], USD $)	Mar. 31, 2013	Dec. 31, 2012
Open Trade Equity (Deficit) [Member]
Derivatives, Fair Value [Line Items]
Gross Amounts of recognized Derivative Assets	$ 20,763,887	$ 22,637,635
Gross Amounts of recognized Derivative Liabilities	(7,056,911)	(10,520,986)
Net Amounts of Derivative Assets and Liabilities	13,706,976	12,116,649
Options Written [Member]
Derivatives, Fair Value [Line Items]
Gross Amounts of recognized Derivative Liabilities	(1,860,096)	(4,199,198)
Net Amounts of Derivative Assets and Liabilities	(1,860,096)	(4,199,198)
Receivable from Futures Commissions Merchants [Member]
Derivatives, Fair Value [Line Items]
Gross Amounts of recognized Derivative Assets	226,379,726	225,653,255
Gross Amounts of recognized Derivative Liabilities	(102,748,520)	(77,624,026)
Net Amounts of Derivative Assets and Liabilities	$ 123,631,206	$ 148,029,229

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Investments in Unconsolidated Trading Companies - Equity in Earnings from Unconsolidated Trading Companies (Detail) (USD $)	3 Months Ended	12 Months Ended		3 Months Ended		12 Months Ended	3 Months Ended
	Mar. 31, 2013 Frontier Trading Company II LLC [Member]	Dec. 31, 2012 Frontier Trading Company II LLC [Member]	Dec. 31, 2012 Frontier Trading Company V LLC [Member]	Mar. 31, 2013 Frontier Trading Company XV, LLC [Member]	Mar. 31, 2013 Frontier Trading Company XXIII, LLC [Member]	Dec. 31, 2012 Frontier Trading Company XXIII, LLC [Member]	Mar. 31, 2013 Frontier Trading Company XXXIX, LLC [Member]	Mar. 31, 2013 Balanced Series [Member]	Mar. 31, 2012 Balanced Series [Member]	Mar. 31, 2013 Balanced Series [Member] Frontier Trading Company II LLC [Member]	Mar. 31, 2012 Balanced Series [Member] Frontier Trading Company II LLC [Member]	Mar. 31, 2013 Balanced Series [Member] Frontier Trading Company V LLC [Member]	Mar. 31, 2012 Balanced Series [Member] Frontier Trading Company V LLC [Member]	Mar. 31, 2013 Balanced Series [Member] Frontier Trading Company VII, LLC [Member]	Mar. 31, 2012 Balanced Series [Member] Frontier Trading Company VII, LLC [Member]	Mar. 31, 2013 Balanced Series [Member] Frontier Trading Company XV, LLC [Member]	Mar. 31, 2013 Balanced Series [Member] Frontier Trading Company XVI, LLC [Member]	Mar. 31, 2013 Balanced Series [Member] Frontier Trading Company XXIII, LLC [Member]	Mar. 31, 2012 Balanced Series [Member] Frontier Trading Company XXIII, LLC [Member]	Mar. 31, 2013 Balanced Series [Member] Frontier Trading Company XXXIX, LLC [Member]	Mar. 31, 2013 Winton Series [Member]	Mar. 31, 2012 Winton Series [Member]	Mar. 31, 2013 Winton Series [Member] Frontier Trading Company II LLC [Member]	Mar. 31, 2012 Winton Series [Member] Frontier Trading Company II LLC [Member]	Mar. 31, 2013 Currency Series [Member]	Mar. 31, 2012 Currency Series [Member]	Mar. 31, 2013 Currency Series [Member] Frontier Trading Company XVII LLC [Member]	Mar. 31, 2012 Currency Series [Member] Frontier Trading Company XVII LLC [Member]	Mar. 31, 2013 Frontier Select Series [Member]		Mar. 31, 2012 Frontier Select Series [Member]		Mar. 31, 2013 Frontier Select Series [Member] Frontier Trading Company V LLC [Member]	Mar. 31, 2012 Frontier Select Series [Member] Frontier Trading Company V LLC [Member]	Mar. 31, 2013 Frontier Select Series [Member] Frontier Trading Company XV, LLC [Member]	Mar. 31, 2012 Frontier Select Series [Member] Frontier Trading Company XV, LLC [Member]	Mar. 31, 2013 Frontier Select Series [Member] Frontier Trading Company XXXIX, LLC [Member]	Mar. 31, 2012 Frontier Select Series [Member] Frontier Trading Company XXI, LLC [Member]	Mar. 31, 2013 Frontier Heritage Series [Member]	Mar. 31, 2012 Frontier Heritage Series [Member]	Mar. 31, 2013 Frontier Heritage Series [Member] Frontier Trading Company II LLC [Member]	Mar. 31, 2012 Frontier Heritage Series [Member] Frontier Trading Company II LLC [Member]	Mar. 31, 2013 Frontier Heritage Series [Member] Frontier Trading Company V LLC [Member]	Mar. 31, 2012 Frontier Heritage Series [Member] Frontier Trading Company V LLC [Member]	Mar. 31, 2013 Frontier Heritage Series [Member] Frontier Trading Company XXXIX, LLC [Member]	Mar. 31, 2013 Frontier Long/Short Commodity Series [Member]	Mar. 31, 2012 Frontier Long/Short Commodity Series [Member]	Mar. 31, 2013 Frontier Long/Short Commodity Series [Member] Frontier Trading Company XXIII, LLC [Member]	Mar. 31, 2012 Frontier Long/Short Commodity Series [Member] Frontier Trading Company XXIII, LLC [Member]	Mar. 31, 2013 Frontier Long/Short Commodity Series [Member] Frontier Trading Company I LLC [Member]	Mar. 31, 2012 Frontier Long/Short Commodity Series [Member] Frontier Trading Company I LLC [Member]	Mar. 31, 2012 Frontier Long/Short Commodity Series [Member] Frontier Trading Company XVIII, LLC [Member]	Mar. 31, 2013 Frontier Diversified Series [Member]	Mar. 31, 2012 Frontier Diversified Series [Member]	Mar. 31, 2013 Frontier Diversified Series [Member] Frontier Trading Company II LLC [Member]	Mar. 31, 2012 Frontier Diversified Series [Member] Frontier Trading Company II LLC [Member]	Mar. 31, 2013 Frontier Diversified Series [Member] Frontier Trading Company V LLC [Member]	Mar. 31, 2012 Frontier Diversified Series [Member] Frontier Trading Company V LLC [Member]	Mar. 31, 2013 Frontier Diversified Series [Member] Frontier Trading Company VII, LLC [Member]	Mar. 31, 2012 Frontier Diversified Series [Member] Frontier Trading Company VII, LLC [Member]	Mar. 31, 2013 Frontier Diversified Series [Member] Frontier Trading Company XV, LLC [Member]	Mar. 31, 2012 Frontier Diversified Series [Member] Frontier Trading Company XV, LLC [Member]	Mar. 31, 2013 Frontier Diversified Series [Member] Frontier Trading Company XXIII, LLC [Member]	Mar. 31, 2012 Frontier Diversified Series [Member] Frontier Trading Company XXIII, LLC [Member]	Mar. 31, 2013 Frontier Diversified Series [Member] Frontier Trading Company XXXIX, LLC [Member]	Mar. 31, 2012 Frontier Diversified Series [Member] Frontier Trading Company XXI, LLC [Member]	Mar. 31, 2013 Frontier Diversified Series [Member] Frontier Trading Company I LLC [Member]	Mar. 31, 2012 Frontier Diversified Series [Member] Frontier Trading Company I LLC [Member]	Mar. 31, 2012 Frontier Diversified Series [Member] Frontier Trading Company XVIII, LLC [Member]	Mar. 31, 2012 Frontier Diversified Series [Member] Frontier Trading Company IX, LLC [Member]	Mar. 31, 2013 Frontier Diversified Series [Member] Frontier Trading Company XIV, LLC [Member]	Mar. 31, 2012 Frontier Diversified Series [Member] Frontier Trading Company XIV, LLC [Member]	Mar. 31, 2013 Frontier Masters Series [Member]	Mar. 31, 2012 Frontier Masters Series [Member]	Mar. 31, 2013 Frontier Masters Series [Member] Frontier Trading Company II LLC [Member]	Mar. 31, 2012 Frontier Masters Series [Member] Frontier Trading Company II LLC [Member]	Mar. 31, 2013 Frontier Masters Series [Member] Frontier Trading Company XV, LLC [Member]	Mar. 31, 2012 Frontier Masters Series [Member] Frontier Trading Company XV, LLC [Member]	Mar. 31, 2013 Frontier Masters Series [Member] Frontier Trading Company XIV, LLC [Member]	Mar. 31, 2012 Frontier Masters Series [Member] Frontier Trading Company XIV, LLC [Member]
Investment [Line Items]
Trading Commissions								$ (211,085)	$ (263,848)	$ (11,501)	$ (17,480)	$ (13,876)	$ (51,183)	$ (144,075)	$ (186,655)	$ (36,685)	$ (3,769)	$ (1,179)	$ (8,530)				$ (11,653)	$ (12,882)					$ (35,204)		$ (66,240)		$ (12,346)	$ (49,745)	$ (22,858)	$ (12,897)		$ (3,598)	$ (15,931)	$ (72,076)	$ (2,664)	$ (4,747)	$ (13,268)	$ (67,329)		$ (22,102)	$ (26,936)	$ (6,308)	$ (5,118)	$ (15,794)	$ (14,204)	$ (7,614)	$ (342,217)	$ (483,186)	$ (6,096)	$ (8,216)	$ (9,571)	$ (27,108)	$ (87,931)	$ (96,249)	$ (18,486)	$ (30,257)	$ (13,200)	$ (4,266)		$ (254)	$ (128,516)	$ (194,760)	$ (14,682)	$ (11,687)	$ (78,418)	$ (95,707)	$ (72,554)	$ (73,950)	$ (3,449)	$ (3,813)	$ (37,689)	$ (9,832)	$ (31,416)	$ (60,305)
Realized Gain/(Loss)								2,739,237	(16,593,565)	2,382,683	1,130,303	1,530,384	559,558	(1,326,705)	(18,053,930)	91,850	47,987	13,038	(229,496)				2,504,392	833,391					1,320,240		(2,172,987)	[1]	1,188,592	2,040,212	131,648	(209,247)		399,495	1,959,559	998,464	554,947	306,322	1,404,612	692,142		(337,627)	(704,901)	(180,509)	(137,444)	(157,118)	(1,039,964)	472,507	(46,513)	(9,634,700)	1,311,057	530,724	1,055,495	269,249	(534,092)	(9,316,926)	32,629	(569,163)	(328,080)	(114,732)		8,435	(357,571)	(2,331,404)	911,355	(159,693)	(1,225,951)	1,137,455	326,549	780,030	741,157	246,545	76,997	(185,032)	(491,605)	718,517
Change in Unrealized Gain/(Loss)								284,173	12,868,461	29,643	(1,604,191)	(272,459)	42,753	256,553	14,305,300	255,168	(29,090)	29,659	124,599	14,700			(173,364)	(1,186,263)			(46,203)	(132,912)	43,404		2,084,880	[1]	(78,854)	(1,446,023)	105,459	(76,048)	16,799	(450,646)	(180,172)	(382,206)	4,069	(434,737)	(205,240)	52,531	20,999	(171,384)	(303,418)	(21,131)	74,723	(150,252)	(305,434)	(72,707)	128,431	6,139,452	(92,220)	(753,385)	(187,841)	21,957	48,285	7,381,068	148,279	(48,533)	(64,983)	62,249	10,500	1,468	(672,046)	1,077	(138,281)	(161,676)	938,457	(226,492)	636,663	(515,802)	(51,324)	(351,200)	312,247	(16,039)	375,740	(148,563)
Change in fair value of investments in unconsolidated trading companies	$ 7,175,679	$ (1,320,824)	$ 2,037,749	$ 1,092,191	$ (1,468,937)	$ (243,700)	$ 62,997	$ 2,812,325	$ (3,988,952)	$ 2,400,825	$ (491,368)	$ 1,244,049	$ 551,128	$ (1,214,227)	$ (3,935,285)	$ 310,332	$ 15,128	$ 41,518	$ (113,427)	$ 14,700	$ 2,319,375	$ (365,754)	$ 2,319,375	$ (365,754)	$ (46,203)	$ (132,912)	$ (46,203)	$ (132,912)	$ 1,328,440	[2]	$ 191,503	[2]	$ 1,097,391	$ 544,444	$ 214,249	$ (298,192)	$ 16,799	$ (54,749)	$ 1,763,456	$ 544,182	$ 556,353	$ (133,162)	$ 1,186,104	$ 677,344	$ 20,999	$ (531,113)	$ (1,035,255)	$ (207,949)	$ (67,839)	$ (323,164)	$ (1,359,602)	$ 392,186	$ (260,299)	$ (3,978,434)	$ 1,212,741	$ (230,877)	$ 858,083	$ 264,098	$ (573,737)	$ (2,032,107)	$ 162,422	$ (647,953)	$ (406,263)	$ (56,749)	$ 10,500	$ 9,649	$ (1,158,132)	$ (2,525,087)	$ 758,392	$ (333,056)	$ (365,912)	$ 815,256	$ 890,658	$ 190,278	$ 686,385	$ (108,468)	$ 351,555	$ (210,903)	$ (147,281)	$ 509,649

[1] Formerly the Tiverton/Graham/Transtrend Series.

[2] Formerly known as the Tiverton/Graham/Transtrend Series.

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Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2013

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 March 31, 2013

Monthly average contracts:	Bought		Sold
Frontier Long/Short Commodity Series		3,836		3,751
Balanced Series		9,914		10,005
Diversified Series		8		29

For The Three Months Ended March 31, 2012

Monthly average contracts:	Bought		Sold
Frontier Long/Short Commodity Series		26,250		23,275
Balanced Series		6,325		8,575
Frontier Masters Series		1,375		700

Realized Trading Revenue from Futures, Forwards and Options

The following tables summarize the trading revenues for the three months ended March 31, 2013 and 2012 by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2013

Type of contract	Frontier Long/Short Commodity  Series			Balanced Series			Diversified Series
Metals	$	(875,420	)	$	(2,726,807	)	$	(488,195	)
Currencies		1,327,935			(310,035	)		1,300,655
Energies		(3,696,351	)		30,607			(3,465	)
Agriculturals		(169,442	)		(1,472,771	)		8,936
Interest rates		237,979			(13,192,219	)		(88,186	)
Stock indices		1,259,718			9,960,557			146,263
Realized trading income/(loss)(2)	$	(1,915,581	)	$	(7,710,668	)	$	876,008

(1) The Frontier Diversified Series, Frontier Select Series (formerly known as Tiverton/Graham/Transtrend), Frontier Heritage Series (formerly know as Winton/Graham Series) and Winton Series participate in trading activities through equity in earnings/(loss) from trading companies. The Diversified Series began consolidating the Frontier Trading Company V as of March 8, 2013.

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

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2012 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	(18,715,970	)	$	716,722		$	(1,901,528	)
Currencies		(8,498,267	)		325,491			(863,556	)
Energies		(4,350,150	)		166,614			(442,043	)
Agriculturals		(6,871,127	)		263,170			(698,213	)
Interest rates		(12,430,721	)		476,107			(1,263,154	)
Stock indices		17,151,335			(656,911	)		1,742,842
Realized trading income/(loss)(2)	$	(33,714,900	)	$	1,291,193		$	(3,425,652	)

(1) The Frontier Diversified Series, Frontier Masters Series, and Frontier Long/Short Commodity Series participate in trading activities through equity in earnings/(loss) from trading companies. Frontier Long/Short Commodity Series began consolidating Frontier Trading Company XVIII as of May 15, 2012 and the Balanced Series began consolidating the Frontier Trading Company XVIII prior to May 15, 2012. The Balance Series consolidated Frontier Trading Company XXIII, LLc as of July 7, 2012.

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

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

The following tables summarize the trading revenues for the three months ended March 31, 2013 and 2012 by sector:

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

for the Three Months Ended March 31, 2013

Type of contract	Frontier Long/Short Commodity Series			Balanced Series			Diversified Series
Metals	$	352,320		$	2,364,213		$	466,465
Currencies		(307,622	)		(567,405	)		(1,191,389	)
Energies		1,596,146			(1,330,051	)		2,210
Agriculturals		442,484			(385,548	)		(21,226	)
Interest rates		(314,640	)		1,439,004			79,060
Stock indices		(310,096	)		558,809			(43,824	)
Change in unrealized trading income/(loss)(3)	$	1,458,592		$	2,079,022		$	(708,704	)

(1) The Frontier Diversified Series, Frontier Select Series (formerly known as Tiverton/Graham/Transtrend), Frontier Heritage Series (formerly know as Winton/Graham Series) and Winton Series participate in trading activities through equity in earnings/(loss) from trading companies. The Diversified Series began consolidating the Frontier Trading Company V as of March 8, 2013.

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

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

for the Three Months Ended March 31, 2012 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	3,766,803		$	(41,417	)	$	(300,085	)
Currencies		18,113,239			(199,158	)		(1,443,005	)
Energies		6,482,818			(71,280	)		(516,459	)
Agriculturals		2,012,905			(22,132	)		(160,360	)
Interest rates		(1,257,357	)		13,825			100,168
Stock indices		483,775			(5,319	)		(38,540	)
Change in unrealized trading income/(loss)(3)	$	29,602,183		$	(325,481	)	$	(2,358,281	)

(1) The Frontier Diversified Series, Frontier Masters Series, and Frontier Long/Short Commodity Series participate in trading activities through equity in earnings/(loss) from trading companies. The Frontier Long/Short Commodity Series began consolidating Frontier Trading Company XVIII as of May 15, 2012 and the Balanced Series began consolidating Frontier Trading Company XVIII prior to May 15, 2012. The Balance Series consolidated Frontier Trading Company XXIII, LLc as of July 7, 2012.

(3) Amounts recorded in the Statements of Operations under Net change in open trade equity (deficit), at fair value.

Schedule of Derivative Instruments as Disclosed on Statement of Financial Condition

The following tables present gross and net information about the Series’ assets and liabilities subject to master netting arrangements as disclosed on the statements of financial condition as of March 31, 2013 and December 31, 2012.

Offsetting of Derivative Assets and Liabilities

As of March 31, 2013

	Gross Amounts of recognized Derivative Assets		Gross Amounts of recognized Derivative Liabilities			Net Amounts of Derivative Assets and Liabilities Presented in the Statements of Financial Condition
Frontier Diversified Series
Open Trade Equity/(Deficit)	$	—	$	(141,927	)	$	(141,927	)
Options Written		—		—			—
Receivable from Futures Commissions Merchants		16,074,764		(15,855,281	)		219,483
Frontier Long/Short Commodity Series
Open Trade Equity/(Deficit)	$	3,232,650	$	(1,541,461	)	$	1,691,189
Options Written		—		(236,780	)		(236,780	)
Receivable from Futures Commissions Merchants		18,782,906		(9,075,951	)		9,706,955
Balanced Series
Open Trade Equity/(Deficit)	$	6,722,200	$	(4,933,135	)	$	1,789,065
Options Written		—		(363,800	)		(363,800	)
Receivable from Futures Commissions Merchants		87,470,417		(4,616,927	)		82,853,490

As of December 31, 2012

	Gross Amounts  of recognized Derivative Assets		Gross Amounts  of recognized Derivative Liabilities			Net Amounts of Derivative  Assets and Liabilities Presented in the Statements of Financial Condition
Frontier Long/Short Commodity Series
Open Trade Equity/(Deficit)	$	3,314,175	$	(4,133,710	)	$	(819,535	)
Options Written		—		—			(928,690	)
Receivable from Futures Commissions Merchants		22,276,098		(7,505,125	)		14,770,973
Balanced Series
Open Trade Equity/(Deficit)	$	4,215,436	$	(4,887,947	)	$	(672,511	)
Options Written		—		(165,363	)		(165,363	)
Receivable from Futures Commissions Merchants		98,277,094		(6,233,501	)		92,043,593

The Frontier Fund [Member]

Realized Trading Revenue from Futures, Forwards and Options

The following tables summarize the trading revenues for the three months ended March 31, 2013 and 2012 by contract type:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2013

Type of contract
Metals	$	(4,931,538	)
Currencies		7,577,127
Energies		(5,569,614	)
Agriculturals		(1,789,149	)
Interest rates		(16,567,527	)
Stock indices		25,586,378
Realized trading income/(loss)(1)	$	4,305,677

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

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2012 ⁽¹⁾

Type of contract
Metals	$	(16,504,940	)
Currencies		(7,495,517	)
Energies		(3,836,856	)
Agriculturals		(6,060,371	)
Interest rates		(10,963,963	)
Stock indices		15,127,571
Realized trading income/(loss)(1)	$	(29,734,078	)

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

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

The following tables summarize the trading revenues for the three months ended March 31, 2013 and 2012 by contract type:

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

for the Three Months Ended March 31, 2013

Type of contract
Metals	$	3,556,020
Currencies		(3,704,100	)
Energies		566,698
Agriculturals		909,899
Interest rates		2,093,086
Stock indices		(701,756	)
Change in unrealized trading income/(loss)(2)	$	2,719,847

(2) Amounts recorded in the Consolidated Statement of Operations under net change in open trade equity (deficit).

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

for the Three Months Ended March 31, 2012 ⁽²⁾

Type of contract
Metals	$	2,739,341
Currencies		13,172,537
Energies		4,714,516
Agriculturals		1,463,850
Interest rates		(914,391	)
Stock indices		351,817
Change in unrealized trading income/(loss)(2)	$	21,527,670

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

Summary of Derivative Assets and Liabilities Disclosed on Statements of Financial Condition

The following tables present gross and net information about the Trust’s assets and liabilities subject the master netting arrangements as disclosed on the statements of financial condition as of March 31, 2013 and December 31, 2012:

Offsetting of Derivative Assets and Liabilities

As of March 31, 2013

	Gross Amounts  of recognized Derivative Assets		Gross Amounts  of recognized Derivative Liabilities			Net Amounts of Derivative Assets and Liabilities Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	20,763,887	$	(7,056,911	)	$	13,706,976
Options Written		—		(1,860,096	)		(1,860,096	)
Receivable from Futures Commissions Merchants		226,379,726		(102,748,520	)		123,631,206

Offsetting of Derivative Assets and Liabilities

As of December 31, 2012

	Gross Amounts  of recognized Derivative Assets		Gross Amounts  of recognized Derivative Liabilities			Net Amounts of Derivative Assets and Liabilities Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	22,637,635	$	(10,520,986	)	$	12,116,649
Options Written		—		(4,199,198	)		(4,199,198	)
Receivable from Futures Commissions Merchants		225,653,255		(77,624,026	)		148,029,229

XML

Derivative Instruments and Hedging Activities - Net Change in Open Trade Equity from Futures, Forwards and Options (Detail) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
The Frontier Fund [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	$ 2,719,847	$ 21,527,670
Metals [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	3,556,020	2,739,341
Currency [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(3,704,100)	13,172,537
Energies [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	566,698	4,714,516
Agriculturals [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	909,899	1,463,850
Interest rates [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	2,093,086	(914,391)
Stock indices [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(701,756)	351,817
Frontier Long/Short Commodity Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	1,458,592	29,602,183
Frontier Long/Short Commodity Series [Member] | Metals [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	352,320	3,766,803
Frontier Long/Short Commodity Series [Member] | Currency [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(307,622)	18,113,239
Frontier Long/Short Commodity Series [Member] | Energies [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	1,596,146	6,482,818
Frontier Long/Short Commodity Series [Member] | Agriculturals [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	442,484	2,012,905
Frontier Long/Short Commodity Series [Member] | Interest rates [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(314,640)	(1,257,357)
Frontier Long/Short Commodity Series [Member] | Stock indices [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(310,096)	483,775
Balanced Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	2,079,022	(2,358,281)
Balanced Series [Member] | Metals [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	2,364,213	(300,085)
Balanced Series [Member] | Currency [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(567,405)	(1,443,005)
Balanced Series [Member] | Energies [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(1,330,051)	(516,459)
Balanced Series [Member] | Agriculturals [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(385,548)	(160,360)
Balanced Series [Member] | Interest rates [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	1,439,004	100,168
Balanced Series [Member] | Stock indices [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	558,809	(38,540)
Diversified Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(708,704)
Diversified Series [Member] | Metals [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	466,465
Diversified Series [Member] | Currency [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(1,191,389)
Diversified Series [Member] | Energies [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	2,210
Diversified Series [Member] | Agriculturals [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(21,226)
Diversified Series [Member] | Interest rates [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	79,060
Diversified Series [Member] | Stock indices [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options	(43,824)
Frontier Masters Series [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options		(325,481)
Frontier Masters Series [Member] | Metals [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options		(41,417)
Frontier Masters Series [Member] | Currency [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options		(199,158)
Frontier Masters Series [Member] | Energies [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options		(71,280)
Frontier Masters Series [Member] | Agriculturals [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options		(22,132)
Frontier Masters Series [Member] | Interest rates [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options		13,825
Frontier Masters Series [Member] | Stock indices [Member]
Derivative [Line Items]
Net Change in Open Trade Equity from Futures, Forwards and Options		$ (5,319)

XML

Transactions with Affiliates - Fees Earned by Managing Owner (Detail) (USD $)	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
Frontier Diversified Series [Member]
Management Fees Provided For Service [Line Items]
Management Fee	$ 410,426		$ 516,204
Trading Fee	636,522		773,697
Incentive Fee	184,498		5,758
Service Fee	305,403		391,766
Frontier Masters Series [Member]
Management Fees Provided For Service [Line Items]
Management Fee	324,723		352,610
Trading Fee	292,626		317,570
Service Fee	175,344		187,327
Frontier Long/Short Commodity Series [Member]
Management Fees Provided For Service [Line Items]
Management Fee	638,253		864,191
Trading Fee	211,732		254,373
Incentive Fee			77,070
Service Fee	96,103		124,836
Balanced Series [Member]
Management Fees Provided For Service [Line Items]
Management Fee	494,637		689,478
Trading Fee	345,915		477,527
Incentive Fee	259,439		178,125
Service Fee	991,548		1,340,888
Frontier Select Series [Member]
Management Fees Provided For Service [Line Items]
Management Fee	209,199	[1]	272,986	[1]
Trading Fee	44,783	[1]	70,889	[1]
Service Fee	157,859		254,314
Currency Series [Member]
Management Fees Provided For Service [Line Items]
Trading Fee	3,688		7,497
Service Fee	14,395		29,910
Winton Series [Member]
Management Fees Provided For Service [Line Items]
Management Fee	252,254		267,609
Trading Fee	74,742		91,423
Service Fee	222,806		282,428
Frontier Heritage Series [Member]
Management Fees Provided For Service [Line Items]
Management Fee	139,061		298,313
Trading Fee	37,183		55,058
Service Fee	$ 119,839		$ 179,072

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

XML

Significant Accounting Policies

3 Months Ended

Mar. 31, 2013

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 2012 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-controlled Trading Companies; Frontier Trading Company I LLC, Frontier Trading Company XIV, LLC, Frontier Trading Company IX, LLC and Frontier Trading Company XVII, LLC and the assets and liabilities of its majority owned Trading Companies, and the earnings of Trading Company XXIII, LLC from July 11, 2012 to March 12, 2013. Also included in the consolidated financial statements were the earnings of its majority controlled trading company, Trading Company XVIII, LLC from January 1, 2011 through May 14, 2012 and the earnings from Frontier Trading Company XV, LLC from January 1, 2011 through December 28, 2012. Multiple Series have investment interests in Frontier Trading Company I LLC. The Managing Owner assigns the full ownership and earnings of that swap identified in footnote four as Option/Swap with Societe Generale, owned by Frontier Trading Company I LLC, to the Balanced Series.

The consolidated financial statements of the Frontier Long/Short Commodity Series include the assets, liabilities and earnings of its majority controlled trading companies; Frontier Trading Company VII, LLC, from September 28, 2011 to March 31, 2013 and Frontier Trading Company XVIII, LLC from May 15, 2012 through March 31, 2013.

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 December 28, 2012). The consolidated financial statements of the Frontier Diversified Series include the assets, liabilities and earnings of its majority owned trading company, Frontier Trading Company V, LLC (earnings from March 9, 2013 through March 31, 2013).

Investment in Berkeley Quantitative Colorado Fund LLC—The Frontier Select 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 Frontier Select 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. 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. Actual results could differ from these estimates, and such differences could be material.

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

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), Frontier Select Series, Currency Series, Winton Series and Frontier Heritage 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. All U.S. Treasury Securities have been liquidated as of March 31, 2013.

U.S. Treasury Securities—U.S. Treasury Securities were 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 were reported at fair value as Level 1 inputs under ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). The Series of the Trust valued U.S. Treasury Securities at fair value and recorded the daily change in value in the statements of operations as net unrealized gain/(loss) on U.S. Treasury securities. Accrued interest was 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 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 April 1, 2010, 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, October 2012, and November 2012, the Trust, with respect to the Series, redeemed approximately $25 million, $25 million, $50 million $25 million and $16 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 3.75% 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 change in open trade equity (deficit) 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. The Series do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized or unrealized gain or loss from investments.

Allocation of Earnings—Each Series of the Trust 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 trading level interest in the Trading Company, adjusted on a daily basis (except for Trading Advisors and other investments such as swap that are directly allocated to a specific series). 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.

Receivables/Payables From Other Series—Advances between the Series can be made through a re-allocation of the Series’ interest in the cash management pool and all accounted for as a receivable or payable from/to other Series.

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 on a daily basis. 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 2009 through 2012 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 December 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. FASB issued additional clarification to specify that the guidance applies only to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria of the Codification or subject to a master netting arrangement or similar agreement. 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 Series financial position or results of operations and is disclosed in Note 8.

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 2012 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 are consolidated by the Trust.

Investment in Berkeley Quantitative Colorado Fund LLC—The Frontier Select Series (formerly 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. Actual results could differ from these estimates and such differences could be material.

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

Interest Income—Aggregate interest income from all sources, including assets held at Futures Commission Merchants (“FCM”), up to the first two percentage points or 20% 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 consolidated statements of operations as net unrealized gain/(loss) on U.S. Treasury securities. Accrued interest is reported on the consolidated statements of financial condition as interest receivable. All U.S. Treasury Securities have been liquidated as of March 31, 2013.

Custom Time Deposits—Custom time deposits are structured deposit agreements with U.S. Bank National Association that earn a guaranteed fixed interest rate between 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 April 1, 2010, 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, October 2012, and November 2012, the Trust, redeemed approximately $25 million, $25 million, $50 million $25 million and $16 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 3.75% 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 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 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. 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, with changes in fair value reported as a component of realized and unrealized gains/(losses) on investments in the statements of operations. 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’s Swap contracts are asset liquidity, debt valuation, credit risk, volatility, market risk, distributions, dividends, risk premiums, and other risk management tools. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Swap Contracts are reported at fair value based upon a weekly indicative value that is calculated by management using bid/ask prices from the counterparty. 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. Please refer to Note 3 Fair Value Measurements.

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, 2012, 2011 and 2010. The 2009 through 2012 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 December 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. FASB issued additional clarification to specify that the guidance applies only to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria of the Codification or subject to a master netting arrangement or similar agreement. 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 Series financial position or results of operations and is discussed in Note 7.

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 - Summary of Derivative Assets and Liabilities Disclosed on Statements of Financial Condition Related to Various Series (Detail) (USD $)	Mar. 31, 2013	Dec. 31, 2012
Frontier Diversified Series [Member] | Open Trade Equity (Deficit) [Member]
Derivatives, Fair Value [Line Items]
Gross Amounts of recognized Derivative Liabilities	$ (141,927)
Net Amounts of Derivative Assets and Liabilities	(141,927)
Frontier Diversified Series [Member] | Receivable from Futures Commissions Merchants [Member]
Derivatives, Fair Value [Line Items]
Gross Amounts of recognized Derivative Assets	16,074,764
Gross Amounts of recognized Derivative Liabilities	(15,855,281)
Net Amounts of Derivative Assets and Liabilities	219,486
Frontier Long/Short Commodity Series [Member] | Open Trade Equity (Deficit) [Member]
Derivatives, Fair Value [Line Items]
Gross Amounts of recognized Derivative Assets	3,232,650	3,314,175
Gross Amounts of recognized Derivative Liabilities	(1,541,461)	(4,133,710)
Net Amounts of Derivative Assets and Liabilities	1,691,189	(819,535)
Frontier Long/Short Commodity Series [Member] | Options Written [Member]
Derivatives, Fair Value [Line Items]
Gross Amounts of recognized Derivative Liabilities	(236,780)
Net Amounts of Derivative Assets and Liabilities	(236,780)	(928,690)
Frontier Long/Short Commodity Series [Member] | Receivable from Futures Commissions Merchants [Member]
Derivatives, Fair Value [Line Items]
Gross Amounts of recognized Derivative Assets	18,782,906	22,276,098
Gross Amounts of recognized Derivative Liabilities	(9,075,951)	(7,505,125)
Net Amounts of Derivative Assets and Liabilities	9,706,955	14,770,973
Balanced Series [Member] | Open Trade Equity (Deficit) [Member]
Derivatives, Fair Value [Line Items]
Gross Amounts of recognized Derivative Assets	6,722,200	4,215,436
Gross Amounts of recognized Derivative Liabilities	(4,933,135)	(4,887,947)
Net Amounts of Derivative Assets and Liabilities	1,789,065	(672,511)
Balanced Series [Member] | Options Written [Member]
Derivatives, Fair Value [Line Items]
Gross Amounts of recognized Derivative Liabilities	(363,800)	(165,363)
Net Amounts of Derivative Assets and Liabilities	(363,800)	(165,363)
Balanced Series [Member] | Receivable from Futures Commissions Merchants [Member]
Derivatives, Fair Value [Line Items]
Gross Amounts of recognized Derivative Assets	87,470,417	98,277,094
Gross Amounts of recognized Derivative Liabilities	(4,616,927)	(6,233,501)
Net Amounts of Derivative Assets and Liabilities	$ 82,853,490	$ 92,043,593

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Fair Value Measurements - Change in Level 3 Assets Measured at Fair Value on Recurring Basis (Detail) (USD $)	3 Months Ended																					12 Months Ended	3 Months Ended				12 Months Ended								3 Months Ended	12 Months Ended
	Mar. 31, 2013 Balanced Series [Member]	Mar. 31, 2012 Balanced Series [Member]	Mar. 31, 2013 Currency Series [Member]	Mar. 31, 2012 Currency Series [Member]	Mar. 31, 2013 Frontier Diversified Series [Member]	Mar. 31, 2012 Frontier Diversified Series [Member]	Mar. 31, 2013 Frontier Heritage Series [Member]	Mar. 31, 2012 Frontier Heritage Series [Member]		Mar. 31, 2013 Frontier Select Series [Member]		Mar. 31, 2012 Frontier Select Series [Member]		Mar. 31, 2013 Frontier Masters Series [Member]	Mar. 31, 2012 Frontier Masters Series [Member]	Mar. 31, 2013 Frontier Long/Short Commodity Series [Member]	Mar. 31, 2012 Frontier Long/Short Commodity Series [Member]	Mar. 31, 2013 Winton Series [Member]	Mar. 31, 2012 Winton Series [Member]	Mar. 31, 2013 Level 3 Inputs [Member] Unconsolidated Trading Company [Member] Balanced Series [Member]	Mar. 31, 2013 Level 3 Inputs [Member] Unconsolidated Trading Company [Member] Currency Series [Member]	Dec. 31, 2012 Level 3 Inputs [Member] Unconsolidated Trading Company [Member] Currency Series [Member]	Mar. 31, 2013 Level 3 Inputs [Member] Unconsolidated Trading Company [Member] Frontier Diversified Series [Member]	Mar. 31, 2013 Level 3 Inputs [Member] Unconsolidated Trading Company [Member] Frontier Heritage Series [Member]	Mar. 31, 2013 Level 3 Inputs [Member] Unconsolidated Trading Company [Member] Frontier Select Series [Member]	Mar. 31, 2013 Level 3 Inputs [Member] Swap [Member] Balanced Series [Member]	Dec. 31, 2012 Level 3 Inputs [Member] Swap [Member] Balanced Series [Member]	Dec. 31, 2012 Level 3 Inputs [Member] Swap [Member] Currency Series [Member]	Dec. 31, 2012 Level 3 Inputs [Member] Swap [Member] Frontier Diversified Series [Member]	Dec. 31, 2012 Level 3 Inputs [Member] Swap [Member] Frontier Heritage Series [Member]	Dec. 31, 2012 Level 3 Inputs [Member] Swap [Member] Frontier Select Series [Member]	Dec. 31, 2012 Level 3 Inputs [Member] Swap [Member] Frontier Masters Series [Member]	Dec. 31, 2012 Level 3 Inputs [Member] Swap [Member] Frontier Long/Short Commodity Series [Member]	Dec. 31, 2012 Level 3 Inputs [Member] Swap [Member] Winton Series [Member]	Mar. 31, 2013 Level 3 Inputs [Member] The Frontier Fund [Member] Swap [Member]	Dec. 31, 2012 Level 3 Inputs [Member] The Frontier Fund [Member] Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance of recurring Level 3 assets																					$ 1,801,498	$ 2,352,121				$ 22,289,478	$ 23,819,312	$ 2,583	$ 131,004	$ 30,381	$ 34,397	$ 57,225	$ 74,898	$ 61,888	$ 22,289,479	$ 24,211,688
Included in earnings-realized																											(175,294)	(6,104)	(106,862)	(30,602)	(34,232)	(55,669)	(58,693)	(57,781)		(525,237)
Change in fair value of investments in unconsolidated trading companies	(2,812,325)	3,988,952	46,203	132,912	260,299	3,978,434	(1,763,456)	(544,182)		(1,328,440)	[1]	(191,503)	[1]	(890,658)	(190,278)	531,113	1,035,255	(2,319,375)	365,754	14,700	(46,203)	(551,100)	10,500	21,000	16,800
Included in earnings-unrealized																										(457,743)	(1,334,945)	3,603	(23,719)	943	(2,448)	(2,775)	(20,529)	(7,291)	(394,745)	(1,387,160)
Proceeds from sales of investments of unconsolidated trading companies																																				(9,812)
Change in ownership allocation of credit default swaps		9,782		82		423		722	[2]			(2,283)	[3]		(1,219)		(4,324)		(3,184)								(19,595)	(82)	(423)	(722)	2,283	1,219	4,324	3,184
Purchases of investments																				1,400,000		477	1,000,000	1,200,000	1,600,000										6,000,000
Net change in ownership allocation of total return swaps											[3]		[3]
Change in ownership allocation
Transfers in and/or out of Level 3
Balance of recurring Level 3 assets																				$ 1,414,700	$ 1,755,295	$ 1,801,498	$ 1,010,500	$ 1,221,000	$ 1,616,800	$ 21,831,735	$ 22,289,478								$ 27,894,734	$ 22,289,479

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

[2] Formerly the Winton/Graham Series.

[3] Formerly the Tiverton/Graham/Transtrend Series.

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Fair Value Measurements - Financial Asset Portfolio, by Series, Measured at Fair Value on Recurring Basis (Detail) (USD $)	Mar. 31, 2013	Dec. 31, 2012
Frontier Diversified Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open Trade Equity (Deficit)	$ (141,927)
Investments in unconsolidated trading companies, at fair value	42,533,163	42,826,426
U.S. Treasury securities, at fair value		3,853,000
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	11,946,638	9,771,797
U.S. Treasury securities, at fair value		2,212,909
Frontier Long/Short Commodity Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open Trade Equity (Deficit)	1,691,189	(819,535)
Options written, at fair value	(236,780)	(928,690)
Investments in unconsolidated trading companies, at fair value	2,609,741	3,675,238
U.S. Treasury securities, at fair value		2,388,540
Balanced Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open Trade Equity (Deficit)	1,789,065	(672,511)
Options written, at fair value	(363,800)	(165,363)
Swap contracts, at fair value	21,831,735	22,289,478
Investments in unconsolidated trading companies, at fair value	18,407,717	20,193,128
U.S. Treasury securities, at fair value		5,951,633
Frontier Select Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated trading companies, at fair value	4,147,981	7,373,509
U.S. Treasury securities, at fair value		961,568	[1]
Currency Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated trading companies, at fair value	1,755,295	1,801,498
U.S. Treasury securities, at fair value		49,052
Winton Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated trading companies, at fair value	6,500,914	6,865,965
U.S. Treasury securities, at fair value		1,808,547
Frontier Heritage Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated trading companies, at fair value	3,482,249	6,174,855
U.S. Treasury securities, at fair value		776,073	[2]
Level 1 Inputs [Member] | Frontier Diversified Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open Trade Equity (Deficit)	(141,927)
Investments in unconsolidated trading companies, at fair value	40,126,797	41,070,543
U.S. Treasury securities, at fair value		3,853,000
Level 1 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	10,584,500	8,172,213
U.S. Treasury securities, at fair value		2,212,909
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 (Deficit)	(889,888)	(3,720,855)
Investments in unconsolidated trading companies, at fair value	2,609,741	3,661,455
U.S. Treasury securities, at fair value		2,388,540
Level 1 Inputs [Member] | Balanced Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open Trade Equity (Deficit)	1,776,806	(1,111,681)
Investments in unconsolidated trading companies, at fair value	14,332,314	16,719,672
U.S. Treasury securities, at fair value		5,951,633
Level 1 Inputs [Member] | Frontier Select Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated trading companies, at fair value	1,598,696	5,981,225
U.S. Treasury securities, at fair value		961,568
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		49,052
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	6,550,410	6,820,010
U.S. Treasury securities, at fair value		1,808,547
Level 1 Inputs [Member] | Frontier Heritage Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated trading companies, at fair value	2,272,374	6,070,974
U.S. Treasury securities, at fair value		776,073
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	1,395,866	1,755,883
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	1,362,138	1,599,584
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 (Deficit)	2,581,077	2,901,320
Options written, at fair value	(236,780)	(928,690)
Investments in unconsolidated trading companies, at fair value		13,783
Level 2 Inputs [Member] | Balanced Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open Trade Equity (Deficit)	12,259	439,170
Options written, at fair value	(363,800)	(165,363)
Investments in unconsolidated trading companies, at fair value	2,660,703	3,473,456
Level 2 Inputs [Member] | Frontier Select Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated trading companies, at fair value	932,485	1,392,284
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	(49,496)	45,955
Level 2 Inputs [Member] | Frontier Heritage Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated trading companies, at fair value	(11,125)	103,881
Level 3 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	1,010,500
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	21,831,735	22,289,478
Investments in unconsolidated trading companies, at fair value	1,414,700
Level 3 Inputs [Member] | Frontier Select Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated trading companies, at fair value	1,616,800
Level 3 Inputs [Member] | Currency Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated trading companies, at fair value	1,755,295	1,801,498
Level 3 Inputs [Member] | Frontier Heritage Series [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated trading companies, at fair value	1,221,000
The Frontier Fund [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Options written, at fair value	(1,860,096)	(4,199,198)
Swap contracts, at fair value	27,894,734	22,289,479
U.S. Treasury securities, at fair value		18,001,322
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)	13,706,976	12,116,649
Options written, at fair value	(1,860,096)	(4,199,198)
Swap contracts, at fair value	27,894,734	22,289,478
U.S. Treasury securities, at fair value		18,001,322
Fair Value, Measurements, Recurring [Member] | The Frontier Fund [Member] | Level 1 Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open Trade Equity (Deficit)	14,693,226	(2,510,310)
U.S. Treasury securities, at fair value		18,001,322
Fair Value, Measurements, Recurring [Member] | The Frontier Fund [Member] | Level 2 Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Open Trade Equity (Deficit)	(986,250)	14,626,959
Options written, at fair value	(1,860,096)	(4,199,198)
Fair Value, Measurements, Recurring [Member] | The Frontier Fund [Member] | Level 3 Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Swap contracts, at fair value	$ 27,894,734	$ 22,289,478

[1] Formerly the Tiverton/Graham/Transtrend Series.

[2] Formerly the Winton/Graham Series.

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Trading Activities and Related Risks - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2013
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%
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%
The Frontier Fund [Member] | Maximum [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading Advisor's margin-to-equity ratio percentage	35.00%

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Swaps - Additional Information (Detail)	Mar. 31, 2013	Dec. 31, 2012
Derivatives, Fair Value [Line Items]
Trust's assets deposited with over-the-counter counterparties	4.00%	4.00%
The Frontier Fund [Member]
Derivatives, Fair Value [Line Items]
Trust's assets deposited with over-the-counter counterparties	4.00%	4.00%

XML

Swaps - Trust, with Respect to Series, has Invested in Following Swaps (Detail) (USD $)	3 Months Ended		12 Months Ended		3 Months Ended	12 Months Ended	3 Months Ended		12 Months Ended	3 Months Ended		12 Months Ended		3 Months Ended	12 Months Ended		3 Months Ended		12 Months Ended		3 Months Ended	12 Months Ended	3 Months Ended		12 Months Ended	3 Months Ended	12 Months Ended		3 Months Ended		12 Months Ended		3 Months Ended	12 Months Ended		3 Months Ended	12 Months Ended		3 Months Ended	12 Months Ended
	Mar. 31, 2013 The Frontier Fund [Member]	Mar. 31, 2012 The Frontier Fund [Member]	Dec. 31, 2012 The Frontier Fund [Member] Credit Default Swap [Member] BNP Paribas [Member]	Dec. 31, 2012 The Frontier Fund [Member] Credit Default Swap [Member] Societe Generale [Member]	Mar. 31, 2013 The Frontier Fund [Member] Option Swap [Member] Societe Generale [Member]	Dec. 31, 2012 The Frontier Fund [Member] Option Swap [Member] Societe Generale [Member]	Mar. 31, 2013 The Frontier Fund [Member] Total Return Swap Termination on 6/30/2016 [Member] Deutsche Bank [Member]	Mar. 31, 2013 The Frontier Fund [Member] Total Return Swap Termination on 6/30/2016 [Member] Deutsche Bank [Member]	Dec. 31, 2012 The Frontier Fund [Member] Total Return Swap [Member] Deutsche Bank [Member]	Mar. 31, 2013 The Frontier Fund [Member] Total Return Swap Termination on 03/26/2018 [Member] Deutsche Bank [Member]	Mar. 31, 2012 Frontier Diversified Series [Member]	Dec. 31, 2012 Frontier Diversified Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Dec. 31, 2012 Frontier Diversified Series [Member] Credit Default Swap [Member] Societe Generale [Member]	Mar. 31, 2012 Frontier Masters Series [Member]	Dec. 31, 2012 Frontier Masters Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Dec. 31, 2012 Frontier Masters Series [Member] Credit Default Swap [Member] Societe Generale [Member]	Mar. 31, 2013 Balanced Series [Member]	Mar. 31, 2012 Balanced Series [Member]	Dec. 31, 2012 Balanced Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Dec. 31, 2012 Balanced Series [Member] Credit Default Swap [Member] Societe Generale [Member]	Mar. 31, 2013 Balanced Series [Member] Option Swap [Member] Societe Generale [Member]	Dec. 31, 2012 Balanced Series [Member] Option Swap [Member] Societe Generale [Member]	Mar. 31, 2013 Balanced Series [Member] Total Return Swap Termination on 6/30/2016 [Member] Deutsche Bank [Member]	Mar. 31, 2013 Balanced Series [Member] Total Return Swap Termination on 6/30/2016 [Member] Deutsche Bank [Member]	Dec. 31, 2012 Balanced Series [Member] Total Return Swap [Member] Deutsche Bank [Member]	Mar. 31, 2012 Frontier Long/Short Commodity Series [Member]	Dec. 31, 2012 Frontier Long/Short Commodity Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Dec. 31, 2012 Frontier Long/Short Commodity Series [Member] Credit Default Swap [Member] Societe Generale [Member]	Mar. 31, 2012 Frontier Select Series [Member]		Dec. 31, 2012 Frontier Select Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Dec. 31, 2012 Frontier Select Series [Member] Credit Default Swap [Member] Societe Generale [Member]	Mar. 31, 2012 Currency Series [Member]	Dec. 31, 2012 Currency Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Dec. 31, 2012 Currency Series [Member] Credit Default Swap [Member] Societe Generale [Member]	Mar. 31, 2012 Winton Series [Member]	Dec. 31, 2012 Winton Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Dec. 31, 2012 Winton Series [Member] Credit Default Swap [Member] Societe Generale [Member]	Mar. 31, 2012 Frontier Heritage Series [Member]	Dec. 31, 2012 Frontier Heritage Series [Member] Credit Default Swap [Member] BNP Paribas [Member]	Dec. 31, 2012 Frontier Heritage Series [Member] Credit Default Swap [Member] Societe Generale [Member]
Derivatives, Fair Value [Line Items]
Notional Amount					$ 21,053,483	$ 20,486,403	$ 3,850,194	$ 2,566,796	$ 23,551,287	$ 30,000,000											$ 21,053,483	$ 20,486,403	$ 3,850,194	$ 2,566,796	$ 23,551,287
Termination Date			Mar. 20, 2012	Mar. 20, 2012	Nov. 21, 2014	Nov. 21, 2014	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2016	Mar. 26, 2018		Mar. 20, 2012	Mar. 20, 2012		Mar. 20, 2012	Mar. 20, 2012			Mar. 20, 2013	Mar. 20, 2012	Nov. 21, 2014	Nov. 21, 2014	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2016		Mar. 20, 2012	Mar. 20, 2012			Mar. 20, 2012	Mar. 20, 2012		Mar. 20, 2012	Mar. 20, 2012		Mar. 20, 2012	Mar. 20, 2012		Mar. 20, 2012	Mar. 20, 2012
Investee Returns			On Default	On Default	Total Returns	Total Returns	Total Returns	Total Returns	Total Returns	On Default		On Default	On Default		On Default	On Default			On Default	On Default	Total Returns	Total Returns	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
Realized Gain/(Loss)		(525,237)	(407,283)	(117,954)							(106,862)	(83,850)	(23,012)	(55,669)	(44,412)	(11,257)		(175,294)	(133,362)	(41,932)						(58,693)	(45,848)	(12,845)	(34,232)	[1]	(26,333)	(7,899)	(6,104)	(4,730)	(1,374)	(57,781)	(45,616)	(12,165)	(30,602)	(23,131)	(7,471)
Unrealized Gain/(Loss)	(394,745)	596,229	(215,874)	117,954	(342,236)	78,977	(69,304)	(46,203)	(1,378,028)	62,997	(23,719)	(46,731)	23,012	(2,775)	(14,032)	11,257	(457,743)	648,445	(87,639)	41,932	(342,236)	78,977	(69,304)	(46,203)	(1,344,945)	(20,529)	(33,374)	12,845	(2,448)	[1]	(10,347)	7,899	3,603	2,229	1,374	(7,291)	(19,456)	12,165	943	(6,528)	7,471
Fair Value					$ 17,443,499	$ 17,785,733	$ 2,632,943	$ 1,755,295	$ 4,503,745	$ 6,062,997											$ 17,443,498	$ 17,785,734	$ 2,632,942	$ 1,755,295	$ 4,503,744

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

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Organization and Purpose

3 Months Ended

Mar. 31, 2013

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 quarterly 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 the combined Series of the Trust.

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 nine (9) separate and distinct Series of Units issued and outstanding: Frontier Diversified Series, Frontier Masters Series, Balanced Series, Frontier Long/Short Commodity Series, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Currency Series, Winton Series, Frontier Heritage Series (formerly Winton/Graham Series) and TBG Institutional Series (each a “Series” and collectively, the “Series”). The TBG Institutional Series is a private series of the Trust and has been consolidated within the Trust financial statements and notes to the financial statements. The Trust, with respect to the Series, may issue additional Series of Units.

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, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Currency Series, Winton Series and Frontier Heritage Series (formerly 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 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 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 March 31, 2013, the Trust, with respect to the Frontier Diversified Series, Frontier Masters Series, Frontier Select Series, Currency Series, Winton Series and Frontier Heritage 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 March 31, 2013, 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, Frontier Select Series, and Frontier Heritage 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 Frontier Select 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 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.

Effective April 19, 2013, the Currency Series ceased operations and liquidated. All existing investors were redeemed as of April 19, 2013 at that date’s unit net asset value.

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 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 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 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 nine (9) separate and distinct Series of Units issued and outstanding: Frontier Diversified Series, Frontier Masters Series, Frontier Long/Short Commodity Series, Balanced Series, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Currency Series, Winton Series, Frontier Heritage Series (formerly Winton/Graham Series) and TBG Institutional Series (each a “Series” and collectively, the “Series”). The TBG Institutional Series is a private series of the Trust and has been consolidated within the Trust financial statements and notes to the financial statements. 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, 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 March 31, 2013, the Trust, with respect to the Frontier Diversified Series, Frontier Masters Series, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Currency Series, Winton Series and Frontier Heritage Series (formerly 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 Frontier Select Series (formerly 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.

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.

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Investments in Unconsolidated Trading Companies - Investments in Unconsolidated Trading Companies (Detail) (USD $)	Mar. 31, 2013		Dec. 31, 2012
Frontier Diversified Series [Member]
Investment [Line Items]
Investments in unconsolidated trading companies, at fair value	$ 42,533,163		$ 42,826,426
Frontier Diversified Series [Member] | Frontier Trading Companies I, II, VII, IX, XIV, XV, XVIII, XXIII and XXXIX [Member]
Investment [Line Items]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	39.35%		37.18%
Investments in unconsolidated trading companies, at fair value	42,533,163		42,826,426
Frontier Masters Series [Member]
Investment [Line Items]
Investments in unconsolidated trading companies, at fair value	11,946,638		9,771,797
Frontier Masters Series [Member] | Frontier Trading Companies II, XIV and XV [Member]
Investment [Line Items]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	23.96%		18.98%
Investments in unconsolidated trading companies, at fair value	11,946,638		9,771,797
Frontier Long/Short Commodity Series [Member]
Investment [Line Items]
Investments in unconsolidated trading companies, at fair value	2,609,741		3,675,238
Frontier Long/Short Commodity Series [Member] | Frontier Trading Companies One And Twenty Three [Member]
Investment [Line Items]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	4.84%		6.00%
Investments in unconsolidated trading companies, at fair value	2,609,741		3,675,238
Balanced Series [Member]
Investment [Line Items]
Investments in unconsolidated trading companies, at fair value	18,407,717		20,193,128
Balanced Series [Member] | Frontier Trading Companies II, VII, XV, XVIII, XXIII and XXXIX [Member]
Investment [Line Items]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	8.15%		8.24%
Investments in unconsolidated trading companies, at fair value	18,407,717		20,193,128
Frontier Select Series [Member]
Investment [Line Items]
Investments in unconsolidated trading companies, at fair value	4,147,981	[1]	7,373,509	[1]
Frontier Select Series [Member] | Frontier Trading Companies XV and XXXIX [Member]
Investment [Line Items]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	17.04%		29.09%
Investments in unconsolidated trading companies, at fair value	4,147,981		7,373,509
Currency Series [Member]
Investment [Line Items]
Investments in unconsolidated trading companies, at fair value	1,755,295		1,801,498
Currency Series [Member] | Frontier Trading Company XVII [Member]
Investment [Line Items]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	209.86%		66.20%
Investments in unconsolidated trading companies, at fair value	1,755,295		1,801,498
Winton Series [Member]
Investment [Line Items]
Investments in unconsolidated trading companies, at fair value	6,500,914		6,865,965
Winton Series [Member] | Frontier Trading Company II [Member]
Investment [Line Items]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	15.86%		16.76%
Investments in unconsolidated trading companies, at fair value	6,500,914		6,865,965
Frontier Heritage Series [Member]
Investment [Line Items]
Investments in unconsolidated trading companies, at fair value	3,482,249	[2]	6,174,855	[2]
Frontier Heritage Series [Member] | Frontier Trading Companies II and XXXIX [Member]
Investment [Line Items]
Percentage of Series Net Assets Invested in Unconsolidated Trading Companies	17.25%		29.75%
Investments in unconsolidated trading companies, at fair value	$ 3,482,249		$ 6,174,855

[1] Formerly the Tiverton/Graham/Transtrend Series.

[2] Formerly the Winton/Graham Series.

XML

Derivative Instruments and Hedging Activities - Monthly Averages of Futures Contracts (Detail) (Futures [Member])	3 Months Ended
	Mar. 31, 2013 Contract	Mar. 31, 2012 Contract
Frontier Long/Short Commodity Series [Member]
Derivative Instruments And Hedging Activities [Line Items]
Derivative Numbers of Instruments Bought	3,836	26,250
Derivative Numbers of Instruments Sold	3,751	23,275
Balanced Series [Member]
Derivative Instruments And Hedging Activities [Line Items]
Derivative Numbers of Instruments Bought	9,914	6,325
Derivative Numbers of Instruments Sold	10,005	8,575
Diversified Series [Member]
Derivative Instruments And Hedging Activities [Line Items]
Derivative Numbers of Instruments Bought	8
Derivative Numbers of Instruments Sold	29
Frontier Masters Series [Member]
Derivative Instruments And Hedging Activities [Line Items]
Derivative Numbers of Instruments Bought		1,375
Derivative Numbers of Instruments Sold		700

XML

Consolidated Statements of Financial Condition (USD $)	Mar. 31, 2013		Dec. 31, 2012
The Frontier Fund [Member]
ASSETS
Cash and cash equivalents	$ 9,300,375		$ 17,094,782
U.S. Treasury securities, at fair value			18,001,322
Custom time deposits	314,268,788		311,468,033
Receivable from futures commission merchants	123,631,206		148,029,229
Open trade equity, at fair value	13,706,976		12,116,649
Swap contracts, at fair value	27,894,734		22,289,479
Prepaid service fees	107,723		140,203
Interest receivable			251,630
Receivable from related parties	216,992
Other assets	34,996		35,043
Total Assets	489,161,789		529,426,370
LIABILITIES
Options written, at fair value	1,860,096		4,199,198
Pending owner additions	74,595		160,672
Owner redemptions payable	1,168,061		1,430,638
Incentive fees payable to Managing Owner	455,580		732,119
Management fees payable to Managing Owner	814,398		1,003,663
Interest payable to Managing Owner	540,250		569,115
Trading fees payable to Managing Owner	579,856		602,333
Service fees payable to Managing Owner	626,985		652,500
Payables to related parties	66,606		38,925
Other liabilities	62,340		51,484
Total Liabilities	6,248,767		9,440,647
Managing Owner	6,248,554		6,287,766
Limited Owner	476,664,468		513,697,957
Total Capital	482,913,022		519,985,723
Total Liabilities and Capital	489,161,789		529,426,370
Frontier Diversified Series [Member]
ASSETS
Cash and cash equivalents	800,313		2,681,889
U.S. Treasury securities, at fair value			3,853,000
Custom time deposits	65,038,036		66,875,140
Receivable from futures commission merchants	219,483
Investments in unconsolidated trading companies, at fair value	42,533,163		42,826,426
Interest receivable	1,261		54,006
Receivable from related parties	142,099		114,481
Receivable from other series	189,085
Total Assets	108,956,639		116,445,177
LIABILITIES
Open trade deficit, at fair value	141,927
Pending owner additions	3,263		23,900
Owner redemptions payable	26,888		521,439
Incentive fees payable to Managing Owner	184,498		189,903
Management fees payable to Managing Owner	140,979		150,188
Interest payable to Managing Owner	40,401		41,394
Trading fees payable to Managing Owner	230,821		228,169
Service fees payable to Managing Owner	85,636		89,177
Payables to related parties	1,904		19,435
Total Liabilities	856,317		1,263,605
Total Capital	108,100,322		115,181,572
Total Liabilities and Capital	108,956,639		116,445,177
Total Owners' Capital	108,100,322		115,181,572
Frontier Diversified Series [Member] | Total Owner Class 1 [Member]
Units Outstanding	580,955		625,015
Net Asset Value per Unit	93.21		94.40
ASSETS
Prepaid service fees	33,199		40,235
Frontier Diversified Series [Member] | Managing Owner Class 1 [Member]
Units Outstanding	275		275
LIABILITIES
Managing Owner	25,632		25,959
Total Capital	25,632		25,959
Frontier Diversified Series [Member] | Managing Owner Class 2 [Member]
Units Outstanding	14,301		14,301
LIABILITIES
Managing Owner	1,424,960		1,436,973
Total Capital	1,424,960		1,436,973
Frontier Diversified Series [Member] | Limited Owners Class 1 [Member]
Units Outstanding	580,680		624,740
LIABILITIES
Limited Owner	54,125,706		58,973,977
Total Capital	54,125,706		58,973,977
Frontier Diversified Series [Member] | Limited Owner Class 2 [Member]
Units Outstanding	527,153		544,826
LIABILITIES
Limited Owner	52,524,024		54,744,663
Total Capital	52,524,024		54,744,663
Frontier Diversified Series [Member] | Total Owner Class 2 [Member]
Units Outstanding	541,454		559,127
Net Asset Value per Unit	99.64		100.48
Frontier Masters Series [Member]
ASSETS
Cash and cash equivalents	497,172		1,542,661
U.S. Treasury securities, at fair value			2,212,909
Custom time deposits	37,822,374		38,288,877
Investments in unconsolidated trading companies, at fair value	11,946,638		9,771,797
Interest receivable	72		31,017
Receivable from related parties	98,674		38,735
Receivable from other series	87,205
Total Assets	50,498,186		51,943,272
LIABILITIES
Pending owner additions	10,595		15,449
Owner redemptions payable	286,394		141,453
Management fees payable to Managing Owner	112,054		118,274
Interest payable to Managing Owner	19,522		20,028
Trading fees payable to Managing Owner	105,224		104,852
Service fees payable to Managing Owner	51,411		47,423
Payables to related parties	57,827		9,635
Total Liabilities	643,027		457,114
Total Capital	49,855,159		51,486,158
Total Liabilities and Capital	50,498,186		51,943,272
Total Owners' Capital	49,855,159		51,486,158
Frontier Masters Series [Member] | Total Owner Class 1 [Member]
Units Outstanding	334,070		342,249
Net Asset Value per Unit	101.64		101.11
ASSETS
Prepaid service fees	46,051		57,276
Frontier Masters Series [Member] | Managing Owner Class 1 [Member]
Units Outstanding	275		275
LIABILITIES
Managing Owner	27,950		27,804
Total Capital	27,950		27,804
Frontier Masters Series [Member] | Managing Owner Class 2 [Member]
Units Outstanding	5,627		5,627
LIABILITIES
Managing Owner	611,079		605,508
Total Capital	611,079		605,508
Frontier Masters Series [Member] | Limited Owners Class 1 [Member]
Units Outstanding	333,795		341,974
LIABILITIES
Limited Owner	33,915,419		34,575,695
Total Capital	33,915,419		34,575,695
Frontier Masters Series [Member] | Limited Owner Class 2 [Member]
Units Outstanding	140,893		151,262
LIABILITIES
Limited Owner	15,300,711		16,277,151
Total Capital	15,300,711		16,277,151
Frontier Masters Series [Member] | Total Owner Class 2 [Member]
Units Outstanding	146,520		156,889
Net Asset Value per Unit	108.60		107.61
Frontier Long/Short Commodity Series [Member]
ASSETS
Cash and cash equivalents	528,571		1,710,151
U.S. Treasury securities, at fair value			2,388,540
Custom time deposits	40,068,748		41,327,739
Receivable from futures commission merchants	9,706,955		14,770,973
Open trade equity, at fair value	1,691,189
Investments in unconsolidated trading companies, at fair value	2,609,741		3,675,238
Interest receivable	77		33,479
Receivable from related parties	77,190		549
Receivable from other series	94,229
Total Assets	54,805,173		63,948,673
LIABILITIES
Open trade deficit, at fair value			819,535
Options written, at fair value	236,780		928,690
Pending owner additions	13,250		62,537
Owner redemptions payable	297,928		344,538
Management fees payable to Managing Owner	211,741		277,379
Interest payable to Managing Owner	25,280		26,319
Trading fees payable to Managing Owner	71,113		79,400
Service fees payable to Managing Owner	28,094		24,074
Payables to related parties	49,958		34,037
Other liabilities	237
Total Liabilities	934,381		2,596,509
Total Capital	53,870,792		61,352,164
Total Liabilities and Capital	54,805,173		63,948,673
Total Owners' Capital	49,701,215		56,525,481
Non-Controlling Interests	4,169,577		4,826,683
Frontier Long/Short Commodity Series [Member] | Total Owner Class 1 [Member]
Net Asset Value per Unit			135.41	[1]
ASSETS
Prepaid service fees	28,473		42,004
Frontier Long/Short Commodity Series [Member] | Managing Owner Class 1a [Member]
Units Outstanding	117		117
LIABILITIES
Managing Owner	12,661		12,732
Total Capital	12,661		12,732
Frontier Long/Short Commodity Series [Member] | Managing Owner Class 2 [Member]
Units Outstanding	3,083		3,083
LIABILITIES
Managing Owner	447,346		449,011
Total Capital	447,346		449,011
Frontier Long/Short Commodity Series [Member] | Managing Owner Class 2a [Member]
Units Outstanding	2,222		2,222
LIABILITIES
Managing Owner	256,204		256,560
Total Capital	256,204		256,560
Frontier Long/Short Commodity Series [Member] | Limited Owners Class 1a [Member]
Units Outstanding	163,088		174,713
LIABILITIES
Limited Owner	17,609,330		18,970,806
Total Capital	17,609,330		18,970,806
Frontier Long/Short Commodity Series [Member] | Limited Owner Class 2 [Member]
Units Outstanding	36,219		44,284
LIABILITIES
Limited Owner	5,255,509		6,449,774
Total Capital	5,255,509		6,449,774
Frontier Long/Short Commodity Series [Member] | Limited Owners Class 2a [Member]
Units Outstanding	85,559		92,035
LIABILITIES
Limited Owner	9,864,078		10,625,551
Total Capital	9,864,078		10,625,551
Frontier Long/Short Commodity Series [Member] | Limited Owners Class 3 [Member]
Units Outstanding	112,000		135,642
LIABILITIES
Limited Owner	16,256,087		19,761,047
Total Capital	16,256,087		19,761,047
Frontier Long/Short Commodity Series [Member] | Total Owner Class 1a [Member]
Units Outstanding	163,205		174,830
Net Asset Value per Unit	107.97		108.58
Frontier Long/Short Commodity Series [Member] | Total Owner Class 2 [Member]
Units Outstanding	39,302		47,367
Net Asset Value per Unit	145.11		145.65
Frontier Long/Short Commodity Series [Member] | Total Owner Class 2a [Member]
Units Outstanding	87,781		94,257
Net Asset Value per Unit	115.29		115.45
Frontier Long/Short Commodity Series [Member] | Total Owner Class 3 [Member]
Units Outstanding	112,000		135,642
Net Asset Value per Unit	145.14		145.69
Balanced Series [Member]
ASSETS
Cash and cash equivalents	1,143,968		4,111,855
U.S. Treasury securities, at fair value			5,951,633
Custom time deposits	101,165,197		102,978,191
Receivable from futures commission merchants	82,853,490		92,043,593
Open trade equity, at fair value	1,789,065
Swap contracts, at fair value	21,831,735		22,289,478
Investments in unconsolidated trading companies, at fair value	18,407,717		20,193,128
Interest receivable	191		83,422
Receivable from related parties	99,967		17,313
Receivable from other series	395,020
Other assets	34,355		34,301
Total Assets	227,720,705		247,702,914
LIABILITIES
Open trade deficit, at fair value			672,511
Options written, at fair value	363,800		165,363
Pending owner additions	26,360		34,831
Owner redemptions payable	326,706		342,417
Incentive fees payable to Managing Owner	259,439		527,306
Management fees payable to Managing Owner	163,400		193,155
Interest payable to Managing Owner	307,480		330,341
Trading fees payable to Managing Owner	117,318		132,875
Service fees payable to Managing Owner	306,834		332,942
Payables to related parties	8,124		1,490
Other liabilities	7,018
Total Liabilities	1,886,479		2,733,231
Total Capital	225,834,226		244,969,683
Total Liabilities and Capital	227,720,705		247,702,914
Total Owners' Capital	182,215,834		200,152,750
Non-Controlling Interests	43,618,392		44,816,933
Balanced Series [Member] | Total Owner Class 1 [Member]
Units Outstanding	1,134,525		1,237,173
Net Asset Value per Unit	114.20		116.32
Balanced Series [Member] | Managing Owner Class 2 [Member]
Units Outstanding	21,620		21,620
LIABILITIES
Managing Owner	3,190,111		3,225,784
Total Capital	3,190,111		3,225,784
Balanced Series [Member] | Managing Owner Class 2a [Member]
Units Outstanding	1,237		1,237
LIABILITIES
Managing Owner	152,771		153,884
Total Capital	152,771		153,884
Balanced Series [Member] | Limited Owners Class 1 [Member]
Units Outstanding	1,134,525		1,237,173
LIABILITIES
Limited Owner	129,567,330		143,906,872
Total Capital	129,567,330		143,906,872
Balanced Series [Member] | Limited Owner Class 2 [Member]
Units Outstanding	308,932		323,274
LIABILITIES
Limited Owner	45,584,296		48,233,784
Total Capital	45,584,296		48,233,784
Balanced Series [Member] | Limited Owners Class 2a [Member]
Units Outstanding	6,104		6,880
LIABILITIES
Limited Owner	753,579		855,636
Total Capital	753,579		855,636
Balanced Series [Member] | Total Owner Class 1a [Member]
Net Asset Value per Unit			104.32	[2]
Balanced Series [Member] | Total Owner Class 2 [Member]
Units Outstanding	330,552		344,894
Net Asset Value per Unit	147.55		149.20
Balanced Series [Member] | Total Owner Class 2a [Member]
Units Outstanding	7,341		8,117
Net Asset Value per Unit	123.46		124.36
Balanced Series [Member] | Total Owner Class 3 [Member]
Units Outstanding	24,118		30,469
Balanced Series [Member] | Limited Owners Class 3a [Member]
Units Outstanding	24,118		30,469
LIABILITIES
Limited Owner	2,967,747		3,776,790
Total Capital	2,967,747		3,776,790
Balanced Series [Member] | Total Owner Class 3a [Member]
Net Asset Value per Unit	123.05		123.96
Frontier Select Series [Member]
ASSETS
Cash and cash equivalents	263,894	[3]	664,310	[3]
U.S. Treasury securities, at fair value			961,568	[3]
Custom time deposits	20,145,576	[3]	16,637,538	[3]
Investments in unconsolidated trading companies, at fair value	4,147,981	[3]	7,373,509	[3]
Interest receivable	39	[3]	13,478	[3]
Receivable from other series	42,573	[3]
Total Assets	24,600,063	[3]	25,650,403	[3]
LIABILITIES
Pending owner additions	1,454	[3]	1,522	[3]
Owner redemptions payable	72,104	[3]	40,093	[3]
Management fees payable to Managing Owner	52,722	[3]	103,089	[3]
Interest payable to Managing Owner	41,638	[3]	42,764	[3]
Trading fees payable to Managing Owner	15,631	[3]	16,057	[3]
Service fees payable to Managing Owner	53,470	[3]	54,702	[3]
Payables to related parties	24,179	[3]	47,535	[3]
Total Liabilities	261,198	[3]	305,762	[3]
Total Capital	24,338,865	[3]	25,344,641	[3]
Total Liabilities and Capital	24,600,063	[3]	25,650,403	[3]
Total Owners' Capital	24,338,865	[3]	25,344,641	[3]
Frontier Select Series [Member] | Total Owner Class 1 [Member]
Units Outstanding	261,329	[3]	283,073	[3]
Net Asset Value per Unit	81.86	[3]	78.66	[3]
Frontier Select Series [Member] | Managing Owner Class 2 [Member]
Units Outstanding	70	[3]	70	[3]
LIABILITIES
Managing Owner	7,349	[3]	7,013	[3]
Total Capital	7,349	[3]	7,013	[3]
Frontier Select Series [Member] | Limited Owners Class 1 [Member]
Units Outstanding	261,329	[3]	283,073	[3]
LIABILITIES
Limited Owner	21,393,158	[3]	22,266,758	[3]
Total Capital	21,393,158	[3]	22,266,758	[3]
Frontier Select Series [Member] | Limited Owner Class 2 [Member]
Units Outstanding	28,158	[3]	30,848	[3]
LIABILITIES
Limited Owner	2,938,358	[3]	3,070,870	[3]
Total Capital	2,938,358	[3]	3,070,870	[3]
Frontier Select Series [Member] | Total Owner Class 2 [Member]
Units Outstanding	28,228	[3]	30,918	[3]
Net Asset Value per Unit	104.35	[3]	99.55	[3]
Currency Series [Member]
ASSETS
Cash and cash equivalents			33,887
U.S. Treasury securities, at fair value			49,052
Custom time deposits			848,715
Investments in unconsolidated trading companies, at fair value	1,755,295		1,801,498
Interest receivable			688
Receivable from related parties	220
Total Assets	1,755,515		2,733,840
LIABILITIES
Payable to other series	915,112
Pending owner additions	189		3,413
Interest payable to Managing Owner	1,435		3,889
Trading fees payable to Managing Owner	539		1,791
Service fees payable to Managing Owner	1,836		3,510
Payables to related parties			112
Total Liabilities	919,111		12,715
Total Capital	836,404		2,721,125
Total Liabilities and Capital	1,755,515		2,733,840
Total Owners' Capital	836,404		2,721,125
Currency Series [Member] | Total Owner Class 1 [Member]
Units Outstanding	14,097		46,863
Net Asset Value per Unit	55.97		56.91
Currency Series [Member] | Managing Owner Class 2 [Member]
Units Outstanding	29		29
LIABILITIES
Managing Owner	2,114		2,134
Total Capital	2,114		2,134
Currency Series [Member] | Limited Owners Class 1 [Member]
Units Outstanding	14,097		46,863
LIABILITIES
Limited Owner	789,015		2,666,969
Total Capital	789,015		2,666,969
Currency Series [Member] | Limited Owner Class 2 [Member]
Units Outstanding	626		713
LIABILITIES
Limited Owner	45,275		52,022
Total Capital	45,275		52,022
Currency Series [Member] | Total Owner Class 2 [Member]
Units Outstanding	655		742
Net Asset Value per Unit	72.26		72.95
Winton Series [Member]
ASSETS
Cash and cash equivalents	450,133		1,249,455
U.S. Treasury securities, at fair value			1,808,547
Custom time deposits	34,302,545		31,292,395
Investments in unconsolidated trading companies, at fair value	6,500,914		6,865,965
Interest receivable	66		25,350
Receivable from other series	71,698
Other assets	15,719
Total Assets	41,341,075		41,241,712
LIABILITIES
Pending owner additions	15,498		15,044
Owner redemptions payable	87,430		22,467
Management fees payable to Managing Owner	89,916		86,138
Interest payable to Managing Owner	69,984		69,369
Trading fees payable to Managing Owner	26,260		26,041
Service fees payable to Managing Owner	61,796		62,556
Payables to related parties			563
Total Liabilities	350,884		282,178
Total Capital	40,990,191		40,959,534
Total Liabilities and Capital	41,341,075		41,241,712
Total Owners' Capital	40,990,191		40,959,534
Winton Series [Member] | Total Owner Class 1 [Member]
Units Outstanding	221,659		234,414
Net Asset Value per Unit	136.53		130.73
Winton Series [Member] | Managing Owner Class 2 [Member]
Units Outstanding	207		207
LIABILITIES
Managing Owner	34,423		32,721
Total Capital	34,423		32,721
Winton Series [Member] | Limited Owners Class 1 [Member]
Units Outstanding	221,659		234,414
LIABILITIES
Limited Owner	30,262,765		30,645,208
Total Capital	30,262,765		30,645,208
Winton Series [Member] | Limited Owner Class 2 [Member]
Units Outstanding	64,216		64,952
LIABILITIES
Limited Owner	10,693,003		10,281,605
Total Capital	10,693,003		10,281,605
Winton Series [Member] | Total Owner Class 2 [Member]
Units Outstanding	64,423		65,159
Net Asset Value per Unit	166.52		158.30
Frontier Heritage Series [Member]
ASSETS
Cash and cash equivalents	217,648	[4]	536,159	[4]
U.S. Treasury securities, at fair value			776,073	[4]
Custom time deposits	16,627,710	[4]	13,428,015	[4]
Investments in unconsolidated trading companies, at fair value	3,482,249	[4]	6,174,855	[4]
Interest receivable	32	[4]	10,878	[4]
Receivable from other series	35,303	[4]
Other assets	11,972	[4]
Total Assets	20,374,914	[4]	20,925,980	[4]
LIABILITIES
Pending owner additions	3,986	[4]	3,976	[4]
Owner redemptions payable	70,611	[4]	18,231	[4]
Management fees payable to Managing Owner	32,341	[4]	63,642	[4]
Interest payable to Managing Owner	34,510	[4]	35,011	[4]
Trading fees payable to Managing Owner	12,950	[4]	13,148	[4]
Service fees payable to Managing Owner	37,908	[4]	38,116	[4]
Payables to related parties			317	[4]
Total Liabilities	192,306	[4]	172,441	[4]
Total Capital	20,182,608	[4]	20,753,539	[4]
Total Liabilities and Capital	20,374,914	[4]	20,925,980	[4]
Total Owners' Capital	20,182,608	[4]	20,753,539	[4]
Frontier Heritage Series [Member] | Total Owner Class 1 [Member]
Units Outstanding	160,996	[4]	176,419	[4]
Net Asset Value per Unit	101.63	[4]	94.55	[4]
Frontier Heritage Series [Member] | Managing Owner Class 2 [Member]
Units Outstanding	428	[4]	428	[4]
LIABILITIES
Managing Owner	55,954	[4]	51,683	[4]
Total Capital	55,954	[4]	51,683	[4]
Frontier Heritage Series [Member] | Limited Owners Class 1 [Member]
Units Outstanding	160,996	[4]	176,419	[4]
LIABILITIES
Limited Owner	16,362,182	[4]	16,680,498	[4]
Total Capital	16,362,182	[4]	16,680,498	[4]
Frontier Heritage Series [Member] | Limited Owner Class 2 [Member]
Units Outstanding	28,814	[4]	33,325	[4]
LIABILITIES
Limited Owner	3,764,472	[4]	4,021,358	[4]
Total Capital	$ 3,764,472	[4]	$ 4,021,358	[4]
Frontier Heritage Series [Member] | Total Owner Class 2 [Member]
Units Outstanding	29,242	[4]	33,753	[4]
Net Asset Value per Unit	130.65	[4]	120.67	[4]

[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 Tiverton/Graham/Transtrend Series.

[4] Formerly the Winton/Graham Series.

XML

Derivative Instruments and Hedging Activities - Additional Information (Detail) (The Frontier Fund [Member])	3 Months Ended
	Mar. 31, 2013 Contract	Mar. 31, 2012 Contract
The Frontier Fund [Member]
Derivative [Line Items]
Number of monthly average of futures contracts purchased	10,305	33,950
Number of monthly average futures contracts sold	13,785	32,250

XML

Consolidated Statements of Changes in Owners' Capital (USD $)	3 Months Ended
	Mar. 31, 2013
The Frontier Fund [Member]
Owners' Capital, Beginning balance	$ 519,985,723
Sale of Units	3,901,596
Redemption of Units	(40,858,542)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(115,755)
Owners' Capital, Ending balance	482,913,022
The Frontier Fund [Member] | Managing Owner [Member]
Owners' Capital, Beginning balance	6,287,766
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(39,212)
Owners' Capital, Ending balance	6,248,554
The Frontier Fund [Member] | Limited Owners [Member]
Owners' Capital, Beginning balance	513,697,957
Sale of Units	3,901,596
Redemption of Units	(40,858,542)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(76,543)
Owners' Capital, Ending balance	476,664,468
Frontier Diversified Series [Member]
Owners' Capital, Beginning balance	115,181,572
Sale of Units	1,542,265
Redemption of Units	(7,450,174)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(1,173,341)
Owners' Capital, Ending balance	108,100,322
Frontier Diversified Series [Member] | Managing Owner Class 1 [Member]
Owners' Capital, Beginning balance	25,959
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(327)
Owners' Capital, Ending balance	25,632
Capital - Units, Beginning balance	275
Capital - Units, Ending balance	275
Frontier Diversified Series [Member] | Limited Owners Class 1 [Member]
Owners' Capital, Beginning balance	58,973,977
Sale of Units	696,614
Redemption of Units	(4,824,816)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(720,069)
Owners' Capital, Ending balance	54,125,706
Capital - Units, Beginning balance	624,740
Capital - Units, Sale of Units	7,502
Capital - Units, Redemption of Units	(51,562)
Capital - Units, Ending balance	580,680
Net asset value per unit, Beginning Balance	$ 94.40	[1]
Change in net asset value per unit	$ (1.19)	[1]
Net asset value per unit, Ending balance	$ 93.21	[1]
Frontier Diversified Series [Member] | Managing Owner Class 2 [Member]
Owners' Capital, Beginning balance	1,436,973
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(12,013)
Owners' Capital, Ending balance	1,424,960
Capital - Units, Beginning balance	14,301
Capital - Units, Ending balance	14,301
Frontier Diversified Series [Member] | Limited Owner Class 2 [Member]
Owners' Capital, Beginning balance	54,744,663
Sale of Units	845,651
Redemption of Units	(2,625,358)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(440,932)
Owners' Capital, Ending balance	52,524,024
Capital - Units, Beginning balance	544,826
Capital - Units, Sale of Units	8,657
Capital - Units, Redemption of Units	(26,330)
Capital - Units, Ending balance	527,153
Net asset value per unit, Beginning Balance	$ 100.48	[1]
Change in net asset value per unit	$ (0.84)	[1]
Net asset value per unit, Ending balance	$ 99.64	[1]
Frontier Masters Series [Member]
Owners' Capital, Beginning balance	51,486,158
Sale of Units	1,620,222
Redemption of Units	(3,572,750)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	321,529
Owners' Capital, Ending balance	49,855,159
Frontier Masters Series [Member] | Managing Owner Class 1 [Member]
Owners' Capital, Beginning balance	27,804
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	146
Owners' Capital, Ending balance	27,950
Capital - Units, Beginning balance	275
Capital - Units, Ending balance	275
Frontier Masters Series [Member] | Limited Owners Class 1 [Member]
Owners' Capital, Beginning balance	34,575,695
Sale of Units	1,148,139
Redemption of Units	(1,976,286)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	167,871
Owners' Capital, Ending balance	33,915,419
Capital - Units, Beginning balance	341,974
Capital - Units, Sale of Units	11,320
Capital - Units, Redemption of Units	(19,499)
Capital - Units, Ending balance	333,795
Net asset value per unit, Beginning Balance	$ 101.11	[1]
Change in net asset value per unit	$ 0.53	[1]
Net asset value per unit, Ending balance	$ 101.64	[1]
Frontier Masters Series [Member] | Managing Owner Class 2 [Member]
Owners' Capital, Beginning balance	605,508
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	5,571
Owners' Capital, Ending balance	611,079
Capital - Units, Beginning balance	5,627
Capital - Units, Ending balance	5,627
Frontier Masters Series [Member] | Limited Owner Class 2 [Member]
Owners' Capital, Beginning balance	16,277,151
Sale of Units	472,083
Redemption of Units	(1,596,464)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	147,941
Owners' Capital, Ending balance	15,300,711
Capital - Units, Beginning balance	151,262
Capital - Units, Sale of Units	4,411
Capital - Units, Redemption of Units	(14,780)
Capital - Units, Ending balance	140,893
Net asset value per unit, Beginning Balance	$ 107.61	[1]
Change in net asset value per unit	$ 0.99	[1]
Net asset value per unit, Ending balance	$ 108.60	[1]
Frontier Long/Short Commodity Series [Member]
Owners' Capital, Beginning balance	61,352,164
Sale of Units	575,710
Redemption of Units	(7,205,248)
Change in control of ownership - Trading Companies	(1,021,567)
Contributions	2,920,468
Distributions	(730,290)
Operations attributable to non-controlling interests	(1,825,717)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(194,728)
Owners' Capital, Ending balance	53,870,792
Frontier Long/Short Commodity Series [Member] | Managing Owner Class 2 [Member]
Owners' Capital, Beginning balance	449,011
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(1,665)
Owners' Capital, Ending balance	447,346
Capital - Units, Beginning balance	3,083
Capital - Units, Ending balance	3,083
Frontier Long/Short Commodity Series [Member] | Limited Owner Class 2 [Member]
Owners' Capital, Beginning balance	6,449,774
Redemption of Units	(1,167,978)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(26,287)
Owners' Capital, Ending balance	5,255,509
Capital - Units, Beginning balance	44,284
Capital - Units, Redemption of Units	(8,065)
Capital - Units, Ending balance	36,219
Net asset value per unit, Beginning Balance	$ 145.65	[1]
Change in net asset value per unit	$ (0.54)	[1]
Net asset value per unit, Ending balance	$ 145.11	[1]
Frontier Long/Short Commodity Series [Member] | Limited Owners Class 3 [Member]
Owners' Capital, Beginning balance	19,761,047
Redemption of Units	(3,450,590)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(54,370)
Owners' Capital, Ending balance	16,256,087
Capital - Units, Beginning balance	135,642
Capital - Units, Redemption of Units	(23,642)
Capital - Units, Ending balance	112,000
Net asset value per unit, Beginning Balance	$ 145.69
Change in net asset value per unit	$ (0.55)
Net asset value per unit, Ending balance	$ 145.14
Frontier Long/Short Commodity Series [Member] | Managing Owner Class 1a [Member]
Owners' Capital, Beginning balance	12,732
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(71)
Owners' Capital, Ending balance	12,661
Capital - Units, Beginning balance	117
Capital - Units, Ending balance	117
Frontier Long/Short Commodity Series [Member] | Limited Owners Class 1a [Member]
Owners' Capital, Beginning balance	18,970,806
Sale of Units	354,310
Redemption of Units	(1,622,472)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(93,314)
Owners' Capital, Ending balance	17,609,330
Capital - Units, Beginning balance	174,713
Capital - Units, Sale of Units	3,251
Capital - Units, Redemption of Units	(14,876)
Capital - Units, Ending balance	163,088
Net asset value per unit, Beginning Balance	$ 108.58	[1]
Change in net asset value per unit	$ (0.61)	[1]
Net asset value per unit, Ending balance	$ 107.97	[1]
Frontier Long/Short Commodity Series [Member] | Managing Owner Class 2a [Member]
Owners' Capital, Beginning balance	256,560
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(356)
Owners' Capital, Ending balance	256,204
Capital - Units, Beginning balance	2,222
Capital - Units, Ending balance	2,222
Frontier Long/Short Commodity Series [Member] | Limited Owners Class 2a [Member]
Owners' Capital, Beginning balance	10,625,551
Sale of Units	221,400
Redemption of Units	(964,208)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(18,665)
Owners' Capital, Ending balance	9,864,078
Capital - Units, Beginning balance	92,035
Capital - Units, Sale of Units	1,931
Capital - Units, Redemption of Units	(8,407)
Capital - Units, Ending balance	85,559
Net asset value per unit, Beginning Balance	$ 115.45	[1]
Change in net asset value per unit	$ (0.16)	[1]
Net asset value per unit, Ending balance	$ 115.29	[1]
Frontier Long/Short Commodity Series [Member] | Noncontrolling Interest [Member]
Owners' Capital, Beginning balance	4,826,683
Change in control of ownership - Trading Companies	(1,021,567)
Contributions	2,920,468
Distributions	(730,290)
Operations attributable to non-controlling interests	(1,825,717)
Owners' Capital, Ending balance	4,169,577
Balanced Series [Member]
Owners' Capital, Beginning balance	244,969,683
Sale of Units	96,790
Redemption of Units	(14,821,287)
Change in control of ownership - Trading Companies	(281,653)
Contributions	20,816,220
Distributions	(18,929,075)
Operations attributable to non-controlling interests	(2,804,033)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(3,212,419)
Owners' Capital, Ending balance	225,834,226
Balanced Series [Member] | Limited Owners Class 1 [Member]
Owners' Capital, Beginning balance	143,906,872
Sale of Units	92,934
Redemption of Units	(11,819,813)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(2,612,663)
Owners' Capital, Ending balance	129,567,330
Capital - Units, Beginning balance	1,237,173
Capital - Units, Sale of Units	807
Capital - Units, Redemption of Units	(103,455)
Capital - Units, Ending balance	1,134,525
Net asset value per unit, Beginning Balance	$ 116.32
Change in net asset value per unit	$ (2.12)
Net asset value per unit, Ending balance	$ 114.20
Balanced Series [Member] | Managing Owner Class 2 [Member]
Owners' Capital, Beginning balance	3,225,784
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(35,673)
Owners' Capital, Ending balance	3,190,111
Capital - Units, Beginning balance	21,620
Capital - Units, Ending balance	21,620
Balanced Series [Member] | Limited Owner Class 2 [Member]
Owners' Capital, Beginning balance	48,233,784
Sale of Units	3,856
Redemption of Units	(2,127,467)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(525,877)
Owners' Capital, Ending balance	45,584,296
Capital - Units, Beginning balance	323,274
Capital - Units, Sale of Units	26
Capital - Units, Redemption of Units	(14,368)
Capital - Units, Ending balance	308,932
Net asset value per unit, Beginning Balance	$ 149.20	[1]
Change in net asset value per unit	$ (1.65)	[1]
Net asset value per unit, Ending balance	$ 147.55	[1]
Balanced Series [Member] | Managing Owner Class 2a [Member]
Owners' Capital, Beginning balance	153,884
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(1,113)
Owners' Capital, Ending balance	152,771
Capital - Units, Beginning balance	1,237
Capital - Units, Ending balance	1,237
Balanced Series [Member] | Limited Owners Class 2a [Member]
Owners' Capital, Beginning balance	855,636
Redemption of Units	(94,778)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(7,279)
Owners' Capital, Ending balance	753,579
Capital - Units, Beginning balance	6,880
Capital - Units, Redemption of Units	(776)
Capital - Units, Ending balance	6,104
Net asset value per unit, Beginning Balance	$ 124.36	[1]
Change in net asset value per unit	$ (0.90)	[1]
Net asset value per unit, Ending balance	$ 123.46	[1]
Balanced Series [Member] | Noncontrolling Interest [Member]
Owners' Capital, Beginning balance	44,816,933
Change in control of ownership - Trading Companies	(281,653)
Contributions	20,816,220
Distributions	(18,929,075)
Operations attributable to non-controlling interests	(2,804,033)
Owners' Capital, Ending balance	43,618,392
Balanced Series [Member] | Limited Owners Class 3a [Member]
Owners' Capital, Beginning balance	3,776,790
Redemption of Units	(779,229)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(29,814)
Owners' Capital, Ending balance	2,967,747
Capital - Units, Beginning balance	30,469
Capital - Units, Redemption of Units	(6,351)
Capital - Units, Ending balance	24,118
Net asset value per unit, Beginning Balance	$ 123.96
Change in net asset value per unit	$ (0.91)
Net asset value per unit, Ending balance	$ 123.05
Frontier Select Series [Member]
Owners' Capital, Beginning balance	25,344,641	[2]
Sale of Units	4,380	[2]
Redemption of Units	(2,011,800)	[2]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	1,001,644	[2],[3]
Owners' Capital, Ending balance	24,338,865	[2]
Frontier Select Series [Member] | Limited Owners Class 1 [Member]
Owners' Capital, Beginning balance	22,266,758	[2]
Sale of Units	4,380	[2]
Redemption of Units	(1,742,251)	[2]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	864,271	[2]
Owners' Capital, Ending balance	21,393,158	[2]
Capital - Units, Beginning balance	283,073	[2]
Capital - Units, Sale of Units	55	[2]
Capital - Units, Redemption of Units	(21,799)	[2]
Capital - Units, Ending balance	261,329	[2]
Net asset value per unit, Beginning Balance	$ 78.66	[2]
Change in net asset value per unit	$ 3.20	[2]
Net asset value per unit, Ending balance	$ 81.86	[2]
Frontier Select Series [Member] | Managing Owner Class 2 [Member]
Owners' Capital, Beginning balance	7,013	[2]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	336	[2]
Owners' Capital, Ending balance	7,349	[2]
Capital - Units, Beginning balance	70	[2]
Capital - Units, Ending balance	70	[2]
Frontier Select Series [Member] | Limited Owner Class 2 [Member]
Owners' Capital, Beginning balance	3,070,870	[2]
Redemption of Units	(269,549)	[2]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	137,037	[2]
Owners' Capital, Ending balance	2,938,358	[2]
Capital - Units, Beginning balance	30,848	[2]
Capital - Units, Redemption of Units	(2,690)	[2]
Capital - Units, Ending balance	28,158	[2]
Net asset value per unit, Beginning Balance	$ 99.55	[1],[2]
Change in net asset value per unit	$ 4.80	[1],[2]
Net asset value per unit, Ending balance	$ 104.35	[1],[2]
Currency Series [Member]
Owners' Capital, Beginning balance	2,721,125
Sale of Units	6,870
Redemption of Units	(1,829,220)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(62,371)
Owners' Capital, Ending balance	836,404
Currency Series [Member] | Limited Owners Class 1 [Member]
Owners' Capital, Beginning balance	2,666,969
Sale of Units	6,870
Redemption of Units	(1,823,076)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(61,748)
Owners' Capital, Ending balance	789,015
Capital - Units, Beginning balance	46,863
Capital - Units, Sale of Units	123
Capital - Units, Redemption of Units	(32,889)
Capital - Units, Ending balance	14,097
Net asset value per unit, Beginning Balance	$ 56.91
Change in net asset value per unit	$ (0.94)
Net asset value per unit, Ending balance	$ 55.97
Currency Series [Member] | Managing Owner Class 2 [Member]
Owners' Capital, Beginning balance	2,134
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(20)
Owners' Capital, Ending balance	2,114
Capital - Units, Beginning balance	29
Capital - Units, Ending balance	29
Currency Series [Member] | Limited Owner Class 2 [Member]
Owners' Capital, Beginning balance	52,022
Redemption of Units	(6,144)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(603)
Owners' Capital, Ending balance	45,275
Capital - Units, Beginning balance	713
Capital - Units, Redemption of Units	(87)
Capital - Units, Ending balance	626
Net asset value per unit, Beginning Balance	$ 72.95	[1]
Change in net asset value per unit	$ (0.69)	[1]
Net asset value per unit, Ending balance	$ 72.26	[1]
Winton Series [Member]
Owners' Capital, Beginning balance	40,959,534
Sale of Units	43,950
Redemption of Units	(1,884,717)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	1,871,424
Owners' Capital, Ending balance	40,990,191
Winton Series [Member] | Limited Owners Class 1 [Member]
Owners' Capital, Beginning balance	30,645,208
Sale of Units	43,950
Redemption of Units	(1,767,373)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	1,340,980
Owners' Capital, Ending balance	30,262,765
Capital - Units, Beginning balance	234,414
Capital - Units, Sale of Units	326
Capital - Units, Redemption of Units	(13,081)
Capital - Units, Ending balance	221,659
Net asset value per unit, Beginning Balance	$ 130.73
Change in net asset value per unit	$ 5.80
Net asset value per unit, Ending balance	$ 136.53
Winton Series [Member] | Managing Owner Class 2 [Member]
Owners' Capital, Beginning balance	32,721
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	1,702
Owners' Capital, Ending balance	34,423
Capital - Units, Beginning balance	207
Capital - Units, Ending balance	207
Winton Series [Member] | Limited Owner Class 2 [Member]
Owners' Capital, Beginning balance	10,281,605
Redemption of Units	(117,344)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	528,742
Owners' Capital, Ending balance	10,693,003
Capital - Units, Beginning balance	64,952
Capital - Units, Redemption of Units	(736)
Capital - Units, Ending balance	64,216
Net asset value per unit, Beginning Balance	$ 158.30	[1]
Change in net asset value per unit	$ 8.22	[1]
Net asset value per unit, Ending balance	$ 166.52	[1]
Frontier Heritage Series [Member]
Owners' Capital, Beginning balance	20,753,539	[4]
Sale of Units	11,409	[4]
Redemption of Units	(2,083,348)	[4]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	1,501,008	[4]
Owners' Capital, Ending balance	20,182,608	[4]
Frontier Heritage Series [Member] | Limited Owners Class 1 [Member]
Owners' Capital, Beginning balance	16,680,498	[4]
Sale of Units	11,409	[4]
Redemption of Units	(1,519,117)	[4]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	1,189,392	[4]
Owners' Capital, Ending balance	16,362,182	[4]
Capital - Units, Beginning balance	176,419	[4]
Capital - Units, Sale of Units	117	[4]
Capital - Units, Redemption of Units	(15,540)	[4]
Capital - Units, Ending balance	160,996	[4]
Net asset value per unit, Beginning Balance	$ 94.55	[4]
Change in net asset value per unit	$ 7.08	[4]
Net asset value per unit, Ending balance	$ 101.63	[4]
Frontier Heritage Series [Member] | Managing Owner Class 2 [Member]
Owners' Capital, Beginning balance	51,683	[4]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	4,271	[4]
Owners' Capital, Ending balance	55,954	[4]
Capital - Units, Beginning balance	428	[4]
Capital - Units, Ending balance	428	[4]
Frontier Heritage Series [Member] | Limited Owner Class 2 [Member]
Owners' Capital, Beginning balance	4,021,358	[4]
Redemption of Units	(564,231)	[4]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	307,345	[4]
Owners' Capital, Ending balance	$ 3,764,472	[4]
Capital - Units, Beginning balance	33,325	[4]
Capital - Units, Redemption of Units	(4,511)	[4]
Capital - Units, Ending balance	28,814	[4]
Net asset value per unit, Beginning Balance	$ 120.67	[1],[4]
Change in net asset value per unit	$ 9.98	[1],[4]
Net asset value per unit, Ending balance	$ 130.65	[1],[4]

[1] Values are for both the Managing Owner and Limited Owners.

[2] Formerly the Tiverton/Graham/Transtrend Series.

[3] Formerly known as the Tiverton/Graham/Transtrend Series.

[4] Formerly the Winton/Graham Series.

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Investments in Unconsolidated Trading Companies - Condensed Statement of Income (Detail) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Frontier Trading Company II LLC [Member]
Interest income	$ 7,225	$ 8,807
Net realized gain/(loss) on investments, less commissions	7,451,650	3,000,146
Change in open trade equity/(deficit)	(283,196)	(4,329,777)
Change in fair value of investments in unconsolidated trading companies	7,175,679	(1,320,824)
Frontier Trading Company XV, LLC [Member]
Interest income	(3,176)
Net realized gain/(loss) on investments, less commissions	242,745
Change in open trade equity/(deficit)	852,622
Change in fair value of investments in unconsolidated trading companies	1,092,191
Frontier Trading Company XXIII, LLC [Member]
Interest income	7
Net realized gain/(loss) on investments, less commissions	(1,254,614)	(511,507)
Change in open trade equity/(deficit)	(214,330)	267,807
Change in fair value of investments in unconsolidated trading companies	(1,468,937)	(243,700)
Frontier Trading Company XXXIX, LLC [Member]
Change in open trade equity/(deficit)	62,997
Change in fair value of investments in unconsolidated trading companies	62,997
Frontier Trading Company V LLC [Member]
Interest income		735
Net realized gain/(loss) on investments, less commissions		3,365,796
Change in open trade equity/(deficit)		(1,328,782)
Change in fair value of investments in unconsolidated trading companies		$ 2,037,749

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Investments in Unconsolidated Trading Companies (Tables)

3 Months Ended

Mar. 31, 2013

Investments in Unconsolidated Trading Companies

The following table summarizes the Balanced Series, Winton Series, Currency Series, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Frontier Heritage Series (formerly Winton/Graham Series), Frontier Long/Short Commodity Series, Frontier Diversified Series, and Frontier Masters Series investments in unconsolidated Trading Companies as of March 31, 2013 and December 31, 2012.

	As of March 31, 2013					As of December 31, 2012
	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, VII, IX, XIV, XV, XVIII, XXIII and XXXIX		39.35	%	$	42,533,163		37.18	%	$	42,826,426
Frontier Masters Series —
Frontier Trading Companies II, XIV and XV		23.96	%	$	11,946,638		18.98	%	$	9,771,797
Frontier Long/Short Commodity Series —
Frontier Trading Company I and XXIII		4.84	%	$	2,609,741		6.00	%	$	3,675,238
Balanced Series —
Frontier Trading Companies II, VII, XV, XVIII, XXIII and XXXIX		8.15	%	$	18,407,717		8.24	%	$	20,193,128
Frontier Select Series (1) —
Frontier Trading Companies XV and XXXIX		17.04	%	$	4,147,981		29.09	%	$	7,373,509
Currency Series —
Frontier Trading Company XVII		209.86	%	$	1,755,295		66.20	%	$	1,801,498
Winton Series —
Frontier Trading Company II		15.86	%	$	6,500,914		16.76	%	$	6,865,965
Frontier Heritage Series (2) —
Frontier Trading Companies II and XXXIX		17.25	%	$	3,482,249		29.75	%	$	6,174,855

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

(1) Formerly known as the Winton/Graham Series.

Equity in Earnings from Unconsolidated Trading Companies

The following tables summarize the Balanced Series, Winton Series, Currency Series, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Frontier Heritage Series (formerly Winton/Graham Series), Frontier Long/Short Commodity Series, Frontier Diversified Series and Frontier Masters Series equity in earnings from unconsolidated Trading Companies for the three months ended March 31, 2013 and 2012.

	Three Months Ended March 31, 2013												Three Months Ended March 31, 2012
	Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)			Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)
Trading Company
Balanced Series —
Frontier Trading Company II LLC	$	(11,501	)	$	2,382,683		$	29,643		$	2,400,825		$	(17,480	)	$	1,130,303		$	(1,604,191	)	$	(491,368	)
Frontier Trading Company V LLC		(13,876	)		1,530,384			(272,459	)		1,244,049			(51,183	)		559,558			42,753			551,128
Frontier Trading Company VII, LLC		(144,075	)		(1,326,705	)		256,553			(1,214,227	)		(186,655	)		(18,053,930	)		14,305,300			(3,935,285	)
Frontier Trading Company XV, LLC		(36,685	)		91,850			255,168			310,332			—			—			—			—
Frontier Trading Company XVI, LLC		(3,769	)		47,987			(29,090	)		15,128			—			—			—			—
Frontier Trading Company XXIII, LLC		(1,179	)		13,038			29,659			41,518			(8,530	)		(229,496	)		124,599			(113,427	)
Frontier Trading Company XXXIX, LLC		—			—			14,700			14,700			—			—			—			—
Total	$	(211,085	)	$	2,739,237		$	284,173		$	2,812,325		$	(263,848	)	$	(16,593,565	)	$	12,868,461		$	(3,988,952	)
Winton Series —
Frontier Trading Company II LLC	$	(11,653	)	$	2,504,392		$	(173,364	)	$	2,319,375		$	(12,882	)	$	833,391		$	(1,186,263	)	$	(365,754	)
Currency Series —
Frontier Trading Company XVII LLC	$	—		$	—		$	(46,203	)	$	(46,203	)	$	—		$	—		$	(132,912	)	$	(132,912	)
Frontier Select Series (1) —
Frontier Trading Company V LLC	$	(12,346	)	$	1,188,592		$	(78,854	)	$	1,097,391		$	(49,745	)	$	2,040,212		$	(1,446,023	)	$	544,444
Frontier Trading Company VI LLC		—			—			—			—			—			—			—			—
Frontier Trading Company XV, LLC		(22,858	)		131,648			105,459			214,249			(12,897	)		(209,247	)		(76,048	)		(298,192	)
Frontier Trading Company XXI, LLC		—			—			—			—			(3,598	)		399,495			(450,646	)		(54,749	)
Frontier Trading Company XXXIX, LLC		—			—			16,799			16,799			—			—			—			—
Total	$	(35,204	)	$	1,320,240		$	43,404		$	1,320,440		$	(66,240	)	$	2,230,460		$	(1,972,717	)	$	191,503
Frontier Heritage Series (2) —
Frontier Trading Company II LLC	$	(2,664	)	$	554,947		$	4,069		$	556,353		$	(4,747	)	$	306,322		$	(434,737	)	$	(133,162	)
Frontier Trading Company V LLC		(13,268	)		1,404,612			(205,240	)		1,186,104			(67,329	)		692,142			52,531			677,344
Frontier Trading Company XXXIX, LLC		—			—			20,999			20,999			—			—			—			—
Total	$	(15,931	)	$	1,959,559		$	(180,172	)	$	1,763,456		$	(72,076	)	$	998,464		$	(382,206	)	$	544,182
Frontier Long/Short Commodity Series —
Frontier Trading Company I LLC	$	(15,794	)	$	(157,118	)	$	(150,252	)	$	(323,164	)	$	(14,204	)	$	(1,039,964	)	$	(305,434	)	$	(1,359,602	)
Frontier Trading Companies XVIII, LLC		—			—			—			—			(7,614	)		472,507			(72,707	)		392,186
Frontier Trading Companies XXIII, LLC		(6,308	)		(180,509	)		(21,131	)		(207,949	)		(5,118	)		(137,444	)		74,723			(67,839	)
Total	$	(22,102	)	$	(337,627	)	$	(171,384	)	$	(531,113	)	$	(26,936	)	$	(704,901	)	$	(303,418	)	$	(1,035,255	)
Frontier Diversified Series —
Frontier Trading Company I LLC	$	(128,516	)	$	(357,571	)	$	(672,046	)	$	(1,158,132	)	$	(194,760	)	$	(2,331,404	)	$	1,077		$	(2,525,087	)
Frontier Trading Company II LLC		(6,096	)		1,311,057			(92,220	)		1,212,741			(8,216	)		530,724			(753,385	)		(230,877	)
Frontier Trading Company V LLC		(9,571	)		1,055,495			(187,841	)		858,083			(27,108	)		269,249			21,957			264,098
Frontier Trading Company VI LLC		—			—			—			—			—			—			—			—
Frontier Trading Company VII, LLC		(87,931	)		(534,092	)		48,285			(573,737	)		(96,249	)		(9,316,926	)		7,381,068			(2,032,107	)
Frontier Trading Company IX, LLC		—			—			—			—			(11,687	)		(159,693	)		(161,676	)		(333,056	)
Frontier Trading Company XIV, LLC		(78,418	)		(1,225,951	)		938,457			(365,912	)		(95,707	)		1,137,455			(226,492	)		815,256
Frontier Trading Company XV, LLC		(18,486	)		32,629			148,279			162,422			(30,257	)		(569,163	)		(48,533	)		(647,953	)
Frontier Trading Company XVIII, LLC		—			—			—			—			(14,682	)		911,355			(138,281	)		758,392
Frontier Trading Company XXI, LLC		—			—			—			—			(254	)		8,435			1,468			9,649
Frontier Trading Company XXIII, LLC		(13,200	)		(328,080	)		(64,983	)		(406,263	)		(4,266	)		(114,732	)		62,249			(56,749	)
Frontier Trading Company XXXIX, LLC		—			—			10,500			10,500			—			—			—			—
Total	$	(342,217	)	$	(46,513	)	$	128,431		$	(260,299	)	$	(483,186	)	$	(9,634,700	)	$	6,139,452		$	(3,978,434	)
Frontier Masters Series —
Frontier Trading Company II LLC	$	(3,449	)	$	741,157		$	(51,324	)	$	686,385		$	(3,813	)	$	246,545		$	(351,200	)	$	(108,468	)
Frontier Trading Company XIV, LLC		(31,416	)		(491,605	)		375,740			(147,281	)		(60,305	)		718,517			(148,563	)		509,649
Frontier Trading Company XV, LLC		(37,689	)		76,997			312,247			351,555			(9,832	)		(185,032	)		(16,039	)		(210,903	)
Total	$	(72,554	)	$	326,549		$	636,663		$	890,658		$	(73,950	)	$	780,030		$	(515,802	)	$	190,278

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

(2) Formerly known as the Winton/Graham Series.

Statements of Financial Condition

The statements of financial condition as of March 31, 2013 and December 31, 2012 and the Condensed Statement of Income for the three months ended March 31, 2013 and 2012 for the unconsolidated Trading Companies are as follows:

Statements of Financial Condition - March 31, 2013	Frontier Trading Company II LLC		Frontier Trading Company XV LLC			Frontier Trading Company XXIII LLC		Frontier Trading Company XXXIX, LLC
Receivable from commission merchants	$	18,184,284	$	10,180,464		$	2,486,529	$	6,000,000
Open trade equity/(deficit)		1,216,243		7,876,042			16,850		62,997
Interest receivable/(payable)		2,634		(838	)		—		—
Total assets	$	19,403,161	$	18,056,506		$	2,503,379	$	6,062,997
Members’ equity	$	19,403,161	$	18,056,506		$	2,503,379	$	6,062,997

Statements of Financial Condition - December 31, 2012	Frontier Trading Company II LLC		Frontier Trading Company V LLC		Frontier Trading Company XXIII, LLC
Receivable from commission merchants	$	20,525,159	$	14,732,606	$	3,343,890
Open trade equity/(deficit)		1,499,438		1,311,171		231,181
Interest receivable/(payable)		2,882		2,181		(7	)
Total assets	$	22,027,479	$	16,045,958	$	3,575,064
Members’ equity	$	22,027,479	$	16,045,958	$	3,575,064

Condensed Statement of Income

Condensed Statement of Income - For the Three Months Ended March 31, 2013
Interest income	$	7,225		$	(3,176	)	$	7		$	—
Net realized gain/(loss) on investments, less commissions		7,451,650			242,745			(1,254,614	)		—
Change in open trade equity/(deficit)		(283,196	)		852,622			(214,330	)		62,997
Net income/(loss)	$	7,175,679		$	1,092,191		$	(1,468,937	)	$	62,997

Condensed Statement of Income - For the Three Months Ended March 31, 2012
Interest income	$	8,807		$	735		$	—
Net realized gain/(loss) on investments, less commissions		3,000,146			3,365,796			(511,507	)
Change in open trade equity/(deficit)		(4,329,777	)		(1,328,782	)		267,807
Net income/(loss)	$	(1,320,824	)	$	2,037,749		$	(243,700	)

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Transactions with Affiliates - Additional Information (Detail) (USD $)	3 Months Ended				12 Months Ended	3 Months Ended		12 Months Ended	3 Months Ended		12 Months Ended	3 Months Ended		12 Months Ended	3 Months Ended		12 Months Ended	3 Months Ended		12 Months Ended	3 Months Ended			12 Months Ended		3 Months Ended				12 Months Ended			3 Months Ended																3 Months Ended			3 Months Ended		4 Months Ended	3 Months Ended		12 Months Ended	3 Months Ended									3 Months Ended																3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013 Balanced Series [Member]	Mar. 31, 2012 Balanced Series [Member]	Dec. 31, 2012 Balanced Series [Member]	Mar. 31, 2013 Winton Series [Member]	Mar. 31, 2012 Winton Series [Member]	Dec. 31, 2012 Winton Series [Member]	Mar. 31, 2013 Currency Series [Member]	Mar. 31, 2012 Currency Series [Member]	Dec. 31, 2012 Currency Series [Member]	Mar. 31, 2013 Frontier Long/Short Commodity Series [Member]	Mar. 31, 2012 Frontier Long/Short Commodity Series [Member]	Dec. 31, 2012 Frontier Long/Short Commodity Series [Member]	Mar. 31, 2013 Frontier Masters Series [Member]	Mar. 31, 2012 Frontier Masters Series [Member]	Dec. 31, 2012 Frontier Masters Series [Member]	Mar. 31, 2013 Frontier Diversified Series [Member]	Mar. 31, 2012 Frontier Diversified Series [Member]	Dec. 31, 2012 Frontier Diversified Series [Member]	Mar. 31, 2013 Frontier Heritage Series [Member]		Mar. 31, 2012 Frontier Heritage Series [Member]	Dec. 31, 2012 Frontier Heritage Series [Member]		Mar. 31, 2013 Frontier Select Series [Member]		Mar. 31, 2012 Frontier Select Series [Member]		Dec. 31, 2012 Frontier Select Series [Member]		Mar. 31, 2013 Equinox Financial Group [Member]	Mar. 31, 2013 Maximum [Member] Balanced Series [Member]	Mar. 31, 2013 Maximum [Member] Winton Series [Member]	Mar. 31, 2013 Maximum [Member] Currency Series [Member]	Mar. 31, 2013 Maximum [Member] Frontier Masters Series [Member]	Mar. 31, 2013 Maximum [Member] Frontier Diversified Series [Member]	Mar. 31, 2013 Maximum [Member] Frontier Heritage Series [Member]	Mar. 31, 2013 Maximum [Member] Frontier Select Series [Member]	Mar. 31, 2013 Class 1a and Class 2a [Member] Balanced Series [Member]	Mar. 31, 2013 Class 1a and Class 2a [Member] Frontier Long/Short Commodity Series [Member]	Mar. 31, 2013 Class 1a and Class 2a [Member] Maximum [Member] Frontier Long/Short Commodity Series [Member]	Mar. 31, 2013 Class 1 or Class 1a [Member]	Mar. 31, 2013 Class 1 and Class 2 [Member] Frontier Long/Short Commodity Series [Member]	Mar. 31, 2013 Class 1, 2 and 3 [Member] Balanced Series [Member]	Mar. 31, 2013 Class 1, 2 and 3 [Member] Maximum [Member] Frontier Long/Short Commodity Series [Member]	Mar. 31, 2013 Balanced Series Class 1 and Class 2 [Member] Winton Series Frontier Select Series Currency Series And Frontier Heritage Series [Member]	Mar. 31, 2013 Balanced Series Class 1a and Class 2a [Member] Frontier Diversified Series Frontier Long Short Commodity Series Frontier Masters Series And Balanced Series [Member]	Mar. 31, 2013 The Series of the Frontier Fund [Member]	Mar. 31, 2013 The Series of the Frontier Fund [Member] Class 1a and Class 2a [Member] Balanced Series [Member]	Mar. 31, 2013 The Series of the Frontier Fund [Member] Purchase Commitment [Member]	Mar. 31, 2013 Bornhoft Group Corporation [Member]	Mar. 31, 2012 Bornhoft Group Corporation [Member]	Apr. 20, 2012 Bornhoft Group Corporation [Member]	Mar. 31, 2013 The Frontier Fund [Member]	Mar. 31, 2012 The Frontier Fund [Member]	Dec. 31, 2012 The Frontier Fund [Member]	Mar. 31, 2013 The Frontier Fund [Member] Balanced Series [Member]	Mar. 31, 2013 The Frontier Fund [Member] Winton Series [Member]	Mar. 31, 2013 The Frontier Fund [Member] Currency Series [Member]	Mar. 31, 2013 The Frontier Fund [Member] Frontier Long/Short Commodity Series [Member]	Mar. 31, 2013 The Frontier Fund [Member] Frontier Masters Series [Member]	Mar. 31, 2013 The Frontier Fund [Member] Frontier Diversified Series [Member]	Mar. 31, 2013 The Frontier Fund [Member] Frontier Heritage Series [Member]	Mar. 31, 2013 The Frontier Fund [Member] Frontier Select Series [Member]	Mar. 31, 2013 The Frontier Fund [Member] Equinox Financial Group [Member]	Mar. 31, 2013 The Frontier Fund [Member] Maximum [Member] Balanced Series [Member]	Mar. 31, 2013 The Frontier Fund [Member] Maximum [Member] Winton Series [Member]	Mar. 31, 2013 The Frontier Fund [Member] Maximum [Member] Currency Series [Member]	Mar. 31, 2013 The Frontier Fund [Member] Maximum [Member] Frontier Masters Series [Member]	Mar. 31, 2013 The Frontier Fund [Member] Maximum [Member] Frontier Diversified Series [Member]	Mar. 31, 2013 The Frontier Fund [Member] Maximum [Member] Frontier Heritage Series [Member]	Mar. 31, 2013 The Frontier Fund [Member] Maximum [Member] Frontier Select Series [Member]	Mar. 31, 2013 The Frontier Fund [Member] Class 1a and Class 2a [Member] Balanced Series [Member]	Mar. 31, 2013 The Frontier Fund [Member] Class 1a and Class 2a [Member] Frontier Long/Short Commodity Series [Member]	Mar. 31, 2013 The Frontier Fund [Member] Class 1a and Class 2a [Member] Maximum [Member] Frontier Long/Short Commodity Series [Member]	Mar. 31, 2013 The Frontier Fund [Member] Class 1 or Class 1a [Member]	Mar. 31, 2013 The Frontier Fund [Member] Class 1 and Class 2 [Member] Frontier Long/Short Commodity Series [Member]	Mar. 31, 2013 The Frontier Fund [Member] Class 1, 2 and 3 [Member] Maximum [Member] Frontier Long/Short Commodity Series [Member]	Mar. 31, 2013 The Frontier Fund [Member] Balanced Series Class 1 and Class 2 [Member] Winton Series Tiverton Graham Transtrend Series Currency Series And Frontier Heritage Series [Member]	Mar. 31, 2013 The Frontier Fund [Member] Balanced Series Class 1a and Class 2a [Member] Frontier Diversified Series, Frontier Long/Short Commodity Series, Frontier Masters Series [Member]	Mar. 31, 2013 The Frontier Fund [Member] Purchase Commitment [Member]	Mar. 31, 2013 Solon Capital, LLC [Member]	Mar. 31, 2012 Solon Capital, LLC [Member]
Managing Owner Contributions to Series percent																																																	1.00%	1.00%					1.00%																			1.00%
Minimum purchase commitment																																																			1.00%																															1.00%
Annual rate of management fees						2.00%			2.00%						2.00%			0.75%			2.50%					2.50%														1.00%	2.00%			3.50%	0.50%													0.50%	2.00%	2.00%		2.00%	0.75%	2.50%	2.50%										2.00%			3.50%
Trading fees																																	0.75%	0.75%	0.75%	2.25%	2.25%	0.75%	0.75%			2.25%				0.75%																					0.75%	0.75%	0.75%	2.25%	2.25%	0.75%	0.75%			2.25%			0.75%
Diligence fees	0.12%																																																						0.12%
Incentive Fees			25.00%			20.00%			20.00%			20.00%			20.00%			25.00%			20.00%					20.00%																																25.00%	20.00%	20.00%	20.00%	20.00%	25.00%	20.00%	20.00%
Service fee paid to managing owner for payment to selling agents																																											3.00%																																		3.00%
Prepaid service fees received or receivable			$ 1,735			$ 628			$ 108			$ (1,878)			$ (1,427)			$ (2,214)			$ 290					$ 89																															$ 2,096
Prepaid service fees paid or owing					23,454			6,938			1,415			(5,660)			1,336			(4,996)				4,064						(7,427)																									2,669
Aggregate interest income from all sources, including assets held at clearing brokers is paid to the Managing Owner																																															2.00%	20.00%																																2.00%	20.00%
Interest income payment to managing owner	1,582,082	2,014,194																																																					1,581,082	2,014,194
Managing Owner pays to Bornhoft Group Corporation, monthly fee of NAV of the Trust																																																				0.25%		0.10%	0.25%
Amount paid for NAV of the trust																																																				0	388,634			388,634
Monthly service fee for investment and advisor services																																																				251,890		1,100,000
Management Fees			163,400	193,155	193,155	89,916	86,138	86,138				211,741	277,379	277,379	112,054	118,274	118,274	140,979	150,188	150,188	32,341	[1]	63,642	63,642	[1]	52,722	[2]	103,089		103,089	[2]	250,000																							814,398		1,003,663									250,000
Managing and marketing services fee payment																																																							548,092	699,541																											548,092	699,541
Incentive fees payable to Managing Owner			259,439	527,306	527,306													184,498	189,903	189,903																																			455,580		732,119
Interest payable to Managing Owner			307,480		330,341	69,984		69,369	1,435		3,889	25,280		26,319	19,522		20,028	40,401		41,394	34,510	[1]		35,011	[1]	41,638	[2]			42,764	[2]																								540,250		569,115
Trading fees payable to Managing Owner			117,318	132,875	132,875	26,260	26,041	26,041	539	1,791	1,791	71,113	79,400	79,400	105,224	104,852	104,852	230,821	228,169	228,169	12,950	[1]	13,148	13,148	[1]	15,631	[2]	16,057		16,057	[2]																								579,856		602,333
Trailing service fees payable to Managing Owner			306,834	332,942		61,796	62,556		1,836	3,510		28,094	24,074		51,411	47,423		85,636	89,177		37,908		38,116			53,470		54,702																											626,985		652,500
Incentive Fees			259,439	178,125									77,070					184,498	5,758																																				455,580	283,700
Management Fees			494,637	689,478		252,254	267,609					638,253	864,191		324,723	352,610		410,426	516,204		139,061		298,313			209,199	[3]	272,986	[3]																										2,502,777	3,276,488
Service Fees-Class 1			991,548	1,340,888		222,806	282,428		14,395	29,910		96,103	124,836		175,344	187,327		305,403	391,766		119,839		179,072			157,859		254,314																											2,088,170	2,808,189
Trading Fees			$ 345,915	$ 477,527		$ 74,742	$ 91,423		$ 3,688	$ 7,497		$ 211,732	$ 254,373		$ 292,626	$ 317,570		$ 636,522	$ 773,697		$ 37,183		$ 55,058			$ 44,783	[3]	$ 70,889	[3]																										$ 1,666,545	$ 2,048,034

[1] Formerly the Winton/Graham Series.

[2] Formerly the Tiverton/Graham/Transtrend Series.

[3] Formerly known as the Tiverton/Graham/Transtrend Series.

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Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2013

Financial Highlights of Trust

The following information presents the financial highlights of the Trust, with respect to the Series, for the three months ended March 31, 2013 and 2012.

	Frontier Diversified Series						Frontier Masters Series						Frontier Long/Short Commodity Series
	Class 1			Class 2			Class 1			Class 2			Class 2			Class 3			Class 1a			Class 2a
Per unit operating performance (1)
Net asset value, December 31, 2012	$	94.40		$	100.48		$	101.11		$	107.61		$	145.65		$	145.69		$	108.58		$	115.45
Net operating results:
Interest income		0.40			0.43			0.46			0.49			0.81			0.81			0.60			0.64
Expenses		(1.54	)		(1.10	)		(1.74	)		(1.30	)		(2.32	)		(2.32	)		(2.29	)		(1.84	)
Net gain/(loss) on investments, net of non-controlling interests		(0.05	)		(0.17	)		1.81			1.80			0.97			0.96			1.08			1.04
Net income/(loss)		(1.19	)		(0.84	)		0.53			0.99			(0.54	)		(0.55	)		(0.61	)		(0.16	)
Net asset value, March 31, 2013	$	93.21		$	99.64		$	101.64		$	108.60		$	145.11		$	145.14		$	107.97		$	115.29
Ratios to average net assets (3)
Net investment income/(loss)		–4.44	%		–2.24	%		–5.14	%		–3.06	%		–4.19	%		–4.19	%		–6.29	%		–4.19	%
Expenses before incentive fees (6)		6.01	%		3.81	%		6.97	%		4.90	%		6.45	%		6.45	%		8.55	%		6.45	%
Expenses after incentive fees (6)		6.18	%		3.98	%		6.97	%		4.90	%		6.45	%		6.45	%		8.55	%		6.45	%
Total return before incentive fees (2)		–1.09	%		–0.67	%		0.52	%		0.92	%		–0.37	%		–0.38	%		–0.56	%		–0.14	%
Total return after incentive fees (2)		–1.26	%		–0.84	%		0.52	%		0.92	%		–0.37	%		–0.38	%		–0.56	%		–0.14	%
	Balanced Series												Frontier Select Series  (4)						Currency Series
	Class 1			Class 2			Class 2a			Class 3a			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2012	$	116.32		$	149.20		$	124.36		$	123.96		$	78.66		$	99.55		$	56.91		$	72.95
Net operating results:
Interest income		0.03			0.04			0.03			0.03			0.29			0.37			0.06			0.08
Expenses		(1.49	)		(0.85	)		(0.71	)		(0.71	)		(1.40	)		(1.04	)		(0.52	)		(0.13	)
Net gain/(loss) on investments, net of non-controlling interests		(0.65	)		(0.84	)		(0.23	)		(0.23	)		4.31			5.47			(0.48	)		(0.64	)
Net income/(loss)		(2.12	)		(1.65	)		(0.90	)		(0.91	)		3.20			4.80			(0.94	)		(0.69	)
Net asset value, March 31, 2013	$	114.20		$	147.55		$	123.46		$	123.05		$	81.86		$	104.35		$	55.97		$	72.26
Ratios to average net assets (3)
Net investment income/(loss)		–4.76	%		–1.82	%		–1.82	%		–1.82	%		–5.62	%		–2.68	%		–3.30	%		–0.30	%
Expenses before incentive fees (6)		4.72	%		1.78	%		1.78	%		1.78	%		7.10	%		4.16	%		3.74	%		0.75	%
Expenses after incentive fees (6)		4.86	%		1.92	%		1.92	%		1.92	%		7.10	%		4.16	%		3.74	%		0.75	%
Total return before incentive fees (2)		–1.69	%		–0.97	%		–0.59	%		–0.60	%		4.07	%		4.82	%		–1.65	%		–0.95	%
Total return after incentive fees (2)		–1.82	%		–1.11	%		–0.72	%		–0.73	%		4.07	%		4.82	%		–1.65	%		–0.95	%

	Winton Series						Frontier Heritage Series (5)
	Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2012	$	130.73		$	158.30		$	94.55		$	120.67
Net operating results:
Interest income		0.36			0.43			0.18			0.23
Expenses		(2.04	)		(1.29	)		(1.56	)		(1.08	)
Net gain/(loss) on investments, net of non-controlling interests		7.48			9.08			8.46			10.83
Net income/(loss)		5.80			8.22			7.08			9.98
Net asset value, March 31, 2013	$	136.53		$	166.52		$	101.63		$	130.65
Ratios to average net assets (3)
Net investment income/(loss)		–5.07	%		–2.13	%		–5.68	%		–2.75	%
Expenses before incentive fees (6)		6.15	%		3.21	%		6.42	%		3.48	%
Expenses after incentive fees (6)		6.15	%		3.21	%		6.42	%		3.48	%
Total return before incentive fees (2)		4.44	%		5.19	%		7.49	%		8.27	%
Total return after incentive fees (2)		4.44	%		5.19	%		7.49	%		8.27	%

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

(2) Impact of incentive fee computed using average net assets, otherwise computed using average units outstanding during the period prior to the effects of any non-controlling transactions. An owner’s total returns may vary from the above returns based on the timing of contributions and withdrawals. Total returns are not annualized.

(3) Annualized with the exception of incentive fees.

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

(5) Formerly the Winton/Graham Series.

(6) Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Statements of Operations of the Series, see footnote 6.

	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, 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		0.44			0.47			0.51			0.53			0.70			0.83			0.83			0.62			0.65
Expenses		(1.50	)		(1.01	)		(1.81	)		(1.33	)		(3.05	)		(2.74	)		(2.74	)		(2.74	)		(2.15	)
Net gain/(loss) on investments, net of non-controlling interests		(3.11	)		(3.38	)		2.00			1.99			0.43			0.82			0.82			0.96			0.84
Net income/(loss)		(4.17	)		(3.92	)		0.70			1.19			(1.92	)		(1.09	)		(1.09	)		(1.16	)		(0.66	)
Net asset value, March 31, 2012	$	95.23		$	100.04		$	100.95		$	106.02		$	134.21		$	160.88		$	160.87		$	120.55		$	126.57
Ratios to average net assets (3)
Net investment gain/(loss)		–4.26	%		–2.08	%		–5.22	%		–3.06	%		–6.50	%		–4.28	%		–4.28	%		–6.52	%		–4.28	%
Expenses before incentive fees (6)		6.05	%		3.88	%		7.25	%		5.09	%		8.55	%		6.34	%		6.34	%		8.58	%		6.34	%
Expenses after incentive fees (6)		6.07	%		3.90	%		7.25	%		5.09	%		8.99	%		6.77	%		6.77	%		9.01	%		6.78	%
Total return before incentive fees (2)		–4.19	%		–3.77	%		0.70	%		4.55	%		–1.30	%		–0.56	%		–0.56	%		–0.84	%		–0.41	%
Total return after incentive fees (2)		–4.20	%		–3.77	%		0.70	%		1.14	%		–1.41	%		–0.67	%		–0.67	%		–0.95	%		–0.52	%
	Balanced Series															Frontier Select 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		0.08			0.07			0.09			0.08			0.08			0.04			0.05			0.00			0.00
Expenses		(1.58	)		(1.37	)		(0.84	)		(0.69	)		(0.69	)		(1.49	)		(1.00	)		(0.65	)		(0.16	)
Net gain/(loss) on investments, net of non-controlling interests		(3.88	)		(3.28	)		(4.85	)		(3.90	)		(3.90	)		0.06			0.03			(2.46	)		(3.08	)
Net income/(loss)		(5.38	)		(4.58	)		(5.58	)		(4.51	)		(4.51	)		(1.39	)		(0.92	)		(3.11	)		(3.24	)
Net asset value, March 31, 2012	$	119.12		$	103.87		$	149.44		$	123.84		$	123.85		$	89.63		$	110.92		$	67.37		$	84.37
Ratios to average net assets (3)
Net investment gain/(loss)		–4.58	%		–4.59	%		–1.63	%		–1.63	%		–1.63	%		–6.37	%		–3.40	%		–3.71	%		–0.73	%
Expenses before incentive fees (6)		4.82	%		4.82	%		1.87	%		1.88	%		1.87	%		6.56	%		3.59	%		3.71	%		0.73	%
Expenses after incentive fees (6)		5.11	%		5.12	%		2.16	%		2.17	%		2.16	%		6.56	%		3.59	%		3.71	%		0.73	%
Total return before incentive fees (2)		–4.25	%		–4.15	%		–3.53	%		–3.44	%		–3.44	%		–1.53	%		–0.82	%		–4.41	%		–3.70	%
Total return after incentive fees (2)		–4.32	%		–4.22	%		–3.60	%		–3.51	%		–3.51	%		–1.53	%		–0.82	%		–4.41	%		–3.70	%

	Winton Series						Frontier Heritage Series (5)
	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		0.36			0.42			0.08			0.10
Expenses		(2.07	)		(1.20	)		(2.05	)		(1.56	)
Net gain/(loss) on investments, net of non-controlling interests		(1.42	)		(1.69	)		1.61			1.99
Net income/(loss)		(3.13	)		(2.47	)		(0.36	)		0.53
Net asset value, March 31, 2012	$	138.00		$	163.35		$	104.37		$	130.23
Ratios to average net assets (3)
Net investment gain/(loss)		–4.86	%		–1.89	%		–7.55	%		6.14	%
Expenses before incentive fees (6)		5.88	%		2.91	%		7.85	%		4.84	%
Expenses after incentive fees (6)		5.88	%		2.91	%		7.85	%		4.84	%
Total return before incentive fees (2)		–2.22	%		–1.49	%		–0.34	%		0.41	%
Total return after incentive fees (2)		–2.22	%		–1.49	%		–0.34	%		0.41	%

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

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

(2) Impact of incentive fee computed using average net assets, otherwise computed using average units outstanding during the period. 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 Tiverton/Graham/Transtrend Series.

(5) Formerly the Winton/Graham Series.

(6) Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Statements of Operations of the Series, see footnote 6.

The Frontier Fund [Member]

Financial Highlights of Trust

The following information presents the financial highlights of the Trust for the three months ended March 31, 2013 and 2012. This data has been derived from the information presented in the consolidated financial statements.

	2013			2012
Ratios to average net assets (1) (2)
Net investment income/(loss)		-4.10	%		-4.43	%
Expenses before incentive fees (4)		5.06	%		-5.25	%
Expenses after incentive fees (4)		5.15	%		-5.44	%
Total return before incentive fees (3)		0.07	%		-2.80	%
Total return after incentive fees (3)		-0.02	%		-2.84	%

(1) Annualized with the exception of incentive fees.

(2) Computed using average net assets outstanding during the period prior to the effects of any non-controlling transactions.

(3) Total returns are not annualized.

(4) Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Statements of Operations of the Series, see footnote 5.

XML

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
The Frontier Fund [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	$ (115,755)		$ (17,661,940)
Net change in open trade equity/(deficit), at fair value	(1,590,327)		(21,627,414)
Net change in options written, at fair value	(2,339,102)		(880,333)
Net unrealized (gain)/loss on swap contracts	394,745		(596,229)
Net realized (gain)/loss on swap contracts			525,237
Net unrealized (gain)/loss on U.S. Treasury securities	1,154,477		1,008,977
Net realized (gain)/loss on U.S. Treasury securities	(1,078,008)		(362,772)
Net realized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC			2,172,987
Net unrealized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC			(2,080,986)
Sales of swap contracts
Interest rollover of custom time deposits	(2,800,755)
(Purchases) of swap contracts	(6,000,000)
Sales of custom time deposits			22,278,919
(Purchases) of custom time deposits
Sales of U.S. Treasury securities	17,924,853		15,609,216
Sale (purchase) of Berkeley Quantitative Colorado Fund LLC			6,178,843
Receivable from futures commission merchants	24,398,023		(4,493,188)
Prepaid service fees	32,480		74,764
Interest receivable	251,630		795,963
Receivable from related parties	(216,992)		(432,458)
Other assets	51		(15,089)
Incentive fees payable to Managing Owner	(276,539)		(1,729,011)
Management fees payable to Managing Owner	(189,265)		(5,347)
Interest payable to Managing Owner	(28,865)		(47,312)
Trading fees payable to Managing Owner	(22,477)		(9,158)
Service fees payable to Managing Owner	(25,515)		(48,839)
Payables to related parties	27,681		(1,733)
Other liabilities	10,856		32,749
Net cash provided by (used in) operating activities	29,511,196		(1,314,154)
Cash Flows from Financing Activities:
Proceeds from sale of units/capital	3,901,596		20,774,522
Payment for redemption of units/ capital	(40,858,545)		(36,918,814)
Pending owner additions	(86,077)		134,522
Owner redemptions payable	(262,577)		(2,456,839)
Net cash provided by (used in) financing activities	(37,305,603)		(18,466,609)
Net increase (decrease) in cash and cash equivalents	(7,794,407)		(19,780,763)
Cash and cash equivalents, beginning of period	17,094,782		27,452,803
Cash and cash equivalents, end of period	9,300,375		7,672,040
Balanced Series [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	(6,016,452)		(13,272,179)
Net change in open trade equity/(deficit), at fair value	(2,461,576)		849,550
Net change in options written, at fair value	198,437		(1,114,036)
Net change in ownership allocation of U.S. Treasury securities	(101,758)		2,560,311
Net change in ownership allocation of custom time deposits	1,812,994		10,435,694
Net change in ownership allocation of credit default swaps			9,782
Net change in ownership allocation of total return swaps
Net unrealized (gain)/loss on swap contracts	457,743		(648,445)
Net realized (gain)/loss on swap contracts			175,294
Net unrealized (gain)/loss on U.S. Treasury securities	387,826		354,777
Net realized (gain)/loss on U.S. Treasury securities	(362,137)		(124,168)
Net realized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC	(2,739,237)		16,593,565
Net unrealized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC	(284,173)		(12,868,461)
Net increase from payments by managing owner
Sales of swap contracts
Sales of custom time deposits			8,877,976
(Purchases) of custom time deposits
Sales of U.S. Treasury securities	6,027,702		5,287,147
Receivable from futures commission merchants	9,190,103		(18,962,235)
Investments in unconsolidated trading companies, at fair value	1,785,411		(2,721,260)
Change in control of ownership - trading companies	(281,653)
Contributions to trading companies	20,816,220		47,191,603
Inter-series payables/receivables, at fair value
Distributions from trading companies	(18,929,075)		(33,736,201)
Receivable from other series	(395,020)
Interest receivable	83,231		304,418
Receivable from related parties	(82,654)		(500,436)
Other assets	(54)		(9,297)
Incentive fees payable to Managing Owner	(267,867)		(1,195,031)
Management fees payable to Managing Owner	(29,755)		(13,081)
Interest payable to Managing Owner	(22,861)		(30,345)
Trading fees payable to Managing Owner	(15,557)		(18,718)
Service fees payable to Managing Owner	(26,108)		(35,268)
Payables to related parties	6,634		492
Other liabilities	7,018		17,906
Net cash provided by (used in) operating activities	11,780,792		3,684,250
Cash Flows from Financing Activities:
Proceeds from sale of units/capital	96,790		1,886,584
Payment for redemption of units/ capital	(14,821,287)		(14,749,780)
Pending owner additions	(8,471)		(4,499)
Owner redemptions payable	(15,711)		278,128
Net cash provided by (used in) financing activities	(14,748,679)		(12,589,567)
Net increase (decrease) in cash and cash equivalents	(2,967,887)		(8,905,317)
Cash and cash equivalents, beginning of period	4,111,855		9,758,138
Cash and cash equivalents, end of period	1,143,968		852,821
Frontier Select Series [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	1,001,644	[1],[2]	(550,093)	[1],[2]
Net change in ownership allocation of U.S. Treasury securities	(346,146)	[1]	(1,076,814)	[1]
Net change in ownership allocation of custom time deposits	(3,508,038)	[1]	(5,243,876)	[1]
Net change in ownership allocation of credit default swaps			(2,283)	[1]
Net change in ownership allocation of total return swaps		[1]		[1]
Net unrealized (gain)/loss on swap contracts			2,448	[1]
Net realized (gain)/loss on swap contracts			34,232	[1]
Net unrealized (gain)/loss on U.S. Treasury securities	83,782	[1]	(25,726)	[1]
Net realized (gain)/loss on U.S. Treasury securities	(78,233)	[1]	62,790	[1]
Net realized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC	(1,320,240)		2,172,987	[1]
Net unrealized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC	(43,404)		(2,084,880)	[1]
Net increase from payments by managing owner		[1]		[1]
Sales of swap contracts		[1]		[1]
Sales of custom time deposits			2,014,489	[1]
(Purchases) of custom time deposits		[1]		[1]
Sales of U.S. Treasury securities	1,302,165	[1]	1,107,497	[1]
Sale (purchase) of Berkeley Quantitative Colorado Fund LLC			6,182,737	[1]
Investments in unconsolidated trading companies, at fair value	3,225,528	[1]	(895,496)	[1]
Inter-series payables/receivables, at fair value		[1]		[1]
Receivable from other series	(42,573)	[1]
Interest receivable	13,439	[1]	40,050	[1]
Other assets			(796)	[1]
Management fees payable to Managing Owner	(50,367)	[1]	(14,371)	[1]
Interest payable to Managing Owner	(1,126)	[1]	(4,719)	[1]
Trading fees payable to Managing Owner	(426)	[1]	(1,698)	[1]
Service fees payable to Managing Owner	(1,232)	[1]	(6,356)	[1]
Payables to related parties	(23,356)	[1]	47,290	[1]
Other liabilities			570	[1]
Net cash provided by (used in) operating activities	1,575,061	[1]	1,757,982	[1]
Cash Flows from Financing Activities:
Proceeds from sale of units/capital	4,380	[1]	9,489	[1]
Payment for redemption of units/ capital	(2,011,800)	[1]	(2,793,543)	[1]
Pending owner additions	(68)	[1]	(283)	[1]
Owner redemptions payable	32,011	[1]	(131,181)	[1]
Net cash provided by (used in) financing activities	(1,975,477)	[1]	(2,915,518)	[1]
Net increase (decrease) in cash and cash equivalents	(400,416)	[1]	(1,157,536)	[1]
Cash and cash equivalents, beginning of period	664,310	[1]	1,352,378	[1]
Cash and cash equivalents, end of period	263,894	[1]	194,842	[1]
Currency Series [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	(62,371)		(175,317)
Net change in ownership allocation of U.S. Treasury securities	(18,874)		29,392
Net change in ownership allocation of custom time deposits	848,715		(401,191)
Net change in ownership allocation of credit default swaps			82
Net change in ownership allocation of total return swaps
Net unrealized (gain)/loss on swap contracts			(3,603)
Net realized (gain)/loss on swap contracts			6,104
Net unrealized (gain)/loss on U.S. Treasury securities	4,352		(1,336)
Net realized (gain)/loss on U.S. Treasury securities	(4,064)		3,833
Net increase from payments by managing owner
Sales of swap contracts
Sales of custom time deposits			614,348
(Purchases) of custom time deposits
Sales of U.S. Treasury securities	67,638		57,972
Investments in unconsolidated trading companies, at fair value	46,203		132,990
Inter-series payables/receivables, at fair value
Interest receivable	688		3,406
Receivable from related parties	(220)
Payable to other series	915,112
Other assets			(52)
Interest payable to Managing Owner	(2,454)		(1,239)
Trading fees payable to Managing Owner	(1,252)		(298)
Service fees payable to Managing Owner	(1,674)		(920)
Payables to related parties	(112)		83
Other liabilities			21
Net cash provided by (used in) operating activities	1,791,687		264,275
Cash Flows from Financing Activities:
Proceeds from sale of units/capital	6,870		12,662
Payment for redemption of units/ capital	(1,829,220)		(428,009)
Pending owner additions	(3,224)		(268)
Owner redemptions payable			(14,022)
Net cash provided by (used in) financing activities	(1,825,574)		(429,637)
Net increase (decrease) in cash and cash equivalents	(33,887)		(165,362)
Cash and cash equivalents, beginning of period	33,887		182,875
Cash and cash equivalents, end of period			17,513
Winton Series [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	1,871,424		(1,012,942)
Net change in ownership allocation of U.S. Treasury securities	(117,717)		(608,100)
Net change in ownership allocation of custom time deposits	(3,010,150)		(2,589,559)
Net change in ownership allocation of credit default swaps			(3,184)
Net unrealized (gain)/loss on swap contracts			7,291
Net realized (gain)/loss on swap contracts			57,781
Net unrealized (gain)/loss on U.S. Treasury securities	123,411		104,872
Net realized (gain)/loss on U.S. Treasury securities	(115,236)		(38,080)
Sales of custom time deposits			2,095,034
(Purchases) of custom time deposits
Sales of U.S. Treasury securities	1,918,089		1,652,092
Investments in unconsolidated trading companies, at fair value	365,051		(726,221)
Receivable from other series	(71,698)
Interest receivable	25,284		76,691
Receivable from related parties	(15,719)
Other assets			(2,395)
Management fees payable to Managing Owner	3,778		154
Interest payable to Managing Owner	615		(1,709)
Trading fees payable to Managing Owner	219		(561)
Service fees payable to Managing Owner	(760)		(2,502)
Payables to related parties	(563)		308
Other liabilities			1,165
Net cash provided by (used in) operating activities	976,028		(989,865)
Cash Flows from Financing Activities:
Proceeds from sale of units/capital	43,950		54,670
Payment for redemption of units/ capital	(1,884,717)		(953,645)
Pending owner additions	454		(348)
Owner redemptions payable	64,963		(319)
Net cash provided by (used in) financing activities	(1,775,350)		(899,642)
Net increase (decrease) in cash and cash equivalents	(799,322)		(1,889,507)
Cash and cash equivalents, beginning of period	1,249,455		2,051,272
Cash and cash equivalents, end of period	450,133		161,765
Frontier Heritage Series [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	1,501,008	[3]	(25,951)	[3]
Net change in ownership allocation of U.S. Treasury securities	(73,002)	[3]	126,646	[3]
Net change in ownership allocation of custom time deposits	(3,199,695)	[3]	(911,369)	[3]
Net change in ownership allocation of credit default swaps			722	[3]
Net unrealized (gain)/loss on swap contracts			(943)	[3]
Net realized (gain)/loss on swap contracts			30,602	[3]
Net unrealized (gain)/loss on U.S. Treasury securities	54,398	[3]	46,888	[3]
Net realized (gain)/loss on U.S. Treasury securities	(50,795)	[3]	(16,888)	[3]
Net realized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC	(1,959,559)		(998,464)
Net unrealized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC	180,172		382,206
Sales of custom time deposits			2,476,747	[3]
(Purchases) of custom time deposits		[3]		[3]
Sales of U.S. Treasury securities	845,472	[3]	725,012	[3]
Investments in unconsolidated trading companies, at fair value	2,692,606	[3]	(678,749)	[3]
Receivable from other series	(35,303)	[3]
Interest receivable	10,846	[3]	39,223	[3]
Receivable from related parties	(11,972)	[3]
Other assets			(1,461)	[3]
Management fees payable to Managing Owner	(31,301)	[3]	2,047	[3]
Interest payable to Managing Owner	(501)	[3]	(3,413)	[3]
Trading fees payable to Managing Owner	(198)	[3]	(1,224)	[3]
Service fees payable to Managing Owner	(208)	[3]	(3,776)	[3]
Payables to related parties	(317)	[3]	(16)	[3]
Other liabilities			(743)	[3]
Net cash provided by (used in) operating activities	1,701,038	[3]	1,803,354	[3]
Cash Flows from Financing Activities:
Proceeds from sale of units/capital	11,409	[3]	16,185	[3]
Payment for redemption of units/ capital	(2,083,348)	[3]	(3,026,729)	[3]
Pending owner additions	10	[3]	(158)	[3]
Owner redemptions payable	52,380	[3]	165,125	[3]
Net cash provided by (used in) financing activities	(2,019,549)	[3]	(2,845,577)	[3]
Net increase (decrease) in cash and cash equivalents	(318,511)	[3]	(1,042,223)	[3]
Cash and cash equivalents, beginning of period	536,159	[3]	1,156,042	[3]
Cash and cash equivalents, end of period	217,648	[3]	113,819	[3]
Frontier Diversified Series [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	(1,173,341)		(5,335,328)
Net change in open trade equity/(deficit), at fair value	141,927
Net change in ownership allocation of U.S. Treasury securities	154,070		337,697
Net change in ownership allocation of custom time deposits	1,837,104		1,661,906
Net change in ownership allocation of credit default swaps			423
Net unrealized (gain)/loss on swap contracts			23,719
Net realized (gain)/loss on swap contracts			106,862
Net unrealized (gain)/loss on U.S. Treasury securities	236,981		210,923
Net realized (gain)/loss on U.S. Treasury securities	(221,284)		(74,756)
Net realized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC	46,513		9,634,700
Net unrealized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC	(128,431)		(6,139,452)
Sales of swap contracts
Sales of custom time deposits			4,380,919
(Purchases) of custom time deposits
Sales of U.S. Treasury securities	3,683,233		3,196,285
Receivable from futures commission merchants	(219,483)
Investments in unconsolidated trading companies, at fair value	293,263		(5,692,279)
Inter-series payables/receivables, at fair value
Prepaid service fees	7,036		56,533
Receivable from other series	(189,085)
Interest receivable	52,745		168,516
Receivable from related parties	(27,618)		(199,902)
Other assets			(1,038)
Incentive fees payable to Managing Owner	(5,405)		(491,297)
Management fees payable to Managing Owner	(9,209)		(8,654)
Interest payable to Managing Owner	(993)		(4,165)
Trading fees payable to Managing Owner	2,652		(10,383)
Service fees payable to Managing Owner	(3,541)		5,236
Payables to related parties	(17,531)		50,000
Other liabilities			6,319
Net cash provided by (used in) operating activities	4,541,521		(1,612,464)
Cash Flows from Financing Activities:
Proceeds from sale of units/capital	1,542,265		3,992,293
Payment for redemption of units/ capital	(7,450,174)		(6,880,123)
Pending owner additions	(20,637)		(187,099)
Owner redemptions payable	(494,551)		(80,926)
Net cash provided by (used in) financing activities	(6,423,097)		(3,155,855)
Net increase (decrease) in cash and cash equivalents	(1,881,576)		(4,768,319)
Cash and cash equivalents, beginning of period	2,681,889		4,976,749
Cash and cash equivalents, end of period	800,313		208,430
Frontier Masters Series [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	321,529		415,367
Net change in open trade equity/(deficit), at fair value			325,481
Net change in ownership allocation of U.S. Treasury securities	416,252		(571,973)
Net change in ownership allocation of custom time deposits	466,503		(3,166,402)
Net change in ownership allocation of credit default swaps			(1,219)
Net unrealized (gain)/loss on swap contracts			2,775
Net realized (gain)/loss on swap contracts			55,669
Net unrealized (gain)/loss on U.S. Treasury securities	115,107		96,719
Net realized (gain)/loss on U.S. Treasury securities	(107,483)		(34,851)
Net realized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC	(326,549)		(780,030)
Net unrealized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC	(636,663)		515,802
Sales of swap contracts
Sales of custom time deposits			2,418,141
(Purchases) of custom time deposits
Sales of U.S. Treasury securities	1,789,033		1,483,058
Receivable from futures commission merchants			(821,048)
Investments in unconsolidated trading companies, at fair value	(2,174,841)		(4,460,038)
Contributions to trading companies			2,399,103
Inter-series payables/receivables, at fair value
Distributions from trading companies			(196,470)
Prepaid service fees	11,225		2,243
Receivable from other series	(87,205)
Interest receivable	30,945		70,659
Receivable from related parties	(59,939)
Other assets			(274)
Incentive fees payable to Managing Owner			5,203
Management fees payable to Managing Owner	(6,220)		3,220
Interest payable to Managing Owner	(506)		(192)
Trading fees payable to Managing Owner	372		3,783
Service fees payable to Managing Owner	3,988		3,189
Payables to related parties	48,192		108,209
Other liabilities			2,630
Net cash provided by (used in) operating activities	766,952		(1,857,018)
Cash Flows from Financing Activities:
Proceeds from sale of units/capital	1,620,222		2,019,536
Payment for redemption of units/ capital	(3,572,750)		(1,956,295)
Pending owner additions	(4,854)		274,050
Owner redemptions payable	144,941		(1,646)
Net cash provided by (used in) financing activities	(1,812,441)		335,645
Net increase (decrease) in cash and cash equivalents	(1,045,489)		(1,521,373)
Cash and cash equivalents, beginning of period	1,542,661		2,234,716
Cash and cash equivalents, end of period	497,172		713,343
Frontier Long/Short Commodity Series [Member]
Cash Flows from Operating Activities:
Net increase/(decrease) in capital resulting from operations	(2,020,445)		(6,689,029)
Net change in open trade equity/(deficit), at fair value	(2,510,724)		(28,220,701)
Net change in options written, at fair value	(691,910)		231,913
Net change in ownership allocation of U.S. Treasury securities	68,797		(734,629)
Net change in ownership allocation of custom time deposits	1,258,991		(2,506,283)
Net change in ownership allocation of credit default swaps			(4,324)
Net unrealized (gain)/loss on swap contracts			20,529
Net realized (gain)/loss on swap contracts			58,693
Net unrealized (gain)/loss on U.S. Treasury securities	148,620		128,175
Net realized (gain)/loss on U.S. Treasury securities	(138,776)		(46,967)
Net realized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC	337,627		704,901
Net unrealized (gain)/loss on investment in Berkeley Quantitative Colorado Fund LLC	171,384		303,418
Sales of swap contracts
Sales of custom time deposits			2,122,345
(Purchases) of custom time deposits
Sales of U.S. Treasury securities	2,309,899		2,037,623
Receivable from futures commission merchants	5,064,018		25,948,364
Investments in unconsolidated trading companies, at fair value	1,065,497		(1,149,406)
Change in control of ownership - trading companies	(1,021,567)
Contributions to trading companies	2,920,468		11,701,255
Inter-series payables/receivables, at fair value
Distributions from trading companies	(730,290)		(4,910,823)
Prepaid service fees	13,531		15,988
Receivable from other series	(94,229)
Interest receivable	33,402		93,000
Receivable from related parties	(76,641)		(150,722)
Other assets			(45)
Incentive fees payable to Managing Owner			(70,633)
Management fees payable to Managing Owner	(65,638)		20,555
Interest payable to Managing Owner	(1,039)		55
Trading fees payable to Managing Owner	(8,287)		4,397
Service fees payable to Managing Owner	4,020		(7,326)
Payables to related parties	15,921
Other liabilities	237		4,914
Net cash provided by (used in) operating activities	5,543,855		(2,103,082)
Cash Flows from Financing Activities:
Proceeds from sale of units/capital	575,710		5,357,107
Payment for redemption of units/ capital	(7,205,248)		(6,130,690)
Pending owner additions	(49,287)		53,127
Owner redemptions payable	(46,610)		(4,736)
Net cash provided by (used in) financing activities	(6,725,435)		(725,192)
Net increase (decrease) in cash and cash equivalents	(1,181,580)		(2,828,274)
Cash and cash equivalents, beginning of period	1,710,151		3,045,849
Cash and cash equivalents, end of period	$ 528,571		$ 217,575

[1] Formerly the Tiverton/Graham/Transtrend Series.

[2] Formerly known as the Tiverton/Graham/Transtrend Series.

[3] Formerly the Winton/Graham Series.

XML

Consolidated Condensed Schedules of Investments (USD $)	Mar. 31, 2013		Dec. 31, 2012
The Frontier Fund [Member] | U.S. Treasury Note 4.000% due 02/15/2015 (Cost $38,016,039) [Member]
Investment Owned, Value			$ 18,001,322
Investment Owned, Underlying Face Amount, at Market Value			36,700,000
Investment Owned, % of Total Capital (Net Asset Value)			3.46%
Investment Owned, at Cost			38,016,039
The Frontier Fund [Member] | U.S. Treasury Note Fair Value [Member]
Investment Owned, Value			18,001,322
Investment Owned, % of Total Capital (Net Asset Value)			3.46%
The Frontier Fund [Member] | Total Open Trade Equity (Deficit) [Member]
Investment Owned, Value	13,706,976	[1]	12,116,649	[1]
Investment Owned, % of Total Capital (Net Asset Value)	2.46%	[1]	2.35%	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, Value	1,880,583	[1]	(708,671)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.39%	[1]	(0.14%)	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Oceanic) [Member]
Investment Owned, Value	(103,355)	[1]	190,826	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.02%)	[1]	0.04%	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Mexico) [Member]
Investment Owned, Value			1,548	[1]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, Value	938,642	[1]	3,549,518	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.19%	[1]	0.68%	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Europe) [Member]
Investment Owned, Value	(2,449,508)	[1]	(1,746,507)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.51%)	[1]	(0.34%)	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Canada) [Member]
Investment Owned, Value	(93,350)	[1]	272,823	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.02%)	[1]	0.05%	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Africa) [Member]
Investment Owned, Value	(63,965)	[1]	97,909	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.01%)	[1]	0.02%	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, Value	(2,236,253)	[1]	(2,211,954)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.46%)	[1]	(0.43%)	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Europe) [Member]
Investment Owned, Value	(219,477)	[1]	(145,288)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.05%)	[1]	(0.03%)	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Canada) [Member]
Investment Owned, Value	2,326	[1]	(335)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (Far East) [Member]
Investment Owned, Value	(3,386)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, Value	1,744,016	[1]	(609,966)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.36%	[1]	(0.12%)	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Oceanic) [Member]
Investment Owned, Value	(5,904)	[1]	298,169	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.06%	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, Value	2,916,006	[1]	2,592,153	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.60%	[1]	0.50%	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Canada) [Member]
Investment Owned, Value	118,117	[1]	(120,227)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.02%	[1]	(0.02%)	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, Value	13,472,882	[1]	13,149,004	[1]
Investment Owned, % of Total Capital (Net Asset Value)	2.79%	[1]	2.53%	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Energy Futures Contracts (Far East) [Member]
Investment Owned, Value	727	[1]	462	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, Value	736,669	[1]	(2,156,861)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.15%	[1]	(0.41%)	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, Value	(646,953)	[1]	(9,439)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.13%)	[1]	0.00%	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, Value	(15,448,958)	[1]	3,463,404	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(3.20%)	[1]	0.67%	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Total Long Futures Contracts [Member]
Investment Owned, Value	667,777	[1]	14,721,548	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.14%	[1]	2.83%	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, Value	230,702	[1]	(428,542)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.05%	[1]	(0.08%)	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (Far East) [Member]
Investment Owned, Value	41	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
The Frontier Fund [Member] | Long Futures Contracts [Member] | Various Precious Metal Futures Contracts (U.S.) [Member]
Investment Owned, Value	(101,825)	[1]	(756,478)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.02%)	[1]	(0.15%)	[1]
The Frontier Fund [Member] | Options Purchased [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, Value	1,363,440	[1]	439,170	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.28%	[1]	0.08%	[1]
The Frontier Fund [Member] | Options Purchased [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, Value	3,416,109	[1]	1,320,884	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.71%	[1]	0.25%	[1]
The Frontier Fund [Member] | Options Purchased [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, Value			711,000	[1]
Investment Owned, % of Total Capital (Net Asset Value)			0.14%	[1]
The Frontier Fund [Member] | Options Purchased [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, Value	2,003,560	[1]	6,285,280	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.41%	[1]	1.21%	[1]
The Frontier Fund [Member] | Options Purchased [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, Value	1,938,645	[1]	2,901,488	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.40%	[1]	0.56%	[1]
The Frontier Fund [Member] | Options Purchased [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, Value	2,516,331	[1]	2,277,291	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.52%	[1]	0.44%	[1]
The Frontier Fund [Member] | Options Purchased [Member] | Total Options Purchased [Member]
Investment Owned, Value	11,343,065	[1]	13,935,113	[1]
Investment Owned, % of Total Capital (Net Asset Value)	2.35%	[1]	2.68%	[1]
The Frontier Fund [Member] | Options Purchased [Member] | Various Precious Metal Futures Contracts (U.S.) [Member]
Investment Owned, Value	104,980	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.02%	[1]
The Frontier Fund [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, Value	136,969	[1]	(373,552)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.03%	[1]	(0.07%)	[1]
The Frontier Fund [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, Value	(80,050)	[1]	(630,695)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.02%)	[1]	(0.12%)	[1]
The Frontier Fund [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Europe) [Member]
Investment Owned, Value	228,597	[1]	86,644	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.05%	[1]	0.02%	[1]
The Frontier Fund [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Canada) [Member]
Investment Owned, Value	6,094	[1]	(6,159)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
The Frontier Fund [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Africa) [Member]
Investment Owned, Value	(102)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
The Frontier Fund [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, Value	3,214,053	[1]	2,445,673	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.67%	[1]	0.47%	[1]
The Frontier Fund [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Far East) [Member]
Investment Owned, Value	20,394	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
The Frontier Fund [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Europe) [Member]
Investment Owned, Value	(100,417)	[1]	122,990	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.02%)	[1]	0.02%	[1]
The Frontier Fund [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, Value	(412,845)	[1]	(385,887)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.09%)	[1]	(0.07%)	[1]
The Frontier Fund [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Oceanic) [Member]
Investment Owned, Value	(142,256)	[1]	(17,218)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.03%)	[1]	0.00%	[1]
The Frontier Fund [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, Value	(166,773)	[1]	(1,273)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.03%)	[1]	0.00%	[1]
The Frontier Fund [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Canada) [Member]
Investment Owned, Value	909	[1]	81,091	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.02%	[1]
The Frontier Fund [Member] | Short Futures Contracts [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, Value	(14,061,087)	[1]	(15,297,097)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(2.91%)	[1]	(2.94%)	[1]
The Frontier Fund [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, Value	(1,706,026)	[1]	3,852,251	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.35%)	[1]	0.74%	[1]
The Frontier Fund [Member] | Short Futures Contracts [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, Value	1,151,118	[1]	(76,900)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.24%	[1]	(0.01%)	[1]
The Frontier Fund [Member] | Short Futures Contracts [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, Value	14,167,669	[1]	(7,712,906)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	2.93%	[1]	(1.48%)	[1]
The Frontier Fund [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
The Frontier Fund [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, Value	(151,030)	[1]	197,000	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.03%)	[1]	0.04%	[1]
The Frontier Fund [Member] | Short Futures Contracts [Member] | Various Energy Futures Contracts (Europe) [Member]
Investment Owned, Value	(1,755)	[1]	7,109	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
The Frontier Fund [Member] | Short Futures Contracts [Member] | Total Short Futures Contracts [Member]
Investment Owned, Value	2,682,384	[1]	(17,231,857)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.56%	[1]	(3.29%)	[1]
The Frontier Fund [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Far East) [Member]
Investment Owned, Value			684	[1]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
The Frontier Fund [Member] | Short Futures Contracts [Member] | Various Precious Metal Futures Contracts (U.S.) [Member]
Investment Owned, Value	578,922	[1]	476,388	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.12%	[1]	0.09%	[1]
The Frontier Fund [Member] | Currency Forwards [Member]
Investment Owned, Value			691,845	[1]
Investment Owned, % of Total Capital (Net Asset Value)			0.13%	[1]
The Frontier Fund [Member] | Currency Forwards [Member] | Various Currency Forward Contracts [Member]
Investment Owned, Value	(986,250)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.20%)	[1]
The Frontier Fund [Member] | Currency Forwards [Member] | Total Currency Forwards [Member]
Investment Owned, Value	(986,250)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.20%)	[1]
The Frontier Fund [Member] | Currency Forwards [Member] | Various Currency Futures Contracts [Member]
Investment Owned, Value			691,845	[1]
Investment Owned, % of Total Capital (Net Asset Value)			0.13%	[1]
The Frontier Fund [Member] | Options Written [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, Value	(439,495)	[1]	(165,363)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.09%)	[1]	(0.03%)	[1]
The Frontier Fund [Member] | Options Written [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, Value	(375,905)	[1]	(447,693)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.08%)	[1]	(0.09%)	[1]
The Frontier Fund [Member] | Options Written [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, Value			(1,443,890)	[1]
Investment Owned, % of Total Capital (Net Asset Value)			(0.28%)	[1]
The Frontier Fund [Member] | Options Written [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, Value	(213,818)	[1]	(1,340,750)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.04%)	[1]	(0.26%)	[1]
The Frontier Fund [Member] | Options Written [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, Value	(758,268)	[1]	(261,172)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.16%)	[1]	(0.05%)	[1]
The Frontier Fund [Member] | Options Written [Member] | Total Options Written [Member]
Investment Owned, Value	(1,860,096)	[1]	(4,199,198)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.39%)	[1]	(0.81%)	[1]
The Frontier Fund [Member] | Options Written [Member] | Various Precious Metal Futures Contracts (U.S.) [Member]
Investment Owned, Value	(72,610)	[1]	(540,330)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.02%)	[1]	(0.10%)	[1]
The Frontier Fund [Member] | Swaps [Member] | Frontier Balanced DB Swap (U.S.) [Member]
Investment Owned, Value	2,632,943	[2]	2,702,247	[2]
Investment Owned, % of Total Capital (Net Asset Value)	0.55%	[2]	0.52%	[2]
The Frontier Fund [Member] | Swaps [Member] | Frontier Currency DB Swap (U.S.) [Member]
Investment Owned, Value	1,755,295	[2]	1,801,498	[2]
Investment Owned, % of Total Capital (Net Asset Value)	0.36%	[2]	0.35%	[2]
The Frontier Fund [Member] | Swaps [Member] | Frontier Balanced RCW-1 Swap (U.S.) [Member]
Investment Owned, Value	17,443,499	[2]	17,785,733	[2]
Investment Owned, % of Total Capital (Net Asset Value)	3.61%	[2]	3.42%	[2]
The Frontier Fund [Member] | Swaps [Member] | Total Swaps [Member]
Investment Owned, Value	27,894,734	[2]	22,289,478	[2]
Investment Owned, % of Total Capital (Net Asset Value)	5.78%	[2]	4.29%	[2]
The Frontier Fund [Member] | Swaps [Member] | Frontier Brevan Howard Swap (U.S.) [Member]
Investment Owned, Value	6,062,997	[2]
Investment Owned, % of Total Capital (Net Asset Value)	1.26%	[2]
Frontier Diversified Series [Member] | Open Trade Equity (Deficit) [Member]
Investment Owned, Value	(141,927)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.13%)	[1]
Frontier Diversified Series [Member] | Total Open Trade Equity (Deficit) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Diversified Series [Member] | U.S. Treasury Note 4.000% due 02/15/2015 [Member]
Investment Owned, Value			3,853,000	[3]
Investment Owned, Underlying Face Amount, at Market Value			3,574,465	[3]
Investment Owned, % of Total Capital (Net Asset Value)			3.35%	[3]
Investment Owned, at Cost			3,702,643	[3]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Mexico) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Africa) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Corn Settling 7/1/2013 (Number of Contracts: 643) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Far East [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Brent Oil Settling 5/1/2013 (Number of Contracts: 889) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Brent Oil Settling 10/1/2013 (Number of Contracts: 288) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 10/1/2013 (Number of Contracts: 370) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 12/1/2013 (Number of Contracts: 1,197) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 2/1/2014 (Number of Contracts: 114) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 9/1/2014 (Number of Contracts: 809) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Energy Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts Oceanic [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts Mexico [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Currencey Futures Contracts Far East [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Copper Settling 5/1/2013 (Number of Contracts: 540) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, Value	(430,145)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.40%)	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Total Long Futures Contracts [Member]
Investment Owned, Value	(430,145)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.40%)	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Base Metals Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Brent Crude Oil Settling 4/1/2013 (Number Of Contracts: 497) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Brent Crude Oil Settling 9/1/2013 (Number Of Contracts: 270) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 2/1/2013 (Number of Contracts: 566) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 2/1/2014 (Number of Contracts: 606) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 4/1/2014 (Number of Contracts: 428) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling August 8/1/2014 (Number of Contracts: 219) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 1/1/2015 (Number of Contracts: 191) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Diversified Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Mexico) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Diversified Series [Member] | Options Purchased [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Options Purchased [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Options Purchased [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Options Purchased [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Diversified Series [Member] | Options Purchased [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Options Purchased [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Options Purchased [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Options Purchased [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Options Purchased [Member] | Crude Oil Settling 5/16/2013 (Number of Contracts: 372) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Options Purchased [Member] | Total Options Purchased [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Africa) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Energy Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Currencey Futures Contracts Far East [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, Value	288,218	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.27%	[1]	0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Copper Settling 7/1/2013 (Number of Contracts: 534) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Corn Settling 5/1/2013 (Number of Contracts: 272) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Brent Oil Settling 6/1/2013 (Number of Contracts: 556) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Brent Oil Settling 7/1/2013 (Number of Contracts: 295) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 5/1/2013 (Number of Contracts: 321) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 6/1/2013 (Number of Contracts: 240) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 7/1/2013 (Number of Contracts: 801) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 9/1/2013 (Number of Contracts: 405) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 12/1/2014 (Number of Contracts: 859) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Natural Gas Settling 7/1/2013 (Number of Contracts: 418) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Energy Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Total Short Futures Contracts [Member]
Investment Owned, Value	288,218	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.27%	[1]	0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Various Base Metals Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Brent Crude Oil Settling Brent Crude Oil Settling 6/1/2013 (Number of Contracts: 424) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Crude Oil, Settling 4/1/2013 (Number of Contracts: 323) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 5/1/2013 (Number of Contracts: 166) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling Crude Oil Settling 6/1/2013 (Number of Contracts: 787) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 7/1/2013 (Number of Contracts: 290) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 3/1/2014 (Number of Contracts: 450) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 6/1/2014 (Number of Contracts: 449) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Diversified Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 9/1/2014 (Number of Contracts: 219) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Diversified Series [Member] | Currency Forwards [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Diversified Series [Member] | Options Written [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Diversified Series [Member] | Options Written [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Diversified Series [Member] | Options Written [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Diversified Series [Member] | Options Written [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Diversified Series [Member] | Options Written [Member] | Total Options Written [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Open Trade Equity (Deficit) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Total Open Trade Equity (Deficit) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Masters Series [Member] | U.S. Treasury Note 4.000% due 02/15/2015 [Member]
Investment Owned, Value			2,212,909	[3]
Investment Owned, Underlying Face Amount, at Market Value			2,052,937	[3]
Investment Owned, % of Total Capital (Net Asset Value)			4.30%	[3]
Investment Owned, at Cost			2,126,554	[3]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Mexico) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Africa) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Corn Settling 7/1/2013 (Number of Contracts: 643) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Far East [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Brent Oil Settling 5/1/2013 (Number of Contracts: 889) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Brent Oil Settling 10/1/2013 (Number of Contracts: 288) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 10/1/2013 (Number of Contracts: 370) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 12/1/2013 (Number of Contracts: 1,197) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 2/1/2014 (Number of Contracts: 114) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 9/1/2014 (Number of Contracts: 809) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Energy Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts Oceanic [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts Mexico [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Currencey Futures Contracts Far East [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Copper Settling 5/1/2013 (Number of Contracts: 540) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Total Long Futures Contracts [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Base Metals Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Brent Crude Oil Settling 4/1/2013 (Number Of Contracts: 497) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Brent Crude Oil Settling 9/1/2013 (Number Of Contracts: 270) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 2/1/2013 (Number of Contracts: 566) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 2/1/2014 (Number of Contracts: 606) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 4/1/2014 (Number of Contracts: 428) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling August 8/1/2014 (Number of Contracts: 219) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 1/1/2015 (Number of Contracts: 191) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Masters Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Mexico) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Masters Series [Member] | Options Purchased [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Options Purchased [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Options Purchased [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Options Purchased [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Masters Series [Member] | Options Purchased [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Options Purchased [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Options Purchased [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Options Purchased [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Options Purchased [Member] | Crude Oil Settling 5/16/2013 (Number of Contracts: 372) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Options Purchased [Member] | Total Options Purchased [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Africa) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Energy Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Currencey Futures Contracts Far East [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Copper Settling 7/1/2013 (Number of Contracts: 534) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Corn Settling 5/1/2013 (Number of Contracts: 272) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Brent Oil Settling 6/1/2013 (Number of Contracts: 556) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Brent Oil Settling 7/1/2013 (Number of Contracts: 295) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 5/1/2013 (Number of Contracts: 321) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 6/1/2013 (Number of Contracts: 240) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 7/1/2013 (Number of Contracts: 801) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 9/1/2013 (Number of Contracts: 405) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 12/1/2014 (Number of Contracts: 859) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Natural Gas Settling 7/1/2013 (Number of Contracts: 418) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Energy Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Total Short Futures Contracts [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Various Base Metals Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Brent Crude Oil Settling Brent Crude Oil Settling 6/1/2013 (Number of Contracts: 424) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Crude Oil, Settling 4/1/2013 (Number of Contracts: 323) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 5/1/2013 (Number of Contracts: 166) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling Crude Oil Settling 6/1/2013 (Number of Contracts: 787) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 7/1/2013 (Number of Contracts: 290) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 3/1/2014 (Number of Contracts: 450) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 6/1/2014 (Number of Contracts: 449) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Masters Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 9/1/2014 (Number of Contracts: 219) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Masters Series [Member] | Currency Forwards [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Options Written [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Masters Series [Member] | Options Written [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Masters Series [Member] | Options Written [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Masters Series [Member] | Options Written [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Masters Series [Member] | Options Written [Member] | Total Options Written [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Long/Short Commodity Series [Member] | Open Trade Equity (Deficit) [Member]
Investment Owned, Value	1,691,189	[1]	(819,535)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	3.12%	[1]
Frontier Long/Short Commodity Series [Member] | Total Open Trade Equity (Deficit) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			(1.33%)
Frontier Long/Short Commodity Series [Member] | U.S. Treasury Note 4.000% due 02/15/2015 [Member]
Investment Owned, Value			2,388,540	[3]
Investment Owned, Underlying Face Amount, at Market Value			2,215,872	[3]
Investment Owned, % of Total Capital (Net Asset Value)			3.89%	[3]
Investment Owned, at Cost			2,295,332	[3]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, Value	74,780	[1]	2,499	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.14%	[1]	0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Oceanic) [Member]
Investment Owned, Value	(8,491)	[1]	10,863	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.02%)	[1]	0.02%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Mexico) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, Value	25,232	[1]	83,003	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.05%	[1]	0.14%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Europe) [Member]
Investment Owned, Value	(36,858)	[1]	(33,084)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.07%)	[1]	(0.05%)	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Africa) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, Value	(985,750)	[1]	(968,793)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(1.83%)	[1]	(1.58%)	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Corn Settling 7/1/2013 (Number of Contracts: 643) [Member]
Investment Owned, Value	(593,219)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(1.10%)	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Europe) [Member]
Investment Owned, Value	(40,023)	[1]	285	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.07%)	[1]	0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Canada) [Member]
Investment Owned, Value	1,195	[1]	(827)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, Value	(81,596)	[1]	(357,780)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.15%)	[1]	(0.58%)	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, Value	266,954	[1]	16,663	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.50%	[1]	0.03%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Oceanic) [Member]
Investment Owned, Value	329	[1]	20,049	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.03%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Far East [Member]
Investment Owned, Value	2,070	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, Value	82,860	[1]	37,199	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.15%	[1]	0.06%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Canada) [Member]
Investment Owned, Value	16,591	[1]	(13,842)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.03%	[1]	(0.02%)	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, Value	1,491,102	[1]	857,585	[1]
Investment Owned, % of Total Capital (Net Asset Value)	2.77%	[1]	1.40%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Brent Oil Settling 5/1/2013 (Number of Contracts: 889) [Member]
Investment Owned, Value	1,016,870	[1]
Investment Owned, % of Total Capital (Net Asset Value)	1.89%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Brent Oil Settling 10/1/2013 (Number of Contracts: 288) [Member]
Investment Owned, Value	(921,710)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(1.71%)	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 10/1/2013 (Number of Contracts: 370) [Member]
Investment Owned, Value	1,927,306	[1]
Investment Owned, % of Total Capital (Net Asset Value)	3.58%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 12/1/2013 (Number of Contracts: 1,197) [Member]
Investment Owned, Value	4,269,823	[1]
Investment Owned, % of Total Capital (Net Asset Value)	7.93%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 2/1/2014 (Number of Contracts: 114) [Member]
Investment Owned, Value	556,060	[1]
Investment Owned, % of Total Capital (Net Asset Value)	1.03%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 9/1/2014 (Number of Contracts: 809) [Member]
Investment Owned, Value	2,380,443	[1]
Investment Owned, % of Total Capital (Net Asset Value)	4.42%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Energy Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, Value	109,537	[1]	(29,925)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.20%	[1]	(0.05%)	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts Oceanic [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts Mexico [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Currencey Futures Contracts Far East [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, Value			(22,516)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	(0.04%)	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Copper Settling 5/1/2013 (Number of Contracts: 540) [Member]
Investment Owned, Value	(633,890)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(1.18%)	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, Value	(1,670,315)	[1]	892,015	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(3.10%)	[1]	1.45%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Total Long Futures Contracts [Member]
Investment Owned, Value	7,249,300	[1]	9,011,890	[1]
Investment Owned, % of Total Capital (Net Asset Value)	13.46%	[1]	14.70%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, Value			(3,574)	[1]
Investment Owned, % of Total Capital (Net Asset Value)			(0.01%)	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Base Metals Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Brent Crude Oil Settling 4/1/2013 (Number Of Contracts: 497) [Member]
Investment Owned, Value			1,188,750	[1]
Investment Owned, % of Total Capital (Net Asset Value)			1.94%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Brent Crude Oil Settling 9/1/2013 (Number Of Contracts: 270) [Member]
Investment Owned, Value			729,410	[1]
Investment Owned, % of Total Capital (Net Asset Value)			1.19%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 2/1/2013 (Number of Contracts: 566) [Member]
Investment Owned, Value			1,837,974	[1]
Investment Owned, % of Total Capital (Net Asset Value)			3.00%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 2/1/2014 (Number of Contracts: 606) [Member]
Investment Owned, Value			1,784,120	[1]
Investment Owned, % of Total Capital (Net Asset Value)			2.91%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 4/1/2014 (Number of Contracts: 428) [Member]
Investment Owned, Value			1,628,500	[1]
Investment Owned, % of Total Capital (Net Asset Value)			2.65%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling August 8/1/2014 (Number of Contracts: 219) [Member]
Investment Owned, Value			630,550	[3]
Investment Owned, % of Total Capital (Net Asset Value)			1.03%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Crude Oil Settling 1/1/2015 (Number of Contracts: 191) [Member]
Investment Owned, Value			722,766	[1]
Investment Owned, % of Total Capital (Net Asset Value)			1.18%	[1]
Frontier Long/Short Commodity Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Mexico) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Options Purchased [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, Value	773	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Options Purchased [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, Value	576,744	[1]	966,540	[1]
Investment Owned, % of Total Capital (Net Asset Value)	1.07%	[1]	1.58%	[1]
Frontier Long/Short Commodity Series [Member] | Options Purchased [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Options Purchased [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Options Purchased [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, Value	1,168,680	[1]	1,417,280	[1]
Investment Owned, % of Total Capital (Net Asset Value)	2.17%	[1]	2.31%	[1]
Frontier Long/Short Commodity Series [Member] | Options Purchased [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, Value			517,500	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.84%	[1]
Frontier Long/Short Commodity Series [Member] | Options Purchased [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Options Purchased [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Options Purchased [Member] | Crude Oil Settling 5/16/2013 (Number of Contracts: 372) [Member]
Investment Owned, Value	834,880	[1]
Investment Owned, % of Total Capital (Net Asset Value)	1.55%	[1]
Frontier Long/Short Commodity Series [Member] | Options Purchased [Member] | Total Options Purchased [Member]
Investment Owned, Value	2,581,077	[1]	2,901,320	[1]
Investment Owned, % of Total Capital (Net Asset Value)	4.79%	[1]	4.73%	[1]
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, Value	64,660	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.12%	[1]	0.00%
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Africa) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, Value	1,336,948	[1]	703,810	[1]
Investment Owned, % of Total Capital (Net Asset Value)	2.48%	[1]	1.15%
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Europe) [Member]
Investment Owned, Value			773	[3]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, Value	26,335	[1]	59,128	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.05%	[1]	0.10%
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, Value	(312,442)	[1]	12,197	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.58%)	[1]	0.02%
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Oceanic) [Member]
Investment Owned, Value	(759)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, Value	(11,365)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.02%)	[1]	0.00%
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, Value	(1,420,774)	[1]	(1,309,564)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(2.64%)	[1]	(2.13%)
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Energy Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, Value	(188,693)	[1]	99,526	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.35%)	[1]	0.16%
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Currencey Futures Contracts Far East [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, Value	43,330	[1]	8,300	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.08%	[1]	0.01%
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, Value	1,538,105	[1]	(1,111,581)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	2.86%	[1]	(1.81%)
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Copper Settling 7/1/2013 (Number of Contracts: 534) [Member]
Investment Owned, Value	597,915	[1]
Investment Owned, % of Total Capital (Net Asset Value)	1.11%	[1]
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Corn Settling 5/1/2013 (Number of Contracts: 272) [Member]
Investment Owned, Value	521,326	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.97%	[1]
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, Value	(15,708)	[1]	24,219	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.03%)	[1]	0.04%
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Brent Oil Settling 6/1/2013 (Number of Contracts: 556) [Member]
Investment Owned, Value	(905,730)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(1.68%)	[1]
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Brent Oil Settling 7/1/2013 (Number of Contracts: 295) [Member]
Investment Owned, Value	(1,024,870)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(1.90%)	[1]
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 5/1/2013 (Number of Contracts: 321) [Member]
Investment Owned, Value	(1,285,891)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(2.39%)	[1]
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 6/1/2013 (Number of Contracts: 240) [Member]
Investment Owned, Value	(782,611)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(1.45%)	[1]
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 7/1/2013 (Number of Contracts: 801) [Member]
Investment Owned, Value	(1,345,885)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(2.50%)	[1]
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 9/1/2013 (Number of Contracts: 405) [Member]
Investment Owned, Value	(1,459,802)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(2.71%)	[1]
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 12/1/2014 (Number of Contracts: 859) [Member]
Investment Owned, Value	(2,459,158)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(4.56%)	[1]
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Natural Gas Settling 7/1/2013 (Number of Contracts: 418) [Member]
Investment Owned, Value	(1,054,119)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(1.96%)	[1]
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Energy Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Total Short Futures Contracts [Member]
Investment Owned, Value	(8,139,188)	[1]	(12,732,745)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(15.13%)	[1]	(20.76%)
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Various Base Metals Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Brent Crude Oil Settling Brent Crude Oil Settling 6/1/2013 (Number of Contracts: 424) [Member]
Investment Owned, Value			(1,182,720)	[1]
Investment Owned, % of Total Capital (Net Asset Value)			(1.93%)
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Crude Oil, Settling 4/1/2013 (Number of Contracts: 323) [Member]
Investment Owned, Value			(923,841)	[1]
Investment Owned, % of Total Capital (Net Asset Value)			(1.51%)
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 5/1/2013 (Number of Contracts: 166) [Member]
Investment Owned, Value			(669,526)	[1]
Investment Owned, % of Total Capital (Net Asset Value)			(1.09%)
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling Crude Oil Settling 6/1/2013 (Number of Contracts: 787) [Member]
Investment Owned, Value			(3,500,831)	[1]
Investment Owned, % of Total Capital (Net Asset Value)			(5.71%)
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 7/1/2013 (Number of Contracts: 290) [Member]
Investment Owned, Value			(1,400,082)	[1]
Investment Owned, % of Total Capital (Net Asset Value)			(2.28%)
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 3/1/2014 (Number of Contracts: 450) [Member]
Investment Owned, Value			(1,446,060)	[1]
Investment Owned, % of Total Capital (Net Asset Value)			(2.36%)
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 6/1/2014 (Number of Contracts: 449) [Member]
Investment Owned, Value			(1,477,983)	[1]
Investment Owned, % of Total Capital (Net Asset Value)			(2.41%)
Frontier Long/Short Commodity Series [Member] | Short Futures Contracts [Member] | Crude Oil Settling 9/1/2014 (Number of Contracts: 219) [Member]
Investment Owned, Value			(618,510)	[1]
Investment Owned, % of Total Capital (Net Asset Value)			(1.01%)
Frontier Long/Short Commodity Series [Member] | Currency Forwards [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%
Frontier Long/Short Commodity Series [Member] | Options Written [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, Value	(236,780)	[1]	(328,380)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.44%)	[1]	(0.54%)
Frontier Long/Short Commodity Series [Member] | Options Written [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%
Frontier Long/Short Commodity Series [Member] | Options Written [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, Value			(445,060)	[1]
Investment Owned, % of Total Capital (Net Asset Value)			(0.73%)
Frontier Long/Short Commodity Series [Member] | Options Written [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, Value			(155,250)	[1]
Investment Owned, % of Total Capital (Net Asset Value)			(0.25%)
Frontier Long/Short Commodity Series [Member] | Options Written [Member] | Total Options Written [Member]
Investment Owned, Value	(236,780)	[1]	(928,690)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.44%)	[1]	(1.52%)
Balanced Series [Member] | Open Trade Equity (Deficit) [Member]
Investment Owned, Value	1,789,065	[1]	(672,511)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.79%	[1]	(0.27%)	[1]
Balanced Series [Member] | U.S. Treasury Note 4.000% due 02/15/2015 [Member]
Investment Owned, Value			5,951,633	[3]
Investment Owned, Underlying Face Amount, at Market Value			5,521,388	[3]
Investment Owned, % of Total Capital (Net Asset Value)			2.97%	[3]
Investment Owned, at Cost			5,719,381	[3]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, Value	1,063,333	[1]	(494,955)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.47%	[1]	(0.20%)	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Oceanic) [Member]
Investment Owned, Value	(48,187)	[1]	132,147	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.02%)	[1]	0.05%	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Mexico) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, Value	313,562	[1]	1,111,191	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.14%	[1]	0.45%	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Europe) [Member]
Investment Owned, Value	(1,627,966)	[1]	(1,219,796)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.72%)	[1]	(0.50%)	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Canada) [Member]
Investment Owned, Value	(80,053)	[1]	246,124	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.04%)	[1]	0.10%	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Africa) [Member]
Investment Owned, Value	(46,716)	[1]	82,200	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.02%)	[1]	0.03%	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, Value	(484,027)	[1]	(888,222)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.21%)	[1]	(0.36%)	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Europe) [Member]
Investment Owned, Value	(168,874)	[1]	(131,803)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.07%)	[1]	(0.05%)	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, Value	22,920	[1]	76,885	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.01%	[1]	0.03%	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, Value	1,147,896	[1]	(285,562)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.51%	[1]	(0.12%)	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Oceanic) [Member]
Investment Owned, Value	(2,079)	[1]	298,712	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.12%	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, Value	1,460,171	[1]	1,247,403	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.65%	[1]	0.51%	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Canada) [Member]
Investment Owned, Value	92,424	[1]	(62,247)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.04%	[1]	(0.03%)	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, Value	2,243,326	[1]	618,362	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.99%	[1]	0.25%	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Energy Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, Value	288,811	[1]	(2,013,943)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.13%	[1]	(0.82%)	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts Oceanic [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts Mexico [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, Value	(13,063)	[1]	7,365	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.01%)	[1]	0.00%	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, Value	(7,189,490)	[1]	1,079,576	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(3.18%)	[1]	0.44%	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Total Long Futures Contracts [Member]
Investment Owned, Value	(2,959,895)	[1]	2,507,161	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(1.31%)	[1]	1.00%	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, Value	68,117	[1]	(146,326)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.03%	[1]	(0.06%)	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Balanced Series [Member] | Long Futures Contracts [Member] | Brent Crude Oil Settling 2/1/2013 (Number of Contracts: 735) [Member]
Investment Owned, Value			2,850,050	[1],[4]
Investment Owned, % of Total Capital (Net Asset Value)			1.16%	[1]
Balanced Series [Member] | Options Purchased [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, Value	728,628	[1]	439,170	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.32%	[1]	0.18%	[1]
Balanced Series [Member] | Options Purchased [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Balanced Series [Member] | Options Purchased [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Balanced Series [Member] | Options Purchased [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Balanced Series [Member] | Options Purchased [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Balanced Series [Member] | Options Purchased [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Balanced Series [Member] | Options Purchased [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Balanced Series [Member] | Options Purchased [Member] | Total Options Purchased [Member]
Investment Owned, Value	728,628	[1]	439,170	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.32%	[1]	0.18%	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, Value	36,863	[1]	(341,725)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.02%	[1]	(0.14%)	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, Value	(72,841)	[1]	(628,652)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.03%)	[1]	(0.26%)	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Europe) [Member]
Investment Owned, Value	(76)	[1]	86,851	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.04%	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Africa) [Member]
Investment Owned, Value	(102)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, Value	572,776	[1]	1,114,717	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.25%	[1]	0.46%	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Far East) [Member]
Investment Owned, Value	20,394	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.01%	[1]	0.00%	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Europe) [Member]
Investment Owned, Value	(78,490)	[1]	124,047	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.03%)	[1]	0.05%	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, Value			8,095	[1]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, Value	(1,557)	[1]	(356,406)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	(0.15%)	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Oceanic) [Member]
Investment Owned, Value	(83,420)	[1]	(1,482)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.04%)	[1]	0.00%	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, Value	(166,373)	[1]	9,865	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.07%)	[1]	0.00%	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Canada) [Member]
Investment Owned, Value			79,806	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.03%	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, Value	(2,186,365)	[1]	(2,108,322)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.97%)	[1]	(0.86%)	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, Value	(458,755)	[1]	1,732,960	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.20%)	[1]	0.71%	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, Value	441,561	[1]	(57,925)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.20%	[1]	(0.02%)	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, Value	6,482,297	[1]	(3,453,452)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	2.87%	[1]	(1.41%)	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, Value	(135,322)	[1]	172,781	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.06%)	[1]	0.07%	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Energy Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Total Short Futures Contracts [Member]
Investment Owned, Value	4,736,701	[1]	(3,618,842)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	2.11%	[1]	(1.95%)	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Balanced Series [Member] | Short Futures Contracts [Member] | Various Precious Metal Futures Contracts (U.S.) [Member]
Investment Owned, Value	366,111	[1]
Investment Owned, % of Total Capital (Net Asset Value)	0.16%	[1]
Balanced Series [Member] | Currency Forwards [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Balanced Series [Member] | Currency Forwards [Member] | Various Currency Forward Contracts [Member]
Investment Owned, Value	(716,369)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.32%)	[1]
Balanced Series [Member] | Currency Forwards [Member] | Total Currency Forwards [Member]
Investment Owned, Value	(716,369)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.32%)	[1]
Balanced Series [Member] | Options Written [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, Value	(363,800)	[1]	(165,363)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.16%)	[1]	(0.07%)	[1]
Balanced Series [Member] | Options Written [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Balanced Series [Member] | Options Written [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Balanced Series [Member] | Options Written [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Balanced Series [Member] | Options Written [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Balanced Series [Member] | Options Written [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Balanced Series [Member] | Options Written [Member] | Total Options Written [Member]
Investment Owned, Value	(363,800)	[1]	(165,363)	[1]
Investment Owned, % of Total Capital (Net Asset Value)	(0.16%)	[1]	(0.07%)	[1]
Balanced Series [Member] | Swaps [Member] | Frontier Balanced DB Swap (U.S.) [Member]
Investment Owned, Value	2,632,943	[5]
Investment Owned, % of Total Capital (Net Asset Value)	1.17%	[5]
Balanced Series [Member] | Swaps [Member] | Frontier Currency DB Swap (U.S.) [Member]
Investment Owned, Value	1,755,295	[5]
Investment Owned, % of Total Capital (Net Asset Value)	0.78%	[5]
Balanced Series [Member] | Swaps [Member] | Frontier Balanced RCW-1 Swap (U.S.) [Member]
Investment Owned, Value	17,443,497	[5]	17,785,733	[5]
Investment Owned, % of Total Capital (Net Asset Value)	7.72%	[5]	7.26%	[5]
Balanced Series [Member] | Swaps [Member] | Total Swaps [Member]
Investment Owned, Value	21,831,735	[5]	22,289,478	[5]
Investment Owned, % of Total Capital (Net Asset Value)	9.67%	[5]	9.10%	[5]
Balanced Series [Member] | Swaps [Member] | Frontier Select CTA TRS Deutsche Bank Swap (U.S) [Member]
Investment Owned, Value			4,503,745	[5]
Investment Owned, % of Total Capital (Net Asset Value)			1.84%	[5]
Frontier Select Series [Member] | Open Trade Equity (Deficit) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | U.S. Treasury Note 4.000% due 02/15/2015 [Member]
Investment Owned, Value			961,568	[3],[6]
Investment Owned, Underlying Face Amount, at Market Value			892,056	[3],[6]
Investment Owned, % of Total Capital (Net Asset Value)			3.79%	[3],[6]
Investment Owned, at Cost			924,044	[3],[6]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Mexico) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Africa) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Energy Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts Oceanic [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts Mexico [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Total Long Futures Contracts [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Long Futures Contracts [Member] | Brent Crude Oil Settling 2/1/2013 (Number of Contracts: 735) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1],[6]
Frontier Select Series [Member] | Options Purchased [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Options Purchased [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Options Purchased [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]
Frontier Select Series [Member] | Options Purchased [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1],[6]
Frontier Select Series [Member] | Options Purchased [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Options Purchased [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Options Purchased [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Options Purchased [Member] | Total Options Purchased [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Africa) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Energy Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Total Short Futures Contracts [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]
Frontier Select Series [Member] | Short Futures Contracts [Member] | Various Precious Metal Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]
Frontier Select Series [Member] | Currency Forwards [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1],[6]
Frontier Select Series [Member] | Currency Forwards [Member] | Various Currency Forward Contracts [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]
Frontier Select Series [Member] | Currency Forwards [Member] | Total Currency Forwards [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]
Frontier Select Series [Member] | Options Written [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Options Written [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1],[6]
Frontier Select Series [Member] | Options Written [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1],[6]
Frontier Select Series [Member] | Options Written [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1],[6]
Frontier Select Series [Member] | Options Written [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1],[6]
Frontier Select Series [Member] | Options Written [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1],[6]
Frontier Select Series [Member] | Options Written [Member] | Total Options Written [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1],[4]	0.00%	[1],[6]
Frontier Select Series [Member] | Swaps [Member] | Frontier Balanced DB Swap (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[4],[5]
Frontier Select Series [Member] | Swaps [Member] | Frontier Currency DB Swap (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[4],[5]
Frontier Select Series [Member] | Swaps [Member] | Frontier Balanced RCW-1 Swap (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[4],[5]	0.00%	[5],[6]
Frontier Select Series [Member] | Swaps [Member] | Total Swaps [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[4],[5]	0.00%	[5],[6]
Frontier Select Series [Member] | Swaps [Member] | Frontier Select CTA TRS Deutsche Bank Swap (U.S) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[5],[6]
Currency Series [Member] | Open Trade Equity (Deficit) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | U.S. Treasury Note 4.000% due 02/15/2015 [Member]
Investment Owned, Value			49,052	[3]
Investment Owned, Underlying Face Amount, at Market Value			45,506	[3]
Investment Owned, % of Total Capital (Net Asset Value)			1.80%	[3]
Investment Owned, at Cost			47,137	[3]
Currency Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Mexico) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Africa) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Energy Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts Oceanic [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts Mexico [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Total Long Futures Contracts [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Long Futures Contracts [Member] | Brent Crude Oil Settling 2/1/2013 (Number of Contracts: 735) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Currency Series [Member] | Options Purchased [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Options Purchased [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Options Purchased [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Currency Series [Member] | Options Purchased [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Currency Series [Member] | Options Purchased [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Options Purchased [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Options Purchased [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Options Purchased [Member] | Total Options Purchased [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Africa) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Energy Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Total Short Futures Contracts [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Currency Series [Member] | Short Futures Contracts [Member] | Various Precious Metal Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Currency Series [Member] | Currency Forwards [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Currency Series [Member] | Currency Forwards [Member] | Various Currency Forward Contracts [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Currency Series [Member] | Currency Forwards [Member] | Total Currency Forwards [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]
Currency Series [Member] | Options Written [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Options Written [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Currency Series [Member] | Options Written [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Currency Series [Member] | Options Written [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Currency Series [Member] | Options Written [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Currency Series [Member] | Options Written [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Currency Series [Member] | Options Written [Member] | Total Options Written [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[1]	0.00%	[1]
Currency Series [Member] | Swaps [Member] | Frontier Balanced DB Swap (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[5]
Currency Series [Member] | Swaps [Member] | Frontier Currency DB Swap (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[5]
Currency Series [Member] | Swaps [Member] | Frontier Balanced RCW-1 Swap (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[5]	0.00%	[5]
Currency Series [Member] | Swaps [Member] | Total Swaps [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[5]	0.00%	[5]
Currency Series [Member] | Swaps [Member] | Frontier Select CTA TRS Deutsche Bank Swap (U.S) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[5]
Winton Series [Member] | Total Open Trade Equity (Deficit) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%		0.00%	[1]
Winton Series [Member] | U.S. Treasury Note 4.000% due 02/15/2015 [Member]
Investment Owned, Value			1,808,547	[3]
Investment Owned, Underlying Face Amount, at Market Value			1,677,806	[3]
Investment Owned, % of Total Capital (Net Asset Value)			4.42%	[3]
Investment Owned, at Cost			1,737,971	[3]
Winton Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Winton Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Mexico) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%
Winton Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%		0.00%	[1]
Winton Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%		0.00%	[1]
Winton Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%		0.00%	[1]
Winton Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Africa) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%
Winton Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%		0.00%	[1]
Winton Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%
Winton Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%		0.00%	[1]
Winton Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%		0.00%	[1]
Winton Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Winton Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%		0.00%	[1]
Winton Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%
Winton Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%		0.00%	[1]
Winton Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%
Winton Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%		0.00%	[1]
Winton Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%		0.00%	[1]
Winton Series [Member] | Long Futures Contracts [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%		0.00%	[1]
Winton Series [Member] | Long Futures Contracts [Member] | Various Energy Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%
Winton Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%		0.00%	[1]
Winton Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts Oceanic [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%
Winton Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts Mexico [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%
Winton Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%		0.00%	[1]
Winton Series [Member] | Long Futures Contracts [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%		0.00%	[1]
Winton Series [Member] | Long Futures Contracts [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%		0.00%	[1]
Winton Series [Member] | Long Futures Contracts [Member] | Total Long Futures Contracts [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%		0.00%	[1]
Winton Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Winton Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%		0.00%	[1]
Winton Series [Member] | Long Futures Contracts [Member] | Various Energy Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Winton Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%		0.00%	[1]
Winton Series [Member] | Long Futures Contracts [Member] | Various Precious Metal Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%
Winton Series [Member] | Options Purchased [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]
Winton Series [Member] | Options Purchased [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]
Winton Series [Member] | Options Purchased [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]
Winton Series [Member] | Options Purchased [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]
Winton Series [Member] | Options Purchased [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]
Winton Series [Member] | Options Purchased [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]
Winton Series [Member] | Options Purchased [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]
Winton Series [Member] | Options Purchased [Member] | Total Options Purchased [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]
Winton Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]	0.00%	[1]
Winton Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]
Winton Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]	0.00%	[1]
Winton Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]	0.00%	[1]
Winton Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]	0.00%	[1]
Winton Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Africa) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]
Winton Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]	0.00%	[1]
Winton Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]
Winton Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]	0.00%	[1]
Winton Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Winton Series [Member] | Short Futures Contracts [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]	0.00%	[1]
Winton Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]	0.00%	[1]
Winton Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]
Winton Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]	0.00%	[1]
Winton Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]	0.00%	[1]
Winton Series [Member] | Short Futures Contracts [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]	0.00%	[1]
Winton Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]	0.00%	[1]
Winton Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Winton Series [Member] | Short Futures Contracts [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]	0.00%	[1]
Winton Series [Member] | Short Futures Contracts [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]	0.00%	[1]
Winton Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]	0.00%	[1]
Winton Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]	0.00%	[1]
Winton Series [Member] | Short Futures Contracts [Member] | Various Energy Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]	0.00%	[1]
Winton Series [Member] | Short Futures Contracts [Member] | Total Short Futures Contracts [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]	0.00%	[1]
Winton Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]	0.00%	[1]
Winton Series [Member] | Currency Forwards [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1]
Winton Series [Member] | Currency Forwards [Member] | Various Currency Forward Contracts [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]
Winton Series [Member] | Currency Forwards [Member] | Total Currency Forwards [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7]
Frontier Heritage Series [Member] | Total Open Trade Equity (Deficit) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | U.S. Treasury Note 4.000% due 02/15/2015 [Member]
Investment Owned, Value			776,073	[3],[8]
Investment Owned, Underlying Face Amount, at Market Value			719,971	[3],[8]
Investment Owned, % of Total Capital (Net Asset Value)			3.74%	[3],[8]
Investment Owned, at Cost			$ 745,788	[3],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Mexico) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Stock Index Futures Contracts (Africa) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Soft Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Precious Metals Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Energy Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts Oceanic [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts Mexico [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Total Long Futures Contracts [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Energy Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Currency Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Long Futures Contracts [Member] | Various Precious Metal Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[8]
Frontier Heritage Series [Member] | Options Purchased [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]
Frontier Heritage Series [Member] | Options Purchased [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]
Frontier Heritage Series [Member] | Options Purchased [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]
Frontier Heritage Series [Member] | Options Purchased [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]
Frontier Heritage Series [Member] | Options Purchased [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]
Frontier Heritage Series [Member] | Options Purchased [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]
Frontier Heritage Series [Member] | Options Purchased [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]
Frontier Heritage Series [Member] | Options Purchased [Member] | Total Options Purchased [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Stock Index Futures Contracts (Africa) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Soft Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Precious Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Oceanic) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Energy Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Base Metals Futures Contracts (U.S.) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Base Metals Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Canada) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Interest Rates Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Energy Futures Contracts (Europe) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Total Short Futures Contracts [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Short Futures Contracts [Member] | Various Currency Futures Contracts (Far East) [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]	0.00%	[1],[8]
Frontier Heritage Series [Member] | Currency Forwards [Member]
Investment Owned, % of Total Capital (Net Asset Value)			0.00%	[1],[8]
Frontier Heritage Series [Member] | Currency Forwards [Member] | Various Currency Forward Contracts [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]
Frontier Heritage Series [Member] | Currency Forwards [Member] | Total Currency Forwards [Member]
Investment Owned, % of Total Capital (Net Asset Value)	0.00%	[7],[8]

[1] 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.

[2] See Notes to the Consolidated Financial Statements, Note 4.

[3] Assets have been allocated to each Series based upon ownership in the cash management pool. See Note 2.

[4] Formerly the Tiverton/Graham/Transtrend Series.

[5] See Note 4 to the Financial Statements.

[6] Formerly the Tiverton/Graham/Tiverton Series.

[7] Accordingly, the number of contracts and expiration dates are not presented.

[8] Formerly the Winton/Graham Series.

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Indemnifications and Guarantees

3 Months Ended

Mar. 31, 2013

Indemnifications and Guarantees

10. Indemnifications and Guarantees

The Trust has entered into agreements, which provide for the indemnification of futures clearing brokers, and commodity trading advisers, among others, against losses, costs, claims and liabilities arising from the performance of their individual obligations under such agreements, except for gross negligence 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. Maximum exposure is unfulfilled obligations of the Series up to the amount of equity at risk with UBS of the referenced Series as allocated from the Trading Company. The Series have not recorded any liability for the guarantees in the accompanying financial statements as it expects any possibility of losses to be remote.

The Trust has guaranteed the obligations of the trading companies under the customer agreements with UBS Securities as Clearing Broker. In the event that one Series of the Trust is unable to meet its obligations to UBS Securities, the assets of the other Series will be available to UBS Securities as part of the guarantee, but only to the extent of such Series’ pro rata allocation to the trading company. The Series have not recorded any liability for the indemnifications in the accompanying financial statement, as it expects any possibility of losses to be remote.

The Frontier Fund [Member]

Indemnifications and Guarantees

9. Indemnifications and Guarantees

The Trust has entered into agreements, which provide for the indemnification of futures clearing brokers, and commodity trading advisers, among others, against losses, costs, claims and liabilities arising from the performance of their individual obligations under such agreements, except for gross negligence 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. Maximum exposure is unfulfilled obligations of the Trust up to the amount of equity at risk with UBS. The Trust has not recorded any liability for the guarantees in the accompanying financial statements as it expects any possibility of losses to be remote.

The Trust has guaranteed the obligations of the trading companies under the customer agreements with UBS Securities as Clearing Broker. In the event that one Series of the Trust is unable to meet its obligations to UBS Securities, the assets of the other Series will be available to UBS Securities as part of the guarantee, but only to the extent of such Series’ pro rata allocation to the trading company. The Trust has not recorded any liability for the indemnifications in the accompanying financial statements as it expects any possibility of losses to be remote.

XML

Document and Entity Information	3 Months Ended
	Mar. 31, 2013
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
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

3 Months Ended

Mar. 31, 2013

Subsequent Events

11. Subsequent Events

Effective April 19, 2013, the Currency Series ceased operations and liquidated. All existing investors were redeemed as of April 19, 2013 at that date’s unit net asset value.

The Frontier Fund [Member]

Subsequent Events

10. Subsequent Events

Effective April 19, 2013, the Currency Series ceased operations and liquidated. All existing investor were redeemed as of April 19, 2013 at that date’s unit net asset value.

Effective April 30, 2013 the TBG Institutional Series ceased operations and is in the process of liquidated.

XML

Consolidated Condensed Schedules of Investments (Parenthetical) (USD $)	12 Months Ended																		3 Months Ended								12 Months Ended								3 Months Ended											12 Months Ended										12 Months Ended
	Dec. 31, 2012 Frontier Diversified Series [Member] U.S. Treasury Note 4.000% due 02/15/2015 [Member]		Dec. 31, 2012 Frontier Masters Series [Member] U.S. Treasury Note 4.000% due 02/15/2015 [Member]		Dec. 31, 2012 Frontier Long/Short Commodity Series [Member] U.S. Treasury Note 4.000% due 02/15/2015 [Member]		Dec. 31, 2012 Balanced Series [Member] U.S. Treasury Note 4.000% due 02/15/2015 [Member]		Dec. 31, 2012 Frontier Select Series [Member] U.S. Treasury Note 4.000% due 02/15/2015 [Member]		Dec. 31, 2012 Currency Series [Member] U.S. Treasury Note 4.000% due 02/15/2015 [Member]		Dec. 31, 2012 Winton Series [Member] U.S. Treasury Note 4.000% due 02/15/2015 [Member]		Dec. 31, 2012 Frontier Heritage Series [Member] U.S. Treasury Note 4.000% due 02/15/2015 [Member]		Mar. 31, 2013 Maximum [Member]	Dec. 31, 2012 Maximum [Member]	Mar. 31, 2013 Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Corn Settling 7/1/2013 (Number of Contracts: 643) [Member] Contract	Mar. 31, 2013 Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Brent Oil Settling 5/1/2013 (Number of Contracts: 889) [Member] Contract	Mar. 31, 2013 Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Brent Oil Settling 10/1/2013 (Number of Contracts: 288) [Member] Contract	Mar. 31, 2013 Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Crude Oil Settling 10/1/2013 (Number of Contracts: 370) [Member] Contract	Mar. 31, 2013 Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Crude Oil Settling 12/1/2013 (Number of Contracts: 1,197) [Member] Contract	Mar. 31, 2013 Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Crude Oil Settling 2/1/2014 (Number of Contracts: 114) [Member] Contract	Mar. 31, 2013 Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Crude Oil Settling 9/1/2014 (Number of Contracts: 809) [Member] Contract	Mar. 31, 2013 Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Copper Settling 5/1/2013 (Number of Contracts: 540) [Member] Contract	Dec. 31, 2012 Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Brent Crude Oil Settling 4/1/2013 (Number Of Contracts: 497) [Member] Contract	Dec. 31, 2012 Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Brent Crude Oil Settling 9/1/2013 (Number Of Contracts: 270) [Member] Contract	Dec. 31, 2012 Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Crude Oil Settling 2/1/2013 (Number of Contracts: 566) [Member] Contract	Dec. 31, 2012 Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Crude Oil Settling 2/1/2014 (Number of Contracts: 606) [Member] Contract	Dec. 31, 2012 Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Crude Oil Settling 4/1/2014 (Number of Contracts: 428) [Member] Contract	Dec. 31, 2012 Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Crude Oil Settling August 8/1/2014 (Number of Contracts: 219) [Member] Contract	Dec. 31, 2012 Long Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Crude Oil Settling 1/1/2015 (Number of Contracts: 191) [Member] Contract	Dec. 31, 2012 Long Futures Contracts [Member] Balanced Series [Member] Brent Crude Oil Settling 2/1/2013 (Number of Contracts: 735) [Member] Contract	Mar. 31, 2013 Options Purchased [Member] Frontier Long/Short Commodity Series [Member] Crude Oil Settling 5/16/2013 (Number of Contracts: 372) [Member] Contract	Mar. 31, 2013 Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Copper Settling 7/1/2013 (Number of Contracts: 534) [Member] Contract	Mar. 31, 2013 Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Corn Settling 5/1/2013 (Number of Contracts: 272) [Member] Contract	Mar. 31, 2013 Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Brent Oil Settling 6/1/2013 (Number of Contracts: 556) [Member] Contract	Mar. 31, 2013 Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Brent Oil Settling 7/1/2013 (Number of Contracts: 295) [Member] Contract	Mar. 31, 2013 Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Crude Oil Settling 5/1/2013 (Number of Contracts: 321) [Member] Contract	Mar. 31, 2013 Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Crude Oil Settling 6/1/2013 (Number of Contracts: 240) [Member] Contract	Mar. 31, 2013 Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Crude Oil Settling 7/1/2013 (Number of Contracts: 801) [Member] Contract	Mar. 31, 2013 Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Crude Oil Settling 9/1/2013 (Number of Contracts: 405) [Member] Contract	Mar. 31, 2013 Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Crude Oil Settling 12/1/2014 (Number of Contracts: 859) [Member] Contract	Mar. 31, 2013 Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Natural Gas Settling 7/1/2013 (Number of Contracts: 418) [Member] Contract	Dec. 31, 2012 Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Brent Crude Oil Settling Brent Crude Oil Settling 6/1/2013 (Number of Contracts: 424) [Member] Contract	Dec. 31, 2012 Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Crude Oil, Settling 4/1/2013 (Number of Contracts: 323) [Member] Contract	Dec. 31, 2012 Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Crude Oil Settling 5/1/2013 (Number of Contracts: 166) [Member] Contract	Dec. 31, 2012 Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Crude Oil Settling Crude Oil Settling 6/1/2013 (Number of Contracts: 787) [Member] Contract	Dec. 31, 2012 Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Crude Oil Settling 7/1/2013 (Number of Contracts: 290) [Member] Contract	Dec. 31, 2012 Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Crude Oil Settling 3/1/2014 (Number of Contracts: 450) [Member] Contract	Dec. 31, 2012 Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Crude Oil Settling 6/1/2014 (Number of Contracts: 449) [Member] Contract	Dec. 31, 2012 Short Futures Contracts [Member] Frontier Long/Short Commodity Series [Member] Crude Oil Settling 9/1/2014 (Number of Contracts: 219) [Member] Contract	Mar. 31, 2013 The Frontier Fund [Member]	Dec. 31, 2012 The Frontier Fund [Member]	Dec. 31, 2012 The Frontier Fund [Member] U.S. Treasury Note 4.000% due 02/15/2015 (Cost $38,016,039) [Member]
Number of Contracts																			643	889	288	370	1,197	114	809	540	497	270	566	606	428	219	191	735	372	534	272	556	295	321	240	801	405	859	418	424	323	166	787	290	450	449	219
Settling																			Jul. 01, 2013	May 01, 2013	Oct. 01, 2013	Oct. 01, 2013	Dec. 01, 2013	Feb. 01, 2014	Sep. 01, 2014	May 01, 2013	Apr. 01, 2013	Sep. 01, 2013	Feb. 01, 2013	Feb. 01, 2014	Apr. 01, 2014	Aug. 01, 2014	Jan. 01, 2015	Feb. 01, 2013	May 16, 2013	Jul. 01, 2013	May 01, 2013	Jun. 01, 2013	Jul. 01, 2013	May 01, 2013	Jun. 01, 2013	Jul. 01, 2013	Sep. 01, 2013	Dec. 01, 2014	Jul. 01, 2013	Jun. 01, 2013	Apr. 01, 2013	May 01, 2013	Jun. 01, 2013	Jul. 01, 2013	Mar. 01, 2014	Jun. 01, 2014	Sep. 01, 2014
Percentage of individual future forward and option on futures contract to net asset value																	1.00%	1.00%																																				1.00%	1.00%
Investment Owned, Underlying Face Amount, at Market Value	$ 3,574,465	[1]	$ 2,052,937	[1]	$ 2,215,872	[1]	$ 5,521,388	[1]	$ 892,056	[1],[2]	$ 45,506	[1]	$ 1,677,806	[1]	$ 719,971	[1],[3]																																								$ 36,700,000
Investment Owned, at Cost	$ 3,702,643	[1]	$ 2,126,554	[1]	$ 2,295,332	[1]	$ 5,719,381	[1]	$ 924,044	[1],[2]	$ 47,137	[1]	$ 1,737,971	[1]	$ 745,788	[1],[3]																																								$ 38,016,039
Rate	4.00%		4.00%		4.00%		4.00%		4.00%		4.00%		4.00%		4.00%																																									4.00%
Debt Instrument, Maturity Date	Feb. 15, 2015		Feb. 15, 2015		Feb. 15, 2015		Feb. 15, 2015		Feb. 15, 2015		Feb. 15, 2015		Feb. 15, 2015		Feb. 15, 2015																																									Feb. 15, 2015

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

[2] Formerly the Tiverton/Graham/Tiverton Series.

[3] Formerly the Winton/Graham Series.

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Investments in Unconsolidated Trading Companies

3 Months Ended

Mar. 31, 2013

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, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Frontier Heritage Series (formerly Winton/Graham Series), Frontier Long/Short Commodity Series, Frontier Diversified Series, and Frontier Masters Series investments in unconsolidated Trading Companies as of March 31, 2013 and December 31, 2012.

	As of March 31, 2013					As of December 31, 2012
	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, VII, IX, XIV, XV, XVIII, XXIII and XXXIX		39.35	%	$	42,533,163		37.18	%	$	42,826,426
Frontier Masters Series —
Frontier Trading Companies II, XIV and XV		23.96	%	$	11,946,638		18.98	%	$	9,771,797
Frontier Long/Short Commodity Series —
Frontier Trading Company I and XXIII		4.84	%	$	2,609,741		6.00	%	$	3,675,238
Balanced Series —
Frontier Trading Companies II, VII, XV, XVIII, XXIII and XXXIX		8.15	%	$	18,407,717		8.24	%	$	20,193,128
Frontier Select Series (1) —
Frontier Trading Companies XV and XXXIX		17.04	%	$	4,147,981		29.09	%	$	7,373,509
Currency Series —
Frontier Trading Company XVII		209.86	%	$	1,755,295		66.20	%	$	1,801,498
Winton Series —
Frontier Trading Company II		15.86	%	$	6,500,914		16.76	%	$	6,865,965
Frontier Heritage Series (2) —
Frontier Trading Companies II and XXXIX		17.25	%	$	3,482,249		29.75	%	$	6,174,855

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

(1) Formerly known as the Winton/Graham Series.

The following tables summarize the Balanced Series, Winton Series, Currency Series, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Frontier Heritage Series (formerly Winton/Graham Series), Frontier Long/Short Commodity Series, Frontier Diversified Series and Frontier Masters Series equity in earnings from unconsolidated Trading Companies for the three months ended March 31, 2013 and 2012.

	Three Months Ended March 31, 2013												Three Months Ended March 31, 2012
	Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)			Trading Commissions			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Net Income (Loss)
Trading Company
Balanced Series —
Frontier Trading Company II LLC	$	(11,501	)	$	2,382,683		$	29,643		$	2,400,825		$	(17,480	)	$	1,130,303		$	(1,604,191	)	$	(491,368	)
Frontier Trading Company V LLC		(13,876	)		1,530,384			(272,459	)		1,244,049			(51,183	)		559,558			42,753			551,128
Frontier Trading Company VII, LLC		(144,075	)		(1,326,705	)		256,553			(1,214,227	)		(186,655	)		(18,053,930	)		14,305,300			(3,935,285	)
Frontier Trading Company XV, LLC		(36,685	)		91,850			255,168			310,332			—			—			—			—
Frontier Trading Company XVI, LLC		(3,769	)		47,987			(29,090	)		15,128			—			—			—			—
Frontier Trading Company XXIII, LLC		(1,179	)		13,038			29,659			41,518			(8,530	)		(229,496	)		124,599			(113,427	)
Frontier Trading Company XXXIX, LLC		—			—			14,700			14,700			—			—			—			—
Total	$	(211,085	)	$	2,739,237		$	284,173		$	2,812,325		$	(263,848	)	$	(16,593,565	)	$	12,868,461		$	(3,988,952	)
Winton Series —
Frontier Trading Company II LLC	$	(11,653	)	$	2,504,392		$	(173,364	)	$	2,319,375		$	(12,882	)	$	833,391		$	(1,186,263	)	$	(365,754	)
Currency Series —
Frontier Trading Company XVII LLC	$	—		$	—		$	(46,203	)	$	(46,203	)	$	—		$	—		$	(132,912	)	$	(132,912	)
Frontier Select Series (1) —
Frontier Trading Company V LLC	$	(12,346	)	$	1,188,592		$	(78,854	)	$	1,097,391		$	(49,745	)	$	2,040,212		$	(1,446,023	)	$	544,444
Frontier Trading Company VI LLC		—			—			—			—			—			—			—			—
Frontier Trading Company XV, LLC		(22,858	)		131,648			105,459			214,249			(12,897	)		(209,247	)		(76,048	)		(298,192	)
Frontier Trading Company XXI, LLC		—			—			—			—			(3,598	)		399,495			(450,646	)		(54,749	)
Frontier Trading Company XXXIX, LLC		—			—			16,799			16,799			—			—			—			—
Total	$	(35,204	)	$	1,320,240		$	43,404		$	1,320,440		$	(66,240	)	$	2,230,460		$	(1,972,717	)	$	191,503
Frontier Heritage Series (2) —
Frontier Trading Company II LLC	$	(2,664	)	$	554,947		$	4,069		$	556,353		$	(4,747	)	$	306,322		$	(434,737	)	$	(133,162	)
Frontier Trading Company V LLC		(13,268	)		1,404,612			(205,240	)		1,186,104			(67,329	)		692,142			52,531			677,344
Frontier Trading Company XXXIX, LLC		—			—			20,999			20,999			—			—			—			—
Total	$	(15,931	)	$	1,959,559		$	(180,172	)	$	1,763,456		$	(72,076	)	$	998,464		$	(382,206	)	$	544,182
Frontier Long/Short Commodity Series —
Frontier Trading Company I LLC	$	(15,794	)	$	(157,118	)	$	(150,252	)	$	(323,164	)	$	(14,204	)	$	(1,039,964	)	$	(305,434	)	$	(1,359,602	)
Frontier Trading Companies XVIII, LLC		—			—			—			—			(7,614	)		472,507			(72,707	)		392,186
Frontier Trading Companies XXIII, LLC		(6,308	)		(180,509	)		(21,131	)		(207,949	)		(5,118	)		(137,444	)		74,723			(67,839	)
Total	$	(22,102	)	$	(337,627	)	$	(171,384	)	$	(531,113	)	$	(26,936	)	$	(704,901	)	$	(303,418	)	$	(1,035,255	)
Frontier Diversified Series —
Frontier Trading Company I LLC	$	(128,516	)	$	(357,571	)	$	(672,046	)	$	(1,158,132	)	$	(194,760	)	$	(2,331,404	)	$	1,077		$	(2,525,087	)
Frontier Trading Company II LLC		(6,096	)		1,311,057			(92,220	)		1,212,741			(8,216	)		530,724			(753,385	)		(230,877	)
Frontier Trading Company V LLC		(9,571	)		1,055,495			(187,841	)		858,083			(27,108	)		269,249			21,957			264,098
Frontier Trading Company VI LLC		—			—			—			—			—			—			—			—
Frontier Trading Company VII, LLC		(87,931	)		(534,092	)		48,285			(573,737	)		(96,249	)		(9,316,926	)		7,381,068			(2,032,107	)
Frontier Trading Company IX, LLC		—			—			—			—			(11,687	)		(159,693	)		(161,676	)		(333,056	)
Frontier Trading Company XIV, LLC		(78,418	)		(1,225,951	)		938,457			(365,912	)		(95,707	)		1,137,455			(226,492	)		815,256
Frontier Trading Company XV, LLC		(18,486	)		32,629			148,279			162,422			(30,257	)		(569,163	)		(48,533	)		(647,953	)
Frontier Trading Company XVIII, LLC		—			—			—			—			(14,682	)		911,355			(138,281	)		758,392
Frontier Trading Company XXI, LLC		—			—			—			—			(254	)		8,435			1,468			9,649
Frontier Trading Company XXIII, LLC		(13,200	)		(328,080	)		(64,983	)		(406,263	)		(4,266	)		(114,732	)		62,249			(56,749	)
Frontier Trading Company XXXIX, LLC		—			—			10,500			10,500			—			—			—			—
Total	$	(342,217	)	$	(46,513	)	$	128,431		$	(260,299	)	$	(483,186	)	$	(9,634,700	)	$	6,139,452		$	(3,978,434	)
Frontier Masters Series —
Frontier Trading Company II LLC	$	(3,449	)	$	741,157		$	(51,324	)	$	686,385		$	(3,813	)	$	246,545		$	(351,200	)	$	(108,468	)
Frontier Trading Company XIV, LLC		(31,416	)		(491,605	)		375,740			(147,281	)		(60,305	)		718,517			(148,563	)		509,649
Frontier Trading Company XV, LLC		(37,689	)		76,997			312,247			351,555			(9,832	)		(185,032	)		(16,039	)		(210,903	)
Total	$	(72,554	)	$	326,549		$	636,663		$	890,658		$	(73,950	)	$	780,030		$	(515,802	)	$	190,278

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

(2) Formerly known as the Winton/Graham Series.

The statements of financial condition as of March 31, 2013 and December 31, 2012 and the Condensed Statement of Income for the three months ended March 31, 2013 and 2012 for the unconsolidated Trading Companies are as follows:

Statements of Financial Condition - March 31, 2013	Frontier Trading Company II LLC			Frontier Trading Company XV LLC			Frontier Trading Company XXIII LLC			Frontier Trading Company XXXIX, LLC
Receivable from commission merchants	$	18,184,284		$	10,180,464		$	2,486,529		$	6,000,000
Open trade equity/(deficit)		1,216,243			7,876,042			16,850			62,997
Interest receivable/(payable)		2,634			(838	)		—			—
Total assets	$	19,403,161		$	18,056,506		$	2,503,379		$	6,062,997
Members’ equity	$	19,403,161		$	18,056,506		$	2,503,379		$	6,062,997
Condensed Statement of Income - For the Three Months Ended March 31, 2013
Interest income	$	7,225		$	(3,176	)	$	7		$	—
Net realized gain/(loss) on investments, less commissions		7,451,650			242,745			(1,254,614	)		—
Change in open trade equity/(deficit)		(283,196	)		852,622			(214,330	)		62,997
Net income/(loss)	$	7,175,679		$	1,092,191		$	(1,468,937	)	$	62,997

Statements of Financial Condition - December 31, 2012	Frontier Trading Company II LLC			Frontier Trading Company V LLC			Frontier Trading Company XXIII, LLC
Receivable from commission merchants	$	20,525,159		$	14,732,606		$	3,343,890
Open trade equity/(deficit)		1,499,438			1,311,171			231,181
Interest receivable/(payable)		2,882			2,181			(7	)
Total assets	$	22,027,479		$	16,045,958		$	3,575,064
Members’ equity	$	22,027,479		$	16,045,958		$	3,575,064
Condensed Statement of Income - For the Three Months Ended March 31, 2012
Interest income	$	8,807		$	735		$	—
Net realized gain/(loss) on investments, less commissions		3,000,146			3,365,796			(511,507	)
Change in open trade equity/(deficit)		(4,329,777	)		(1,328,782	)		267,807
Net income/(loss)	$	(1,320,824	)	$	2,037,749		$	(243,700	)

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Swaps

3 Months Ended

Mar. 31, 2013

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 March 31, 2013 and December 31, 2012, approximately 4.0% and 4.0%, respectively, of the Trust’s assets were deposited with over-the-counter counterparties in order to initiate and maintain Swaps and is recorded as cash and cash equivalents on the Statements of Financial Condition.

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

The Series had invested in the following swaps as of and for the three months ended March 31, 2013:

	Balanced Series
	Option/Swap			Total Return Swap			Total Return Swap
Counterparty		Societe Generale			DeutscheBank			DeutscheBank
Notional Amount	$	21,053,483		$	3,850,194		$	2,566,796
Termination Date		11/21/2014			6/30/2016			6/30/2016
Investee Returns		Total Returns			Total Returns			Total Returns
Realized Gain/(Loss)	$	—		$	—		$	—
Unrealized Gain/(Loss)	$	(342,236	)	$	(69,304	)	$	(46,203	)
Fair Value as of 3/31/13	$	17,443,498		$	2,632,942		$	1,755,295

The Series had invested in the following Swaps as and for the year ended December 31, 2012:

	Frontier Diversified Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	—		$	—
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 12/31/2012	$	—		$	—
	Frontier Masters Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	—		$	—
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 12/31/2012	$	—		$	—
	Frontier Long/Short Commodity Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	—		$	—
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 12/31/2012	$	—		$	—

	Balanced Series
	Credit Default Swap			Credit Default Swap			Option/Swap		Total Return Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale		DeutscheBank
Notional Amount	$	—		$	—		$	20,486,403	$	23,551,287
Termination Date		3/20/2012			3/20/2012			11/21/2014		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		$	78,977	$	(1,344,945	)
Fair Value as of 12/31/2012	$	—		$	—		$	17,785,734	$	4,503,744

	Frontier Select Series (1)
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	—		$	—
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 12/31/2012	$	—		$	—

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

	Currency Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	—		$	—
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 12/31/2012	$	—		$	—
	Winton Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	—		$	—
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 12/31/2012	$	—		$	—
	Frontier Heritage Series (1)
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	—		$	—
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 12/31/2012	$	—		$	—

(1) Formerly the Winton/Graham Series.

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 invested 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 March 31, 2013 and December 31, 2012, approximately 4.0% and 4.0%, 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 had invested in the following Swaps as of and for the three months ended March 31, 2013:

	Total Return Swap		Option			Total Return Swap			Total Return Swap
Counterparty		Deutsche Bank		Societe Generale			Deutsche Bank			Deutsche Bank
Notional Amount	$	30,000,000	$	21,053,483		$	3,850,194		$	2,566,796
Termination Date		3/26/2018		11/21/2014			6/30/2016			6/30/2016
Investee Returns		On Default		Total Returns			Total Returns			Total Returns
Realized Gain/(Loss)	$	—	$	—		$	—		$	—
Unrealized Gain/(Loss)	$	62,997	$	(342,236	)	$	(69,304	)	$	(46,203	)
Fair Value as of 3/31/13	$	6,062,997	$	17,443,499		$	2,632,943		$	1,755,295

The Trust had invested in the following Swaps as of and for the year ended December 31, 2012:

	Credit Default Swap			Credit Default Swap			Option/Swap		Total Return Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale		Deutsche Bank
Notional Amount	$	—		$	—		$	20,486,403	$	23,551,287
Termination Date		3/20/2012			3/20/2012			11/21/2014		6/30/2016
Investee Returns		On Default			On Default			Total Returns		Total Returns
Realized Gain/(Loss)	$	(407,283	)	$	(117,954	)	$	—	$	—
Unrealized Gain/(Loss)	$	(215,874	)	$	117,954		$	78,977	$	(1,378,028	)
Fair Value as of 12/31/2012	$	—		$	—		$	17,785,733	$	4,503,745

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Transactions with Affiliates (Tables)

3 Months Ended

Mar. 31, 2013

Fees Earned by Managing Owner

The following table summarizes fees earned by the Managing Owner for the three months ended March 31, 2013 and 2012.

Series: Three Months Ended March 31, 2013	Management Fee		Trading Fee		Incentive Fee		Service Fee
Frontier Diversified Series	$	410,426	$	636,522	$	184,498	$	305,403
Frontier Masters Series		324,723		292,626		—		175,344
Frontier Long/Short Commodity Series		638,253		211,732		—		96,103
Balanced Series		494,637		345,915		259,439		991,548
Frontier Select Series (1)		209,199		44,783		—		157,859
Currency Series		—		3,688		—		14,395
Winton Series		252,254		74,742		—		222,806
Frontier Heritage Series (2)		139,061		37,183		—		119,839
Series: Three Months Ended March 31, 2012	Management Fee		Trading Fee		Incentive Fee		Service Fee
Frontier Diversified Series	$	516,204	$	773,697	$	5,758	$	391,766
Frontier Masters Series		352,610		317,570		—		187,327
Frontier Long/Short Commodity Series		864,191		254,373		77,070		124,836
Balanced Series		689,478		477,527		178,125		1,340,888
Frontier Select Series (1)		272,986		70,889		—		254,314
Currency Series		—		7,497		—		29,910
Winton Series		267,609		91,423		—		282,428
Frontier Heritage Series (2)		298,313		55,058		—		179,072

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

(1) Formerly the Winton/Graham Series.

Fees Payable to Managing Owner

The following table summarizes fees payable to the Managing Owner as of March 31, 2013 and December 31, 2012.

As of March 31, 2013

	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	140,979	$	230,821	$	184,498	$	85,636
Frontier Masters Series		112,054		105,224		—		51,411
Frontier Long/Short Commodity Series		211,741		71,113		—		28,094
Balanced Series		163,400		117,318		259,439		306,834
Frontier Select Series (1)		52,722		15,631		—		53,470
Currency Series		—		539		—		1,836
Winton Series		89,916		26,260		—		61,796
Frontier Heritage Series (2)		32,341		12,950		—		37,908

As of December 31, 2012

	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	150,188	$	228,169	$	189,903	$	89,177
Frontier Masters Series		118,274		104,852		—		47,423
Frontier Long/Short Commodity Series		277,379		79,400		—		24,074
Balanced Series		193,155		132,875		527,306		332,942
Frontier Select Series (1)		103,089		16,057		—		54,702
Currency Series		—		1,791		—		3,510
Winton Series		86,138		26,041		—		62,556
Frontier Heritage Series (2)		63,642		13,148		—		38,116

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

(1) Formerly the Winton/Graham Series.

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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2013

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 2012 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-controlled Trading Companies; Frontier Trading Company I LLC, Frontier Trading Company XIV, LLC, Frontier Trading Company IX, LLC and Frontier Trading Company XVII, LLC and the assets and liabilities of its majority owned Trading Companies, and the earnings of Trading Company XXIII, LLC from July 11, 2012 to March 12, 2013. Also included in the consolidated financial statements were the earnings of its majority controlled trading company, Trading Company XVIII, LLC from January 1, 2011 through May 14, 2012 and the earnings from Frontier Trading Company XV, LLC from January 1, 2011 through December 28, 2012. Multiple Series have investment interests in Frontier Trading Company I LLC. The Managing Owner assigns the full ownership and earnings of that swap identified in footnote four as Option/Swap with Societe Generale, owned by Frontier Trading Company I LLC, to the Balanced Series.

The consolidated financial statements of the Frontier Long/Short Commodity Series include the assets, liabilities and earnings of its majority controlled trading companies; Frontier Trading Company VII, LLC, from September 28, 2011 to March 31, 2013 and Frontier Trading Company XVIII, LLC from May 15, 2012 through March 31, 2013.

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 December 28, 2012). The consolidated financial statements of the Frontier Diversified Series include the assets, liabilities and earnings of its majority owned trading company, Frontier Trading Company V, LLC (earnings from March 9, 2013 through March 31, 2013).

Investment in Berkeley Quantitative Colorado Fund LLC

Investment in Berkeley Quantitative Colorado Fund LLC—The Frontier Select 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 Frontier Select 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. 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. Actual results could differ from these estimates, and such differences could be material.

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 original 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), Frontier Select Series, Currency Series, Winton Series and Frontier Heritage 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. All U.S. Treasury Securities have been liquidated as of March 31, 2013.

U.S. Treasury Securities—U.S. Treasury Securities were 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 were reported at fair value as Level 1 inputs under ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). The Series of the Trust valued U.S. Treasury Securities at fair value and recorded the daily change in value in the statements of operations as net unrealized gain/(loss) on U.S. Treasury securities. Accrued interest was 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 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 April 1, 2010, 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, October 2012, and November 2012, the Trust, with respect to the Series, redeemed approximately $25 million, $25 million, $50 million $25 million and $16 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 3.75% 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 change in open trade equity (deficit) 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. The Series do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized or unrealized gain or loss from investments.

Allocation of Earnings

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 trading level interest in the Trading Company, adjusted on a daily basis (except for Trading Advisors and other investments such as swap that are directly allocated to a specific series). 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.

Receivables/Payables from Other Series

Receivables/Payables From Other Series—Advances between the Series can be made through a re-allocation of the Series’ interest in the cash management pool and all accounted for as a receivable or payable from/to other Series.

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 on a daily basis. 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 2009 through 2012 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 December 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. FASB issued additional clarification to specify that the guidance applies only to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria of the Codification or subject to a master netting arrangement or similar agreement. 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 Series financial position or results of operations and is disclosed in Note 8.

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 2012 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 are consolidated by the Trust.

Investment in Berkeley Quantitative Colorado Fund LLC

Investment in Berkeley Quantitative Colorado Fund LLC—The Frontier Select Series (formerly 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. Actual results could differ from these estimates and such differences could be material.

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 original 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 the first two percentage points or 20% 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 consolidated statements of operations as net unrealized gain/(loss) on U.S. Treasury securities. Accrued interest is reported on the consolidated statements of financial condition as interest receivable. All U.S. Treasury Securities have been liquidated as of March 31, 2013.

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 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 April 1, 2010, 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, October 2012, and November 2012, the Trust, redeemed approximately $25 million, $25 million, $50 million $25 million and $16 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 3.75% 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 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 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. 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, with changes in fair value reported as a component of realized and unrealized gains/(losses) on investments in the statements of operations. 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’s Swap contracts are asset liquidity, debt valuation, credit risk, volatility, market risk, distributions, dividends, risk premiums, and other risk management tools. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Swap Contracts are reported at fair value based upon a weekly indicative value that is calculated by management using bid/ask prices from the counterparty. 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. Please refer to Note 3 Fair Value Measurements.

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, 2012, 2011 and 2010. The 2009 through 2012 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 December 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. FASB issued additional clarification to specify that the guidance applies only to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria of the Codification or subject to a master netting arrangement or similar agreement. 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 Series financial position or results of operations and is discussed in Note 7.

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

3 Months Ended

Mar. 31, 2013

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 March 31, 2013 and December 31, 2012 is included in the Condensed Schedules of Investments. See Note 4 for further disclosure related to each Series’ position in swap contracts.

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

For The Three Months Ended March 31, 2013

Monthly average contracts:	Bought		Sold
Frontier Long/Short Commodity Series		3,836		3,751
Balanced Series		9,914		10,005
Diversified Series		8		29

For The Three Months Ended March 31, 2012

Monthly average contracts:	Bought		Sold
Frontier Long/Short Commodity Series		26,250		23,275
Balanced Series		6,325		8,575
Frontier Masters Series		1,375		700

The following tables summarize the trading revenues for the three months ended March 31, 2013 and 2012 by sector:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2013

Type of contract	Frontier Long/Short Commodity  Series			Balanced Series			Diversified Series
Metals	$	(875,420	)	$	(2,726,807	)	$	(488,195	)
Currencies		1,327,935			(310,035	)		1,300,655
Energies		(3,696,351	)		30,607			(3,465	)
Agriculturals		(169,442	)		(1,472,771	)		8,936
Interest rates		237,979			(13,192,219	)		(88,186	)
Stock indices		1,259,718			9,960,557			146,263
Realized trading income/(loss)(2)	$	(1,915,581	)	$	(7,710,668	)	$	876,008

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

for the Three Months Ended March 31, 2013

Type of contract	Frontier Long/Short Commodity Series			Balanced Series			Diversified Series
Metals	$	352,320		$	2,364,213		$	466,465
Currencies		(307,622	)		(567,405	)		(1,191,389	)
Energies		1,596,146			(1,330,051	)		2,210
Agriculturals		442,484			(385,548	)		(21,226	)
Interest rates		(314,640	)		1,439,004			79,060
Stock indices		(310,096	)		558,809			(43,824	)
Change in unrealized trading income/(loss)(3)	$	1,458,592		$	2,079,022		$	(708,704	)

(1) The Frontier Diversified Series, Frontier Select Series (formerly known as Tiverton/Graham/Transtrend), Frontier Heritage Series (formerly know as Winton/Graham Series) and Winton Series participate in trading activities through equity in earnings/(loss) from trading companies. The Diversified Series began consolidating the Frontier Trading Company V as of March 8, 2013.

(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 (deficit).

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2012 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	(18,715,970	)	$	716,722		$	(1,901,528	)
Currencies		(8,498,267	)		325,491			(863,556	)
Energies		(4,350,150	)		166,614			(442,043	)
Agriculturals		(6,871,127	)		263,170			(698,213	)
Interest rates		(12,430,721	)		476,107			(1,263,154	)
Stock indices		17,151,335			(656,911	)		1,742,842
Realized trading income/(loss)(2)	$	(33,714,900	)	$	1,291,193		$	(3,425,652	)

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

for the Three Months Ended March 31, 2012 ⁽¹⁾

Type of contract	Frontier Long/Short Commodity Series			Frontier Masters Series			Balanced Series
Metals	$	3,766,803		$	(41,417	)	$	(300,085	)
Currencies		18,113,239			(199,158	)		(1,443,005	)
Energies		6,482,818			(71,280	)		(516,459	)
Agriculturals		2,012,905			(22,132	)		(160,360	)
Interest rates		(1,257,357	)		13,825			100,168
Stock indices		483,775			(5,319	)		(38,540	)
Change in unrealized trading income/(loss)(3)	$	29,602,183		$	(325,481	)	$	(2,358,281	)

(1) The Frontier Diversified Series, Frontier Masters Series, and Frontier Long/Short Commodity Series participate in trading activities through equity in earnings/(loss) from trading companies. The Frontier Long/Short Commodity Series began consolidating Frontier Trading Company XVIII as of May 15, 2012 and the Balanced Series began consolidating Frontier Trading Company XVIII prior to May 15, 2012. The Balance Series consolidated Frontier Trading Company XXIII, LLc 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 (deficit), at fair value.

Certain financial instruments and derivative instruments are eligible for offset in the statements of financial condition under U.S. GAAP. The Series’ open trade equity/(deficit), options written, and receivable from Futures Commissions Merchants are subject to master netting arrangements and collateral arrangements and meet the U.S. GAAP guidance to qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. The Series’ policy is to recognize amounts subject to master netting arrangements on a gross basis on the statements of financial condition.

The following tables present gross and net information about the Series’ assets and liabilities subject to master netting arrangements as disclosed on the statements of financial condition as of March 31, 2013 and December 31, 2012.

Offsetting of Derivative Assets and Liabilities

As of March 31, 2013

	Gross Amounts of recognized Derivative Assets		Gross Amounts of recognized Derivative Liabilities			Net Amounts of Derivative Assets and Liabilities Presented in the Statements of Financial Condition
Frontier Diversified Series
Open Trade Equity/(Deficit)	$	—	$	(141,927	)	$	(141,927	)
Options Written		—		—			—
Receivable from Futures Commissions Merchants		16,074,764		(15,855,281	)		219,483
Frontier Long/Short Commodity Series
Open Trade Equity/(Deficit)	$	3,232,650	$	(1,541,461	)	$	1,691,189
Options Written		—		(236,780	)		(236,780	)
Receivable from Futures Commissions Merchants		18,782,906		(9,075,951	)		9,706,955
Balanced Series
Open Trade Equity/(Deficit)	$	6,722,200	$	(4,933,135	)	$	1,789,065
Options Written		—		(363,800	)		(363,800	)
Receivable from Futures Commissions Merchants		87,470,417		(4,616,927	)		82,853,490

As of December 31, 2012

	Gross Amounts  of recognized Derivative Assets		Gross Amounts  of recognized Derivative Liabilities			Net Amounts of Derivative  Assets and Liabilities Presented in the Statements of Financial Condition
Frontier Long/Short Commodity Series
Open Trade Equity/(Deficit)	$	3,314,175	$	(4,133,710	)	$	(819,535	)
Options Written		—		—			(928,690	)
Receivable from Futures Commissions Merchants		22,276,098		(7,505,125	)		14,770,973
Balanced Series
Open Trade Equity/(Deficit)	$	4,215,436	$	(4,887,947	)	$	(672,511	)
Options Written		—		(165,363	)		(165,363	)
Receivable from Futures Commissions Merchants		98,277,094		(6,233,501	)		92,043,593

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 December 31, 2012 and 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 three months ended March 31, 2013 and 2012, the monthly average of futures contracts bought was approximately 10,305 and 33,950, respectively and sold was approximately 13,785 and 32,250, respectively. The following tables summarize the trading revenues for the three months ended March 31, 2013 and 2012 by contract type:

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2013

Type of contract
Metals	$	(4,931,538	)
Currencies		7,577,127
Energies		(5,569,614	)
Agriculturals		(1,789,149	)
Interest rates		(16,567,527	)
Stock indices		25,586,378
Realized trading income/(loss)(1)	$	4,305,677

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

for the Three Months Ended March 31, 2013

Type of contract
Metals	$	3,556,020
Currencies		(3,704,100	)
Energies		566,698
Agriculturals		909,899
Interest rates		2,093,086
Stock indices		(701,756	)
Change in unrealized trading income/(loss)(2)	$	2,719,847

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

(2) Amounts recorded in the Consolidated Statement of Operations under net change in open trade equity (deficit).

Realized Trading Revenue from Futures, Forwards and Options

for the Three Months Ended March 31, 2012 ⁽¹⁾

Type of contract
Metals	$	(16,504,940	)
Currencies		(7,495,517	)
Energies		(3,836,856	)
Agriculturals		(6,060,371	)
Interest rates		(10,963,963	)
Stock indices		15,127,571
Realized trading income/(loss)(1)	$	(29,734,078	)

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

for the Three Months Ended March 31, 2012 ⁽²⁾

Type of contract
Metals	$	2,739,341
Currencies		13,172,537
Energies		4,714,516
Agriculturals		1,463,850
Interest rates		(914,391	)
Stock indices		351,817
Change in unrealized trading income/(loss)(2)	$	21,527,670

(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.

Certain financial instruments and derivative instruments are eligible for offset in the statements of financial condition under U.S. GAAP. The Trust’s open trade equity/(deficit), options written, and receivable from Futures Commissions Merchants are subject to master netting arrangements and collateral arrangements and meet the U.S. GAAP guidance to qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. The Trust’s policy is to recognize amounts subject to master netting arrangements on a gross basis on the statements of financial condition.

The following tables present gross and net information about the Trust’s assets and liabilities subject the master netting arrangements as disclosed on the statements of financial condition as of March 31, 2013 and December 31, 2012:

Offsetting of Derivative Assets and Liabilities

As of March 31, 2013

	Gross Amounts  of recognized Derivative Assets		Gross Amounts  of recognized Derivative Liabilities			Net Amounts of Derivative Assets and Liabilities Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	20,763,887	$	(7,056,911	)	$	13,706,976
Options Written		—		(1,860,096	)		(1,860,096	)
Receivable from Futures Commissions Merchants		226,379,726		(102,748,520	)		123,631,206

Offsetting of Derivative Assets and Liabilities

As of December 31, 2012

	Gross Amounts  of recognized Derivative Assets		Gross Amounts  of recognized Derivative Liabilities			Net Amounts of Derivative Assets and Liabilities Presented in the Statements of Financial Condition
Open Trade Equity/(Deficit)	$	22,637,635	$	(10,520,986	)	$	12,116,649
Options Written		—		(4,199,198	)		(4,199,198	)
Receivable from Futures Commissions Merchants		225,653,255		(77,624,026	)		148,029,229

XML

Transactions with Affiliates

3 Months Ended

Mar. 31, 2013

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.

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 Class 1, Class 2 and Class 3, 1.0% for the Balanced Series Class 1a and Class 2a, 2.0% for the Winton Series, Currency Series, Frontier Long/Short Commodity Series Class 1a and Class 2a and Frontier Masters Series, 0.75% for Frontier Diversified Series, 2.5% for the Frontier Heritage Series (formerly Winton/Graham Series) and Frontier Select Series (formerly 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, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Winton Series and Frontier Heritage Series (formerly 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, Frontier Heritage Series (formerly Winton/Graham Series), Frontier Select Series (formerly 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 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, Frontier Heritage Series (formerly Winton/Graham Series), Frontier Select Series (formerly 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 service fee to the Managing Owner up to 3% annually, 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 three months ended March 31, 2013 and 2012.

Series: Three Months Ended March 31, 2013	Management Fee		Trading Fee		Incentive Fee		Service Fee
Frontier Diversified Series	$	410,426	$	636,522	$	184,498	$	305,403
Frontier Masters Series		324,723		292,626		—		175,344
Frontier Long/Short Commodity Series		638,253		211,732		—		96,103
Balanced Series		494,637		345,915		259,439		991,548
Frontier Select Series (1)		209,199		44,783		—		157,859
Currency Series		—		3,688		—		14,395
Winton Series		252,254		74,742		—		222,806
Frontier Heritage Series (2)		139,061		37,183		—		119,839
Series: Three Months Ended March 31, 2012	Management Fee		Trading Fee		Incentive Fee		Service Fee
Frontier Diversified Series	$	516,204	$	773,697	$	5,758	$	391,766
Frontier Masters Series		352,610		317,570		—		187,327
Frontier Long/Short Commodity Series		864,191		254,373		77,070		124,836
Balanced Series		689,478		477,527		178,125		1,340,888
Frontier Select Series (1)		272,986		70,889		—		254,314
Currency Series		—		7,497		—		29,910
Winton Series		267,609		91,423		—		282,428
Frontier Heritage Series (2)		298,313		55,058		—		179,072

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

(1) Formerly the Winton/Graham Series.

The following table summarizes fees payable to the Managing Owner as of March 31, 2013 and December 31, 2012.

As of March 31, 2013

	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	140,979	$	230,821	$	184,498	$	85,636
Frontier Masters Series		112,054		105,224		—		51,411
Frontier Long/Short Commodity Series		211,741		71,113		—		28,094
Balanced Series		163,400		117,318		259,439		306,834
Frontier Select Series (1)		52,722		15,631		—		53,470
Currency Series		—		539		—		1,836
Winton Series		89,916		26,260		—		61,796
Frontier Heritage Series (2)		32,341		12,950		—		37,908

As of December 31, 2012

	Management Fees		Trading Fees		Incentive Fees		Service Fees
Frontier Diversified Series	$	150,188	$	228,169	$	189,903	$	89,177
Frontier Masters Series		118,274		104,852		—		47,423
Frontier Long/Short Commodity Series		277,379		79,400		—		24,074
Balanced Series		193,155		132,875		527,306		332,942
Frontier Select Series (1)		103,089		16,057		—		54,702
Currency Series		—		1,791		—		3,510
Winton Series		86,138		26,041		—		62,556
Frontier Heritage Series (2)		63,642		13,148		—		38,116

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

(1) Formerly the Winton/Graham Series.

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 three months ended March 31, 2013, amounts paid or owed to the Managing Owner for the difference in monthly service fees from prepaid initial service fees were $1,735 for the Balanced Series, ($1,878) for the Frontier Long/Short Commodity Series, ($2,214) for the Frontier Diversified Series, $108 for the Currency Series, $89 for the Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), $290 for the Frontier Heritage Series (formerly Winton/Graham Series), $628 for the Winton Series and ($1,427) for the Frontier Masters Series.

For the year ended December 31, 2012, amounts paid or owed to the Managing Owner for the difference in monthly service fees from prepaid initial service fees were $23,454 for the Balanced Series, ($5,660) for the Frontier Long/Short Commodity Series, ($4,996) for the Frontier Diversified Series, $1,415 for the Currency Series, ($7,427) for the Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), $4,064 for the Frontier Heritage Series (formerly Winton/Graham Series), $6,938 for the Winton Series and $1,336 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, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Currency Series and Frontier Heritage Series (formerly 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 three months ended March 31, 2013 and 2012, the Trust paid $1,582,082, and $2,014,194, 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 $0 and $388,634, respectively for the three months ended March 31, 2013 and 2012. As of April 20, 2012, the contract with The Bornhoft Group Corporation was amended to provide for an annual payment of $1,100,000 for investment and advisor services and 0.1% annually of the trading level with the Balanced Series in lieu of a monthly service fee. The Managing Owner paid $251,890 under this agreement for the three months ended March 31, 2013.

Equinox Financial Group, LLC, an affiliate of the Trust, provides management services for the Managing Owner who paid $250,000, for the three months ended March 31, 2013.

Solon Capital, LLC, an affiliate of the Trust, provides product development and marketing services. For these services, the Managing Owner paid Solon Capital, LLC, $548,092, and $699,541, respectively, for the three months ended March 31, 2013 and 2012.

Equinox Group Distributors LLC (formerly Bornhoft Group Securities Corporation), an affiliate under common control of the Managing Owner, serves as wholesaler of the Trust by marketing to broker/dealer organizations.

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 Frontier Heritage Series (formerly Winton/Graham Series) and Frontier Select Series (formerly 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, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series),

Winton Series and Frontier Heritage Series (formerly 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, Frontier Heritage Series (formerly Winton/Graham Series), Frontier Select Series (formerly 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 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, Frontier Heritage Series (formerly Winton/Graham Series), Frontier Select Series (formerly 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 up to 3% annually, which the Managing Owner pays to selling agents of the Trust.

As of March 31, 2013, the Trust has a payable to the Managing Owner in the amounts of $455,580, $814,398, $540,250, $579,856 and $626,985 for incentive fees, management fees, interest, trading fees, and trailing service fees, respectively.

As of December 31, 2012, the Trust has a payable to the Managing Owner in the amounts of $732,119, $1,003,663, $569, 115, $602,333 and $652,500 for incentive fees, management fees, interest, trading fees, and trailing service fees, respectively.

For the three months ended March 31, 2013, the Trust paid the Managing Owner $455,580, $2,502,777, $2,088,170 and $1,666,545 for incentive fees, management fees, service fees, and trading fees, respectively.

For the three months ended March 31, 2012, the Trust paid the Managing Owner $283,700, $3,276,488, $2,808,189 and $2,048,034 for incentive fees, management fees, service fees, and trading fees, respectively.

With respect to the service fees, the initial service fee (for the first 12 months) relating to a purchase of Units by an investor is prepaid by the Managing Owner to the relevant selling agent in the month following such purchase and is reimbursed therefore by the Series monthly in arrears in an amount based upon a corresponding percentage of NAV, calculated daily. Consequently, the Managing Owner bears the risk and enjoys the benefit of the upside potential of any difference between the amount of the initial service fee prepaid by it and the amount of the reimbursement thereof, which may result from variations in NAV over the following 12 months. For the three months ended March 31, 2013 amounts paid or owed to the Managing Owner for the difference in monthly service fees from the prepaid initial service fees were $2,669. For the year ended December 31, 2012 amounts received or receivable from the Managing Owner for the difference in monthly service fees from the prepaid initial service fees were $2,096.

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 Frontier Heritage Series (formerly 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 three months ended March 31, 2013 and 2012 the Trust, with respect to the Series, paid $1,581,082 and $2,014,194, 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 $388,634, respectively for the three months ended March 31, 2012. 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, $548,092 and $699,541, respectively, for the three months ended March 31, 2013 and 2012.

Equinox Financial Group, LLC, an affiliate of the Trust, provides management services for the Managing Owner paid $250,000 for the three months ended March 31, 2013.

Equinox Group Distributors, LLC, an affiliate of the Managing Owner under common control, serves as wholesaler of the Trust by marketing to broker/dealer organizations.

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Financial Highlights

3 Months Ended

Mar. 31, 2013

Financial Highlights

7. Financial Highlights

The following information presents the financial highlights of the Trust, with respect to the Series, for the three months ended March 31, 2013 and 2012.

	Frontier Diversified Series						Frontier Masters Series						Frontier Long/Short Commodity Series
	Class 1			Class 2			Class 1			Class 2			Class 2			Class 3			Class 1a			Class 2a
Per unit operating performance (1)
Net asset value, December 31, 2012	$	94.40		$	100.48		$	101.11		$	107.61		$	145.65		$	145.69		$	108.58		$	115.45
Net operating results:
Interest income		0.40			0.43			0.46			0.49			0.81			0.81			0.60			0.64
Expenses		(1.54	)		(1.10	)		(1.74	)		(1.30	)		(2.32	)		(2.32	)		(2.29	)		(1.84	)
Net gain/(loss) on investments, net of non-controlling interests		(0.05	)		(0.17	)		1.81			1.80			0.97			0.96			1.08			1.04
Net income/(loss)		(1.19	)		(0.84	)		0.53			0.99			(0.54	)		(0.55	)		(0.61	)		(0.16	)
Net asset value, March 31, 2013	$	93.21		$	99.64		$	101.64		$	108.60		$	145.11		$	145.14		$	107.97		$	115.29
Ratios to average net assets (3)
Net investment income/(loss)		–4.44	%		–2.24	%		–5.14	%		–3.06	%		–4.19	%		–4.19	%		–6.29	%		–4.19	%
Expenses before incentive fees (6)		6.01	%		3.81	%		6.97	%		4.90	%		6.45	%		6.45	%		8.55	%		6.45	%
Expenses after incentive fees (6)		6.18	%		3.98	%		6.97	%		4.90	%		6.45	%		6.45	%		8.55	%		6.45	%
Total return before incentive fees (2)		–1.09	%		–0.67	%		0.52	%		0.92	%		–0.37	%		–0.38	%		–0.56	%		–0.14	%
Total return after incentive fees (2)		–1.26	%		–0.84	%		0.52	%		0.92	%		–0.37	%		–0.38	%		–0.56	%		–0.14	%
	Balanced Series												Frontier Select Series  (4)						Currency Series
	Class 1			Class 2			Class 2a			Class 3a			Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2012	$	116.32		$	149.20		$	124.36		$	123.96		$	78.66		$	99.55		$	56.91		$	72.95
Net operating results:
Interest income		0.03			0.04			0.03			0.03			0.29			0.37			0.06			0.08
Expenses		(1.49	)		(0.85	)		(0.71	)		(0.71	)		(1.40	)		(1.04	)		(0.52	)		(0.13	)
Net gain/(loss) on investments, net of non-controlling interests		(0.65	)		(0.84	)		(0.23	)		(0.23	)		4.31			5.47			(0.48	)		(0.64	)
Net income/(loss)		(2.12	)		(1.65	)		(0.90	)		(0.91	)		3.20			4.80			(0.94	)		(0.69	)
Net asset value, March 31, 2013	$	114.20		$	147.55		$	123.46		$	123.05		$	81.86		$	104.35		$	55.97		$	72.26
Ratios to average net assets (3)
Net investment income/(loss)		–4.76	%		–1.82	%		–1.82	%		–1.82	%		–5.62	%		–2.68	%		–3.30	%		–0.30	%
Expenses before incentive fees (6)		4.72	%		1.78	%		1.78	%		1.78	%		7.10	%		4.16	%		3.74	%		0.75	%
Expenses after incentive fees (6)		4.86	%		1.92	%		1.92	%		1.92	%		7.10	%		4.16	%		3.74	%		0.75	%
Total return before incentive fees (2)		–1.69	%		–0.97	%		–0.59	%		–0.60	%		4.07	%		4.82	%		–1.65	%		–0.95	%
Total return after incentive fees (2)		–1.82	%		–1.11	%		–0.72	%		–0.73	%		4.07	%		4.82	%		–1.65	%		–0.95	%

	Winton Series						Frontier Heritage Series (5)
	Class 1			Class 2			Class 1			Class 2
Per unit operating performance (1)
Net asset value, December 31, 2012	$	130.73		$	158.30		$	94.55		$	120.67
Net operating results:
Interest income		0.36			0.43			0.18			0.23
Expenses		(2.04	)		(1.29	)		(1.56	)		(1.08	)
Net gain/(loss) on investments, net of non-controlling interests		7.48			9.08			8.46			10.83
Net income/(loss)		5.80			8.22			7.08			9.98
Net asset value, March 31, 2013	$	136.53		$	166.52		$	101.63		$	130.65
Ratios to average net assets (3)
Net investment income/(loss)		–5.07	%		–2.13	%		–5.68	%		–2.75	%
Expenses before incentive fees (6)		6.15	%		3.21	%		6.42	%		3.48	%
Expenses after incentive fees (6)		6.15	%		3.21	%		6.42	%		3.48	%
Total return before incentive fees (2)		4.44	%		5.19	%		7.49	%		8.27	%
Total return after incentive fees (2)		4.44	%		5.19	%		7.49	%		8.27	%

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

(2) Impact of incentive fee computed using average net assets, otherwise computed using average units outstanding during the period prior to the effects of any non-controlling transactions. An owner’s total returns may vary from the above returns based on the timing of contributions and withdrawals. Total returns are not annualized.

(3) Annualized with the exception of incentive fees.

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

(5) Formerly the Winton/Graham Series.

(6) Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Statements of Operations of the Series, see footnote 6.

	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, 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		0.44			0.47			0.51			0.53			0.70			0.83			0.83			0.62			0.65
Expenses		(1.50	)		(1.01	)		(1.81	)		(1.33	)		(3.05	)		(2.74	)		(2.74	)		(2.74	)		(2.15	)
Net gain/(loss) on investments, net of non-controlling interests		(3.11	)		(3.38	)		2.00			1.99			0.43			0.82			0.82			0.96			0.84
Net income/(loss)		(4.17	)		(3.92	)		0.70			1.19			(1.92	)		(1.09	)		(1.09	)		(1.16	)		(0.66	)
Net asset value, March 31, 2012	$	95.23		$	100.04		$	100.95		$	106.02		$	134.21		$	160.88		$	160.87		$	120.55		$	126.57
Ratios to average net assets (3)
Net investment gain/(loss)		–4.26	%		–2.08	%		–5.22	%		–3.06	%		–6.50	%		–4.28	%		–4.28	%		–6.52	%		–4.28	%
Expenses before incentive fees (6)		6.05	%		3.88	%		7.25	%		5.09	%		8.55	%		6.34	%		6.34	%		8.58	%		6.34	%
Expenses after incentive fees (6)		6.07	%		3.90	%		7.25	%		5.09	%		8.99	%		6.77	%		6.77	%		9.01	%		6.78	%
Total return before incentive fees (2)		–4.19	%		–3.77	%		0.70	%		4.55	%		–1.30	%		–0.56	%		–0.56	%		–0.84	%		–0.41	%
Total return after incentive fees (2)		–4.20	%		–3.77	%		0.70	%		1.14	%		–1.41	%		–0.67	%		–0.67	%		–0.95	%		–0.52	%
	Balanced Series															Frontier Select 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		0.08			0.07			0.09			0.08			0.08			0.04			0.05			0.00			0.00
Expenses		(1.58	)		(1.37	)		(0.84	)		(0.69	)		(0.69	)		(1.49	)		(1.00	)		(0.65	)		(0.16	)
Net gain/(loss) on investments, net of non-controlling interests		(3.88	)		(3.28	)		(4.85	)		(3.90	)		(3.90	)		0.06			0.03			(2.46	)		(3.08	)
Net income/(loss)		(5.38	)		(4.58	)		(5.58	)		(4.51	)		(4.51	)		(1.39	)		(0.92	)		(3.11	)		(3.24	)
Net asset value, March 31, 2012	$	119.12		$	103.87		$	149.44		$	123.84		$	123.85		$	89.63		$	110.92		$	67.37		$	84.37
Ratios to average net assets (3)
Net investment gain/(loss)		–4.58	%		–4.59	%		–1.63	%		–1.63	%		–1.63	%		–6.37	%		–3.40	%		–3.71	%		–0.73	%
Expenses before incentive fees (6)		4.82	%		4.82	%		1.87	%		1.88	%		1.87	%		6.56	%		3.59	%		3.71	%		0.73	%
Expenses after incentive fees (6)		5.11	%		5.12	%		2.16	%		2.17	%		2.16	%		6.56	%		3.59	%		3.71	%		0.73	%
Total return before incentive fees (2)		–4.25	%		–4.15	%		–3.53	%		–3.44	%		–3.44	%		–1.53	%		–0.82	%		–4.41	%		–3.70	%
Total return after incentive fees (2)		–4.32	%		–4.22	%		–3.60	%		–3.51	%		–3.51	%		–1.53	%		–0.82	%		–4.41	%		–3.70	%

	Winton Series						Frontier Heritage Series (5)
	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		0.36			0.42			0.08			0.10
Expenses		(2.07	)		(1.20	)		(2.05	)		(1.56	)
Net gain/(loss) on investments, net of non-controlling interests		(1.42	)		(1.69	)		1.61			1.99
Net income/(loss)		(3.13	)		(2.47	)		(0.36	)		0.53
Net asset value, March 31, 2012	$	138.00		$	163.35		$	104.37		$	130.23
Ratios to average net assets (3)
Net investment gain/(loss)		–4.86	%		–1.89	%		–7.55	%		6.14	%
Expenses before incentive fees (6)		5.88	%		2.91	%		7.85	%		4.84	%
Expenses after incentive fees (6)		5.88	%		2.91	%		7.85	%		4.84	%
Total return before incentive fees (2)		–2.22	%		–1.49	%		–0.34	%		0.41	%
Total return after incentive fees (2)		–2.22	%		–1.49	%		–0.34	%		0.41	%

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

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

(2) Impact of incentive fee computed using average net assets, otherwise computed using average units outstanding during the period. 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 Tiverton/Graham/Transtrend Series.

(5) Formerly the Winton/Graham Series.

(6) Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Statements of Operations of the Series, see footnote 6.

The Frontier Fund [Member]

Financial Highlights

6. Financial Highlights

The following information presents the financial highlights of the Trust for the three months ended March 31, 2013 and 2012. This data has been derived from the information presented in the consolidated financial statements.

	2013			2012
Ratios to average net assets (1) (2)
Net investment income/(loss)		-4.10	%		-4.43	%
Expenses before incentive fees (4)		5.06	%		-5.25	%
Expenses after incentive fees (4)		5.15	%		-5.44	%
Total return before incentive fees (3)		0.07	%		-2.80	%
Total return after incentive fees (3)		-0.02	%		-2.84	%

(1) Annualized with the exception of incentive fees.

(2) Computed using average net assets outstanding during the period prior to the effects of any non-controlling transactions.

(3) Total returns are not annualized.

(4) Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Statements of Operations of the Series, see footnote 5.

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

3 Months Ended

Mar. 31, 2013

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.

XML

Investments in Unconsolidated Trading Companies - Statements of Financial Condition (Detail) (USD $)	Mar. 31, 2013	Dec. 31, 2012
Frontier Trading Company II LLC [Member]
Receivable from commission merchants	$ 18,184,284	$ 20,525,159
Open trade equity/(deficit)	1,216,243	1,499,438
Interest receivable/(payable)	2,634	2,882
Total Assets	19,403,161	22,027,479
Members' equity	19,403,161	22,027,479
Frontier Trading Company XV, LLC [Member]
Receivable from commission merchants	10,180,464
Open trade equity/(deficit)	7,876,042
Interest receivable/(payable)	(838)
Total Assets	18,056,506
Members' equity	18,056,506
Frontier Trading Company XXIII, LLC [Member]
Receivable from commission merchants	2,486,529	3,343,890
Open trade equity/(deficit)	16,850	231,181
Interest receivable/(payable)		(7)
Total Assets	2,503,379	3,575,064
Members' equity	2,503,379	3,575,064
Frontier Trading Company XXXIX, LLC [Member]
Receivable from commission merchants	6,000,000
Open trade equity/(deficit)	62,997
Total Assets	6,062,997
Members' equity	6,062,997
Frontier Trading Company V LLC [Member]
Receivable from commission merchants		14,732,606
Open trade equity/(deficit)		1,311,171
Interest receivable/(payable)		2,181
Total Assets		16,045,958
Members' equity		$ 16,045,958

XML

Swaps (Tables)

3 Months Ended

Mar. 31, 2013

Trust, with Respect to Series, has invested in Following Swaps

The Series had invested in the following swaps as of and for the three months ended March 31, 2013:

	Balanced Series
	Option/Swap			Total Return Swap			Total Return Swap
Counterparty		Societe Generale			DeutscheBank			DeutscheBank
Notional Amount	$	21,053,483		$	3,850,194		$	2,566,796
Termination Date		11/21/2014			6/30/2016			6/30/2016
Investee Returns		Total Returns			Total Returns			Total Returns
Realized Gain/(Loss)	$	—		$	—		$	—
Unrealized Gain/(Loss)	$	(342,236	)	$	(69,304	)	$	(46,203	)
Fair Value as of 3/31/13	$	17,443,498		$	2,632,942		$	1,755,295

The Series had invested in the following Swaps as and for the year ended December 31, 2012:

	Frontier Diversified Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	—		$	—
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 12/31/2012	$	—		$	—
	Frontier Masters Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	—		$	—
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 12/31/2012	$	—		$	—
	Frontier Long/Short Commodity Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	—		$	—
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 12/31/2012	$	—		$	—

	Balanced Series
	Credit Default Swap			Credit Default Swap			Option/Swap		Total Return Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale		DeutscheBank
Notional Amount	$	—		$	—		$	20,486,403	$	23,551,287
Termination Date		3/20/2012			3/20/2012			11/21/2014		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		$	78,977	$	(1,344,945	)
Fair Value as of 12/31/2012	$	—		$	—		$	17,785,734	$	4,503,744

	Frontier Select Series (1)
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	—		$	—
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 12/31/2012	$	—		$	—

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

	Currency Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	—		$	—
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 12/31/2012	$	—		$	—
	Winton Series
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	—		$	—
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 12/31/2012	$	—		$	—
	Frontier Heritage Series (1)
	Credit Default Swap			Credit Default Swap
Counterparty		BNP Paribas			Societe Generale
Notional Amount	$	—		$	—
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 12/31/2012	$	—		$	—

(1) Formerly the Winton/Graham Series.

The Frontier Fund [Member]

Trust, with Respect to Series, has invested in Following Swaps

The Trust had invested in the following Swaps as of and for the three months ended March 31, 2013:

	Total Return Swap		Option			Total Return Swap			Total Return Swap
Counterparty		Deutsche Bank		Societe Generale			Deutsche Bank			Deutsche Bank
Notional Amount	$	30,000,000	$	21,053,483		$	3,850,194		$	2,566,796
Termination Date		3/26/2018		11/21/2014			6/30/2016			6/30/2016
Investee Returns		On Default		Total Returns			Total Returns			Total Returns
Realized Gain/(Loss)	$	—	$	—		$	—		$	—
Unrealized Gain/(Loss)	$	62,997	$	(342,236	)	$	(69,304	)	$	(46,203	)
Fair Value as of 3/31/13	$	6,062,997	$	17,443,499		$	2,632,943		$	1,755,295

The Trust had invested in the following Swaps as of and for the year ended December 31, 2012:

	Credit Default Swap			Credit Default Swap			Option/Swap		Total Return Swap
Counterparty		BNP Paribas			Societe Generale			Societe Generale		Deutsche Bank
Notional Amount	$	—		$	—		$	20,486,403	$	23,551,287
Termination Date		3/20/2012			3/20/2012			11/21/2014		6/30/2016
Investee Returns		On Default			On Default			Total Returns		Total Returns
Realized Gain/(Loss)	$	(407,283	)	$	(117,954	)	$	—	$	—
Unrealized Gain/(Loss)	$	(215,874	)	$	117,954		$	78,977	$	(1,378,028	)
Fair Value as of 12/31/2012	$	—		$	—		$	17,785,733	$	4,503,745

XML

Organization and Purpose - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2013
Organization [Line Items]
Managing owner contributions to the series of the trust	1.00%
Percentage of invested assets manages by trading company	100.00%
The Frontier Fund [Member]
Organization [Line Items]
Managing owner contributions to the series of the trust	1.00%
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

Derivative Instruments and Hedging Activities - Realized Trading Revenue from Futures, Forwards and Options (Detail) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
The Frontier Fund [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	$ 4,305,677	$ (29,734,078)
Metals [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(4,931,538)	(16,504,940)
Currency [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	7,577,127	(7,495,517)
Energies [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(5,569,614)	(3,836,856)
Agriculturals [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(1,789,149)	(6,060,371)
Interest rates [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(16,567,527)	(10,963,963)
Stock indices [Member] | The Frontier Fund [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	25,586,378	15,127,571
Frontier Long/Short Commodity Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(1,915,581)	(33,714,900)
Frontier Long/Short Commodity Series [Member] | Metals [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(875,420)	(18,715,970)
Frontier Long/Short Commodity Series [Member] | Currency [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	1,327,935	(8,498,267)
Frontier Long/Short Commodity Series [Member] | Energies [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(3,696,351)	(4,350,150)
Frontier Long/Short Commodity Series [Member] | Agriculturals [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(169,442)	(6,871,127)
Frontier Long/Short Commodity Series [Member] | Interest rates [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	237,979	(12,430,721)
Frontier Long/Short Commodity Series [Member] | Stock indices [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	1,259,718	17,151,335
Balanced Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(7,710,668)	(3,425,652)
Balanced Series [Member] | Metals [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(2,726,807)	(1,901,528)
Balanced Series [Member] | Currency [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(310,035)	(863,556)
Balanced Series [Member] | Energies [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	30,607	(442,043)
Balanced Series [Member] | Agriculturals [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(1,472,771)	(698,213)
Balanced Series [Member] | Interest rates [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(13,192,219)	(1,263,154)
Balanced Series [Member] | Stock indices [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	9,960,557	1,742,842
Diversified Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	876,008
Diversified Series [Member] | Metals [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(488,195)
Diversified Series [Member] | Currency [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	1,300,655
Diversified Series [Member] | Energies [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(3,465)
Diversified Series [Member] | Agriculturals [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	8,936
Diversified Series [Member] | Interest rates [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	(88,186)
Diversified Series [Member] | Stock indices [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options	146,263
Frontier Masters Series [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options		1,291,193
Frontier Masters Series [Member] | Metals [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options		716,722
Frontier Masters Series [Member] | Currency [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options		325,491
Frontier Masters Series [Member] | Energies [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options		166,614
Frontier Masters Series [Member] | Agriculturals [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options		263,170
Frontier Masters Series [Member] | Interest rates [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options		476,107
Frontier Masters Series [Member] | Stock indices [Member]
Derivative [Line Items]
Realized Trading Revenue from Futures, Forwards and Options		$ (656,911)

XML

Consolidated Statement of Operations (USD $)	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
The Frontier Fund [Member]
Investment income:
Interest - net	$ 1,298,374		$ 1,550,705
Total Income	1,298,374		1,550,705
Expenses:
Incentive Fees	455,580		283,700
Management Fees	2,502,777		3,276,488
Service Fees - Class 1	2,088,170		2,808,189
Trading Fees	1,666,545		2,048,034
Total Expenses	6,713,072		8,416,411
Investment Income/ (loss)-net	(5,414,698)		(6,865,706)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options	4,305,677		(29,734,078)
Net change in open trade equity/(deficit)	2,719,847		21,527,670
Net realized gain/(loss) on swap contracts			(525,237)
Net unrealized gain/(loss) on swap contracts	(394,745)		596,229
Net realized gain/(loss) on U.S. Treasury securities	1,078,008		362,772
Net unrealized gain/(loss) on U.S. Treasury securities	(1,154,477)		(1,008,977)
Trading commissions	(1,255,367)		(1,922,612)
Net realized gain/(loss) on investment in Berkeley Quantitative Colorado Fund LLC			(2,172,987)
Net unrealized gain/(loss) on investment in Berkeley Quantitative Colorado Fund LLC			2,080,986
Net gain/(loss) on investments	5,298,943		(10,796,234)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	(115,755)		(17,661,940)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(115,755)
Frontier Diversified Series [Member]
Investment income:
Interest - net	476,525		597,279
Total Income	476,525		597,279
Expenses:
Incentive Fees	184,498		5,758
Management Fees	410,426		516,204
Service Fees - Class 1	305,403		391,766
Trading Fees	636,522		773,697
Total Expenses	1,536,849		1,687,425
Investment Income/ (loss)-net	(1,060,324)		(1,090,146)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options	876,008
Net change in open trade equity/(deficit)	(708,704)
Net realized gain/(loss) on swap contracts			(106,862)
Net unrealized gain/(loss) on swap contracts			(23,719)
Net realized gain/(loss) on U.S. Treasury securities	221,284		74,756
Net unrealized gain/(loss) on U.S. Treasury securities	(236,981)		(210,923)
Trading commissions	(4,325)
Net gain/(loss) on investments	(113,017)		(4,245,182)
Change in fair value of investments in unconsolidated trading companies	(260,299)		(3,978,434)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	(1,173,341)		(5,335,328)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(1,173,341)		(5,335,328)
Frontier Diversified Series [Member] | Class 1 [Member]
Expenses:
Service Fees - Class 1	305,403		391,766
Frontier Diversified Series [Member] | Total Owner Class 1 [Member]
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	(1.19)		(4.17)
Frontier Diversified Series [Member] | Total Owner Class 2 [Member]
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	(0.84)		(3.92)
Frontier Masters Series [Member]
Investment income:
Interest - net	231,188		267,859
Total Income	231,188		267,859
Expenses:
Management Fees	324,723		352,610
Service Fees - Class 1	175,344		187,327
Trading Fees	292,626		317,570
Total Expenses	792,693		857,507
Investment Income/ (loss)-net	(561,505)		(589,648)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options			1,291,194
Net change in open trade equity/(deficit)			(325,481)
Net realized gain/(loss) on swap contracts			(55,669)
Net unrealized gain/(loss) on swap contracts			(2,775)
Net realized gain/(loss) on U.S. Treasury securities	107,483		34,851
Net unrealized gain/(loss) on U.S. Treasury securities	(115,107)		(96,719)
Trading commissions			(30,664)
Net gain/(loss) on investments	883,034		1,005,015
Change in fair value of investments in unconsolidated trading companies	890,658		190,278
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	321,529		415,367
Less: Operations attributable to non-controlling interests			(29,479)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	321,529		444,846
Frontier Masters Series [Member] | Class 1 [Member]
Expenses:
Service Fees - Class 1	175,344		187,327
Frontier Masters Series [Member] | Total Owner Class 1 [Member]
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	0.53		0.70
Frontier Masters Series [Member] | Total Owner Class 2 [Member]
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	0.99		1.19
Frontier Long/Short Commodity Series [Member]
Investment income:
Interest - net	297,099		363,576
Total Income	297,099		363,576
Expenses:
Incentive Fees			77,070
Management Fees	638,253		864,191
Service Fees - Class 1	96,103		124,836
Trading Fees	211,732		254,373
Total Expenses	946,088		1,320,470
Investment Income/ (loss)-net	(648,989)		(956,894)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options	(1,915,581)		(33,714,900)
Net change in open trade equity/(deficit)	1,458,592		29,602,183
Net realized gain/(loss) on swap contracts			(58,693)
Net unrealized gain/(loss) on swap contracts			(20,529)
Net realized gain/(loss) on U.S. Treasury securities	138,776		46,967
Net unrealized gain/(loss) on U.S. Treasury securities	(148,620)		(128,175)
Trading commissions	(373,510)		(423,733)
Net gain/(loss) on investments	(1,371,456)		(5,732,135)
Change in fair value of investments in unconsolidated trading companies	(531,113)		(1,035,255)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	(2,020,445)		(6,689,029)
Less: Operations attributable to non-controlling interests	(1,825,717)		(6,156,086)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(194,728)		(532,943)
Frontier Long/Short Commodity Series [Member] | Class 1 [Member]
Expenses:
Service Fees - Class 1	96,103		124,836
Frontier Long/Short Commodity Series [Member] | Total Owner Class 1 [Member]
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			(1.92)
Frontier Long/Short Commodity Series [Member] | Total Owner Class 1a [Member]
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	(0.61)		(1.16)
Frontier Long/Short Commodity Series [Member] | Total Owner Class 2 [Member]
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	(0.54)		(1.09)
Frontier Long/Short Commodity Series [Member] | Total Owner Class 2a [Member]
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	(0.16)		(0.66)
Frontier Long/Short Commodity Series [Member] | Total Owner Class 3 [Member]
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	(0.55)		(1.09)
Balanced Series [Member]
Investment income:
Interest - net	47,281		151,548
Total Income	47,281		151,548
Expenses:
Incentive Fees	259,439		178,125
Management Fees	494,637		689,478
Service Fees - Class 1	991,548		1,340,888
Trading Fees	345,915		477,527
Total Expenses	2,091,539		2,686,018
Investment Income/ (loss)-net	(2,044,258)		(2,534,470)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on futures, forwards and options	(7,710,668)		(3,425,652)
Net change in open trade equity/(deficit)	2,079,022		(2,358,281)
Net realized gain/(loss) on swap contracts			(175,294)
Net unrealized gain/(loss) on swap contracts	(457,743)		648,445
Net realized gain/(loss) on U.S. Treasury securities	362,137		124,168
Net unrealized gain/(loss) on U.S. Treasury securities	(387,826)		(354,777)
Trading commissions	(669,441)		(1,207,366)
Net gain/(loss) on investments	(3,972,194)		(10,737,709)
Change in fair value of investments in unconsolidated trading companies	2,812,325		(3,988,952)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	(6,016,452)		(13,272,179)
Less: Operations attributable to non-controlling interests	(2,804,033)		(3,042,910)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(3,212,419)		(10,229,269)
Balanced Series [Member] | Class 1 [Member]
Expenses:
Service Fees - Class 1	991,548		1,340,888
Balanced Series [Member] | Total Owner Class 1 [Member]
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	(2.12)		(5.38)
Balanced Series [Member] | Total Owner Class 1a [Member]
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			(4.58)
Balanced Series [Member] | Total Owner Class 2 [Member]
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	(1.65)		(5.58)
Balanced Series [Member] | Total Owner Class 2a [Member]
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	(0.90)		(4.51)
Balanced Series [Member] | Total Owner Class 3a [Member]
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	(0.91)		(4.51)
Frontier Select Series [Member]
Investment income:
Interest - net	90,594	[1]	18,444	[1]
Total Income	90,594	[1]	18,444	[1]
Expenses:
Management Fees	209,199	[1]	272,986	[1]
Service Fees - Class 1	157,859		254,314
Trading Fees	44,783	[1]	70,889	[1]
Total Expenses	411,841	[1]	598,189	[1]
Investment Income/ (loss)-net	(321,247)	[1]	(579,745)	[1]
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on swap contracts			(34,232)	[1]
Net unrealized gain/(loss) on swap contracts			(2,448)	[1]
Net realized gain/(loss) on U.S. Treasury securities	78,233	[1]	25,726	[1]
Net unrealized gain/(loss) on U.S. Treasury securities	(83,782)	[1]	(62,790)	[1]
Net realized gain/(loss) on investment in Berkeley Quantitative Colorado Fund LLC			(2,172,987)	[1]
Net unrealized gain/(loss) on investment in Berkeley Quantitative Colorado Fund LLC			2,084,880	[1]
Net gain/(loss) on investments	1,322,891	[1]	29,652	[1]
Change in fair value of investments in unconsolidated trading companies	1,328,440	[1]	191,503	[1]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	1,001,644	[1],[2]	(550,093)	[1],[2]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	1,001,644	[1],[2]	(550,093)	[1]
Frontier Select Series [Member] | Class 1 [Member]
Expenses:
Service Fees - Class 1	157,859	[1]	254,314	[1]
Frontier Select Series [Member] | Total Owner Class 1 [Member]
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	3.20	[1]	(1.39)	[1]
Frontier Select Series [Member] | Total Owner Class 2 [Member]
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	4.80	[1]	(0.92)	[1]
Currency Series [Member]
Investment income:
Interest - net	2,203
Total Income	2,203
Expenses:
Service Fees - Class 1	14,395		29,910
Trading Fees	3,688		7,497
Total Expenses	18,083		37,407
Investment Income/ (loss)-net	(15,880)		(37,407)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on swap contracts			(6,104)
Net unrealized gain/(loss) on swap contracts			3,603
Net realized gain/(loss) on U.S. Treasury securities	4,064		1,336
Net unrealized gain/(loss) on U.S. Treasury securities	(4,352)		(3,833)
Net gain/(loss) on investments	(46,491)		(137,910)
Change in fair value of investments in unconsolidated trading companies	(46,203)		(132,912)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	(62,371)		(175,317)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	(62,371)		(175,317)
Currency Series [Member] | Class 1 [Member]
Expenses:
Service Fees - Class 1	14,395		29,910
Currency Series [Member] | Total Owner Class 1 [Member]
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	(0.94)		(3.11)
Currency Series [Member] | Total Owner Class 2 [Member]
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	(0.69)		(3.24)
Winton Series [Member]
Investment income:
Interest - net	110,026		126,136
Total Income	110,026		126,136
Expenses:
Management Fees	252,254		267,609
Service Fees - Class 1	222,806		282,428
Trading Fees	74,742		91,423
Total Expenses	549,802		641,460
Investment Income/ (loss)-net	(439,776)		(515,324)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on swap contracts			(57,781)
Net unrealized gain/(loss) on swap contracts			(7,291)
Net realized gain/(loss) on U.S. Treasury securities	115,236		38,080
Net unrealized gain/(loss) on U.S. Treasury securities	(123,411)		(104,872)
Net gain/(loss) on investments	2,311,200		(497,618)
Change in fair value of investments in unconsolidated trading companies	2,319,375		(365,754)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	1,871,424		(1,012,942)
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	1,871,424		(1,012,942)
Winton Series [Member] | Class 1 [Member]
Expenses:
Service Fees - Class 1	222,806		282,428
Winton Series [Member] | Total Owner Class 1 [Member]
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	5.80		(3.13)
Winton Series [Member] | Total Owner Class 2 [Member]
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	8.22		(2.47)
Frontier Heritage Series [Member]
Investment income:
Interest - net	37,238		21,969
Total Income	37,238		21,969
Expenses:
Management Fees	139,061		298,313
Service Fees - Class 1	119,839		179,072
Trading Fees	37,183		55,058
Total Expenses	296,083		532,443
Investment Income/ (loss)-net	(258,845)		(510,474)
Realized and unrealized gain/(loss) on investments:
Net realized gain/(loss) on swap contracts			(30,602)
Net unrealized gain/(loss) on swap contracts			943
Net realized gain/(loss) on U.S. Treasury securities	50,795		16,888
Net unrealized gain/(loss) on U.S. Treasury securities	(54,398)		(46,888)
Net gain/(loss) on investments	1,759,853		484,523
Change in fair value of investments in unconsolidated trading companies	1,763,456		544,182
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS	1,501,008	[3]	(25,951)	[3]
NET INCREASE/(DECREASE) IN CAPITAL RESULTING FROM OPERATIONS ATTRIBUTABLE TO CONTROLLING INTERESTS	1,501,008	[3]	(25,951)
Frontier Heritage Series [Member] | Class 1 [Member]
Expenses:
Service Fees - Class 1	$ 119,839		$ 179,072
Frontier Heritage Series [Member] | Total Owner Class 1 [Member]
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	7.08		(0.36)
Frontier Heritage Series [Member] | Total Owner Class 2 [Member]
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	9.98		0.53

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

[2] Formerly the Tiverton/Graham/Transtrend Series.

[3] Formerly the Winton/Graham Series.

XML

Fair Value Measurements

3 Months Ended

Mar. 31, 2013

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. 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 Valuation 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.

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 March 31, 2013 and December 31, 2012, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

March 31, 2013	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Frontier Diversified Series
Investment in Unconsolidated Trading Companies	$	40,126,797		$	1,395,866		$	1,010,500	$	42,533,163
Open Trade Equity (Deficit)		(141,927	)		—			—		(141,927	)
Frontier Masters Series
Investment in Unconsolidated Trading Companies		10,584,500			1,362,138			—		11,946,638
Frontier Long/Short Commodity Series
Open Trade Equity (Deficit)		(889,888	)		2,581,077			—		1,691,189
Options Written		—			(236,780	)		—		(236,780	)
Investment in Unconsolidated Trading Companies		2,609,741			—			—		2,609,741
Balanced Series
Open Trade Equity (Deficit)		1,776,806			12,259			—		1,789,065
Options Written		—			(363,800	)		—		(363,800	)
Swap Contracts		—			—			21,831,735		21,831,735
Investment in Unconsolidated Trading Companies		14,332,314			2,660,703			1,414,700		18,407,717
Frontier Select Series (1)
Investment in Unconsolidated Trading Companies		1,598,696			932,485			1,616,800		4,147,981
Currency Series
Investment in Unconsolidated Trading Companies					—			1,755,295		1,755,295
Winton Series
Investment in Unconsolidated Trading Companies		6,550,410			(49,496	)		—		6,500,914
Frontier Heritage Series (2)
Investment in Unconsolidated Trading Companies		2,272,374			(11,125	)		1,221,000		3,482,249

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

(2) Formerly the Winton/Graham Series.

December 31, 2012	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Frontier Diversified Series
Investment in Unconsolidated Trading Companies	$	41,070,543		$	1,755,883		$	—	$	42,826,426
U.S. Treasury Securities		3,853,000			—			—		3,853,000
Frontier Masters Series
Investment in Unconsolidated Trading Companies		8,172,213			1,599,584			—		9,771,797
U.S. Treasury Securities		2,212,909			—			—		2,212,909
Frontier Long/Short Commodity Series
Open Trade Equity (Deficit)		(3,720,855	)		2,901,320			—		(819,535	)
Options Written		—			(928,690	)		—		(928,690	)
Investment in Unconsolidated Trading Companies		3,661,455			13,783			—		3,675,238
U.S. Treasury Securities		2,388,540			—			—		2,388,540
Balanced Series
Open Trade Equity (Deficit)		(1,111,681	)		439,170			—		(672,511	)
Options Written		—			(165,363	)		—		(165,363	)
Swap Contracts		—			—			22,289,478		22,289,478
Investment in Unconsolidated Trading Companies		16,719,672			3,473,456			—		20,193,128
U.S. Treasury Securities		5,951,633			—			—		5,951,633
Frontier Select Series (1)
Investment in Unconsolidated Trading Companies		5,981,225			1,392,284			—		7,373,509
U.S. Treasury Securities		961,568			—			—		961,568
Currency Series
Investment in Unconsolidated Trading Companies		—			—			1,801,498		1,801,498
U.S. Treasury Securities		49,052			—			—		49,052
Winton Series
Investment in Unconsolidated Trading Companies		6,820,010			45,955			—		6,865,965
U.S. Treasury Securities		1,808,547			—			—		1,808,547
Frontier Heritage Series (2)
Investment in Unconsolidated Trading Companies		6,070,974			103,881			—		6,174,855
U.S. Treasury Securities		776,073			—			—		776,073

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

(2) Formerly the Winton/Graham Series.

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 three months ended March 31, 2013, all identified Level 3 assets are components of the Frontier Diversified Series, Frontier Long/Short Commodity Series, Frontier Masters Series, Balanced Series, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Currency Series, Winton Series and Frontier Heritage Series (formerly Winton/Graham Series) Series.

For the Three Months Ended March 31, 2013

Swaps

	Balanced Series
Balance of recurring Level 3 assets as of January 1, 2013	$	22,289,478
Total gains or losses (realized/unrealized):
Included in earnings-realized		—
Included in earnings-unrealized		(457,743	)
Change in ownership allocation of credit default swaps		—
Change in ownership allocation of total return swaps		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of March 31, 2013	$	21,831,735

Investments in Unconsolidated Trading Companies:

	Balanced Series		Currency Series			Frontier Select Series (1)
Balance of recurring Level 3 assets as of January 1, 2013	$	—	$	1,801,498		$	—
Change in fair value of investments in unconsolidated trading companies		14,700		(46,203	)		16,800
Proceeds from sales of investments of unconsolidated trading companies		—		—			—
Purchases of investments of unconsolidated trading companies		1,400,000		—			1,600,000
Change in ownership allocation		—		—			—
Transfers in and/or out of Level 3		—		—			—
Balance of recurring Level 3 assets as of March 31, 2013	$	1,414,700	$	1,755,295		$	1,616,800

	Frontier Diversified Series		Frontier Heritage Series (2)
Balance of recurring Level 3 assets as of January 1, 2013	$	—	$	—
Change in fair value of investments in unconsolidated trading companies		10,500		21,000
Proceeds from sales of investments of unconsolidated trading companies		—		—
Purchases of investments of unconsolidated trading companies		1,000,000		1,200,000
Change in ownership allocation		—		—
Transfers in and/or out of Level 3		—		—
Balance of recurring Level 3 assets as of March 31, 2013	$	1,010,500	$	1,221,000

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

(2) Formerly the Winton/Graham Series.

For the Year Ended December 31, 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 December 31, 2012	$	—		$	—		$	—

	Balanced Series			Frontier Select Series (1)			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		(1,334,945	)		(2,448	)		3,603
Sales of swap contract		—			—			—
Change in ownership allocation of credit default swaps		(19,595	)		2,283			(82	)
Transfers in and/or out of Level 3		—			—			—
Balance of recurring Level 3 assets as of December 31, 2012	$	22,289,478		$	—		$	—

	Winton Series			Frontier Heritage Series  (2)
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 December 31, 2012	$	—		$	—

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

(2) Formerly the Winton/Graham Series.

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		(551,100	)
Proceeds from sales of investments of unconsolidated trading companies		—
Purchases of investments of unconsolidated trading companies		477
Change in ownership allocation		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2012	$	1,801,498

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 three months ended March 31, 2013, all identified Level 3 assets are components of the Frontier Diversified Series, Balanced Series, Frontier Select Series, Currency Series and Frontier Heritage Series. During the year ended December 31, 2012, the Trust transferred currency forwards from Level 1 assets to Level 2 assets.

The Frontier Fund [Member]

Fair Value Measurements

3. Fair Value Measurements

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

Level 1 Inputs

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

Level 2 Inputs

Inputs other than quoted prices included in Level 1 that are observable for the financial 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 and futures contracts are reported at fair value using Level 1 inputs. Trading securities instruments further include open trade equity positions (trading options and currency forwards) that are quoted prices for identical or similar assets that are not traded on active markets. Trading options and currency forwards are reported at fair value using Level 2 inputs.

Swap Contracts. Certain Series of the Trust strategically invest a portion or all of their assets in total return Swaps, selected at the direction of the Managing Owner. Swaps are privately negotiated contracts designed to provide investment returns linked to those produced by one or more investment products or indices. In a typical Swap, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on one or more particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between 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 based upon daily reports from the counterparty. 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 through the Valuation Committee charted by the Executive Committee of the Trust, 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 Valuation committee meets on a monthly basis and as needed to discuss any updates or changes in the valuation process, reporting to the Executive Committee. 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 valuation provided by the swap counterparty and daily valuation provided by the third party pricing service to ensure the change in fair value is reasonable and valuations are in accordance with current regulations and best practices. 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.

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 March 31, 2013 and December 31, 2012, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

March 31, 2013	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	14,693,226		$	(986,250	)	$	—	$	13,706,976
Swap Contracts		—			—			27,894,734		27,894,734
Written Options		—			(1,860,096	)		—		(1,860,096	)
December 31, 2012	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	(2,510,310	)	$	14,626,959		$	—	$	12,116,649
Swap Contracts		—			—			22,289,478		22,289,478
U.S. Treasury Securities		18,001,322			—			—		18,001,322
Written Options		—			(4,199,198	)		—		(4,199,198	)

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.

	For the Three Months Ended March 31, 2013
Balance of recurring Level 3 assets as of January 1, 2013	$	22,289,479
Total gains or losses (realized/unrealized):
Included in earnings-realized		—
Included in earnings-unrealized		(394,745	)
Purchases of investments		6,000,000
Sales of investments		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of March 31, 2013	$	27,894,734
	For the Year Ended December 31, 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		(1,387,160	)
Purchases of investments		—
Sales of investments		(9,812	)
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2012	$	22,289,479

The Trust assesses 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.

XML

Significant Accounting Policies - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	1 Months Ended						3 Months Ended
	Nov. 30, 2012	Oct. 31, 2012	Jan. 31, 2012	Aug. 31, 2011	Jul. 31, 2011	May 31, 2011	Mar. 31, 2013
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	$ 16	$ 25	$ 50	$ 50	$ 25	$ 25
Liquidation of investment tranche							2.17%
Additional Liquidation of investment tranche							25
Liquidation of tranche							3.75%
Guaranteed fixed interest rate							3.75%
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%
US Treasury Securities [Member]
Significant Accounting Policies [Line Items]
Treasury securities liquidation date							Mar. 31, 2013
The Frontier Fund [Member]
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	16	16	25	50	25	25
Liquidation of investment tranche							2.17%
Additional Liquidation of investment tranche							$ 25
Liquidation of tranche							3.75%
Guaranteed fixed interest rate							3.75%
Investment liquidated date							Mar. 20, 2012
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%
The Frontier Fund [Member] | US Treasury Securities [Member]
Significant Accounting Policies [Line Items]
Treasury securities liquidation date							Mar. 31, 2013
Minimum [Member]
Significant Accounting Policies [Line Items]
Gross income of the Trust constitutes qualifying income							90.00%
Minimum [Member] | The Frontier Fund [Member]
Significant Accounting Policies [Line Items]
Gross income of the Trust constitutes qualifying income							90.00%

XML

Transactions with Affiliates - Fees Payable to Managing Owner (Detail) (USD $)	Mar. 31, 2013		Dec. 31, 2012		Mar. 31, 2012
Frontier Diversified Series [Member]
Management Fees Provided For Service [Line Items]
Management Fees	$ 140,979		$ 150,188		$ 150,188
Trading Fees	230,821		228,169		228,169
Incentive Fees	184,498		189,903		189,903
Service Fees	85,636				89,177
Frontier Masters Series [Member]
Management Fees Provided For Service [Line Items]
Management Fees	112,054		118,274		118,274
Trading Fees	105,224		104,852		104,852
Service Fees	51,411				47,423
Frontier Long/Short Commodity Series [Member]
Management Fees Provided For Service [Line Items]
Management Fees	211,741		277,379		277,379
Trading Fees	71,113		79,400		79,400
Service Fees	28,094				24,074
Balanced Series [Member]
Management Fees Provided For Service [Line Items]
Management Fees	163,400		193,155		193,155
Trading Fees	117,318		132,875		132,875
Incentive Fees	259,439		527,306		527,306
Service Fees	306,834				332,942
Frontier Select Series [Member]
Management Fees Provided For Service [Line Items]
Management Fees	52,722	[1]	103,089	[1]	103,089
Trading Fees	15,631	[1]	16,057	[1]	16,057
Service Fees	53,470				54,702
Currency Series [Member]
Management Fees Provided For Service [Line Items]
Trading Fees	539		1,791		1,791
Service Fees	1,836				3,510
Winton Series [Member]
Management Fees Provided For Service [Line Items]
Management Fees	89,916		86,138		86,138
Trading Fees	26,260		26,041		26,041
Service Fees	61,796				62,556
Frontier Heritage Series [Member]
Management Fees Provided For Service [Line Items]
Management Fees	32,341	[2]	63,642	[2]	63,642
Trading Fees	12,950	[2]	13,148	[2]	13,148
Service Fees	$ 37,908				$ 38,116

[1] Formerly the Tiverton/Graham/Transtrend Series.

[2] Formerly the Winton/Graham Series.

XML

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

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 March 31, 2013 and December 31, 2012, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

March 31, 2013	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Frontier Diversified Series
Investment in Unconsolidated Trading Companies	$	40,126,797		$	1,395,866		$	1,010,500	$	42,533,163
Open Trade Equity (Deficit)		(141,927	)		—			—		(141,927	)
Frontier Masters Series
Investment in Unconsolidated Trading Companies		10,584,500			1,362,138			—		11,946,638
Frontier Long/Short Commodity Series
Open Trade Equity (Deficit)		(889,888	)		2,581,077			—		1,691,189
Options Written		—			(236,780	)		—		(236,780	)
Investment in Unconsolidated Trading Companies		2,609,741			—			—		2,609,741
Balanced Series
Open Trade Equity (Deficit)		1,776,806			12,259			—		1,789,065
Options Written		—			(363,800	)		—		(363,800	)
Swap Contracts		—			—			21,831,735		21,831,735
Investment in Unconsolidated Trading Companies		14,332,314			2,660,703			1,414,700		18,407,717
Frontier Select Series (1)
Investment in Unconsolidated Trading Companies		1,598,696			932,485			1,616,800		4,147,981
Currency Series
Investment in Unconsolidated Trading Companies					—			1,755,295		1,755,295
Winton Series
Investment in Unconsolidated Trading Companies		6,550,410			(49,496	)		—		6,500,914
Frontier Heritage Series (2)
Investment in Unconsolidated Trading Companies		2,272,374			(11,125	)		1,221,000		3,482,249

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

(2) Formerly the Winton/Graham Series.

December 31, 2012	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Frontier Diversified Series
Investment in Unconsolidated Trading Companies	$	41,070,543		$	1,755,883		$	—	$	42,826,426
U.S. Treasury Securities		3,853,000			—			—		3,853,000
Frontier Masters Series
Investment in Unconsolidated Trading Companies		8,172,213			1,599,584			—		9,771,797
U.S. Treasury Securities		2,212,909			—			—		2,212,909
Frontier Long/Short Commodity Series
Open Trade Equity (Deficit)		(3,720,855	)		2,901,320			—		(819,535	)
Options Written		—			(928,690	)		—		(928,690	)
Investment in Unconsolidated Trading Companies		3,661,455			13,783			—		3,675,238
U.S. Treasury Securities		2,388,540			—			—		2,388,540
Balanced Series
Open Trade Equity (Deficit)		(1,111,681	)		439,170			—		(672,511	)
Options Written		—			(165,363	)		—		(165,363	)
Swap Contracts		—			—			22,289,478		22,289,478
Investment in Unconsolidated Trading Companies		16,719,672			3,473,456			—		20,193,128
U.S. Treasury Securities		5,951,633			—			—		5,951,633
Frontier Select Series (1)
Investment in Unconsolidated Trading Companies		5,981,225			1,392,284			—		7,373,509
U.S. Treasury Securities		961,568			—			—		961,568
Currency Series
Investment in Unconsolidated Trading Companies		—			—			1,801,498		1,801,498
U.S. Treasury Securities		49,052			—			—		49,052
Winton Series
Investment in Unconsolidated Trading Companies		6,820,010			45,955			—		6,865,965
U.S. Treasury Securities		1,808,547			—			—		1,808,547
Frontier Heritage Series (2)
Investment in Unconsolidated Trading Companies		6,070,974			103,881			—		6,174,855
U.S. Treasury Securities		776,073			—			—		776,073

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

(2) Formerly the Winton/Graham Series.

Change in Level 3 Assets Measured at Fair Value on Recurring Basis

During the three months ended March 31, 2013, all identified Level 3 assets are components of the Frontier Diversified Series, Frontier Long/Short Commodity Series, Frontier Masters Series, Balanced Series, Frontier Select Series (formerly Tiverton/Graham/Transtrend Series), Currency Series, Winton Series and Frontier Heritage Series (formerly Winton/Graham Series) Series.

For the Three Months Ended March 31, 2013

Swaps

	Balanced Series
Balance of recurring Level 3 assets as of January 1, 2013	$	22,289,478
Total gains or losses (realized/unrealized):
Included in earnings-realized		—
Included in earnings-unrealized		(457,743	)
Change in ownership allocation of credit default swaps		—
Change in ownership allocation of total return swaps		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of March 31, 2013	$	21,831,735

Investments in Unconsolidated Trading Companies:

	Balanced Series		Currency Series			Frontier Select Series (1)
Balance of recurring Level 3 assets as of January 1, 2013	$	—	$	1,801,498		$	—
Change in fair value of investments in unconsolidated trading companies		14,700		(46,203	)		16,800
Proceeds from sales of investments of unconsolidated trading companies		—		—			—
Purchases of investments of unconsolidated trading companies		1,400,000		—			1,600,000
Change in ownership allocation		—		—			—
Transfers in and/or out of Level 3		—		—			—
Balance of recurring Level 3 assets as of March 31, 2013	$	1,414,700	$	1,755,295		$	1,616,800

	Frontier Diversified Series		Frontier Heritage Series (2)
Balance of recurring Level 3 assets as of January 1, 2013	$	—	$	—
Change in fair value of investments in unconsolidated trading companies		10,500		21,000
Proceeds from sales of investments of unconsolidated trading companies		—		—
Purchases of investments of unconsolidated trading companies		1,000,000		1,200,000
Change in ownership allocation		—		—
Transfers in and/or out of Level 3		—		—
Balance of recurring Level 3 assets as of March 31, 2013	$	1,010,500	$	1,221,000

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

(2) Formerly the Winton/Graham Series.

For the Year Ended December 31, 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 December 31, 2012	$	—		$	—		$	—

	Balanced Series			Frontier Select Series (1)			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		(1,334,945	)		(2,448	)		3,603
Sales of swap contract		—			—			—
Change in ownership allocation of credit default swaps		(19,595	)		2,283			(82	)
Transfers in and/or out of Level 3		—			—			—
Balance of recurring Level 3 assets as of December 31, 2012	$	22,289,478		$	—		$	—

	Winton Series			Frontier Heritage Series  (2)
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 December 31, 2012	$	—		$	—

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

(2) Formerly the Winton/Graham Series.

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		(551,100	)
Proceeds from sales of investments of unconsolidated trading companies		—
Purchases of investments of unconsolidated trading companies		477
Change in ownership allocation		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2012	$	1,801,498

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 March 31, 2013 and December 31, 2012, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

March 31, 2013	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	14,693,226		$	(986,250	)	$	—	$	13,706,976
Swap Contracts		—			—			27,894,734		27,894,734
Written Options		—			(1,860,096	)		—		(1,860,096	)
December 31, 2012	Level 1 Inputs			Level 2 Inputs			Level 3 Inputs		Total Fair Value
Open Trade Equity (Deficit)	$	(2,510,310	)	$	14,626,959		$	—	$	12,116,649
Swap Contracts		—			—			22,289,478		22,289,478
U.S. Treasury Securities		18,001,322			—			—		18,001,322
Written Options		—			(4,199,198	)		—		(4,199,198	)

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.

	For the Three Months Ended March 31, 2013
Balance of recurring Level 3 assets as of January 1, 2013	$	22,289,479
Total gains or losses (realized/unrealized):
Included in earnings-realized		—
Included in earnings-unrealized		(394,745	)
Purchases of investments		6,000,000
Sales of investments		—
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of March 31, 2013	$	27,894,734
	For the Year Ended December 31, 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		(1,387,160	)
Purchases of investments		—
Sales of investments		(9,812	)
Transfers in and/or out of Level 3		—
Balance of recurring Level 3 assets as of December 31, 2012	$	22,289,479