<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

                                   (Mark One)

[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the Period Ended March 31, 2005

                                       or

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the Transition Period from         to
                                           -------    -------

Commission File Number 333-108397

                                THE FRONTIER FUND
                          (a Delaware Statutory Trust)
             (Exact name of registrant as specified in its charter)

             Delaware                                   38-6815533
(State or other jurisdiction of            (I.R.S. Employer Identification No.)
 incorporation or organization)

   c/o Equinox Fund Management, LLC
    1660 Lincoln Street, Suite 100
            Denver, Colorado                                80264
(Address of principal executive offices)                 (Zip Code)

                                 (303) 837-0600
              (Registrant's telephone number, including area code)

                                 Not Applicable
      (Former name, former address and former fiscal year, if changed since
                                  last report)

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 is an accelerated filer (as
defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes [ ] or No [X]

<PAGE>

TABLE OF CONTENTS

<TABLE>
<S>                                                                                    <C>
PART I - FINANCIAL INFORMATION

   Item 1.   Financial Statements

             Condensed Statements of Financial Condition, March 31, 2005 (Unaudited)    1

             Condensed Statements of Financial Condition, December 31, 2004             2

             Condensed Statements of Operations for the Three Months Ended
             March 31, 2005 (Unaudited)                                                 3

             Statements of Changes in Owners' Capital for the Three Months Ended
             March 31, 2005 (Unaudited)                                                 4

             Notes to Financial Statements As of March 31, 2005 (Unaudited), and
             December 31, 2004                                                          7

   Item 2.   Management's Discussion and Analysis of Financial Condition and
             Results of Operations                                                     11

   Item 3.   Quantitative and Qualitative Disclosures About Market Risk                22

   Item 4.   Controls and Procedures                                                   29

PART II - OTHER INFORMATION

   Item 1.   Legal Proceedings                                                         31

   Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds               31

   Item 3.   Defaults Upon Senior Securities                                           31

   Item 4.   Submission of Matters to a Vote of Security Holders                       31

   Item 5.   Other Information                                                         31

   Item 6.   Exhibits                                                                  31

SIGNATURES                                                                             33
</TABLE>

<PAGE>

                               The Frontier Fund
                       Statements of Financial Condition
                           March 31, 2005 (Unaudited)

<TABLE>
<CAPTION>
                                                                     Campbell/Graham   C-View Currency
                                    Balanced Series   Beach Series        Series            Series       DunnSeries   Graham Series
                                    ---------------   ------------   ---------------   ---------------   ----------   -------------
<S>                                   <C>              <C>             <C>                 <C>           <C>           <C>
              ASSETS

Cash and cash equivalents             $14,241,173      $  335,729      $1,041,615          $182,485      $  566,146    $1,626,949
Short-term investments                 37,394,934         759,462       1,155,365           272,811       1,743,931     4,805,617
Cash held at futures commodity
   merchants                           12,426,953              --              --                --              --     2,223,244
Open trade equity                         347,269              --              --                --              --      (347,094)
Investments in unconsolidated
   trading companies                           --         101,242         (15,517)            2,044        (218,211)           --
Prepaid service fees                      639,452          15,157             848               637           2,472        68,609
Subscriptions Receivable                    3,797           4,635         256,598                --              --       114,534
Other assets                               26,578             569          10,350            14,864           1,021        19,524
                                      -----------      ----------      ----------          --------      ----------    ----------
   Total Assets                       $65,080,156      $1,216,794      $2,449,259          $472,841      $2,095,359    $8,511,383
                                      ===========      ==========      ==========          ========      ==========    ==========

  LIABILITIES & OWNERS' CAPITAL

LIABILITIES
   Pending owner additions            $ 1,444,700      $   20,000      $  112,750          $     --      $       --    $   12,384
   Redemptions payable                    365,725              --              --               500           1,000        12,340
   Incentive fees payable to
      Managing Owner                      169,433              --           1,954                --              --            --
   Management fees payable to
      Managing Owner                       39,802           3,611           1,352             2,125              --        32,160
   Interest fees payable to
      Managing Owner                      100,524           2,139           1,368               828           3,835        14,524
   Trading fees payable to
      Managing Owner                       48,403           1,101             301               581           1,733         6,963
   Other liabilities                      184,310           1,473              --               488           2,660        21,000
                                      -----------      ----------      ----------          --------      ----------    ----------
      Total Liabilities                 2,352,897          28,324         117,725             4,522           9,228        99,371
                                      -----------      ----------      ----------          --------      ----------    ----------
MINORITY INTERESTS                       (122,684)             --              --                --              --        (7,759)
OWNERS' CAPITAL
   Managing Owner Units - Class 2      15,780,632             999             935           440,443             913     3,900,096
   Limited Owner Units - Class 1       37,904,083       1,011,459       2,267,854            26,843         124,264     3,990,790
   Limited Owner Units - Class 2        9,165,228         176,012          62,745             1,033       1,960,954       528,885
                                      -----------      ----------      ----------          --------      ----------    ----------
      Total Owners' Capital            62,849,943       1,188,470       2,331,534           468,319       2,086,131     8,419,771
                                      -----------      ----------      ----------          --------      ----------    ----------
   Total Liabilities, Minority
      Interests and Owners'
      Capital                         $65,080,156      $1,216,794      $2,449,259          $472,841      $2,095,359    $8,511,383
                                      ===========      ==========      ==========          ========      ==========    ==========

Units Outstanding
   Class 1                                385,791          10,280          24,351               264           1,382        45,533
   Class 2                                250,073           1,772             681             4,272          21,495        49,978

Net Asset Value per Unit
   Class 1                            $     98.25      $    98.39      $    93.13          $ 101.77      $    89.91    $    87.65
   Class 2                            $     99.75      $    99.92      $    93.51          $ 103.33      $    91.27    $    88.62
</TABLE>

        The accompanying notes are an integral part of these statements.

                                       1

<PAGE>

                                The Frontier Fund
                        Statements of Financial Condition
                                December 31, 2004

<TABLE>
<CAPTION>
                                                                                   C-View Currency
                                                  Balanced Series   Beach Series        Series       DunnSeries   Graham Series
                                                  ---------------   ------------   ---------------   ----------   -------------
<S>                                                 <C>               <C>              <C>           <C>            <C>
                    ASSETS

Cash and cash equivalents                           $11,554,318       $207,744         $457,055      $  576,904     $1,707,951
Short-term investments                               15,808,825        438,528            1,520       1,699,960      2,649,787
Cash held at futures commodity merchants              5,518,100           --               --              --        2,553,921
Open trade equity                                       623,376           --               --              --          (28,060)
Investments in unconsolidated trading companies            --           15,709              138         126,163           --
Prepaid service fees                                    144,092          5,708               14           2,606         17,463
Subscriptions Receivable                                   --            3,369             --              --           77,969
Other assets                                             12,520            242                3           1,115          2,596
                                                    -----------       --------         --------      ----------     ----------
   Total Assets                                     $33,661,231       $671,300         $458,730      $2,406,748     $6,981,627
                                                    ===========       ========         ========      ==========     ==========

         LIABILITIES & OWNERS' CAPITAL

LIABILITIES
   Pending owner additions                          $   616,797       $   --           $   --        $     --       $   46,126
   Redemptions payable                                   56,738           --               --              --             --
   Incentive fees payable to Managing Owner              35,629          1,226             --               (12)        50,855
   Management fees payable to Managing Owner             13,673          1,086               22            --           16,747
   Interest fees payable to Managing Owner              125,603          1,293               48          11,912         13,767
   Trading fees payable to Managing Owner                13,596            274                5           1,179          3,345
                                                    -----------       --------         --------      ----------     ----------
      Total Liabilities                                 862,036          3,879               75          13,079        130,840
                                                    -----------       --------         --------      ----------     ----------

MINORITY INTERESTS                                      142,010           --               --              --             --

OWNERS' CAPITAL
   Managing Owner Units - Class 2                    16,902,820          1,068          441,035           1,058      4,573,598
   Limited Owner Units - Class 1                     11,772,262        488,932           16,586         117,047      1,961,583
   Limited Owner Units - Class 2                      3,982,103        177,421            1,034       2,275,564        315,606
                                                    -----------       --------         --------      ----------     ----------
      Total Owners' Capital                          32,657,185        667,421          458,655       2,393,669      6,850,787
                                                    -----------       --------         --------      ----------     ----------
   Total Liabilities, Minority Interests
      and Owners' Capital                           $33,661,231       $671,300         $458,730      $2,406,748     $6,981,627
                                                    ===========       ========         ========      ==========     ==========

Units Outstanding
   Class 1                                              111,031          4,612              162           1,115         18,939
   Class 2                                              195,464          1,671            4,272          21,524         47,047

Net Asset Value per Unit
   Class 1                                          $    106.03       $ 106.01         $ 102.67      $   104.96     $   103.57
   Class 2                                          $    106.85       $ 106.84         $ 103.47      $   105.77     $   103.92
</TABLE>

        The accompanying notes are an integral part of these statements.

                                       2

<PAGE>

                                The Frontier Fund
                            Statements of Operations
                 For the Three Months Ended March 31, 2005 /(1)/

<TABLE>
<CAPTION>
                                                                      Campbell/Graham  C-View Currency
                                       Balanced Series  Beach Series       Series           Series      Dunn Series  Graham Series
                                       ---------------  ------------  ---------------  ---------------  -----------  -------------
<S>                                      <C>              <C>            <C>               <C>           <C>          <C>
Investment Income:
   Interest - net                        $    67,272      $  1,495       $    444          $   662       $   3,172    $    10,868
                                         -----------      --------       --------          -------       ---------    -----------
      Total Income                            67,272         1,495            444              662           3,172         10,868
                                         -----------      --------       --------          -------       ---------    -----------
Expenses:
   Incentive Fees                            289,760            --          1,937               --              --             --
   Management Fees                            58,777         5,079          1,505            2,301              --         46,427
   Broker Service Fees                       170,983         6,109          1,727              172             842         21,234
   Trading Fees                               58,675         1,270            301              575           2,762          9,312
                                         -----------      --------       --------          -------       ---------    -----------
      Total Expenses                         578,195        12,458          5,470            3,048           3,604         76,973
                                         -----------      --------       --------          -------       ---------    -----------
      Investment loss - net                 (510,923)      (10,963)        (5,026)          (2,386)           (432)       (66,105)
                                         -----------      --------       --------          -------       ---------    -----------
Realized and unrealized gain (loss)
   on investments:
   Net realized (loss) on investments     (2,544,524)           --             --               --              --       (792,874)
   Net change in open trade equity          (276,070)           --             --               --              --       (319,034)
   Trading commissions                      (142,176)           --             --               --              --        (10,230)
   Equity in earnings from trading
      company                                     --       (36,722)       (15,520)           1,600        (329,760)            --
                                         -----------      --------       --------          -------       ---------    -----------
      Net gain/(loss) on investments      (2,962,770)      (36,722)       (15,520)           1,600        (329,760)    (1,122,139)
                                         -----------      --------       --------          -------       ---------    -----------
Minority interests                           372,641            --             --               --              --          7,760
                                         -----------      --------       --------          -------       ---------    -----------
NET INCREASE/(DECREASE) IN OWNERS'
   CAPITAL RESULTING FROM OPERATIONS     $(3,101,052)     $(47,685)      $(20,546)         $  (786)      $(330,192)   $(1,180,484)
                                         ===========      ========       ========          =======       =========    ===========
NET INCOME PER UNIT
   Class 1                               $     (7.78)     $  (7.62)      $  (6.87)         $ (0.90)      $  (15.05)   $    (15.92)
   Class 2                               $     (7.10)     $  (6.92)      $  (6.49)         $ (0.14)      $  (14.50)   $    (15.30)
</TABLE>

/(1)/ The Balanced Series, Beach Series, C-View Currency Series and Dunn Series
     of the Trust received additional capital contributions to commence trading
     operations on September 24, 2004. The Graham Series of the Trust commenced
     trading operations on November 19, 2004. The Campbell/Graham Series of the
     Trust commenced trading operations on February 11, 2005.

The accompanying notes are an integral part of these statements.

                                        3


<PAGE>

                                The Frontier Fund
                    Statements of Changes in Owners' Capital
          For the Three Months Ended March 31, 2005, and the Year Ended
                             December 31, 2004 /(1)/

<TABLE>
<CAPTION>
                                                          Balanced Series                               Beach Series
                                          ----------------------------------------------  ----------------------------------------
                                                 Class 1                 Class 2                 Class 1              Class 2
                                          ---------------------  -----------------------  --------------------  ------------------
                                          Managing    Limited      Managing    Limited    Managing   Limited    Managing   Limited
                                            Owner      Owners       Owner       Owners      Owner     Owners      Owner    Owners
                                          --------  -----------  -----------  ----------  --------  ----------  --------  --------
<S>                                          <C>    <C>          <C>          <C>           <C>     <C>          <C>      <C>
Owner's Capital, January 1, 2004             $--    $        --  $     1,000  $       --    $--     $       --   $1,000   $     --

   Sale of Units                                     11,653,988   20,000,000   3,968,134               481,793             172,873
   Redemption of Units                                   (8,738)  (4,400,000)    (50,000)
   Net increase (decrease) in Owners'
      Capital resulting from operations                 127,012    1,301,820      63,969                 7,139       68      4,548
                                             ---    -----------  -----------  ----------    ---     ----------   ------   --------
Owners' Capital, December 31, 2004            --     11,772,262   16,902,820   3,982,103     --        488,932    1,068    177,421
                                             ---    -----------  -----------  ----------    ---     ----------   ------   --------
   Sale of Units                                     28,014,553                5,757,481               558,904              55,500
   Redemption of Units                                 (309,952)                (168,271)                                  (45,670)
   Net increase (decrease) in Owners'
      Capital resulting from operations              (1,572,779)  (1,122,188)   (406,085)              (36,377)     (69)   (11,239)
                                             ---    -----------  -----------  ----------    ---     ----------   ------   --------
Owners' Capital, March 31, 2005              $--    $37,904,083  $15,780,632  $9,165,228    $--     $1,011,459   $  999   $176,012
                                             ===    ===========  ===========  ==========    ===     ==========   ======   ========

Owner's Capital - Units, January 1, 2004      --             --           10          --     --             --       10         --

   Sale of Units                                        111,113      200,000      37,741                 4,612               1,661
   Redemption of Units                                      (82)     (41,815)       (472)
                                             ---    -----------  -----------  ----------    ---     ----------   ------   --------
Owners' Capital - Units,
   December 31, 2004                          --        111,031      158,195      37,269     --          4,612       10      1,661
                                             ---    -----------  -----------  ----------    ---     ----------   ------   --------
   Sale of Units                                        277,811                   56,256                 5,668                 560
   Redemption of Units                                   (3,051)                  (1,647)                                     (459)
                                             ---    -----------  -----------  ----------    ---     ----------   ------   --------
Owners' Capital - Units, March 31, 2005       --        385,791      158,195      91,878     --         10,280       10      1,762
                                             ===    ===========  ===========  ==========    ===     ==========   ======   ========
</TABLE>

/(1)/ The Balanced Series, Beach Series, C-View Currency Series and Dunn Series
     of the Trust received additional capital contributions to commence trading
     operations on September 24, 2004. The Graham Series of the Trust commenced
     trading operations on November 19, 2004. The Campbell/Graham Series of the
     Trust commenced trading operations on February 11, 2005.

The accompanying notes are an integral part of these statements.

                                        4

<PAGE>

                                The Frontier Fund
                    Statements of Changes in Owners' Capital
     For the Three Months Ended March 31, 2005, and the Year Ended December
                                 31, 2004 /(1)/

<TABLE>
<CAPTION>
                                                       Campbell/Graham Series                      C-View Currency Series
                                             ------------------------------------------   ---------------------------------------
                                                    Class 1                Class 2              Class 1              Class 2
                                             ---------------------   ------------------   ------------------   ------------------
                                             Managing     Limited    Managing   Limited   Managing   Limited   Managing   Limited
                                               Owner      Owners       Owner     Owners     Owner     Owners     Owner     Owners
                                             --------   ----------   --------   -------   --------   -------   --------   -------
<S>                                             <C>     <C>           <C>       <C>          <C>     <C>       <C>        <C>
Owner's Capital, January 1, 2004                $--     $       --    $   --    $    --      $--     $    --   $  1,000   $   --
   Sale of Units                                                                                      16,543    440,000    1,000
   Redemption of Units
   Net increase (decrease) in Owners'
      Capital resulting from operations                                                                   43         35       34
                                                ---     ----------    ------    -------      ---     -------   --------   ------
Owners' Capital, December 31, 2004               --             --        --         --       --      16,586    441,035    1,034
                                                ---     ----------    ------    -------      ---     -------   --------   ------
   Sale of Units                                         2,288,128     1,000     62,952               10,950
   Redemption of Units                                                                                  (500)
   Net increase (decrease) in Owners'
      Capital resulting from operations                    (20,274)      (65)      (207)                (193)      (592)      (1)
                                                ---     ----------    ------    -------      ---     -------   --------   ------
Owners' Capital, March 31, 2005                 $--     $2,267,854    $  935    $62,745      $--     $26,843   $440,443   $1,033
                                                ===     ==========    ======    =======      ===     =======   ========   ======
Owner's Capital - Units, January 1, 2004         --             --        --         --       --          --         10       --
   Sale of Units                                                                                         162      4,252       10
   Redemption of Units
                                                ---     ----------    ------    -------      ---     -------   --------   ------
Owners' Capital - Units, December 31, 2004       --             --        --         --       --         162      4,262       10
                                                ---     ----------    ------    -------      ---     -------   --------   ------
   Sale of Units                                            24,351        10        671                  107
   Redemption of Units                                                                                    (5)
                                                ---     ----------    ------    -------      ---     -------   --------   ------
Owners' Capital - Units, March 31, 2005          --         24,351        10        671       --         264      4,262       10
                                                ===     ==========    ======    =======      ===     =======   ========   ======
</TABLE>

/(1)/ The Balanced Series, Beach Series, C-View Currency Series and Dunn Series
     of the Trust received additional capital contributions to commence trading
     operations on September 24, 2004. The Graham Series of the Trust commenced
     trading operations on November 19, 2004. The Campbell/Graham Series of the
     Trust commenced trading operations on February 11, 2005.

        The accompanying notes are an integral part of these statements.

                                       5

<PAGE>

                                The Frontier Fund
                    Statements of Changes in Owners' Capital
          For the Three Months Ended March 31, 2005, and the Year Ended
                             December 31, 2004 /(1)/

<TABLE>
<CAPTION>
                                                           Dunn Series                               Graham Series
                                            ----------------------------------------  ------------------------------------------
                                                  Class 1              Class 2               Class 1               Class 2
                                            ------------------  --------------------  --------------------  --------------------
                                            Managing   Limited  Managing    Limited   Managing    Limited    Managing    Limited
                                              Owner    Owners     Owner     Owners      Owner     Owners       Owner      Owners
                                            --------  --------  --------  ----------  --------  ----------  ----------  --------
<S>                                            <C>    <C>        <C>      <C>            <C>    <C>         <C>         <C>
Owner's Capital, January 1, 2004               $--    $    --    $1,000   $       --     $--    $       --  $    1,000  $     --
   Sale of Units                                       121,000             2,145,503             1,939,594   4,400,000   312,500
   Redemption of Units
   Net increase (decrease) in Owners'
      Capital resulting from operations                 (3,953)      58      130,061                21,989     172,598     3,106
                                               ---    --------   ------   ----------     ---    ----------  ----------  --------
Owners' Capital, December 31, 2004              --     117,047    1,058    2,275,564      --     1,961,583   4,573,598   315,606
                                               ---    --------   ------   ----------     ---    ----------  ----------  --------
   Sale of Units                                        25,593                    61             2,595,687               312,925
   Redemption of Units                                                        (3,000)             (122,917)              (36,227)
   Net increase (decrease) in Owners'
      Capital resulting from operations                (18,376)    (145)    (311,671)             (443,563)   (673,502)  (63,419)
                                               ---    --------   ------   ----------     ---    ----------  ----------  --------
Owners' Capital, March 31, 2005                $--    $124,264   $  913   $1,960,954     $--    $3,990,790  $3,900,096  $528,885
                                               ===    ========   ======   ==========     ===    ==========  ==========  ========
Owner's Capital - Units, January 1, 2004        --          --       10           --      --            --          10        --
   Sale of Units                                         1,115                21,514                18,939      44,000     3,037
   Redemption of Units                                                                                              --
                                               ---    --------   ------   ----------     ---    ----------  ----------  --------
Owners' Capital - Units, December 31, 2004      --       1,115       10       21,514      --        18,939      44,010     3,037
                                               ---    --------   ------   ----------     ---    ----------  ----------  --------
   Sale of Units                                           267                     1                27,981                 3,339
   Redemption of Units                                                           (30)               (1,387)                 (408)
                                               ---    --------   ------   ----------     ---    ----------  ----------  --------
Owners' Capital - Units, March 31, 2005         --       1,382       10       21,485      --        45,533      44,010     5,968
                                               ===    ========   ======   ==========     ===    ==========  ==========  ========
</TABLE>

/(1)/ The Balanced Series, Beach Series, C-View Currency Series and Dunn Series
     of the Trust received additional capital contributions to commence trading
     operations on September 24, 2004. The Graham Series of the Trust commenced
     trading operations on November 19, 2004. The Campbell/Graham Series of the
     Trust commenced trading operations on February 11, 2005.

        The accompanying notes are an integral part of these statements.

                                        6

<PAGE>

                                The Frontier Fund
                          Notes to Financial Statements
             As of March 31, 2005 (unaudited) and December 31, 2004

1. Organization

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

The Trust offers six (6) separate and distinct Series: Balanced Series, Beach
Series, Campbell/Graham Series, C-View Currency Series, Dunn Series, and Graham
Series (each, a "Series" and collectively, the "Series"). The Trust may issue
additional Series of Units. The Units of each Series are separated into two
sub-classes of Units.

As of September 24, 2004, the Trust commenced operations for each Series except
the Graham Series and Campbell Graham Series. The Graham Series commenced
operations as of November 19, 2004. The Campbell Graham Series commenced
operations on February 11, 2005.

2. Basis of Presentation

The interim condensed financial statements of the Series included herein have
been prepared in accordance with accounting principles generally accepted in the
United States of America for interim financial information and Rule 10-01 of
Regulation S-X. Accordingly, they do not include all the information and
footnotes required by generally accepted accounting principles for complete
financial statements. These condensed financial statements are unaudited and
should be read in conjunction with the audited financial statements and notes
thereto included in the Trust's Annual Report on Form 10-K for the year ended
December 31, 2004. The Series follow the same accounting policies in the
preparation of interim reports as set forth in the annual report. In the opinion
of management, the financial statements reflect all adjustments, which are of a
normal recurring nature, necessary for a fair presentation of the financial
position, results of operation and changes in owners' capital for the interim
periods presented and are not necessarily indicative of a full year's results.

The Series, through investing in Trading Companies, place assets under
management of certain Trading Advisors. The Trading Companies were organized by
the Managing Owner for the purpose of investing in securities and derivative
instruments, and have no operating income or expenses, except for trading income
and expenses, all of which is allocated to the Series. Trading Companies in
which a Series has a majority equity interest are consolidated by such Series.
Investments in Trading Companies in which a Series does not have a controlling
or majority interest are accounted for under the equity method and are carried
in the statement of financial condition of such Series at fair value based on
the interest of each Series in such Trading Company.

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

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

                                        7

<PAGE>

3. Investments in Unconsolidated Trading Companies

The following tables summarize the Beach Series, Campbell/Graham Series, C-View
Currency Series and Dunn Series investments in unconsolidated trading companies
as of March 31, 2005, and for the three months then ended (unaudited), and as of
December 31, 2004.

<TABLE>
<CAPTION>
Unaudited                              As of March 31, 2005               Three Months Ended March 31, 2005
                                    --------------------------   ----------------------------------------------------
                                                                                              Change in
                                    Percentage of                  Trading       Realized     Unrealized   Net Income
Trading Company/(1)/                  Net Assets    Fair Value   Commissions   Gain (Loss)   Gain (Loss)     (Loss)
---------------------------------   -------------   ----------   -----------   -----------   -----------   ----------
<S>                                     <C>         <C>           <C>          <C>            <C>          <C>
Beach Series -
Frontier Trading Company II, LLC         3.09%      $  101,242     ($3,364)       ($8,711)     ($24,647)     ($36,722)
                                        =====       ==========    ========     ==========     =========    ==========
Campbell/Graham Series
Frontier Trading Company V, LLC         (1.21%)       ($26,106)      ($152)      ($20,489)      ($5,468)     ($26,109)
Frontier Trading Company VI, LLC         0.47%          10,589         (92)        (5,441)       16,122        10,589
                                        -----       ----------    --------     ----------     ---------    ----------
   Total Series                                       ($15,517)      ($244)      ($25,930)    $  10,654      ($15,520)
                                        =====       ==========    ========     ==========     =========    ==========
C-View Currency Series -
Frontier Trading Company III, LLC        0.43%      $    2,044    $      0     $    6,247       ($4,647)   $    1,600
                                        =====       ==========    ========     ==========     =========    ==========
Dunn Series -
Frontier Trading Company IV, LLC        (8.55%)      ($218,211)    ($5,549)     ($392,437)    $  68,226     ($329,760)
                                        =====       ==========    ========     ==========     =========    ==========
</TABLE>

                                      As of December 31, 2004
                                    --------------------------
                                    Percentage of
Trading Company/(1)/                  Net Assets    Fair Value
---------------------------------   -------------   ----------
Beach Series -
Frontier Trading Company II, LLC         2.35%       $ 15,709
                                         ====        ========
C-View Currency Series -
Frontier Trading Company III, LLC        0.03%       $    138
                                         ====        ========
Dunn Series -
Frontier Trading Company IV, LLC         5.27%       $126,163
                                         ====        ========

                                        8

<PAGE>

The unaudited condensed statements of financial condition as of March 31, 2005,
and December 31, 2004 for the unconsolidated trading companies are as follows:

<TABLE>
<CAPTION>
                             Frontier      Frontier       Frontier      Frontier     Frontier
Condensed Statements of      Trading        Trading       Trading       Trading      Trading
Financial Condition -      Company II,   Company III,   Company IV,    Company V,   Company VI,
March 31, 2005                 LLC            LLC           LLC           LLC           LLC
------------------------   -----------   ------------   -----------   -----------   -----------
                           (Unaudited)    (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
<S>                        <C>             <C>           <C>          <C>            <C>
Cash held at futures
   commodities merchants   $3,309,163      $488,513      $2,293,669   $2,223,244     $2,117,207
Open trade equity             (34,007)      (12,823)        259,412     (347,094)       119,802
                           ----------      --------      ----------   ----------     ----------
Total Assets               $3,275,156      $475,690      $2,553,081   $1,876,150     $2,237,009
                           ==========      ========      ==========   ==========     ==========
Members' equity            $3,275,156      $475,690      $2,553,081   $1,876,150     $2,237,009
                           ==========      ========      ==========   ==========     ==========
</TABLE>

                             Frontier      Frontier       Frontier
Condensed Statements of      Trading        Trading       Trading
Financial Condition -      Company II,   Company III,   Company IV,
December 31, 2004              LLC            LLC           LLC
------------------------   -----------   ------------   -----------
                           (Unaudited)    (Unaudited)   (Unaudited)
Cash held at futures
   commodities merchants    $1,342,163     $448,185     $1,658,389
Open trade equity              385,128        8,328        (81,158)
                            ----------     --------     ----------
Total Assets                $1,727,291     $456,513     $1,577,231
                            ==========     ========     ==========
Members' equity             $1,727,291     $456,513     $1,577,231
                            ==========     ========     ==========

The unaudited condensed statements of income for the three months ended March
31, 2005, for the unconsolidated trading companies are as follows:

<TABLE>
<CAPTION>
Condensed Statements of     Frontier      Frontier       Frontier       Frontier       Frontier
Income - For the Three      Trading        Trading        Trading        Trading       Trading
Months Ended March 31,    Company II,   Company III,    Company IV,    Company V,    Company VI,
2005/(1)/                     LLC            LLC            LLC            LLC           LLC
-----------------------   -----------   ------------   ------------   ------------   -----------
                          (Unaudited)    (Unaudited)   (Unaudited)    (Unaudited)    (Unaudited)
<S>                       <C>             <C>          <C>            <C>            <C>
Interest income           $   12,759      $  2,995     $      9,508   $     15,381   $    8,031
Net realized gain on
   investments, less
   commissions              (187,099)       38,003       (2,002,308)      (803,104)    (286,022)
Change in open trade
   equity                   (419,135)      (21,151)         340,570       (319,034)     119,802
                          ----------      --------     ------------   ------------   ----------
Net income (loss)          ($593,475)     $ 19,847      ($1,652,230)   ($1,106,757)   ($158,189)
</TABLE>

/(1)/ The Frontier Trading Company II, LLC, Frontier Trading Company III, LLC
      and Frontier Trading Company IV, LLC each commenced operations on
      September 24, 2004. The Frontier Trading Company V, LLC commenced
      operations on November 19, 2004. The Frontier Trading Company VI, LLC
      commenced operations on February 11, 2005.

4. Transactions with Affiliates

On April 29, 2005, the Managing Owner redeemed $375,000 of its interest in the
C-View Currency Series, Class 2.

Each Series of Units will pay to the Managing Owner a monthly management fee
equal to a certain percentage of such Series' assets, calculated on a daily
basis. The annual rate of the management fee for the Balanced Series is 0.5%,
for the Graham Series and Campbell/Graham Series is 2.5%, and for the Beach
Series and C-View Currency Series is 2.0%. There is no management fee for the
Dunn Series. The Managing Owner may pay all or a portion of such management fees
to the Trading Advisor(s) for such Series.

Each Series of Units pays to the Managing Owner a monthly trading fee equal to
an annual rate of 0.5% of such Series' assets, calculated on a daily basis.

                                        9

<PAGE>

In addition, each Series will 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 will employ multiple Trading Advisors,
the Balanced Series will pay the Managing Owner a monthly incentive fee
calculated on a Trading Advisor by Trading Advisor basis. It is therefore
possible that in any given period the Balanced Series may pay incentive fees to
the Managing Owner for one or more Trading Advisors while the Balanced Series as
a whole experiences losses. The incentive fee for the Balanced and Dunn Series
is 25%, and for the Beach, C-View Currency and Graham and Campbell/Graham Series
is 20%. The Managing Owner may pay all or a portion of such incentive fees to
the Trading Advisor(s) for such Series.

Aggregate interest income from all sources, including assets held at clearing
brokers, up to 2% (annualized) is paid to the Managing Owner. During the three
months ended March 31, 2005, the Trust paid $294,707 of such interest income to
the Managing Owner.

With respect to Class 1 of each Series, the Series will pay to the Managing
Owner a service fee at an annualized rate of up to 3.0%, which the Managing
Owner pays to selling agents of the Trust. Bornhoft Group Securities
Corporation, an affiliate of the Managing Owner, may be paid service fees when
it acts as selling agent. No service fees were paid to Bornhoft Group Securities
Corporation for the three months ended March 31, 2005.

The Managing Owner pays to The Bornhoft Group Corporation, an affiliate of the
Trust, a monthly fee of 0.25% (annualized) of the net asset value of the Trust,
for services in connection with the daily valuation of each Series and Class.
Additionally, The Bornhoft Group Corporation provides office space to the
Managing Owner, prorates office expenses, and advances certain direct expenses
on behalf of the Managing Owner. Under this agreement, the Managing Owner
reimbursed The Bornhoft Group Corporation $37,311 for the three months ended
March 31, 2005.

5. 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 Statement of Financial Condition,
may result in future obligation or loss in excess of the amount paid by the
Series for a particular investment. Each Trading Company expects to trade in
futures, 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 US. 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 are 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.

                                       10

<PAGE>

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

This Report includes forward-looking statements that 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 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 in this Report, as a result of
new information, future events or changed circumstances or for any other reason
after the date of this Report.

Introduction

The Frontier Fund, or the Trust, was formed as a Delaware statutory trust on
August 8, 2003, with separate series, or each, a Series, of units of beneficial
interest, or the Units. Its term will expire on December 31, 2053 (unless
terminated earlier in certain circumstances).

As of March 31, 2005, the Trust had six separate Series of Units issued and
outstanding: Balanced Series, Beach Series, Campbell/Graham Series, C-View
Currency Series, Dunn Series and Graham Series. Each Series of Units have two
separate sub-classes issued and outstanding--Class 1 and Class 2. The Trust,
with respect to each Series:

     .    engages in the speculative trading of a diversified portfolio of
          futures, forward (including interbank foreign currencies) and options
          contracts and other derivative instruments and may, from time to time,
          engage in cash and spot transactions;
     .    allocates funds to a subsidiary limited liability Trading Company or
          Companies. Each Trading Company has one-year renewable contracts with
          its own independent commodity trading advisor(s), or each, a Trading
          Advisor, that will manage all or a portion of such Trading Company's
          assets, make the trading decisions for the assets of each Series
          vested in such Trading Company, segregate its assets from any other
          Trading Company and maintain separate, distinct records for each
          Series, and account for its assets separately from the other Series
          and the other Trust assets;
     .    calculates the net assets, or the Net Asset Value, of its Units
          separately from the other Series; and
     .    has an investment objective of increasing the value of the Units over
          the long term (capital appreciation), while controlling risk and
          volatility, and to offer exposure to the investment programs of
          individual Trading Advisors and to specific instruments (currencies).
     .    aggregates all cash and equivalents for purposes of maximizing returns
          at an equal rate for all Series. 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)

                                       11

<PAGE>

          of the Trust Act, strict segregation of the cash and equivalents,
          though pooled for maximizing returns, is maintained in the books and
          records of each Series.

The Initial Offering Period for the Balanced Series, Beach Series, C-View
Currency Series and Dunn Series closed in September 2004. The Initial Offering
Period for the Graham Series closed in November 2004. And, the Initial Offering
Period for the Campbell/Graham Series closed in February 2005. Currently, Units
in the Balanced Series, Beach Series, Campbell/Graham Series, C-View Currency
Series, Dunn Series and Graham Series are being offered as of each day of each
week and will continue to be offered until the maximum amount of each such
Series' Units which are registered are sold. The Managing Owner may terminate
the Continuous Offering Period of any Series at any time.

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 which 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, 2005, cash deposited at the clearing
brokers was $12,426,953 for the Balanced Series, and $2,223,244 for the Graham
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 week. Currently, this amount is estimated
to be 2.77%. 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
United States, or by a person controlled by or supervised by and acting as an
instrumentality of the government of the United States pursuant to authority
granted by Congress of the United States or any certificate of deposit for any
of the foregoing, including U.S. treasury bonds, U.S. treasury bills and issues
of agencies of the United States government, and certain cash items such as
money market funds, certificates of deposit (under nine months) and time
deposits. Interest income up to 2.0% is paid to the Managing Owner.

     Approximately 10% to 20% of the Trust's assets are expected to be committed
as required margin for futures contracts and forward 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 thereunder. 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 either in 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

                                       12

<PAGE>

investments, such as money market funds, certificates of deposit (under nine
months) 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, 2005, such
cash equivalents and short term investments included time deposits at Merrill
Lynch Bank USA, and money market funds held at Merrill Lynch Investment
Managers. Including cash held at US Bank, total cash and cash equivalents and
short term investments held at these institutions were $51,636,107 for the
Balanced Series, $1,095,191 for the Beach Series, $2,196,980 for the
Campbell/Graham Series, $455,296 for the C-View Currency Series, $2,310,077 for
the Dunn Series, and $6,432,566 for the Graham Series.

Results of Operations

Balanced Series

     The Balanced Series - Class 1 lost 7.3% for the three months ended March
31, 2005, net of fees and expenses; and the Balanced Series - Class 2 lost 6.6%
for the three months ended March 31, 2005, net of fees and expenses.

     For the three months ended March 31, 2005, the Balanced Series recorded net
loss on investments of $2,962,770, net interest of $67,272, and total expenses
of $578,195, resulting in a net decrease in Owners' capital from operations of
$3,101,052 after minority interests of $372,641. The Net Asset Value per Unit,
Class 1, decreased from $106.03 at December 31, 2004, to $98.25 at March 31,
2005. For Class 2 the Net Asset Value per Unit decreased from $106.85 at
December 31, 2004, to $99.75 at March 31, 2005. Total Class 1 subscriptions and
redemptions for the period were $28,014,553 and $309,952, respectively. Total
Class 2 subscriptions and redemptions for the period were $5,757,481 and
$168,271, respectively. Ending capital at March 31, 2005, was $37,904,083 for
Class 1 and $24,945,860 for Class 2. At December 31, 2004, ending capital was
$11,772,262 for Class 1 and $20,884,923 for Class 2.

     In January, Stock Indices - The major U.S. indices, declined sharply,
reversing rising price trends. Interest Rates - Bond prices moved modestly
higher in the U.S. and Japan for the second consecutive month, while they were
mixed in Europe. Currencies - The U.S. dollar sharply reversed its recent
bearish trend as it surged versus many major global currencies, most notably the
euro, against which the U.S. dollar had reached a record low during December.
The first week of January saw a sizeable recovery in the U.S. dollar with the
Euro registering its greatest decline in one week since inception. Energies -
Prices continued to move in a volatile pattern as crude oil rose 10% and natural
gas increased 2% following double-digit declines in December. Metals - Base
metal prices reversed their recent bullish price moves as aluminum fell 5%,
nickel lost more than 2%, and copper declined slightly. In precious metals, gold
fell almost 4%, its second consecutive monthly decline after reaching 17-year
highs in late November. Commodities - These markets finished the month with
mixed results. The volatility demonstrated in the global marketplace of January
2005 provided a testimony to the benefits of a multi-advisor managed futures
portfolio. The large losses experienced by many advisors in January were
dampened by the Balanced Series multi-advisor structure. Although our current
asset allocation models are maintaining a higher-than-normal weighting to the
trend-based advisors (which does result in higher volatility), the multi-advisor
structure still provides many benefits, including the dampening of volatility.
In February, the major global equity markets moved generally higher in February.
In the U.S., the Dow Jones Industrial Average and S&P 500 resumed their recent
bullish price movements by rising 2.6% and 1.9% respectively. The NASDAQ,
however, fell modestly for the month. Internationally, the DJ Euro Stoxx climbed
2.5%, while the NIKKEI 225 advanced more than 3%. Bond prices declined sharply
on a global basis, particularly in the U.S. as the yield of the 10-year Treasury
note rose 18 basis points during the month. In the currency markets, the U.S.
dollar resumed recent bearish trends, following its rise in January, as it

                                       13

<PAGE>

declined sharply versus many international currencies, including the euro and
the Swiss franc. Commodity prices moved generally higher during February. Energy
prices advanced for the second consecutive month as natural gas rose 6% and
crude oil rose almost 7%. Base metal prices resumed their recent bullish price
moves led by nickel, which rose nearly 13%, copper and zinc, which advanced more
than 6%, and aluminum, which increased by approximately 4%. In precious metals,
gold followed suit, rising 3%, its first increase in three months. The
agricultural markets also moved generally higher as they exhibited large net
price moves. Wheat, cotton, cocoa, and coffee rose between about 13% and 16%,
and corn rose 9%, while sugar declined about 4% for the month. A Choppy First
Quarter. March provided a theme of range-bound, choppy markets in most sectors.
Our gains were primarily in Energy where crude and products prices made new
highs. Our primary losses were in Currencies, Stock Indices and Commodities,
dragging March performance into negative territory. Many currencies continued
trading in a range that was established late last year, with unexpected strength
in the U.S. dollar in the middle of the month taking many traders by surprise.
An exception to this was the Japanese Yen, which broke decisively out of a
narrow range and moved lower against the dollar, eventually breaking through the
February low before the end of the month. Although our advisors caught this
opportunity and turned in profits on Yen trading, difficulties in the rest of
the sector drew it into negative performance for the month. The Balanced Series
offers a broadly diversified, multi-advisor managed futures investment program,
diversified through global diversification and non-correlated Advisors with
varying trend methodologies. As a reminder, the Balanced Series presently has
nine advisors, whereby five of these advisors are trend-based, while the other
four advisors are non-trend based. There is a material non-correlation between
these groups of advisors. The strategic allocation and periodic rebalancing to
these nine advisors will continue to add value in the future.

Beach Series

     The Beach Series - Class 1 lost 7.2% for the three months ended March 31,
2005, net of fees and expenses; and the Beach Series - Class 2 lost 6.5% for the
three months ended March 31, 2005, net of fees and expenses.

     For the three months ended March 31, 2005, the Beach Series recorded net
loss on investments of $36,722, net interest of $1,495, and total expenses of
$12,458, resulting in a net decrease in Owners' capital from operations of
$47,685. The Net Asset Value per Unit, Class 1, decreased from $106.01 at
December 31, 2004, to $98.39 as of March 31, 2005. The Net Asset Value per Unit,
Class 2, decreased from $106.84 at December 31, 2004, to $99.92 as of March 31,
2005. Total Class 1 subscriptions for the period were $558,904, and there were
no redemptions. Total Class 2 subscriptions and redemptions for the period were
$55,500, and $45,670, respectively. Ending capital at March 31, 2005, was
$1,011,459 for Class 1 and $177,011 for Class 2. Ending capital at December 31,
2004, was $488,932 for Class 1 and $178,489 for Class 2.

     After ending 2004 on a nine-year low the U.S. Dollar Index rebounded
sharply in the first week of January as the currency made over 3% against the
Swiss Franc and the Euro. The U.S. dollar had plunged in the 4th quarter on the
back of concerns over the U.S. balance of payments and the Bush administration's
seeming indifference to the currency's decline. The start of the New Year has
focused investors on the prospect of economic growth and rising interest rates
in the U.S., which stands in sharp contrast to the outlook for Europe and Japan.
The prospect of future interest rate hikes upset the U.S. stock markets and all
the indices declined. Base Metals also reacted to the currency moves; with
aluminum falling over 6% on the month. Bond markets continued to exhibit an
unusual degree of independence and for most part maintained relatively narrow
trading ranges. Other Commodities put in a small gain on the back of our short
positions in Soybeans and Wheat. The first week of January defined the
performance for the month as the U.S. dollar strengthened against the Euro. Base
metals

                                       14

<PAGE>

were also affected by the U.S. dollar move and Aluminum was the poorest
performer in that sector. Small gains were made on our T-Bond, Bund & JGB
positions. In February, the Stock Index sector had a good month with the
majority of markets moving higher, the Hang Seng was our best performing market.
We had a quiet month in the Interest Rates sector, whilst good performance came
from our Eurodollar positions our T-Bond positions faired less well leaving the
sector slightly positive on the month. Oil prices headed higher during February,
benefiting our positions primarily in Heating Oil and Brent Crude. The Metals
sector was the best performing sector with both base metals and precious metals
moving higher, the portfolio was well positioned to capture moves in Nickel,
Copper and Aluminum. Silver climbed over 10% during the month. Other Commodities
were a little disappointing; profits were recorded from our long Coffee
positions but these were cancelled out by losses in the Grain and Oilseed
sector. Currencies had a mixed month with profits coming from our Australian
Dollar positions which were offset by our Yen positions and the sector was
slightly down on the month for the Discretionary Programme. Base and Precious
metals performed well; as prices moved higher during the month. Heating Oil
performed as inventories were still below the 5-year average benchmarks, leaving
the market vulnerable to additional cold weather. March started well with the
trends of February following through to the first half of the month. The final
two weeks of the month saw reversals of these trends leading to an overall loss
in the Programme. The global equity markets started declining mid month,
particularly in the U.S. as investors became increasingly nervous about the
Federal Reserve's ongoing policy of interest rate increases and the erosion of
corporate profits resulting from rising energy and other commodity prices. The
European and Far East markets were not immune to the decline as investors are
becoming more sensitive to weak economic data from these regions. The rate
increase by the Federal Open Market Committee saw the U.S. dollar move sharply
higher against the European and Asian / Pacific currencies, affecting our long
Euro and British pound positions. The interest rate hike was also felt in the
Other Commodities sector as both base (with the exception of Aluminum) and
Precious Metals fell following the news. Energy markets had a sharp sell off but
ended the month higher with Gasoline leading the way as, from a futures
prospective, the summer driving season is approaching in the U.S. Energy was the
best sector with good profits in Gasoline and Heating Oil. Currencies lost money
as the U.S. dollar surged higher following the U.S. rate hike. Aluminum
performed well in the Metals sector but the gains were offset by losses in Gold
and Silver.

Campbell/Graham Series

     The Campbell Graham Series commenced operations on February 11, 2005. The
Campbell/Graham Series - Class 1 lost 6.9% for the period since commencement of
operations, ended March 31, 2005, net of fees and expenses; and the
Campbell/Graham Series - Class 2 lost 6.5% for the period since commencement of
operations, ended March 31, 2005.

     For the period from commencement of operations through March 31, 2005, the
Campbell/Graham Series recorded net loss on investments of $15,520, net interest
of $444, and total expenses of $5,470, resulting in a net decrease in Owners'
capital from operations of $20,546. The Net Asset Value per Unit, Class 1,
decreased from $100.00 at commencement of operations on February 11, 2005, to
$93.13 as of March 31, 2005. The Net Asset Value per Unit, Class 2, decreased
from $100.00 at commencement of operations on February 11, 2005, to $93.51 as of
March 31, 2005. Total Class 1 subscriptions for the period were $2,288,128, and
there were no redemptions. Total Class 2 subscriptions and redemptions for the
period were $63,952, and $0, respectively. Ending capital at March 31, 2005, was
$2,267,854 for Class 1 and $63,680 for Class 2.

     For the month of February, it was a difficult interest rate environment,
with different pressures observable at different points along the yield curve.
Consequently, our short-term interest rate positions were profitable in
February, but not profitable enough to overcome the losses at the longer

                                       15

<PAGE>

end of the curve. The rally in the U.S. dollar failed early in February and the
dollar ended the month lower. However, small gains on our dollar shorts were
offset by losses in our non-dollar (cross) currency pairs, resulting in losses
in the currency sector overall. Equity markets were our best performers in
February as they reversed again and traded higher, reclaiming the losses
sustained in January. We also earned profits in the energy sector as the rally
continued from the December lows, and Crude Oil again topped $50 a barrel. The
K4 portfolio incurred a loss during February. Performance was primarily
attributable to an abrupt price drop in global bond futures markets. Trending
conditions in the equity index, zinc, and copper markets resulted in profits
that offset much of the portfolio's losses during the month. March ended almost
flat as the theme of range-bound, choppy markets continued in most sectors. Our
gains were primarily in Interest Rates, as both short-term and long-term
positions proved profitable, and the Energy sector where crude and products
prices made new highs. The U.S. dollar closed higher for the month, reversing
the long-term downtrend, and was a negative for our positions. We also incurred
losses in our non-dollar Currency positions, making this the worst performing
sector in Q1. Equity Index markets also reversed and ended the month lower, with
resultant losses to our portfolios. The current interest rate environment
continues to be a very difficult one and has arguably contributed to the lack of
direction in many of the other markets we trade. This condition may continue for
some time. While reporting monthly flat performance is certainly easier than
reporting losses, delivering attractive absolute and risk-adjusted returns
remains our primary goal. Extended periods of flat or poor returns along the way
are inevitable, and we shall not falter in our commitment to maintain the
discipline which we know is so important for success in the longer term. March
was a mixed month for Graham's long-term trend-following programs. Losses
recorded by our trend-following programs during the period were driven primarily
by continued trendless price movements in global currencies, equity indices, and
bonds. Spanning the two-month period from February 1 to March 31, 2005, the S&P
500 Composite Price Index, the U.S. Dollar Trade Weighted Index, and the J.P.
Morgan Global Government Bond Index price movement has been choppy, with price
trends not being sustained for much more than a few weeks. Our trend-following
programs generally exhibited positive performance in the energy, metals, and
short-term fixed income markets, offsetting a portion of the losses recorded
during the month. While recent performance has been adversely affected by sharp
trend reversals and general short-term choppy price patterns across a number of
markets, we remain confident that the discipline to adhere to our successful
systematic strategies will continue to serve us and our clients well over the
long-term. Of course, we are actively conducting research to ensure that we
continue to learn from the experiences that the markets provide us.

C-View Currency Series

     The C-View Currency Series - Class 1 lost 0.9% for the three months ended
March 31, 2005, net of fees and expenses; and the C-View Currency Series - Class
2 lost 0.1% for the three months ended March 31, 2005, net of fees and expenses.

     For the three months ended March 31, 2005, the C-View Currency Series
recorded net gain on investments of $1,600, net interest of $662, and total
expenses of $3,048, resulting in a net decrease in Owners' capital from
operations of $786. The Net Asset Value per Unit, Class 1, decreased from
$102.67 at December 31, 2004, to $101.77 as of March 31, 2005. The Net Asset
Value per Unit, Class 2, decreased from $103.47 at December 31, 2004, to $103.33
as of March 31, 2005. Total Class 1 subscriptions and redemptions for the period
were $10,950, and $500, respectively. There were no Class 2 subscriptions or
redemptions. Ending capital at March 31, 2005, was $26,843 for Class 1 and
$441,476 for Class 2. Ending capital at December 31, 2004 was $16,586 for Class
1 and $442,069 for Class 2.

                                       16

<PAGE>

     The first week of January saw a sizeable recovery in the U.S. dollar with
the Euro registering its greatest decline in one week since inception. This was
caused by both a liquidation of heavily U.S. dollar negative positioning and
also the genesis of a belief that the U.S. dollar may at present levels have
fallen far enough to help in addressing the sizeable U.S. trade and current
account deficit. Some faint signs that the U.S. administration is also starting
to focus on addressing this issue domestically also helped the recovery. As a
component of U.S. dollar strength was the development of a theme that we expect
to progress through the year of general Asian currency strength versus European
currencies. After an unsteady start the market has already started to place a
reliance on the positive progression of higher yielding minor currencies with a
confidence to which we do not fully subscribe. The sharp U.S. dollar recovery
did not suit our positions and it was this and the decline in the value of some
of our cross currency strategies that caused the first few days of the year to
be negative. However with some judicious shorter term trading and the
development of the Asian versus European theme to which we more fully subscribe
that allowed us to finish the month with only a marginally negative result. From
a portfolio perspective, we made gains in exposures short of U.S. dollar versus
Indian Rupee, Philippine Peso and Brazilian Real but we suffered a moderate loss
being short Chilean Peso. Small losses in the U.S. dollar against Argentinean
and Chinese Yuan were partially offset against small profits made in U.S. dollar
against Thai Bait, Singapore and Taiwan Dollar. Our perception that the South
African Rand was too strong proved incorrect and we generated losses in short
positions. In Euro crosses we made gains in the Czech Koruna, Polish Zloty,
Slovakian Koruna but experienced offsetting losses as the Euro rose against the
Norwegian and Swedish Krone. There was also a gain in Turkish Lira against the
Euro. In short term trading strategies we made solid gains in Euro versus
Japanese Yen and U.S. dollar but a loss in Euro versus Swiss Franc. We had
successful trading Swiss Franc versus GB Sterling and U.S. dollar against the
Japanese Yen, but had losses in Euro against GB Sterling and GB Sterling against
the dollar. February was an inconclusive month in the Foreign Exchange market.
In the early part of the month the U.S. dollar continued the recovery which had
commenced in January. However, and in spite of generally good economic numbers
out of the U.S., the U.S. dollar commenced a decline from higher levels from the
middle of the month. It may well be that the overwhelming weight of a poor
trade, current account and budget deficits are burdens that are still too great
to allow for any protracted recovery in the U.S. dollar. Some tentative early
signs of a further backing up in U.S. long rates also failed to assist the U.S.
dollar and the majority of opportunities in the Foreign Exchange market were
frequently yield driven. As we have mentioned before we do not at present share
the markets enthusiasm for extensive yield plays in an environment where we
anticipate increasing U.S. rates so a number of our portfolio strategies this
year are focused upon relative value opportunities. From a portfolio perspective
the continued appreciation of Asian currencies contributed to gains and we
generated positive returns in positions long of New Zealand dollar, Philippine
Peso, Singapore dollar, Taiwan dollar, this was somewhat offset by a loss in
U.S. dollar versus Indonesian Rupiah. We also generated gains being long Mexican
Peso and short South African Rand both against the U.S. dollar and GB Pounds. A
position long of Brazilian Real was profitable but was offset by our being
stopped out of a short Chilean Peso position In Euro crosses we made gains in
the Norwegian Krone, Polish Zloty, Slovakian Koruna and Turkish Lira versus the
Euro but experienced offsetting losses as the Euro declined against the
Hungarian Forint. There was also a gain in Turkish Lira against the Euro. In
short term trading strategies we made solid gains in Euro versus the U.S.
dollar, GB Pound versus the U.S. dollar and in Euro versus Swiss Franc. We had
losses in U.S. dollar and GB Pound versus Japanese Yen and Australian dollar
versus the U.S. dollar. A month (March) in which the competing influences of the
weight of the U.S. trade, current account and budget deficits having a negative
effect on the U.S. dollar and steadily increasing U.S. interest rates and
lackluster economic performance elsewhere in the Euro zone and Japan having a
positive effect failed to be resolved. The result of this was that U.S. dollar
weakness in the early part of the month was followed by some strengthening
toward the end of the month. The rising oil price was considered by the markets
at the margin to be U.S. dollar positive. The main feature of the month was a
fall in the value of a number of yield and emerging market currencies which
reacted badly to the

                                       17

<PAGE>

prospect of higher oil prices and higher U.S. interest rates, together with a
market that had built up substantial long yield currency positions. As we had
anticipated weaker minor currencies and have been positioned more in relative
value opportunities we were not initially impacted by this deterioration.
However we accumulated some new positions before the weakening had run its
course and these caused some portfolio losses. Coupled with a lackluster month
in trading the result was that we posted a weak result. From a portfolio
perspective we experienced losses in U.S. dollar versus Indonesian Rupiah and
U.S. dollar versus Taiwan Dollar as the U.S. dollar reversed toward the end of
the month. We were also affected by attempting long Brazilian Real against the
U.S. dollar, and long Turkish Lire against the Euro before the U.S. dollar rally
had run its course. There were gains in U.S. dollar versus New Zealand dollar,
Philippine Peso and Polish Zloty but these were partially offset by a loss in
U.S. dollar versus Singapore dollar. In Euro crosses we made gains in the
Canadian Dollar, Swiss Franc, Czech Koruna and Hungarian Forint, versus the
Euro, but experienced offsetting losses as the Euro rallied against the Polish
Zloty, Swedish Krone, Norwegian Krone, and Slovakian Koruna. In short term
trading strategies we made gains in Euro versus the U.S. dollar, GB Pound and
Swiss Franc versus the U.S. dollar. We had losses in Euro versus GB Pound and
U.S. dollar, GB Pound and Euro versus Japanese Yen.

Dunn Series

     The Dunn Series - Class 1 lost 14.3% for the three months ended March 31,
2005, net of fees and expenses; and the Dunn Series - Class 2 13.7% for the
three months ended March 31, 2005, net of fees and expenses.

     For the three months ended March 31, 2005, the Dunn Series recorded net
loss on investments of $329,760, net interest of $3,172, and total expenses of
$3,604, resulting in a net decrease in Owners' capital from operations of
$330,192. The Net Asset Value per Unit, Class 1, decreased from $104.96 at
December 31, 2004, to $89.91. The Net Asset Value per Unit, Class 2, decreased
from $105.77 at December 31, 2004, to $91.27 as of March 31, 2005. Total Class 1
subscriptions for the period were $25,593, and there were no redemptions. Total
Class 2 subscriptions and redemptions for the period were $61 and $3,000,
respectively. Ending Capital at March 31, 2005, was $124,264 for Class 1 and
$1,961,867 for Class 2. Ending capital at December 31, 2004, was $117,047 for
Class 1 and $2,276,622 for Class 2.

     The Dunn Combined Financial portfolio experienced losses in January. Gains
in U.S. and non-US interest rates were cancelled out by losses in equities and
energies leaving the choppy currency market to dominate the month's results as
foreign currencies sold off against the dollar. These moves were largely
supported by comments made by Secretary Snow that the Administration wants a
strong dollar, adding that the focus will be on deficit reduction and other
steps to sustain the dollar's strength. These comments caught many investors off
guard as most market participants expected the dollar to continue declining as
it did in 2004. Energies bottomed out early in the month, largely supported by
production cuts that were enacted in early January by OPEC producers. Continued
tensions in Iraq, particularly the assassination of the Governor of Baghdad and
impending elections at the end of the month kept an added premium in the market.
Bonds staged quite a comeback of their own in January, as December's Non-Farm
Payroll numbers were pretty much in line with expectations. The economic
releases point to growth, but inflation and inflationary expectations look to be
in check. Fed officials are standing pat on their "measured pace" stance, but
continue to monitor economic data. The bond markets certainly aren't trading
like they are concerned about inflation. Stocks gave back most of their December
gains. The Dunn Combined Financial portfolio experienced losses in February. In
February the Federal Reserve raised the Fed Funds rate by 25 basis points to
2.5% as expected. The dollar showed strength earlier in the month on Greenspan's
comments that market forces may be on the verge of stabilizing the current
account

                                       18

<PAGE>

deficit. Bush's budget forecast also appeared to boost the dollar. The strong
dollar trend reversed sharply late in the month largely due to the rumor that
South Korea was diversifying its foreign reserves out of dollars and into other
currencies creating fear that Japan and China would follow suit. In short,
sustained trends have yet to materialize this year. The Dunn Combined Financial
portfolio experienced losses in March. A strong February non-farm payroll and
surging raw commodity prices pressured the U.S. Treasury market, providing
positive traction to our short U.S. sovereign debt positions. Also the Federal
Open Market Committee raised the fed funds rate another 25 basis points as
expected. Interest rate differentials helped the dollar stage a rally mid-month
as the European Central Bank and the Bank of England passed on raising rates at
their monthly meeting. As a result we experienced losses in our short non-U.S.
interest rate positions and long foreign currency positions. Even though OPEC
increased its production quota by 500,000 barrels per day, crude oil prices kept
their torrid pace, and we were able to profit from it. All-in-all major trends
are yet to develop this year.

Graham Series

     The Graham Series - Class 1 lost 15.4% for the three months ended March 31,
2005, net of fees and expenses; and the Graham Series - Class 2 lost 14.7% for
the three months ended March 31, 2005, net of fees and expenses.

     For the three months ended March 31, 2005, the Graham Series recorded net
loss on investments of $1,122,139, net interest of $10,868, and total expenses
of $76,973, resulting in a net decrease in Owners' capital from operations of
$1,180,484, net of minority interests of $7,760. The Net Asset Value per Unit,
Class 1, decreased from $103.57 at December 31, 2004, to $87.65 as of March 31,
2005. The Net Asset Value per Unit, Class 2, decreased from $103.92 at December
31, 2004, to $88.62 as of March 31, 2005. Total Class 1 subscriptions and
redemptions for the period were $2,595,687 and $122,917, respectively. Total
Class 2 subscriptions and redemptions for the period were $312,925 and $36,227,
respectively. Ending capital at March 31, 2005 was $3,990,790 for Class 1 and
$4,428,981 for Class 2. Ending capital at December 31, 2004, was $1,961,583 for
Class 1 and $4,889,204 for Class 2.

     With the backdrop of the U.S. Presidential inauguration and hopeful
prospects for successful Iraqi elections, U.S. economic reports released during
January were mixed. In the global equity markets, the major U.S. indices
declined sharply, reversing rising price trends. Bond prices moved modestly
higher in the U.S. and Japan for the second consecutive month, while they were
mixed in Europe. In the currency markets, the U.S. dollar sharply reversed its
recent bearish trend as it surged versus many major global currencies, most
notably the Euro, against which the U.S. dollar had reached a record low during
December. Energy prices continued to move in a volatile pattern as crude oil
rose 10% and natural gas increased 2% following double-digit declines in
December. Base metal prices reversed their recent bullish price moves as
aluminum fell 5%, nickel lost more than 2%, and copper declined slightly. In
precious metals, gold fell almost 4%, its second consecutive monthly decline
after reaching 17-year highs in late November. The agricultural markets finished
the month with mixed results. The K4 portfolio incurred a loss during January.
Negative results were primarily attributable to the abrupt rise of U.S. dollar
versus the euro, following several months of declines. Price reversals within
the global equity index markets as well as short-term volatility within the
energy and aluminum markets also resulted in losses. Gains recorded by positions
in the global fixed income markets offset a portion of the portfolio's losses.
Commodity prices moved generally higher during February. Energy prices advanced
for the second consecutive month as natural gas rose 6% and crude oil rose
almost 7%. Base metal prices resumed their recent bullish price moves led by
nickel, which rose nearly 13%, copper and zinc, which advanced more than 6%, and
aluminum, which increased by approximately 4%. In precious metals, gold followed
suit, rising 3%, its first increase in three months. The

                                       19

<PAGE>

agricultural markets also moved generally higher as they exhibited large net
price moves. Wheat, cotton, cocoa, and coffee rose between about 13% and 16%,
and corn rose 9%, while sugar declined about 4% for the month. The K4 portfolio
incurred a loss during February. Performance was primarily attributable to an
abrupt price drop in global bond futures markets. Trending conditions in the
equity index, zinc, and copper markets resulted in profits that offset much of
the portfolio's losses during the month. March was a mixed month for Graham's
long-term trend-following programs. Losses recorded by our trend-following
programs during the period were driven primarily by continued trendless price
movements in global currencies, equity indices, and bonds. Spanning the
two-month period from February 1 to March 31, 2005, the S&P 500 Composite Price
Index, the U.S. Dollar Trade Weighted Index, and the J.P. Morgan Global
Government Bond Index price movement has been choppy, with price trends not
being sustained for much more than a few weeks. Our trend-following programs
generally exhibited positive performance in the energy, metals, and short-term
fixed income markets, offsetting a portion of the losses recorded during the
month. While recent performance has been adversely affected by sharp trend
reversals and general short-term choppy price patterns across a number of
markets, we remain confident that the discipline to adhere to our successful
systematic strategies will continue to serve us and our clients well over the
long-term. Of course, we are actively conducting research to ensure that we
continue to learn from the experiences that the markets provide us.

Critical Accounting Policies and Estimates

     The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires the
Managing Owner to adopt accounting policies and make estimates and assumptions
that affect amounts reported in the Trust's financial statements. The Trust's
critical accounting policies and related estimates and judgments underlying the
financial statements are as identified below.

     Investment Transactions and Valuation--The Trust records investment
transactions on trade date and all investments are recorded at fair value in its
financial statements, with changes in fair value reported as a component of
Trading Profits (Losses) in the Statements of Operations. Generally, fair values
are based on quoted market prices; however, in certain circumstances,
significant judgments and estimates may be required in determining fair value in
the absence of an active market closing price.

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

     Each Series allocates funds to a subsidiary Trading Company, or Trading
Companies, of the Trust. Each Trading Company allocates all of its daily trading
profits or losses to the Series in proportion to each Series' funds allocated to
the Trading Company, adjusted on a daily basis. As of March 31, 2005, 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.

     Interest Income--Interest income from all sources, including assets held at
clearing brokers and cash and cash equivalents held at banks, is aggregated and
allocated across all Series in proportion to their daily Net Asset Value.

                                       20

<PAGE>

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

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 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 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 are 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 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.

Risk Factors

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

                                       21

<PAGE>

     You should carefully consider the risks and uncertainties provided in the
Prospectus under the section captioned "Risk Factors," and such section is
incorporated herein by reference in its entirety from the Prospectus. You should
also carefully consider all of the other information included in this report
before you decide whether to purchase any Units. Any of the risks and
uncertainties set forth in the section of the Prospectus captioned "Risk
Factors" could materially adversely affect the Trust, its trading activities,
operating results, financial condition and Net Asset Value and therefore could
negatively impact the value of your investment. You should not invest in the
Units unless you can afford to lose all of your investment.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

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

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

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

                                       22

<PAGE>

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 the
each Series' exposure to open positions (as held by the Trading Companies) by
market sector as of March 31, 2005. All open position trading risk exposures of
the Series have been included in calculating the figures set forth below.

                                       23

<PAGE>

Balanced Series:

                                        % OF TOTAL
MARKET SECTOR         VALUE AT RISK   CAPITALIZATION
-------------         -------------   ---------------
Interest Rates         $ 3,230,957          5.1%
Currencies             $ 3,244,035          5.2%
Stock Indices          $ 2,029,559          3.2%
Metals                 $   967,890          1.5%
Agriculturals/Softs    $   577,468          0.9%
Energy                 $ 1,361,616          2.2%
Total:                 $11,411,526         18.2%

Beach Series:

                                        % OF TOTAL
MARKET SECTOR         VALUE AT RISK   CAPITALIZATION
-------------         -------------   ---------------
Interest Rates           $ 31,166           2.6%
Currencies               $102,749           8.6%
Stock Indices            $ 37,791           3.2%
Metals                   $ 39,453           3.3%
Agriculturals/Softs      $ 18,632           1.6%
Energy                   $ 32,499           2.7%
Total:                   $262,290          22.1%

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<PAGE>

C-View Currency Series:

                                        % OF TOTAL
MARKET SECTOR         VALUE AT RISK   CAPITALIZATION
-------------         -------------   --------------
Interest Rates           $     0              0%
Currencies               $73,850           15.8%
Stock Indices            $     0              0%
Metals                   $     0              0%
Agriculturals/Softs      $     0              0%
Energy                   $     0              0%
Total:                   $73,850           15.8%

Dunn Series:

                                        % OF TOTAL
MARKET SECTOR         VALUE AT RISK   CAPITALIZATION
-------------         -------------   --------------
Interest Rates           $268,161          12.9%
Currencies               $ 23,408           1.1%
Stock Indices            $ 46,605           2.2%
Metals                   $      0             0%
Agriculturals/Softs      $      0             0%
Energy                   $ 67,879           3.3%
Total:                   $406,052          19.5%

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<PAGE>

Graham Series:

                                        % OF TOTAL
MARKET SECTOR         VALUE AT RISK   CAPITALIZATION
-------------         -------------   --------------
Interest Rates          $  643,033          7.6%
Currencies              $  737,249          8.8%
Stock Indices           $  272,896          3.2%
Metals                  $  108,215          1.3%
Agriculturals/Softs     $   14,783          0.2%
Energy                  $  176,675          2.1%
Total:                  $1,952,852         23.2%

Campbell/Graham Series:

                                        % OF TOTAL
MARKET SECTOR         VALUE AT RISK   CAPITALIZATION
-------------         -------------   --------------
Interest Rates           $135,869           5.8%
Currencies               $179,254           7.7%
Stock Indices            $ 59,665           2.6%
Metals                   $ 16,125           0.7%
Agriculturals/Softs      $  2,017           0.1%
Energy                   $ 35,338           1.5%
Total:                   $428,268          18.4%

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 the 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.

                                       26

<PAGE>

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 United States, or by a person controlled by or supervised by and
acting as an instrumentality of the government of the United States pursuant to
authority granted by Congress of the United States or any certificate of deposit
for any of the foregoing, including U.S. treasury bonds, U.S. treasury bills and
issues of agencies of the United States 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, 2005, 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 United
States 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
the each Trading Company and accordingly the 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. The first two percent (2.0%) of interest income
earned by the Trust on each Series is paid to the Managing Owner per annum. In
addition, if interest rates fall below 0.75%, the Managing Owner is paid the
difference between the Trust's annualized income interest and 0.75%. Interest
income above 2.0% per Series is retained by the Series.

Currencies

     Exchange rate risk is a significant market exposure of each Series of the
Trust in general and the C-View Currency Series in particular. For each Series
of the Trust in general and the C-View 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.

                                       27

<PAGE>

Stock Indices

     For each Series (other than the C-View 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 C-View 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 C-View 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 C-View 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 C-View 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
Commodity Futures Trading Commission. 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.

                                       28

<PAGE>

     The Trading Advisor's positions are subject to speculative limits. The
Commodity Futures Trading Commission 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 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 involves some
discretionary aspects in addition to their technical factors, certain of the
Trading Advisors may occasionally use discretion in investing the assets of a
Series. For example, the Trading Advisors often use discretion in selecting
contracts and markets to be followed. In exercising such discretion, such
Trading Advisor may take positions opposite to those recommended by the Trading
Advisor's trading system or signals. Discretionary decision making may also
result in a Trading Advisor 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.

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 Financial
Officer, the Trust evaluated the effectiveness of the design and operation of
our disclosure controls and procedures (as defined in Rule 13(a)-15(e) under the
Securities Exchange Act of 1934) as of March 31, 2005 (the "Evaluation Date").
Any control system, no matter how well designed and operated, can provide only
reasonable (not absolute) assurance that its objectives will be met.
Furthermore, no evaluation of controls can provide absolute assurance that all
control issues and instances of fraud, if any, have been detected. Based upon
our evaluation, the Chief Executive Officer and Chief Financial Officer of the
Managing Owner concluded that, as of the

                                       29

<PAGE>

Evaluation Date, our disclosure controls and procedures were effective to
provide reasonable assurance that they are timely alerted to the material
information relating to the Trust required to be included in the Trust's
periodic SEC filings.

Changes in Internal Control Over Financial Reporting

There were no significant changes made in our internal controls during the first
quarter or, to our knowledge, in other factors that could significantly affect
these controls subsequent to the date of their last evaluation.

                                       30

<PAGE>

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

     None

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

     None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

     Not applicable.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

     None

ITEM 5. OTHER INFORMATION.

     None

ITEM 6. EXHIBITS.

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

<TABLE>
<CAPTION>
Exhibit                                                                                      Page
Number    Description                                                                        Number
-------   -----------                                                                        ------
<S>       <C>                                                                                <C>
  1.1     Form of Selling Agent Agreement among the Registrant, Equinox Fund Management,     **
          LLC and the Selling Agents (incorporated by reference to Exhibit 1.1 to the
          Trust's Post-Effective Amendment No. 1 to S-1 Registration Statement, File No.
          333-119596, filed with the Commission on March 11, 2005)
  4.1     Declaration of Trust and Amended and Restated Trust Agreement of the Registrant    **
          (incorporated by reference to Exhibit A to the Trust's Pre-Effective Amendment
          No. 1 to S-1 Registration Statement, File No. 333-119596, filed with the
          Commission on January 7, 2005)
  4.2     Form of Subscription Agreement (incorporated by reference to Exhibit B to the      **
          Trust's Pre-Effective Amendment No. 1 to S-1 Registration Statement, File No.
          333-119596, filed with the Commission on January 7, 2005)
  4.3     Form of Exchange Request (incorporated by reference to Exhibit C to the Trust's    **
          Pre-Effective Amendment No. 1 to S-1 Registration Statement, File No.
          333-119596, filed with the Commission on January 7, 2005)
  4.4     Form of Request for Redemption (incorporated by reference to Exhibit D to the      **
          Trust's Pre-Effective Amendment No. 1 to S-1 Registration Statement, File No.
          333-119596, filed with the Commission on January 7, 2005)
  4.5     Form of Privacy Notice (incorporated by reference to Exhibit E to the Trust's      **
          Pre-Effective Amendment No. 1 to S-1 Registration Statement, File No.
          333-119596, filed with the Commission on January 7, 2005)
 10.1     Form of Escrow Agreement among the Registrant, Equinox Fund Management, LLC and    **
          the U.S. Bank National Association, Denver Colorado (incorporated
</TABLE>

                                       31

<PAGE>

<TABLE>
<S>       <C>                                                                                <C>
          by reference to Exhibit 10.1 to the Trust's Pre-Effective Amendment No. 1 to S-1
          Registration Statement, File No. 333-119596, filed with the Commission on
          January 7, 2005)
 10.2     Form of Brokerage Agreement between each Trading Company and UBS Securities, LLC   **
          (incorporated by reference to Exhibit 10.2 to the Trust's Pre-Effective
          Amendment No. 1 to S-1 Registration Statement, File No. 333-119596, filed with
          the Commission on January 7, 2005)
 10.21    Form of Brokerage Agreement between each Trading Company and Banc of America       **
          Futures Incorporated (incorporated by reference to Exhibit 10.21 to the Trust's
          Pre-Effective Amendment No. 1 to S-1 Registration Statement, File No.
          333-119596, filed with the Commission on January 7, 2005)
 10.3     Form of Advisory Agreement among the Registrant, the Trading Company, Equinox      **
          Fund Management, LLC, and each Trading Advisor (incorporated by reference to
          Exhibit 10.3 to the Trust's Pre-Effective Amendment No. 1 to S-1 Registration
          Statement, File No. 333-119596, filed with the Commission on January 7, 2005)
 31.1     Certification of Chief Executive Officer pursuant to Section 302 of the
          Sarbanes-Oxley Act of 2002                                                         *
 31.2     Certification of Chief Financial Officer pursuant to Section 302 of the
          Sarbanes-Oxley Act of 2002                                                         *
 32.1     Certification of Chief Executive Officer pursuant to Section 906 of the
          Sarbanes-Oxley Act of 2002                                                         *
 32.2     Certification of Chief Financial Officer pursuant to Section 906 of the
          Sarbanes-Oxley Act of 2002                                                         *
</TABLE>

*    Filed herewith.
**   Incorporated by reference.

                                       32

<PAGE>

                                   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.

Date: May 16, 2005                      The Frontier Fund
                                        ----------------------------------------
                                        (Registrant)

                                        Date: May 16, 2005


                                        By: /s/ Richard E. Bornhoft
                                            ------------------------------------
                                        Richard E. Bornhoft
                                        President and Chief Executive Officer of
                                        Equinox Fund Management, LLC, the
                                        Managing Owner of The Frontier Fund

                                       33