##### Table of Contents

 

 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

 

**
 
**

**FORM 10-Q**

 

**
 
**

 

**For the Period Ended June 30, 2010**

**OR**

 

**Commission File Number 000-51274**

 

**
 
**

**THE FRONTIERFUND**

**FRONTIER DIVERSIFIED SERIES; FRONTIER DYNAMIC SERIES; FRONTIER LONG/SHORT**

**COMMODITY SERIES; FRONTIER MASTERS SERIES**

**BALANCED SERIES; CAMPBELL/GRAHAM/TIVERTON SERIES; CURRENCY SERIES; LONG**

**ONLY COMMODITY SERIES; MANAGED FUTURES INDEX SERIES; WINTON SERIES;**

**WINTON/GRAHAM SERIES**

**(Exact Name of Registrant as specified in its Charter)**

 

**
 
**

 

**c/o Equinox Fund Management, LLC**

**1660 Lincoln Street, Suite 100**

**Denver, Colorado 80264**

**(Address of Principal Executive Offices)**

**(303) 837-0600**

**(Registrant’s Telephone Number)**

 

**
 
**

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

**Securities registered pursuant to Section 12(g) ofthe Act:**

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

**Frontier Dynamic Series Class 1, Class 2 and Class 3 Units;**

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

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

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

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

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

**Long Only Commodity Series Class 1, Class 2 and Class 3 Units;**

**Managed Futures Index Series Class 1, Class 2 and Class 3 Units**

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

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

 

**
 
**

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct 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 90days.    Yes  x    No   ̈

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

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

 

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

 

 

 

Table of Contents
**TABLE OF CONTENTS**

 

**PART I – FINANCIAL INFORMATION**

Item 1.
  Financial Statements    Statements of Financial Condition as of June 30, 2010 (Unaudited) and December 31, 2009  4  Condensed Schedule of Investments as of June 30, 2010 (Unaudited) and December 31, 2009  8  Statements of Operations for the Three and Six Months Ended June 30, 2010 and 2009 (Unaudited)  20  Statements of Changes in Owners’ Capital for the Six Months Ended June 30, 2010 (Unaudited)  28  Notes to Financial Statements (Unaudited)  34
Item 2.
  Management’s Discussion and Analysis of Financial Condition and Results of Operations  64
Item 3.
  Quantitative and Qualitative Disclosures About Market Risk  93
Item 4.
  Controls and Procedures  101
**PART II – OTHER INFORMATION**

Item 1.
  Legal Proceedings  101
Item 1A.
  Risk Factors  101
Item 2.
  Unregistered Sales of Equity Securities and Use of Proceeds  101
Item 3.
  Defaults Upon Senior Securities  101
Item 4.
  Other Information  101
Item 5.
  Exhibits  102
**SIGNATURES**
  103
 

2 

Table of Contents
**Special Note About Forward-Looking Statements**

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

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

UNLESS EXPRESSLY STATED OTHERWISE, ALL INFORMATION IN THIS REPORT IS ASOF JUNE 30, 2010, AND THE MANAGING OWNER UNDERTAKES NO OBLIGATION TO UPDATE THIS INFORMATION. 

 

3 

Table of Contents
**The Frontier Fund**

**PART I. FINANCIAL INFORMATION**

 
**ITEM 1.****Financial Statements**
**The Frontier Fund**

**Statements of Financial Condition**

**June 30, 2010 and December 31, 2009**

 
               **Frontier Long/Short**    **Frontier Diversified Series (1)**  **Frontier Dynamic Series (1)**  **Commodity Series (2)**    **6/30/2010**  **12/31/2009**  **6/30/2010**  **12/31/2009**  **6/30/2010**  **12/31/2009**    (Unaudited)     (Unaudited)     (Unaudited)    **ASSETS**            
Cash and cash equivalents
  $10,965,645  $9,509,091  $1,785,889  $2,262,363  $4,564,575  $5,387,525  
U.S. Treasury securities, at fair value
   14,248,354   7,765,643   2,685,869   2,739,153   7,100,345   6,554,990  
Custom time deposits
   78,611,520   38,386,489   14,818,568   13,539,957   39,174,275   32,402,086  
Receivable from futures commission merchants
   —     —     —     —     —     23,781,708  
Open trade equity
   —     —     —     —     —     —    
Swap contracts
   8,152,729   8,550,639   9,824,241   10,027,253   —     —    
Investments in unconsolidated trading companies
   9,524,789   3,966,809   —     —     14,097,700   1,357,682  
Prepaid service fees - Class 1
   534,923   424,337   3,625   180   37,722   60,881  
Interest receivable
   191,518   107,790   36,102   38,020   95,439   90,985  
Receivable from related parties
   402,859   279,820   59   30   —     —    
Other assets
   223   —     151   —     933   —                             
**Total Assets**
  **$****122,632,560**  **$****68,990,618**  **$****29,154,504**  **$****28,606,956**  **$****65,070,989**  **$****69,635,857****  **                         **LIABILITIES & CAPITAL**            
**LIABILITIES**
            
Inter-series payables
  $—    $10,962,073  $27,416,459  $27,676,116  $—    $—    
Open trade deficit
   —     —     —     —     —     518,490  
Pending owner additions
   1,517,510   1,461,241   —     —     18,500   —    
Owner redemptions payable
   129,200   —     —     —     76,957   212  
Incentive fees payable to Managing Owner
   777,814   132,434   —     —     571,816   278,267  
Management fees payable to Managing Owner
   48,649   28,225   —     —     188,043   144,346  
Interest payable to Managing Owner
   33,050   12,179   6,904   4,048   19,779   9,939  
Trading fees payable to Managing Owner
   153,114   73,768   40,574   28,591   29,070   15,480  
Trailing service fees payable to Managing Owner
   1,455   607   30   —     78,238   63,507  
Payables to related parties
   2,830   —     —     —     935   35,524  
Other liabilities
   341   3,972   —     1,284   —     2,961                           
Total Liabilities
   2,663,963   12,674,499   27,463,967   27,710,039   983,338   1,068,726                           
**CAPITAL**
            
Managing Owner Units - Class 1
   26,816   26,621   24,692   25,142   —     —    
Managing Owner Units - Class 1a
   —     —     —     —     26,423   27,911  
Managing Owner Units - Class 2
   1,180,936   543,790   25,132   25,370   1,042,214   1,089,327  
Managing Owner Units - Class 2a
   —     —     —     —     26,905   28,183  
Limited Owner Units - Class 1
   69,027,550   32,933,919   1,283,932   581,113   35,521,864   45,759,225  
Limited Owner Units - Class 1a
   —     —     —     —     2,843,181   1,064,105  
Limited Owner Units - Class 2
   49,733,295   22,811,789   356,781   265,292   12,207,159   13,896,776  
Limited Owner Units - Class 2a
   —     —     —     —     1,559,559   848,349  
Limited Owner Units - Class 3
   —     —     —     —     10,860,346   6,140,056                           
**Total Owners’ Capital**
  ** ****119,968,597**  ** ****56,316,119**  ** ****1,690,537**  ** ****896,917**  ** ****64,087,651**  ** ****68,853,932****  **                         
Non-Controlling Interests
   —     —     —     —     —     (286,801)                          
Total Capital
   119,968,597   56,316,119   1,690,537   896,917   64,087,651   68,567,131                           
**Total Liabilities and Capital**
  **$****122,632,560**  **$****68,990,618**  **$****29,154,504**  **$****28,606,956**  **$****65,070,989**  **$****69,635,857****  **                         
**Units Outstanding**
            
**Class 1**
   708,160   340,489   14,574   6,631   331,214   402,206  
**Class 1a**
   N/A   N/A   N/A   N/A   29,866   10,759  
**Class 2**
   512,502   238,874   4,179   3,151   108,620   117,544  
**Class 2a**
   N/A   N/A   N/A   N/A   16,216   8,553  
**Class 3**
   N/A   N/A   N/A   N/A   89,038   48,162  
**Net Asset Value per Unit**
            
**Class 1**
  **$****97.51**  **$****96.80**  **$****89.79**  **$****91.43**  **$****107.25**  **$****113.77****  **
**Class 1a**
  ** ****N/A**  ** ****N/A**  ** ****N/A**  ** ****N/A**  **$****96.08**  **$****101.49****  **
**Class 2**
  **$****99.34**  **$****97.77**  **$****91.39**  **$****92.25**  **$****121.98**  **$****127.49****  **
**Class 2a**
  ** ****N/A**  ** ****N/A**  ** ****N/A**  ** ****N/A**  **$****97.84**  **$****102.48****  **
**Class 3**
  ** ****N/A**  ** ****N/A**  ** ****N/A**  ** ****N/A**  **$****121.97**  **$****127.49****  **
 
(1)The Frontier Diversified Series and Frontier Dynamic Series began trading operations on June 9, 2009 (2)The Frontier Long/Short Commodity Class 3 Units began trading operations on May 29, 2009 and the Class 1a and 2a Units began trading on June 8, 2009.
The accompanying notes are an integral part of these financial statements. 

 

4 

Table of Contents
**The Frontier Fund**

**Statements of Financial Condition**

**June 30, 2010 and December 31, 2009**

 
   **Frontier Masters Series (1)**  **Balanced Series (2)**  **Campbell/Graham/Tiverton Series**   **6/30/2010**  **12/31/2009**  **6/30/2010**  **12/31/2009**  **6/30/2010**  **12/31/2009**   (Unaudited)     (Unaudited)     (Unaudited)   **ASSETS**           
Cash and cash equivalents
  $5,880,424  $5,976,679  $18,129,584  $24,729,568  $3,613,894   $5,851,963
U.S. Treasury securities, at fair value
   7,291,393   3,383,444   26,285,348   31,833,998   5,895,267    7,367,693
Custom time deposits
   40,228,326   16,724,760   145,022,444   157,359,203   32,525,573    36,419,374
Receivable from futures commission merchants
   —     —     68,751,245   71,161,299   9,856,890    —  
Open trade equity
   —     —     11,534,627   10,933,646   61,527    —  
Swap contracts
   16,303,178   15,972,156   42,316,383   41,020,535   —      —  
Investments in unconsolidated trading companies
   1,823,592   1,282,798   20,377,079   303,102   15,945,360    30,057,520
Inter-series receivables
   —     —     58,376,445   69,089,082   —      —  
Prepaid service fees - Class 1
   235,862   167,524   —     487,875   —      65,009
Interest receivable
   98,007   46,963   353,313   441,867   79,241    102,266
Receivable from related parties
   32,346   179,715   —     296,789   286    200
Other assets
   114   —     20,330   —     494    —                          
**Total Assets**
  **$****71,893,242**  **$****43,734,039**  **$****391,166,798**  **$****407,656,964**  **$****67,978,532****  ** **$****79,864,025**                        **LIABILITIES & CAPITAL**           
**LIABILITIES**
           
Inter-series payables
  $18,186,485  $18,184,135  $—    $—    $—     $—  
Pending owner additions
   1,120,300   2,182,469   —     —     —      —  
Owner redemptions payable
   —     —     262,198   667,616   5,791    —  
Incentive fees payable to Managing Owner
   54,614   —     3,495,684   1,306,596   —      —  
Management fees payable to Managing Owner
   24,878   29,929   41,083   208,736   134,938    94,011
Interest payable to Managing Owner
   17,140   6,094   122,211   74,715   70,426    58,113
Trading fees payable to Managing Owner
   127,909   40,976   21,236   103,317   19,469    17,084
Trailing service fees payable to Managing Owner
   2,179   1,313   272,440   85,599   111,946    86,041
Payables to related parties
   —     —     60,332   270,000   168,632    245,936
Other liabilities
   73   1,936   756   5,689   146    480                        
Total Liabilities
   19,533,578   20,446,852   4,275,940   2,722,268   511,348    501,665                        
**CAPITAL**
           
Managing Owner Units - Class 1
   25,757   25,977   —     —     —      —  
Managing Owner Units - Class 1a
   —     —     —     —     —      —  
Managing Owner Units - Class 2
   487,156   210,351   2,418,397   3,697,180   122,683    125,510
Managing Owner Units - Class 2a
   —     —     150,044   145,517   —      —  
Limited Owner Units - Class 1
   30,307,403   14,697,353   278,159,303   286,024,307   62,735,686    69,447,366
Limited Owner Units - Class 1a
   —     —     6,016,489   9,150,114   —      —  
Limited Owner Units - Class 2
   21,539,348   8,353,506   72,953,038   73,674,986   8,275,948    9,789,484
Limited Owner Units - Class 2a
   —     —     3,129,365   3,153,049   —      —  
Limited Owner Units - Class 3a
   —     —     3,236,511   1,170,746   —      —                          
**Total Owners’ Capital**
  ** ****52,359,664**  ** ****23,287,187**  ** ****366,063,147**  ** ****377,015,899**  ** ****71,134,317****  ** ** ****79,362,360**                        
Non-Controlling Interests
   —     —     20,827,711   27,918,797   (3,667,133)   —                          
Total Capital
   52,359,664   23,287,187   386,890,858   404,934,696   67,467,184    79,362,360                        
**Total Liabilities and Capital**
  **$****71,893,242**  **$****43,734,039**  **$****391,166,798**  **$****407,656,964**  **$****67,978,532****  ** **$****79,864,025**                        
**Units Outstanding**
           
**Class 1**
   323,863   155,864   2,300,918   2,412,953   622,522    663,631
**Class 1a**
   N/A   N/A   56,139   86,734   N/A    N/A
**Class 2**
   230,920   89,793   523,781   556,577   70,953    81,877
**Class 2a**
   N/A   N/A   27,044   28,048   N/A    N/A
**Class 3a**
   N/A   N/A   26,689   9,955   N/A    N/A
**Net Asset Value per Unit**
           
**Class 1**
  **$****93.66**  **$****94.46**  **$****120.89**  **$****118.54**  **$****100.78****  ** **$****104.65**
**Class 1a**
  ** ****N/A**  ** ****N/A**  **$****107.17**  **$****105.50**  ** ****N/A****  ** ** ****N/A**
**Class 2**
  **$****95.39**  **$****95.37**  **$****143.90**  **$****139.01**  **$****118.37****  ** **$****121.10**
**Class 2a**
  ** ****N/A**  ** ****N/A**  **$****121.26**  **$****117.60**  ** ****N/A****  ** ** ****N/A**
**Class 3a**
  ** ****N/A**  ** ****N/A**  **$****121.27**  **$****117.60**  ** ****N/A****  ** ** ****N/A**
 
(1)The Frontier Masters Series began trading operations on June 9, 2009 (2)The Balanced Series Class 3a Units began trading operations on June 3, 2009 
The accompanying notes are an integral part of these financial statements. 

 

5 

Table of Contents
**The Frontier Fund**

**Statements of Financial Condition**

**June 30, 2010 and December 31, 2009**

 
         **Long Only**  **Managed Futures**   **Currency Series**  **Commodity Series**  **Index Series**   **6/30/2010**  **12/31/2009**  **6/30/2010**  **12/31/2009**  **6/30/2010**  **12/31/2009**   (Unaudited)     (Unaudited)     (Unaudited)   **ASSETS**            
Cash and cash equivalents
  $1,355,527  $2,043,698  $324,286  $691,771  $125,568  $332,007
U.S. Treasury securities, at fair value
   1,945,684   2,514,501   470,713   571,339   18,090   417,851
Custom time deposits
   10,734,796   12,429,474   2,597,033   2,824,195   99,807   2,065,485
Receivable from futures commission merchants
   1,032,783   489,483   —     —     —     —  
Open trade equity
   33,555   19,464   —     —     —     —  
Swap Contracts
   5,546,078   4,992,959   417,228   584,391   —     —  
Investments in unconsolidated trading companies
   —     —     —     —     5,469,759   975,271
Prepaid service fees - Class 1
   —     2,852   —     1,065   —     3,342
Interest receivable
   26,153   34,902   6,327   7,930   243   5,800
Receivable from related parties
   —     —     —     —     —     98
Other assets
   1,414   —     61   —     76   —                          
**Total Assets**
  **$****20,675,990**  **$****22,527,333**  **$****3,815,648**  **$****4,680,691**  **$****5,713,543**  **$****3,799,854**                        **LIABILITIES & CAPITAL**            
**LIABILITIES**
            
Inter-series payables
  $12,773,501  $12,266,758  $—    $—    $—    $—  
Owner redemptions payable
   3,857   —     —     —     —     —  
Management fees payable to Managing Owner
   9,672   8,537   3,988   4,891   10,256   7,105
Interest payable to Managing Owner
   16,881   14,271   1,688   1,913   87   1,405
Trading fees payable to Managing Owner
   5,941   5,570   1,540   1,904   2,297   1,636
Trailing service fees payable to Managing Owner
   12,230   13,629   4,904   5,301   2,809   2,083
Payables to related parties
   70,424   10,004   80,003   152   —     14,235
Other liabilities
   1,399   436   72   205   —     181                        
Total Liabilities
   12,893,905   12,319,205   92,195   14,366   15,449   26,645                        
**CAPITAL**
            
Managing Owner Units - Class 2
   2,782   574,384   40,516   133,513   2,292,416   259,205
Limited Owner Units - Class 1
   6,990,880   7,934,382   3,002,832   3,711,581   1,728,493   1,831,435
Limited Owner Units - Class 2
   788,423   1,699,362   680,105   821,231   1,677,185   1,682,569                        
**Total Owners’ Capital**
  ** ****7,782,085**  ** ****10,208,128**  ** ****3,723,453**  ** ****4,666,325**  ** ****5,698,094**  ** ****3,773,209**                        
Non-Controlling Interests
   —     —     —     —     —     —                          
Total Capital
   7,782,085   10,208,128   3,723,453   4,666,325   5,698,094   3,773,209                        
**Total Liabilities and Capital**
  **$****20,675,990**  **$****22,527,333**  **$****3,815,648**  **$****4,680,691**  **$****5,713,543**  **$****3,799,854**                        
**Units Outstanding**
            
**Class 1**
   87,360   101,722   39,928   44,405   15,029   16,274
**Class 2**
   8,319   24,894   8,783   10,574   31,712   16,011
**Net Asset Value per Unit**
            
**Class 1**
  **$****80.02**  **$****78.00**  **$****75.21**  **$****83.59**  **$****115.01**  **$****112.54**
**Class 2**
  **$****95.11**  **$****91.34**  **$****82.05**  **$****90.30**  **$****125.18**  **$****121.28**
The accompanying notes are anintegral part of these financial statements. 

 

6 

Table of Contents
**The Frontier Fund**

**Statements of Financial Condition**

**June 30, 2010 and December 31, 2009**

 
   **Winton Series**  **Winton/Graham Series**   **6/30/2010**  **12/31/2009**  **6/30/2010**  **12/31/2009**   (Unaudited)     (Unaudited)   **ASSETS**        
Cash and cash equivalents
  $4,661,748  $5,299,857  $4,214,764  $6,159,468
U.S. Treasury securities, at fair value
   7,165,414   7,125,185   6,864,153   7,598,224
Custom time deposits
   39,533,274   35,220,629   37,871,142   37,558,918
Receivable from futures commission merchants
   —     —     12,576,596   13,010,250
Open trade equity
   —     —     —     810,189
Investments in unconsolidated trading companies
   8,994,438   11,033,691   3,929,146   2,889,071
Prepaid service fees - Class 1
   —     —     —     105,448
Interest receivable
   96,313   98,900   92,264   105,466
Receivable from related parties
   —     —     —     470
Other assets
   466   —     501   —                  
**Total Assets**
  **$****60,451,653**  **$****58,778,262**  **$****65,548,566**  **$****68,237,504**                **LIABILITIES & CAPITAL**        
**LIABILITIES**
        
Open trade deficit
  $—    $—    $421,957  $—  
Owner redemptions payable
   33,420   —     —     —  
Management fees payable to Managing Owner
   91,699   63,259   111,346   79,384
Interest payable to Managing Owner
   69,050   51,341   65,717   54,167
Trading fees payable to Managing Owner
   16,687   13,271   16,163   12,080
Trailing service fees payable
   92,296   74,866   84,102   52,712
Payables to related parties
   56,357   172,556   419   3,800
Other liabilities
   235   790   —     903                
Total Liabilities
   359,744   376,083   699,704   203,046                
**CAPITAL**
        
Managing Owner Units - Class 1
   —     —       —  
Managing Owner Units - Class 2
   213,570   455,282   56,137   54,990
Limited Owner Units - Class 1
   49,323,862   48,198,317   45,625,722   48,168,395
Limited Owner Units - Class 2
   10,554,477   9,748,580   11,978,105   12,467,488                
**Total Owners’ Capital**
  ** ****60,091,909**  ** ****58,402,179**  ** ****57,659,964**  ** ****60,690,873**                
Non-Controlling Interests
   —     —     7,188,898   7,343,585                
Total Capital
   60,091,909   58,402,179   64,848,862   68,034,458                
**Total Liabilities and Capital**
  **$****60,451,653**  **$****58,778,262**  **$****65,548,566**  **$****68,237,504**                
**Units Outstanding**
        
**Class 1**
   388,757   409,951   412,163   437,653
**Class 2**
   75,563   78,429   91,816   97,534
**Net Asset Value per Unit**
        
**Class 1**
  **$****126.88**  **$****117.57**  **$****110.70**  **$****110.06**
**Class 2**
  **$****142.50**  **$****130.10**  **$****131.07**  **$****128.39**
The accompanying notes are anintegral part of these financial statements. 

 

7 

Table of Contents
**The Frontier Fund**

**Condensed Schedule of Investments**

**June 30, 2010 (Unaudited)**

 
  **Frontier Diversified Series**  **Frontier Dynamic Series**  **Frontier Long/Short**