<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
SIGNATURE JAMES E. CINO
TITLE ADMINISTRATOR
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000880571
<NAME> FRONTIER EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 1545698
<INVESTMENTS-AT-VALUE> 1438525
<RECEIVABLES> 23588
<ASSETS-OTHER> 3373
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1465486
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20679
<TOTAL-LIABILITIES> 20679
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1551980
<SHARES-COMMON-STOCK> 218577
<SHARES-COMMON-PRIOR> 193179
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (107173)
<NET-ASSETS> 1444807
<DIVIDEND-INCOME> 400
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 104575
<NET-INVESTMENT-INCOME> (104175)
<REALIZED-GAINS-CURRENT> 103873
<APPREC-INCREASE-CURRENT> (285024)
<NET-CHANGE-FROM-OPS> (285326)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 43430
<NUMBER-OF-SHARES-REDEEMED> 18032
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (112086)
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 118926
<AVERAGE-NET-ASSETS> 1434851
<PER-SHARE-NAV-BEGIN> 8.06
<PER-SHARE-NII> (.51)
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Shareholders and
Board of Directors of
the Equity Fund Portfolio:
In planning and performing our audit of the financial statements of the
Equity Fund Portfolio (a series of Frontier Funds, Inc.) (the "Fund") for
the period ended September 30, 1996, we considered the Fund's internal
control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the internal
control structure.
The management of the Fund is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that
assets are safeguarded against loss from unauthorized use or disposition,
and that transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that
it may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be
material weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a condition in
which the design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the internal
control structure, including procedures for safeguarding securities, that
we consider to be material weaknesses as defined above as of September 30,
1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
ARTHUR ANDERSEN LLP
Milwaukee, Wisconsin,
November 11, 1996.
