Filed Pursuant to Rule 424(b)(3)
Registration No. 333-155800

May 2010 Performance Update

The Frontier Fund Supplement Dated May 31, 2010 to Prospectus Dated April 30, 2010

The Frontier Fund Class 1 New

T H E    F RO N T I E R    F U N D ’ S    G O A L : To provide you – the investor – with a managed futures product that, over the long term, provides attractive returns, reduces volatility, and improves the overall performance of your investment portfolio.

May performance for the various Series of The Frontier Fund is detailed below:*

The Frontier Fund Class 1 New	May 31, 2010	May 31, 2010	NAV /Unit
	MTD	YTD
Frontier Diversified Series-1	-0.05%	0.77%	$97.55
Frontier Dynamic Series-1	-1.09%	-1.96%	$89.63
Frontier Long/Short Commodity Series-1a	-4.15%	-2.58%	$98.88
Frontier Masters Series-1	-1.46%	-0.65%	$93.85

Additional information, including monthly rates of return, concerning the aforementioned Series and the Trading Advisor(s) is contained in the Prospectus and the respective Series Appendix to the Prospectus.

* The above table sets forth the actual performance for the Class and Series as of May 31, 2010. Actual gross trading performance (gross realized and unrealized gain/loss before deduction for trading commissions and fees, management fees, any other expense, and before addition of interest income) is adjusted for the trading expenses, management fees, initial service fees, on-going service fees, and interest income of the applicable Series.

THIS INSERT MUST BE ACCOMPANIED OR PRECEDED BY THE CURRENT PROSPECTUS OF THE FRONTIER FUND

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

THE FRONTIER FUND DIVERSIFIED SERIES - 1

STATEMENT OF INCOME (LOSS)

FOR THE MONTH ENDED

May 31, 2010

(Unaudited)

						Current Period
INCOME
Realized trading gain/(loss)						$	(200,334.22	)
Unrealized trading gain/(loss)							593,216.85
Less: commissions							(57,739.87	)
Less: FCM fees							(103,947.40	)
Foreign currency gain/(loss)							(19,654.07	)
Interest income							92,311.63
Total Income							303,852.92
EXPENSES
Management fees							42,609.07
Incentive fees							208,220.90
Broker service fees							91,351.69
Total Expenses							342,181.66
Net Income (Loss)						$	(38,328.74	)
STATEMENT OF CHANGES IN NET ASSET VALUE
	Units		Dollars			$’s per unit
Net Asset Value, end of prior month	594,837.21956		$	58,052,975.04			97.59
Current month additions	32,186.97898			3,148,843.21
Current month redemptions	(442.37479	)		(43,312.96	)
Net Income (loss) for current month				(38,328.74	)
Net Asset Value, end of current month	626,581.82375		$	61,120,176.55			97.55
	Monthly rate of return						-0.05	%

To the best of my knowledge and belief, the information

contained in this statement is accurate and complete

/s/    S. Brent Bales

S. Brent Bales, Chief Accounting Officer of the Managing Owner

Equinox Fund Management LLC

1660 Lincoln Street, Suite 100

Denver, Colorado 80264

On Behalf of the Frontier Fund - Diversified Series 1

THE FRONTIER FUND DYNAMIC SERIES - 1

STATEMENT OF INCOME (LOSS)

FOR THE MONTH ENDED

May 31, 2010

(Unaudited)

					Current Period
INCOME
Realized trading gain/(loss)					$	—
Unrealized trading gain/(loss)						(7,649.84	)
Less: commissions						—
Less: FCM fees						(1,468.75	)
Foreign currency gain/(loss)						—
Interest income						980.76
Total Income						(8,137.83	)
EXPENSES
Management fees						—
Incentive fees						—
Broker service fees						1,243.80
Total Expenses						1,243.80
Net Income (Loss)					$	(9,381.63	)
STATEMENT OF CHANGES IN NET ASSET VALUE
	Units	Dollars			$’s per unit
Net Asset Value, end of prior month	8,645.17121	$	783,418.74			90.62
Current month additions	782.40222		71,000.00
Current month redemptions	—		—
Net Income (loss) for current month			(9,381.63	)
Net Asset Value, end of current month	9,427.57343	$	845,037.11			89.63
	Monthly rate of return					-1.09	%

To the best of my knowledge and belief, the information

contained in this statement is accurate and complete

/s/    S. Brent Bales

S. Brent Bales, Chief Accounting Officer of the Managing Owner

Equinox Fund Management LLC

1660 Lincoln Street, Suite 100

Denver, Colorado 80264

On Behalf of the Frontier Fund - Dynamic Series 1

THE FRONTIER FUND LONG/SHORT COMMODITY SERIES - 1a

STATEMENT OF INCOME (LOSS)

FOR THE MONTH ENDED

May 31, 2010

(Unaudited)

						Current Period
INCOME
Realized trading gain/(loss)						$	(66,772.26	)
Unrealized trading gain/(loss)							(4,966.06	)
Less: commissions							(4,564.17	)
Less: FCM fees							(3,744.18	)
Foreign currency gain/(loss)							29.88
Interest income							3,265.33
Total Income							(76,751.46	)
EXPENSES
Management fees							4,792.86
Incentive fees							3,121.33
Broker service fees							3,198.65
Total Expenses							11,112.84
Net Income (Loss)						$	(87,864.30	)
STATEMENT OF CHANGES IN NET ASSET VALUE
	Units		Dollars			$’s per unit
Net Asset Value, end of prior month	19,642.36896		$	2,026,303.43			103.16
Current month additions	2,696.23697			270,908.42
Current month redemptions	(128.41983	)		(13,292.48	)
Net Income (loss) for current month				(87,864.30	)
Net Asset Value, end of current month	22,210.18610		$	2,196,055.07			98.88
	Monthly rate of return						-4.15	%

To the best of my knowledge and belief, the information

contained in this statement is accurate and complete

/s/    S. Brent Bales

S. Brent Bales, Chief Accounting Officer of the Managing Owner

Equinox Fund Management LLC

1660 Lincoln Street, Suite 100

Denver, Colorado 80264

On Behalf of the Frontier Fund - Long/Short Commodity Series 1a

THE FRONTIER FUND MASTERS SERIES - 1

STATEMENT OF INCOME (LOSS)

FOR THE MONTH ENDED

May 31, 2010

(Unaudited)

						Current Period
INCOME
Realized trading gain/(loss)						$	98,791.70
Unrealized trading gain/(loss)							(386,997.82	)
Less: commissions							(5,533.50	)
Less: FCM fees							(46,504.27	)
Foreign currency gain/(loss)							(1,163.00	)
Interest income							33,433.04
Total Income							(307,973.85	)
EXPENSES
Management fees							30,912.24
Incentive fees							(1,138.65	)
Broker service fees							39,391.55
Total Expenses							69,165.14
Net Income (Loss)						$	(377,138.99	)
STATEMENT OF CHANGES IN NET ASSET VALUE
	Units		Dollars			$’s per unit
Net Asset Value, end of prior month	260,415.27229		$	24,802,499.42			95.24
Current month additions	20,031.60722			1,894,856.45
Current month redemptions	(650.59565	)		(61,354.78	)
Net Income (loss) for current month				(377,138.99	)
Net Asset Value, end of current month	279,796.28386		$	26,258,862.10			93.85
	Monthly rate of return						-1.46	%

To the best of my knowledge and belief, the information

contained in this statement is accurate and complete

/s/    S. Brent Bales

S. Brent Bales, Chief Accounting Officer of the Managing Owner

Equinox Fund Management LLC

1660 Lincoln Street, Suite 100

Denver, Colorado 80264

On Behalf of the Frontier Fund - Masters Series 1