Filed Pursuant to Rule 424(b)(3)

Registration No. 333-155800

December 2010 Performance Update

The Frontier Fund Supplement Dated December 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.

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

The Frontier Fund Class 1 New	December 31, 2010	December 31, 2010	NAV / Unit
	MTD	YTD
Frontier Diversified Series-1	2.65%	7.00%		$103.58
Frontier Dynamic Series-1	1.06%	0.56%		$91.94
Frontier Long/Short Commodity Series-1a	6.12%	16.22%		$117.96
Frontier Masters Series-1	2.57%	9.00%		$102.96

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 December 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

December 31, 2010

(Unaudited)

							Current Period
INCOME
Realized trading gain/(loss)							$	6,985,268.15
Unrealized trading gain/(loss)								(3,763,461.84	)
Less: commissions								(102,826.86	)
Less: FCM fees								(174,390.97	)
Foreign currency gain/(loss)								23,727.07
Interest income								109,612.10
Total Income								3,077,927.65
EXPENSES
Management fees								78,552.55
Incentive fees								538,532.01
Broker service fees								147,830.08
Total Expenses								764,914.64
Net Income (Loss)							$	2,313,013.01
STATEMENT OF CHANGES IN NET ASSET VALUE
	Units			Dollars			$’s per unit
Net Asset Value, end of prior month		852,395.44926		$	86,006,434.89			100.90
Current month additions		22,148.63347			2,251,449.72
Current month redemptions		(5,419.34698	)		(548,766.66	)
Net Income (loss) for current month					2,313,013.01
Net Asset Value, end of current month		869,124.73575		$	90,022,130.96			103.58
		Monthly rate of return						2.65	%

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

1775 Sherman Street, Suite 2500

Denver, Colorado 80203

On Behalf of the Frontier Fund - Diversified Series 1

THE FRONTIER FUND DYNAMIC SERIES - 1

STATEMENT OF INCOME (LOSS)

FOR THE MONTH ENDED

December 31, 2010

(Unaudited)

							Current Period
INCOME
Realized trading gain/(loss)							$	—
Unrealized trading gain/(loss)								16,185.27
Less: commissions								—
Less: FCM fees								(2,490.04	)
Foreign currency gain/(loss)								—
Interest income								1,568.62
Total Income								15,263.85
EXPENSES
Management fees								—
Incentive fees								—
Broker service fees								2,109.99
Total Expenses								2,109.99
Net Income (Loss)							$	13,153.86
STATEMENT OF CHANGES IN NET ASSET VALUE
	Units			Dollars			$’s per unit
Net Asset Value, end of prior month		13,347.31252		$	1,214,180.37			90.97
Current month additions		275.13577			25,000.00
Current month redemptions		(360.77122	)		(33,112.23	)
Net Income (loss) for current month					13,153.86
Net Asset Value, end of current month		13,261.67707		$	1,219,222.00			91.94
		Monthly rate of return						1.06	%

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

1775 Sherman Street, Suite 2500

Denver, Colorado 80203

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

December 31, 2010

(Unaudited)

							Current Period
INCOME
Realized trading gain/(loss)							$	656,861.89
Unrealized trading gain/(loss)								(211,901.94	)
Less: commissions								(4,619.63	)
Less: FCM fees								(10,731.00	)
Foreign currency gain/(loss)								52.84
Interest income								5,638.25
Total Income								435,300.41
EXPENSES
Management fees								13,840.01
Incentive fees								84,516.97
Broker service fees								9,158.20
Total Expenses								107,515.18
Net Income (Loss)							$	327,785.23
STATEMENT OF CHANGES IN NET ASSET VALUE
	Units			Dollars			$’s per unit
Net Asset Value, end of prior month		45,780.71264		$	5,088,815.32			111.16
Current month additions		3,474.45460			391,562.04
Current month redemptions		(1,337.93814	)		(155,853.10	)
Net Income (loss) for current month					327,785.23
Net Asset Value, end of current month		47,917.22910		$	5,652,309.49			117.96
		Monthly rate of return						6.12	%

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

1775 Sherman Street, Suite 2500

Denver, Colorado 80203

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

December 31, 2010

(Unaudited)

							Current Period
INCOME
Realized trading gain/(loss)							$	1,208,532.44
Unrealized trading gain/(loss)								139,304.63
Less: commissions								(6,927.96	)
Less: FCM fees								(81,381.12	)
Foreign currency gain/(loss)								6,457.11
Interest income								29,172.40
Total Income								1,295,157.50
EXPENSES
Management fees								66,989.21
Incentive fees								133,454.66
Broker service fees								69,004.37
Total Expenses								269,448.24
Net Income (Loss)							$	1,025,709.26
STATEMENT OF CHANGES IN NET ASSET VALUE
	Units			Dollars			$’s per unit
Net Asset Value, end of prior month		395,776.04561		$	39,730,514.72			100.39
Current month additions		11,170.60284			1,138,704.50
Current month redemptions		(6,677.37981	)		(681,253.75	)
Net Income (loss) for current month					1,025,709.26
Net Asset Value, end of current month		400,269.26864		$	41,213,674.73			102.96
		Monthly rate of return						2.57	%

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

1775 Sherman Street, Suite 2500

Denver, Colorado 80203

On Behalf of the Frontier Fund - Masters Series 1