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

January 2011 Performance Update

The Frontier Fund Supplement Dated January 31, 2011 to Prospectus Dated April 30, 2010 and the Supplement to the Prospectus Dated January 28, 2011.

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.

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

The Frontier Fund Class 1 New	January 31, 2011	January 31, 2011	NAV / Unit
	MTD	YTD
Frontier Diversified Series-1	3.53%	3.53%	$107.24
Frontier Dynamic Series-1	0.59%	0.59%	$92.48
Frontier Long/Short Commodity Series-1a	7.08%	7.08%	$126.31
Frontier Masters Series-1	1.20%	1.20%	$104.20

* 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 January 31, 2011. 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

January 31, 2011

(Unaudited)

							Current Period
INCOME
Realized trading gain/(loss)							$	(470,389.75	)
Unrealized trading gain/(loss)								4,901,414.75
Less: commissions								(102,252.00	)
Less: FCM fees								(184,885.43	)
Foreign currency gain/(loss)								(12,307.14	)
Interest income								114,092.23
Total Income								4,245,672.66
EXPENSES
Management fees								93,246.25
Incentive fees								800,073.12
Broker service fees								156,673.93
Total Expenses								1,049,993.30
Net Income (Loss)							$	3,195,679.36
STATEMENT OF CHANGES IN NET ASSET VALUE
	Units			Dollars			$’s per unit
Net Asset Value, end of prior month		869,124.73575		$	90,022,130.95			103.58
Current month additions		29,855.97984			3,165,501.49
Current month redemptions		(9,273.23385	)		(974,495.85	)
Net Income (loss) for current month					3,195,679.36
Net Asset Value, end of current month		889,707.48174		$	95,408,815.95			107.24
		Monthly rate of return						3.53	%

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

January 31, 2011

(Unaudited)

							Current Period
INCOME
Realized trading gain/(loss)							$	—
Unrealized trading gain/(loss)								9,572.36
Less: commissions								—
Less: FCM fees								(2,526.23	)
Foreign currency gain/(loss)								—
Interest income								1,655.34
Total Income								8,701.47
EXPENSES
Management fees								—
Incentive fees								—
Broker service fees								2,140.41
Total Expenses								2,140.41
Net Income (Loss)							$	6,561.06
STATEMENT OF CHANGES IN NET ASSET VALUE
	Units			Dollars			$’s per unit
Net Asset Value, end of prior month		13,261.67707		$	1,219,221.98			91.94
Current month additions		899.89311			83,750.00
Current month redemptions		(637.25486	)		(58,801.30	)
Net Income (loss) for current month					6,561.06
Net Asset Value, end of current month		13,524.31532		$	1,250,731.74			92.48
		Monthly rate of return						0.59	%

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

January 31, 2011

(Unaudited)

							Current Period
INCOME
Realized trading gain/(loss)							$	(178,283.15	)
Unrealized trading gain/(loss)								736,532.95
Less: commissions								(5,539.93	)
Less: FCM fees								(12,455.27	)
Foreign currency gain/(loss)								(125.96	)
Interest income								8,076.82
Total Income								548,205.46
EXPENSES
Management fees								15,603.36
Incentive fees								90,805.47
Broker service fees								10,620.68
Total Expenses								117,029.51
Net Income (Loss)							$	431,175.95
STATEMENT OF CHANGES IN NET ASSET VALUE
	Units			Dollars			$’s per unit
Net Asset Value, end of prior month		47,917.22910		$	5,652,309.48			117.96
Current month additions		6,233.60141			753,769.80
Current month redemptions		(536.50100	)		(64,993.32	)
Net Income (loss) for current month					431,175.95
Net Asset Value, end of current month		53,614.32951		$	6,772,261.91			126.31
		Monthly rate of return						7.08	%

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

January 31, 2011

(Unaudited)

							Current Period
INCOME
Realized trading gain/(loss)							$	7,997.90
Unrealized trading gain/(loss)								746,775.89
Less: commissions								(8,277.67	)
Less: FCM fees								(83,420.93	)
Foreign currency gain/(loss)								1,322.02
Interest income								31,650.03
Total Income								696,047.24
EXPENSES
Management fees								65,344.89
Incentive fees								62,042.20
Broker service fees								70,731.06
Total Expenses								198,118.15
Net Income (Loss)							$	497,929.09
STATEMENT OF CHANGES IN NET ASSET VALUE
	Units			Dollars			$’s per unit
Net Asset Value, end of prior month		400,269.26864		$	41,213,674.74			102.96
Current month additions		9,422.87369			978,693.42
Current month redemptions		(2,819.95256	)		(292,306.13	)
Net Income (loss) for current month					497,929.09
Net Asset Value, end of current month		406,872.18977		$	42,397,991.12			104.20
		Monthly rate of return						1.20	%

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