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 2 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 2 New	January 31, 2011	January 31, 2011	NAV / Unit
	MTD	YTD
Frontier Diversified Series-2	3.69%	3.69%		$110.38
Frontier Dynamic Series-2	0.74%	0.74%		$95.10
Frontier Long/Short Commodity Series-2a	7.24%	7.24%		$129.95
Frontier Masters Series-2	1.36%	1.36%		$107.24

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 - 2

STATEMENT OF INCOME (LOSS)

FOR THE MONTH ENDED

January 31, 2011

(Unaudited)

							Current Period
INCOME
Realized trading gain/(loss)							$	(384,945.29	)
Unrealized trading gain/(loss)								3,821,486.88
Less: commissions								(79,617.80	)
Less: FCM fees								(143,693.82	)
Foreign currency gain/(loss)								(9,260.62	)
Interest income								88,673.57
Total Income								3,292,642.92
EXPENSES
Management fees								72,492.31
Incentive fees								623,796.98
Broker service fees								15,220.96
Total Expenses								711,510.25
Net Income (Loss)							$	2,581,132.67
STATEMENT OF CHANGES IN NET ASSET VALUE
	Units			Dollars			$’s per unit
Net Asset Value, end of prior month		652,590.30927		$	69,473,841.32			106.46
Current month additions		29,437.28210			3,201,998.49
Current month redemptions		(29,252.91555	)		(3,201,206.47	)
Net Income (loss) for current month					2,581,132.67
Net Asset Value, end of current month		652,774.67582		$	72,055,766.01			110.38
		Monthly rate of return						3.68	%

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 2

THE FRONTIER FUND DYNAMIC SERIES - 2

STATEMENT OF INCOME (LOSS)

FOR THE MONTH ENDED

January 31, 2011

(Unaudited)

							Current Period
INCOME
Realized trading gain/(loss)							$	—
Unrealized trading gain/(loss)								239,228.99
Net change in inter-series payables								(210,056.57	)
Less: commissions								—
Less: FCM fees								(58,019.56	)
Foreign currency gain/(loss)								—
Interest income								38,013.01
Total Income								9,165.87
EXPENSES
Management fees								—
Incentive fees								—
Broker service fees								6,144.81
Total Expenses								6,144.81
Net Income (Loss)							$	3,021.06
STATEMENT OF CHANGES IN NET ASSET VALUE
	Units			Dollars			$’s per unit
Net Asset Value, end of prior month		4,382.37339		$	413,700.26			94.40
Current month additions		—			—
Current month redemptions		(163.02322	)		(15,456.33	)
Net Income (loss) for current month					3,021.06
Net Asset Value, end of current month		4,219.35017		$	401,264.99			95.10
		Monthly rate of return						0.74	%

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 2

THE FRONTIER FUND LONG/SHORT COMMODITY SERIES - 2a

STATEMENT OF INCOME (LOSS)

FOR THE MONTH ENDED

January 31, 2011

(Unaudited)

							Current Period
INCOME
Realized trading gain/(loss)							$	(115,880.10	)
Unrealized trading gain/(loss)								481,522.15
Less: commissions								(3,610.75	)
Less: FCM fees								(8,133.06	)
Foreign currency gain/(loss)								(82.40	)
Interest income								5,267.63
Total Income								359,083.47
EXPENSES
Management fees								10,191.83
Incentive fees								59,169.35
Broker service fee								866.87
Total Expenses								70,228.05
Net Income (Loss)							$	288,855.42
STATEMENT OF CHANGES IN NET ASSET VALUE
	Units			Dollars			$’s per unit
Net Asset Value, end of prior month		31,044.19460		$	3,761,826.06			121.18
Current month additions		2,915.53079			357,837.19
Current month redemptions		(718.33839	)		(88,717.56	)
Net Income (loss) for current month					288,855.42
Net Asset Value, end of current month		33,241.38700		$	4,319,801.11			129.95
		Monthly rate of return						7.24	%

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 2a

THE FRONTIER FUND MASTERS SERIES - 2

STATEMENT OF INCOME (LOSS)

FOR THE MONTH ENDED

January 31, 2011

(Unaudited)

							Current Period
INCOME
Realized trading gain/(loss)							$	5,406.21
Unrealized trading gain/(loss)								461,348.86
Less: commissions								(5,103.51	)
Less: FCM fees								(51,223.41	)
Foreign currency gain/(loss)								826.79
Interest income								19,433.25
Total Income								430,688.19
EXPENSES
Management fees								40,137.71
Incentive fees								38,454.55
Broker Service Fees								5,428.97
Total Expenses								84,021.23
Net Income (Loss)							$	346,666.96
STATEMENT OF CHANGES IN NET ASSET VALUE
	Units			Dollars			$’s per unit
Net Asset Value, end of prior month		236,869.37959		$	25,062,055.14			105.81
Current month additions		13,765.75286			1,468,361.55
Current month redemptions		(1,535.36584	)		(163,303.64	)
Net Income (loss) for current month					346,666.96
Net Asset Value, end of current month		249,099.76661		$	26,713,780.01			107.24
		Monthly rate of return						1.35	%

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 2