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

July 2011 Performance Update

The Frontier Fund Supplement Dated July 31, 2011 to Prospectus Dated April 30, 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.

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

The Frontier Fund Class 1 New	July 31, 2011	July 31, 2011	NAV /Unit
	MTD	YTD
Frontier Diversified Series-1	-0.83%	-2.69%		$100.79
Frontier Dynamic Series-1	-2.43%	-4.23%		$88.05
Frontier Long/Short Commodity Series-1a	5.37%	11.44%		$131.46
Frontier Masters Series-1	3.78%	-0.20%		$102.76

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 July 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

July 31, 2011

(Unaudited)

							Current Period
INCOME
Realized trading gain/(loss)							$	(2,423,660.22	)
Unrealized trading gain/(loss)								2,403,416.60
Less: commissions								(80,002.77	)
Less: FCM fees								(141,777.41	)
Foreign currency gain/(loss)								17,872.07
Interest income								111,061.30
Total Income								(113,090.43	)
EXPENSES
Management fees								90,987.22
Incentive fees								296,663.47
Broker service fees								120,203.53
Total Expenses								507,854.22
Net Income (Loss)							$	(620,944.65	)
STATEMENT OF CHANGES IN NET ASSET VALUE
	Units			Dollars			$’s per unit
Net Asset Value, end of prior month		744,014.62564		$	75,613,175.43			101.63
Current month additions		22,265.03869			2,245,752.56
Current month redemptions		(12,470.96268	)		(1,261,532.44	)
Net Income (loss) for current month					(620,944.65	)
Net Asset Value, end of current month		753,808.70165		$	75,976,450.90			100.79
		Monthly rate of return						-0.83	%

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

July 31, 2011

(Unaudited)

							Current Period
INCOME
Realized trading gain/(loss)							$	—
Unrealized trading gain/(loss)								(27,593.36	)
Less: commissions								—
Less: FCM fees								(1,139.05	)
Foreign currency gain/(loss)								—
Interest income								791.28
Total Income								(27,941.13	)
EXPENSES
Management fees								—
Incentive fees								—
Broker service fees								965.16
Total Expenses								965.16
Net Income (Loss)							$	(28,906.29	)
STATEMENT OF CHANGES IN NET ASSET VALUE
	Units			Dollars			$’s per unit
Net Asset Value, end of prior month		13,182.72668		$	1,189,639.22			90.24
Current month additions		102.18864			9,000.00
Current month redemptions		(13,284.91532	)		(1,169,732.93	)
Net Income (loss) for current month					(28,906.29	)
Net Asset Value, end of current month		—		$	0.00			0.00

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

July 31, 2011

(Unaudited)

							Current Period
INCOME
Realized trading gain/(loss)							$	271,121.58
Unrealized trading gain/(loss)								719,599.48
Less: commissions								(6,388.00	)
Less: FCM fees								(27,695.34	)
Foreign currency gain/(loss)								160.16
Interest income								25,885.63
Total Income								982,683.51
EXPENSES
Management fees								42,079.02
Incentive fees								145,857.66
Broker service fees								23,608.99
Total Expenses								211,545.67
Net Income (Loss)							$	771,137.84
STATEMENT OF CHANGES IN NET ASSET VALUE
	Units			Dollars			$’s per unit
Net Asset Value, end of prior month		111,154.95002		$	13,868,151.70			124.76
Current month additions		12,199.88487			1,574,875.45
Current month redemptions		(987.60254	)		(127,865.54	)
Net Income (loss) for current month					771,137.84
Net Asset Value, end of current month		122,367.23235		$	16,086,299.45			131.46
		Monthly rate of return						5.37	%

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

July 31, 2011

(Unaudited)

							Current Period
INCOME
Realized trading gain/(loss)							$	(173,436.35	)
Unrealized trading gain/(loss)								1,823,024.56
Less: commissions								(16,411.80	)
Less: FCM fees								(66,173.71	)
Foreign currency gain/(loss)								(1,995.06	)
Interest income								55,017.51
Total Income								1,620,025.15
EXPENSES
Management fees								70,624.00
Incentive fees								181,384.17
Broker service fees								56,120.92
Total Expenses								308,129.09
Net Income (Loss)							$	1,311,896.06
STATEMENT OF CHANGES IN NET ASSET VALUE
	Units			Dollars			$’s per unit
Net Asset Value, end of prior month		350,637.88828		$	34,716,306.59			99.01
Current month additions		4,074.75345			412,529.05
Current month redemptions		(5,355.18450	)		(542,239.03	)
Net Income (loss) for current month					1,311,896.06
Net Asset Value, end of current month		349,357.45723		$	35,898,492.67			102.76
		Monthly rate of return						3.78	%

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