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

May 2012 Performance Update

The Frontier Fund Supplement Dated May 31, 2012 to Prospectus Dated April 30, 2012.

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, 2012 MTD	May 31, 2012 YTD	NAV /  Unit
Frontier Diversified Series-1	4.31%	2.61%	$	101.99
Frontier Long/Short Commodity Series-1a	-2.95%	-2.93%	$	118.14
Frontier Masters Series-1	7.00%	7.29%	$	107.56

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, 2012. 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, 2012

(Unaudited)

	Current Period
INCOME
Realized trading gain (loss)	$	4,158,781.54
Unrealized trading gain (loss)		(37,003.90	)
Less: Commissions		(99,767.34	)
Less: Trading Fee paid to Managing Owner		(134,375.58	)
Interest income		96,485.71
Total Income		3,984,120.43
EXPENSES
Broker service fees		113,314.34
Incentive fees		919,151.34
Management fees		90,787.35
Total Expenses		1,123,253.03
Net Income (Loss)	$	2,860,867.40

Statement of Changes in Net Asset Value

	Units			Dollars			$’s per unit
Net asset value, beginning of month		690,745.95340		$	67,536,179.14		$	97.77
Current month additions		3,094.05159			302,923.09
Current month redemptions		(14,977.65402	)		(1,463,577.76	)
Net income (loss) for current month					2,860,867.40			4.22
Net asset value, end of current month		678,862.35100		$	69,236,391.87		$	101.99
		Monthly rate of return						4.31	%

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 LONG/SHORT COMMODITY SERIES - 1a

STATEMENT OF INCOME (LOSS)

FOR THE MONTH ENDED

May 31, 2012

(Unaudited)

	Current Period
INCOME
Realized trading gain (loss)	$	33,624.23
Unrealized trading gain (loss)		(490,288.48	)
Less: Commissions		(22,264.49	)
Less: Trading Fee paid to Managing Owner		(39,677.05	)
Interest income		33,650.24
Total Income		(484,955.55	)
EXPENSES
Broker service fees		33,472.69
Incentive fees		15,661.34
Management fees		61,317.58
Total Expenses		110,451.61
Net Income (Loss)	$	(595,407.16	)

Statement of Changes in Net Asset Value

	Units			Dollars			$’s per unit
Net asset value, beginning of month		165,597.54640		$	20,158,228.68		$	121.73
Current month additions		4,356.95174			516,262.12
Current month redemptions		(737.72724	)		(87,414.92	)
Net income (loss) for current month					(595,407.16	)		(3.59	)
Net asset value, end of current month		169,216.77090		$	19,991,668.72		$	118.14
		Monthly rate of return						-2.95	%

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

May 31, 2012

(Unaudited)

	Current Period
INCOME
Realized trading gain (loss)	$	1,067,146.58
Unrealized trading gain (loss)		1,680,596.07
Less: Commissions		(24,169.60	)
Less: Trading Fee paid to Managing Owner		(71,565.36	)
Interest income		58,323.73
Total Income		2,710,331.42
EXPENSES
Broker service fees		60,370.94
Incentive fees		117,123.40
Management fees		79,625.23
Total Expenses		257,119.57
Net Income (Loss)	$	2,453,211.85

Statement of Changes in Net Asset Value

	Units			Dollars			$’s per unit
Net asset value, beginning of month		350,221.26830		$	35,203,207.67		$	100.52
Current month additions		4,280.57834			450,898.92
Current month redemptions		(3,709.02184	)		(376,960.13	)
Net income (loss) for current month					2,453,211.85			7.04
Net asset value, end of current month		350,792.82480		$	37,730,358.31		$	107.56
		Monthly rate of return						7.00	%

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 - MASTERS SERIES - 1

THE FRONTIER FUND FRONTIER DIVERSIFIED SERIES

STATEMENT OF INCOME (LOSS)

FOR THE MONTH ENDED

May 31, 2012

(Unaudited)

Income
Realized trading gain (loss)		7,857,014.13
Unrealized trading gain (loss)		-58,032.36
Less: Commissions		-188,692.46
Less: Trading Fee paid to Managing Owner		-254,415.20
Interest income		182,483.84
Total Income		7,538,357.95
Expenses
Trading fees		0.00
Broker service fees		125,967.57
Incentive fees		1,754,607.83
Management fees		171,704.63
Total Expenses		2,052,280.03
Net Income (Loss)	$	5,486,077.92

Statement of Changes in Net Asset Value

	Units		Dollars		Aggregate Net Asset Value per unit*
Net asset value, beginning of month		1,277,156.92100	$	127,853,396.31	$	100.11
Current month additions		5,455.88995		544,695.03
Current month redemptions		-29,402.48845		-2,956,856.33
Net income (loss) for current month				5,486,077.92		4.36
Net asset value, end of current month		1,253,210.32250	$	130,927,312.93	$	104.47
		Monthly rate of return				4.36	%

* Please see your specific Class Statement of Income (Loss) for your specific unit value.

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 - Frontier Diversified Series

THE FRONTIER FUND FRONTIER LONG/SHORT COMMODITY SERIES

STATEMENT OF INCOME (LOSS)

FOR THE MONTH ENDED

May 31, 2012

(Unaudited)

Income
Realized trading gain (loss)		72,704.35
Unrealized trading gain (loss)		-1,666,196.15
Less: Commissions		-76,858.97
Less: Trading Fee paid to Managing Owner		-87,625.68
Interest income		116,041.49
Total Income		-1,641,934.96
Expenses
Trading fees		0.00
Broker service fees		39,302.23
Incentive fees		49,273.81
Management fees		295,140.48
Total Expenses		383,716.52
Net Income (Loss)	($	2,025,651.48	)

Statement of Changes in Net Asset Value

	Units		Dollars		Aggregate Net Asset Value per unit*
Net asset value, beginning of month		497,273.04631	$	70,378,008.69	$	141.53
Current month additions		8,848.24894		1,114,834.21
Current month redemptions		-9,039.58669		-1,309,107.86
Net income (loss) for current month				-2,025,651.48		-4.41
Net asset value, end of current month		497,081.70847	$	68,158,083.56	$	137.12
		Monthly rate of return				-3.12	%

* Please see your specific Class Statement of Income (Loss) for your specific unit value.

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 - Frontier Long/Short Commodity Series

THE FRONTIER FUND FRONTIER MASTERS SERIES

STATEMENT OF INCOME (LOSS)

FOR THE MONTH ENDED

May 31, 2012

(Unaudited)

Income
Realized trading gain (loss)		1,610,590.56
Unrealized trading gain (loss)		2,538,534.67
Less: Commissions		-36,495.31
Less: Trading Fee paid to Managing Owner		-108,140.81
Interest income		88,069.74
Total Income		4,092,558.85
Expenses
Trading fees		0.00
Broker service fees		64,227.69
Incentive fees		176,061.07
Management fees		120,235.51
Total Expenses		360,524.27
Net Income (Loss)	$	3,732,034.58

Statement of Changes in Net Asset Value

	Units		Dollars		Aggregate Net Asset Value per unit*
Net asset value, beginning of month		521,143.39290	$	53,274,377.67	$	102.23
Current month additions		5,639.00749		595,898.92
Current month redemptions		-6,775.36820		-702,444.56
Net income (loss) for current month				3,732,034.58		7.19
Net asset value, end of current month		520,007.03220	$	56,899,866.61	$	109.42
		Monthly rate of return				7.04	%

* Please see your specific Class Statement of Income (Loss) for your specific unit value.

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 - Frontier Masters Series