N-Q 1 franknq1104.htm Frank Value Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549



FORM N-Q


QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

 MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number: 811-21532


Frank Funds

(Exact Name of Registrant as Specified in Charter)


6 Stacy Court, Parsippany, NJ  07054

(Address of Principal Executive Offices)  (Zip Code)


Alfred C. Frank, Frank Capital Partners LLC

6 Stacy Court, Parsippany, NJ  07054

(Name and Address of Agent for Service)


With copy to:

JoAnn M. Strasser, Thompson Hine LLP

312 Walnut Street, 14th Floor, Cincinnati, Ohio  45202


Registrant’s Telephone Number, including Area Code:  973-887-7698


Date of fiscal year end: June 30


Date of reporting period: September 30, 2004


Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5).  The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number.  Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, and 450 Fifth Street, NW, Washington, DC 20549-0609.  The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.


ITEM 1. SCHEDULE OF INVESTMENTS.

 

Frank Value Fund

 
 

Portfolio of Investments

 
 

 September 30, 2004 (Unaudited)

 
   

COMMON STOCKS

 

Shares

 

Value

Accident & Health Insurance- 3.51%

 

351

Conseco, Inc.*

6,199

   

Cable & Other Pay Television Services- 2.97%

 

157

Liberty Media International*

5,238

   

Communications Equipment, NEC- 3.14%

 

344

Utstarcom*

5,542

   

Computer Communications Equipment- 2.59%

 

601

Adaptec, Inc.*

4,568

   

Electrical Work- 2.83%

 

824

Quanta Services*

4,985

   

Electronic Components & Accessories- 4.94%

 

304

AVX Corporation

3,602

632

Kemet Coporation*

5,113

  

8,715

Fire, Marine & Casualty Insurance- 3.00%

 

136

Arch Capital Group*

5,296

   

Household Furniture- 2.40%

 

279

La-Z-Boy Chair Company

4,235

   

Instruments For Measuring & Testing- 3.11%

 

761

Credence Systems*

5,479

   

Motor Vehicle Parts & Accessories- 2.38%

 

140

Superior Industries International, Inc.

4,193

   

Patent Owners & Lessors- 1.61%

 

141

4 Kids Entertainment*

2,848

   

Personal Credit Institutions- 8.10%

 

1,765

Falcon Financial

14,279

   

Photographic Equipment & Supplies- 2.66%

 

2,520

Concord Camera Corporation*

4,687

   

Real Estate- 2.63%

 

183

MI Developments

4,630

   

Real Estate Investment Trusts- 6.02%

 

95

American Home Mortgage Investment Corporation

2,665

698

Highland Hospitality

7,957

  

10,612

Retail-Catalog & Mail-Order Houses- 2.68%

 

1,249

Alloy, Inc.*

4,734

   

Retail-Radio, TV & Consumer Electronics- 3.30%

 

379

Circuit City Stores, Inc.

5,814

   

Retail-Eating & Drinking Places- 2.59%

 

515

Champps Entertainment, Inc.*

4,573

   

Retail-Variety Stores- 2.72%

 

337

99 Cents Only Stores*

4,796

   

Security Brokers, Dealers & Flotation Companies- 2.43%

 

851

Instinet Group, Inc.

4,281

   

Semiconductors & Related Devices- 2.95%

 

364

Freescale Semiconductor*

5,205

   

Services-Business Services, NEC 2.82%

 

506

eSpeed, Inc.*

4,974

   

Services-Computer Processing & Data Preparation- 2.45%

 

336

Verity, Inc.*

4,328

   

Services-Engineering Services- 3.42%

 

174

Washington Group*

6,024

   

Services-Home Health Care Services- 1.43%

 

252

National Home Health Care Corporation

2,520

   

Services-Prepackaged Software- 2.04%

 

2,292

Atari, Inc.*

3,598

   

Services-Video Tape Rental- 1.96%

 

350

Hollywood Entertainment Corporation*

3,455

   

Telephone & Telegraph Apparatus- 2.92%

 

560

Tellabs, Inc.*

5,146

   

Telephone Communications (No Radio Telephone)- 2.39%

 

280

IDT Corporation*

4,208

   

Wholesale-Motor Vehicles & Motor Vehicle Parts & Supplies- 2.79%

 

299

Adesa, Inc.

4,913

   
   

TOTAL COMMON STOCKS (Cost $160,543)- 90.76%

$160,074

   

Money Market Funds or Cash & Cash Reserves

 

28,347

First American Treasury Obligations Fund Class A .92% **

$28,347

   

TOTAL INVESTMENTS- 106.83%

$188,421

   

LIABILITIES IN EXCESS OF OTHER ASSETS- (6.83)%

(12,050)

   

NET ASSETS- 100.00%

$176,371

   

*  Non-income producing securities.

 

** Variable Rate Security at September 30, 2004

 
   
   

NOTES TO FINANCIAL STATEMENTS

 

Frank Value Fund

 
   
 

1. SECURITY TRANSACTIONS

 
   
 

At September 30, 2004, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $188,890 amounted to $469, which consisted of aggregate gross unrealized appreciation of $5,467 and aggregate gross unrealized depreciation of $5,936.



ITEM 2. CONTROLS AND PROCEDURES.


(a)

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES. The Registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Registrant's filings under the Securities Exchange Act of 1934 and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant's management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant's management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Quarterly Schedule of Portfolio Holdings on Form N-Q, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant's management, including the Registrant's principal executive officer and the Registrant's principal financial officer, of the effectiveness of the design and operation of the Registrant's disclosure controls and procedures. Based on such evaluation, the Registrant's principal executive officer and principal financial officer concluded that the Registrant's disclosure controls and procedures are effective.

(b)

CHANGES IN INTERNAL CONTROLS. There have been no significant changes in the Registrant's internal controls or in other factors that could significantly affect the internal controls subsequent to the date of their evaluation in connection with the preparation of this Quarterly Schedule of Portfolio Holdings on Form N-Q.


ITEM 3. EXHIBITS.


Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.


SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



Frank Funds


By /s/Alfred C. Frank, President

     Alfred C. Frank

     President


Date: November 24, 2004


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By /s/Alfred C. Frank, President

      Alfred C. Frank

      President


Date November 24, 2004


By /s/Brian J. Frank

      Brian J. Frank

      Treasurer


Date November 24, 2004