N-Q 1 franknq052006.htm Converted by FileMerlin

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: March 31, 2006


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

Schedule of Investments

March 31, 2006 (Unaudited)

   

 Shares

 

 Value

   

 COMMON STOCKS  -  90.21%

 
   

 Accident & Health Insurance -  2.57%

 

     422

Conseco, Inc. *

 $   10,474

   

 Blank Checks -  1.30%

 

     980

Rand Acquistion Corp. *

   5,292

   

 Cable and Other Pay Television Services -  2.70%

 

     387

Liberty Global International, Inc. *

   7,922

     157

Liberty Global International, Inc. Series C *

   3,101

  

 11,023

 Electronic Components & Accessories -  2.00%

 

     862

Kemet Corp. *

   8,163

   

 Electronic Connectors -  3.16%

 

     480

Tyco International Ltd.

 12,902

   

 Fire, Marine & Casualty Insurance -  12.28%

 

     190

Arch Capital Group Ltd. *

 10,971

      13

Berkshire Hathaway, Inc. Class B *

 39,156

  

 50,127

 Household Furniture -  2.69%

 

     776

Tempur-pedic Interantional, Inc.*

 10,980

   

 Machine Tools, Metal Cutting Types -  1.93%

 

     500

Thermadyne Holdings Corp. *

   7,875

   

 Miscellaneous Business Credit Institution -  1.45%

 

     222

PHH Corp. *

   5,927

   

 Motor Vehicle Parts & Accessories -  2.24%

 

     472

Superior Industries International, Inc.

   9,138

   

 Motorcyles, Bicycles & Parts -  3.00%

 

     236

Harley Davidson, Inc.

 12,244

   

 Optical Instruments & Lenses -  6.25%

 

  9,083

Meade Instruments Corp. *

 25,523

   

 Patent Owners and Lessors -  0.59%

 

     141

4 Kids Entertainment, Inc. *

   2,424

   

 Photographic Equipment & Supplies -  0.69%

 

  2,520

Concord Camera Corp. *

   2,797

   

 Real Estate -  1.57%

 

     183

MI Developments, Inc. (Canada)

   6,388

   

 Real Estate Investment Trusts  -  4.56%

 

     312

American Home Mortgage Investment Corp.

   9,738

     698

Highland Hospitality Corp.

   8,872

  

 18,609

 Retail-Apparel & Accessory Stores -  2.38%

 

     670

Hot Topic, Inc. *

   9,715

   

 Retail-Catalog & Mail-Order Houses -  5.41%

 

     312

Alloy, Inc. *

   4,185

     205

CDW Corp.

 12,064

     624

dELiAs, Inc.*

   5,828

  

 22,077

 Retail-Eating & Drinking Places -  2.55%

 

  1,260

Champps Entertainment, Inc. *

 10,395

   

 Retail-Variety Stores -  2.97%

 

     895

99 Cents Only Stores *

 12,136

   

 Services-Business Services, NEC -  1.72%

 

     205

Viad Corp.

   7,027

   

 Services-Engineering Services, NEC -  2.45%

 

     174

Washington Group International, Inc. *

   9,986

   

 Security, Brokers Dealers and Flotation Companies  -  2.03%

 

     359

Waddell & Reed Financial, Inc.

   8,293

   

 Semiconductors and Related Devices -  6.26%

 

     449

Freescale Semiconductor, Inc. *

 12,487

     671

Intel Corp.

 13,058

  

 25,544

 Services-Business Services, NEC -  1.73%

 

     886

Espeed, Inc. *

   7,061

   

 Services - Computer Proccessing & Data Preparation - 3.54%

 

     517

Infospace, Inc.*

 14,450

   

 Services- Educational Services - 2.67%

 

     289

Career Education Corp.*

 10,904

   

 Telephone Communications (No Radiotelephone) -  1.57%

 

     578

IDT Corp. *

   6,398

   

 Transportation Services -  3.41%

 

     686

Expedia, Inc. *

 13,905

   

 Wholesale-Motor Vehicles & Motor Vehicle Parts & Supplies -  2.56%

 

     390

Adesa, Inc.

 10,429

   
   

 TOTAL FOR COMMON STOCKS (Cost $332,412) - 90.21%

 $ 368,205

   

 SHORT TERM INVESTMENTS -  6.98%

 

28,467

First American Treasury Obligations Fund Class Y 4.24%** (Cost $28,467)

 $   28,467

   

TOTAL INVESTMENTS - 97.19%

 $ 396,672

          (Identified Cost  $360,879)

 
   

OTHER ASSETS LESS LIABILITIES, NET - 2.81%

 11,489

   

NET ASSETS  - 100.00%

 $ 408,161

   

 *Non-income producing securities during the period

 

 ** Variable rate security; The coupon rate shown represents the rate at March 31, 2006

 
   

NOTES TO FINANCIAL STATEMENTS

 

The Frank Value Fund

 

1. SECURITY TRANSACTIONS

 

At March 31, 2006, the net unrealized appreciation on investments, based on cost for federal

 

 income tax purposes of $360,879 amounted to $35,794 which consisted of aggregate gross

 

 unrealized appreciation of  $50,282 and aggregate gross unrealized depreciation of $14,488.

 



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: May 30, 2006


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 May 30, 2006


By /s/Brian J. Frank

Brian J. Frank

Treasurer


Date May 30, 2006