N-Q 1 franknq.htm SEC FILING

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, 2007


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, 2007 (Unaudited)

   

 Shares

 

 Value

   

 COMMON STOCKS  -  88.14%

 
   

 Air Transportation, Scheduled -  1.98%

 

                   885

Pinnacle Airlines Corp.*

 $   15,302

   

 Apparel & Other Finished Products of Fabric & Similar Material -  1.56%

 

                   742

True Religion Apparel, Inc.*

      12,050

   

 Cable and Other Pay Television Services -  3.71%

 

                   168

Liberty Global Series C*

        5,148

                   714

Liberty Global, Inc. Class A*

      23,512

  

      28,660

 Concrete, Gypsum & Plaster Products -  3.31%

 

                   547

USG Corp.*

      25,534

   

 Electronic Computers -  4.07%

 

                1,355

Dell Computer Corp.*

      31,450

   

 Electronic Connectors -  3.36%

 

                   823

Tyco International Ltd.

      25,966

   

 Electric Services -  2.66%

 

                   508

Mirant Corp.*

      20,554

   

 Financial Services -  5.79%

 

                   792

American Express Co.

      44,669

   

 Fire, Marine & Casualty Insurance -  13.28%

 

                   275

Arch Capital Group Ltd.*

      18,758

                     23

Berkshire Hathaway, Inc. Class B *

      83,720

  

    102,478

 Household Furniture -  3.68%

 

                1,094

Tempur-Pedic International, Inc.

      28,433

   

 Optical Instruments & Lenses -  3.40%

 

              10,664

Meade Instruments Corp.*

      26,233

   

 Retail-Catalog & Mail Order Houses -  2.56%

 

                   321

CDW Corp.

      19,719

   

 Retail-Variety Stores -  3.43%

 

                   564

Wal-Mart Stores, Inc.

      26,480

   

 Semiconductors & Related Devices -  3.25%

 

                1,313

Intel Corp.

      25,118

   

 Services-Business Services -  6.44%

 

                   352

Viad Corp.

      13,587

                1,644

Western Union Co.

      36,086

  

      49,673

 Services-Computer Processing & Data Preparation -  2.83%

 

                   852

Infospace, Inc.*

      21,871

   

 Services - Computer Programming - 2.47%

 

                   711

Computer Programs & Systems, Inc.

      19,069

   

 Services-Educational Services -  2.90%

 

                   734

Career Education Corp.*

      22,387

   

 Services-Engineering Services -  3.38%

 

                   393

Washington Group International, Inc.*

      26,103

   

 Services-Help Supply Services -  1.94%

 

                   790

Labor Ready, Inc.*

      15,002

   

 Services-Medical Laboratories  2.53%

 

                   392

Quest Diagnostics, Inc.

      19,549

   

 Services-Prepackaged Software  4.89%

 

                1,350

Microsoft Corp.

      37,625

   

 Water Transportation -  4.72%

 

                5,087

Rand Logistics, Inc.*

      36,322

   

 TOTAL FOR COMMON STOCKS (Cost $598,636) - 88.14%

 $ 680,243

   

WARRANTS

  

 Water Transportation -  2.20%

 

                8,069

Rand Logistics, Inc.* (Cost $15,832)

 $   16,945

   

 SHORT TERM INVESTMENTS -  9.71%

 

              74,990

First American Treasury Obligations Fund Class Y 4.89%** (Cost $74,990)

 $   74,990

   

TOTAL INVESTMENTS - (Cost $689,458) - 100.05%

    772,178

   

LIABILITIES IN EXCESS OF OTHER ASSETS - (0.05)%

         (398)

   

NET ASSETS  - 100.00%

 $ 771,780

   

 * Non-Income Producing Securities during the period.

 

 ** Variable rate security; The coupon rate shown represents the rate at March 31, 2007

 
   

 NOTES TO FINANCIAL STATEMENTS

 

Frank Value Fund

 

1. SECURITY TRANSACTIONS

 

At March 31, 2007 the net unrealized appreciation on investments, based on cost for federal income

tax purposes of $689,458 amounted to $82,720, which consisted of aggregate gross unrealized appreciation of

$92,651and aggregate gross unrealized depreciation of $9,931.

   




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 15, 2007


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 15, 2007


By /s/Brian J. Frank

Brian J. Frank

Treasurer


Date May 15, 2007