N-Q 1 franknq200805.htm UNITED STATES

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, 2008


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, 2008 (Unaudited)

 

    

Shares

  

Value

    

COMMON STOCKS - 95.44%

 
    

Air Transportation, Scheduled - 1.30%

 

1,339

 

Pinnacle Airlines Corp. *

$         11,689

    

Cable & Other Pay Television Services - 3.30%

 

714

 

Liberty Global, Inc. - Class A *

24,333

168

 

Liberty Global, Inc. - Series C *

            5,457

   

29,790

Communications Equipment - 2.92%

 

2,088

 

Lojack Corp. *

26,392

    

Concrete, Gypsum & Plaster Products - 4.18%

 

1,024

 

USG Corp. *

37,704

    

Crude Petroleum & Natural Gas - 3.81%

 

2,851

 

Harvest Natural Resources, Inc. *

34,383

    

Electric Services - 2.66%

 

660

 

Mirant Corp. *

24,017

    

Electronic Computers - 3.70%

 

1,678

 

Dell, Inc. *

33,426

    

Federal & Federally-Sponsored Credit Agencies - 3.17%

 

1,128

 

Federal Home Loan Mortgage Corp.

28,561

    

Finance Services - 8.33%

 

1,055

 

American Express Co.

46,125

1,650

 

Broadridge Financial Solutions, Inc.

          29,040

   

75,165

Household Furniture - 1.70%

 

1,394

 

Tempur-Pedic International, Inc.

15,334

    

Miscellaneous Furniture & Fixtures - 2.17%

 

1,694

 

Knoll, Inc.

19,549

    

Motorcycles, Bicycles & Parts - 2.41%

 

581

 

Harley Davidson, Inc.

21,788

    

Personal Credit Institutions - 1.35%

 

1,634

 

First Marblehead Corp. *

12,190

    

Pharmaceutical Preparations - 6.28%

 

973

 

NBTY, Inc. *

29,141

3,370

 

Prestige Brands Holdings, Inc. *

          27,567

   

56,708

Retail-Drug Store and Proprietary Stores - 2.57%

 

2,088

 

Petmed Express, Inc. *

23,156

    

Retail-Eating Places - 2.13%

 

1,374

 

Nathans Famous, Inc. *

19,236

    

Retail-Home Furniture, Furnishings & Equipment Stores - 3.19%

 

977

 

Bed Bath & Beyond, Inc. *

28,821

    

Retail-Miscellaneous Shopping Goods Stores - 2.95%

 

1,205

 

Staples, Inc.

26,642

    

Retail-Radio, TV & Consumer Electronics Stores - 2.43%

 

528

 

Best Buy Co., Inc.

21,891

    

Retail-Variety Stores - 3.93%

 

674

 

Wal-Mart Stores, Inc.

35,506

    

Services-Advertising Agencies - 2.81%

 

1,470

 

Valueclick, Inc. *

25,357

    

Services-Business Services - 6.92%

 

3,000

 

FTD Group, Inc.

40,260

1,044

 

Western Union Co.

          22,206

   

62,466

Services-Computer Processing & Data Preparation - 3.49%

 

3,131

 

Hireright, Inc. *

31,467

    

Services-Computer Programming - 2.51%

 

1,085

 

Computer Programs & Systems, Inc.

22,677

    

Services - Consumer Credit Reporting - 2.81%

 

728

 

Moody's, Inc.

25,356

    

Services-Help Supply Services - 2.86%

 

1,918

 

Trueblue, Inc. *

25,778

    

Services- Mailing, Reproduction - 2.50%

 

1,522

 

American Reprographics Co. *

22,586

    

Telegraph & Other Message Communications - 2.81%

 

1,134

 

J2 Global Communications, Inc. *

25,311

    

Water Transportation - 4.24%

 

7,119

 

Rand Logistics, Inc. *

          38,300

    

TOTAL FOR COMMON STOCKS (Cost $974,894) - 95.44%

$       861,246

    

WARRANTS - 0.30%

  

8,069

 

Rand Logistics, Inc. *

$          2,663

    

TOTAL FOR WARRANTS (Cost $15,833) - 0.30%

$          2,663

    

SHORT TERM INVESTMENTS - 4.25%

 

38,367

 

First American Treasury Obligations Fund Class Y 1.74% ** (Cost $38,367)

          38,367

    

TOTAL INVESTMENTS (Cost $1,029,094) - 99.99%

$       902,276

    

OTHER ASSETS LESS LIABILITIES - 0.01%

57

    

NET ASSETS - 100.00%

 

$       902,333

    

* Non-income producing securities during the period.

 

** Variable rate security; the coupon rate shown represents the yield at March 31, 2008.

 
    

NOTES TO FINANCIAL STATEMENTS

 

Frank Value Fund

  

1. SECURITY TRANSACTIONS

 

At March 31, 2008, the net unrealized depreciation on investments, based on cost for federal income

 

tax purposes of $1,029,094 amounted to $126,818, which consisted of aggregate gross unrealized appreciation of

 $47,972 and aggregate gross unrealized depreciation of $174,790.

 










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 22, 2008


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 22, 2008


By /s/Brian J. Frank

Brian J. Frank

Treasurer


Date May 22, 2008