N-Q 1 franknq.htm N-Q 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)


312 East 22nd Street, #2B, New York, NY  10010

 (Address of Principal Executive Offices)  (Zip Code)


Brian J. 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, 2012


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, 2012 (Unaudited)

 
       

Shares

    

Value

 
       

COMMON STOCKS - 85.14%

    
       

Apparel & Other Finished Prods of Fabrics & Similar Material - 2.53%

    

12,169

 

Cato Corp. Class-A

  

$       336,351

 
       

Communications Services, NEC - 2.75%

    

9,833

 

Neustar, Inc. Class-A *

  

366,279

 
       

Computer Communications Equipment - 3.01%

    

18,962

 

Cisco Systems, Inc.

  

401,046

 
       

Electronic Computers - 4.51%

    

36,118

 

Dell, Inc. *

  

599,378

 
       

Finance Services - 3.77%

    

8,671

 

American Express Co.

  

501,704

 
       

Fire, Marine & Casualty Insurance - 4.81%

    

7,888

 

Berkshire Hathaway, Inc. Class-B *

  

640,111

 
       

Hospital & Medical Service Plans - 2.48%

    

3,569

 

Humana, Inc.

  

330,061

 
       

Pharmaceutical Preparations - 5.16%

    

30,290

 

Pfizer, Inc.

  

685,917

 
       

Retail-Apparel & Accessory Stores - 5.91%

    

9,493

 

DSW, Inc. Class-A

  

519,932

 
       

Retail-Radio, TV & Consumer Electronics Stores - 1.40%

    

7,876

 

Best Buy Co., Inc.

  

186,504

 
       

Semiconductors & Related Devices - 2.65%

    

12,528

 

Intel Corp.

  

352,225

 
       

Services-Advertising Agencies - 3.00%

    

20,243

 

Valueclick, Inc. *

  

399,597

 
       

Services-Business Services - 12.59%

    

8,186

 

eBay, Inc. *

  

302,063

 

1,152

 

MasterCard, Inc. Class-A

  

484,462

 

3,930

 

Visa, Inc. Class-A

  

463,740

 

24,106

 

Western Union Co.

  

         424,266

 
     

1,674,531

 

Services-Computer Programming, Date Processing, Etc. - 6.24%

    

1,294

 

Google, Inc. *

  

829,765

 
       

Services-Consumer Credit Reporting - 3.69%

    

5,796

 

Dun & Bradstreet Corp.

  

491,095

 
       

Services-Educational Services - 0.77%

    

12,784

 

Career Education Corp. *

  

103,039

 
       

Services-Engineering, Accounting, Research, Management - 2.36%

    

23,759

 

SAIC, Inc. *

  

313,619

 
       

Services-Management Services - 2.54%

    

9,824

 

Mantech International Corp.

  

338,535

 
       

Services-Personal Services - 2.66%

    

21,473

 

H&R Block, Inc.

  

353,660

 
       

Services-Prepackaged Software - 10.07%

    

9,644

 

BMC Software, Inc. *

  

387,303

 

10,861

 

CA, Inc.

  

299,329

 

20,253

 

Microsoft Corp.

  

         653,261

 
     

1,339,893

 

Telegraph & Other Message Communications - 2.74%

    

12,704

 

J2 Global Communications, Inc.

  

364,351

 
       

Telephone Communications (No Radio Telephone) - 1.50%

    

90,318

 

Vonage Holdings Corp. *

  

         199,603

 
       

TOTAL FOR COMMON STOCKS (Cost $9,240,349) - 85.14%

  

$   11,327,196

 
       

FOREIGN CURRENCY - 0.01%

    
       

578

 

European Euro

  

$             771

 

21,765

 

Japanese Yen

  

               263

 
       

TOTAL FOR FOREIGN CURRENCY (Cost $1,052) - 0.01%

  

$           1,034

 
       

FUTURES OPTIONS - 0.03%

    
       

Shares Subject

 

Underlying Security

    

to Put

 

Expiration Date/Exercise Price

    
       
  

European Bund

    

125,000

 

May 2012 Put @ 127.50

  

$           1,667

 
       
  

Japanese Yen 10Y

    

6,000,000

 

June 2012 Fut @ 135.50

  

            2,173

 
       

TOTAL FOR FUTURES OPTIONS (Cost $8,350) - 0.03%

  

$          3,840

 
       

SHORT TERM INVESTMENTS - 14.74%

    

1,960,739

 

Fidelity Institutional Money Market Portfolio

  

      1,960,739

 
  

    0.26% ** (Cost $1,960,739)

    
       

TOTAL INVESTMENTS (Cost $11,210,490) - 99.92%

  

$   13,292,809

 
       

OTHER ASSETS LESS LIABILITIES- 0.08%

  

          11,152

 
       

NET ASSETS - 100.00%

  

$   13,303,961

 
       

* Non-income producing securities during the period.

    

** Variable rate security; the coupon rate shown represents the yield at March 31, 2012.

 
       

NOTES TO FINANCIAL STATEMENTS

    

Frank Value Fund

    

1. SECURITY TRANSACTIONS

    

At March 31, 2012, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $11,210,490 amounted to $2,082,319 which consisted of aggregate gross unrealized appreciation of $2,365,544 and aggregate gross unrealized depreciation of $283,225.

       

2. SECURITY VALUATION

    

Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the adviser believes such prices accurately reflect the fair market value of such securities.  Securities that are      
traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price.  Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price.  When market quotations are not readily available, when the adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the adviser, in conformity with guidelines adopted by and subject to review by the Board of Trustees.

       

Fixed income securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the adviser believes such prices accurately reflect the fair market value of such securities.  A pricing service utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices.  If the adviser decides that a price provided by the pricing service does not accurately reflect the fair market value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the adviser, in conformity with guidelines adopted by and subject to review of the Board of Trustees.  Short term investments in fixed income securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued by using the amortized cost method of valuation, which the Board has determined will represent fair value.

       

In accordance with the Trust’s good faith pricing guidelines, the adviser is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above.  No single standard for determining fair value exists since fair value depends upon the circumstances of each individual case.  As a general principle, the current fair value of an issue of securities being valued by the adviser would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale.  Methods which are in accord with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods.

       

In accordance with FAS 157, fair value is defined as the price that the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency  of  inputs  to  the valuation of an asset or liability.  The three-tier hierarchy of inputs is summarized below:

       

Valuation Inputs of Assets

Level 1

Level 2

Level 3

Total

Common Stock

$    11,327,196

              $0

              $0

$11,327,196

Exchange Traded Funds

              $0

              $0

              $0

              $0

Convertible Bonds

              $0

              $0

              $0

              $0

Foreign Currency

$            1,034

   

Futures Options

$            3,840

   

Cash Equivalents

$1,960,739

              $0

              $0

$1,960,739

Total

  

$    13,292,809

       $0

       $0

$13,287,935

    

 

 

 

Leigh Baldwin Total Return Fund

Schedule of Investments

March 31, 2012 (Unaudited)

       

Shares

     

Value

       

COMMON STOCKS - 73.60%

    
       

Accident & Health Insurance - 4.65%

    

4,000

 

AFLAC, Inc.

   

$          183,960

       

Crude Petroleum & Natural Gas - 4.03%

    

6,000

 

Petroleo Brasileiro S.A. (Brazil)

   

159,360

       

Finance Services - 4.12%

    

2,000

 

Financial Engines, Inc. *

   

44,720

10,000

 

Oneida Financial Corp.

   

99,500

1,000

 

GSV Capital Corp. *

   

              18,700

      

162,920

Footwear (No Rubber) - 0.88%

    

2,000

 

Iconix Brand Group, Inc. *

   

34,760

       

Metal Mining - 8.27%

    

2,000

 

BHP Billiton Ltd. ADR

   

144,800

4,800

 

Freeport McMoran Copper & Gold, Inc.

   

            182,592

      

327,392

Petroleum Refining - 3.31%

    

4,000

 

Suncor Energy, Inc.

   

130,800

       

Pharmaceutical Preparations - 9.20%

    

3,000

 

Johnson & Johnson, Inc.

   

197,880

3,000

 

Novartis AG ADR

   

            166,230

      

364,110

Public Building & Related Furniture - 4.10%

    

5,000

 

Johnson Controls, Inc.

   

162,400

       

Refuse Systems - 5.30%

    

6,000

 

Waste Management, Inc.

   

209,760

       

Retail-Drug Stores & Proprietary Stores - 5.08%

    

6,000

 

Walgreen Co.

   

200,940

       

Retail-Radio TV & Consumer Electronics Stores - 0.63%

    

4,000

 

Radio Shack Corp.

   

24,880

       

Retail-Variety Stores - 4.64%

    

3,000

 

Wal-Mart Stores, Inc.

   

183,600

       

Security Brokers, Dealers & Flotation Companies - 3.63%

    

10,000

 

Schwab Corp.

   

143,700

       

Semiconductors & Related Devices - 2.40%

    

3,000

 

Cree, Inc. *

   

94,890

       

Services-Computer Processing & Data Preparation  - 0.66%

    

2,000

 

Zynga, Inc. Class A *

   

26,300

       

Services-Engineering, Accounting, Research, Management - 2.35%

    

3,000

 

Paychex, Inc.

   

92,970

       

Services-Motion Picture & Video Tape Production - 1.87%

    

4,000

 

Dreamworks Animation SKG, Inc. *

   

73,800

       

Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 5.10%

    

3,000

 

Procter & Gamble Co.

   

201,630

       

Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) - 3.38%

    

7,000

 

ArcelorMittal

   

133,910

       

TOTAL FOR COMMON STOCKS (Cost $3,016,753) - 73.60%

   

$        2,912,082

       

EXCHANGE TRADED FUNDS - 10.21%

    

10,000

 

Aberdeen Asia Pacific Fund

   

$            72,900

2,000

 

Direxion Daily Financial Bear 3X Shares *

   

41,300

2,000

 

Direxion Large Cap Bear 3X Shares *

   

40,320

6,000

 

GAMCO Global Gold, Natural Resources & Income Trust

   

96,960

3,000

 

iPath S&P 500 VIX Short Term Futures *

   

50,342

1,000

 

ProShares Trust VIX Mid-Term Futures *

   

56,740

5,000

 

ProShares UltraPro Short S&P 500 *

   

              45,300

       

TOTAL FOR EXCHANGE TRADED FUNDS (Cost $551,089) - 10.21%

   

$          403,862

       

REAL ESTATE INVESTMENT TRUSTS - 1.60%

    

4,000

 

Annaly Capital Management, Inc.

   

$            63,280

       

TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $65,380) - 1.60%

  

$            63,280

       

CALL OPTIONS *

    
       

Shares Subject

 

Underlying Security

    

to Call

 

Expiration Date/Exercise Price

    
       
  

Proshares Short Dow 30

    

9,000

 

August 2012 Call @ 36.00

   

$              9,450

       
  

Proshares Short Dow 30

    

4,000

 

May 2012 Call @ 36.00

   

                1,600

       
  

TOTAL (Premiums Paid $22,415) - 0.28%

   

$            11,050

       

 PUT OPTIONS *

    
       

Shares Subject

 

Underlying Security

    

to Put

 

Expiration Date/Exercise Price

    
       
  

AFLAC, Inc.

    

4,000

 

January 2013 Put @ 35.00

   

$              6,080

       
  

ArcelorMittal

    

8,000

 

January 2013 Put @ 15.00

   

              10,560

       
  

Cree, Inc.

    

5,000

 

January 2013 Put @ 25.00

   

              16,250

       
  

Freeport McMoran Copper & Gold, Inc.

    

3,000

 

January 2014 Put @ 30.00

   

              13,200

       
  

Johnson Controls, Inc.

    

4,000

 

January 2013 Put @ 23.00

   

                3,800

       
  

Johnson & Johnson

    

2,500

 

January 2013 Put @ 55.00

   

                2,975

       
  

Petroleo Brasileiro S.A.

    

6,000

 

January 2013 Put @ 25.00

   

              14,940

       
  

Procter & Gamble Co.

    

3,000

 

January 2013 Put @ 50.00

   

                2,010

       
  

Schwab Corp.

    

10,000

 

January 2013 Put @ 12.50

   

                8,500

       
  

Suncor Energy, Inc.

    

2,000

 

January 2014 Put @ 25.00

   

                5,960

       
  

Walgreen Co.

    

4,000

 

January 2014 Put @ 25.00

   

                7,200

       
  

Waste Management, Inc.

    

5,000

 

January 2013 Put @ 25.00

   

                2,250

       
  

TOTAL (Premiums Paid $144,690) - 2.37%

   

$            93,725

       

SHORT TERM INVESTMENTS - 14.05%

    

555,889

 

Fidelity Institutional Government Money Market Fund-Class I, 0.01%** (Cost $555,889)

 

            555,889

       

TOTAL INVESTMENTS (Cost $4,356,216) - 102.11%

   

          4,039,888

       

LIABILITIES IN EXCESS OF OTHER ASSETS - (2.11%)

   

           (83,314)

       

NET ASSETS - 100.00%

   

$        3,956,574

       

ADR-American Depositary Receipt

    

* Non-income producing securities during the period.

    

** Variable rate security; the coupon rate shown represents the yield at March 31, 2012.

 
       

Leigh Baldwin Total Return Fund

Schedule of Options Written

March 31, 2012 (Unaudited)

       

CALL OPTIONS WRITTEN *

    
       

Shares Subject

 

Underlying Security

    

to Call

 

Expiration Date/Exercise Price

   

Value

       
  

AFLAC, Inc.

    

4,000

 

 April 2012 Call @ 47.00

   

                2,200

       
  

Annaly Capital Management, Inc.

    

4,000

 

 May 2012 Call @ 16.00

   

                1,000

       
  

ArcelorMittal

    

7,000

 

 April 2012 Call @ 21.00

   

                  910

       
  

iPath S&P 500 VIX Short Term Futures

    

3,000

 

 March 2012 Call @ 17.00

   

                    30

       
  

BHP Billiton ltd. ADR

    

2,000

 

 April  2012 Call @ 75.00

   

                1,700

       
  

Cree, Inc.

    

3,000

 

 March  2012 Call @ 31.00

   

                2,250

       
  

Direxion Daily Financial Bear 3X Shares

    

2,000

 

 March  2012 Call @ 21.00

   

                    20

       
  

Direxion Large Cap Bear 3X Shares

    

2,000

 

 April  2012 Call @ 22.00

   

                  600

       
  

Dreamworks Animation SKG, Inc.

    

4,000

 

 April 2012 Call @ 20.00

   

                  600

       
  

Financial Engines, Inc.

    

2,000

 

 April 2012 Call @ 22.50

   

                1,700

       
  

Freeport McMoran Copper & Gold, Inc.

    

4,800

 

 March 2012 Call @ 39.00

   

                    48

       
  

GSV Capital Corp.

    

1,000

 

 April  2012 Call @ 17.50

   

                2,000

       
  

Iconix Brand Group, Inc.

    

1,000

 

 March  2012 Call @ 20.00

   

                  500

       
  

Iconix Brand Group, Inc.

    

1,000

 

 May 2012 Call @ 17.50

   

                1,000

       
  

Johnson Controls, Inc.

    

5,000

 

 April 2012 Call @ 33.00

   

                3,250

       
  

Johnson & Johnson

    

3,000

 

 April 2012 Call @ 65.00

   

                3,930

       
  

Novartis AG ADR

    

2,000

 

 April 2012 Call @ 55.00

   

                1,900

       
  

Novartis AG ADR

    

1,000

 

 April 2012 Call @ 57.50

   

                    60

       
  

Paychex, Inc.

    

3,000

 

 April 2012 Call @ 32.00

   

                  450

       
  

Petroleo Brasileiro S.A.

    

6,000

 

 April 2012 Call @ 29.00

   

                  600

       
  

Procter & Gamble Co.

    

3,000

 

 March 2012 Call @ 67.50

   

                    30

       
  

ProShares Ultra Short S&P 500

    

5,000

 

 April 2012 Call @ 10.00

   

                  750

       
  

Radio Shack Corp.

    

4,000

 

 April 2012 Call @ 7.00

   

                  280

       
  

Schwab Corp.

    

5,000

 

 April 2012 Call @ 15.00

   

                  750

       
  

Schwab Corp.

    

5,000

 

 April 2012 Call @ 16.00

   

                  250

       
  

Suncor Energy, Inc.

    

4,000

 

 March 2012 Call @ 33.00

   

                    80

       
  

Walgreen Co.

    

6,000

 

 April 2012 Call @ 35.00

   

                1,320

       
  

Wal Mart Stores, Inc.

    

3,000

 

 April 2012 Call @ 60.00

   

                4,290

       
  

Waste Management, Inc.

    

6,000

 

 April 2012 Call @ 35.00

   

                2,700

       
  

Zynga, Inc. Class A

    

6,000

 

 April 2012 Call @ 14.00

   

                  500

       
  

Total (Premiums Received $57,249)

   

$            35,698

       

NOTES TO FINANCIAL STATEMENTS

    

Leigh Baldwin Total Return Fund

    

1. SECURITY TRANSACTIONS

    

At March 31, 2012, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $4,356,216 amounted to $294,790, which consisted of aggregate gross unrealized appreciation of $73,024 and aggregate gross unrealized depreciation of $367,814.

       

2. SECURITY VALUATION

    

Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the adviser believes such prices accurately reflect the fair market value of such securities.  Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price.  Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price.  When market quotations are not readily available, when the adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the adviser, in conformity with guidelines adopted by and subject to review by the Board of Trustees.

       

Fixed income securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the adviser believes such prices accurately reflect the fair market value of such securities.  A pricing service utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices.  If the adviser decides that a price provided by the pricing service does not accurately reflect the fair market value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the adviser, in conformity with guidelines adopted by and subject to review of the Board of Trustees.  Short term investments in fixed income securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued by using the amortized cost method of valuation, which the Board has determined will represent fair value.     

In accordance with FAS 157, fair value is defined as the price that the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency  of  inputs  to  the valuation of an asset or liability.  The three-tier hierarchy of inputs is summarized below:

       

Valuation Inputs of Assets

Level 1

Level 2

Level 3

Total

Common Stock

$      2,912,082

              $0

              $0

$2,912,082

Exchange Traded Funds

$         403,862

              $0

              $0

$403,862

Real Estate Investment Trusts

$           63,280

$0

$0

$63,280

Options Purchased

$         104,775

              $0

              $0

$104,775

Cash Equivalents

$         555,889

              $0

              $0

$555,889

Total

  

$      4,039,888

$0

       $0

$4,039,888

       
       

Valuation Inputs of Liabilities

Level 1

Level 2

Level 3

Total

Options Written

$           35,698

       $0

$0

$35,698

Total

  

$           35,698

       $0

       $0

$35,698




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/Brian J. Frank, President

 Brian J. Frank

 President


Date: May 23, 2012


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/Brian J. Frank, President

Brian J. Frank

President


Date May 23, 2012


By /s/Monique M. Weiss

Monique M. Weiss

Secretary


Date May 23, 2012