N-Q 1 franknq200611.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: September 30, 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

            September 30, 2006 (Unaudited)

   

 Shares

 

 Value

   

 COMMON STOCKS  -  92.93%

 
   

 Cable and Other Pay Television Services -  3.40%

 

                 608

Liberty Global, Inc. Class A*

 $           15,649

                 157

Liberty Global Inc. Series C*

                3,934

  

              19,583

 Electronic Computers -  4.89%

 

              1,231

Dell, Inc.*

              28,116

   

 Electronic Connectors -  3.47%

 

                 713

Tyco International LTD.

              19,957

   

 Electric Services -  2.41%

 

                 508

Mirant Corp.*

              13,873

   

 Financial Services - 5.02%

 

                 515

American Express Co.

              28,881

   

 Fire, Marine & Casualty Insurance -  12.55%

 

                 238

Arch Capital Group LTD.*

              15,111

                   18

Berkshire Hathaway Class B *

              57,132

  

              72,243

 Household Furniture -  3.03%

 

              1,014

Tempur-Pedic International, Inc.*

              17,410

   

 Machine Tools, Metal Cutting Types -  1.34%

 

                 737

Thermadyne Holdings Corp.*

                7,739

   

 Motor Vehicle Parts & Accessories -  1.80%

 

                 617

Superior Industries International, Inc.

              10,359

   

 Motorcycles, Bicycles & Parts -  3.74%

 

                 343

Harley Davidson, Inc.

              21,523

   

 Optical Instruments & Lenses -  5.99%

 

            15,313

Meade Instruments Corp.*

              34,455

   

 Pharmaceutical Preparations -  1.31%

 

                 995

QLT, Inc.*

                7,562

   

 Real Estate -  1.60%

 

                 252

MI Developments, Inc. Class A

                9,185

   

 Retail - Catalog & Mail Order Houses -  3.22%

 

                 300

CDW Corp.

              18,504

   

 Retail - Variety Stores -  2.54%

 

              1,234

99 Cents Only Stores*

              14,599

   

 Semiconductors & Related Devices -  7.80%

 

                 565

Freescale Semiconductor, Inc.*

              21,498

              1,138

Intel Corp.

              23,409

  

              44,907

 Services - Business Services, NEC -  5.74%

 

                 352

Viad Corp.

              12,464

              1,074

Western Union Co.*

              20,546

  

              33,010

 Services - Computer Processing & Data Preparation  2.36%

 

                 738

Infospace, Inc.*

              13,609

   

 Services - Educational Services  2.49%

 

                 636

Career Education Corp.*

              14,304

   

 Services - Engineering Services  -  3.48%

 

                 340

Washington Group International, Inc.*

              20,013

   

 Services - Prepackaged Software -  5.05%

 

              1,063

Microsoft Corp.

              29,073

   

 Telephone Communications -  2.19%

 

                 872

IDT Corp.*

              12,574

   

 Transportation Services -  2.89%

 

              1,059

Expedia, Inc.*

              16,605

   

 Water Transportation -  2.25%

 

              2,343

Rand Logistics, Inc.*

              12,933

   

 Wholesale - Motor Vehicles & Motor Vehicle Parts & Supplies -  2.39%

 

                 595

Adesa, Inc.

              13,750

   

 TOTAL FOR COMMON STOCKS (Cost $502,761) - 92.93%

 $         534,767

   

 SHORT TERM INVESTMENTS -  7.13%

 

            41,051

First American Treasury Obligations Fund Class Y 4.87%** (Cost $41,051)

 $           41,051

   

TOTAL INVESTMENTS - 100.06% (Cost $543,812)

            575,818

   

LIABILITIES IN EXCESS OF OTHER ASSETS - (0.06)%

                 (364)

   

NET ASSETS  - 100.00%

 $         575,454

   

 * Non-Income producing securities.

 

 ** Variable Rate Security; the coupon rate shown represents the rate at September 30, 2006.

 
   

NOTES TO FINANCIAL STATEMENTS

 

Frank Value Fund

 

1. SECURITY TRANSACTIONS

 

At September 30, 2006, the net unrealized appreciation on investments, based on cost for federal

 income tax purposes of $543,812 amounted to $32,007 which consisted of aggregate gross

 

 unrealized appreciation of  $62,891 and aggregate gross unrealized depreciation of $30,884.

 







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 22, 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 November 22, 2006


By /s/Brian J. Frank

Brian J. Frank

Treasurer


Date November 22, 2006