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: September 30, 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

 

 

 

September 30, 2007

 

    

Shares

  

Value

    

COMMON STOCKS - 90.00%

 
    

Air Transportation, Scheduled - 1.67%

 

885

 

Pinnacle Airlines Corp. *

$         14,178

    

Cable & Other Pay Television Services - 4.20%

 

714

 

Liberty Global, Inc. - Class A *

29,288

168

 

Liberty Global, Inc. - Series C *

            6,495

   

35,783

Concrete, Gypsum & Plaster Products - 3.21%

 

728

 

USG Corp. *

27,336

    

Crude Petroleum & Natural Gas - 3.50%

 

2,493

 

Harvest Natural Resources, Inc. *

29,767

    

Electric Services - 2.43%

 

508

 

Mirant Corp. *

20,665

    

Electronic Computers - 4.39%

 

1,355

 

Dell, Inc. *

37,398

    

Finance Services - 5.52%

 

792

 

American Express Co.

47,022

    

Fire, Marine & Casualty Insurance - 16.80%

 

275

 

Arch Capital Group Ltd. *

20,463

31

 

Berkshire Hathaway, Inc. - Class B *

         122,512

   

142,975

Miscellaneous Furniture & Fixtures - 2.20%

 

1,054

 

Knoll, Inc.

18,698

    

Motorcycles, Bicycles & Parts - 2.29%

 

422

 

Harley Davidson, Inc.

19,501

    

Personal Credit Institutions - 3.09%

 

694

 

First Marblehead Corp.

26,323

    

Retail-Home Furniture, Furnishings & Equipment Stores - 2.39%

 

595

 

Bed Bath & Beyond, Inc. *

20,302

    

Retail -Miscellaneous Shopping Goods Stores- 2.28%

 

903

 

Staples, Inc.

19,405

    

Retail-Radio, TV & Consumer Electronics - 2.25%

 

417

 

Best Buy Co., Inc.

19,190

    

Retail-Variety Stores - 3.24%

 

632

 

Wal-Mart Stores, Inc.

27,587

    

Services- Advertising Agencies - 2.82%

 

1,067

 

Valueclick, Inc.*

23,965

    

Services-Business Services - 6.64%

 

1,275

 

FTD Group, Inc.

18,972

1,791

 

Western Union Co.*

          37,557

   

56,529

Services-Computer Programming - 2.20%

 

711

 

Computer Programs & Systems, Inc.

18,742

    

Services - Consumer Credit Reporting - 4.31%

 

728

 

Moody's, Inc.

36,691

    

Services-Help Supply Services - 2.06%

 

949

 

Labor Ready, Inc. *

17,566

    

Services- Mailing, Reproduction - 2.47%

 

1121

 

American Reprographics Co.*

20,985

    

Services-Prepackaged Software - 6.79%

 

1,963

 

Microsoft Corp.

57,830

    

Water Transportation - 3.23%

 

5,087

 

Rand Logistics, Inc. *

          27,521

    

TOTAL FOR COMMON STOCKS (Cost $715,567) - 90.00%

$       765,958

    

WARRANTS - 1.15%

 

8,069

 

Rand Logistics, Inc. *

$          9,763

    

TOTAL FOR WARRANTS (Cost $15,833) - 1.15%

$          9,763

    

SHORT TERM INVESTMENTS - 9.28%

 

79,022

 

First American Treasury Obligations Fund Class Y 4.36% ** (Cost $79,022)

          79,022

    

TOTAL INVESTMENTS (Cost $810,422) - 100.43%

$       854,743

    

LIABILITIES IN EXCESS OF OTHER ASSETS - (0.43)%

          (3,656)

    

NET ASSETS - 100.00%

$       851,087

    

* Non-income producing securities during the period.

 

** Variable rate security; the coupon rate shown represents the yield at September 30, 2007.

 
    

NOTES TO FINANCIAL STATEMENTS

 

Frank Value Fund

1. SECURITY TRANSACTIONS

 

At September 30, 2007, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $810,422 amounted to $44,321, which consisted of aggregate gross unrealized appreciation of $85,005 and aggregate gross unrealized depreciation of $40,684.

    
    




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 28, 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 November 28, 2007


By /s/Brian J. Frank

Brian J. Frank

Treasurer


Date November 28, 2007