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)


781 Crandon Blvd. Unit 602, Key Biscayne, FL 33149

 (Address of Principal Executive Offices)  (Zip Code)


Brian J. Frank, Frank Capital Partners LLC

781 Crandon Blvd. Unit 602, Key Biscayne, FL 33149

 (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, 2016


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.




 

 

 

 

 

 

 

 

 

Value Fund

 

 

Schedule of Investments

 

 

March 31, 2016 (Unaudited)

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

Value

 

 

 

 

 

 

 

 

 

COMMON STOCKS - 36.85%

 

 

 

 

 

 

 

 

 

 

 

 

 

Arrangement of Transportation  - 1.58%

 

 

 

 

 

38,188

 

Roadrunner Transportation Systems, Inc. *

 

 

$       475,822

 

 

 

 

 

 

 

 

 

 

Computer Storage Devices - 2.65%

 

 

 

 

 

30,377

 

Teradata Corp.

 

 

797,092

 

 

 

 

 

 

 

 

 

 

Finance Services - 2.33%

 

 

 

 

 

20,426

 

Blackhawk Network Holdings, Inc. Class-A *

 

 

700,612

 

 

 

 

 

 

 

 

 

 

Fire, Marine & Casualty Insurance - 9.77%

 

 

 

 

 

13,061

 

Berkshire Hathaway, Inc. Class-B *

 

 

      1,853,095

 

 

49,883

 

Greenlight Capital Reinsurance, Ltd. Class-A *

 

 

      1,086,951

 

 

 

 

 

 

 

2,940,045

 

 

Gold & Silver Ores - 6.60%

 

 

 

 

 

68,461

 

Barrick Gold Corp.

 

 

929,700

 

 

65,062

 

Goldcorp, Inc.

 

 

1,055,956

 

 

 

 

 

 

 

1,985,657

 

 

Retail-Apparel & Accessory Stores - 2.94%

 

 

 

 

 

46,220

 

Francesca's Holdings Corp. *

 

 

885,575

 

 

 

 

 

 

 

 

 

 

Retail-Food Stores - 1.95%

 

 

 

 

 

18,985

 

Vitamin Shoppe, Inc. *

 

 

587,776

 

 

 

 

 

 

 

 

 

 

Retail-Radio, TV & Consumer Electronics - 2.42%

 

 

 

 

 

6,672

 

Apple, Inc.

 

 

         727,181

 

 

 

 

 

 

 

 

 

 

Services-Computer Integrated Systems Design - 2.20%

 

 

 

 

 

12,411

 

Science Applications International Corp.

 

 

662,003

 

 

 

 

 

 

 

 

 

 

Services-Miscellaneous Business - 0.42%

 

 

 

 

 

74,635

 

Performant Financial Corp. *

 

 

         126,880

 

 

 

 

 

 

 

 

 

 

Services-Prepackaged Software - 4.00%

 

 

 

 

 

21,790

 

Microsoft Corp.

 

 

      1,203,462

 

 

 

 

 

 

 

 

 

 

TOTAL FOR COMMON STOCKS (Cost $9,185,797) - 36.85%

 

 

    11,092,105

 

 

 

 

 

 

 

 

 

Underlying Security

 

 

 

 

   Expiration Date/Exercise Price

 

 

 

 

 

 

 

 

 

 

 

 

PUT OPTIONS - 0.00% *

 

 

 

 

 

Shares Subject

 

 

 

 

 

 

to Put

 

 

 

 

 

 

 

 

 

Japanese Yen Spot Option

 

 

 

 

 

25,000

 

December 2015 Put @ 73.00

 

 

0

 

 

 

 

 

 

 

 

 

 

 

 

Japan 10 Year Bond Future (JBG)

 

 

 

 

 

5,000,000

 

May 2015 Put @ 142.00

 

 

0

 

 

 

 

 

 

 

 

 

 

 

 

Total (Premiums Paid $6,095) - 0.00%

 

 

                   0

 

 

 

 

 

 

 

 

 

SHORT TERM INVESTMENTS - 63.27%

 

 

 

 

 

19,044,030

 

Fidelity Institutional Money Market Portfolio 0.35% (Cost $19,044,030) **

 

    19,044,030

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS (Cost $28,235,921) *** - 100.12%

 

 

30,136,135

 

 

 

 

 

 

 

 

 

LIABILITIES IN EXCESS OF OTHER ASSETS  - (0.12%)

 

 

        (37,597)

 

 

 

 

 

 

 

 

 

NET ASSETS - 100.00%

 

 

$  30,098,538

 

 

 

 

 

 

 

 

 

 

* Non-income producing securities during the period.

 

 

 

 

 

** Variable rate security; the coupon rate shown represents the yield at March 31, 2016.

 

 

 

 

 

*** At March 31, 2016, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $28,235,921 amounted to $1,900,275, which consisted of aggregate gross unrealized appreciation of $2,848,359 and aggregate gross unrealized depreciation of $948,084.

 

 

 

 

 

 

 

 

 

NOTES TO FINANCIAL STATEMENTS

 

 

 

 

Value Fund

 

 

 

 

 

 

1. SECURITY TRANSACTIONS

 

 

 

 

 

At March 31, 2016, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $28,235,921 amounted to $1,900,275, which consisted of aggregate gross unrealized appreciation of $2,848,359 and aggregate gross unrealized depreciation of $948,084.

 

 

 

 

 

 

 

 

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

$11,092,105

              $0

              $0

$11,092,105

Options Purchased

0

0

0

0

Cash Equivalents

19,044,030

0

0

19,044,030

Total

 

 

$30,136,135

$0

       $0

$30,136,135





 

 

 

 

 

 

 

 

 

Baldwin Fund

 

 

Schedule of Investments

 

 

March 31, 2016 (Unaudited)

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

Value

 

 

 

 

 

 

 

 

 

COMMON STOCKS - 90.12%

 

 

 

 

 

 

 

 

 

 

 

 

 

Agricultural Chemicals  - 3.20%

 

 

 

 

 

6,000

 

Potash Corp.

 

 

$       102,120

 

 

 

 

 

 

 

 

 

 

Aircraft - 3.58%

 

 

 

 

 

 

900

 

Boeing Co.

 

 

114,246

 

 

 

 

 

 

 

 

 

 

Biological Products (No Diagnostic Substances) - 9.29%

 

 

 

 

 

1,000

 

Amgen, Inc.

 

 

149,930

 

 

1,600

 

Gilead Sciences, Inc.

 

 

         146,976

 

 

 

 

 

 

 

296,906

 

 

Computer Storage Devices - 3.84%

 

 

 

 

 

4,600

 

EMC Corp.

 

 

         122,590

 

 

 

 

 

 

 

 

 

 

Drawing & Insulating of Nonferrous Wiret - 0.98%

 

 

 

 

 

1,500

 

Corning, Inc.

 

 

31,335

 

 

 

 

 

 

 

 

 

 

Electronic & Other Electrical - 3.98%

 

 

 

 

 

4,000

 

General Electric Co.

 

 

127,160

 

 

 

 

 

 

 

 

 

 

Electronic Computers - 2.05%

 

 

 

 

 

1,600

 

Apple, Inc.

 

 

65,394

 

 

600

 

International Business Machines Corp.

 

 

           90,870

 

 

 

 

 

 

 

156,264

 

 

Farm Machinery & Equipment - 4.82%

 

 

 

 

 

2,000

 

Deere & Co.

 

 

153,980

 

 

 

 

 

 

 

 

 

 

Finance Services - 0.52%

 

 

 

 

 

2,000

 

LendingClub Corp. *

 

 

           16,600

 

 

 

 

 

 

 

 

 

 

Laboratory Analytical Instruments - 5.07%

 

 

 

 

 

1,000

 

Illumina, Inc. *

 

 

162,110

 

 

 

 

 

 

 

 

 

 

Motor Vehicles & Passenger Car - 0.79%

 

 

 

 

 

800

 

General Motors Co.

 

 

25,144

 

 

 

 

 

 

 

 

 

 

National Commercial Banks - 2.78%

 

 

 

 

 

1,500

 

JPMorgan Chase & Co.

 

 

           88,830

 

 

 

 

 

 

 

 

 

 

Natural Gas Transmission - 1.87%

 

 

 

 

 

2,000

 

Kinder Morgan, Inc.

 

 

           35,720

 

 

500

 

TC Pipelines L.P.

 

 

           24,110

 

 

 

 

 

 

 

59,830

 

 

Patent Owners & Lessors - 0.70%

 

 

 

 

 

2,000

 

RPX Corp. *

 

 

           22,520

 

 

 

 

 

 

 

 

 

 

Pharmaceutical Preparations - 7.70%

 

 

 

 

 

100

 

Allergan PLC. *

 

 

26,803

 

 

1,500

 

Eli Lilly & CO.

 

 

108,015

 

 

2,100

 

Merck & Co.

 

 

         111,111

 

 

 

 

 

 

 

245,929

 

 

Retail-Catalog & Mail-Order Houses - 3.72%

 

 

 

 

 

200

 

Amazon.com, Inc. *

 

 

         118,728

 

 

 

 

 

 

 

 

 

 

Security Brokers, Delears & Fl - 4.91%

 

 

 

 

 

1,000

 

The Goldman Sachs Group, Inc.

 

 

         156,980

 

 

 

 

 

 

 

 

 

 

Services-Computer Integrated Systems - 2.07%

 

 

 

 

 

1,800

 

Yahoo!, Inc. *

 

 

           66,258

 

 

 

 

 

 

 

 

 

 

Services-Computer Programming, Data Processing, Etc. - 7.35%

 

 

 

 

 

300

 

Alphabet, Inc. *

 

 

         223,485

 

 

100

 

Facebook, Inc. *

 

 

           11,410

 

 

 

 

 

 

 

234,895

 

 

Services-Miscellaneous Amusement - 3.11%

 

 

 

 

 

1,000

 

Walt Disney Co.

 

 

           99,310

 

 

 

 

 

 

 

 

 

 

Services-Prepackaged Software - 3.46%

 

 

 

 

 

2,000

 

Microsoft Corp

 

 

         110,460

 

 

 

 

 

 

 

 

 

 

Services-Video Tape Rental - 3.20%

 

 

 

 

 

1,000

 

Netflix, Inc. *

 

 

         102,230

 

 

 

 

 

 

 

 

 

 

Soap, Detergents, Cleaning Preparations - 3.09%

 

 

 

 

 

1,200

 

The Proctor & Gamble Co.

 

 

           98,772

 

 

 

 

 

 

 

 

 

 

Surgical & Medical Instruments & Apparatus - 5.21%

 

 

 

 

 

1,000

 

3M Co.

 

 

         166,630

 

 

 

 

 

 

 

 

 

 

TOTAL FOR COMMON STOCKS (Cost $2,866,436) - 90.12%

 

 

      2,879,827

 

 

 

 

 

 

 

 

 

CLOSED END MUTUAL FUND - 0.41%

 

 

 

 

 

1,123

 

Royce Value Trust, Inc.

 

 

           13,150

 

 

 

 

 

 

 

 

 

 

TOTAL FOR CLOSED END MUTUAL FUND (Cost $16,118) - 0.41%

 

 

           13,150

 

 

 

 

 

 

 

 

 

EXCHANGE TRADED FUNDS - 5.75%

 

 

 

 

 

12,000

 

Aberdeen Asia Pacific Fund

 

 

           60,000

 

 

700

 

SPDR Dow Jones Industrial Average ETF Trust

 

 

         123,648

 

 

 

 

 

 

 

 

 

 

TOTAL FOR EXCHANGE TRADED FUNDS (Cost $185,138) - 5.75%

 

 

         183,648

 

 

 

 

 

 

 

 

 

Underlying Security

 

 

 

 

   Expiration Date/Exercise Price

 

 

 

 

 

 

 

 

 

 

 

 

PUT OPTIONS - 4.36% *

 

 

 

 

 

Shares Subject

 

 

 

 

 

 

to Put

 

 

 

 

 

 

 

 

 

3M Co.

 

 

 

 

 

1,000

 

January 2017 Put @ 135.00

 

 

3,100

 

 

 

 

 

 

 

 

 

 

 

 

Apple, Inc.

 

 

 

 

 

600

 

January 2017 Put @ 97.50

 

 

3,210

 

 

 

 

 

 

 

 

 

 

 

 

Amgen, Inc.

 

 

 

 

 

1,000

 

AMGN US Put @ 150.00

 

 

14,820

 

 

 

 

 

 

 

 

 

 

 

 

Amazon.com, Inc.

 

 

 

 

 

200

 

January 2017 Put @ 580.00

 

 

12,370

 

 

 

 

 

 

 

 

 

 

 

 

Boeing Co.

 

 

 

 

 

600

 

August 2016 Put @ 110.00

 

 

1,626

 

 

 

 

 

 

 

 

 

 

 

 

Deere & Co.

 

 

 

 

 

1,800

 

January 2017 Put @ 75.00

 

 

11,700

 

 

 

 

 

 

 

 

 

 

 

 

General Electric Co.

 

 

 

 

 

4,000

 

January 2017 Put @ 27.00

 

 

3,040

 

 

 

 

 

 

 

 

 

 

 

 

Gilead Science, Inc.

 

 

 

 

 

1,600

 

January 2017 Put @ 75.00

 

 

5,584

 

 

 

 

 

 

 

 

 

 

 

 

General Motors, Co.

 

 

 

 

 

800

 

January 2017 Put @ 28.00

 

 

1,336

 

 

 

 

 

 

 

 

 

 

 

 

Google, Inc.

 

 

 

 

 

300

 

January 2017 Put @ 700.00

 

 

13,860

 

 

 

 

 

 

 

 

 

 

 

 

Goldman Sachs Group, Inc.

 

 

 

 

 

1,000

 

January 2017 Put @ 140

 

 

7,700

 

 

 

 

 

 

 

 

 

 

 

 

International Business Machines Corp

 

 

 

 

 

600

 

January 2017 Put @ 120.00

 

 

2,010

 

 

 

 

 

 

 

 

 

 

 

 

Illumina, Inc.

 

 

 

 

 

1,000

 

January 2017 Put @ 135.00

 

 

11,300

 

 

 

 

 

 

 

 

 

 

 

 

JP Morgan Chase & Co.

 

 

 

 

 

1,500

 

January 2017 Put @ 52.50

 

 

4,320

 

 

 

 

 

 

 

 

 

 

 

 

Kinder Morgan, Inc.

 

 

 

 

 

2,000

 

June 2016 Put @ 17.50

 

 

2,720

 

 

 

 

 

 

 

 

 

 

 

 

Lilly Eli & Co.

 

 

 

 

 

1,000

 

April 2016 Put @ 72.50

 

 

1,670

 

 

 

 

 

 

 

 

 

 

 

 

Merck & Co.

 

 

 

 

 

2,100

 

January 2017 Put @ 47.50

 

 

4,683

 

 

 

 

 

 

 

 

 

 

 

 

Microsoft Corp.

 

 

 

 

 

2,000

 

January 2017 Put @ 45.00

 

 

3,200

 

 

 

 

 

 

 

 

 

 

 

 

Netflix, Inc.

 

 

 

 

 

1,000

 

January 2017 Put @ 90.00

 

 

11,050

 

 

 

 

 

 

 

 

 

 

 

 

Procter & Gamble Co.

 

 

 

 

 

1,200

 

January 2017 Put @ 67.50

 

 

1,560

 

 

 

 

 

 

 

 

 

 

 

 

Potash Corp.

 

 

 

 

 

6,000

 

January 2017 Put @ 15.00

 

 

9,300

 

 

 

 

 

 

 

 

 

 

 

 

SPDR Dow Jones Industrial Average ETF Trust

 

 

 

 

 

700

 

January 2017 Put @ 150.00

 

 

2,625

 

 

 

 

 

 

 

 

 

 

 

 

SPDR S&P 500 ETF Trust

 

 

 

 

 

1,000

 

April 2016 Put @ 200.00

 

 

500

 

 

 

 

 

 

 

 

 

 

 

 

Walt Disney Co.

 

 

 

 

 

800

 

January 2017 Put @ 92.50

 

 

4,000

 

 

 

 

 

 

 

 

 

 

 

 

Yahoo, Inc.

 

 

 

 

 

1,800

 

January 2017 Put @ 28.00

 

 

1,908

 

 

 

 

 

 

 

 

 

 

 

 

Total (Premiums Paid $196,918) - 4.36%

 

 

         139,192

 

 

 

 

 

 

 

 

 

SHORT TERM INVESTMENTS - 6.78%

 

 

 

 

 

216,646

 

Fidelity Government Fund Class-I 0.22% (Cost $216,646) **

 

 

         216,646

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS (Cost $3,481,256) *** - 107.41%

 

 

3,432,463

 

 

 

 

 

 

 

 

 

LIABILITIES IN EXCESS OF OTHER ASSETS - (7.41%)

 

 

      (236,903)

 

 

 

 

 

 

 

  

 

NET ASSETS - 100.00%

 

 

$    3,195,560

 

 

 

 

 

 

 

 

 

 

* Non-income producing securities during the period.

 

 

 

 

 

** Variable rate security; the coupon rate shown represents the yield at March 31, 2016.

 

 

 

 

 

*** At March 31, 2016, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $3,481,256 amounted to $108,114, which consisted of aggregate gross unrealized appreciation of $132,103 and aggregate gross unrealized depreciation of $240,217.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Baldwin Fund

 

 

Schedule of Options Written

 

 

March 31, 2016 (Unaudited)

 

 

 

 

 

 

 

 

 

CALL OPTIONS WRITTEN *

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares Subject

 

Underlying Security

 

 

 

 

 

to Call

 

Expiration Date/Exercise Price

 

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

3M Co.

 

 

 

 

 

200

 

April 2016 Call @ 145.00

 

 

$           4,398

 

 

 

 

 

 

 

 

 

 

 

 

3M Co.

 

 

 

 

 

200

 

April 2016 Call @ 150.00

 

 

3,434

 

 

 

 

 

 

 

 

 

 

 

 

3M Co.

 

 

 

 

 

400

 

January 2017 Call @ 130.00

 

 

15,160

 

 

 

 

 

 

 

 

 

 

 

 

3M Co.

 

 

 

 

 

200

 

July 2016 Call @ 155.00

 

 

2,736

 

 

 

 

 

 

 

 

 

 

 

 

Apple, Inc.

 

 

 

 

 

400

 

April 2016 Call @ 100.00

 

 

3,660

 

 

 

 

 

 

 

 

 

 

 

 

Apple, Inc.

 

 

 

 

 

200

 

June 2016 Call @ 110.00

 

 

840

 

 

 

 

 

 

 

 

 

 

 

 

Allergan Plc

 

 

 

 

 

100

 

May 2016 Call @ 300

 

 

330

 

 

 

 

 

 

 

 

 

 

 

 

Alphabet, Inc.

 

 

 

 

 

100

 

April 2016 Call @ 735.00

 

 

1,670

 

 

 

 

 

 

 

 

 

 

 

 

Alphabet, Inc.

 

 

 

 

 

100

 

May 2016 Call @ 755.00

 

 

2,520

 

 

 

 

 

 

 

 

 

 

 

 

Alphabet, Inc.

 

 

 

 

 

100

 

January 2017 Call @ 690.00

 

 

9,420

 

 

 

 

 

 

 

 

 

 

 

 

Amen, Inc.

 

 

 

 

 

400

 

April 2016 Call @ 155.00

 

 

288

 

 

 

 

 

 

 

 

 

 

 

 

Amen, Inc.

 

 

 

 

 

200

 

January 2017 Call @ 145.00

 

 

3,272

 

 

 

 

 

 

 

 

 

 

 

 

Amen, Inc.

 

 

 

 

 

400

 

May 2016 Call @ 150.00

 

 

2,080

 

 

 

 

 

 

 

 

 

 

 

 

Amazon.com, Inc.

 

 

 

 

 

100

 

January 2017 Call @ 610

 

 

6,565

 

 

 

 

 

 

 

 

 

 

 

 

Amazon.com, Inc.

 

 

 

 

 

100

 

May 2016 Call @ 595.00

 

 

3,190

 

 

 

 

 

 

 

 

 

 

 

 

Boeing Co.

 

 

 

 

 

400

 

April 2016 Call @ 120.00

 

 

3,060

 

 

 

 

 

 

 

 

 

 

 

 

Boeing Co.

 

 

 

 

 

300

 

April 2016 Call @ 130.00

 

 

330

 

 

 

 

 

 

 

 

 

 

 

 

Boeing Co.

 

 

 

 

 

200

 

May 2016 Call @ 125.00

 

 

1,110

 

 

 

 

 

 

 

 

 

 

 

 

Corning, Inc.

 

 

 

 

 

1,500

 

April 2016 Call @ 20.00

 

 

1,380

 

 

 

 

 

 

 

 

 

 

 

 

Deere & Co.

 

 

 

 

 

400

 

April 2016 Call @ 81.00

 

 

112

 

 

 

 

 

 

 

 

 

 

 

 

Deere & Co.

 

 

 

 

 

800

 

January 2017 Call @ 72.50

 

 

8,480

 

 

 

 

 

 

 

 

 

 

 

 

Deere & Co.

 

 

 

 

 

400

 

June 2016 Call @ 85.00

 

 

352

 

 

 

 

 

 

 

 

 

 

 

 

Deere & Co.

 

 

 

 

 

400

 

May 2016 Call @ 82.50

 

 

416

 

 

 

 

 

 

 

 

 

 

 

 

Eli Lily & Co.

 

 

 

 

 

1,000

 

April 2016 Call @ 72.50

 

 

1,080

 

 

 

 

 

 

 

 

 

 

 

 

Eli Lily & Co.

 

 

 

 

 

500

 

May 2016 Call @ 72.50

 

 

1,115

 

 

 

 

 

 

 

 

 

 

 

 

EMC Corp.

 

 

 

 

 

600

 

April 2016 Call @ 25.00

 

 

1,026

 

 

 

 

 

 

 

 

 

 

 

 

EMC Corp.

 

 

 

 

 

4,000

 

June 2016 Call @ 26.00

 

 

5,320

 

 

 

 

 

 

 

 

 

 

 

 

Facebook Corp.

 

 

 

 

 

100

 

April 2016 Call @ 109.00

 

 

519

 

 

 

 

 

 

 

 

 

 

 

 

General Electric Co.

 

 

 

 

 

1,000

 

April 2016 Call @ 30.00

 

 

1,890

 

 

 

 

 

 

 

 

 

 

 

 

General Electric Co.

 

 

 

 

 

2,000

 

January 2017 Call @ 25.00

 

 

14,120

 

 

 

 

 

 

 

 

 

 

 

 

General Electric Co.

 

 

 

 

 

1,000

 

June 2016 Call @ 32.00

 

 

800

 

 

 

 

 

 

 

 

 

 

 

 

General Motors Co.

 

 

 

 

 

400

 

April 2016 Call @ 32.00

 

 

120

 

 

 

 

 

 

 

 

 

 

 

 

General Motors Co.

 

 

 

 

 

400

 

June 2016 Call @ 34.00

 

 

152

 

 

 

 

 

 

 

 

 

 

 

 

Gilead Sciences, Inc.

 

 

 

 

 

400

 

April 2016 Call @ 90.00

 

 

1,128

 

 

 

 

 

 

 

 

 

 

 

 

Gilead Sciences, Inc.

 

 

 

 

 

800

 

January 2017 Call @ 75.00

 

 

16,016

 

 

 

 

 

 

 

 

 

 

 

 

Gilead Sciences, Inc.

 

 

 

 

 

400

 

May 2016 Call @ 90.00

 

 

1,880

 

 

 

 

 

 

 

 

 

 

 

 

The Goldman Sachs Group, Inc.

 

 

 

 

 

200

 

April 2016 Call @ 152.50

 

 

1,110

 

 

 

 

 

 

 

 

 

 

 

 

The Goldman Sachs Group, Inc.

 

 

 

 

 

400

 

January 2017 Call @ 135.00

 

 

9,860

 

 

 

 

 

 

 

 

 

 

 

 

The Goldman Sachs Group, Inc.

 

 

 

 

 

200

 

July 2016 Call @ 160.00

 

 

1,290

 

 

 

 

 

 

 

 

 

 

 

 

The Goldman Sachs Group, Inc.

 

 

 

 

 

200

 

May 2016 Call @ 155.00

 

 

1,400

 

 

 

 

 

 

 

 

 

 

 

 

International Business Machines Corp.

 

 

 

 

 

400

 

January 2017 Call @ 115.00

 

 

15,236

 

 

 

 

 

 

 

 

 

 

 

 

International Business Machines Corp.

 

 

 

 

 

200

 

July 2016 Call @ 145.00

 

 

1,930

 

 

 

 

 

 

 

 

 

 

 

 

Illumina, Inc.

 

 

 

 

 

200

 

April 2016 Call @ 160.00

 

 

430

 

 

 

 

 

 

 

 

 

 

 

 

Illumina, Inc.

 

 

 

 

 

200

 

April 2016 Call @ 155.00

 

 

1,300

 

 

 

 

 

 

 

 

 

 

 

 

Illumina, Inc.

 

 

 

 

 

200

 

June 2016 Call @ 170.00

 

 

1,482

 

 

 

 

 

 

 

 

 

 

 

 

Illumina, Inc.

 

 

 

 

 

400

 

January 2017 Call @ 130.00

 

 

12,364

 

 

 

 

 

 

 

 

 

 

 

 

JPMorgan Chase & Co.

 

 

 

 

 

300

 

April 2016 Call @ 57.50

 

 

588

 

 

 

 

 

 

 

 

 

 

 

 

JPMorgan Chase & Co.

 

 

 

 

 

600

 

January 2017 Call @ 50.00

 

 

6,300

 

 

 

 

 

 

 

 

 

 

 

 

JPMorgan Chase & Co.

 

 

 

 

 

300

 

June 2016 Call @ 65.00

 

 

78

 

 

 

 

 

 

 

 

 

 

 

 

JPMorgan Chase & Co.

 

 

 

 

 

300

 

May 2016 Call @ 60.00

 

 

396

 

 

 

 

 

 

 

 

 

 

 

 

Kinder Morgan, Inc.

 

 

 

 

 

1,000

 

April 2016 Call @ 17.50

 

 

1,170

 

 

 

 

 

 

 

 

 

 

 

 

Kinder Morgan, Inc.

 

 

 

 

 

1,000

 

June 2016 Call @ 17.50

 

 

1,480

 

 

 

 

 

 

 

 

 

 

 

 

LendingClub Corp.

 

 

 

 

 

2,000

 

April 2016 Call @ 10.00

 

 

100

 

 

 

 

 

 

 

 

 

 

 

 

Merck & Co. Inc.

 

 

 

 

 

600

 

April 2016 Call @ 52.50

 

 

594

 

 

 

 

 

 

 

 

 

 

 

 

Merck & Co. Inc.

 

 

 

 

 

300

 

January 2017 Call @ 45.00

 

 

2,730

 

 

 

 

 

 

 

 

 

 

 

 

Merck & Co. Inc.

 

 

 

 

 

600

 

July 2016 Call @ 57.50

 

 

216

 

 

 

 

 

 

 

 

 

 

 

 

Merck & Co. Inc.

 

 

 

 

 

600

 

May 2016 Call @ 55.00

 

 

330

 

 

 

 

 

 

 

 

 

 

 

 

Microsoft Corp.

 

 

 

 

 

400

 

April 2016 Call @ 54.00

 

 

656

 

 

 

 

 

 

 

 

 

 

 

 

Microsoft Corp.

 

 

 

 

 

800

 

January 2017 Call @ 43.00

 

 

10,320

 

 

 

 

 

 

 

 

 

 

 

 

Microsoft Corp.

 

 

 

 

 

400

 

June 2016 Call @ 55.00

 

 

904

 

 

 

 

 

 

 

 

 

 

 

 

Microsoft Corp.

 

 

 

 

 

400

 

May 2016 Call @ 52.50

 

 

1,500

 

 

 

 

 

 

 

 

 

 

 

 

Netflix, Inc.

 

 

 

 

 

200

 

April 2016 Call @ 100.00

 

 

928

 

 

 

 

 

 

 

 

 

 

 

 

Netflix, Inc.

 

 

 

 

 

400

 

January 2017 Call @ 85.71

 

 

11,100

 

 

 

 

 

 

 

 

 

 

 

 

Netflix, Inc.

 

 

 

 

 

200

 

June 2016 Call @ 110.00

 

 

1,190

 

 

 

 

 

 

 

 

 

 

 

 

Netflix, Inc.

 

 

 

 

 

200

 

May 2016 Call @ 105.00

 

 

1,440

 

 

 

 

 

 

 

 

 

 

 

 

The Procter & Gamble Co.

 

 

 

 

 

800

 

January 2017 Call @ 65.00

 

 

14,400

 

 

 

 

 

 

 

 

 

 

 

 

The Procter & Gamble Co.

 

 

 

 

 

400

 

July 2016 Call @ 82.50

 

 

780

 

 

 

 

 

 

 

 

 

 

 

 

Potash Corp of Saskatchewan, Inc.

 

 

 

 

 

1,200

 

April 2016 Call @ 17.00

 

 

1,020

 

 

 

 

 

 

 

 

 

 

 

 

Potash Corp of Saskatchewan, Inc.

 

 

 

 

 

2,400

 

January 2017 Call @ 13.00

 

 

10,488

 

 

 

 

 

 

 

 

 

 

 

 

Potash Corp of Saskatchewan, Inc.

 

 

 

 

 

1,200

 

June 2016 Call @ 18.00

 

 

816

 

 

 

 

 

 

 

 

 

 

 

 

Potash Corp of Saskatchewan, Inc.

 

 

 

 

 

1,200

 

May 2016 Call @ 19.00

 

 

288

 

 

 

 

 

 

 

 

 

 

 

 

SPDR Dow Jones Industrial Average ETF Trust

 

 

 

 

 

400

 

January 2017 Call @ 145.00

 

 

13,280

 

 

 

 

 

 

 

 

 

 

 

 

SPDR Dow Jones Industrial Average ETF Trust

 

 

 

 

 

200

 

June 2016 Call @ 170.00

 

 

1,810

 

 

 

 

 

 

 

 

 

 

 

 

SPDR Dow Jones Industrial Average ETF Trust

 

 

 

 

 

100

 

May 2016 Call @ 175.00

 

 

425

 

 

 

 

 

 

 

 

 

 

 

 

TC PipeLines, LP

 

 

 

 

 

500

 

May 2016 Call @ 50.00

 

 

1,100

 

 

 

 

 

 

 

 

 

 

 

 

The Walt Disney Co.

 

 

 

 

 

400

 

January 2017 Call @ 87.50

 

 

5,940

 

 

 

 

 

 

 

 

 

 

 

 

The Walt Disney Co.

 

 

 

 

 

200

 

July 2016 Call @ 110.00

 

 

102

 

 

 

 

 

 

 

 

 

 

 

 

The Walt Disney Co.

 

 

 

 

 

200

 

May 2016 Call @ 100.00

 

 

548

 

 

 

 

 

 

 

 

 

 

 

 

Yahoo! Inc.

 

 

 

 

 

1,200

 

January 2017 Call @ 25.00

 

 

14,508

 

 

 

 

 

 

 

 

 

 

 

 

Yahoo! Inc.

 

 

 

 

 

600

 

July 2016 Call @ 35.00

 

 

            2,166

 

 

 

 

 

 

 

 

 

 

 

 

Total (Premiums Paid $216,754)

 

 

$       276,062

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOTES TO FINANCIAL STATEMENTS

 

 

 

 

Baldwin Fund

 

 

 

 

 

 

1. SECURITY TRANSACTIONS

 

 

 

 

 

At March 31, 2016, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $3,481,256 amounted to $108,114, which consisted of aggregate gross unrealized appreciation of $132,103 and aggregate gross unrealized depreciation of $240,217.

 

 

 

 

 

 

 

 

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

$2,879,827

              $0

              $0

$2,879,827

Closed End Mutual Funds

$13,150

              $0

              $0

$13,150

Exchange Traded Funds

$183,648

$0

$0

$183,648

Put Options

          139,192

$0

$0

$139,192

Cash Equivalents

$216,646

$0

$0

$216,646

Total

 

 

$3,432,463

$0

       $0

$3,432,463

 

 

 

 

 

 

 

Valuation Inputs of Liabilities

Level 1

Level 2

Level 3

Total

Options Written

$276,062

       $0

$0

$276,062

Total

 

 

$276,062

       $0

       $0

$276,062




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 27, 2016


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 27, 2016


By /s/Monique M. Weiss

Monique M. Weiss

Secretary


Date May 27, 2016