N-Q 1 franknq201805.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)


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, 2018


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, 2018 (Unaudited)

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

Value

 

 

 

 

 

 

 

 

 

COMMON STOCKS - 26.84%

 

 

 

 

 

 

 

 

 

 

 

 

 

Cable & Other Pay Television Services - 4.63%

 

 

 

 

 

18,457

 

Liberty Latin America Ltd. Class A *

 

 

$        358,989

 

 

31,379

 

Liberty Latin America Ltd. Global Class C *

 

 

599,025

 

 

 

 

 

 

 

958,014

 

 

Electronic Computers - 0.96%

 

 

 

 

 

1,177

 

Apple, Inc.

 

 

197,477

 

 

 

 

 

 

 

 

 

 

Finance Services - 3.33%

 

 

 

 

 

15,382

 

Blackhawk Network Holdings, Inc. Class A *

 

 

687,575

 

 

 

 

 

 

 

 

 

 

Fire, Marine & Casualty Insurance - 7.52%

 

 

 

 

 

4,923

 

Berkshire Hathaway, Inc. Class B *

 

 

982,040

 

 

35,642

 

Greenlight Capital Reinsurance, Ltd. Class A *

 

 

         572,054

 

 

 

 

 

 

 

1,554,094

 

 

Gold & Silver Ores - 5.86%

 

 

 

 

 

43,736

 

Barrick Gold Corp.

 

 

544,513

 

 

48,253

 

Goldcorp, Inc.

 

 

666,856

 

 

 

 

 

 

 

1,211,369

 

 

Patent Owners & Lessors - 4.55%

 

 

 

 

 

93,127

 

Liberty Tax, Inc.

 

 

940,583

 

 

 

 

 

 

 

 

 

 

TOTAL FOR COMMON STOCKS (Cost $4,841,943) - 26.84%

 

 

       5,549,112

 

 

 

 

 

 

 

 

 

Corporate Bonds - 12.30%

 

 

 

 

 

 

 

 

 

 

 

 

 

Application Software - 5.81%

 

 

 

 

 

1,200,000

 

Oracle Corp. 5.750%, 04/15/2018

 

 

       1,201,117

 

 

 

 

 

 

 

 

 

 

Banking - 1.92%

 

 

 

 

 

400,000

 

Wells Fargo & Co. 2.125%, 04/22/2019

 

 

         397,605

 

 

 

 

 

 

 

 

 

 

Consumer Products - 2.15%

 

 

 

 





 

450,000

 

Phillip Morris 1.625%, 02/21/2019

 

 

         445,497

 

 

 

 

 

 

 

 

 

 

Medical Equipment & Devices - 0.96%

 

 

 

 

 

200,000

 

MDT Corp. 1.700%, 03/28/2019

 

 

         198,162

 

 

 

 

 

 

 

 

 

 

Specialty Finance - 1.46%

 

 

 

 

 

303,000

 

AXP Corp. 2.125%, 03/18/2019

 

 

         301,412

 

 

 

 

 

 

 

 

 

 

TOTAL FOR CORPORATE BONDS (Cost $2552,317) - 12.30%

 

 

       2,543,793

 

 

 

 

 

 

 

 

 

United States Treasury Note Bonds - 50.29%

 

 

 

 

 

                 1,000,000

 

Us Treasury, 1.125%, 02/28/2019

 

 

         991,172

 

 

                 1,000,000

 

Us Treasury, 1.125%, 03/31/2019

 

 

         991,250

 

 

                 1,000,000

 

Us Treasury, 1.125%, 12/31/2019

 

 

         980,703

 

 

                 1,000,000

 

Us Treasury, 1.375%, 01/31/2021

 

 

         972,227

 

 

                 1,500,000

 

Us Treasury Bill 05/24/2018

 

 

       1,496,424

 

 

                 2,500,000

 

Us Treasury Bill 07/19/2018

 

 

       2,486,918

 

 

                 2,500,000

 

Us Treasury Bill 09/13/2018

 

 

       2,478,830

 

 

 

 

 

 

 

 

 

 

TOTAL FOR UNITED STATES TREASURY NOTE BONDS (Cost $10,422,056) - 50.29%

 

     10,397,524

 

 

 

 

 

 

 

 

 

Underlying Security

 

 

 

 

 

 

   Expiration Date/Exercise Price

 

 

 

 

 

 

 

 

 

 

 

 

PUT OPTIONS - 0.00% *

 

 

 

 

 

Shares Subject to Put

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Japan 10 Year Future Option

 

 

 

 

 

2,000,000

 

April 201 Put @148

 

 

                   0

 

 

 

 

 

 

 

 

 

 

 

 

Total (Premiums Paid $197) - 0.00%

 

 

                   0

 

 

 

 

 

 

 

 

 

SHORT TERM INVESTMENTS - 10.27%

 

 

 

 

 

2,122,811

 

Morgan Stanley Institutional Liquidity Funds 0.88% (Cost $2,122,811) **

 

         2,122,811

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS (Cost $19,939,273) *** - 99.70%

 

 

20,613,240

 

 

 

 

 

 

 

 

 

OTHER ASSETS LESS LIABILITIES -  0.30%

 

 

          62,498

 

 

 

 

 

 

 

 

 

NET ASSETS - 100.00%

 

 

 

 

    20,675,738

 

 

 

 

 

 

 

 

 

 

* Non-income producing securities during the period.

 

 

 

 

 

** Variable rate security; the coupon rate shown represents the yield at March 31, 2018.

 

 

 

 






 

*** At March 31, 2018, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $19,939,273 amounted to $673,967, which consisted of aggregate gross unrealized appreciation of $1,313,039 and aggregate gross unrealized depreciation of $639,072.

 

 

 

 

 

 

 

 

 

NOTES TO FINANCIAL STATEMENTS

 

 

 

 

Value Fund

 

 

 

 

 

 

1. SECURITY TRANSACTIONS

 

 

 

 

 

At March 31, 2018, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $19,939,273 amounted to $673,967, which consisted of aggregate gross unrealized appreciation of $1,313,039 and aggregate gross unrealized depreciation of $639,072.

 

 

 

 

 

 

 

 

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

$5,549,112

              $0

              $0

$5,549,112

 

Options Purchased

0

0

0

0

 

Corporate Bonds

 

 

0

2,543,793

0

2,543,793

 

US Treasuries

 

 

10,397,524

0

0

10,397,524

 

Cash Equivalents

2,122,811

0

0

2,122,811

 

Total

 

 

$18,069,447

$2,543,793

       $0

$20,613,240


 

 

 

 

 

 

 

 

 

Leigh Baldwin Total Return Fund

 

 

Schedule of Investments

 

 

March 31, 2019 (Unaudited)

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

Value

 

 

 

 

 

 

 

 

 





COMMON STOCKS - 85.69%

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Transportation, Scheduled - 4.41%

 

 

 

 

 

2,000

 

Delta Airlines

 

 

        109,620

 

 

 

 

 

 

 

 

 

 

Biological Products (No Diagnostic Substances) - 2.74%

 

 

 

 

 

400

 

Amgen, Inc.

 

 

68,192

 

 

 

 

 

 

 

 

 

 

Electronic & Other Electrical Equipment - 3.79%

 

 

 

 

 

7,000

 

General Electric, Co.

 

 

94,360

 

 

 

 

 

 

 

 

 

 

Electronic Computers - 7.07%

 

 

 

 

 

500

 

Apple, Inc.

 

 

83890

 

 

600

 

INTL Business Machines, Inc.

 

 

92,058

 

 

 

 

 

 

 

175,948

 

 

Farm Machinery & Equipment - 1.25%

 

 

 

 

 

200

 

John Deere & Co.

 

 

31,064

 

 

 

 

 

 

 

 

 

 

Finance Services - 2.25%

 

 

 

 

 

600

 

American Express

 

 

           55,968

 

 

 

 

 

 

 

 

 

 

Fire, Marine & Casualty Insurance - 6.00%

 

 

 

 

 

400

 

Berkshire Hathaway B  *

 

 

79,792

 

 

500

 

Travelers Companies, Inc

 

 

69,430

 

 

 

 

 

 

 

149,222

 

 

Motor Vehicles & Passanger Cars - 5.33%

 

 

 

 

 

3,000

 

Ford Motor, Inc.

 

 

33,240

 

 

2,000

 

General Motors Co.

 

 

72,680

 

 

100

 

Tesla, Inc. *

 

 

26,613

 

 

 

 

 

 

 

132,533

 

 

National Commercial Banks - 2.03%

 

 

 

 

 

1,000

 

US Bancorp

 

 

50,500

 

 

 

 

 

 

 

 

 

 

Oil & Gas Field Services, NEC - 3.12%

 

 

 

 

 

1,200

 

Schlumberger Limited

 

 

77,736

 

 

 

 

 

 

 

 

 

 

Petrolium Refining - 6.97%

 

 

 

 

 

1,400

 

Exxon Mobile Corp.

 

 

104,454

 

 

2,000

 

Suncor Energy

 

 

69,080

 

 

 

 

 

 

 

173,534

 

 

Pharmaceutical Preparations - 9.16%

 

 

 

 

 

800

 

Johnson & Johnson, Inc.

 

 

102,520

 

 

1,000

 

Merck & Co.

 

 

54,470

 

 

2,000

 

Pfitzer, Inc.

 

 

70,980

 

 

 

 

 

 

 

227,970

 






 

Retail - Department Stores - 3.71%

 

 

 

 

 

500

 

Kohl's Corp.

 

 

           32,755

 

 

2,000

 

Macy's, Inc.

 

 

           59,480

 

 

 

 

 

 

 

92,235

 

 

Retail - Miscellaneous Shopping - 0.20%

 

 

 

 

 

1,000

 

Barnes and Noble  *

 

 

             4,950

 

 

 

 

 

 

 

 

 

 

Rubber & Plastic Footware - 1.33%

 

 

 

 

 

500

 

NIKE, Inc.

 

 

33,220

 

 

 

 

 

 

 

 

 

 

Security Brokers, Delears & Fl - 4.05%

 

 

 

 

 

400

 

Goldman Sachs

 

 

100,744

 

 

 

 

 

 

 

 

 

 

Semiconductors & Related Devices - 6.21%

 

 

 

 

 

5,000

 

Advanced Micro  *

 

 

           50,250

 

 

2,000

 

Micron Tech

 

 

         104,280

 

 

 

 

 

 

 

154,530

 

 

Services, Business Services, NEC - 1.48%

 

 

 

 

 

200

 

Alibaba Group

 

 

36,708

 

 

 

 

 

 

 

 

 

 

Services-Computer Programming, Data Processing, Etc. -  6.71%

 

 

 

 

 

100

 

Alphabet, Inc.  *

 

 

103,179

 

 

400

 

Facebook, Inc.

 

 

           63,916

 

 

 

 

 

 

 

167,095

 

 

Services - Prepackaged Software - 1.84%

 

 

 

 

 

1,000

 

ORACLE Corp.

 

 

45,750

 

 

 

 

 

 

 

 

 

 

Soaps, Detergents, Cleaning Preparations - 3.19%

 

 

 

 

 

1,000

 

Proctor & Gamble

 

 

79,280

 

 

 

 

 

 

 

 

 

 

Telephone Communications - 2.87%

 

 

 

 

 

2,000

 

AT&T Corp.

 

 

           71,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL FOR COMMON STOCKS (Cost $2,215,803) - 85.69%

 

 

       2,132,459

 

 

 

 

 

 

 

 

 

EXCHANGE TRADED FUNDS - 3.66%

 

 

 

 

 

2,000

 

Alerian MLP ETF

 

 

           18,740

 

 

300

 

SPDR DJIA ETF

 

 

           72,420

 

 

 

 

 

 

 

 

 

 

TOTAL FOR EXCHANGE TRADED FUNDS (Cost $94,958) - 3.66%

 

 

           91,160

 

 

 

 

 

 

 

 

 

Underlying Security

 

 

 

 

   Expiration Date/Exercise Price

 

 

 

 

 

 

 

 

 

 

 

 





CALL OPTIONS - 0.20% *

 

 

 

 

 

Shares Subject

 

 

 

 

 

 

 

to Call

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced Micro

 

 

 

 

 

1,000

 

May 2018 Call @11.00

 

 

520

 

 

 

 

 

 

 

 

 

 

 

 

Schlumberger Limited

 

 

 

 

 

1,200

 

April 2018 Call @65.00

 

 

             2,388

 

 

 

 

 

 

 

 

 

 

 

 

Exxon Mobile Corp.

 

 

 

 

 

1,400

 

April 2018 Call @74.50

 

 

2,100

 

 

 

 

 

 

 

 

 

 

TOTAL (PREMIUMS PAID $6,441) - 0.20%

 

 

             5,008

 

 

 

 

 

 

 

 

 

PUT OPTIONS - 7.23% *

 

 

 

 

 

Shares Subject

 

 

 

 

 

 

 

to Put

 

 

 

 

 

 

 

 

 

Apple, Inc.

 

 

 

 

 

300

 

April 2018 Put @170.00

 

 

1,569

 

 

 

 

 

 

 

 

 

 

 

 

Apple, Inc.

 

 

 

 

 

200

 

April 2018 Put @175.00

 

 

1,506

 

 

 

 

 

 

 

 

 

 

 

 

Advanced Micro

 

 

 

 

 

1,000

 

April 2018 Put @12.00

 

 

1,990

 

 

 

 

 

 

 

 

 

 

 

 

Advanced Micro

 

 

 

 

 

1,000

 

April 2018 Put @10.00

 

 

450

 

 

 

 

 

 

 

 

 

 

 

 

Advanced Micro

 

 

 

 

 

1,000

 

July 2018 Put @11.00

 

 

3,360

 

 

 

 

 

 

 

 

 

 

 

 

Advanced Micro

 

 

 

 

 

2,000

 

May 2018 Put @ 11.00

 

 

1,490

 

 

 

 

 

 

 

 

 

 

 

 

Amgen, Inc.

 

 

 

 

 

400

 

June 2018 Put @190.00

 

 

7,960

 

 

 

 

 

 

 

 

 

 

 

 

Alerian MLP ETF

 

 

 

 

 

1,000

 

May 2018 Put @ 9.00

 

 

250

 

 

 

 

 

 

 

 

 

 

 

 

Alerian MLP ETF

 

 

 

 






 

2,000

 

October 2018 Put @ 9.00

 

 

1,300

 

 

 

 

 

 

 

 

 

 

 

 

American Express

 

 

 

 

 

300

 

April 2018 Put @95.00

 

 

915

 

 

 

 

 

 

 

 

 

 

 

 

American Express

 

 

 

 

 

300

 

July 2018 Put @95.00

 

 

1,665

 

 

 

 

 

 

 

 

 

 

 

 

Alibaba Group

 

 

 

 

 

200

 

June 2018 Put @195.00

 

 

3,590

 

 

 

 

 

 

 

 

 

 

 

 

Barnes and Noble

 

 

 

 

 

1,000

 

April 2018 Put @7.00

 

 

1,900

 

 

 

 

 

 

 

 

 

 

 

 

Berkshire Hathaway B

 

 

 

 

 

200

 

April 2018 Put @210.00

 

 

2,160

 

 

 

 

 

 

 

 

 

 

 

 

Berkshire Hathaway B

 

 

 

 

 

200

 

June 2018 Put @200.00

 

 

1,560

 

 

 

 

 

 

 

 

 

 

 

 

Chipotle Mexican Grill

 

 

 

 

 

100

 

March 2018 Put @ 320.00

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

Delta Airlines

 

 

 

 

 

2,000

 

June 2018 Put @55.00

 

 

6,000

 

 

 

 

 

 

 

 

 

 

 

 

 John Deere & Co.

 

 

 

 

 

200

 

June 2018 Put @165.00

 

 

2,900

 

 

 

 

 

 

 

 

 

 

 

 

SPDR DJIA ETF

 

 

 

 

 

300

 

May 2018 Put @ 254.00

 

 

4,275

 

 

 

 

 

 

 

 

 

 

 

 

Ford Motor, Inc.

 

 

 

 

 

3,000

 

June 2018 Put @11.87

 

 

3,300

 

 

 

 

 

 

 

 

 

 

 

 

Facebook, Inc.

 

 

 

 

 

400

 

April 2018 Put @185.00

 

 

9,944

 

 

 

 

 

 

 

 

 

 

 

 

General Electric, Co.

 

 

 

 

 

5,000

 

June 2018 Put @15.00

 

 

8,950

 

 

 

 

 

 

 

 

 

 

 

 

General Electric, Co.

 

 

 

 

 

2,000

 

June 2018 Put @16.00

 

 

5,260

 

 

 

 

 

 

 

 

 






 

 

 

General Motors

 

 

 

 

 

2,000

 

June 2018 Put @41.00

 

 

10,000

 

 

 

 

 

 

 

 

 

 

 

 

Google, Inc.

 

 

 

 

 

100

 

April 2018 Put @1000.00

 

 

1,538

 

 

 

 

 

 

 

 

 

 

 

 

Goldman Sachs

 

 

 

 

 

400

 

June 2018 Put @260.00

 

 

6,216

 

 

 

 

 

 

 

 

 

 

 

 

INTL Business Machines, Inc.

 

 

 

 

 

600

 

April 2018 Put @165.00

 

 

7,110

 

 

 

 

 

 

 

 

 

 

 

 

Johnson & Johnson, Inc.

 

 

 

 

 

400

 

April 2018 Put @130.00

 

 

1,396

 

 

 

 

 

 

 

 

 

 

 

 

Johnson & Johnson, Inc.

 

 

 

 

 

400

 

June 2018 Put @130.00

 

 

2,228

 

 

 

 

 

 

 

 

 

 

 

 

Kohl's Corp.

 

 

 

 

 

500

 

July 2018 Put @65.00

 

 

2,700

 

 

 

 

 

 

 

 

 

 

 

 

Macy's, Inc.

 

 

 

 

 

2,000

 

August 2018 Put @ 27.00

 

 

3,920

 

 

 

 

 

 

 

 

 

 

 

 

Merck & Co.

 

 

 

 

 

1,000

 

June 2018 Put @55.00

 

 

2,530

 

 

 

 

 

 

 

 

 

 

 

 

Micron Tech

 

 

 

 

 

2,000

 

July 2018 Put @44.00

 

 

4,140

 

 

 

 

 

 

 

 

 

 

 

 

NIKE, Inc.

 

 

 

 

 

500

 

April 2018 Put @65.00

 

 

450

 

 

 

 

 

 

 

 

 

 

 

 

ORACLE Corp.

 

 

 

 

 

1,000

 

June 2018 Put @47.00

 

 

2,270

 

 

 

 

 

 

 

 

 

 

 

 

Pfitzer, Inc.

 

 

 

 

 

2,000

 

June 2018 Put @39.00

 

 

             7,200

 

 

 

 

 

 

 

 

 

 

 

 

Proctor & Gamble

 

 

 

 

 

1,000

 

April 2018 Put @90.00

 

 

           10,950

 

 

 

 

 

 

 

 

 

 

 

 

Schlumberger Limited

 

 

 

 

 

1,200

 

June 2018 Put @77.50

 

 

           17,016

 

 

 

 

 

 

 

 

 

 

 

 

Suncor Energy

 

 

 

 






 

1,000

 

April 2018 Put @33.00

 

 

                250

 

 

 

 

 

 

 

 

 

 

 

 

Suncor Energy

 

 

 

 

 

1,000

 

June 2018 Put @32.00

 

 

760

 

 

 

 

 

 

 

 

 

 

 

 

AT&T Corp.

 

 

 

 

 

2,000

 

April 2018 Put @38.00

 

 

             6,240

 

 

 

 

 

 

 

 

 

 

 

 

Tesla, Inc.

 

 

 

 

 

100

 

April 2018 Put @260.00

 

 

                650

 

 

 

 

 

 

 

 

 

 

 

 

Travelers Companies, Inc

 

 

 

 

 

500

 

April 2018 Put @135.00

 

 

670

 

 

 

 

 

 

 

 

 

 

 

 

US Bancorp

 

 

 

 

 

1,000

 

April 2018 Put @50.00

 

 

860

 

 

 

 

 

 

 

 

 

 

 

 

US Bancorp

 

 

 

 

 

1,000

 

September 2018 Put @ 50.00

 

 

2,580

 

 

 

 

 

 

 

 

 

 

 

 

Exxon Mobile Corp.

 

 

 

 

 

1,400

 

June 2018 Put @87.50

 

 

15,960

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL (PREMIUMS PAID $128,776) - 7.23%

 

 

         179,933

 

 

 

 

 

 

 

 

 

SHORT TERM INVESTMENTS - 4.49%

 

 

 

 

 

111,796

 

Fidelity Government Fund Class-I 0.91% (Cost $111,796) **

 

 

         111,796

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS (Cost $2,557,775) *** - 101.28%

 

 

2,520,356

 

 

 

 

 

 

 

 

 

LIABILITIES IN EXCESS OF OTHER ASSETS - (1.28%)

 

 

         (31,858)

 

 

 

 

 

 

 

  

 

NET ASSETS - 100.00%

 

 

$     2,488,498

 

 

 

 

 

 

 

 

 

 

* Non-income producing securities during the period.

 

 

 

 

 

** Variable rate security; the coupon rate shown represents the yield at March 31, 2018.

 

 

 

 

 

*** At March 31, 2018, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $2,557,775 amounted to $673,967, which consisted of aggregate gross unrealized appreciation of $1,313,039 and aggregate gross unrealized depreciation of $639,072.

 

 

 

 

 

 

 

 

 

 

Baldwin Fund

 

 

Schedule of Options Written

 

 

March 31, 2018 (Unaudited)

 






 

 

 

 

 

 

 

 

CALL OPTIONS WRITTEN *

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares Subject

 

Underlying Security

 

 

 

 

 

to Call

 

Expiration Date/Exercise Price

 

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

Apple, Inc.

 

 

 

 

 

300

 

April 2018 Call @170.00

 

 

1,080

 

 

 

 

 

 

 

 

 

 

 

 

Apple, Inc.

 

 

 

 

 

200

 

April 2018 Call @175.00

 

 

340

 

 

 

 

 

 

 

 

 

 

 

 

Advanced Micro

 

 

 

 

 

2,000

 

April 2018 Call @10.00

 

 

1,000

 

 

 

 

 

 

 

 

 

 

 

 

Advanced Micro

 

 

 

 

 

500

 

April 2018 Call @13.00

 

 

15

 

 

 

 

 

 

 

 

 

 

 

 

Advanced Micro

 

 

 

 

 

1,000

 

May 2018 Call @ 12.00

 

 

290

 

 

 

 

 

 

 

 

 

 

 

 

Amgen, Inc.

 

 

 

 

 

200

 

April 2018 Call @195.00

 

 

18

 

 

 

 

 

 

 

 

 

 

 

 

Amgen, Inc.

 

 

 

 

 

200

 

June 2018 Call @190.00

 

 

364

 

 

 

 

 

 

 

 

 

 

 

 

Alerian MLP ETF

 

 

 

 

 

1,000

 

October 2018 Call @ 10.00

 

 

350

 

 

 

 

 

 

 

 

 

 

 

 

American Express

 

 

 

 

 

600

 

April 2018 Call @95.00

 

 

1,428

 

 

 

 

 

 

 

 

 

 

 

 

Alibaba Group

 

 

 

 

 

200

 

June 2018 Call @195.00

 

 

1,640

 

 

 

 

 

 

 

 

 

 

 

 

Berkshire Hathaway B

 

 

 

 

 

2,000

 

April 2018 Call @210.00

 

 

200

 

 

 

 

 

 

 

 

 

 

 

 

Berkshire Hathaway B

 

 

 

 

 

2,000

 

June 2018 Call @200.00

 

 

1,756

 

 

 

 

 

 

 

 

 

 

 

 

Delta Airlines

 

 

 

 

 

500

 

April 2018 Call @57.50

 

 

360

 

 

 

 

 

 

 

 

 






 

 

 

Delta Airlines

 

 

 

 

 

500

 

April 2018 Call @57.00

 

 

525

 

 

 

 

 

 

 

 

 

 

 

 

Delta Airlines

 

 

 

 

 

1,000

 

June 2018 Put @55.00

 

 

2,900

 

 

 

 

 

 

 

 

 

 

 

 

 John Deere & Co.

 

 

 

 

 

100

 

April 2018 Call @165.00

 

 

136

 

 

 

 

 

 

 

 

 

 

 

 

 John Deere & Co.

 

 

 

 

 

200

 

March 2018 Call @170.00

 

 

8

 

 

 

 

 

 

 

 

 

 

 

 

SPDR DJIA ETF

 

 

 

 

 

300

 

May 2018 Call @ 254.00

 

 

528

 

 

 

 

 

 

 

 

 

 

 

 

Ford Motor, Inc.

 

 

 

 

 

3,000

 

June 2018 Call @11.87

 

 

540

 

 

 

 

 

 

 

 

 

 

 

 

Facebook, Inc.

 

 

 

 

 

400

 

April 2018 Call @185.00

 

 

68

 

 

 

 

 

 

 

 

 

 

 

 

Facebook, Inc.

 

 

 

 

 

300

 

March 2018 Call @160.00

 

 

30

 

 

 

 

 

 

 

 

 

 

 

 

General Electric, Co.

 

 

 

 

 

5,000

 

June 2018 Call @15.00

 

 

1,700

 

 

 

 

 

 

 

 

 

 

 

 

General Electric, Co.

 

 

 

 

 

2,000

 

June 2018 Call @16.00

 

 

340

 

 

 

 

 

 

 

 

 

 

 

 

General Motors

 

 

 

 

 

1,000

 

March 2018 Call @42.00

 

 

10

 

 

 

 

 

 

 

 

 

 

 

 

General Motors

 

 

 

 

 

1,000

 

June 2018 Call @42.00

 

 

270

 

 

 

 

 

 

 

 

 

 

 

 

Google, Inc.

 

 

 

 

 

100

 

April 2018 Call @1000.00

 

 

5,545

 

 

 

 

 

 

 

 

 

 

 

 

Goldman Sachs

 

 

 

 

 

400

 

June 2018 Call @260.00

 

 

3,300

 

 

 

 

 

 

 

 

 

 

 

 

INTL Business Machines, Inc.

 

 

 

 

 

300

 

April 2018 Call @165.00

 

 

225

 

 

 

 

 

 

 

 

 






 

 

 

Johnson & Johnson, Inc.

 

 

 

 

 

400

 

April 2018 Call @130.00

 

 

776

 

 

 

 

 

 

 

 

 

 

 

 

Johnson & Johnson, Inc.

 

 

 

 

 

400

 

June 2018 Call @130.00

 

 

1,540

 

 

 

 

 

 

 

 

 

 

 

 

Kohl's Corp.

 

 

 

 

 

500

 

July 2018 Call @65.00

 

 

2,900

 

 

 

 

 

 

 

 

 

 

 

 

Macy's, Inc.

 

 

 

 

 

2,000

 

August 2018 Call @ 27.00

 

 

9,200

 

 

 

 

 

 

 

 

 

 

 

 

Merck & Co.

 

 

 

 

 

500

 

April 2018 Call @55.00

 

 

650

 

 

 

 

 

 

 

 

 

 

 

 

Merck & Co.

 

 

 

 

 

500

 

May 2018 Call @57.50

 

 

450

 

 

 

 

 

 

 

 

 

 

 

 

Micron Tech

 

 

 

 

 

2,000

 

July 2018 Call @44.00

 

 

20,600

 

 

 

 

 

 

 

 

 

 

 

 

NIKE, Inc.

 

 

 

 

 

500

 

April 2018 Call @65.00

 

 

1,090

 

 

 

 

 

 

 

 

 

 

 

 

ORACLE Corp.

 

 

 

 

 

500

 

April 2018 Call @48.00

 

 

115

 

 

 

 

 

 

 

 

 

 

 

 

ORACLE Corp.

 

 

 

 

 

500

 

June 2018 Call @47.00

 

 

715

 

 

 

 

 

 

 

 

 

 

 

 

Schlumberger Limited

 

 

 

 

 

1,200

 

April 2018 Call @67.50

 

 

             1,044

 

 

 

 

 

 

 

 

 

 

 

 

Suncor Energy

 

 

 

 

 

1,000

 

April 2018 Call @33.00

 

 

             1,950

 

 

 

 

 

 

 

 

 

 

 

 

Suncor Energy

 

 

 

 

 

1,000

 

June 2018 Call @32.00

 

 

3,250

 

 

 

 

 

 

 

 

 

 

 

 

AT&T Corp.

 

 

 

 

 

1,000

 

April 2018 Call @38.00

 

 

                  60

 

 

 

 

 

 

 

 

 

 

 

 

AT&T Corp.

 

 

 

 

 

1,000

 

April 2018 Call @39.00

 

 

                  40

 

 

 

 

 

 

 

 

 

 

 

 

Tesla, Inc.

 

 

 

 






 

100

 

April 2018 Call @267.50

 

 

             2,800

 

 

 

 

 

 

 

 

 

 

 

 

Travelers Companies, Inc

 

 

 

 

 

500

 

April 2018 Call @135.00

 

 

1,184

 

 

 

 

 

 

 

 

 

 

 

 

Exxon Mobile Corp.

 

 

 

 

 

1,400

 

April 2018 Call @76.00

 

 

1,064

 

 

 

 

 

 

 

 

 

 

 

 

Total (Premiums Paid $87,832)

 

 

$         74,394

 

 

 

 

 

 

 

 

 

NOTES TO FINANCIAL STATEMENTS

 

 

 

 

Baldwin Fund

 

 

 

 

 

 

1. SECURITY TRANSACTIONS

 

 

 

 

 

At March 31, 2018, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $2,557,775 amounted to $673,967, which consisted of aggregate gross unrealized appreciation of $1,313,039 and aggregate gross unrealized depreciation of $639,072.

 

 

 

 

 

 

 

 

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

$2,132,459

              $0

              $0

$2,132,459

 

Exchange Traded Funds

$91,160

$0

$0

$91,160

 

Call Options

              5,008

$0

$0

$5,008

 

Put Options

$179,933

$0

$0

$179,933

 

Cash Equivalents

$111,796

$0

$0

$111,796

 

Total

 

 

$2,520,356

$0

       $0

$2,520,356

 

 

 

 

 

 

 

 

 

Valuation Inputs of Liabilities

Level 1

Level 2

Level 3

Total

 

Options Written

$74,394

       $0

$0

$74,394






 

Total

 

 

$74,394

       $0

       $0

$74,394









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 30, 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/Brian J. Frank, President

Brian J. Frank

President


Date May 30, 2018


By /s/Monique M. Weiss

Monique M. Weiss

Secretary


Date May 30, 2018