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, 2005
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.
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Frank Value Fund | ||
Schedule of Investments | ||
September 30, 2005 (Unaudited) | ||
Shares | Value | |
COMMON STOCKS - 93.23% | ||
Accident & Health Insurance - 3.10% | ||
422 | Conseco, Inc. * | $ 8,909 |
Cable and Other Pay Television Services - 2.88% | ||
157 | Liberty Global International, Inc. * | 4,253 |
157 | Liberty Global Series C* | 4,043 |
8,296 | ||
Communications Equipment, NEC - 1.85% | ||
653 | Utstarcom, Inc. * | 5,335 |
Computer Communications Equipment - 1.95% | ||
1,463 | Adaptec, Inc. * | 5,603 |
Electronic Components & Accessories - 3.86% | ||
304 | AVX Corp. | 3,873 |
862 | Kemet Corp. * | 7,224 |
11,097 | ||
Fabricated Rubber Products - 2.60% | ||
1,710 | Omnova Solutions, Inc. * | 7,472 |
Fire, Marine & Casualty Insurance - 3.28% | ||
190 | Arch Capital Group Ltd. * | 9,422 |
Household Furniture - 1.69% | ||
368 | La-Z-Boy, Inc. | 4,854 |
Instruments For Measuring & Testing of Electricity & Electrical Signals - 2.11% | ||
761 | Credence Systems Corp. * | 6,080 |
Machine Tools, Metal Cutting Types - 2.35% | ||
500 | Thermadyne Holdings Corp.* | 6,755 |
Miscellaneous Business Credit Institution - 2.12% | ||
222 | PHH Corp. * | 6,096 |
Motorcycles, Bicycles & Parts - 2.51% | ||
149 | Harley Davidson, Inc. | 7,218 |
Motor Vehicle Parts and Accessories - 2.35% | ||
314 | Superior Industries International, Inc. | 6,757 |
Optical Instruments & Lenses - 4.97% | ||
5,371 | Meade Instruments Corp. * | 14,287 |
Patent Owners and Lessors - 0.85% | ||
141 | 4 Kids Entertainment, Inc. * | 2,452 |
Photographic Equipment & Supplies - 1.20% | ||
2,520 | Concord Camera Corp.* | 3,453 |
Real Estate - 2.15% | ||
183 | MI Developments, Inc. (Canada) | 6,176 |
Retail-Apparel & Accessory Stores - 2.51% | ||
470 | Hot Topic, Inc.* | 7,219 |
Retail Catalog & Mail Order - 2.10% | ||
1,249 | Alloy, Inc.* | 6,045 |
Retail-Eating & Drinking Places - 3.03% | ||
1,260 | Champps Entertainment, Inc. * | 8,719 |
Real Estate Investment Trusts - 4.04% | ||
147 | American Home Mortgage Investment Corp. | 4,454 |
698 | Highland Hospitality Corp. | 7,161 |
11,615 | ||
Retail-Radio, Tv & Consumer Electronics Stores - 2.26% | ||
379 | Circuit City Stores, Inc. | 6,504 |
Retail-Variety Stores - 2.00% | ||
621 | 99 Cents Only Stores * | 5,744 |
Services-Engineering Services, NEC - 3.26% | ||
174 | Washington Group International, Inc. * | 9,377 |
Services-Computer Processing & Data Preparation - 2.40% | ||
649 | Verity, Inc. * | 6,892 |
Services-Health Care Services - 0.99% | ||
252 | National Home Health Care Corp. | 2,853 |
Security, Brokers Dealers and Flotation Companies - 3.89% | ||
851 | Instinet Group, Inc. * | 4,229 |
359 | Waddell & Reed Financial, Inc. | 6,950 |
11,179 | ||
Semiconductors and Related Devices - 3.65% | ||
449 | Freescale Semiconductor, Inc. * | 10,511 |
Services-Business Services, NEC - 3.87% | ||
729 | Espeed, Inc. * | 5,526 |
205 | Viad Corp. | 5,607 |
11,133 | ||
Telephone & Telegraph Apparatus - 3.20% | ||
876 | Tellabs, Inc. * | 9,216 |
Telephone Communications (No Radiotelephone) - 4.97% | ||
495 | IDT Corp. * | 6,034 |
360 | Telewest Global, Inc. * | 8,262 |
14,296 | ||
Transportation Services (No Radiotelephone) - 6.24% | ||
686 | Expedia, Inc.* | 13,590 |
172 | Interactive Corp. * | 4,360 |
17,950 | ||
Wholesale-Motor Vehicles & Motor Vehicle Parts & Supplies - 3.00% | ||
390 | Adesa, Inc. | 8,619 |
TOTAL FOR COMMON STOCKS (Cost $257,399) - 93.23% | $ 268,134 | |
SHORT TERM INVESTMENTS - 3.44% | ||
9,892 | First American Treasury Obligations Fund Class A 2.81%** (Cost $9,892) | $ 9,892 |
TOTAL INVESTMENTS - 96.67% | 278,026 | |
(Identified Cost $267,291) | ||
OTHER ASSETS LESS LIABILITIES, NET - 3.33% | 9,581 | |
NET ASSETS - 100.00% | $ 287,607 | |
* Non-Income producing securities. | ||
** Variable rate security; The coupon rate shown represents the rate at September 30, 2005 | ||
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NOTES TO FINANCIAL STATEMENTS | ||
The Frank Funds | ||
1. SECURITY TRANSACTIONS | ||
At September 30, 2005, the net unrealized appreciation on investments, based on cost for federal | ||
income tax purposes of $267,291 amounted to $10,735 which consisted of aggregate gross | ||
unrealized appreciation of $32,165 and aggregate gross unrealized depreciation of $21,430. | ||
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, 2005
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, 2005
By /s/Brian J. Frank
Brian J. Frank
Treasurer
Date November 28, 2005