Performance and History

NASDAQ Symbol: FRNKX

The Frank Value Fund commenced operations on July 21, 2004. Our benchmark is the S&P 500 index. We aim to outperform this index over the long-term.

Frank Value Fund NAV 5/12/08: 10.91
 Year to Date Return: -7.62%

Time Period Frank Value Fund S&P 500 Total Return FVF vs S&P
Year-to-Date as of 3/31/2008 -10.75% -9.45% -1.30%
One Year Ended 3/31/2008 -7.09% -5.07% -2.02%
Average Annual Return for the Three Years Ended 3/31/2008 +6.11% +5.85% +0.26%
Total Return Since Inception 7/21/2004 (as of 3/31/2008) +26.67% +28.36% -1.69%
Average Annual Return Since Inception 7/21/2004 (as of 3/31/2008) +6.60% +6.99% -0.39%

The Frank Value Fund paid a dividend of $0.29 on December 20, 2005, a dividend of $0.58 on December 27, 2006, and a dividend of $1.41 on December 27, 2007. Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling the Fund at 1-866-706-9790 or visiting our website at www.frankfunds.com. Returns include reinvestment of any dividends and capital gain distributions.

Non-FDIC insured. May lose value. No bank guarantee. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the Fund, and it may be obtained by following this link or by calling 1-866-706-9790.   Please read it carefully before you invest or send money.