NPORT-P
    false
    
      
      
        
          0001281790
          XXXXXXXX
        
      
      
      
      
        S000004757
        C000012947
        C000093501
        C000093502
      
      
      
    
  
  
    
      FRANK FUNDS
      811-21532
      0001281790
      549300LBDAM02QHSWS48
      781 Crandon Blvd.
      Unit 602
      Key Biscayne
      
      33149
      973-887-7698
      Frank Value Fund
      S000004757
      549300U9M27MR0CAAZ91
      2022-06-30
      2022-03-31
      N
    
    
      17622968.57
      86388.97
      17536579.60
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      958033.74
      N
      
        
          
          
          
        
        
        
        
      
      
      
      
      
    
    
      
        Algoma Steel Group, Inc.
        N/A
        Algoma Steel Group, Inc.
        015658107
        
          
        
        48500.00
        NS
        USD
        545625.00
        3.11
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        CVR Energy, Inc.
        529900SOYZIXZBTXB558
        CVR Energy, Inc.
        12662P108
        
          
        
        21502.00
        NS
        USD
        549161.08
        3.13
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Calumet Specialty Products Partners, L.P.
        529900QWK0FGLES9BA18
        Calumet Specialty Products Partners, L.P.
        131476103
        
          
        
        49665.00
        NS
        USD
        675940.65
        3.85
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cardinal Health, Inc.
        CCU46N3GJMF4OK4N7U60
        Cardinal Health, Inc.
        14149Y108
        
          
        
        9867.00
        NS
        USD
        559458.90
        3.19
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Civeo Corp.
        N/A
        Civeo Corp.
        17878Y108
        
          
        
        31505.00
        NS
        USD
        743675.53
        4.24
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Coca-Cola FEMSA S.A.B. de C.V.
        5493008KEVFYPMGTXO33
        Coca-Cola FEMSA S.A.B. de C.V. Series L ADR
        191241108
        
          
        
        15394.00
        NS
        USD
        845900.30
        4.82
        Long
        EC
        CORP
        MX
        N
        
        1
        
          N
          N
          N
        
      
      
        Delek US Holdings, Inc.
        5493003O53JMENV1N385
        Delek US Holdings, Inc.
        24665A103
        
          
        
        2255.00
        NS
        USD
        47851.10
        0.27
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dril-Quip, Inc.
        5299007REICYIJNMW197
        Dril-Quip, Inc.
        262037104
        
          
        
        14978.00
        NS
        USD
        559428.30
        3.19
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ebay, Inc.
        OML71K8X303XQONU6T67
        Ebay, Inc.
        278642103
        
          
        
        16753.00
        NS
        USD
        959276.78
        5.47
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        H&R Block, Inc.
        549300CE3KUCWLZBG404
        H&R Block, Inc.
        093671105
        
          
        
        33932.00
        NS
        USD
        883589.28
        5.04
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lastminute.com NV
        724500GXHPNL7D2NNF08
        Lastminute.com NV
        30303M102
        
          
        
        2499.00
        NS
        USD
        96461.40
        0.55
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        Liberty Latin America Ltd.
        213800YWQHEAX7CAVO83
        Liberty Latin America Ltd. Class C
        G9001E128
        
          
        
        24683.00
        NS
        USD
        236709.97
        1.35
        Long
        EC
        CORP
        BM
        N
        
        1
        
          N
          N
          N
        
      
      
        McKesson Corp.
        549300WZWOM80UCFSF54
        McKesson Corp.
        58155Q103
        
          
        
        2578.00
        NS
        USD
        789203.14
        4.50
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Morgan Stanley Institutional Liquidity Funds
        N/A
        Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio
        61747C525
        
          
        
        535846.07
        NS
        USD
        535846.07
        3.06
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nextier Oilfield Solutions, Inc.
        529900L27H2D4QT0IT24
        Nextier Oilfield Solutions, Inc.
        65290C105
        
          
        
        75480.00
        NS
        USD
        697435.20
        3.98
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Now, Inc.
        549300AVH5SOCFVVDW91
        Now, Inc.
        67011P100
        
          
        
        67226.00
        NS
        USD
        741502.78
        4.23
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Omnicom Group, Inc.
        HKUPACFHSSASQK8HLS17
        Omnicom Group, Inc.
        681919106
        
          
        
        6000.00
        NS
        USD
        509280.00
        2.90
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Paypal Holdings, Inc.
        5493005X2GO78EFZ3E94
        Paypal Holdings, Inc.
        70450Y103
        
          
        
        16333.00
        NS
        USD
        1888911.45
        10.77
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Philip Morris International, Inc.
        HL3H1H2BGXWVG3BSWR90
        Philip Morris International, Inc.
        718172109
        
          
        
        8285.00
        NS
        USD
        778292.90
        4.44
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Twitter, Inc.
        549300I8RX485XMK6836
        Twitter, Inc.
        90184L102
        
          
        
        36014.00
        NS
        USD
        1393381.66
        7.95
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United States Of America
        254900HROIFWPRGM1V77
        U.S. Treasury Strips Principal 0.000%, 02/15/2051
        912803FV0
        
          
        
        2414000.00
        PA
        USD
        1193906.46
        6.81
        Long
        DBT
        UST
        US
        N
        
        2
        
          2050-12-31
          Fixed
          0.00
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Under Armour, Inc.
        549300D4549QKWETZ406
        Under Armour, Inc. Class C
        904311206
        
          
        
        58647.00
        NS
        USD
        912547.32
        5.20
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zevia PBC-A
        N/A
        Zevia PBC-A
        98955K104
        
          
        
        65812.00
        NS
        USD
        300760.84
        1.72
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-03-31
      Frank Funds
      /s/ Brian J. Frank
      Brian J. Frank
      President and Treasurer
    
  
  XXXX
NPORT-EX




Schedule of Investments

March 31, 2022 (unaudited)

Frank Value Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares or Principal

 

 

Security Description

 

 

Amount ($)

 

Fair Value ($)(1)

 

 

 

 

 

 

Common Stocks - 83.91%

 

 

 

 

 

 

 

 

Apparel & Other Finished Prods of Fabrics & Similar Material - 5.20%

 

 

 

 

Under Armour, Inc. Class C (2)

 

 

58,647

 

912,548

 

 

 

 

 

 

 

 

Bottled & Canned Soft Drinks & Carbonated Waters - 6.54%

 

 

 

 

 

Coca-Cola FEMSA, S.A.B. de C.V. Series L ADR (2)

 

 

15,934

 

845,900

Zevia PBC-A (2)

 

 

 

65,812

 

300,761

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,146,661

 

 

 

 

 

 

 

 

Cable & Other Pay Television Subscriptions - 1.35%

 

 

 

 

 

Liberty Latin America Ltd. Class C (2)   

 

 

24,683

 

236,710

 

 

 

 

 

 

 

 

Cigarettes - 4.44%

 

 

 

 

 

 

Philip Morris International, Inc.

 

 

8,285

 

778,293

 

 

 

 

 

 

 

 

Hotels, Rooming Houses, Camps - 4.24%

 

 

 

 

 

Civeo Corp. (2)

 

 

 

31,505

 

743,676

 

 

 

 

 

 

 

 

Oil & Gas Field Machinery & Equipment - 7.42%

 

 

 

 

 

Dril-Quip, Inc. (2)

 

 

 

14,978

 

559,428

Now, Inc. (2)

 

 

 

 

67,226

 

741,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,300,931

 

 

 

 

 

 

 

 

Oil & Gas Field Services, NEC - 3.98%

 

 

 

 

 

Nextier Oilfield Solutions, Inc. (2)

 

 

75,480

 

697,435

 

 

 

 

 

 

 

 

Petroleum Refining- 7.26%

 

 

 

 

 

Calumet Specialty Products Partners, L.P. (2)

 

 

49,665

 

675,940

CVR Energy, Inc. (2)

 

 

 

21,502

 

549,161

Delek US Holdings, Inc. (2)

 

 

2,255

 

47,851

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,272,952

 

 

 

 

 

 

 

 

Pharma & Specialty Distribution - 3.19%

 

 

 

 

 

Cardinal Health, Inc.

 

 

 

9,867

 

559,459

 

 

 

 

 

 

 

 

Services Advertising Agencies - 2.90%

 

 

 

 

 

Omnicom Group, Inc.

 

 

 

6,000

 

509,280

 

 

 

 

 

 

 

 

Services-Business Services, NE - 16.24%

 

 

 

 

 

Ebay, Inc.

 

 

 

 

16,753

 

959,277

Paypal Holdings, Inc. (2)

 

 

 

16,333

 

1,888,912

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,848,189

 

 

 

 

 

 

 

 

Services-Computer Intergrated S - 0.55%

 

 

 

 

 

Lastminute.com NV (2)

 

 

 

2,499

 

96,461

 

 

 

 

 

 

 

 

Services-Computer Programming, Data Processing, Etc.  - 7.95%

 

 

 

 

 

Twitter, Inc. (2)

 

 

 

36,014

 

1,393,382

 

 

 

 

 

 

 

 

Services - Personal Services - 5.04%

 

 

 

 

 

H&R Block, Inc.

 

 

 

33,932

 

883,589

 

 

 

 

 

 

 

 

Steel Works & Blast Furnaces - 3.11%

 

 

 

 

 

Algoma Steel Group, Inc.

 

 

48,500

 

545,625

 

 

 

 

 

 

 

 

Wholesale-Drugs Proprietaries - 4.50%

 

 

 

 

 

McKesson Corp.

 

 

 

2,578

 

789,203

 

 

 

 

 

 

 

 

Total Common Stock

 

 

 

(Cost $          12,334,221)

 

14,714,394

 

 

 

 

 

 

 

 

U.S. Government Obligations (4) - 6.80%

 

 

 

 

U.S. Treasury Strips Principal 0.000%, 02/15/2051

2,414,000

 

1,193,906

 

 

 

 

Total U.S. Government Obligations

(Cost $            1,243,718)

 

1,193,906

 

 

 

 

Money Market Registered Investment Companies - 3.06%

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - 0.01% (3)

535,846

 

535,846

 

 

 

 

 

 

 

 

Total Money Market Registered Investment Companies

(Cost $              535,846)

 

535,846

 

 

 

 

Total Investments - 93.77%

(Cost $          14,113,785)

 

16,444,146

 

 

 

 

Other Assets less Liabilities - 6.23%

 

 

1,092,434

 

 

 

 

Total Net Assets - 100.00%

 

 

17,536,580

 

 

 

 

 

 

 

 

 

 

 

 

(1)  Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments.

       These inputs are summarized in the three broad levels listed below.

        • Level 1 - quoted prices in active markets for identical securities

        • Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

        • Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

 

       The following is a summary of the inputs used as of March 31, 2022 in valuing the Fund's assets carried at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in

 

Other Financial

Valuation Inputs

 

 

 

Securities

 

Instruments

Level 1 - Quoted Prices

 

 

$

15,250,240

$

-

Level 2 - Other Significant Observable Inputs

 

 

1,193,906

 

-

Level 3 - Significant Unobservable Inputs

 

 

-

 

-

Total

 

 

 

$

16,444,146

$

0

 

 

 

 

 

 

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term

debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment

Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active

market, such securities are reflected as Level 2.

 

 

 

 

 

 

 

 

(2)  Represents non-income producing securities.

(3)  Variable rate security; the coupon rate shown represents the yield at  March 31, 2022.

(4)  Fair valued security deemed as Level 2 security.