# EDGAR Filing Document

**Accession Number:** 0001281790
**File Stem:** 0001162044-25-001216
**Filing Date:** 2025-11
**Character Count:** 20433
**Document Hash:** d0e1f1a58f5b966acacc1dd83b868482
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-001216.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001162044-25-001216

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANK FUNDS
- **CENTRAL INDEX KEY:** 0001281790

**ORGANIZATION NAME:**
- **EIN:** 200766084
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21532
- **FILM NUMBER:** 251533208

**BUSINESS ADDRESS:**
- **STREET 1:** 781 CRANDON BOULEVARD
- **STREET 2:** UNIT 202
- **CITY:** KEY BISCAYNE
- **STATE:** FL
- **ZIP:** 33149
- **BUSINESS PHONE:** 9738877698

**MAIL ADDRESS:**
- **STREET 1:** 781 CRANDON BOULEVARD
- **STREET 2:** UNIT 202
- **CITY:** KEY BISCAYNE
- **STATE:** FL
- **ZIP:** 33149

## Series and Classes Contracts Data

### Frank Value Fund (Series ID: S000004757)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000012947 | INVESTOR CLASS      | FRNKX           |
| C000093501 | CLASS C             | FNKCX           |
| C000093502 | INSTITUTIONAL CLASS | FNKIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (unaudited)** | **September 30, 2025 (unaudited)** | **September 30, 2025 (unaudited)** |
| **<u>Frank Value Fund</u>** | **<u>Frank Value Fund</u>** | **<u>Frank Value Fund</u>** |
|  | **Shares or Principal** |  |
| **Security Description** | **Amount ($)** | **Fair Value ($)(1)** |
| **Common Stocks - 93.38%** | **Common Stocks - 93.38%** | **Common Stocks - 93.38%** |
| **Bottled & Canned Soft Drinks & Carbonated Waters - 2.32%** |  |  |
| Celsius Holdings, Inc. (2) | 12457  | 716153  |
| **Calculating & Accounting Machines - 5.46%** |  |  |
| NCR Atleos Corp. (2) | 42917  | 1687067  |
| **Canned, Fruits, Veg, Preserves, Jams & Jellies - 4.97%** |  |  |
| The J.M. Smucker Co. | 14139  | 1535495  |
| **Electric Service - 14.66%** |  |  |
| NRG Energy, Inc. | 17806  | 2883682  |
| Vistra Corp. | 8426  | 1650822  |
|  |  | 4534504  |
| **Functions Related To Depository Banking - 3.57%** |  |  |
| Euronet Worldwide, Inc. (2) | 12580  | 1104650  |
| **Hotels, Rooming Houses, Camps & Other Lodging Places - 4.37%** |  |  |
| Civeo Corp. (2) | 58718  | 1350514  |
| **Malt Beverages - 7.95%** |  |  |
| Boston Beer Co, Inc. (2) | 6789  | 1435330  |
| Molson Coors Beverage Co., Class B | 22604  | 1022831  |
|  |  | 2458161  |
| **Miscellaneous Electrical Machinery, Equipment & Supplies - 4.67%** |  |  |
| Spectrum Brands Holdings, Inc. (2) | 27500  | 1444575  |
| **Motor Vehicle Parts & Accessor - 5.11%** |  |  |
| Garrett Motion, Inc. | 115927  | 1578926  |
| **Perfumes, Cosmetics & Other - 4.21%** |  |  |
| Edgewell Personal Care Co. | 64000  | 1303040  |
| **Retail-Eating & Drinking Places - 4.32%** |  |  |
| Starbucks Corp. | 15782  | 1335157  |
| **Services-Business Services - 3.97%** |  |  |
| PayPal Holdings, Inc. (2) | 18306  | 1227600  |
| **Services-Prepackaged Software - 4.46%** |  |  |
| Opera Ltd. (Norway) | 66865  | 1380094  |
| **Sugar & Confectionery Products - 5.35%** |  |  |
| Hershey Co. | 8842  | 1653896  |
| **Transportation Services - 5.98%** |  |  |
| Expedia Group, Inc. | 8649  | 1848724  |
| **Video Game Equipment - 6.07%** |  |  |
| Nintendo Co., Ltd. (2) | 88004  | 1878005  |
| **Wholesale-Groceries, General Line - 5.95%** |  |  |
| United Natural Foods, Inc. (2) | 48920  | 1840370  |
| Total Common Stock | (Cost $22,231,205) | 28876932  |
| **Real Estate Investment Trusts - 2.85%** | **Real Estate Investment Trusts - 2.85%** | **Real Estate Investment Trusts - 2.85%** |
| Net Lease Office Properties | 29668  | 879953  |
| Total Real Estate Investment Trusts | (Cost $755,866) | 879953  |
| **Cash Equivalants - 3.73%** | **Cash Equivalants - 3.73%** | **Cash Equivalants - 3.73%** |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - 3.99% (3) | 1152928  | 1152928  |
| Total Money Market Registered Investment Companies | (Cost $1,152,928) | 1152928  |
| **Total Investments - 99.97%** | (Cost $24,181,232) | 30909813  |
| Other Assets Less Liabilities - 0.08%  |  | 24983  |
| Total Net Assets - 100.00% |  | 30923239  |
| (1) ***Statement on Financial Accounting Standard No. 157 "Fair Value Measurements"*** - Various inputs are used in determining the value of the Fund's investments. | (1) ***Statement on Financial Accounting Standard No. 157 "Fair Value Measurements"*** - Various inputs are used in determining the value of the Fund's investments. | (1) ***Statement on Financial Accounting Standard No. 157 "Fair Value Measurements"*** - Various inputs are used in determining the value of the Fund's investments. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. |
| • Level 1 - quoted prices in active markets for identical securities | • Level 1 - quoted prices in active markets for identical securities | • 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 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | • 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) | • Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | • Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of September 30, 2025 in valuing the Fund's assets carried at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of September 30, 2025 in valuing the Fund's assets carried at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of September 30, 2025 in valuing the Fund's assets carried at fair value: |
|  | Investments in  | Other Financial |
| Valuation Inputs | Securities | Instruments |
| Level 1 - Quoted Prices | $30909813 | $- |
| Level 2 - Other Significant Observable Inputs |  | - |
| Level 3 - Significant Unobservable Inputs | - | - |
| Total | $30909813 | $ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market, such securities are reflected as Level 2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market, such securities are reflected as Level 2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market, such securities are reflected as Level 2. |
| (2) Represents non-income producing securities. | (2) Represents non-income producing securities. | (2) Represents non-income producing securities. |
| (3) Variable rate security; the coupon rate shown represents the yield at September 30, 2025 | (3) Variable rate security; the coupon rate shown represents the yield at September 30, 2025 | (3) Variable rate security; the coupon rate shown represents the yield at September 30, 2025 |
| ADR - American Depositary Receipt. |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** FRANK FUNDS

- **b. Investment Company Act file number:** 811-21532

- **c. CIK number of Registrant:** 0001281790

- **d. LEI of Registrant:** 549300LBDAM02QHSWS48

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 781 Crandon Blvd.

  - **City:** Key Biscayne

  - **State:** FL

  - **Foreign country:** US

  - **Zip / Postal Code:** 33149

  - **Telephone number:** 973-887-7698

**Item A.2. Information about the Series.**

- **a. Name of Series:** Frank Value Fund

- **b. EDGAR series identifier (if any):** S000004757

- **c. LEI of Series:** 549300U9M27MR0CAAZ91

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $30973696.07

**Total Liabilities:** $50457.00

**Net Assets:** $30923239.07

**Cash Not Reported:** $41232.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012947 | 3.42%                | 2.18%                | 0.99%                |
| Class ID C000093501 | 3.33%                | 2.11%                | 0.91%                |
| Class ID C000093502 | 3.43%                | 2.23%                | 0.96%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $646048.61               | $247638.06                                 |
| Month 2  | $61400.33                | $404554.42                                 |
| Month 3  | $0.00                    | $285968.02                                 |

### Schedule of Portfolio Investments

| Name                                 | Title                                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Boston Beer Co., Inc.                | Boston Beer Co., Inc.                                             | CUSIP: 100557107<br>LEI: 529900Q02MQ0DCQNRM58 | Long             | EC               | CORP              | US        |      6789 | NS      | $1435330.38   | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Celsius Holdings, Inc.               | Celsius Holdings, Inc.                                            | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12457 | NS      | $716152.93    | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Civeo Corp.                          | Civeo Corp.                                                       | CUSIP: 17878Y108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     58718 | NS      | $1350514.00   | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co.           | Edgewell Personal Care Co.                                        | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |     64000 | NS      | $1303040.00   | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide, Inc.              | Euronet Worldwide, Inc.                                           | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     12580 | NS      | $1104649.80   | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group, Inc.                  | Expedia Group, Inc.                                               | CUSIP: 30212P105<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |      8649 | NS      | $1848723.75   | 5.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Garrett Motion, Inc.                 | Garrett Motion, Inc.                                              | CUSIP: 366505105<br>LEI: 549300LS5WT7EMBNV724 | Long             | EC               | CORP              | US        |    115927 | NS      | $1578925.74   | 5.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co.                          | Hershey Co.                                                       | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |      8842 | NS      | $1653896.10   | 5.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co.            | Molson Coors Beverage Co., Class B                                | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     22604 | NS      | $1022831.00   | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Instl Liquidity Funds | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio | CUSIP: 61747C582<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1152928 | NS      | $1152928.14   | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Atleos Corp.                     | NCR Atleos Corp.                                                  | CUSIP: 63001N106<br>LEI: 254900HROIFWPRGM1V77 | Long             | EC               | CORP              | US        |     42917 | NS      | $1687067.27   | 5.46%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                     | NRG Energy, Inc.                                                  | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     17806 | NS      | $2883681.70   | 9.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Net Lease Office Properties          | Net Lease Office Properties                                       | CUSIP: 64110Y108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29668 | NS      | $879952.88    | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Nintendo Co., Ltd.                   | Nintendo Co., Ltd.                                                | CUSIP: 654445303<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |     88004 | NS      | $1878005.36   | 6.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Opera Ltd.                           | Opera Ltd. (Norway)                                               | CUSIP: 68373M107<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     66865 | NS      | $1380093.60   | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings, Inc.                | PayPal Holdings, Inc.                                             | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     18306 | NS      | $1227600.36   | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Spectrum Brands Holdings, Inc.       | Spectrum Brands Holdings, Inc.                                    | CUSIP: 84790A105<br>LEI: 549300JM0MJETDD30O20 | Long             | EC               | CORP              | US        |     27500 | NS      | $1444575.00   | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp.                      | Starbucks Corp.                                                   | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     15782 | NS      | $1335157.20   | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| The J.M. Smucker Co.                 | The J.M. Smucker Co.                                              | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |     14139 | NS      | $1535495.40   | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| United Natural Foods, Inc.           | United Natural Foods, Inc.                                        | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |     48920 | NS      | $1840370.40   | 5.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp.                         | Vistra Corp.                                                      | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      8426 | NS      | $1650821.92   | 5.34%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** Frank Funds

**Signature:** /s/ Brian J. Frank

**Name of Signer:** Brian J. Frank

**Title:** President and Treasurer