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Securities Act Registration No. 333-113657

Investment Company Act Registration No. 811-21532

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933\t¨

Pre-Effective Amendment No.___\t¨

Post-Effective Amendment No. 47\t\tý

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY

ACT OF 1940\t¨

Amendment No. 49\t\tý

(Check appropriate box or boxes.)

Frank Funds – File Nos. 333-113657 and\n811-21532

(Exact Name of Registrant as Specified in\nCharter)

781 Crandon Blvd. Unit 602

Key Biscayne, FL 33149

(Address of Principal Executive Offices)(Zip\nCode)

Registrant’s Telephone Number, including\nArea Code: 973-887-7698

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

41 South High Street, Suite 1700

Columbus, Ohio 43215

It is proposed that this filing will become effective:

ýImmediately\nupon filing pursuant to paragraph (b) of Rule 485

o On (date) pursuant\nto paragraph (b) of Rule 485

o60 days after filing\npursuant to paragraph (a)(1) of Rule 485

o On (date) pursuant\nto paragraph (a)(1) of Rule 485

¨ 75 days after\nfiling pursuant to paragraph (a)(2) of Rule 485

o On (date) pursuant\nto paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

o This post-effective\namendment designates a new effective date for a previously filed post-effective amendment.

FRANK FUNDS

FRANK VALUE FUND

781 Crandon Blvd., Unit 602

Key Biscayne, FL 33149

Telephone: (973) 887-7698 Toll Free: (866) 706-9790

Website: http://www.frankfunds.com

\n \n \n \n \n \n \n \n \n \n

Investor Class Shares:	FRNKX
Class C Shares:	FNKCX
Institutional Class Shares:	FNKIX

PROSPECTUS

November 1, 2026

Advised by: Frank Capital\nPartners LLC

As\nwith all mutual funds, the Securities and Exchange Commission has not approved or disapproved these securities or determined if this Prospectus\nis truthful or complete. Any representation to the contrary is a criminal offense.

This\nProspectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for\nfuture reference.

TABLE OF CONTENTS

FRANK VALUE FUND SUMMARY	3
Investment Objective	3
Fees and Expenses	3
Portfolio Turnover	3
Principal Investment Strategies	3
Principal Investment Risks	4
Performance	6
Management	7
Purchase and Sale of Fund Shares	7
Tax Information	7
Payments to Broker-Dealers and Other Financial Intermediaries	8
ADDITIONAL INFORMATION ABOUT INVESTMENT STRATEGIES	9
Investment Objective	9
Principal Investment Strategies	9
Temporary Defensive Positions	10
Principal Investment Risks	10
Portfolio Holdings Disclosure	11
Cybersecurity	11
MANAGEMENT OF THE FUND	12
PURCHASING FUND SHARES	12
Share Classes	12
Determination of Net Asset Value	12
Purchasing of Fund Shares	13
Opening An Account	13
REDEEMING FUND SHARES	14
Redemption Requirements	14
Redemption Price	14
Redemption Fee/Market Timing	15
Redemption Payment	15
DIVIDENDS, DISTRIBUTIONS AND TAXES	15
Dividends and Distributions	15
Taxes	16
DISTRIBUTION	16
Distributor	16
Distribution Plan	16
FINANCIAL HIGHLIGHTS	17

FRANK VALUE FUND SUMMARY

Investment\nObjective.

The\nFrank Value Fund’s (the “Fund”) investment objective is to provide long-term capital appreciation.

Fees\nand Expenses.

This\ntable describes fees and expenses that you may pay if you buy, hold and sell the Fund’s shares. You\nmay be required to pay commission and/or other forms of compensation to a broker for transactions in Institutional Class shares, which\nare not reflected in the tables or the examples below.

Shareholder Fees (fees paid directly from your investment)

\n \n \n \n \n \n \n \n \n \n \n

	Investor Class	Class C	Institutional Class
Redemption Fee (as a percentage of amount redeemed on shares held less than 5 business days)	2.00%	2.00%	2.00%

Annual Fund Operating Expenses (expenses that you pay each year as a\npercentage of the value of your investment)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Investor Class	Class C	Institutional Class
Management Fees ¹	0.89%	0.89%	0.89%
Distribution and/or Service (12b-1) Fees	0.25%	1.00%	0.00%
Other Expenses ¹	0.09%	0.09%	0.09%
Acquired Fund Fees and Expenses ²	0.01%	0.01%	0.01%
Total Annual Fund Operating Expenses	1.24%	1.99%	0.99%

(1)	Restated to reflect the reduced management\n fee.

(2)

Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The\noperating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial\nstatements include only the direct operating expenses incurred by the Fund.

Example:

This example is intended to help you compare the cost\nof investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for\nthe time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment\nhas a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower,\nbased on these assumptions your costs would be:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	1 Year	3 Years	5 Years	10 Years
Investor Class	$126	$393	$681	$1,500
Class C	$202	$624	$1,073	$2,317
Institutional Class	$101	$315	$547	$1,213

Portfolio\nTurnover.

The\nFund pays transaction costs, such as commissions, when it buys and sells securities (or \"turns over\" its portfolio). A higher\nportfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.\nThese costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most\nrecent fiscal year, the Fund's portfolio turnover rate was 95.89% of the average value of its portfolio.

Principal\nInvestment Strategies.

The Fund’s principal investment\nstrategy is value investing. The Fund invests in common stock of U.S. companies that the Fund’s adviser, Frank Capital Partners\nLLC (the “Adviser”), believes are underpriced based on the company’s intrinsic value. The Adviser defines intrinsic\nvalue as the price an intelligent and informed business owner would pay for the enterprise, and is independent from the current selling\nprice in the stock markets.

The Adviser uses quantitative\nanalysis to identify undervalued companies, examining such traditional value criteria as:

price-to-earnings, price-to-book value and price-to-cash flow ratios;

the discounted value of future cash flows;

acquisition values of similar companies; and

the value stockholders would receive if the company was liquidated.

The Adviser then performs\nsubjective analysis, including the review of trade magazines, annual reports, and regulatory filings. The Adviser considers the future\ngrowth potential of the company, its products and services, its industry position, and the quality of its management before making a final\ndetermination of the company’s intrinsic value.

The Fund invests in common\nstocks of companies that have strong financial positions, evidenced by balance sheets without significant debt or other liabilities compared\nto cash reserves. The Adviser believes financial markets place undue emphasis on a company’s income, often ignoring the balance\nsheet. Therefore, companies with strong balance sheets may have significantly discounted market prices. The Fund may invest in companies\nregardless of size, including small- and micro-cap companies. The Adviser sells common stocks when the market price exceeds its estimate\nof intrinsic value.

From time to time the Fund\nmay be invested more heavily in a particular sector if the Adviser determines that companies in that sector present the best value. The\nAdviser may invest in “special situation” companies, including spin-offs and companies recently emerging from bankruptcy.\nThe Fund may hold a significant portion of its assets in cash and cash equivalents if sufficient value opportunities are not present in\nthe market.

Principal\nInvestment Risks

As with any mutual fund\ninvestment, loss of money is a risk of investing. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed\nby the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund\ncan increase during times of significant market volatility, and there can be no assurance that the Fund will achieve its investment objective.\nThe principal risks of investing in the Fund are:

Cash and Cash Equivalents\nRisk: At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio\nis held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with\ninflation, thus reducing purchasing power over time.

Common Stock Risk:\nThe Fund invests the majority of its assets in common stocks. Historically, common stocks are more volatile than other securities such\nas bonds. The common stock of a company that experiences financial distress may lose significant value or become worthless. The rights\nof common stockholders are subordinate to all other claims on a company’s assets including debt holders and preferred stockholders;\ntherefore, the Fund could lose money if a company in which it invests becomes financially distressed.

Management Risk:\nA risk of investing in the Fund is that the Adviser’s strategy of investing in undervalued securities may fail. The Adviser may\nbe incorrect in its assessment of the intrinsic value of the companies in which the Fund invests, or value stocks may be out of favor\nwith investors.

regulatory events, tariffs and trade\nwars and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist\nattacks around the world, natural disasters, pandemics, social and political discord or debt crises and downgrades, among others, may\nresult in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when\nsimilar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those\neffects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio.

Portfolio Turnover Risk:\nA higher portfolio turnover results in higher transactional and brokerage costs.

Sector Risk. If\nthe Fund’s portfolio is overweighted in a certain sector, any negative development affecting that sector will have a greater impact\non the Fund than it would have on a fund that is not overweighted in that sector. The Fund may from time to time have a greater focus\nin certain sectors, and weakness in those sectors could result in significant losses to the Fund.

Consumer Defensive Sector Risk.\nCompanies in the consumer defensive sector face risks related to fluctuating consumer demand, private-label competition, supply chain\ndisruptions, raw material and labor cost inflation, and evolving regulatory requirements. Although demand for essential goods is generally\nmore stable than in other sectors, changing consumer preferences, increased emphasis on sustainability, and heightened price sensitivity\nmay pressure margins and market share. In addition, adverse economic conditions, trade restrictions, and geopolitical events can disrupt\noperations, sourcing, and distribution. Any of these factors could materially and adversely affect the business, financial condition,\nand results of operations.

Shareholder Concentration\nRisk. When a small number of shareholders account for a disproportionate share of the Fund’s assets, the Fund could be vulnerable\nto a very large redemption request from a significant shareholder who wants to redeem. Such redemption may increase the expense ratio\nof the Fund. The decision-making process may also be controlled by a limited number of shareholders which may be biased in favor of said\nsmall group.

Small-Cap and Mid-Cap\nRisk: Because the Fund may invest in smaller and mid-capitalization companies, the Fund will be subject to additional risks. The earnings\nand prospects of such companies are more volatile than larger companies, and they may experience higher failure rates than larger companies.\nThe trading volume of securities of smaller companies is normally less than that of larger companies and, therefore, may disproportionately\naffect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies. Smaller\nand mid-capitalization companies may also have limited markets, product lines, or financial resources and may lack management experience.

Special Situation Risk:\nThe Fund may invest a significant portion of assets in special situations, such as spin-offs, companies recently emerging from bankruptcy,\nand merger securities. Spin-off companies may encounter difficulties because they are operating on their own for the first time, without\nthe protection of their parent company. Spin-offs also may be created for the purpose of moving liabilities from the parent company to\nthe spin-off. These potential problems may impair operating results, leading to losses to the Fund. Additionally, there is a possibility\nthat the spin-off company may incur the business risk of the parent. Companies that have recently emerged from bankruptcy may still have\nthe problems that caused the initial bankruptcy filing, leading to poor operating results or possibly another bankruptcy filing. These\ncompanies also may have weak financial positions. Merger securities may encounter complications arising from the expected transaction.\nFinally, the Adviser may incorrectly evaluate any of these special situation stocks, resulting in losses to the Fund.

Value Investing Risk:\nValue stocks may remain undervalued during a given time period and may not ever realize their full value.

Performance

The bar chart and performance table below show the\nvariability of the returns of the Fund’s Investor Class shares, which is some indication of the risks of investing in the Fund.\nThe bar chart shows performance of the Fund’s Investor Class shares for each of the last 10 calendar years. The performance table\ncompares the performance of the Fund's Investor Class, Class C, and Institutional Class shares over time to the performance of a broad-based\nsecurities market index and a supplemental index. The Fund’s past performance (before and after taxes) is not necessarily an indication\nof how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.frankfunds.com.

TOTAL RETURNS FOR INVESTOR CLASS SHARES

(for the years ended December 31)

$\"\"$

The Fund's Investor Class year-to-date return through\nSeptember 30, 2026 was 11.02%.

\n \n \n \n \n \n \n \n \n

Best Quarter:	4th quarter 2022	13.43%
Worst Quarter:	2nd quarter 2022	-9.73%

In the performance table\nbelow, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect\nthe impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown.\nAfter-tax returns shown in the table are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such\nas 401(k) plans or individual retirement accounts.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Year	Percentage
Annual Return 2016	0.0356
Annual Return 2017	-0.0281
Annual Return 2018	-0.0223
Annual Return 2019	0.0415
Annual Return 2020	0.1284
Annual Return 2021	0.064
Annual Return 2022	0.0418
Annual Return 2023	0.1478
Annual Return 2024	0.1922
Annual Return 2025	0.1229

Average Annual Total\nReturns for the periods ended December 31, 2025:

*Investor Class*	1 year	5 years	10 Years
Return Before Taxes	12.04%	11.19%	6.99%
Return After Taxes on Distributions	8.97%	8.90%	5.69%
Return After Taxes on Distributions and Sale of Fund Shares	8.94%	8.25%	5.25%
Russell 3000 Index* (reflects no deduction for fees, expenses, or taxes)	17.15%	13.15%	14.29%
Russell Midcap Value Index** (reflects no deduction for fees, expenses, or taxes)	11.05%	9.83%	9.78%
*Class C*	1 year	5 years	10 Years
Return Before Taxes	11.18%	10.35%	6.19%
Return After Taxes on Distributions	8.17%	8.29%	5.01%
Return After Taxes on Distributions and Sale of Fund Shares	8.61%	7.75%	4.67%
Russell 3000 Index* (reflects no deduction for fees, expenses, or taxes)	17.15%	13.15%	14.29%
Russell Midcap Value Index** (reflects no deduction for fees, expenses, or taxes)	11.05%	9.83%	9.78%
*Institutional Class*	1 year	5 years	10 Years
Return Before Taxes	12.29%	11.46%	7.25%
Return After Taxes on Distributions	9.21%	9.18%	5.94%
Return After Taxes on Distributions and Sale of Fund Shares	9.04%	8.47%	5.45%
Russell 3000 Index* (reflects no deduction for fees, expenses, or taxes)	17.15%	13.15%	14.29%
Russell Midcap Value Index** (reflects no deduction for fees, expenses, or taxes)	11.05%	9.83%	9.78%

The Russell 3000® Index is a capitalization-weighted stock market index,\nmaintained by FTSE Russell, that seeks to be a benchmark of the entire U.S. stock market. It measures the performance of the 3,000 largest\npublicly held companies incorporated in America as measured by total market capitalization, and represents approximately 98% of the American\npublic equity market. Investors cannot invest directly in an index or benchmark.

The Russell Midcap Value Index measures performance of the mid-cap value\nsegment of the U.S. equity universe. Investors may not invest in the index directly.

Management

Investment\nAdviser. Frank Capital Partners LLC is the Fund’s investment adviser.

Portfolio\nManager. Mr. Brian J. Frank is the portfolio manager responsible for the day-to-day management of the Fund and has served in such\ncapacity since September 2009. He previously served as co-portfolio manager from the Fund’s inception until September 2009.

Purchase\nand Sale of Fund Shares. The minimum initial investment in the Fund for all account types for Investor\nClass and Class C shares is $1,500 and for Institutional Class shares is $1,000,000. The minimum subsequent investment for Investor Class\nand Class C shares is $100 and for Institutional Class shares is $500. You may purchase and redeem shares of the Fund on any day that\nthe New York Stock Exchange is open. Redemption requests may be made by telephone and mail and will be paid by check or wire transfer.\nThe Fund reserves the right to change the amount of these minimums from time to time or to waive them in whole or in part for certain\naccounts.

Institutional Class shares may also be available\non brokerage platforms of firms that have agreements with the Fund’s distributor to offer such shares solely when acting as an agent\nfor the investor. An investor transacting in Institutional Class shares in these programs may be required to pay a commission and/or other\nforms of compensation to the broker. Shares of the Fund are available in other share classes that have different fees and expenses.

Tax\nInformation. Dividends and capital gain distributions you receive from the Fund are taxable to you at\neither ordinary income or capital gains tax rates unless you are investing through a tax-deferred account such as an IRA or 401(k).

Payments to Broker-Dealers and Other Financial\nIntermediaries. If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund\nand its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict\nof interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment.\n Ask your salesperson or visit your financial intermediary's website for more information.

ADDITIONAL INFORMATION\nABOUT INVESTMENT STRATEGIES
\nAND RELATED RISKS

Investment\nObjective.

The Fund’s investment\nobjective is to provide long-term capital appreciation. The Fund’s investment objective may be changed by the Fund’s Board\nof Trustees (the “Board” or the “Trustees”) upon prior written notice to shareholders.

Principal\nInvestment Strategies

The Fund’s principal\ninvestment strategy is value investing. The Fund invests in common stock of U.S. companies that the Adviser believes are underpriced based\non the company’s intrinsic value. The Adviser defines intrinsic value as the price an intelligent and informed business owner would\npay for the enterprise, and is independent from the current selling price in the stock markets.

The Adviser uses quantitative\nanalysis to identify undervalued companies, examining such traditional value criteria as:

price-to-earnings, price-to-book value and price-to-cash flow ratios;

the discounted value of future cash flows;

acquisition values of similar companies; and

the value stockholders would receive if the company was liquidated.

The Fund invests in common\nstocks of companies that have strong financial positions, evidenced by balance sheets without significant debt or other liabilities compared\nto cash reserves. The Adviser believes financial markets place undue emphasis on a firm’s income, often ignoring the balance sheet.\nTherefore, companies with strong balance sheets may have significantly discounted market prices. The Fund may invest in companies regardless\nof size, including small- and micro-cap companies. The Adviser sells common stocks when the market price exceeds its estimate of intrinsic\nvalue. The Fund may hold a significant portion of its assets in cash and cash equivalents if sufficient value opportunities are not present\nin the market.

The Fund’s investments\nwill not be limited to particular sectors (for example, technology), although from time to time the Fund may be invested more heavily\nin a particular sector if the Adviser determines that companies in that sector present the best value. This may include investments in\nsectors that are economically depressed. The term “sector” refers to a particular group of companies that are in the same\nindustry. Companies in the technology sector, for example, include software, networking, semiconductor and biotechnology companies.

In addition to investing\nin companies whose operations have not undergone significant change, the Adviser may invest in “special situation” companies,\nincluding spin-offs and companies recently emerging from bankruptcy. A spin-off is when a parent company separates a subsidiary from the\nparent by organizing it as an independent company and distributing shares of common stock in the subsidiary to its shareholders or through\nan initial public offering. The Adviser believes that these new stocks can be underpriced due to lack of analyst coverage, the small size\nof the spin-off, and initial selling by institutional shareholders that receive stock in the spin-off. The Fund will purchase stock of\npublicly traded spin-offs only from other investors subsequent to the initial offering. In the case of companies recently emerging from\nbankruptcy, bondholders who receive common stock in the reorganization often control the company. It is the Adviser’s belief that\nthese bondholders may sell

their stock immediately without regard to value,\ncreating possible investment opportunities. Finally, companies sometimes issue special securities in conjunction with a merger or acquisition.\nThe Adviser believes these securities are often misunderstood by investors and under-followed by analysts, leading to possible investment\nopportunities.

Temporary\nDefensive Positions

In certain circumstances,\nsuch as to maintain liquidity, to meet unusually large redemptions, when the Adviser believes that market conditions are unfavorable for\nprofitable investing, or when the Adviser is otherwise unable to locate attractive investment opportunities, the Fund may take temporary\ndefensive positions that are inconsistent with the Fund’s principal investment strategies. For example, the Fund may hold all or\na portion of its assets in cash, money market instruments, U.S. government obligations, or money market funds. If the Fund invests in\nshares of a money market fund or other investment company, the shareholders of that Fund will be subject to duplicative management fees.\nAs a result of engaging in these temporary measures, the Fund may not achieve its investment objective, and the Fund may pay higher commissions\nas a result of increased portfolio turnover.

Principal\nInvestment Risks

Management Risk:\nThe main risk of investing in the Fund is that the Adviser’s strategy of investing in undervalued securities may fail. The Adviser\nmay be incorrect in its assessment of the intrinsic value of the companies in which the Fund invests, or value stocks may be out of favor\nwith investors.

Common Stock Risk:\nHistorically, common stocks are more volatile than other securities such as bonds. The common stock of a company that experiences financial\ndistress may lose significant value or become worthless. The rights of common stockholders are subordinate to all other claims on a company’s\nassets including debt holders and preferred stockholders; therefore, the Fund could lose money if a company in which it invests becomes\nfinancially distressed.

Market and Geopolitical\nRisk: The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions\nin one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s\nportfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or\nresources, natural disasters, climate-change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory\nevents, tariffs and trade wars and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent\nyears, such as terrorist attacks around the world, natural disasters, pandemics, social and political discord or debt crises and downgrades,\namong others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult\nto predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the\nduration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s\nportfolio.

recently emerged from bankruptcy may still\nhave the problems that caused the initial bankruptcy filing, leading to poor operating results or possibly another bankruptcy filing.\nThese companies also may have weak financial positions. Merger securities may encounter complications arising from the expected transaction.\nFinally, the Adviser may incorrectly evaluate any of these special situation stocks, resulting in losses to the Fund.

Small-Cap and Mid-Cap Risk:\nBecause the Fund may invest in smaller and mid-capitalization companies, the Fund is subject to additional risks. The earnings and prospects\nof such companies are more volatile than larger companies, and they may experience higher failure rates than larger companies. The trading\nvolume of securities of smaller companies is normally less than that of larger companies and, therefore, may disproportionately affect\ntheir market price, tending to make them fall more in response to selling pressure than is the case with larger companies. Smaller and\nmid-capitalization companies may also have limited markets, product lines, or financial resources and may lack management experience.

Sector Risk: If\nthe Fund’s portfolio is overweighted in a certain sector, any negative development affecting that sector has a greater impact on\nthe Fund than it would have on a fund that is not overweighted in that sector. The Fund may from time to time have a greater focus in\ncertain sectors, and weakness in those sectors could result in significant losses to the Fund.

Value Investing Risk:\nThe Adviser’s assessment of a security’s intrinsic value may never be fully recognized or realized by the market.

Portfolio Holdings Disclosure.\nA description of the Fund's policies regarding the release of portfolio holdings information is available in the Fund's Statement of Additional\nInformation (“SAI”). Shareholders may request portfolio holdings schedules at no charge by calling 1-866-706-9790.

Cybersecurity

The computer systems, networks and devices\nused by the Fund and its service providers to carry out routine business operations employ a variety of protections designed to prevent\ndamage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized\npersons and security breaches. Despite the various protections utilized by the Fund and its service providers, systems, networks, or devices\npotentially can be breached. The Fund and its shareholders could be negatively impacted as a result of a cybersecurity breach.

ability to calculate its net asset value (“NAV”);\nimpediments to trading; the inability of the Fund, the Adviser, and other service providers to transact business; violations of applicable\nprivacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance\ncosts; as well as the inadvertent release of confidential information.

Similar adverse consequences could result from\ncybersecurity breaches affecting issuers of securities in which the Fund invests; counterparties with which the Fund engages in transactions;\ngovernmental and other regulatory authorities; exchange and other financial market operators, banks, brokers, dealers, insurance companies,\nand other financial institutions (including financial intermediaries and service providers for the Fund’s shareholders); and other\nparties. In addition, substantial costs may be incurred by these entities in order to prevent any cybersecurity breaches in the future.

Management of\nthe Fund

Frank Capital Partners LLC is\na Delaware limited liability company located at 781 Crandon Blvd., Unit 602, Key Biscayne, FL 33149 that has served as the investment\nadviser of the Fund since its inception in 2004. The Adviser also provides investment advisory services to individual clients, including\nhigh net worth individuals. The Adviser has adopted an allocation policy to ensure that investment opportunities are fairly and equitably\nallocated among clients so as not to favor any client or group of clients over any other. The Adviser has been in existence since June\n27, 2003.

For the fiscal year ended\nJune 30, 2026, the Fund paid the Adviser a fee equal to 0.91% of its average daily net assets under a management agreement, initially\napproved by the Board on June 30, 2020 and last renewed on June 29, 2025. Effective July 1, 2026, the Fund pays the Adviser a fee equal\nto 0.89% of its average daily net assets under a management agreement (the “Management Agreement”), approved by the Board\non June 29, 2026. Under the terms of the Management Agreement, the Fund will pay the Adviser an annual management fee of 0.89% of its\naverage daily net assets. The Adviser also provides administrative services to the Fund under an administration agreement and receives\nan administration services fee equal to 0.09% of the Fund’s average daily net assets for those services. Prior to July 1, 2026,\nthe administration services fee equal to 0.21% of the Fund’s average daily net assets. Under the administration agreement, the Adviser\npays all of the operating expenses of the Fund except management fees, Rule 12b-1 fees, brokerage, taxes, borrowing costs (such as interest\nand dividend expense of securities sold short), and extraordinary expenses. A description of the Board’s\ndeliberations in approving the Management Agreement with the Adviser is available in the Fund’s annual Form N-CSR for the fiscal\nyear ended June 30, 2026.

Mr. Brian J. Frank is the portfolio\nmanager responsible for the day-to-day management of the Fund. He co-founded the Adviser in 2003. He acted as co-portfolio manager from\ninception until September 2009 and has served as sole portfolio manager since September 2009. From 1998 to the present, Mr. Frank advised\nseveral portfolios for family members, although he did not receive compensation for such services. From 2003 until September 2009, Mr.\nFrank served as the Adviser’s Chief Financial Officer, and since September 2009, Mr. Frank has served as the Adviser’s Managing\nPartner. Mr. Frank attended New York University from 2000 to 2004. Mr. Frank has passed the Series 65 exam. He co-managed an investment\npartnership from October 2002 to October 2003. He was a co-investor in the partnership and did not receive any compensation.

The Fund’s SAI provides\ninformation about the portfolio manager’s compensation, other accounts managed by the portfolio manager, and the portfolio manager’s\nownership of Fund shares.

PURCHASING FUND SHARES

Share\nClasses

This Prospectus describes\nthree classes of shares offered by the Fund: Investor Class, Class C, and Institutional Class. The main differences among the classes\nare ongoing fees (12b-1 fees) and minimum investments. Each class of shares in the Fund represents an interest in the same portfolio of\ninvestments within the Fund.

Determination\nof Net Asset Value

Shares of the Fund are\nsold at NAV. The Fund’s NAV per share is determined by adding the value of all the Fund’s securities, cash, and other assets,\nincluding accrued interest and dividends, less all liabilities, including accrued expenses, and then dividing by the total number of shares\noutstanding. The Fund’s NAV changes every day. The NAV is determined each business day following the close of trading on the New\nYork Stock Exchange (“NYSE”) (normally 4:00 p.m. Eastern Time (“ET”)) Monday through Friday, exclusive of Dr.\nMartin Luther King, Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day,\nLabor Day, Thanksgiving, Christmas Day, and New Year’s Day. On occasion, the NYSE will close before 4:00 p.m. ET. When that happens,\nthe Fund’s NAV will be calculated as of the time the NYSE closes.

Securities held by the\nFund for which market quotations are readily available are valued at current market value. If market prices are not available or, in the\nAdviser’s opinion, market prices do not reflect fair value, or if an event occurs after the close of trading (but prior to the time\nthe NAV is calculated) that materially affects fair value, the Adviser, as the valuation designee, will value the Fund’s assets\nat their fair value according to policies approved by the Board. For example, if trading in a portfolio security is halted as permitted\nby the Securities and Exchange Commission (“SEC”) and does not resume before the Fund calculates its NAV, the Adviser may\nneed to price the security using the Fund’s fair value pricing policies. Without a fair value price, short term traders could take\nadvantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of the Fund’s portfolio securities\ncan serve to reduce arbitrage opportunities available to short term traders, but there is no assurance that fair value pricing policies\nwill prevent dilution of the Fund’s NAV by short term traders.

Purchasing\nFund Shares

Purchase requests received\nby the Fund’s transfer agent in good order before the close of the NYSE (normally 4:00 p.m. ET) will receive the NAV calculated\nthat day. Purchase requests received by the Fund’s transfer agent after the close of the NYSE will receive the NAV calculated following\nthe close of the NYSE on the next following business day. The Fund reserves the right at its sole discretion to reject purchase orders\nwhen, in the judgment of management, such rejection is in the best interest of the Fund.

If you buy and redeem shares of\nthe Fund through a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) that member may charge a fee for\nthat service. The Fund has authorized one or more brokers to accept on its behalf purchase and redemption orders. Such brokers are authorized\nto designate intermediaries to accept orders on the Fund’s behalf. The Fund will be deemed to have received the order when an authorized\nbroker or a broker’s authorized designee accepts your order. Your order will be priced at the Fund's NAV next computed after it\nis received by the authorized broker or broker’s authorized designee.

Opening\nAn Account

will allow us to identify you. We may also\nask for other identifying documents or information. We may not be able to open your account or complete a transaction for you until we\nare able to verify your identity.

Initial\nInvestments: When making your initial purchase request, make sure your request is in good order. “Good order” means that\nyour purchase request includes the name of the purchaser, the dollar amount of shares to be purchased, a completed account application,\nand a check payable to the Frank Value Fund. Send the application and check via U.S. Mail or overnight\ncourier to Frank Value Fund, c/o\nMutual Shareholder Services LLC., 8000\nTown Centre Drive, Suite 400, Broadview Heights, OH 44147.

Initial purchase of shares\nof the Fund may be made by application submitted to the Fund’s transfer agent by mail or in person. A check made out to the Frank\nValue Fund for the initial share purchase should be included with the account application. The minimum purchase of Investor Class and\nClass C shares is $1,500, and the minimum purchase for Institutional Class shares is $1,000,000. The Fund reserves the right to change\nthe amount of these minimums from time to time or to waive them in whole or in part for certain accounts. For the convenience of investors,\nan account application is included in every request for a Prospectus. To receive this information, visit our website at http://www.frankfunds.com,\ncall the Fund’s transfer agent toll free at 1-888-217-5426, or write to the Fund, c/o Mutual Shareholder Services LLC, 8000\nTown Centre Drive, Suite 400, Broadview Heights, OH 44147. You also may make your initial purchase\nby wiring funds from your bank, which may charge you a fee for doing so. To wire money, you must call the Fund’s transfer agent\nat 1-888-217-5426 to notify the Fund of your purchase and obtain an account number and wire instructions.

Wire orders will be accepted only\non a day on which the Fund, the custodian, and the transfer agent are open for business. A wire purchase will not be considered made until\nthe wired money is received and the purchase is accepted by the Fund. Any delays that may occur in wiring money, including delays that\nmay occur in processing by the banks, are not the responsibility of the Fund or the transfer agent. The Fund presently charges no fee\nfor the receipt of wired funds, but the Fund may charge shareholders for this service in the future.

\tThe Fund reserves the\nright at its sole discretion to terminate the offering of its shares made by this Prospectus at any time and to reject purchase applications\nwhen, in the judgment of management, such termination or rejection is in the best interest of the Fund.

Subsequent Purchases:\nSubsequent purchases may be made by mail, wire, or in person. A subsequent purchase is in good order when your purchase request includes\nthe name of the account holder, the dollar amount of shares to be purchased, and a check payable to the Frank Value Fund. The minimum\nsubsequent investment for Investor Class and Class C shares is $100 and for Institutional Class shares is $500. You may also purchase\nshares of the Fund by wiring federal funds from your bank, which may charge you a fee for doing so. To wire money, you must call the Fund’s\ntransfer agent, at 1-888-217-5426 to notify the Fund of your purchase and obtain wire instructions.

REDEEMING FUND\nSHARES

Redemption\nRequirements

Shareholders may redeem all or\nany part of their shares on any day the Fund is open for business. To sell Fund shares, call the Fund’s transfer agent at 1-888-217-5426\nor send written instructions, signed by the shareholder(s) with the proper signature guarantee, if applicable, via U.S. Mail or overnight\ncourier to Frank Value Fund, c/o Mutual Shareholder Services LLC, 8000 Town Centre Drive, Suite 400, Broadview Heights, OH 44147.

A signature guarantee is\ndesigned to protect the Fund and its shareholders from fraud. A signature guarantee is required to redeem shares in the following situations:

The redemption is for more than $25,000.

The proceeds are to be mailed to an address other than the registered address\nof record.

A change of address request has been received by the transfer agent within\nthe last 15 days.

Ownership of the account has changed.

A signature guarantee verifies\nthe authenticity of the shareholder’s signature and the guarantor must be an eligible guarantor. To be eligible, the guarantor must\nbe a participant in the Securities Transfer Agents Medallion Program or the Stock Exchange Medallion Program. Signature guarantees can\nbe obtained from most banks, savings and loan associations, trust companies, credit unions, broker/dealers, and FINRA member firms. The\nFund will not make checks payable to any person other than the shareholder(s) of record or financial intermediaries for the benefit of\nshareholder(s) of record.

Redemption\nPrice

The redemption price is\nthe NAV next determined after notice is received by the Fund for redemption of shares, minus the amount of any applicable redemption fee.\nThe proceeds received by the shareholder may be more or less than his/her cost of such shares, depending upon the NAV at the time of redemption\nand the difference should be treated by the shareholder as a capital gain or loss for federal and state income tax purposes.

Redemption\nFee/Market Timing

The Fund discourages and\ndoes not accommodate market timing. Market timing is an investment strategy using frequent purchases and redemptions and/or exchanges\nin an attempt to profit from short term market movements. Market timing may result in dilution of the value of Fund shares held by long\nterm shareholders, disrupt portfolio management, and increase Fund expenses for all shareholders. The Board has adopted a policy requiring\nthe Fund’s transfer agent to monitor shareholder activity for purchases and redemptions and/or exchanges that reasonably indicate\nmarket timing activity. The transfer agent does not employ an objective standard and may not be able to identify all market timing activity\nor may misidentify certain trading activity as market timing activity. The Board also has adopted a redemption policy to discourage short\nterm traders and/ or market timers from investing in the Fund. A 2% fee will be assessed against investment proceeds withdrawn within\n5 business days of investment. Shares held longest will be treated as being redeemed first and shares held shortest as being redeemed\nlast. The redemption fee is intended to offset the costs associated with short-term shareholder trading and is retained by the Fund. The\nredemption fee is applied uniformly in all cases. While the Fund attempts to deter market timing, there is no assurance that it will be\nable to identify and eliminate all market timers. For example, certain accounts called “omnibus accounts” include multiple\nshareholders. Omnibus accounts typically provide the Fund with a net purchase or redemption request on any given day where purchasers\nof Fund shares and redeemers of Fund shares are netted against one another and the identity of individual purchasers and redeemers whose\norders are aggregated is not known by the Fund. The netting effect often makes it more difficult to apply redemption fees, and there can\nbe no assurance that the Fund will be able to apply the fee to such accounts in an effective manner. Brokers maintaining omnibus accounts\nwith the Fund have agreed to provide shareholder transaction information, to the extent known to the broker, to the Fund upon request.\nIf the Fund becomes aware of market timing in an omnibus account, it will work with the broker maintaining the omnibus account to identify\nthe shareholder engaging in the market timing activity. In addition to the redemption fee, the Fund reserves the right to reject any purchase\norder for any reason, including purchase orders that it does not think are in the best interest of the Fund or its shareholders or if\nthe Fund thinks that trading is abusive.

Redemption\nPayment

cash equivalents, proceeds from the sale of\nfund shares, any lines of credit, and then from the sale of portfolio securities. These redemption payment methods will be used in\nregular and stressed market conditions. It should be noted that shareholders will incur brokerage costs when selling the securities received\nas part of an in kind distribution. Shareholders would also have continuing market risk by holding these securities. The Fund will not\nissue in kind redemptions using illiquid securities. To the extent feasible, the Fund expects that a redemption in kind would be a pro\nrata allocation of the Fund’s portfolio.

DIVIDENDS, DISTRIBUTIONS,\nAND TAXES

Dividends\nand Distributions

The Fund typically distributes\nsubstantially all of its net investment income in the form of dividends and taxable capital gains to its shareholders. These distributions\nare automatically reinvested in the Fund unless you request cash distributions on your application or through a written request. The Fund\nexpects that its distributions will consist primarily of capital gains.

Taxes

In general, selling or\nexchanging shares of the Fund and receiving distributions (whether reinvested or taken in cash) are taxable events. Depending on the purchase\nprice and the sale price, you may have a gain or a loss on any shares sold. Any tax liabilities generated by your transactions or by receiving\ndistributions are your responsibility. You may want to avoid making a substantial investment when the Fund is about to make a taxable\ndistribution because you would be responsible for any taxes on the distribution regardless of how long you have owned your shares.

Early each year, the Fund\nwill mail to you a statement setting forth the federal income tax information for all distributions made during the previous year. If\nyou do not provide your taxpayer identification number, your account will be subject to backup withholding.

If a shareholder purchases shares after the\nFund has realized but not yet distributed income or capital gains, the purchase price may include the amount of the upcoming distribution,\nand the shareholder may pay full price for the shares and later receive a portion of the purchase price back as a taxable distribution. \nIn such case, the shareholder will be taxed upon receipt of such distribution, even though the distribution effectively represents a return\nof a portion of the purchase price. This is known as “buying a dividend.”

The tax considerations\ndescribed in this section do not apply to tax-deferred accounts or other non-taxable entities. Because each investor’s tax circumstances\nare unique, please consult with your tax adviser about your investment.

DISTRIBUTION

Distributor

The\nFund’s distributor is Arbor Court Capital LLC, 8000 Town Centre Drive Suite 400, Broadview Heights, OH 44147.

Distribution\nPlan

The Fund has adopted plans\nunder Rule 12b-1 that allow the Fund to pay distribution fees for the sale and distribution of its Investor Class and Class C shares,\nas well as shareholder services. Investor Class and Class C shareholders of the Fund may pay annual 12b-1 expenses of up to 0.25% and\n1.00%, respectively. Because these fees are paid out of the Fund's assets on an on-going basis, over time these fees will increase the\ncost of your investment and may cost you more than paying other types of sales charges.

FINANCIAL HIGHLIGHTS

The\nfollowing tables are intended to help you understand the Fund’s financial performance for the past five years. Certain information\nreflects financial results for a single Fund share. Total returns in the tables represent the rate you would have earned (or lost) on\nan investment in the Fund, assuming reinvestment of all dividends and distributions. The information was audited by Sanville & Company,\nwhose report, along with the Fund’s financial statements, are included in the Fund’s annual Form N-CSR, which is available\nupon request.

Financial\nHighlights

Frank Value\nFund

(For\na Share Outstanding Throughout the Year)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

		Investor Class
		\n Years Ended June 30, \n
		6/30/2026	6/30/2025	6/30/2024	6/30/2023	6/30/2022

Net Asset Value, at Beginning of Year	$ 17.26	$ 14.50	$ 14.48	$ 13.36	$ 14.85

Income From Investment Operations:
Net Investment Income (Loss) *	0.61	0.14	0.29	0.34	0.08
\n Net Gain (Loss) on Securities \n (Realized and Unrealized)	\n \n 2.16	\n \n 3.36	\n \n 1.15	\n \n 1.87	\n \n (0.88)
Total from Investment Operations	2.77	3.50	1.44	2.21	(0.80)

Distributions:
Net Investment Income	(0.22)	(0.18)	(0.54)	(0.09)	(0.16)
Realized Gains	\n \n (1.69)	\n \n (0.56)	\n \n (0.88)	\n \n (1.00)	\n \n (0.53)
Total from Distributions	(1.91)	(0.74)	(1.42)	(1.09)	(0.69)

Redemption Fees ***	-	-	-	-	-

Net Asset Value, at End of Year	$ 18.12	$ 17.26	$ 14.50	$ 14.48	$ 13.36

Total Return **	17.48%	24.56%	10.42%	17.36%	(5.51)%

Ratios/Supplemental Data:
\n Net Assets at End of Year \n (Thousands)	\n \n $6,523	\n \n $5,589	\n \n $3,942	\n \n $5,066	\n \n $4,377
\n Ratio of Expenses to Average \n Net Assets	\n \n 1.37%	\n \n 1.37%	\n \n 1.37%	\n \n 1.37%	\n \n 1.37%
\n Ratio of Net Investment Income \n (Loss) to Average Net Assets	\n \n 3.49%	\n \n 0.90%	\n \n 2.02%	\n \n 2.39%	\n \n 0.54%
Portfolio Turnover	95.89%	105.26%	100.08%	109.16%	104.17%

* Per share net investment income (loss) has been determined on the basis\nof average shares outstanding during the period.

** Assumes reinvestment of dividends.

*** The Fund will impose a 2% redemption fee on shares redeemed within 5\nbusiness days of purchase.

Financial\nHighlights

Frank Value\nFund

(For\na Share Outstanding Throughout the Year)

			Institutional Class
			Years Ended June 30,
		\n \n 6/30/2026	\n \n 6/30/2025	\n \n 6/30/2024	6/30/2023	6/30/2022

Net Asset Value, at Beginning of Year	$ 17.76	$ 14.90	$ 14.74	$ 13.58	$ 15.08

Income From Investment Operations:
Net Investment Income *	0.68	0.19	0.33	0.37	0.12
Net Gain (Loss) on Securities (Realized and Unrealized)	\n \n 2.22	\n \n 3.45	\n \n 1.17	\n \n 1.91	\n \n (0.90)
Total from Investment Operations	2.90	3.64	1.50	2.28	(0.78)

Distributions:
Net Investment Income	(0.26)	(0.22)	(0.46)	(0.12)	(0.19)
Realized Gains	(1.69)	(0.56)	(0.88)	(1.00)	(0.53)
Total from Distributions	(1.95)	(0.78)	(1.34)	(1.12)	(0.72)

Redemption Fees ***	-	-	-	-	-

Net Asset Value, at End of Year	$ 18.71	$ 17.76	$ 14.90	$ 14.74	$ 13.58

Total Return **	17.72%	24.91%	10.64%	17.66%	(5.29)%

Ratios/Supplemental Data:
Net Assets at End of Year (Thousands)	\n \n $ 27,651	\n \n $ 19,019	\n \n $ 14,734	\n \n $ 12,955	\n \n $ 10,299
Ratio of Expenses to Average Net Assets	\n \n 1.12%	\n \n 1.12%	\n \n 1.12%	\n \n 1.12%	\n \n 1.12%
\n Ratio of Net Investment Income to Average \n Net Assets	\n \n \n 3.78%	\n \n \n 1.15%	\n \n \n 2.24%	\n \n \n 2.62%	\n \n \n 0.79%
Portfolio Turnover	95.89%	105.26%	100.08%	109.16%	104.17%

* Per share net investment income (loss)\nhas been determined on the basis of average shares outstanding during the period.

** Assumes reinvestment of dividends.

*** The Fund will impose a 2% redemption\nfee on shares redeemed within 5 business days of purchase.

Financial\nHighlights

Frank Value\nFund

(For\na Share Outstanding Throughout the Year)

		Class C
		\n Years Ended June 30, \n
Class C		6/30/2026	6/30/2025	6/30/2024	6/30/2023	6/30/2022

Net Asset Value, at Beginning of Year	$ 15.61	$ 13.16	$ 13.09	$ 12.18	$ 13.62

Income From Investment Operations:
Net Investment Income (Loss) *	0.43	0.02	0.16	0.20	(0.03)
Net Gain (Loss) on Securities (Realized and Unrealized)	1.93	3.04	1.05	1.71	(0.80)
Total from Investment Operations	2.36	3.06	1.21	1.91	(0.83)

Distributions:
Net Investment Income	(0.09)	(0.05)	(0.26)	-	(0.08)
Realized Gains	(1.69)	(0.56)	(0.88)	(1.00)	(0.53)
Total from Distributions	(1.78)	(0.61)	(1.14)	(1.00)	(0.61)

Redemption Fees ***	-	-	-	-	-

Net Asset Value, at End of Year	$ 16.19	$ 15.61	$ 13.16	$ 13.09	$ 12.18

Total Return **	16.52%	23.65%	9.66%	16.44%	(6.23)%

Ratios/Supplemental Data:
Net Assets at End of Year (Thousands)	$ 1,485	$ 1,166	$ 892	$ 848	$ 818
Ratio of Expenses to Average Net Assets	2.12%	2.12%	2.12%	2.12%	2.12%
\n Ratio of Net Investment Income (Loss) to Average \n Net Assets	2.76%	0.14%	1.26%	1.53%	(0.24)%
Portfolio Turnover	95.89%	105.26%	100.08%	109.16%	104.17%

* Per share net investment income (loss)\nhas been determined on the basis of average shares outstanding during the period.

** Assumes reinvestment of dividends.

*** The Fund will impose a 2% redemption\nfee on shares redeemed within 5 business days of purchase.

Privacy Notice

FRANK VALUE FUND

Rev. October 2011

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

FACTS	WHAT DOES THE FRANK VALUE FUND DO WITH YOUR PERSONAL INFORMATION?

Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?	\n The types of personal information we collect and share depend on the\n product or service you have with us. This information can include: \n ■\tSocial Security number and wire transfer instructions \n ■\taccount transactions and transaction history \n ■\tinvestment experience and purchase history \n When you are no longer a customer, we continue to share your\n information as described in this notice.

How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Frank Value Fund chooses to share; and whether you can limit this sharing.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Reasons we can share your personal information	Does the Frank Value \n Fund share?	Can you limit this sharing?
\n For our everyday business purposes - \n such as to process your transactions, maintain your account(s), respond\n to court orders and legal investigations, or report to credit bureaus	Yes	No
\n For our marketing purposes - \n to offer our products and services to you	No	We don't share
For joint marketing with other financial companies	No	We don’t share
\n For our affiliates’ everyday business purposes - \n information about your transactions and experiences	No	We don’t share
\n For our affiliates’ everyday business purposes - \n information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

\n \n \n \n

\n \n

Questions?

Call 1-866-706-9790

Page 2

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

What we do
How does the Frank Value Fund protect my personal information?	\n To protect your personal information from unauthorized access and\n use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. \n We permit only authorized parties and affiliates (as permitted by\n law) who have signed an agreement with us to have access to customer information.
How does the Frank Value Fund collect my personal information?	\n We collect your personal information, for example, when you \n ■\topen an account or deposit\n money \n ■\tdirect us to buy securities or direct us to sell your securities \n ■\tseek advice about your investments \n \n We also collect your personal information from others, such as credit bureaus,\n affiliates, or other companies.
Why can't I limit all sharing?	\n Federal law gives you the right to limit only \n ■\tsharing for affiliates'\n everyday business purposes-information about your creditworthiness \n ■\taffiliates from using\n your information to market to you \n ■\tsharing for nonaffiliates\n to market to you \n State laws and individual companies may give you additional rights\n to limit sharing.
Definitions
Affiliates	\n Companies related by common ownership or control. They can be financial\n and nonfinancial companies. \n ■\tThe Frank Value Fund does\n not share with our affiliates.
Nonaffiliates	\n Companies not related by common ownership or control. They can be\n financial and nonfinancial companies. \n ■\tThe Frank Value Fund does\n not share with nonaffiliates so they can market to you.
Joint marketing	\n A formal agreement between nonaffiliated financial companies that\n together market financial products or services to you. \n ■\tThe Frank Value Fund doesn’t\n jointly market.

FOR MORE INFORMATION

Several additional sources\nof information are available to you. The SAI, incorporated into this Prospectus by reference, contains detailed information on the Fund’s\npolicies and operations including policies and procedures relating to disclosure of the Fund’s portfolio. Annual reports will contain\nmanagement’s discussion of market conditions and investment strategies that significantly affected the Fund’s performance\nresults as of the Fund’s latest annual fiscal year end. Form N-CSRs will contain the Fund’s annual and semi-annual financial\nstatements.

Call the Fund’s transfer\nagent toll free: 1-888-217-5426 to request free copies of the SAI, Form N-CSR and the Fund’s annual and semi-annual reports or to\nrequest other information about the Fund and to make shareholder inquiries. You may also visit the Fund’s website at http://www.frankfunds.com\nfor this information.

You may obtain reports and other\ninformation about the Fund on the EDGAR Database on the SEC’s Internet site at http://www.sec.gov, and copies of this information\nmay be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

Investment Company Act File No. 811-21532

FRANK FUNDS

FRANK VALUE\nFUND

STATEMENT OF\nADDITIONAL INFORMATION

\n \n \n \n \n \n \n \n \n \n

Investor Class Shares:	FRNKX
Class C Shares:	FNKCX
Institutional Class Shares:	FNKIX

NOVEMber 1,\n2026

This Statement of Additional\nInformation (“SAI”) is not a prospectus, but should be read in conjunction with the Fund’s current Prospectus dated\nNovember 1, 2026. A free copy of the Prospectus or annual Form N-CSR can be obtained by writing the transfer agent at Mutual Shareholder\nServices, LLC, 8000 Town Centre Drive, Suite 400, Broadview Heights, OH 44147, or by calling 1-888-217-5426, or by visiting\nhttps://frankfunds.com. The Fund’s Prospectus is incorporated by reference in this SAI.

TABLE OF CONTENTS

DESCRIPTION OF THE TRUST AND THE FUND	1
ADDITIONAL INFORMATION ABOUT THE FUND'S INVESTMENTS	1
Non-Principal Investment Strategies and Risks	1
Investment Restrictions	6
Temporary Defensive Positions	8
MANAGEMENT OF THE FUND	8
CODE OF ETHICS	11
DISCLOSURE CONCERNING PROXY VOTING	11
CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES	12
Control Persons and Principal Holders	12
Management Ownership	13
INVESTMENT ADVISORY AND OTHER SERVICES	14
Investment Adviser	14
The Portfolio Manager	15
Custodian	16
Fund Services	16
Independent Registered Public Accounting Firm	16
Distributor	16
BROKERAGE ALLOCATION AND OTHER PRACTICES	18
DISCLOSURE OF PORTFOLIO HOLDINGS	19
PURCHASE, REDEMPTION, AND PRICING OF SHARES	20
Purchase of Shares	20
Pricing of Shares	20
TAX CONSEQUENCES	21
TAXATION OF THE FUND	22
FINANCIAL STATEMENTS	23

DESCRIPTION\nOF THE TRUST AND THE FUND

The Frank Value Fund (the “Fund”)\nis a diversified series of the Frank Funds (the “Trust”). The Fund commenced operations on July 21, 2004. The Trust is an\nopen-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated February 12, 2004 (the\n“Trust Agreement”). The Trust Agreement permits the Trust’s Board of Trustees (the “Board” or the “Trustees”)\nto issue an unlimited number of shares of beneficial interest of separate series without par value. The Fund is one of two series currently\nauthorized by the Trustees. The investment adviser to the Fund is Frank Capital Partners, LLC (the “Adviser”).

The Fund does not issue share\ncertificates. All shares are held in non-certificate form registered on the books of the Fund and the Fund’s transfer agent for\nthe account of the shareholder. The Fund offers three classes of shares: Investor Class, Class C and Institutional Class. Each share of\na series represents an equal proportionate interest in the assets and liabilities belonging to that series with each other share of that\nseries and is entitled to such dividends and distributions out of income belonging to the series as are declared by the Trustees. The\nshares do not have cumulative voting rights or any preemptive or conversion rights, and the Trustees have the authority from time to time\nto divide or combine the shares of any series into a greater or lesser number of shares of that series so long as the proportionate beneficial\ninterest in the assets belonging to that series and the rights of shares of any other series are in no way affected. In case of any liquidation\nof a series, the holders of shares of the series being liquidated will be entitled to receive as a class a distribution out of the assets,\nnet of the liabilities, belonging to that series. Expenses attributable to any series are borne by that series. Any general expenses of\nthe Trust not readily identifiable as belonging to a particular series are allocated by or under the direction of the Trustees in such\nmanner as the Trustees determine to be fair and equitable. No shareholder is liable to further calls or to assessment by the Trust without\nhis or her express consent.

ADDITIONAL INFORMATION\nABOUT THE FUND’S INVESTMENTS

Non-Principal\nInvestment Risks

All principal investment\nstrategies and risks are discussed in the Prospectus. Additional non-principal risks are discussed here.

Corporate debt securities\nare long and short-term debt obligations issued by companies (such as publicly issued and privately placed bonds, notes, and commercial\npaper). The Adviser considers corporate debt securities to be of investment grade quality if they are rated BBB or higher by S&P or\nBaa or higher by Moody’s, or if unrated, determined by the Adviser to be of comparable quality. Investment grade debt securities\ngenerally have adequate to strong protection of principal and interest payments. In the lower end of this category, adverse economic conditions\nor changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal than in higher rated categories.\nThe Fund may invest in both secured and unsecured corporate bonds. A secured bond is backed by collateral and an unsecured bond is not.\nTherefore, an unsecured bond may have a lower recovery value than a secured bond in the event of a default by its issuer. The Adviser\nmay incorrectly analyze the risks inherent in corporate bonds, such as the issuer’s ability to meet interest and principal payments,\nresulting in a loss to the Fund.

The Fund may also purchase lower\nquality debt securities, or unrated debt securities, that have poor protection of payment of principal and interest. These securities,\ncommonly referred to as “junk bonds,” often are considered to be speculative and involve greater risk of default and of price\nchanges due to changes in the issuer’s creditworthiness. Market prices of these securities may fluctuate more than higher quality\ndebt securities and may decline significantly in periods of general economic difficulty that

may follow periods of rising rates. While the market\nfor junk bonds has been in existence for many years and has weathered previous economic downturns, the market in recent years has experienced\na dramatic increase in the large-scale use of such securities to fund highly leveraged corporate acquisitions and restructurings. Accordingly,\npast experience may not provide an accurate indication of future performance of the junk bond market, especially during periods of economic\nrecession. The Fund may invest in securities which are of lower quality or are unrated if the Adviser determines that the securities provide\nthe opportunity of meeting the Fund’s objective without presenting excessive risk. The Adviser will consider all factors that it\ndeems appropriate, including ratings, in making investment decisions for the Fund and will attempt to minimize investment risks through\ndiversification, investment analysis, and monitoring of general economic conditions and trends. To the extent that the Fund invests in\nlower quality securities, achievement of its investment objective may be more dependent on the Adviser’s credit analyses than is\nthe case for higher quality bonds. While the Adviser may refer to ratings, it does not rely exclusively on ratings, but makes its own\nindependent and ongoing review of credit quality.

The market for lower quality securities\nmay be thinner and less active than that for higher quality securities, which can adversely affect the prices at which these securities\ncan be sold. If there is no established retail secondary market and market quotations are not available, these securities are valued by\nthe Adviser in accordance with procedures approved by the Board, including the use of outside pricing services. Judgment plays a greater\nrole in valuing junk bonds than is the case for securities for which external sources for quotations and last-sale information are available.\nAdverse publicity and changing investor perceptions may affect the ability of outside pricing services used by the Fund to value these\nsecurities, and the Fund’s ability to dispose of these lower quality debt securities.

Lower quality securities present\nrisks based on payment expectations. For example, junk bonds may contain redemption or call provisions. If an issuer exercises the provisions\nin a declining interest rate market, the Fund would have to replace the security with a lower yielding security, resulting in a decreased\nreturn for investors. Conversely, a junk bond’s value will decrease in a rising interest rate market, as will the value of the Fund’s\nassets. If the Fund experiences unexpected net redemptions, this may force it to sell its junk bonds, without regard to their investment\nmerits, thereby decreasing the asset base upon which the Fund’s expenses can be spread and possibly reducing the Fund’s rate\nof return.

Since the risk of default\nis higher for lower quality securities and sometimes increases with the age of these securities, the Adviser’s research and credit\nanalysis are an integral part of managing any securities of this type held by the Fund. In considering investments for the Fund, the Adviser\nattempts to identify those issuers of high-yielding securities whose financial condition is adequate to meet future obligations, has improved,\nor is expected to improve in the future. The Adviser’s analysis focuses on relative values based on such factors as interest or\ndividend coverage, asset coverage, earning prospects, and the experience and managerial strength of the issuer.

Warrants are\nsecurities that are usually issued with a bond or preferred stock but may trade separately in the market. A warrant allows its holder\nto purchase a specified amount of common stock at a specified price for a specified time. The risk in investing in warrants is that the\nAdviser might miscalculate their value, resulting in a loss to the Fund. Another risk is that the warrants will not realize their value\nbecause the underlying common stock does not reach the Adviser’s anticipated price within the life of the warrant.

Rights are\nusually granted to existing shareholders of a corporation to subscribe to shares of a new issue of common stock before it is issued to\nthe public. The right entitles its holder to buy common stock at a specified price. Rights have similar features to warrants, except that\nthe life of a right is typically much shorter, usually a few weeks. The Adviser believes rights may become underpriced if they are sold\nwithout regard to value and if analysts do not include them in their research. The risk in investing in rights

is the Adviser might miscalculate their value\nresulting in a loss to the Fund. Another risk is the underlying common stock may not reach the Adviser’s anticipated price within\nthe life of the right.

Preferred stocks\nare securities that have characteristics of both common stocks and corporate bonds. Preferred stocks may receive dividends but payment\nis not guaranteed as with a bond. These securities may be undervalued because of a lack of analyst coverage resulting in a high dividend\nyield or yield to maturity. The risks of preferred stocks are a lack of voting rights and the Adviser may incorrectly analyze the security,\nresulting in a loss to the Fund. Furthermore, preferred stock dividends are not guaranteed and management can elect to forego the preferred\ndividend, resulting in a loss to the Fund.

Foreign securities are considered\nby the Adviser only if they are trading in domestic markets as American Depositary Receipts (“ADRs”) or are directly listed\nin a domestic market such as the New York Stock Exchange or NASDAQ. An ADR is a receipt for the shares of a foreign-based corporation,\nheld in the vault of a U.S. bank, and entitling the shareholder to all dividends and capital gains. A sponsored ADR is issued by a company\nwhose stock will underlie the ADR. The corporation provides financial information to the bank and may subsidize the administration of\nthe ADRs. An unsponsored ADR is issued by a broker/dealer or a depositary bank without the involvement of the company whose stock underlies\nthe ADR. Purchases of foreign equity securities entail certain risks. For example, there may be less information publicly available about\na foreign company than about a U.S. company, and foreign companies are not generally subject to accounting, auditing, and financial reporting\nstandards and practices comparable to those in the U.S. Other risks associated with investments in foreign securities include changes\nin restrictions on foreign currency transactions and rates of exchanges, changes in the administrations or economic and monetary policies\nof foreign governments, the imposition of exchange control regulations, the possibility of expropriation decrees and other adverse foreign\ngovernmental action, the imposition of foreign taxes, less liquid markets, less government supervision of exchanges, brokers and issuers,\ndifficulty in enforcing contractual obligations, delays in settlement of securities transactions, and greater price volatility. Unsponsored\nADRs may carry more risk than sponsored ADRs because of the absence of financial information provided by the underlying company. In addition,\ninvesting in foreign securities will generally result in higher commissions than investing in similar domestic securities.

Investment Company Securities are\nshares of other mutual funds. The Fund may invest in securities issued by other investment companies. The Fund intends to limit its investments\nin accordance with applicable law or as permitted by Rule 12d1-4. Among other things, such law would limit these investments so that,\nas determined immediately after a securities purchase is made by the Fund: (a) not more than 5% of the value of its total assets will\nbe invested in the securities of any one investment company (the \"5% Limitation\"); (b) not more than 10% of the value of its\ntotal assets will be invested in the aggregate in securities of investment companies as a group (the \"10% Limitation\"); (c)\nnot more than 3% of the outstanding voting stock of any one investment company will be owned by the Fund (the \"3% Limitation\");\nand (d) not more than 10% of the outstanding voting stock of any one closed-end investment company will be owned by the Fund together\nwith all other investment companies that have the same advisor. Under certain sets of conditions, different sets of restrictions may be\napplicable. As a shareholder of another investment company, the Fund would bear, along with other shareholders, its proportionate share\nof that investment company’s expenses, including advisory fees. These expenses would be in addition to the advisory and other expenses\nthat the Fund bears directly in connection with its own operations. Investment companies in which the Fund may invest may also impose\na sales or distribution charge in connection with the purchase or redemption of their shares and other types of commissions or charges.\nSuch charges will be payable by the Fund and, therefore, will be borne directly by the Fund’s shareholders.

To the extent applicable, the Fund intends to rely\non Section 12(d)(1)(F) and Rule 12d1-4 under the Investment Company Act of 1940, as amended (“1940 Act”) which in conjunction\nwith one another allow registered investment companies (such as the Fund) to exceed the 3%, 5% and 10% Limitation and the 10% Limitations,\nprovided the aggregate sales loads any investor pays (i.e., the combined distribution expenses of both the acquiring fund and the acquired\nfunds) do not exceed the limits on sales loads established by the Financial Industry Regulatory Authority (“FINRA”) for funds\nof funds, and the registered investment company “mirror votes” any securities purchased pursuant to Section 12(d)(1)(F).

Futures Contracts. Futures contracts\nprovide for the future sale by one party and purchase by another party of a specified amount of a specific security, class of securities,\nor an index at a specified future time and at a specified price. Futures contracts may be issued with respect to fixed-income securities,\nforeign currencies, single stocks, or financial indices, including indices of U.S. government securities, foreign government securities,\nand equity or fixed-income securities. U.S. futures contracts are traded on exchanges that have been designated “contract markets”\nby the Commodity Futures Trading Commission and must be executed through a futures commission merchant (“FCM”) or brokerage\nfirm, which is a member of the relevant contract market. Through their clearing corporations, the exchanges guarantee performance of the\ncontracts between the clearing members of the exchange. The Fund only invests in futures contracts to the extent it could invest in the\nunderlying instrument directly.

The Fund will engage in futures\ntransactions for hedging purposes only. This means that the Fund’s primary purpose in entering into futures contracts is to protect\nthe Fund from fluctuations in the value of securities or interest rates without actually buying or selling the underlying debt or equity\nsecurity. For example, if the Fund anticipates an increase in the price of stocks and it intends to purchase stocks at a later time, the\nFund could enter into a futures contract to purchase a stock index as a temporary substitute for stock purchases. If an increase in the\nmarket occurs that influences the stock index as anticipated, the value of the futures contracts will increase, thereby serving as a hedge\nagainst the Fund not participating in a market advance. This technique is sometimes known as an anticipatory hedge. Conversely, if the\nFund holds stocks and seeks to protect itself from a decrease in stock prices, the Fund might sell stock index futures contracts, thereby\nhoping to offset the potential decline in the value of its portfolio securities by a corresponding increase in the value of the futures\ncontract position. The Fund could protect against a decline in stock prices by selling portfolio securities and investing in money market\ninstruments, but the use of futures contracts enables it to maintain a defensive position without having to sell portfolio securities.

If the Fund owns Treasury bonds\nand the portfolio manager expects interest rates to increase, the Fund may take a short position in interest rate futures contracts. Taking\nsuch a position would have much the same effect as the Fund selling Treasury bonds in its portfolio. If interest rates increase as anticipated,\nthe value of the Treasury bonds would decline, but the value of the Fund’s interest rate futures contract will increase, thereby\nkeeping the net asset value of the Fund from declining as much as it may have otherwise. If, on the other hand, a portfolio manager expects\ninterest rates to decline, the Fund may take a long position in interest rate futures contracts in anticipation of later closing out the\nfutures position and purchasing the bonds. Although the Fund can accomplish similar results by buying securities with long maturities\nand selling securities with short maturities, given the greater liquidity of the futures market than the cash market, it may be possible\nto accomplish the same result more easily and more quickly by using futures contracts as an investment tool to reduce risk.

Risk Factors in Futures Transactions

Liquidity Risk. Because futures contracts\nare generally settled within a day from the date they are closed out, compared with a settlement period of three days for some types of\nsecurities, the futures markets can provide superior liquidity to the securities markets.

Nevertheless, there is no assurance that\na liquid secondary market will exist for any particular futures contract at any particular time. In addition, futures exchanges may\nestablish daily price fluctuation limits for futures contracts and may halt trading if a contract’s price moves upward or\ndownward more than the limit in a given day. On volatile trading days when the price fluctuation limit is reached, it may be\nimpossible for the Fund to enter into new positions or close out existing positions. If the secondary market for a futures contract\nis not liquid because of price fluctuation limits or otherwise, the Fund may not be able to promptly liquidate unfavorable futures\npositions and potentially could be required to continue to hold a futures position until the delivery date, regardless of changes in\nits value. As a result, the Fund’s access to other assets held to cover its futures positions also could be impaired.

Risk of Loss. Although the Fund believes\nthat the use of such contracts will benefit the Fund, the Fund’s overall performance could be worse than if the Fund had not entered\ninto futures contracts if the Adviser’s investment judgment proves incorrect. For example, if the Fund has hedged against the effects\nof a possible decrease in prices of securities held in its portfolio and prices increase instead, the Fund will lose part or all of the\nbenefit of the increased value of these securities because of offsetting losses in its futures positions. In addition, if the Fund has\ninsufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements. Those sales may be,\nbut will not necessarily be, at increased prices that reflect the rising market and may occur at a time when the sales are disadvantageous\nto the Fund.

The risk of loss in trading futures contracts\nin some strategies can be substantial, due both to the low margin deposits required and the extremely high degree of leverage involved\nin futures pricing. Because the deposit requirements in the futures markets are less onerous than margin requirements in the securities\nmarket, there may be increased participation by speculators in the futures market that may also cause temporary price distortions. A relatively\nsmall price movement in a futures contract may result in immediate and substantial loss (as well as gain) to the investor. For example,\nif at the time of purchase, 10% of the value of the futures contract is deposited as margin, a subsequent 10% decrease in the value of\nthe futures contract would result in a total loss of the margin deposit, before any deduction for the transaction costs, if the account\nwere then closed out. Thus, a purchase or sale of a futures contract may result in losses in excess of the amount invested in the contract.\nThe Fund will only engage in futures transactions when it is believed these risks are justified and will engage in futures transactions\nprimarily for risk management purposes.

Correlation Risk. The prices\nof futures contracts depend primarily on the value of their underlying instruments. Because there are a limited number of types of futures\ncontracts, it is possible that the standardized futures contracts available to the Fund will not match exactly the Fund’s current\nor potential investments. The Fund may buy and sell futures contracts based on underlying instruments with different characteristics from\nthe securities in which it typically invests—for example, by hedging investments in portfolio securities with a futures contract\nbased on a broad index of securities—which involves a risk that the futures position will not correlate precisely with the performance\nof the Fund’s investments.

Futures prices\ncan also diverge from the prices of their underlying instruments, even if the underlying instruments closely correlate with the\nFund’s investments. Futures prices are affected by factors such as current and anticipated short-term interest rates, changes\nin volatility of the underlying instruments, and the time remaining until expiration of the contract. Those factors may affect\nsecurities prices differently from futures prices. Imperfect correlations between the Fund’s investments and its futures\npositions also may result from differing levels of demand in the futures markets and the securities markets, from structural\ndifferences in how futures and securities are traded,

and from imposition of daily price\nfluctuation limits for futures contracts. The Fund may buy or sell futures contracts with a greater or lesser value than the securities\nit wishes to hedge or is considering purchasing to attempt to compensate for differences in historical volatility between the futures\ncontract and the securities, although this may not be successful in all cases. If price changes in the Fund’s futures positions\nare poorly correlated with its other investments, its futures positions may fail to produce desired gains or result in losses that are\nnot offset by the gains in the Fund’s other investments.

Margin Requirements

The buyer or seller\nof a futures contract is not required to deliver or pay for the underlying instrument unless the contract is held until the delivery date.\nHowever, both the buyer and seller are required to deposit “initial margin” for the benefit of the FCM when the contract is\nentered into. Initial margin deposits:

are equal to a percentage of the contract’s value, as set by the exchange\non which the contract is traded;

may be maintained in cash or certain other liquid assets by the Fund’s\ncustodian for the benefit of the FCM; and

are similar to good faith deposits or performance bonds.

Unlike margin extended\nby a securities broker, initial margin payments do not constitute purchasing securities on margin for purposes of the Fund’s investment\nlimitations. If the value of either party’s position declines, that party will be required to make additional “variation margin”\npayments for the benefit of the FCM to settle the change in value on a daily basis. The party that has a gain may be entitled to receive\nall or a portion of this amount. In the event of the bankruptcy of the FCM that holds margin on behalf of the Fund, the Fund may be entitled\nto return of margin owed to the Fund only in proportion to the amount received by the FCM’s other customers. The Trust will attempt\nto minimize this risk by careful monitoring of the creditworthiness of the FCMs with which it does business and by depositing margin payments\nin a segregated account with the Trust’s custodian.

Investment Restrictions

Fundamental Limitations. The investment limitations\ndescribed below have been adopted by the Trust with respect to the Fund and are fundamental (“Fundamental Limitations”), i.e.,\nthey may not be changed without the affirmative vote of a majority of the outstanding shares of the Fund. As used in the Prospectus and\nthe SAI, the term “majority” of the outstanding shares of the Fund means the lesser of: (1) 67% or more of the outstanding\nshares of the Fund present at a meeting, if the holders of more than 50% of the outstanding shares of the Fund are present or represented\nat such meeting; or (2) more than 50% of the outstanding shares of the Fund. Other investment practices, which may be changed by the Board\nwithout the approval of shareholders, to the extent permitted by applicable law, regulation, or regulatory policy, are considered non-fundamental\n(“Non-Fundamental Limitations”).

1. Borrowing Money. The\nFund will not borrow money, except: (a) from a bank, provided that immediately after such borrowing there is an asset coverage ratio of\n300% for all borrowings of the Fund; or (b) from a bank or other persons for temporary purposes only, provided that such temporary borrowings\nare in an amount not exceeding 5% of the Fund’s total assets at the time when the borrowing is made. This limitation does not preclude\nthe Fund from entering into reverse repurchase transactions, provided that the Fund has an asset coverage ratio of 300% for all borrowings\nand repurchase commitments of the Fund pursuant to reverse repurchase transactions.

2. Senior Securities. The\nFund will not issue senior securities. This limitation is not applicable to activities that may be deemed to involve the issuance or sale\nof a senior security by the Fund, provided that the Fund’s engagement in such activities is consistent with or permitted by the\n1940 Act, the rules and regulations promulgated thereunder, or interpretations of the SEC or its staff.

3. Underwriting. The Fund\nwill not act as underwriter of securities issued by other persons. This limitation is not applicable to the extent that, in connection\nwith the disposition of portfolio securities (including restricted securities), the Fund may be deemed an underwriter under certain federal\nsecurities laws.

4. Real Estate. The Fund\nwill not purchase or sell real estate. This limitation is not applicable to investments in marketable securities that are secured by or\nrepresent interests in real estate. This limitation does not preclude the Fund from investing in mortgage-related securities or investing\nin companies engaged in the real estate business or that have a significant portion of their assets in real estate (including real estate\ninvestment trusts).

5. Commodities. The Fund\nwill not purchase or sell commodities unless acquired as a result of ownership of securities or other investments. This limitation does\nnot preclude the Fund from purchasing or selling options or futures contracts, from investing in securities or other instruments backed\nby commodities, or from investing in companies that are engaged in a commodities business or have a significant portion of their assets\nin commodities.

6. Loans. The Fund will\nnot make loans to other persons, except: (a) by loaning portfolio securities; (b) by engaging in repurchase agreements; or (c) by purchasing\nnon-publicly offered debt securities. For purposes of this limitation, the term “loans” shall not include the purchase of\na portion of an issue of publicly distributed bonds, debentures, or other securities.

7. Concentration. The Fund\nwill not invest 25% or more of its total assets in a particular industry or group of industries. This limitation is not applicable to\ninvestments in obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities, or repurchase agreements with\nrespect thereto.

With respect to the percentages\nadopted by the Trust as maximum limitations on its investment policies and limitations, an excess above the fixed percentage will not\nbe a violation of the policy or limitation unless the excess results immediately and directly from the acquisition of any security or\nthe action taken. This paragraph does not apply to the borrowing policy set forth in paragraph 1 above.

Notwithstanding any of the foregoing\nlimitations, any investment company, whether organized as a trust, association, or corporation, or a personal holding company, may be\nmerged or consolidated with or acquired by the Trust, provided that if such merger, consolidation, or acquisition results in an investment\nin the securities of any issuer prohibited by said paragraphs, the Trust shall, within 90 days after the consummation of such merger,\nconsolidation, or acquisition, dispose of all of the securities of such issuer so acquired or such portion thereof as shall bring the\ntotal investment therein within the limitations imposed by said paragraphs above as of the date of consummation.

Non-Fundamental Limitations.\nThe following limitations have been adopted by the Trust with respect to the Fund and are Non-Fundamental Limitations.

1. Pledging. The Fund will\nnot mortgage, pledge, hypothecate, or in any manner transfer, as security for indebtedness, any assets of the Fund except as may be necessary\nin connection with borrowings described in paragraph 1 above. Margin deposits, security interests, liens, and collateral

arrangements with respect to transactions involving\noptions, futures contracts, short sales, and other permitted investments and techniques are not deemed to be a mortgage, pledge, or hypothecation\nof assets for purposes of this limitation. Not more than 33⅓% of the Fund’s assets may be pledged in accordance with this\nrestriction.

2. Leveraging. The Fund\nwill not purchase any security while borrowings (including reverse repurchase agreements) representing more than 5% of its total assets\nare outstanding.

3. Margin Purchases. The\nFund will not purchase securities or evidences of interest thereon on “margin.” This limitation is not applicable to short-term\ncredit obtained by the Fund for the clearance of purchases and sales or redemption of securities, or to arrangements with respect to transactions\ninvolving options or futures contracts.

4. Options. The Fund will\nnot purchase or sell options, including calls and puts.

5. Illiquid Investments.\nThe Fund will not invest 15% or more of its net assets in securities for which there are legal or contractual restrictions on resale and\nother illiquid investments. In the event the Fund exceeds this 15% limitation, the Fund will not purchase additional illiquid investments\nuntil the Fund is back into compliance with the 15% limitation.

6. Loans. The Fund may\nnot lend any security if, as a result, more than 33 1/3% of its total assets would be lent to other parties.

Temporary Defensive Positions

To respond to adverse market,\neconomic, political, or other conditions, the Fund may take temporary defensive positions that are inconsistent with the Fund’s\nprincipal investment strategies. For example, the Fund may hold all or a portion of its assets in money market instruments or money market\nfunds. If the Fund invests in shares of a money market fund or other investment company, the shareholders of that Fund will be subject\nto duplicative management fees. As a result of engaging in these temporary measures, the Fund may not achieve its investment objective,\nand the Fund may pay higher commissions as a result of increased portfolio turnover. The Fund may also invest in such instruments at any\ntime to maintain liquidity or pending selection of investments in accordance with its policies.

PORTFOLIO TURNOVER

Turnover rates are primarily\na function of the Fund's response to market conditions. The portfolio turnover rates of the Fund for the fiscal years ended June 30, 2026\nand June 30, 2025 were 95.89% and 105.26%, respectively.

MANAGEMENT OF\nTHE FUND

The Board supervises the business\nactivities of the Trust and appoints the officers. Each Trustee serves as a trustee until the termination of the Trust unless the Trustee\nsooner dies, resigns, retires, or is removed. There are two series in the “Fund Complex”: the Fund and the Camelot Event-Driven\nFund. The Board generally meets four times a year.

The following table provides\ninformation regarding each Trustee who is not an “interested person” of the Trust, as defined in the 1940 Act (each an “Independent\nTrustee,” together the “Independent Trustees”).

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\nName, Address¹ and Year of Birth	Position(s) Held with the Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Directorships Held by Director
\n Jason W. Frey \n \n Year of Birth: 1979	Trustee	Indefinite/ June 2004 - present	Software Developer, International Business Machines Corp, a technology company, December 2012 to present.	2	None
	\n Andrea Nitta \n \n Year of Birth: 1982	Trustee	Indefinite/ December 2009 - present	Accounting Manager, WEI Mortgage Corporation, May 2016 to present.	2	None
	\n Hemanshu Patel \n \n Year of Birth: 1984	Trustee	Indefinite/ December 2009 - present	CFO Curiosity Games (d.b.a. The Escape Game) July 2024 to present. Vice President, North Castle Partners, private equity firm, February 2016 to July 2024.	2	None
	\n Jeffry Brown \n \n Year of Birth: 1955	Trustee	Indefinite / August 2019 – present	CEO, Azimut Alternative Capital Partners; Self-employed, Consultant to Mutual Fund and Private Equity industries 2017 – Present.	2	Azimut Alternative Capital Partners

¹ The address of each Trustee is c/o Frank Funds, 781 Crandon\nBlvd., Unit 602, Key Biscayne, FL 33149.

The following table provides information regarding\neach Trustee who is an “interested person” of the Trust, as defined in the 1940 Act, and each officer of the Trust.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n \n \n \n

Name, Address¹ and Year of Birth

\n \n \n \n

Position(s) Held with the Fund

\n \n \n

Term of Office and Length of Time Served

\n \n \n \n \n

Principal Occupation(s) During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Director

\n \n \n

Other Directorships Held by Director

Brian J. Frank²

\n \n

Year of Birth: 1981

President, Treasurer, Chief Compliance Officer, and Trustee

Indefinite/Treasurer, Secretary and Chief Compliance Officer, June 2004 – present; President and Trustee, September 2009 - present

Managing Partner of Frank Capital Partners LLC since June 2003.

None

Monique M. Weiss²

\n \n

Year of Birth: 1969

Secretary

Indefinite/September 2009 – present

Self-employed, Consultant to Mutual Fund Industry, 2006 – present.

N/A

None

¹ The address of each officer and Trustee is c/o Frank Funds,\n781 Crandon Blvd., Unit 602, Key Biscayne, FL 33149.

² Brian Frank is considered an “interested” Trustee,\nas defined in the 1940 Act, because he is affiliated with the Adviser. Brian Frank and Monique Weiss are married.

Board Leadership\nStructure. The Trust is led by Mr. Brian Frank, who has served as the President of the Board since 2009. Mr. Frank is an interested\nperson by virtue of his position as Managing Partner of the Adviser.

The Board\nis comprised of Mr. Frank and four “Independent Trustees. The Fund does not have a lead Independent Trustee, but governance guidelines\nprovide that Independent Trustees will meet in executive session at each Board meeting. The President of the Board is generally responsible\nfor (a) chairing Board meetings, (b) setting the agendas for these meetings, and (c) providing information to Board members in advance\nof each Board meeting and between Board meetings. Generally, the Fund believes it best to have a single leader who is seen by shareholders,\nbusiness partners, and other stakeholders as providing strong leadership. The Fund believes that its President, together with the Audit\nCommittee and the full Board, provides effective leadership that is in the best interests of the Fund and each shareholder.

Board Risk Oversight.\n The Board is responsible for overseeing risk management, and the full Board regularly engages in discussions of risk management\nand receives compliance reports that inform its oversight of risk management from its Chief Compliance Officer at quarterly meetings and\non an ad hoc basis when and if necessary. The Audit Committee, which has a separate chair, considers financial risks and reporting\nrisks within its area of responsibilities. Generally, the Board believes that its oversight of material risks is adequately maintained\nthrough the compliance-reporting chain where the Chief Compliance Officer is the primary recipient and communicator of such risk-related\ninformation.

Trustee Qualifications.\n Generally, the Board collectively believes that each Trustee is competent to serve because of their individual overall merits including:\n(i) experience, (ii) qualifications, (iii) attributes, and (iv) skills. Mr. Frank has over 20 years of business experience\nin the investment management business and is skilled in portfolio and risk management functions. Mr. Patel has a B.S. degree in\nfinance from Rutgers University and over 20 years of experience in the financial services industry. Mr. Patel is knowledgeable in company\nvaluation, stemming from his experience in investment banking and private equity, and his knowledge of finance contributes to the Board’s\nunderstanding of the strategies implemented by the Trust’s portfolio managers. Ms. Nitta has a B.S. degree in finance from New York\nUniversity’s Stern School of Business and over 20 years of experience in the financial services industry. Ms. Nitta has a background\nin financial accounting, originating from her experience with Ernst & Young and continuing with her current position as assistant\ncontroller at Radiology Affiliates Imaging. Her knowledge of public accounting contributes to the Board’s understanding of the Trust’s\nannual audit. Mr. Frey has over 20 years of experience in the banking and software industries. His knowledge of financial systems and\nregulation is helpful for the Board’s examination of best execution practices. Mr. Brown has an MBA from the University of California,\nLos Angeles, and a JD from University of Wisconsin Law School, and over 20 years experience in the financial services industry. Mr. Brown\nhas a background in fixed income, management, private equity, and also a certificate in Cybersecurity Oversight from Carnegie Mellon University.\nHis knowledge of the asset management business contributes to the Board’s understanding of the Trust’s overall strategy.

Audit Committee. The Trust’s\nAudit Committee consists of each of the Independent Trustees. The Audit Committee is responsible for overseeing the Trust’s accounting\nand financial reporting policies and practices; its internal controls and, as appropriate, the internal controls of certain service providers;\noverseeing the quality and objectivity of the Trust’s financial statements and the independent audit of the financial statements;\nand acting as a liaison between the Trust’s independent auditors and the full Board. The Audit Committee held two meetings during\nthe fiscal year ended June 30, 2026.

As of December 31, 2025, the Trustees owned the following amounts in the\nFund:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name of Trustee	Dollar Range of Securities In The Fund	\n Aggregate Dollar Range of \n Securities In Trust
Brian J. Frank	Over $100,000	Over $100,000
Jason W. Frey	$10,001 - $50,000	$10,001 - $50,000
Andrea Nitta	$10,001 - $50,000	$10,001 - $50,000
Hemanshu Patel	Over $100,000	Over $100,000
Jeffry Brown	None	None

The\nfollowing table describes the compensation paid to the Trustees for the fiscal year ended June 30, 2026. Trustees who are deemed\n“interested persons” of the Trust, and officers of the Fund, receive no compensation from the Fund.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name, Position	Aggregate Compensation from the Fund	Pension or Retirement Benefits Accrued As Part of Fund Expenses	Estimated Annual Benefits Upon Retirement	Total Compensation from Trust
Brian J. Frank, Trustee	$0	$0	$0	$0
Jason W. Frey, Trustee	$1,200	$0	$0	$1,800
Andrea Nitta, Trustee	$1,200	$0	$0	$1,800
Hemanshu Patel, Trustee	$1,200	$0	$0	$1,800
Jeffry Brown, Trustee	$1,200	$0	$0	$1,800

CODE OF ETHICS

Pursuant to the requirements\nof Rule 17j-1 under the 1940 Act and to protect against certain unlawful acts, practices, and courses of business by certain individuals\nor entities related to the Fund, the Trust and the Adviser have each adopted a Code of Ethics and procedures for implementing the provisions\nof the Code of Ethics. The personnel of the Trust and the Adviser are subject to the Code of Ethics when investing in securities that\nmay be purchased, sold, or held by the Fund.

DISCLOSURE CONCERNING\nPROXY VOTING RELATED TO PORTFOLIO SECURITIES

The Board has delegated\nresponsibilities for decisions regarding proxy voting for securities held by the Fund to the Adviser. The Adviser will vote such proxies\nin accordance with its proxy policies and procedures. In some instances, the Adviser may be asked to cast a proxy vote that presents a\nconflict between the interests of the Fund’s shareholders, and those of the Adviser or an affiliated person of the Adviser. In such\na case, the Trust’s policy requires that the Adviser abstain from making a voting decision and to forward all necessary proxy voting\nmaterials to the Trust to enable the Board to make a voting decision. The Adviser shall make a written recommendation of the voting decision\nto the Board, which shall include: (i) an explanation of why it has a conflict of interest; (ii) the reasons for its recommendation; and\n(iii) an explanation of why the recommendation is consistent with the Adviser’s (or sub-adviser’s) proxy voting policies.\nThe Board shall make the proxy voting decision that in its judgment, after reviewing the recommendation of the Adviser, is most consistent\nwith the Adviser’s proxy voting policies and in the best interests of Fund shareholders. When the Board is required to make a proxy\nvoting decision, only the Trustees without a conflict of interest with regard to the security in question or the matter to be voted upon\nshall be permitted to participate in the decision of how the Fund’s vote will be cast.

The Adviser’s policies\nand procedures state that the Adviser generally relies on the individual portfolio manager(s) to make the final decision on how to cast\nproxy votes. When exercising its voting responsibilities, the Adviser’s policies call for an emphasis on (i) accountability of management\nof the company to its board,

and of the board to the\ncompany’s shareholders, (ii) alignment of management and shareholder interests, and (iii) transparency through timely disclosure\nof important information about a company’s operations and financial performance. While no set of proxy voting guidelines can anticipate\nall situations that may arise, the Adviser has adopted guidelines describing the Adviser’s general philosophy when proposals involve\ncertain matters. The following is a summary of those guidelines:

Electing a Board of Directors – A board should be composed primarily\nof independent directors, and key board committees should be entirely independent. The Adviser generally supports efforts to declassify\nboards or other measures that permit shareholders to remove a majority of directors at any time;
Approving Independent Auditors – The relationship between a company\nand its auditors should be limited primarily to the audit engagement;
Providing Equity-Based Compensation Plans – Appropriately designed\nequity-based compensation plans, approved by shareholders, can be an effective way to align the interests of shareholders and the interests\nof directors, management, and employees by providing incentives to increase shareholder value. Conversely, the Adviser is opposed to plans\nthat substantially dilute ownership interests in the company, provide participants with excessive awards, or have inherently objectionable\nstructural features;
Corporate Voting Structure - Shareholders should have voting power\nequal to their equity interest in the company and should be able to approve or reject changes to a company’s by-laws by a simple\nmajority vote. The Adviser opposes super-majority requirements and generally supports the ability of shareholders to cumulate their votes\nfor the election of directors;
Shareholder Rights Plans - Shareholder rights plans, also known as\npoison pills, may tend to entrench current management, which the Adviser generally considers to have a negative impact on shareholder\nvalue; and
Other Investment Companies - When the Fund exercises voting rights,\nby proxy or otherwise, with respect to investment companies owned by the Fund, the Fund will either seek instruction from the Fund’s\nshareholders with regard to the voting of all proxies and vote in accordance with such instructions, or vote the shares held by the Fund\nin the same proportion as the vote of all other holders of such security.

Information regarding\nthe Fund’s proxy voting record during the most recent 12-month period ended June 30 is available at no charge, upon request, by\ncalling 1-888-217-5426. The information also is available on the SEC’s website at www.sec.gov. In addition, a copy of the Fund’s\nproxy voting policies and procedures are also available on the Fund’s website at https://frankfunds.com or by calling 1-888-217-5426\nand will be sent within 3 business days of receipt of a request.

CONTROL PERSONS\nAND PRINCIPAL HOLDERS OF SECURITIES

Control\nPersons and Principal Holders

Shareholders owning more than\n25% of the shares of the Fund are considered to “control” the Fund as that term is defined under the 1940 Act. Persons controlling\nthe Fund can determine the outcome of any proposal submitted to the shareholders for approval, including changes to the Fund’s fundamental\npolicies or the terms of the management agreement with the Adviser.

A principal shareholder is any\nperson who owns (either of record or beneficially) 5% or more of the outstanding shares of the Fund.

As of October 1, 2026, the following\npersons were the owners of more than 5% of the outstanding Investor Class shares of the Fund:

\n \n \n \n \n \n \n \n \n

Name and Address	Percentage of Ownership	Type of Ownership
None

As of October 1, 2026, the following\npersons were the owners of more than 5% of the outstanding Institutional Class shares of the Fund:

\n \n \n \n \n \n \n \n \n \n \n \n \n

Name and Address	Percentage of Ownership	Type of Ownership
Charles Schwab, San Francisco, CA 94104	12.3%	Record
LPL Financial Services, San Diego, CA 92121	8.1%	Record

As of October 1, 2026, the following\npersons were the owners of more than 5% of the outstanding Class C shares of the Fund:

\n \n \n \n \n \n \n \n \n \n \n \n \n

Name and Address	Percentage of Ownership	Type of Ownership
NFS LLC, New York, NY 10281	15.1%	Record
NFS LLC, New York, NY 10281	8.1%	Record

Management\nOwnership

As of October 1, 2026,\nall officers and Trustees as a group owned 7.5% of the outstanding shares of the Fund. The table below states each officer’s and\nTrustee’s percentage ownership in each class.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name of Trustee or Officer	Percentage Ownership in Investor Class	Percentage Ownership in Class C	Percentage Ownership in Institutional Class
Brian J. Frank	0.0%	0.0%	7.2%
Jason W. Frey	0.1%	0.0%	0.0%
Andrea Nitta	0.0%	0.0%	0.1%
Hemanshu Patel	0.0%	0.0%	0.1%
Jeffry Brown	0.0%	0.0%	0.0%

INVESTMENT ADVISORY\nAND OTHER SERVICES

Investment\nAdviser

The Trustees selected Frank\nCapital Partners, LLC as the adviser to the Fund. Monique M. Weiss owns 51% and Brian J. Frank owns 49% of the Adviser and are deemed\nto control the Adviser. Brian Frank acts as its Managing Partner and Portfolio Manager.

Under the terms of the\nmanagement agreement (the “Agreement”), the Adviser manages the Fund’s investments subject to approval of the Board;\nfurnishes investment advice to the Fund on the basis of a continuous review of the portfolio; and recommends to the Fund when and to what\nextent securities should be purchased or sold. As compensation for its management services, the Fund is obligated to pay the Adviser a\nfee computed and accrued daily and paid monthly at an annual rate of 0.89% of the average daily net assets of the Fund. Prior to July\n1, 2026, the Fund paid the Adviser a fee computed and accrued daily and paid monthly at an annual rate of 0.91% of the average daily net\nassets of the Fund.

The Agreement was approved\nfor an initial term of two years, and continues on a year to year basis, provided that continuance is approved at least annually by specific\napproval of the Board or by vote of the holders of a majority of the outstanding voting securities of the Fund. The Agreement was approved\non June 29, 2026. In either event, it must also be approved by a majority of Trustees of the Fund who are neither parties to the agreement\nnor interested persons as defined in the 1940 Act, at a meeting called for the purpose of voting on such approval. The Agreement may be\nterminated at any time without the payment of any penalty by the Board or by vote of a majority of the outstanding voting securities of\nthe Fund on not more than 60 days written notice to the Adviser. In the event of its assignment, the Agreement will terminate automatically.\nA discussion of the Board’s considerations in renewing the Agreement is provided in the Fund’s annual Form N-CSR dated June\n30, 2026.

The Adviser retains the right\nto use the name “Frank” in connection with other investment companies or business enterprises with which the Adviser is or\nmay become associated. The Trust’s right to use the name “Frank”\nautomatically ceases 90 days after termination of the Agreement and may be withdrawn by the Adviser on 90 days’ written notice.

For the fiscal years ended\nJune 30, 2024, 2025, and 2026, the Fund paid management fees of $174,625, $202,764, and $286,712, respectively.

In addition to the Agreement,\nthe Trust, on behalf of the Fund, and the Adviser have entered into an administration agreement (the “Administration Agreement”),\nunder which the Adviser provides administrative services to the Fund, including without limitation providing office space, equipment,\nand clerical personnel necessary for performing the Trust’s management functions and supervising the overall operations of the Trust,\nincluding the provision of services to the Trust by the Trust’s fund accounting agent, transfer agent, custodian, auditors, and\nother independent contractors or agents. The Adviser receives fees equal to 0.09% of the Fund’s average daily net assets in exchange\nfor providing administrative services and for paying all of the operating expenses of the Fund, except investment management fees; expenses\nof shareholders’ meetings and proxy solicitations; advertising, promotion, and other expenses incurred directly or indirectly in\nconnection with the sale or distribution of the Fund’s shares that the Fund is authorized to pay pursuant to Rule 12b-1 under the\n1940 Act; all brokerage fees and commissions, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold\nshort), and such extraordinary or non-recurring expenses as may arise, including litigation to which the Fund may be a party and indemnification\nof the Trustees and officers with respect thereto.

Prior to July 1, 2026, the Adviser\nreceived fees equal to 0.21% of the Fund’s average daily net assets for administrative services. For the fiscal years ended\nJune 30, 2024, 2025 and 2026, the Fund paid administration fees under the Administration Agreement of $40,298, $46,792, and $66,164\nrespectively.

The Portfolio Manager

Mr. Brian Frank (the\n“Portfolio Manager”) is the portfolio manager responsible for the day-to-day management of the Fund. As of June 30, 2026,\nthe Portfolio Manager was responsible for the management of the following types of accounts, in addition to the Fund:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\nAccount Type	Number of Accounts by Account Type	Total Assets By Account Type	Number of Accounts by Type Subject to a Performance Fee	Total Assets By Account Type Subject to a Performance Fee
Registered Investment Companies	0	$0	0	$0
Other Pooled Investment Vehicles	1	$2,118,962	0	$0
Other Accounts	23	$12,764,877	0	$0

As of June 30, 2026,\nthe Portfolio Manager managed the accounts listed above. The Adviser has not identified any material conflicts between the Fund and other\naccounts managed by the Portfolio Manager. However, actual or apparent conflicts of interest may arise in connection with the day-to-day\nmanagement of the Fund and the other accounts. The management of the Fund and the other accounts may result in unequal time and attention\nbeing devoted to the Fund and the other accounts. Another potential conflict of interest may arise where another account has the same\ninvestment objective as the Fund, whereby the Portfolio Manager could favor one account over another. Further, a potential conflict could\ninclude the Portfolio Manager’s knowledge about the size, timing and possible market impact of Fund trades, whereby the Portfolio\nManager could use this information to the advantage of the other accounts and to the disadvantage of the Fund. These potential conflicts\nof interest could create the appearance that the Portfolio Manager is favoring one investment vehicle over another. The Adviser has adopted\na trade allocation policy requiring combined (“blocked”) execution of trades when more than one account managed by the Adviser\nis purchasing the same security. Where the Fund and other accounts managed by the Portfolio Manager are purchasing the same security,\nthe Adviser will execute the transaction on a blocked basis.

While the Fund pays the\nAdviser a fee based on assets under management, Mr. Brian Frank’s compensation from the Adviser is not fixed. Because Mr. Frank\nco-owns the Adviser, his compensation is based upon the Adviser’s profitability. Mr. Brian Frank participates directly in all profits\nand losses of the Adviser, including the advisory fees paid by the Fund, and is paid in cash. There are no bonuses, options, deferred\ncompensation or retirement plans associated with his service to the Fund.

The following table shows\nthe dollar range of equity securities beneficially owned by the Portfolio Manager in the Fund as of June 30, 2026.

\n \n \n \n \n \n \n

Name of Portfolio Manager	Dollar Range of Equity Securities in the Fund
Brian Frank	Over $1,000,000

Custodian

The UMB Financial Corporation,\nlocated at 1010 Grand Boulevard, Kansas City, MO 64106, is custodian of the Fund’s investments. The custodian acts as the Fund’s\ndepository, provides safekeeping of its portfolio securities, collects all income and other payments with respect thereto, disburses funds\nat the Fund’s request, and maintains records in connection with its duties.

Fund Services

Mutual Shareholder Services,\nLLC (“MSS”), 8000 Town Centre Drive, Suite 400, Broadview Heights, Ohio 44147, acts as the Fund’s transfer agent. MSS\nmaintains the records of the shareholder’s account, answers shareholders’ inquiries concerning their accounts, processes purchases\nand redemptions of the Fund’s shares, acts as dividend and distribution disbursing agent, and performs other transfer agent and\nshareholder service functions. MSS receives an annual fee from the Adviser of $11.50 per shareholder (subject to a minimum monthly fee\nof $775.00 per fund in the Fund Complex) for these transfer agency services.

In addition, MSS provides the\nFund with fund accounting services, which includes certain monthly reports, record-keeping and other management-related services. For\nits services as fund accountant, MSS receives an annual fee from the Adviser based on the average value of the Fund. These fees are: from\n$0 to $25 million in assets the annual fee is $21,000, from $25 million to $50 million in assets the annual fee is $30,500, from $50 million\nto $75 million in assets the annual fee is $36,250, from $75 million to $100 million in assets the annual fee is $42,000, from $100 million\nto $125 million in assets the annual fee is $47,750, from $125 million to $150 million in assets the annual fee is $53,500, and for asset\nabove $150 million the annual fee is $59,250. The Fund will receive a discount ranging from 10-60% depending on the net assets of the\nFund until the Fund reaches $11 million in assets.

For the fiscal years ended June\n30, 2024, 2025, and 2026, MSS received $70,833, $74,516, and $96,143, respectively, from the Adviser for these fund accounting and transfer\nagent services.

Independent Registered Public Accounting Firm

The firm of Sanville\n& Company, 1011 Surrey Ln, Bldg 200, Flower Mound, TX 75022, has been selected as independent public\naccountants for the Fund for the fiscal year ending June 30, 2027. Sanville & Company performs an annual audit of the\nFund’s financial statements and provides financial, tax, and accounting services as requested.

Distributor

Shares of the Fund are offered\non a continuous basis through Arbor Court Capital, LLC, 8000 Town Centre Drive, Suite 400, Broadview Heights, OH 44147 (the “Distributor”).

The Fund has entered into a Distribution\nand Services Agreement whereby the Distributor serves as principal underwriter and distributor of the Fund. Pursuant to this agreement,\nthe Distributor purchases shares of the Fund for resale to the public, either directly or through securities brokers, dealers, banks,\nor other agents, and is obligated to purchase only those shares for which it has received purchase orders. The Distributor has agreed\nto use its best efforts to solicit orders for the sale of the Fund’s shares. The Fund pays the Distributor $7,000 annually for the\nDistributor’s services. The Fund will also pay the Distributor’s out of pocket expenses, including but not limited to:\ntravel, printing, postage, telephone,

registration fees for Adviser/Fund personnel, broker/dealer\nfees specific to Adviser/Fund, and other standard miscellaneous items permitted to be paid under the Fund’s 12b-1 Plans (described\nbelow).

Rule 12b-1\nPlanS

The Trust has adopted Plans of\nDistribution Pursuant to Rule 12b-1 under the 1940 Act for each of the Fund’s Investor Class and Class C Shares (collectively, the\n“Plans”) pursuant to which Investor Class and Class C shares of the Fund are authorized to pay fees to the Distributor for\nproviding distribution and/or shareholder services to the Fund. Under the Plans, Investor Class and Class C shares of the Fund may\npay distribution and/or shareholder service fees at an annual rate of 0.25% and 1.00% of each of their average net assets, respectively.\n Such fees are to be paid by the Fund monthly, or at such other intervals, as the Board shall determine. Such fees shall be based\nupon each share class’s average daily net assets during the preceding month, and shall be calculated and accrued daily. The Fund\nmay pay fees to the Distributor at a lesser rate, as agreed upon by the Board and the Distributor. The Plans authorize payments to the\nDistributor as compensation for providing account maintenance services to Fund shareholders, including arranging for certain securities\ndealers or brokers, administrators, and others (“Recipients”) to provide these services and paying compensation for these\nservices.

The services to be provided by\nRecipients may include, but are not limited to, the following: assistance in the offering and sale of Fund shares and in other aspects\nof the marketing of the shares to clients or prospective clients of the respective recipients; answering routine inquiries concerning\nthe Fund; assisting in the establishment and maintenance of accounts or sub-accounts in the Fund and in processing purchase and redemption\ntransactions; making the Fund’s investment plan and shareholder services available; and providing such other information and services\nto investors in shares of the Fund as the Adviser or the Trust, on behalf of the Fund, may reasonably request. The distribution services\nshall also include any advertising and marketing services provided by or arranged by the Adviser with respect to the Fund. The Distributor\nmay be compensated by the Adviser for its distribution and marketing efforts.

The Distributor is required to\nprovide a written report, at least quarterly to the Board, specifying in reasonable detail the amounts expended pursuant to the Plans\nand the purposes for which such expenditures were made. Further, the Distributor will inform the Board of any Rule 12b-1 fees to be paid\nby the Adviser to Recipients.

Both Plans were adopted on June\n30, 2010. The initial term of the Plans was one year, and they will continue in effect from year to year, provided that such continuance\nis specifically approved at least annually by a majority of the Board including a majority of the Trustees who are not “interested\npersons” of the Trust and do not have a direct or indirect financial interest in the Plans (the “Plan Independent Trustees”)\nby votes cast in person at a meeting called for the purpose of voting on the Plans. The Plans may be terminated at any time by the Trust\nor the Fund by vote of a majority of the Plan Independent Trustees or by vote of a majority of the outstanding voting shares of the Fund.

The Plans may not be amended to\nincrease materially the amount of the Distributor’s compensation to be paid by the Fund, unless such amendment is approved by the\nvote of a majority of the outstanding voting securities of the respective class of the Fund (as defined in the 1940 Act). All material\namendments must be approved by a majority of the Board and a majority of the Plan Independent Trustees by votes cast in person at a meeting\ncalled for the purpose of voting on the Plans.

Any agreement related to the Plans\nwill be in writing and provide that: (a) it may be terminated by the Trust or the Fund at any time upon sixty days’ written notice,\nwithout the payment of any penalty, by vote of a majority of the respective Plan Independent Trustees, or by vote of a majority of the

outstanding voting securities of the Trust or the\nFund; (b) it will automatically terminate in the event of its assignment (as defined in the 1940 Act); and (c) it will continue in effect\nfor a period of more than one year from the date of its execution or adoption only so long as such continuance is specifically approved\nat least annually by a majority of the Board and a majority of the Plan Independent Trustees by votes cast in person at a meeting called\nfor the purpose of voting on such agreement.

The table below states the amounts\npaid by the Fund’s Investor Class and Class C shares under the Plans for the fiscal year ended June 30, 2026.

\n \n \n \n \n \n \n

Investor Class Shares	Class C Shares
$15,246	$13,023

The table below states the principal\ntypes of activities for which the Fund made payments under the Plans for the fiscal year ended June 30, 2026.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Investor Class	Class C
Advertising & Sales Literature	$0	$0
Printing & Mailing of Prospectuses	$0	$0
Compensation to Underwriters	$0	$0
Compensation to Broker Dealers	$0	$13,023
Compensation to Sales Personnel	$15,246	$0
Compensation to the Adviser for Other Distribution-Related Expenses	$0	$0

BROKERAGE ALLOCATION\nAND OTHER PRACTICES

Subject to policies established\nby the Board, the Adviser is responsible for the Fund’s portfolio decisions and the placing of the Fund’s portfolio transactions.\nIn placing portfolio transactions, the Adviser seeks the best qualitative execution for the Fund, taking into account factors such as\nprice (including the applicable brokerage commission or dealer spread), the execution capability, financial responsibility and responsiveness\nof the broker or dealer, and the brokerage and research services provided by the broker or dealer. The Adviser generally seeks favorable\nprices and commission rates that are reasonable in relation to the benefits received. The Adviser may not give consideration to sales\nof shares of the Trust as a factor in the selection of brokers and dealers to execute portfolio transactions. However, the Adviser may\nplace portfolio transactions with brokers or dealers that promote or sell the Fund’s shares so long as such placements are made\npursuant to policies approved by the Board that are designed to ensure that the selection is based on the quality of the broker’s\nexecution and not on its sales efforts. For the fiscal years ended June 30, 2024, 2025, and 2026, the Fund paid brokerage commissions\nof $19,167, $12,736, and $12,647 respectively.

The Adviser is specifically authorized\nto select brokers or dealers who also provide brokerage and research services to the Fund and/or the other accounts over which the Adviser\nexercises investment discretion, and to pay such brokers or dealers a commission in excess of the commission another broker or dealer\nwould charge if the Adviser determines in good faith that the commission is reasonable in relation to the value of the brokerage and research\nservices provided. The determination may be viewed in terms of a particular transaction or the Adviser’s overall responsibilities\nwith respect to the Trust and to other accounts over which it exercises investment discretion.

Research services include supplemental\nresearch, securities and economic analyses, statistical services and information with respect to the availability of securities or purchasers\nor sellers of securities, and analyses of reports concerning performance of accounts. The research services and other information furnished\nby brokers through whom the Fund effects securities transactions may also be used by the Adviser in servicing all of its accounts. Similarly,\nresearch and information provided by brokers or dealers serving other clients may be useful to the Adviser in connection with its services\nto the Fund. Although research services and other information are useful to the Fund and the Adviser, it is not possible to place a dollar\nvalue on the research and other information received. It is the opinion of the Board and the Adviser that the review and study of the\nresearch and other information will not reduce the overall cost to the Adviser of performing its duties to the Fund under the Agreement.

Over-the-counter transactions\nwill be placed either directly with principal market makers or with broker-dealers, if the same or a better price, including commissions\nand executions, is available. Fixed income securities are normally purchased directly from the issuer, an underwriter, or a market maker.\nPurchases include a concession paid by the issuer to the underwriter and the purchase price paid to a market maker may include the spread\nbetween the bid and asked prices.

When the Fund and another of the\nAdviser’s clients seek to purchase or sell the same security at or about the same time, the Adviser will execute the transaction\non a blocked basis. Blocked transactions can produce better execution for the Fund because of the increased volume of the transaction.\nIf the entire blocked order is not filled, the Fund may not be able to acquire as large a position in such security as it desires or it\nmay have to pay a higher price for the security. Similarly, the Fund may not be able to obtain as large an execution of an order to sell\nor as high a price for any particular portfolio security if the other client desires to sell the same portfolio security at the same time.\nIn the event that the entire blocked order is not filled, the purchase or sale will normally be allocated on a pro rata basis. The Adviser\nmay adjust the allocation when, taking into account such factors as the size of the individual orders and transaction costs, the Adviser\nbelieves an adjustment is reasonable. In the fiscal years ended June 30, 2026, 2025 and 2024 the Fund paid $12,647, $12,736, and $19,167\nin brokerage fees.

DISCLOSURE OF\nPORTFOLIO HOLDINGS

The Fund is required to\ninclude a schedule of portfolio holdings in its annual and semi-annual reports, which are filed with the SEC on Form N-CSR within 70 days\nof the end of the second and fourth fiscal quarters. The Fund also is required to file a schedule of portfolio holdings with the SEC on\nForm N-PORT within 60 days of the end of the first and third fiscal quarters. The Fund must provide a copy of the complete schedule of\nportfolio holdings as filed with the SEC to any shareholder of the Fund, upon request, free of charge. This policy is applied uniformly\nto all shareholders of the Fund without regard to the type of requesting shareholder (i.e., regardless of whether the shareholder is an\nindividual or institutional investor). The Fund has an ongoing arrangement to release portfolio holdings to Morningstar for Morningstar\nto assign a rating or ranking to the Fund. Portfolio holdings will be supplied to Morningstar no more frequently than quarterly and only\nafter the Fund has filed a Form N-CSR or Form N-PORT with the SEC.

The lag between the date of the information\nand the date on which the information is disclosed to these third parties will vary based on the identity of the party to whom the information\nis disclosed. For instance, the information may be provided to auditors within days of the end of an annual period, while the information\nmay be given to legal counsel at any time.

The Fund, the Adviser,\nthe Administrator, the transfer agent, the fund accounting agent and the custodian are prohibited from entering into any special or ad\nhoc arrangements with any persons to make available information about the Fund’s portfolio holdings without the specific approval\nof the Board. Any party wishing to release portfolio holdings information on an ad hoc or special basis must submit any proposed arrangement\nto the Board, which will review such arrangement to determine whether it is (i) in the best interests of Fund shareholders, (ii) whether\nthe information will be kept confidential (based on the factors discussed below) (iii) whether sufficient protections are in place to\nguard against personal trading based on the information and (iv) whether the disclosure presents a conflict of interest between the interests\nof Fund shareholders and those of the Adviser, or any affiliated person of the Fund or the Adviser. Additionally, the Adviser, and any\naffiliated persons of the Adviser, are prohibited from receiving compensation or other consideration, for themselves or on behalf of the\nFund, as a result of disclosing the Fund’s portfolio holdings.

Information disclosed to\nthird parties, whether on an ongoing or ad hoc basis, is disclosed under conditions of confidentiality. “Conditions of confidentiality”\ninclude (i) confidentiality clauses in written agreements, (ii) confidentiality implied by the nature of the relationship (e.g., attorney-client\nrelationship), (iii) confidentiality required by fiduciary or regulatory principles (e.g., custody relationships) or (iv) understandings\nor expectations between the parties that the information will be kept confidential. The agreements with the Fund’s transfer agent,\nfund accounting agent and custodian contain confidentiality clauses, which the Board and these parties have determined extend to the disclosure\nof nonpublic information about the Fund’s portfolio holding and the duty not to trade on the non-public information. The Adviser\nhas entered into a separate written confidentiality agreement that prohibits the disclosure of nonpublic information about the Fund’s\nportfolio holdings and includes a duty not to trade on the non-public information.

PURCHASE, REDEMPTION,\nAND PRICING OF SHARES

Purchase\nof Shares

Investors may only purchase\nFund shares after receipt of a current Prospectus and by filling out and submitting an application supplied by the Fund.

Pricing\nof Shares

The price (net asset value) of\nthe shares of the Fund is determined at the close of trading (normally 4:00 p.m., Eastern time) on each day the New York Stock Exchange\n(“NYSE”) is open for business. For a description of the methods used to determine the net asset value, see “Determination\nof Net Asset Value” in the Prospectus.

Equity securities generally are\nvalued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such\nprices accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange or on the NASDAQ\nover-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity\nsecurity is generally valued by the pricing service at its last bid price. When market quotations are not readily available, when the\nAdviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market\nvalue, or when

restricted or illiquid securities are being valued,\nsuch securities are valued as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to review\nof the Board.

Fixed income securities generally\nare valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes\nsuch prices accurately reflect the fair market value of such securities. A pricing service utilizes electronic data processing techniques\nbased on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units\nof debt securities without regard to sale or bid prices. If the Adviser decides that a price provided by the pricing service does not\naccurately reflect the fair market value of the securities, when prices are not readily available from a pricing service, or when restricted\nor illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Adviser, as the valuation\ndesignee, in conformity with guidelines adopted by the Board. Short term investments in fixed income securities with maturities of less\nthan 60 days when acquired, or which subsequently are within 60 days of maturity, are valued by using the amortized cost method of valuation,\nwhich the Board has determined will represent fair value.

TAX CONSEQUENCES

Under provisions of Subchapter\nM of the Internal Revenue Code of 1986 as amended, the Fund, by paying out substantially all of its investment income and realized capital\ngains, intends to be relieved of federal income tax on the amounts distributed to shareholders. To qualify as a “regulated investment\ncompany” under Subchapter M, at least 90% of the Fund’s income must be derived from dividends, interest and gains from securities\ntransactions, and no more than 50% of the Fund’s total assets may be in two or more securities that exceed 5% of the total assets\nof the Fund at the time of each security’s purchase. Not qualifying under Subchapter M of the Internal Revenue Code would cause\nthe Fund to be considered a personal holding company subject to normal corporate income taxes. This would reduce the value of shareholder\nholdings by the amount of taxes paid. Any subsequent dividend distribution of the Fund’s earnings after taxes would still be taxable\nas received by shareholders. The Jobs and Growth and Tax Relief Reconciliation Law of 2003 reduced the rate on “qualifying dividends”\nto 15% (5% for those in 10% or 15% income tax bracket). The Fund may invest in companies that pay “qualifying dividends.”\nInvestors in Frank Value Fund may benefit from the tax law and its lower tax rate on taxable quarterly dividend payments, attributable\nto corporate dividends, distributed by the Fund.

Tax Distribution.\nThe Fund’s distributions (capital gains and dividend income), whether received by shareholders in cash or reinvested in additional\nshares of the Fund, may be subject to federal income tax payable by shareholders. All income realized by the Fund including short-term\ncapital gains, will be taxable to the shareholder as ordinary income. Dividends from net income will be made annually or more frequently\nat the discretion of the Board. Dividends received shortly after purchase of Fund shares by an investor will have the effect of reducing\nthe per share net asset value of his/her shares by the amount of such dividends or distributions. You should consult a tax advisor regarding\nthe effect of federal, state, local, and foreign taxes on an investment in the Fund.

Federal Withholding.\nThe Fund is required by federal law to withhold 24% of reportable payments (which may include dividends, capital gains, distributions\nand redemptions)

paid to shareholders who have not\ncomplied with IRS regulations. To avoid this withholding requirement, you must certify on a W-9 tax form supplied by the Fund that\nyour Social Security or Taxpayer Identification Number provided is correct and that you are not currently subject to back-up\nwithholding, or that you are exempt from back-up withholding.

Income and long-term capital gain\ndistributions are determined in accordance with Federal income tax regulations, which may differ from accounting principles generally\naccepted in the United States. The Fund’s tax basis capital gains and losses and undistributed ordinary income are determined at\nthe end of each fiscal year. As of June 30, 2026 the Fund’s most recent fiscal year-end, components of distributable earnings on\na tax basis were as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Unrealized appreciation (depreciation)	$7,235,064
Post December net-investment loss	-
Undistributed accumulated ordinary income	862,309
Accumulated undistributed long-term capital gain	597,486
Total Distributable earnings	$8,694,859

The capital gains (losses) shown\nmay differ from corresponding accumulated net realized gain (loss) reported on the statement of assets and liabilities due to certain\ntemporary book/tax differences, such as the deferral of losses on wash sales. Under current tax law, net capital losses realized\nafter October 31^st and net ordinary losses incurred after December 31^st may be deferred and treated as occurring\non the first day of the following fiscal year.

Under the Regulated Investment\nCompany Modernization Act of 2010, net capital losses recognized after December 31, 2010, may be carried forward indefinitely, and their\ncharacter is retained as short-term and/or long-term.

TAXATION OF\nTHE FUND

The Fund has qualified\nunder Subchapter M of the Internal Revenue Code. If the Fund does not qualify under Subchapter M, it would be liable for federal income\ntax on its capital gains and net investment income currently distributed to its shareholders, resulting in a second level of taxation\nthat would substantially reduce net after-tax returns from the Fund.

Certain U.S. shareholders,\nincluding individuals and estates and trusts, will be subject to an additional 3.8% Medicare tax on all or a portion of their “net\ninvestment income,” which should include dividends from the Fund and net gains from the disposition of shares of the Fund. U.S.\nShareholders are urged to consult their own tax advisors regarding the implications of the additional Medicare tax resulting from an investment\nin the Fund.

Foreign Account Tax\nCompliance Act. Payments to a shareholder that is either a foreign financial institution (“FFI”) or a non-financial foreign\nentity (“NFFE”) within the meaning of the Foreign Account Tax Compliance Act (“FATCA”) may be subject to a generally\nnonrefundable 30% withholding tax on: (a) income dividends paid by the Fund after June 30, 2014 and (b) certain capital gain distributions\nand the proceeds arising from the sale of Fund shares paid by the Fund after December 31, 2016. FATCA withholding tax generally can be\navoided: (a) by an FFI, subject to any applicable intergovernmental agreement or other exemption, if it enters into a valid agreement\nwith the IRS to, among other requirements, report required information about certain direct and indirect ownership of foreign financial\naccounts held by U.S. persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial U.S. persons as owners\nor (ii) if it does have such owners, reports information relating to them.

The Fund may disclose the information\nthat it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA.\nWithholding also may be required if a foreign entity that is a shareholder of the Fund fails to provide the Fund with appropriate\ncertifications or other documentation concerning its status under FATCA.

FINANCIAL STATEMENTS

The financial statements and independent\nregistered public accounting firm’s report required to be included in this SAI are incorporated herein by reference to the Fund’s\nannual Form N-CSR for the fiscal year ended June 30, 2026. You can obtain the annual Form N-CSR without charge by calling the Fund at\n1-888-217-5426 or by clicking this link.

FRANK CAPITAL PARTNERS LLC PROXY VOTING POLICY

Pursuant to rules established\nby the Securities and Exchange Commission (the “Commission”), under the Investment Company Act of 1940, as amended, the Board\nof Frank Funds (the “Trust”) has adopted the following formal, written guidelines for proxy voting by the Trust. The Board\nof the Trust oversees voting policies and decisions for each series of the Trust (the “Funds”).

Each Fund exercises its\nproxy voting rights with regard to the companies in the Fund’s investment portfolio, with the goals of maximizing the value of the\nFund’s investments, promoting accountability of a company’s management and board of directors to its shareholders, aligning\nthe interests of management with those of shareholders, and increasing transparency of a company’s business and operations.

In general, the Board of\nthe Trust believes that each Fund’s investment adviser which selects the individual companies that are part of the Fund’s\nportfolio, is the most knowledgeable and best suited to make decisions about proxy votes. Therefore, the Trust defers to and relies on\nthe Funds’ investment advisers to make decisions on casting proxy votes.

In some instances, an adviser\nmay be asked to cast a proxy vote that presents a conflict between the interests of a Fund’s shareholders, and those of the adviser\nor an affiliated person of the adviser. In such a case, the adviser is instructed to abstain from making a voting decision and to forward\nall necessary proxy voting materials to the Trust to enable the Board to make a voting decision. The adviser shall make a written recommendation\nof the voting decision to the Board, which shall include: (i) an explanation of why it has a conflict of interest; (ii) the reasons for\nits recommendation; and (iii) an explanation of why the recommendation is consistent with the adviser’s proxy voting policies. The\nBoard shall make the proxy voting decision that in its judgment, after reviewing the recommendation of the adviser, is most consistent\nwith the adviser’s proxy voting policies and in the best interests of Fund shareholders. When the Board is required to make a proxy\nvoting decision, only the Trustees without a conflict of interest with regard to the security in question or the matter to voted upon\nshall be permitted to participate in the decision of how the Fund’s vote will be cast.

Notwithstanding\nthe forgoing, the following policies will apply to investment company shares owned by a Fund. Under\nSection 12(d)(1) of the Investment Company Act of 1940, as amended, (the “1940 Act”), the Fund may only invest up to\n5% of its total assets in the securities of any one investment company, but may not own more than 3% of the outstanding voting stock of\nany one investment company or invest more than 10% of its total assets in the securities of other investment companies. However, Section\n12(d)(1)(F) of the 1940 Act provides that the provisions of paragraph 12(d)(1) shall not apply to securities purchased or otherwise acquired\nby the Fund if (i) immediately after such purchase or acquisition not more than 3% of the total outstanding stock of such registered investment\ncompany is owned by the Fund and all affiliated persons of the Fund; and (ii) the Fund is not proposing to offer or sell any security\nissued by it through a principal underwriter or otherwise at a public or offering price which includes a sales load of more than 1 ½%\npercent. Because the Funds may rely on Section 12(d)(1)(F), each Fund (or the Adviser acting on behalf of the Fund) must comply with the\nfollowing voting restrictions: when the Fund exercises voting rights, by proxy or otherwise, with respect to investment companies owned\nby the Fund, the Fund will either seek instruction from the Fund’s shareholders with regard to the voting of all proxies and vote\nin accordance with such instructions, or vote the share s held by the Fund in the same proportion as the vote of all other holders of\nsuch security.

A copy of these Proxy Voting Policies and\nProcedures are available, without charge, upon request, by calling the Trust’s toll-free telephone number at (866) 313-1344\nand on the Commission’s website at http://www.sec.gov. The Trust will send a copy of the Trust’s Proxy Voting\nPolicies and Procedures within three business days of receipt of a request, by first-class mail or other means designed to ensure\nequally prompt delivery.

FRANK FUNDS

CAMELOT EVENT-DRIVEN FUND

781 Crandon Blvd., Unit 602

Key Biscayne, FL 33149

Telephone: (973) 887-7698 Toll Free: (866) 706-9790

\n \n \n \n \n \n \n

Class A Shares:	EVDAX
Institutional Class Shares:	EVDIX

PROSPECTUS

November 1, 2026

Advised by: Camelot Event-Driven\nAdvisors, LLC

This\nProspectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for\nfuture reference.

TABLE OF CONTENTS

CAMELOT EVENT DRIVEN FUND SUMMARY	3
Investment Objective	3
Fees and Expenses	3
Portfolio Turnover	4
Principal Investment Strategies	4
Principal Investment Risks	6
Performance	9
Management	11
Purchase and Sale of Fund Shares	11
Tax Information	11
Payments to Broker-Dealers and Other Financial Intermediaries	11
ADDITIONAL INFORMATION ABOUT INVESTMENT STRATEGIES	12
Investment Objective	12
Principal Investment Strategies	12
Temporary Defensive Positions	15
Principal Investment Risks	15
Portfolio Holdings Disclosure	19
Cybersecurity	19
MANAGEMENT OF THE FUND	19
PURCHASING FUND SHARES	20
Share Classes	20
Determination of Net Asset Value	20
Purchasing Fund Shares	21
Opening An Account	21
REDEEMING FUND SHARES	24
Redemption Requirements	24
Redemption Price	25
Redemption Fee/Market Timing	25
Redemption Payment	25
DIVIDENDS, DISTRIBUTIONS AND TAXES	26
Dividends and Distributions	26
Taxes	27
DISTRIBUTION	28
Distributor	28
Distribution Plan	28
FINANCIAL HIGHLIGHTS	28

CAMELOT EVENT-DRIVEN\nFUND SUMMARY

Investment\nObjective.

The\nCamelot Event-Driven Fund’s (the “Fund”) investment objective is to provide long-term growth of capital.

Fees and Expenses.

This table describes\nfees and expenses that you may pay if you buy, hold and sell Fund shares. You may qualify for sales charge discounts if you and\nyour family invest, or agree to invest in the future, at least $100,000 in the Frank Funds (the “Trust”). More information\nabout these and other discounts is available from your financial professional and in the “Reduction or Waiver of Front-End Sales\nCharges” section on page 23 of the Fund’s Prospectus. You may pay other fees, such as brokerage commissions and other\nfees to financial intermediaries, which are not reflected in the tables or the examples below.

Shareholder Fees (fees paid directly from your\ninvestment)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Class A	Institutional Class
\n Maximum Sales Charge (Load) Imposed on Purchases \n (as a percentage of the offering price)	2.50%	None
Maximum Deferred Sales Charge (Load) (as a percentage of the original purchase price)(1)	1.00%	None
Redemption Fee (as a percentage of amount redeemed on shares held less than 5 business days)	2.00%	2.00%

Annual Fund Operating Expenses (expenses that you pay each year as a\npercentage of the value of your investment)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Class A	Institutional Class

Management Fees	1.30%	1.30%
Distribution (12b-1) Fees	0.25%	None
Total Other Expenses	0.66%	0.63%
Shareholder Servicing Fees	0.09%	0.09%
Dividends on Short Positions	0.00%	0.00%
Remaining Other Expenses (2)	0.57%	0.54%
Total Annual Fund Operating Expenses	2.21%	1.93%
Fee Waiver and/or Expense Reimbursement (3)	0.09%	0.06%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	1.99%	1.74%

(1)

The 1.00% maximum deferred sales charge may be assessed in the case of investments\nat or above the $250,000 breakpoint (where you do not pay an initial sales charge) on shares redeemed within 18 months of purchase.

(2)

“Other Expenses” includes litigation expenses of 0.13%, which\nare excluded from the fee waiver, as discussed below.

(3)

Camelot Event-Driven Advisors, LLC (the “Adviser”), has contractually\nagreed to waive its management fees and/or assume expenses to the extent necessary to reduce the Total Annual Fund Operating Expenses\n(exclusive of any front-end or contingent deferred loads, taxes, all interest, brokerage commissions, expenses incurred in connection\nwith any merger or reorganization, dividend expense on securities sold short, underlying fund fees, 12b-1 fees and expenses, and extraordinary\nexpenses such as litigation) when they exceed 1.74% of the Fund’s average daily net assets (the “Annualized Expense Ratio”).\nThis agreement will continue in effect until October 31, 2027. Any waivers and reimbursements made by the Adviser to the Fund are\nsubject to recoupment by the Adviser within three (3) fiscal years following the date of such waiver or reimbursement, provided that such\nrecoupment does not cause the Total Annual Fund Operating Expenses to exceed the Annualized Expense Ratio in effect at the time of the\n(i) fee waiver and/or expense assumption, or (ii) the fee recoupment. This agreement shall be terminated upon the termination of the advisory\nagreement or, with respect to the Fund, in the event of its merger or liquidation.

Example:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	1 Year	3 Years	5 Years	10 Years
Class A	$202	$624	$1,073	$2,317
Institutional Class	$177	$548	$944	$2,052

Portfolio\nTurnover.

The\nFund pays transaction costs, such as commissions, when it buys and sells securities (or \"turns over\" its portfolio). A higher\nportfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.\nThese costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most\nrecent fiscal year, the Fund’s portfolio turnover rate was 53.18% of the average value of its portfolio.

Principal\nInvestment Strategies.

To achieve the Fund’s investment\nobjective, the Adviser invests in the securities of publicly traded companies involved in mergers, takeovers, tender offers, leveraged\nbuyouts, spin-offs, liquidations, or similar events (“corporate reorganizations”). A variety of strategies can be employed\nto capitalize on the mispricing of corporate securities during corporate reorganizations, including transactions involving common and\npreferred stock, debt instruments and derivative securities. In addition, the Fund may invest in a variety of debt instruments, including\nU.S. Government securities and structured notes.

Merger Arbitrage. The Fund invests in the securities of companies\nsubject to publicly announced corporate reorganizations.

Capital Structure Arbitrage. A variety of strategies can be employed\nto capitalize on the mispricing of corporate securities during reorganizations, including transactions involving common and preferred\nstock, debt instruments and derivative securities. Many companies issue different types of securities in addition to equity securities,\nand sometimes issue different types of equity securities. Capital structure arbitrage involves investing in two different types of securities\nissued by the same company if they are believed to be mispriced relative to each other. The securities typically differ in their voting\nrights, dividend or interest rates and rights, liquidation preference, liquidity in the financial markets, seniority or other factors.\nTypically, one of these securities is purchased, while the other is sold short. The profit or loss realized by the Fund will depend on\nthe relative price performance of the two securities as well as their relative dividend rates.

Distressed Securities Investments. The Fund invests in distressed\nsecurities, which are securities of companies that are in or believed to be near bankruptcy or whose securities are otherwise undergoing\nextreme financial situations that put the continuation of the issuer as a going concern at risk. Distressed securities include below investment-grade\nsecurities.

Special Situation Securities. The Fund may also invest in “special\nsituation” securities when the Fund’s Adviser believes such investments will benefit the Fund. A special situation arises\nwhen, in the Adviser’s opinion, the securities of a company will experience an unusual gain or loss solely by reason of a development\nparticularly or uniquely applicable to that company. Such situations include, but are not limited to: material litigation, technological\nbreakthroughs and new management or management policies, spin-offs, break-ups,\nor divestitures. Special situation investments may include illiquid or restricted securities, such as private equity investments, and\ninitial public offerings.

Activist Investments. The Fund invests in securities of issuers that\nin the opinion of the Adviser may become subject to a change of control fight. These are typically proxy fights by minority investors\nseeking to have their representatives elected to the board of trustees or directors, often with the intention of replacing existing management,\nnew capital allocation policies, or selling the company. Profits are expected from the eventual success of the new board of trustees or\ndirectors in increasing the company’s value. The Fund may invest with the intention of participating actively in the change of control,\nor staying passive. Although some of the companies the Fund targets as an “activist investment” may be considered potential\ncandidates for a merger takeover, proxy fights differ from merger arbitrage in that no concrete acquisition may have been proposed yet,\nand may not be proposed in the future.

Short Sales. The Fund may invest up to 50% of its net assets in short\nsales on equities at any given time.

Debt Instruments. The Fund may invest in all types of fixed-income\nsecurities including convertible debt, options, as well as privately negotiated options. The Fund may invest without restriction as to\ncredit rating, maturity or duration. The Fund may purchase below investment grade securities, commonly referred to as “junk.”

Tactical Allocation. Because the Fund is a tactical allocation fund,\nthe assets of the Fund will shift on a short-term basis to take advantage of perceived differences in relative values of the various asset\nclasses in which the Fund invests. The Fund will tactically allocate capital among a diverse range of trading strategies and markets,\nwherever the Adviser perceives opportunity.

Foreign Securities Investments. The Fund may invest in securities\nof foreign issuers, securities traded principally in securities markets outside the United States, U.S. traded securities of foreign issuers\nand/or securities denominated in foreign currencies (together, “foreign securities”). The Fund may seek exposure to foreign\nsecurities by investing in Depositary Receipts.

Derivative Instruments (Including Options and Swaps). The event arbitrage\nstrategy employed by the Fund may include the use of derivatives. Options and swaps may be used for hedging purposes, as a substitute\nfor investments in the underlying securities, to increase or decrease exposure (leverage), or for the purpose of generating income. The\nFund may buy call or put options to implement its principal investment strategies. The Fund may write (sell) call options on securities\nthat it owns. This allows the Fund to generate income on securities that the Adviser believes have a low likelihood of appreciating significantly\nuntil the option expiration. Similarly, options may be written (sold) if the Adviser is willing to purchase the underlying securities\nat a lower price. Hedging through derivatives may be done on underlying securities such as individual securities, market indices, as well\nas foreign currency or commodity exposure. Options contracts may be used to decrease (hedge) or increase market exposure, exposure to\nspecific securities or exposure to other factors that may influence an event.

Some of these strategies involve\nthe use of arbitrage, which involves taking advantage of small price differences between two otherwise equivalent assets. As compared\nwith conventional investing, the Adviser considers the Fund’s investment strategies to be less dependent on the overall direction\nof stock prices. In managing the Fund, the Adviser may engage in frequent buying and selling, resulting in a high portfolio turnover rate.

Principal\nInvestment Risks

As\nwith any mutual fund investment, loss of money is a risk of investing. An investment in the Fund is not a deposit in a bank and is not\ninsured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. The risks associated\nwith an investment in the Fund can increase during times of significant market volatility, and there can be no assurance that the\nFund will achieve its investment objective. The principal risks of investing in the Fund are:

Activist Investment Risk.\nA proxy fight may not be concluded successfully, or the increase in value anticipated through the change of control may not materialize,\nin which case losses may be realized.

ADR Risk. ADRs may\nbe subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political,\nregulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary’s\ntransaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary’s transaction\nfees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation\nof the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored\nADRs and voting rights with respect to the deposited securities are not passed through.

Capital Structure Arbitrage\nRisk. The perceived mispricing identified by the Adviser may not disappear or may even increase, in which case losses may be realized.

Chinese Securities Risk. The Fund may invest\nin securities of companies conducting business in the People's Republic of China (“PRC”). While these securities are listed\non U.S. or other Western exchanges, they often are Variable Interest Entities (“VIE”) organized in third jurisdictions and\nwhich do not have direct ownership of assets in China. Instead, assets in the PRC are owned by PRC nationals, who assign their economic\ninterest in the underlying business to the VIE. Such assignment contracts may not be enforceable in the courts of the PRC.

Counterparty Risk. A\ncounterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction\nwith the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.

Debt Instruments Risk.\n Debt instruments are generally subject to the risk that the issuer will default on interest or principal payments. The Fund could\nlose money if an issuer of a fixed income security cannot meet its financial obligations or goes bankrupt. Adverse changes in the creditworthiness\nof an issuer can have an adverse effect on the value of the issuer’s securities.

Derivative Instruments\n(Including Options and Swaps) Risk. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning\nthat a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience\na loss if derivatives do not perform as anticipated, are notcorrelated with the performance of other investments which they are used to\nhedge, or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is, or\nmay suddenly become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices of derivatives.

Additionally, below investment-grade\nsecurities involve greater risk of price declines than investment-grade securities due to actual or perceived changes in the\nissuer’s creditworthiness. Such securities are subject to the risk that the issuer may not be able to pay interest or\ndividends and ultimately to repay principal upon maturity. Discontinuation of these payments could adversely affect the market value\nof the securities.

Foreign Securities Risk.\nInvestments in foreign securities involve greater risks compared to domestic investments for the following reasons: foreign companies\nmay not be subject to the regulatory requirements of U.S. companies, so there may be less publicly available information about foreign\nissuers than U.S. companies; foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards;\ndividends and interest on foreign securities may be subject to foreign withholding taxes and such taxes may reduce the net return to Fund\nshareholders; and foreign securities are often denominated in a currency other than the U.S. dollar, which will subject the Fund to the\nrisks associated with fluctuations in currency values.

High Yield Risk. Lower-quality\nbonds, known as \"high yield\" or \"junk\" bonds, present a significant risk for loss of principal and interest. These\nbonds offer the potential for higher return, but also involve greater risk than bonds of higher quality, including an increased possibility\nthat the bond's issuer, obligor or guarantor may not be able to make its payments of interest and principal. If that happens, the value\nof the bond may decrease, the Fund's share price may decrease and its income may be reduced. An economic downturn or period of rising\ninterest rates could adversely affect the market for these bonds and reduce the Fund's ability to sell its bonds. Such securities also\nmay include \"Rule 144A\" securities, which are subject to resale restrictions. The lack of a liquid market for these bonds could\ndecrease the Fund's share price.

Initial Public Offering\n(“IPO”) Risk. IPO shares frequently are volatile in price, and may be held for only a short period of time, leading to\nincreased portfolio turnover and expenses, such as commissions and transaction costs. When sold, IPO shares may result in realized taxable\ngains.

Interest Rate Risk.\nFixed-income securities are subject to the risk that the securities could lose value because of interest rate changes. For example, bonds\ntend to decrease in value if interest rates rise. Debt obligations with longer maturities sometimes offer higher yields, but are subject\nto greater price shifts as a result of interest rate changes than debt obligations with shorter maturities.

Liquidity Risk. This\nis the risk that the market for a security or other investment cannot accommodate an order to buy or sell the security or other investment\nin the desired timeframe and/or at the desired price. The values of illiquid investments are often more volatile than the values of more\nliquid investments. It may be more difficult for the Fund to determine a fair value of an illiquid investment than that of a more liquid\ncomparable investment.

Management Risk. The\nAdviser applies its investment techniques and risk analyses in making investment decisions for the Fund; there is no guarantee that its\ndecisions will produce the intended result.

Market and Geopolitical\nRisk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions\nin one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s\nportfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or\nresources, natural disasters, climate-change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory\nevents, tariffs and trade wars and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent\nyears, such as terrorist attacks around the world, natural disasters, pandemics, social and political discord or debt crises and downgrades,\namong others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult\nto predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the\nduration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s\nportfolio.

Merger Arbitrage Risk.\nCertain of the proposed reorganizations in which the Fund invests may be renegotiated or terminated, in which case losses may be realized.

Portfolio Turnover Risk.\nA higher portfolio turnover results in higher transactional and brokerage costs.

Sector Risk. If the\nFund’s portfolio is overweighted in a certain sector, any negative development affecting that sector will have a greater impact\non the Fund than it would have on a fund that is not overweighted in that sector. The Fund may from time to time have a greater focus\nin certain sectors, and weakness in those sectors could result in significant losses to the Fund.

Healthcare Sector Risk.\nThe health care sector is subject to government regulation and reimbursement rates, as well as government approval of products and\nservices, which could have a significant effect on price and availability, and can be significantly affected by product liability claims,\nrapid obsolescence, and patent expirations.

Short Selling Risk.\nPositions in shorted securities are speculative and more risky than long positions. Such investments involve the risk of an unlimited\nincrease in the market price of the security sold short, which could result in a theoretically unlimited loss. Short sale strategies are\noften categorized as a form of leveraging or speculative investment. The use of leverage may multiply small price movements in securities\ninto large changes in value. As a result of using leverage, the Fund’s share price may be more volatile than if no leverage were\nused.

Special Situations Risk.\nSpecial situations often involve much greater risk than is found in the normal course of investing. Special situation investments\nmay not have the effect on a company’s price that the Adviser expects, which could negatively impact the Fund.

Performance

The following bar chart displays the annual return\nof the Fund’s Class A shares over the past ten years. The bar chart also illustrates the variability of the performance from year\nto year and provides some indication of the risks of investing in the Fund by comparing the Fund’s performance with a broad-based\nsecurities market index and a supplemental index. Fund performance shown does not reflect Class A Shares sales charges. Performance would\nbe lower if sales charges were included. Past performance does not guarantee or predict future results. The Fund acquired all of the assets\nand liabilities of Quaker Event Arbitrage Fund (the “Predecessor Fund”), a former series of Quaker Investment Trust, in a\ntax-free reorganization on June 22, 2018. In connection with this acquisition, shares of the Predecessor Fund’s Class A, Class C\nand Institutional Class Shares were exchanged for Class A, Class A and Institutional Class Shares of the Fund, respectively. The Predecessor\nFund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in\na manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The performance information\nset forth below reflects the historical performance for the period after June 22, 2018 and for the Predecessor Fund shares for periods\nprior to June 22, 2018. Updated performance information will be available at no cost by calling 1-800-869-1679.

Annual Total Returns (For the calendar years\nended December 31)

$\"\"$

During the period shown, the Fund’s highest return for a quarter\nwas 35.55% during the third quarter 2020, and the Fund’s lowest return was -26.97% during the first quarter 2020. The Fund’s\nClass A shares’ total year-to-date return through September 30, 2026 was 2.98% on a load-waived basis.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Year	Percentage
Annual Return 2016	0.138
Annual Return 2017	0.0816
Annual Return 2018	0.017
Annual Return 2019	0.149
Annual Return 2020	0.1884
Annual Return 2021	0.2287
Annual Return 2022	0.0351
Annual Return 2023	0.0224
Annual Return 2024	0.0626
Annual Return 2025	0.0939

Performance Table

Average Annual Total Returns

(For periods ended December 31, 2025)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	One Year	Five Year	Ten Year
Class A Return Before Taxes	6.41%	8.02%	9.65%
\n Class A Return After Taxes on \n Distributions*	6.08%	6.74%	8.65%
\n Class A Return After Taxes on Distributions \n and Sale of Fund Shares	3.80%	5.86%	7.48%
Russell 3000 Index**	17.15%	13.15%	14.29%
HFRX Event-Driven Index***	5.90%	0.56%	2.54%

	One Year	Five Year	Ten Year
Institutional Class Return Before Taxes \n(Inception Date: June 7, 2010)	9.39%	8.84%	10.24%
Institutional Class Return After Taxes on Distributions*	8.99%	7.53%	9.18%
Institutional Class Return After Taxes on Distributions and Sale of Fund Shares	5.56%	6.51%	7.95%
Russell 3000 Index**	17.15%	13.15%	14.29%
HFRX Event-Driven Index***	5.90%	0.56%	2.54%

After-tax returns are calculated using the historical highest individual\nfederal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s\ntax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through\ntax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one class; after-tax\nreturns for the other class will vary.

***

The HFRX Event-Driven Index is comprised of daily-reporting liquid alternative\nUCITS funds. Event driven managers maintain positions in companies currently or prospectively involved in corporate transactions of a\nwide variety, including but not limited to mergers, restructurings, financial distress, tender offers, shareholder buybacks, debt exchanges,\nsecurity issuance, or other capital structure adjustments. Investors cannot invest directly in an index or benchmark. Unlike the Fund’s\nreturns, the index does not reflect any fees or expenses.

Management

Investment\nAdviser. Camelot Event-Driven Advisors, LLC is the Fund’s investment adviser.

Portfolio\nManagers. Thomas F. Kirchner, CFA, and Paul Hoffmeister, Portfolio Managers of the Adviser, have been responsible for the day-to-day\nmanagement of the Fund since its inception in June 2018. Mr. Kirchner previously managed the Predecessor Fund from 2003 to 2018 with Mr.\nHoffmeister joining the Predecessor Fund in 2010.

Purchase\nand Sale of Fund Shares

The minimum initial and subsequent investment amounts are shown below:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Minimum Investments for Class A Shares
Type of Account	Minimum \nInvestment to \nOpen Account	Minimum \nSubsequent \nInvestments
Regular	$2,000	$100
IRAs	$1,000	$100

The minimum investment for Institutional Class Shares is $1 million,\nalthough the Adviser has the ability to waive the minimum investment for Institutional Class Shares at its discretion. You may purchase\nand redeem shares of the Fund on any day that the New York Stock Exchange is open. Redemption requests may be made by telephone or by\nmail and will be paid by check or wire transfer.

ADDITIONAL INFORMATION\nABOUT INVESTMENT STRATEGIES
\nAND RELATED RISKS

Investment\nObjective

The Fund’s investment\nobjective is to provide long-term growth of capital. The Fund’s investment objective may be changed by the Fund’s Board of\nTrustees (the “Board”) upon prior written notice to shareholders.

Principal\nInvestment Strategies

To achieve its investment objective, the Adviser invests\nin the securities of publicly traded companies involved in mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations,\nor similar events (“corporate reorganizations”). A variety of strategies can be employed to capitalize on the mispricing\nof corporate securities during corporate reorganizations, including transactions involving common and preferred stock, debt instruments\nand derivative securities. In addition, the Fund may invest in a variety of debt instruments, including U.S. Government securities\nand structured notes.

\n \n \n \n \n

· Merger Arbitrage. The Fund invests in the securities of companies subject to publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations, or similar events (“corporate reorganizations”). Such investments may include long or short positions in the target or acquiring companies. After the announcement of such a corporate reorganization, securities of the target typically trade at less than the full value implied by the transaction. This discount reflects uncertainty about the completion of the corporate reorganization and its timing. A variety of strategies can be employed to take advantage of this discount.

· Capital Structure Arbitrage. Many companies issue different types of securities in addition to equity securities, and sometimes issue different types of equity securities. Capital structure arbitrage involves investing in two different types of securities issued by the same company if they are believed to be mispriced relative to each other. Typically, one of these securities is purchased, while the other is sold short.

The securities typically differ in their voting rights,\ndividend or interest rates and rights, liquidation preference, liquidity in the financial markets, seniority or other factors. The\nAdviser forms an opinion of how these factors should influence the relative value of the securities. In forming this opinion, the\nAdviser may reference historical trading information, the trading of similar securities issued by the same issuer, terms and trading of\ncomparable securities issued by other issuers, or other statistical or judgmental factors.

The Adviser anticipates, though there is no guarantee,\nthe Fund will benefit when a security sold short depreciates faster than the security purchased, or a security acquired increases faster\nthan the security sold short. In addition, the cost of carry of the position will also affect its profitability. Cost of carry\nrefers to difference between any revenues received and any costs incurred in connection with maintaining the long and short positions,\nsuch as borrowing costs, dividends or interest paid or received, or interest received on the cash proceeds received from the short sale. \nIn many arbitrage investments the aggregate costs exceed revenues resulting in a net cost to maintain the arbitrage position. Under\nsome circumstances, the cost of carry may be positive so that there is a net benefit to maintaining the position.

For example, the Fund may purchase one type of preferred\nstock of an issuer while selling short another type of preferred stock of the same issuer. The profit or loss realized by the Fund\nwill depend on the relative price performance of the two securities as well as their relative dividend rates.

The Fund may also implement statistical models to\ndetermine the relative value of different securities of an issuer. If such a model suggests that one security is overpriced relative to\nanother, the Fund will sell short the overvalued security and purchase the undervalued security. Statistical models rely on historical\nquantitative data as well as assumptions about the stability of the historical properties of this data in the future, as well as certain\njudgments about the future.

The Fund may use derivative securities to implement\nits capital structure arbitrage strategy. For example, the Fund may invest in credit default swaps or other derivatives in lieu of investing\nin debt instruments. Moreover, the Fund may seek to arbitrage such derivatives against the underlying instruments.

\n \n \n \n \n

· Distressed Securities Investments. The Fund invests in the securities of companies in various levels of financial distress, including bankruptcy, exchange offers, workouts, financial reorganizations and other credit-related situations. Corporate bankruptcy or distress often causes a company’s securities to trade at a discounted value. Through an analysis of the complex business and legal procedures associated with the situation, the Fund may have the ability to purchase these securities and to exit the investment at an attractive risk-adjusted rate of return. Profits are expected from the market’s lack of understanding of the intrinsic value of the discounted securities and because many institutional investors cannot own below investment grade securities. The Fund purchases high-yield below investment grade securities, commonly referred to as “junk bonds.” Junk bonds are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt securities. Investment in below investment grade securities involves substantial risk of loss. Below investment grade securities involve greater risks of default or downgrade and are more volatile than investment-grade securities. Below investment grade securities involve greater risk of price declines than investment grade securities due to actual or perceived changes in an issuer’s creditworthiness. Additionally, issuers of below investment grade securities are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could substantially adversely affect the market value of the securities. Investments may be acquired with the intention of remaining passive or with the intent to participate actively in a restructuring. When participating actively in a restructuring, the Adviser attempts to modify or improve a restructuring plan with the intent of improving the value of such securities upon consummation of a restructuring. Investments may involve both U.S. and non-U.S. entities, may involve both long and short positions and may utilize leverage.

· Activist Investments. The Fund invests in securities of issuers that in the opinion of the Adviser may become subject to a change of control fight. These are typically proxy fights by minority investors seeking to have their representatives elected to the board of trustees or directors, often with the intention of replacing existing management or selling the company. Profits are expected from the eventual success of the new board of trustees or directors in increasing the company’s value. The Fund may invest with the intention of participating actively in the change of control, or staying passive. Although some of the companies the Fund targets as an “activist investment” may be considered potential candidates for a merger takeover, proxy fights differ from merger arbitrage in that no concrete acquisition may have been proposed yet, and may not be proposed in the future.

\n \n \n

· Short Sales. The Fund may employ short selling, primarily in its merger arbitrage and capital structure arbitrage strategies. The Fund may engage in two types of short sales. Securities may be sold “against the box” or outright. A short sale “against the box” means that securities the Fund already owns are sold, but not delivered. Instead, these securities are segregated and pledged against the short position. When the short sale is closed out, the securities owned are released. Outright short selling involves the sale of securities not presently owned by the Fund. The Fund will limit its short sales so that no more than 50% of its net assets (less all its liabilities other than obligations under the short sales) will be deposited as collateral and allocated to the segregated account.

If the Fund does not purchase the security on the\nsame day as the sale, the security must be borrowed (typically from a broker/dealer). At the time an outright short sale is effected,\nthe Fund incurs an obligation to replace the security borrowed at whatever its price may be at the time the Fund purchases the security\nfor delivery to the lender. Any gain or loss on the transaction is taxable as a short-term capital gain or loss. In connection\nwith its short sales, the Fund will be required to maintain a segregated account with the Fund’s custodian of cash or high grade\nliquid assets equal to: (i) the current market value of the securities sold short, less (ii) any collateral deposited with its broker\n(not including the proceeds from the short sales). Depending on arrangements made with the broker or custodian, the Fund may not\nreceive any payments (including interest) on collateral deposited with the broker or custodian.

\n \n \n \n \n \n \n \n \n \n \n

· Tactical Allocation. Because the Fund is a tactical allocation fund, the assets of the Fund will shift on a short-term basis to take advantage of perceived differences in relative values of the various asset classes. The Fund will tactically allocate capital among a diverse range of trading strategies and markets, wherever the Adviser perceives opportunity.

· Foreign Securities Investments. The Fund may invest in securities of foreign issuers, securities traded principally in securities markets outside the United States, U.S. traded securities of foreign issuers and/or securities denominated in foreign currencies (together, “foreign securities”). The Fund may seek exposure to foreign securities by investing in Depositary Receipts. The Fund may engage in hedging transactions to reduce the currency risk of its investments.

· Derivative Instruments (Including Options and Swaps). The event arbitrage strategy employed by the Fund may include the use of derivatives. Derivatives may be used for hedging purposes, as a substitute for investments in the underlying securities, to increase or decrease exposure (leverage) or for the purpose of generating income. The Fund may buy call or put options to implement its principal investment strategies. The Fund may write (sell) call options on securities that it owns. This may allow the Fund to generate income on securities that the Adviser believes have a low likelihood of appreciating significantly until the option expiration.

· Debt Instruments. The Fund may invest in all types of fixed-income securities including convertible debt, options, as well as privately negotiated options. The Fund may invest without restriction as to credit rating, maturity, or duration. The Fund may purchase below investment grade securities, commonly referred to as “junk.”

· Structured Notes. The Fund may invest in structured notes. A structured note is a type of derivative security for which the amount of principal repayments and/or interest payments is based upon the movement of one or more “factors.” These factors include, but are not limited to, currency exchange rates, interest rates (such as the prime lending rate), stock and stock indices (such as the S&P 500). The impact of the movements of these factors may increase or decrease through the use of multipliers or deflators. Structured notes may be designed to have particular quality and maturity characteristics and may vary from money market quality to below investment grade. The use of multipliers or deflators, however, changes in interest rates and movement of the factor may cause significant price fluctuations or may cause particular structured notes to become illiquid.

Similarly, options may be written (sold) if the Adviser\nis willing to purchase the underlying instrument at a lower price. Hedging through derivatives may be done on underlying instruments such\nas individual securities, market indices, as well as foreign currency or commodity exposure. Options contracts may be used to decrease\n(hedge) or increase market exposure, exposure to specific securities or exposure to other factors that may influence an event.

Some of these strategies involve the use of arbitrage,\nwhich involves taking advantage of small price differences between two otherwise equivalent assets. As compared with conventional\ninvesting, the Adviser considers the Fund’s investment strategies to be less dependent on the overall direction of stock prices.

Special Situation Securities. The Fund may invest in “special situation”\nsecurities when the Adviser believes such investments will benefit the Fund. A special situation arises when, in the Adviser’s opinion,\nthe securities of a company will experience an unusual gain or loss solely by reason of a development particularly or uniquely applicable\nto that company. Such situations include, but are not limited to: material litigation, technological breakthroughs and new management\nor management policies, spin-offs, break-ups or divestitures. Special situation investments may include illiquid or restricted securities,\nsuch as private equity investments, and initial public offerings.

Temporary\nDefensive Positions

In certain circumstances,\nsuch as to maintain liquidity, to meet unusually large redemptions, when the Adviser believes that market conditions are unfavorable for\nprofitable investing, or when the Adviser is otherwise unable to locate attractive investment opportunities, the Fund may take temporary\ndefensive positions that are inconsistent with the Fund’s principal investment strategies For example, the Fund may hold all or\na portion of its assets in cash, money market instruments or money market funds. If the Fund invests in shares of a money market fund\nor other investment company, the shareholders of that Fund will be subject to duplicative management fees. As a result of engaging in\nthese temporary measures, the Fund may not achieve its investment objective, and the Fund may pay higher commissions as a result of increased\nportfolio turnover.

Principal\nInvestment Risks

Merger Arbitrage Risk.\nMerger arbitrage is sometimes referred to as quasi-arbitrage because unlike some other forms of arbitrage it is not a risk-free form of\narbitrage. When investing in merger arbitrage, the Fund retains the risk that the corporate reorganization is not completed. This risk\nis also referred to as “Event Risk,” the event that the merger is not completed. The Adviser expects that it is not directly\nrelated to the movements in the overall market. Especially during large dislocations in the overall market it is expected that the number\nof reorganizations that are not completed increases. However, the Adviser believes that market movements are not the principal determinant\nfor the successful completion of a merger.

More specifically, the\nrisk in merger arbitrage is primarily the event of non-consummation of the announced merger. The following is a non-comprehensive list\nof why a merger may not be completed:

Financing for the transaction may not be available;

Anti-trust authorities may block a transaction;

The economic environment can change, making the merger less appealing;

Fraud or other misrepresentations can be discovered;

A spoiler bidder can intervene (a.k.a. “white knight”);

Parties to the merger may invoke a material adverse change or other clause\nin the merger agreement to terminate the merger.

The Adviser weighs these\nrisks against the profit opportunity in each merger arbitrage investment.

Capital Structure Arbitrage\nRisk. The perceived mispricing identified by the Fund’s Adviser may not disappear or may even increase, in which case losses\nmay be realized.

Counterparty Risk.\nThe Fund may engage in transactions in securities and financial instruments that involve counterparties. Counterparty risk is the risk\nthat a counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction\nwith the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.\nTo limit the counterparty risk associated with such transactions, the Fund conducts business only with financial institutions judged by\nthe Adviser to present acceptable credit risk.

Special Situations Risk.\nSpecial situations often involve much greater risk than is found in the normal course of investing. Special situation investments may\nnot have the effect on a company’s price that the Adviser expects, which could negatively impact the Fund.

Initial Public Offerings\nRisk. IPO shares frequently are volatile in price, and may be held for only a short period of time, leading to increased portfolio\nturnover and expenses, such as commissions and transaction costs. When sold, IPO shares may result in realized taxable gains. In addition,\nthe market for IPO shares can be speculative and/or inactive for extended periods of time. Limited trading in some IPOs may make it more\ndifficult to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Holders of IPO shares also\nmay be affected by: substantial dilution in the value of their shares, sales of additional shares, and concentration of control in existing\nmanagement and principal shareholders. In addition, some real estate companies in IPOs may have limited operating histories, may be undercapitalized,\nand may not have invested in or experienced a full market cycle.

Liquidity Risk. Liquidity\nrisk is the risk that the Fund may invest in securities that trade in lower volumes and may be less liquid than other investments or that\nthe Fund’s investments may become less liquid in response to market developments or adverse investor perceptions. When there is\nno willing buyer and investments cannot be readily sold or closed out, the Fund may have to sell at a lower price than the price at which\nthe Fund is carrying the investments or may not be able to sell the investments at all, each of which would have a negative effect on\nthe Fund’s performance. It is possible that the Fund may be unable to sell a portfolio investment at a desirable time or at the\nvalue the Fund has placed on the investment or that the Fund may be forced to sell large amounts of securities more quickly than it normally\nwould in the ordinary course of business. In such a case, the sale proceeds received by the Fund may be substantially less than if the\nFund had been able to sell the securities in more-orderly transactions, and the sale price may be substantially lower than the price previously\nused by the Fund to value the securities for purposes of determining the Fund’s Net Asset Value (“NAV”). Additionally,\nthe market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse\nchanges in the conditions of a particular issuer. In such cases, shares of the Fund, due to limitations on investments in illiquid securities\nand the difficulty in purchasing and selling such securities or instruments, may decline in value or the Fund may be unable to achieve\nits desired level of exposure to a certain issuer or sector. The values of illiquid investments are often more volatile than the values\nof more liquid investments. It may be more difficult for the Fund to determine a fair value of an illiquid investment than that of a more\nliquid comparable investment.

Portfolio Turnover Risk.\nA higher portfolio turnover may result in higher transactional and brokerage costs associated with the turnover which may reduce the\nFund’s return, unless the securities traded can be bought and sold without corresponding commission costs. Active trading of securities\nmay also increase the Fund’s realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

Distressed Securities\nRisk. Investment in distressed securities may be considered speculative and may present substantial risk of loss. Below investment-grade\nsecurities involve greater risks of default or downgrade and are more volatile than investment-grade securities. Additionally, below investment-grade\nsecurities involve greater risk of price declines than investment-grade securities due to actual or perceived changes in the issuer’s\ncreditworthiness. Discontinuation of these payments could substantially adversely affect the market value of the securities. Such securities\nare subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity.\nInvestments may be acquired with the intention of remaining passive or with the intent to participate actively in a restructuring. When\nparticipating actively in a restructuring, the Adviser will attempt to modify or improve a restructuring plan with the intent of improving\nthe value of such securities upon consummation of a restructuring. Investments may involve both U.S. and non-U.S. entities, may involve\nboth long and short positions and may utilize leverage.

Debt Instruments Risk.\nDebt instruments are generally subject to the risk that the issuer will default on interest or principal payments. The Fund could lose\nmoney if an issuer of a fixed income security cannot meet its financial obligations or goes bankrupt. Adverse changes in the creditworthiness\nof an issuer can have an adverse effect on the value of the issuer’s securities.

Structured Note Investment\nRisk. Principal repayments and/or interest payments on structured notes are dependent upon one or more of the following factors: currency\nexchange rates, interest rates, stock and stock indices, which may cause the principal repayments and/or payments to be subject to the\nrelated risks of each applicable factor. Also, depending on the factor(s) used and the use of multipliers or deflators, changes in interest\nrates and movement of the specific factor(s) may cause significant price fluctuations or illiquidity.

Short Selling Risk.\nThe Fund engages in short selling, which involves special risks and requires special investment expertise. When the Fund engages in short\nselling, it sells a security it does not own in anticipation of being able to buy that security later at a lower price. If the price of\nthe security increases instead, the Fund loses money.

Further, during\nthe time when the Fund has shorted the security, the Fund must borrow that security in order to make delivery on the previous sale, which\nraises the cost to the Fund.

Management Risk. The\nFund is subject to management risk because it is an actively managed portfolio. The Adviser will apply its investment techniques and risk\nanalyses in making investment decisions for the Fund, but there is no guarantee that its decisions will produce the intended result.

ADR Risk. ADRs, which\nare typically issued by a bank, are certificates that evidence ownership of shares of a foreign company and are alternatives to purchasing\nforeign securities directly in their national markets and currencies. ADRs are subject to the same risks as direct investment in foreign\ncompanies and involve risks that are not found in investments in U.S. companies. In addition to the risks of investing in foreign securities\ndiscussed above, there is no guarantee that an ADR issuer will continue to offer a particular ADR. As a result, the Fund may have difficulty\nselling the ADR, or selling them quickly and efficiently at the prices at which they have been valued. In a sponsored ADR arrangement,\nthe foreign company assumes the obligation to pay some or all of the depositary’s transaction fees. Under an unsponsored ADR arrangement,\nthe foreign company assumes no obligations and the depositary’s transaction fees are paid directly by the ADR holders. Because unsponsored\nADR arrangements are organized independently and without the cooperation of the foreign company, available information concerning the\nforeign company may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed\nthrough. ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially\nat times when U.S. markets are not open for trading. Certain ADRs are not listed on an exchange and therefore may be considered to be\nilliquid.

Chinese Securities Risk.\nThe Fund may invest in securities of companies conducting business in the People's Republic of China (“PRC”). While these\nsecurities are listed on U.S. or other Western exchanges, they often are Variable Interest Entities (“VIE”) organized in third\njurisdictions and which do not have direct ownership of assets in China. Instead, assets in the PRC are owned by PRC nationals,

who assign their economic interest in the\nunderlying business to the VIE. Such assignment contracts may not be enforceable in the courts of the PRC.

Derivative Instruments\n(Including Options and Swaps) Risk. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning\nthat a small investment in a derivative could have a large potential impact on the performance of the Fund. The Fund could experience\na loss if derivatives do not perform as anticipated, are not correlated with the performance of other investments which they are used\nto hedge, or if the Fund is unable to liquidate a position because of an illiquid secondary market. The market for many derivatives is,\nor may suddenly become, illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices of derivatives.\nIn addition, changes in government regulation of derivatives could affect the character, timing and amount of the Fund’s taxable\nincome or gains. The Fund’s use of derivatives may be limited by the requirements for taxation of the Fund as a regulated investment\ncompany.

Sector Risk. If the Fund’s portfolio\nis overweighted in a certain sector, any negative development affecting that sector will have a greater impact on the Fund than it would\nhave on a fund that is not overweighted in that sector. The Fund may from time to time have a greater focus in certain sectors, and weakness\nin those sectors could result in significant losses to the Fund.

Healthcare Sector\nRisk. The health care sector is subject to government regulation and reimbursement rates, as well as government approval of products\nand services, which could have a significant effect on price and availability, and can be significantly affected by product liability\nclaims, rapid obsolescence, and patent expirations.

Portfolio Holdings Disclosure.\nA description of the Fund's policies regarding the release of portfolio holdings information is available in the Fund's Statement of Additional\nInformation (“SAI”). Shareholders may request portfolio holdings schedules at no charge by calling 1-855-318-2804.

Cybersecurity. The computer systems,\nnetworks and devices used by the Fund and its service providers to carry out routine business operations employ a variety of protections\ndesigned to prevent damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration\nby unauthorized persons and security breaches. Despite the various protections utilized by the Fund and its service providers, systems,\nnetworks, or devices potentially can be breached. The Fund and its shareholders could be negatively impacted as a result of a cybersecurity\nbreach.

Cybersecurity breaches can include unauthorized\naccess to systems, networks, or devices; infection from computer viruses or other malicious software code; and attacks that shut down,\ndisable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cybersecurity breaches may cause\ndisruptions and impact the Fund’s business operations, potentially resulting in financial losses; interference with the Fund’s\nability to calculate its NAV; impediments to trading; the inability of the Fund, the Adviser, and other service providers to transact\nbusiness; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation\ncosts, or additional compliance costs; as well as the inadvertent release of confidential information.

Management of\nthe Fund

The Adviser is a Delaware limited\nliability company located at 1700 Woodlands Dr., Suite 100, Maumee, OH 43537 that has acted as the investment adviser of the Fund since\nits inception in June 2018. A description of the Board’s deliberations in renewing the management\nagreement with the Adviser is available in the Fund’s annual Form N-CSR for the fiscal year ended June 30, 2026.

Under the terms of the management\nagreement with the Fund, the Adviser manages the Fund’s investments subject to oversight of the Board; furnishes investment advice\nto the Fund on the basis of a continuous review of the portfolio; and recommends to the Fund when and to what extent securities should\nbe purchased or sold. As compensation for its management services, the Fund is obligated to pay the Adviser a fee computed and accrued\ndaily and paid monthly at an annual rate of 1.30% of the average daily net assets of the Fund. For the fiscal year ended June 30, 2026,\nthe Fund paid the Adviser a management fee equal to 1.23% of the Fund’s average daily net assets, after fee waivers.

The Adviser has contractually\nagreed to waive its management fees and/or assume expenses to the extent necessary to reduce the Total Annual Fund Operating Expenses\n(exclusive of any front-end or contingent deferred loads, taxes, all interest, brokerage commissions, expenses incurred in connection\nwith any merger or reorganization, dividend expense on securities sold short, underlying fund fees, 12b-1 fees and expenses, and extraordinary\nexpenses such as litigation) when they exceed 1.74% of the Fund’s average daily net assets (the “Annualized Expense Ratio”).\nThis agreement will continue in effect until October 31, 2027. Any waivers and reimbursements made by the Adviser to the Fund are subject\nto recoupment by the Adviser within three (3) fiscal years following the date of such waiver or reimbursement, provided that such recoupment\ndoes not cause the Total Annual Fund Operating Expenses to exceed the Annualized Expense Ratio in effect at the time of the (i) fee waiver\nand/or expense assumption, or (ii) the fee recoupment. This agreement shall be terminated upon the termination of the advisory agreement\nor, with respect to the Fund, in the event of its merger or liquidation.

Thomas F. Kirchner, CFA, is a\nCo-Portfolio Manager for the Fund and is responsible for the day-to-day management of the Fund. Mr. Kirchner has been responsible for\nthe day-to-day management of the Fund since its 2003 inception as the Predecessor Fund. Prior to joining the Adviser with the reorganization\nof the Fund, he managed the Fund for Quaker Funds, Inc., the Predecessor Fund’s adviser, and previously was the founder of Pennsylvania\nAvenue Advisers LLC and the portfolio manager of the Pennsylvania Avenue Event-Driven Fund, the predecessor of the Quaker Event Arbitrage\nFund. From 1996-1999, Mr. Kirchner worked as a Bond Trader for Banque Nationale de Paris S.A. In 1999, he was retained by Fannie Mae as\na Financial Engineer. Mr. Kirchner is a graduate of Kings College, University of London; Institut d’Etudes Politiques de Paris and\nUniversity of Chicago Booth School of Business. He is the author of Merger Arbitrage: How to Profit From Global Event-Driven Arbitrage\n(Wiley Finance, 2nd ed.). Mr. Kirchner has earned the right to use the Chartered Financial Analyst designation.

Paul Hoffmeister joined Camelot\nPortfolios LLC in 2017, where he is Chief Economist and is Co-Portfolio Manager of the Fund. Prior to joining Camelot Portfolios LLC,\nMr. Hoffmeister was at Quaker Funds, Inc. acting as co-Portfolio Manager to the Quaker Event Arbitrage Fund between 2014 and 2017, and\nas the Fund's Portfolio Strategist between 2010 and 2014. Mr. Hoffmeister was Chief Economist at Bretton Woods Research between 2006 and 2014.

He received\nhis MBA from Northwestern University’s Kellogg School of Management, and BS in Accounting and Finance from Georgetown University.

The Fund’s SAI provides\ninformation about the portfolio managers’ compensation, other accounts managed by the portfolio managers, and each portfolio manager’s\nownership of Fund shares.

PURCHASING FUND\nSHARES

Share\nClasses

This Prospectus describes\ntwo classes of shares offered by the Fund: Class A and Institutional Class. The main differences between each class are ongoing\nfees (12b-1 fees) and minimum investments. Each class of shares in the Fund represents interest in the same portfolio of investments within\nthe Fund.

Determination\nof Net Asset Value

Purchasing\nFund Shares

designate intermediaries to accept orders on the Fund’s\nbehalf. The Fund will be deemed to have received the order when an authorized broker or a broker authorized designee accepts your order.\nYour order will be priced at the Fund's NAV next computed after it is received by the authorized broker or broker authorized designee.

Opening\nAn Account

To help the government\nfight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and\nrecord information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date\nof birth, and other information that will allow us to identify you. We may also ask for other identifying documents or information. We\nmay not be able to open your account or complete a transaction for you until we are able to verify your identity.

Initial\nInvestments: When making your initial purchase request, make sure your request is in good order. “Good order” means that\nyour purchase request includes the name of the purchaser, the dollar amount of shares to be purchased, a completed account application,\nand a check payable to Camelot Event-Driven Fund. Send the application and check via U.S. Mail\nor overnight courier to Camelot Event-Driven Fund, c/o\nMutual Shareholder Services LLC, 8000\nTown Centre Drive, Suite 400, Broadview Heights, OH 44147.

Initial purchase of shares\nof the Fund may be made by application submitted to the Fund’s transfer agent by mail or in person. A check made out to the Camelot\nEvent-Driven Fund for the initial share purchase should be included with the account application. The minimum purchase for Class A shares\nis $2,000 for regular accounts and $1,000 for IRA accounts, and the minimum purchase for Institutional Class shares is $1,000,000. The\nFund reserves the right to change the amount of these minimums from time to time or to waive them in whole or in part for certain accounts.\nFor the convenience of investors, an account application is included in every request for a Prospectus. To receive this information, call\nthe Fund’s transfer agent toll free at 1-800-869-1679, or write to the Fund, c/o Mutual Shareholder Services LLC, 8000 Town\nCentre Drive, Suite 400, Broadview Heights, OH 44147. You also may make your initial purchase by wiring funds from your bank, which\nmay charge you a fee for doing so. To wire money, you must call the Fund’s transfer agent at 1-800-869-1679 to notify the Fund of\nyour purchase and obtain an account number and wire instructions.

Subsequent Purchases:\nSubsequent purchases may be made by mail, wire, or in person. A subsequent purchase is in good order when your purchase request includes\nthe name of the account holder, the dollar amount of shares to be purchased, and a check payable to the Camelot Event-Driven Fund. The\nminimum subsequent investment for all share classes is $100. You may also purchase shares of the Fund by wiring funds from your bank,\nwhich may charge you a fee for doing so.

To wire money, you must call the\nFund’s transfer agent, at 1-800-869-1679 to notify the Fund of your purchase and obtain wire instructions.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Front-End Sales Charges on Class A Shares:
Amount Invested	Front-End Sales Charge \n(as a % of \noffering price)^a,b	Front-End Sales Charge \n(as a % of \nnet amount invested)^b	\n Dealer \n Re-Allowance
$0 to $99,999	2.50%	2.56%	2.25%
$100,000 to $249,999	2.00%	2.03%	1.75%
$250,000 and above ^c	0%	0%	0%^d

(a) The “offering price”, the price you\npay to buy shares, includes the sales charge which will be deducted directly from your investment.

(b) Because of rounding in the calculation of the offering\nprice, the actual front-end sales charge paid by an investor may be higher or lower than the percentages noted.

(c) In the case of investments at or above $250,000\n(where you do not pay an initial sales charge), a contingent deferred sales charge (“CDSC”) of up to 1% may be assessed on\nshares redeemed within 18 months of purchase. As explained below, the CDSC for these Class A shares is based on the NAV at the time of\npurchase. The holding period for the CDSC begins on the day you buy your shares. Some intermediaries may waive the CDSC under certain\ncircumstances.

(d) The Adviser may pay a commission out of its own\nresources to broker-dealers who initiate and are responsible for the purchase of shares of $250,000 or more in accordance with the following\nschedule: 1.00% of Class A shares purchases of $250,000 to $4,999,999; 0.75% of Class A shares purchases of $5,000,000 to $9,999,999;\n0.50% of Class A shares purchases of $10,000,000 to $49,999,999; and 0.25% of Class A shares purchases of $50,000,000 and over.

Front-end sales charges may be waived or lowered:

\n \n \n

· For purchases by fee-based registered investment advisers for their clients, broker/dealers with wrap fee accounts, or registered investment advisers or brokers for their own accounts.

\n \n \n

· For employees and employee-related accounts of the Adviser, Trustees and affiliated persons of the Fund. Please see the Fund’s SAI for details.

\n \n \n

· \n For large orders and purchases by eligible plans. Please see the Fund’s SAI for details, including\n a description of the commissions the Trust’s Distributor may advance to dealers for these purchases.

· \n If you indicate your intent in writing to invest at least $100,000 in any share class over the next\n 18 months.

· \n If your holdings in all share classes of the Fund you already own plus the amount you’re investing\n now in Class A shares is at least $100,000.

· \n If you are investing a total of $100,000 or more in any share class of the Fund on the same day.

You need to notify your financial services firm or\nthe Fund’s transfer agent if you qualify for a waiver.

If you purchased Class A shares without paying the\nfront-end sales charge, the Fund’s distributor may charge you a contingent deferred sales charge (“CDSC”) on shares\nredeemed within 18 months of purchase. The amount of the CDSC will be calculated at the same percentage as the commission paid to your\nbroker-dealer at the time of purchase of the shares and will range from 0.25% to 1.00%.

The Class A CDSC for shares purchased\nthrough the Large Order NAV Purchase Privilege will be waived in the event of: (1) redemptions by a participant-directed qualified retirement\nplan described in Internal Revenue Code of 1986, as amended (Internal Revenue Code) Section 401(a), a participant-directed non-qualified\ndeferred compensation plan described in Internal Revenue Code Section 457 or a participant-directed qualified retirement plan described\nin Internal Revenue Code Section 403(b)(7) which is not sponsored by a K-12 school district; (2) redemption of shares of a shareholder\n(including a registered joint owner) who has died; (3) redemption of shares of a shareholder (including a registered joint owner) who\nafter purchase of the shares being redeemed becomes totally disabled

(as evidenced by a determination by the federal\nSocial Security Administration); (4) redemptions under a fund’s Systematic Withdrawal Plan at a maximum of 12% per year of the\nNAV of the account; and (5) redemptions for certain loan advances, hardship provisions or returns of excess contributions from\nretirement plans.

Share Conversion: You\nmay be able to convert your shares to a different share class of the Fund that has a lower expense ratio provided certain conditions are\nmet. This conversion feature is intended for shares held through a financial intermediary offering a fee-based or wrap fee program that\nhas an agreement with the Adviser or the Distributor specific for this purpose. In such instance, your shares may be automatically converted\nunder certain circumstances. Please contact your financial intermediary for additional information. Not all share classes are available\nthrough all intermediaries.

If your shares of the Fund\nare converted to a different share class of the Fund, the transaction will be based on the respective NAV of each class as of the trade\ndate of the conversion. Consequently, you may receive fewer shares or more shares than you originally owned, depending on that day’s\nNAVs. Your total value of the initially held shares, however, will equal the total value of the converted shares. Please contact your\nfinancial intermediary regarding the tax consequences of any conversion.

Reduction or Waiver\nof Front-End Sales Charges

Front-end sales charges\nmay be reduced by:

●\tRights of\nAccumulation. You may qualify for a reduced sales charge by aggregating the NAV of any shares you already own of the same class to\nthe amount of your next investment in that class for purposes of calculating the sales charge. For example, if you already owned Class\nA Shares of the Fund with a combined aggregate NAV of $100,000, and you decided to purchase an additional $60,000 of Class A Shares of\nthe Fund, there would be a sales charge of 2.00% on your $60,000 purchase instead of the normal 2.50% on that purchase, because you had\naccumulated more than $99,999 total in the Fund.

●\tLetter of\nIntent. By signing a Letter of Intent (“LOI”) you can reduce your Class A sales charge. Your individual purchases will\nbe made at the applicable sales charge based on the amount you intend to invest over an 18-month period. The LOI will apply to all purchases\nof Class A Shares. Any shares purchased within 90 days of the date you sign the letter of intent may be used as credit toward completion,\nbut the reduced sales charge will only apply to new purchases made on or after that date. Purchases resulting from the reinvestment of\ndividends and capital gains do not apply toward fulfillment of the LOI. Shares equal to the Fund’s highest applicable sales load\n(2.50%) for the amount of the LOI will be held in escrow during the 18-month period. If, at the end of that time the total amount of purchases\nmade is less than the amount intended, you will be required to pay the difference between the reduced sales charge and the sales charge\napplicable to the individual purchases had the LOI not been in effect. This amount will be obtained from redemption of the escrow shares.\nAny escrowed shares not needed to satisfy that charge would be released to you.

●\tIf you establish\nan LOI you can aggregate your accounts as well as the accounts of your immediate family members which include your spouse and children\nunder age 21. You will need to provide written instruction with respect to the other accounts whose purchases should be considered\nin fulfillment of the LOI.

●\tInvestments\nof $250,000 or More: For the Fund, with respect to Class A shares, if you invest $250,000 or more, either as a lump sum or through\nour rights of accumulation quantity discount or letter of intent programs, you can buy Class A shares without an initial sales charge.\nHowever, you may be subject to a CDSC on shares redeemed within 18 months of purchase (excluding shares purchased with reinvested dividends\nand/or distributions). The CDSC for these Class A shares is based on the NAV at the time of purchase.

The holding period for the\nCDSC begins on the day you buy your shares. Your shares will age one month on that same date the next month and each following month.\nFor example, if you buy shares on the 15th of the month, they will age one month on the 15th day of the next month and each following\nmonth. To keep your CDSC as low as possible, each time you place a request to sell shares, any shares in your account that are not subject\nto a CDSC will be sold first. If there are not enough of these shares that are not subject to a CDSC to meet your request, the shares\nwill be sold in the order they were purchased.

REDEEMING FUND\nSHARES

Redemption\nRequirements

Shareholders\nmay redeem all or any part of their shares on any day the Fund is open for business. To sell Fund shares, call the Fund’s transfer\nagent at 1-800-869-1679 or send written instructions, signed by the shareholder(s) with the proper\nsignature guarantee, if applicable, via U.S. Mail or overnight courier to Camelot Event-Driven Fund, c/o Mutual Shareholder Services LLC,\n8000 Town Centre Drive, Suite 400, Broadview Heights, OH 44147.

A signature guarantee is\ndesigned to protect the Fund and its shareholders from fraud. A signature guarantee is required to redeem shares in the following situations:

The redemption is for more than $25,000.

The proceeds are to be mailed to an address other than the registered address\nof record.

A change of address request has been received by the transfer agent within\nthe last 15 days.

Ownership of the account has changed.

A signature guarantee verifies\nthe authenticity of the shareholders signature and the guarantor must be an eligible guarantor. To be eligible, the guarantor must be\na participant in the Securities Transfer Agents Medallion Program or the Stock Exchange Medallion Program. Signature guarantees can be\nobtained from most banks, savings and loan associations, trust companies, credit unions, broker/dealers, and FINRA member firms. The Fund\nwill not make checks payable to any person other than the shareholder(s) of record or financial intermediaries for the benefit of shareholder(s)\nof record.

Redemption\nPrice

The redemption price is\nthe NAV next determined after notice is received by the Fund for redemption of shares, minus the amount of any applicable redemption fee\nor CDSC. The proceeds received by the shareholder may be more or less than his/her cost of such shares, depending upon the NAV at the\ntime of redemption and the difference should be treated by the shareholder as a capital gain or loss for federal and state income tax\npurposes.

Redemption\nFee/Market Timing

The transfer agent does not employ an\nobjective standard and may not be able to identify all market timing activity or may misidentify certain trading activity as market\ntiming activity. The Board also has adopted a redemption policy to discourage short term traders and/ or market timers from\ninvesting in the Fund. A 2% fee will be assessed against investment proceeds withdrawn within 5 business days of investment. Shares\nheld longest will be treated as being redeemed first and shares held shortest as being redeemed last. The redemption fee is intended\nto offset the costs associated with short-term shareholder trading and is retained by the Fund. The redemption fee is applied\nuniformly in all cases. While the Fund attempts to deter market timing, there is no assurance that it will be able to identify and\neliminate all market timers. For example, certain accounts called “omnibus accounts” include multiple shareholders.\nOmnibus accounts typically provide the Fund with a net purchase or redemption request on any given day where purchasers of Fund\nshares and redeemers of Fund shares are netted against one another and the identity of individual purchasers and redeemers whose\norders are aggregated is not known by the Fund. The netting effect often makes it more difficult to apply redemption fees, and there\ncan be no assurance that the Fund will be able to apply the fee to such accounts in an effective manner. Brokers maintaining omnibus\naccounts with the Fund have agreed to provide shareholder transaction information, to the extent known to the broker, to the Fund\nupon request. If the Fund becomes aware of market timing in an omnibus account, it will work with the broker maintaining the omnibus\naccount to identify the shareholder engaging in the market timing activity. In addition to the redemption fee, the Fund reserves the\nright to reject any purchase order for any reason, including purchase orders that it does not think are in the best interest of the\nFund or its shareholders or if the Fund thinks that trading is abusive.

Redemption\nPayment

The Fund typically expects\nthat it will take up to 7 days following the receipt of your redemption request to pay out redemption proceeds by check or electronic\ntransfer. However, the Fund may suspend the right of redemption or postpone the date of payment if: the NYSE is closed for other\nthan customary weekend or holiday closings, trading on the NYSE is restricted as determined by the SEC, the SEC has permitted such postponement,\nor the SEC has determined that an emergency exists. The Fund typically expects to pay redemptions from cash, cash equivalents, proceeds\nfrom the sale of fund shares, any lines of credit, and then from the sale of portfolio securities. These redemption payment methods\nwill be used in regular and stressed market conditions. It should be noted that shareholders will incur brokerage costs when selling the\nsecurities received as part of an in kind distribution. Shareholders would also have continuing market risk by holding these securities.\nThe Fund will not issue in kind redemptions using illiquid securities. To the extent feasible, the Fund expects that a redemption in kind\nwould be a pro rata allocation of the Fund’s portfolio.

DIVIDENDS, DISTRIBUTIONS,\nAND TAXES

Dividends\nand Distributions

Taxes

If a shareholder purchases\nshares after the Fund has realized but not yet distributed income or capital gains, the purchase price may include the amount of the upcoming\ndistribution, and the shareholder may pay full price for the shares and later receive a portion of the purchase price back as a taxable\ndistribution. In such case, the shareholder will be taxed upon receipt of such distribution, even though the distribution effectively\nrepresents a return of a portion of the purchase price. This is known as “buying a dividend.”

DISTRIBUTION

Distributor

The\nFund’s distributor is Arbor Court Capital LLC, 8000 Town Centre Drive Suite 400, Broadview Heights, OH 44147.

Distribution\nPlan

The Fund has adopted a\nplan under Rule 12b-1 that allows the Fund to pay distribution fees for the sale and distribution of its Class A shares as well as shareholder\nservices. Class A shareholders of the Fund may pay annual 12b-1 expenses of up to 0.25% of the Fund’s average daily net assets attributable\nto Class A Shares. Because these fees are paid out of the Fund's assets on an on-going basis, over time these fees will increase the cost\nof your investment and may cost you more than paying other types of sales charges.

FINANCIAL HIGHLIGHTS

The financial highlights tables are intended to help\nyou understand the Fund’s financial performance for the past five years. Certain information reflects financial results for a single\nFund share. The total returns in the tables represent the rate that an investor would have earned (or lost) on an investment in the Fund,\nassuming reinvestment of all dividends and distributions. The information was audited by Sanville & Company, whose report, along with\nthe Fund’s financial statements, are included in the Fund’s annual Form N-CSR, which is available upon request.

Financial Highlights

Camelot Event-Driven Fund

(For a Share Outstanding Throughout the Year)

	\n Class A \n Years Ended June 30,
	2026	2025	2024	2023	2022
Net Asset Value, Beginning of Year	$20.90	$19.48	$20.11	$21.02	$20.92
Income (Loss) from Investment Operations:
Net investment income (loss) *	0.17	0.13	0.21	0.09	(0.13)
Net Gain (Loss) on Securities (Realized and Unrealized)	0.86	1.78	0.39	0.88	0.23 _(f)
Total from Investment Operations	1.03	1.91	0.60	0.97	0.10
Distributions:
Net Investment Income	(0.04)	(0.18)	(0.22)	—	—
Realized Gains	(0.12)	(0.31)	(1.01)	(1.88)	—
Total from Distributions	(0.16)	(0.49)	(1.23)	(1.88)	—
Redemption Fees ***	_—	— _(e)	— _(e)		_{- (e)}
Net Asset Value, at End of Year	$21.77	$20.90	$19.48	$20.11	$21.02
Total Return **	4.97%	9.93%	3.07%	4.65%	0.48%
Ratios/Supplemental Data:
Net Assets, at End of Year (Thousands)	$9,198	$9,424	$9,680	$11,314	$10,007
Before Reimbursement:
Ratio of Expenses to Average Net Assets ^(a)(b)	2.21% _(g)	2.10%	2.11%	2.15%	2.22%
Ratio of Net Investment Income (Loss) to Average Net Assets ^(a)(d)	0.71%	0.53%	0.98%	0.27%	(0.81)%
After Reimbursement:
Ratio of Expenses to Average Net Assets ^(a)(c)	2.12% _(g)	2.00%	2.02%	2.00%	2.00%
Ratio of Net Investment Income (Loss) to Average Net Assets ^(a)(d)	0.80%	0.63%	1.07%	0.42%	(0.59)%
Portfolio turnover rate	53.18%	76.80%	48.03%	102.27%	121.62%

Per share net investment income (loss) has been determined on the basis of average shares outstanding\nduring the period.

Assumes reinvestment of dividends.

*** The Fund will\nimpose a 2% redemption fee on shares redeemed within 5 business days of purchase.

(a) Expense waived or reimbursed reflect reductions to total expenses, as\ndiscussed in the notes to the financial statements. These amounts would increase the net investment loss ratio or decrease the net investment\nincome ratio, as applicable, had such reductions not occurred.

(b) Expenses before reimbursements (excluding dividend and interest expense\nfor securities sold short) were 2.21%, 2.10%, 2.11%, 2.15%, and 2.21%, for the years ended June 30, 2026, 2025, 2024, 2023, and 2022,\nrespectively.

(c) Expenses after reimbursements (excluding dividend and interest expense\nfor securities sold short) were 2.12%, 2.00%, 2.02%, 2.00%, and 1.99%, for the years ended June 30, 2026, 2025, 2024, 2023, and 2022,\nrespectively.

(d) The net investment income (loss) ratios include dividends on short positions,\nif applicable.

(e) Amount calculated is less than $0.005.

(f) Realized and unrealized gains and losses per share in this caption are\nbalancing amounts necessary to reconcile to the change in net asset value for the period and may not reconcile with the aggregate gains\nand losses in the statement of operations due to share transactions for the period.

(g) Expenses before and after reimbursements, excluding litigation fees,\nwere 2.08% and 1.99%, respectively.

Financial Highlights

Camelot Event-Driven Fund

(For a Share Outstanding Throughout the Year)

	Institutional Class
	Years Ended June 30,
	2026	2025	2024	2023	2022
Net Asset Value, Beginning of Year	$21.42	$19.97	$20.58	$21.41	$21.25
Income (Loss) from Investment Operations:
Net investment income (loss) *	0.24	0.18	0.27	0.17	(0.07)
Net Gain (Loss) on Securities (Realized and Unrealized)	0.88	1.82	0.39	0.88	0.23 _(f)
Total from Investment Operations	1.12	2.00	0.66	1.05	0.16
Distributions:
Net Investment Income	(0.08)	(0.30)	(0.26)	-	-
Realized Gains	(0.12)	(0.25)	(1.01)	(1.88)	—
Total from Distributions	(0.20)	(0.55)	(1.27)	(1.88)	-
Redemption Fees ***	_{- (e)}	_{- (e)}	_{- (e)}	_{- (e)}	_{- (e)}
Net Asset Value, at End of Year	$22.34	$21.42	$19.97	$20.58	$21.41
Total Return **	5.24%	10.18%	3.34%	4.95%	0.75%
Ratios/Supplemental Data:
Net Assets, at End of Year (Thousands)	$108,388	$85,499	$87,187	$103,660	$59,802
Before Reimbursement:
Ratio of Expenses to Average Net Assets ^(a)(b)	1.93% _(g)	1.84%	1.84%	1.89%	2.07%
Ratio of Net Investment Income (Loss) to Average Net Assets ^(a)(d)	1.03%	0.78%	1.26%	0.65%	(0.65)%
After Reimbursement:
Ratio of Expenses to Average Net Assets ^(a)(c)	1.87% _(g)	1.75%	1.77%	1.75%	1.75%
Ratio of Net Investment Income (Loss) to Average Net Assets ^(a)(d)	1.09%	0.87%	1.33%	0.79%	(0.33)%
Portfolio turnover rate	53.18%	76.80%	48.03%	102.27%	121.62%

Per share net investment income (loss) has been determined on the basis of average shares outstanding\nduring the period.

Assumes reinvestment of dividends.

*** The Fund will\nimpose a 2% redemption fee on shares redeemed within 5 business days of purchase.

(b) Expenses before reimbursements (excluding dividend and interest expense\nfor securities sold short) were 1.93%, 1.84%, 1.84%, 1.89%, and 2.05% for the years ended June 30, 2026, 2025, 2024, 2023, and 2022.

(c) Expenses after reimbursements (excluding dividend and interest expense\nfor securities sold short) were 1.87%, 1.75%, 1.77%, 1.75%, and 1.74% for the years ended June 30, 2026, 2025, 2024, 2023, and 2022 respectively.

(d) The net investment income (loss) ratios include dividends on short positions,\nif applicable.

(e) Amount calculated is less than $0.005.

(g) Expenses before and after reimbursements, excluding litigation fees,\nwere 1.80% and 1.74%, respectively.

Privacy Notice

CAMELOT EVENT-DRIVEN FUND

Rev. February 2018

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

FACTS	WHAT DOES THE CAMELOT EVENT-DRIVEN FUND DO WITH YOUR PERSONAL INFORMATION?

Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?	\n The types of personal information we collect and share depend on the\n product or service you have with us. This information can include: \n ■\tSocial Security number and wire transfer instructions \n ■\taccount transactions and transaction history \n ■\tinvestment experience and purchase history \n When you are no longer a customer, we continue to share your\n information as described in this notice.

How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Camelot Event-Driven Fund chooses to share; and whether you can limit this sharing.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Reasons we can share your personal information	Does the \n Fund share?	Can you limit this sharing?
\n For our everyday business purposes - \n such as to process your transactions, maintain your account(s), respond\n to court orders and legal investigations, or report to credit bureaus	Yes	No
\n For our marketing purposes - \n to offer our products and services to you	No	We don't share
For joint marketing with other financial companies	No	We don’t share
\n For our affiliates’ everyday business purposes - \n information about your transactions and experiences	No	We don’t share
\n For our affiliates’ everyday business purposes - \n information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

\n \n \n \n

\n \n

Questions?

Call 1-855-318-2804

Page 2

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

What we do
How does the Camelot Event-Driven Fund protect my personal information?	\n To protect your personal information from unauthorized access and\n use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. \n We permit only authorized parties and affiliates (as permitted by\n law) who have signed an agreement with us to have access to customer information.
How does the Camelot Event-Driven Fund collect my personal information?	\n We collect your personal information, for example, when you \n ■\topen and account or deposit\n money \n ■\tdirect us to buy securities or direct us to sell your securities \n ■\tseek advice about your investments \n \n We also collect your personal information from others, such as credit bureaus,\n affiliates, or other companies.
Why can't I limit all sharing?	\n Federal law gives you the right to limit only \n ■\tsharing for affiliates'\n everyday business purposes-information about your creditworthiness \n ■\taffiliates from using\n your information to market to you \n ■\tsharing for nonaffiliates\n to market to you \n State laws and individual companies may give you additional rights\n to limit sharing.
Definitions
Affiliates	\n Companies related by common ownership or control. They can be financial\n and nonfinancial companies. \n ■\tThe Camelot Event-Driven Fund\n does not share with our affiliates.
Nonaffiliates	\n Companies not related by common ownership or control. They can be\n financial and nonfinancial companies. \n ■\tThe Camelot Event-Driven Fund\n doesn’t share with nonaffiliates so they can market to you.
Joint marketing	\n A formal agreement between nonaffiliated financial companies that\n together market financial products or services to you. \n ■\tThe Camelot Event-Driven Fund\n doesn’t jointly market.

FOR MORE INFORMATION

Call the Fund’s transfer\nagent toll free: 1-855-318-2804 to request free copies of the SAI, Form N-CSR and the Fund’s annual and semi-annual reports or to\nrequest other information about the Fund and to make shareholder inquiries. You may also visit the Fund’s website at https://www.cameloteventdrivenfund.com/prospectus-sec-filings\nfor this information.

Investment Company Act File No. 811-21532

FRANK FUNDS

CAMELOT EVENT-DRIVEN\nFUND

STATEMENT OF\nADDITIONAL INFORMATION

\n \n \n \n \n \n \n

Class A Shares:	EVDAX
Institutional Class Shares:	EVDIX

NOVEMber 1,\n2026

This Statement of Additional\nInformation (“SAI”) is not a prospectus, but should be read in conjunction with the Fund’s current Prospectus dated\nNovember 1, 2026. A free copy of the Prospectus or annual Form N-CSR can be obtained by writing the transfer agent at Mutual Shareholder\nServices, LLC, 8000 Town Centre Drive, Suite 400, Broadview Heights, OH 44147, or by calling 1-855-318-2804, or by visiting https://www.cameloteventdrivenfund.com/prospectus-sec-filings.\nThe Fund’s Prospectus is incorporated by reference in this SAI.

TABLE OF CONTENTS

DESCRIPTION OF THE TRUST AND THE FUND	1
ADDITIONAL INFORMATION ABOUT THE FUND'S INVESTMENTS	1
Investment Restrictions	9
Temporary Defensive Positions	11
MANAGEMENT OF THE FUND	11
CODE OF ETHICS	14
DISCLOSURE CONCERNING PROXY VOTING	14
CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES	15
Control Persons and Principal Holders	15
Management Ownership	16
INVESTMENT ADVISORY AND OTHER SERVICES	17
Investment Adviser	17
The Portfolio Manager	17
Custodian	19
Fund Services	19
Independent Registered Public Accounting Firm	19
Distributor	20
BROKERAGE ALLOCATION AND OTHER PRACTICES	21
DISCLOSURE OF PORTFOLIO HOLDINGS	23
PURCHASE, REDEMPTION, AND PRICING OF SHARES	24
Purchase of Shares	24
Pricing of Shares	24
TAX CONSEQUENCES	24
TAXATION OF THE FUND	25
FINANCIAL STATEMENTS	26

DESCRIPTION\nOF THE TRUST AND THE FUND

The Camelot Event-Driven Fund\n(the “Fund”) is a diversified series of the Frank Funds (the “Trust”), which was organized on February 12, 2004.\nThe Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated February\n12, 2004 (the “Trust Agreement”). The Trust Agreement permits the Trustees to issue an unlimited number of shares of beneficial\ninterest of separate series without par value. The Fund is one of two series currently authorized by the Trustees. The investment adviser\nto the Fund is Camelot Event-Driven Advisors, LLC (the “Adviser”).

The Fund does not issue share\ncertificates. All shares are held in non-certificate form registered on the books of the Fund and the Fund’s transfer agent for\nthe account of the shareholder. The Fund offers two classes of shares: Class A and Institutional Class Shares. Each share of the Fund\nrepresents an equal proportionate interest in the assets and liabilities belonging to the Fund with each other share of the Fund and is\nentitled to such dividends and distributions out of income belonging to the Fund as are declared by the Trustees. The shares do not have\ncumulative voting rights or any preemptive or conversion rights, and the Trustees have the authority from time to time to divide or combine\nthe shares of any fund into a greater or lesser number of shares of that fund so long as the proportionate beneficial interest in the\nassets belonging to that series and the rights of shares of any other fund are in no way affected. In case of any liquidation of a fund,\nthe holders of shares of the fund being liquidated will be entitled to receive as a class a distribution out of the assets, net of the\nliabilities, belonging to that fund. Expenses attributable to any fund are borne by that fund. Any general expenses of the Trust not readily\nidentifiable as belonging to a particular fund are allocated by or under the direction of the Trustees in such manner as the Trustees\ndetermine to be fair and equitable. No shareholder is liable to further calls or to assessment by the Trust without his or her express\nconsent.

ADDITIONAL INFORMATION\nABOUT THE FUND’S INVESTMENTS

The investment objective and strategies\nof the Fund are described in the Prospectus under the “Fund Summary” and “Additional Information About Investment Strategies\nand Related Risks” headings. Set forth below is additional information with respect to the investment strategies and risks of the\nFund.

INVESTMENT STRATEGIES

In addition to the primary investment\nsecurities in which the Fund invests as set forth in the Prospectus, the Fund may also invest in the following, to the extent that such\ninvestments do not violate an investment restriction described in the Prospectus or this SAI:

U.S. Government Securities.\nU.S. Government Treasury Bills, Treasury Notes, and Treasury Bonds (“U.S. Government Securities”) are direct obligations\nof the U.S. Government. As such, these instruments are generally considered to have the highest credit standing. Securities backed by\nthe full faith and credit of the United States Government (direct obligations) carry minimal credit risk; shareholders are generally exposed\nonly to interest rate risk.

Municipal Obligations. The\nterm “Municipal Obligations” generally includes debt obligations issued to obtain funds for various public purposes, including,\nbut not limited to, the construction of a wide range of public facilities such as airports, bridges, highways, housing, hospitals, mass\ntransportation, schools, streets and water and sewer works. Other public purposes for which Municipal Obligations may be issued include\nrefunding outstanding obligations, obtaining funds for general operating expenses and lending such funds to other public institutions\nand facilities. In addition, certain types of industrial development bonds are issued by or on behalf of public authorities to obtain\nfunds to provide for the

construction, equipment, repair or improvement of\nprivately operated housing facilities, sports facilities, convention or trade show facilities, airport, mass transit, industrial, port\nor parking facilities, air or water pollution control facilities and certain local facilities for water supply, gas, electricity or sewage\nor solid waste disposal. The interest paid on such obligations may be exempt from federal income tax, although current tax laws place\nsubstantial limitations on the size of such issues. Such obligations are considered to be Municipal Obligations if the interest paid thereon\nqualifies as exempt from federal income tax in the opinion of bond counsel to the issuer. There are, of course, variations in the securities\nof Municipal Obligations, both within a particular classification and between classifications.

For the purpose of diversification\nunder the Investment Company Act of 1940, as amended (the “1940 Act”), the identification of the issuer of Municipal Obligations\ndepends on the terms and conditions of the security. When the assets and revenues of an agency, authority, instrumentality or other political\nsubdivision are separate from those of the government creating the subdivision and the security is backed only by the assets and revenues\nof the subdivision, such subdivision would be deemed to be the sole issuer. Similarly, in the case of an industrial development bond,\nif that bond is backed only by the assets and revenues of the non-governmental user, then such non-governmental user would be deemed to\nbe the sole issuer. If, however, in either case, the creating government or some other entity guarantees a security, such a guaranty would\nbe considered a separate security and will be treated as an issue of such government or other entity.

Municipal lease obligations do\nnot constitute general obligations of the municipality, but are ordinarily backed by the municipality’s covenant to budget for,\nappropriate and make the payments due under the lease obligation. However, certain lease obligations contain “non-appropriation”\nclauses, which provide that the municipality has no obligation to take special risks not ordinarily associated with Municipal\nObligations. Although lease obligations do not constitute general obligations of the municipality for which the municipality’s taxing\npower is pledged, a lease obligation ordinarily is backed by the municipality’s covenant to budget for, appropriate and make the\npayments due under the lease obligation. However, certain lease obligations contain “non-appropriation” clauses, which provide\nthat the municipality has no obligation to make lease or installment purchase payments in future years unless money is appropriated for\nsuch purpose on a yearly basis. Although “non-appropriation” lease obligations are secured by the leased property, disposition\nof the property in the event of foreclosure might prove difficult. The staff of the U.S. Securities and Exchange Commission (“SEC”)\ncurrently considers certain lease obligations to be illiquid. See “Illiquid Investments” for a description of the Trust’s\npolicies in this regard.

U.S. Government Agency Securities.\nU.S. Government Agency Securities are securities issued by instrumentalities of the U.S. Government. Some of these securities are\ndirect obligations of the U.S. Government, but those that are not still enjoy a very high degree of credit safety. However, if a U.S.\nGovernment Agency in which the Fund invests defaults and the U.S. Government does not stand behind the obligation, the Fund’s share\nprice could fall.

Repurchase Agreements. In\na Repurchase Agreement, a Fund purchases securities subject to the seller’s simultaneous agreement to repurchase those securities\nfrom the Fund at a specified time (usually one day) and price. The repurchase price reflects an agreed-upon interest rate during the time\nof investment. All Repurchase Agreements entered into by the Fund must be collateralized by qualifying securities, the market values of\nwhich equal or exceed 102% of the principal amount of the money invested by the Fund, and the Fund may only enter into Repurchase Agreements\nwith U.S. banks or qualifying broker/dealers, provided that the Fund’s custodian always has possession of the securities serving\nas collateral for the Repurchase Agreements or has proper evidence of book entry receipt of said securities.

When-Issued Securities and\nDelayed-Delivery Transactions. The Fund may purchase securities on a when-issued basis, and may purchase or sell securities for delayed-delivery.\nThese transactions occur when securities are purchased or sold by the Fund with payment and delivery taking place at some future date.\nThe Fund may enter into such transactions when, in the Adviser’s opinion, doing so may secure an advantageous yield and/or price\nto the Fund that might otherwise be unavailable. The Fund is not limited on the percentage of assets it may commit to such transactions,\nbut to minimize the risks of entering into these transactions, the Fund will maintain a segregated account with its custodian consisting\nof cash, cash equivalents, or U.S. Government securities, in an amount equal to the aggregate fair market value of its commitments to\nsuch transactions.

Equity Securities. To the\nextent that such purchases do not conflict with the Fund’s principal investment objective(s), the Fund may invest in common stock,\nconvertible preferred stock, straight preferred stock, and convertible bonds. Stocks held in the portfolio of the Fund will generally\nbe traded on either the: New York Stock Exchange (“NYSE”), NYSE Arca, or the NASDAQ over-the-counter market.

Short-Term Investments. The\nFund also may hold money market or repurchase agreement instruments for funds awaiting investment, to accumulate cash for anticipated\npurchases of portfolio securities, to allow for shareholder redemptions and to provide for Fund operating expenses. As a temporary defensive\nmeasure, the Fund may invest up to 100% of its total assets in investment grade bonds, U.S. Government Securities, Repurchase Agreements,\nor money market instruments. When the Fund invests its assets in such securities as a temporary defensive measure, it will not be pursuing\nits stated investment objective.

Options. The Fund may invest\nin options and other derivative securities. Generally, an option contract gives the purchaser the right to acquire (call option) or sell\n(put option) a security at a predetermined price. Similarly, the seller/writer of an option contract may be obliged to sell (call option)\nor buy (put option) a security at a predetermined price. An option involves either: (a) the right or the obligation to buy or sell a specific\ninstrument at a specific price until the expiration date of the option; or (b) the right to receive payments or the obligation to make\npayments representing the difference between the closing price of a stock index and the exercise price of the option expressed in dollars\ntimes a specified multiple until the expiration date of the option. Options are sold (written) on securities and stock indexes. The purchaser\nof an option on a security pays the seller (the writer) a premium for the right granted but is not obligated to buy or sell the underlying\nsecurity. The purchaser of an option on a stock index pays the seller a premium for the right granted, and in return the seller of such\nan option is obligated to make the payment. A writer of an option may terminate the obligation prior to expiration of the option by making\nan offsetting purchase of an identical option. Options are traded on organized exchanges and in the over-the-counter market. To cover\nthe potential obligations involved in writing options, the Fund either: (a) owns the underlying security, or in the case of an option\non a market index, holds a portfolio of stocks substantially replicating the movement of the index; or (b) the Fund segregates with the\ncustodian high grade liquid debt obligations sufficient to purchase the underlying security or equal to the market value of the stock\nindex option, marked to market daily.

The purchase and writing of options\nrequires additional skills and techniques beyond normal portfolio management, and involves certain risks. The purchase of options limits\nthe Fund’s potential loss to the amount of the premium paid and can afford the Fund the opportunity to profit from favorable movements\nin the price of an underlying security to a greater extent than if transactions were effected in the security directly. However, the purchase\nof an option could result in the Fund losing a greater percentage of its investment than if the transaction were effected directly. When\nthe Fund writes a call option, it will receive a premium, but it will give up the opportunity to profit from a price increase in the

underlying security above the exercise price as long\nas its obligation as a writer continues. It also will retain the risk of loss should the price of the security decline. When the Fund\nwrites a put option, it will assume the risk that the price of the underlying security or instrument will fall below the exercise price,\nin which case the Fund may be required to purchase the security or instrument at a higher price than the market price of the security\nor instrument. In addition, there can be no assurance that the Fund can effect a closing transaction on a particular option it has written.\nFurther, the total premium paid for any option may be lost if the Fund does not exercise the option or, in the case of over-the-counter\noptions, the writer does not perform its obligations.

Futures Contracts and Related\nOptions. To hedge against changes in securities prices or interest rates, the Fund may purchase and sell various kinds of futures\ncontracts, and purchase and write call and put options on such futures contracts. Permissible futures contracts investments are limited\nto futures on various equity securities and other financial instruments and indices. The Fund will engage in futures and\nrelated options transactions for bona-fide hedging or other non-hedging purposes as permitted by regulations of the Commodity Futures\nTrading Commission.

The Fund may only purchase or\nsell non-hedging futures contracts, or purchase or sell related non-hedging options, except for closing purchase or sale transactions,\nif immediately thereafter the sum of the amount of initial margin deposits on the Fund’s existing non-hedging futures and related\nnon-hedging options positions, and the amount of premiums paid for existing non-hedging options on futures (net of the amount the positions\nare “in the money”) does not exceed 5% of the market value of the Fund’s total assets. The Fund may invest without limit\nin initial margins and premiums on futures and related options.

Money Market Instruments. Money\nmarket instruments mature in thirteen (13) months or less from the date of purchase and include U.S. Government Securities, corporate\ndebt securities, bankers acceptances and certificates of deposit of domestic branches of U.S. banks, and commercial paper rated in one\nof the two highest rating categories by any of the nationally recognized statistical rating organizations or if not rated, of equivalent\nquality in the investment adviser’s opinion. Money market instruments may be purchased for temporary defensive purposes, to accumulate\ncash for anticipated purchases of portfolio securities and to provide for shareholder redemptions and operating expenses of the Fund.\nFor temporary defensive purposes, an investment adviser may, when it believes that unusually volatile or unstable economic and market\nconditions exist, depart from the Fund’s normal investment approach and invest up to 100% of the net assets of the Fund in these\ninstruments.

Registered Investment\nCompanies. The Fund may invest in securities issued by other investment companies. The Fund intends to limit its investments in accordance\nwith applicable law or as permitted by Rule 12d1-4. Among other things, such law would limit these investments so that, as determined\nimmediately after a securities purchase is made by the Fund: (a) not more than 5% of the value of its total assets will be invested in\nthe securities of any one investment company (the \"5% Limitation\"); (b) not more than 10% of the value of its total assets will\nbe invested in the aggregate in securities of investment companies as a group (the \"10% Limitation\"); (c) not more than 3% of\nthe outstanding voting stock of any one investment company will be owned by the Fund (the \"3% Limitation\"); and (d) not more\nthan 10% of the outstanding voting stock of any one closed-end investment company will be owned by the Fund together with all other investment\ncompanies that have the same advisor. Under certain sets of conditions, different sets of restrictions may be applicable. As a shareholder\nof another investment company, the Fund would bear, along with other shareholders, its proportionate share of that investment company’s\nexpenses, including advisory fees. These expenses would be in addition to the advisory and other expenses that the Fund bears directly\nin connection with its own operations. Investment companies in which the Fund may invest may also impose a sales or distribution charge\nin connection with the purchase or redemption of their shares and other types of commissions or charges.

Such charges will be\npayable by the Fund and, therefore, will be borne directly by the Fund’s shareholders.

To the extent applicable, the Fund intends to rely\non Section 12(d)(1)(F) and Rule 12d1-4 under the 1940 Act which in conjunction with one another allow registered investment companies\n(such as the Fund) to exceed the 3%, 5% and 10% Limitation and the 10% Limitations, provided the aggregate sales loads any investor pays\n(i.e., the combined distribution expenses of both the acquiring fund and the acquired funds) do not exceed the limits on sales loads established\nby Financial Industry Regulatory Authority (“FINRA”) for funds of funds, and the registered investment company “mirror\nvotes” any securities purchased pursuant to Section 12(d)(1)(F).

Real Estate Securities. The\nFund may invest in readily marketable interests in real estate investment trusts (“REITs”). REITs are pooled investment vehicles\nwhich invest primarily in income-producing real estate or real estate related loans or interests. REITs are generally classified as equity\nREITs, mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest the majority of their assets directly in real\nproperty and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that\nhave appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection\nof interest payments. REITs are generally publicly traded on the national stock exchanges and in the over-the-counter market and have\nvarying degrees of liquidity.

Equity REITs may be affected by\nchanges in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit\nextended (which may also be affected by changes in the value of the underlying property) and by changes in interest rates. REITs are dependent\nupon management skills, often have limited diversification, and are subject to the risks of financing projects. REITs are subject to heavy\ncash flow dependency, default by borrowers, self-liquidation, and the possibilities of failing to qualify for exemption from tax for distributed\nincome under the Internal Revenue Code of 1986, as amended and failing to maintain their exemptions from the Investment Trust Act of 1988,\nas amended. Certain REITs have relatively small market capitalizations, which may result in less market liquidity and greater price volatility\nof their securities.

Illiquid Securities. The\nFund may invest up to 15% of its net assets in illiquid securities. Illiquid securities are those that may not be sold or disposed of\nin the ordinary course of business within seven (7) days at approximately the price at which they are valued. Under the oversight of the\nBoard of Trustees (the “Board”), the Adviser determines the liquidity of the Fund’s investments. Included within the\ncategory of illiquid securities are restricted securities, which cannot be sold to the public without registration under the federal securities\nlaws. Unless registered for sale, these securities can only be sold in privately negotiated transactions or pursuant to an exemption from\nregistration.

Master-Feeder Option. Notwithstanding\nits other investment policies, the Fund may seek to achieve its investment objective by investing all of its investable net assets in\nanother investment company having the same investment objective and substantially the same investment policies and restrictions as those\nof the Fund. Although such an investment may be made in the sole discretion of the Trustees, the Fund’s shareholders will be given\nthirty (30) days’ prior notice of any such investment. There is no current intent to make such an investment.

iShares Funds. The Fund\nmay from time to time invest in the shares of each iShares series of iShares Trust and iShares, Inc. (collectively, the “iShares\nFunds”) in excess of the limitations of section 12(d)(1)(A) and (B) of the 1940 Act, subject to: (i) the conditions set forth in\nthe exemptive order dated April 15, 2003, issued by the SEC to iShares Trust and iShares, Inc., on behalf of each iShares Fund; and (ii)\nthe representations and obligations outlined in a certain Participation Agreement entered into, by and

among the Trust, on behalf of its series, iShares\nTrust and iShares, Inc. iShares Trust and iShares, Inc. are registered investment companies, and shares of iShares Funds are listed and\ntraded at market prices on national securities exchanges, such as NYSE Arca. Market prices of iShares Funds’ shares may be different\nfrom their net asset value per share. Each iShares Fund is an “index fund” that seeks investment results that correspond generally\nto the price and yield performance, before fees and expenses, of a particular index. The value of iShares Fund shares is subject\nto change as the values of their respective component stocks fluctuate according to market volatility. A lack of liquidity in an iShares\nFund could result in it being more volatile than their underlying securities portfolios. In addition, because of iShares Funds’\nexpenses, compared to owning the underlying securities directly, it may be more costly to own iShares Funds.

Foreign Securities. The\nFund may invest in foreign securities, including depositary receipts of foreign-based companies, including companies based in developing\ncountries. The Fund may engage in hedging transactions to reduce the currency risk of their investments. Foreign securities means any\nsecurity the issuer of which is: (i) the government of a foreign country or of any political subdivision of a foreign country; or (ii)\na corporation or other organization incorporated or organized under the laws of any foreign country, except an issuer of which: (A) more\nthan 50% of the outstanding voting securities are held of record either directly or through voting trust certificates or depository receipts\nby residents of the United States; and (B) either: (1) the majority of the executive officers or directors of the issuer are U.S. citizens\nor residents; (2) more than 50% of the assets of the issuer are located in the U.S.; or (3) the business of the issuer is administered\nprincipally in the U.S. foreign securities include American Depositary Receipts (“ADRs”).

The Fund may invest in foreign\nfixed income securities, in addition to the foreign equity securities described in the Prospectus. Foreign fixed income securities include\ncorporate debt obligations issued by foreign companies and debt obligations of foreign governments or international organizations. This\ncategory may include floating rate obligations, variable rate obligations, Yankee dollar obligations (U.S. dollar denominated obligations\nissued by foreign companies and traded on U.S. markets) and Eurodollar obligations (U.S. dollar denominated obligations issued by foreign\ncompanies and traded on foreign markets).

Emerging Markets. The Fund\nmay invest in securities of issuers located in “emerging markets” (lesser developed countries located outside of the U.S.)\nor ETFs or other investment companies that invest in emerging market securities. Investing in emerging markets involves not only the risks\ndescribed above with respect to investing in foreign securities, but also other risks, including exposure to economic structures that\nare generally less diverse and mature than, and to political systems that can be expected to have less stability than, those of developed\ncountries. For example, many investments in emerging markets experienced significant declines in value due to political and currency volatility\nin emerging markets countries during the latter part of 1997 and the first half of 1998. Laws and regulations in emerging markets may\nbe less developed than in the U.S. and that as a result, additional risks may arise if the Fund invests in a corporate restructuring in\nan emerging market. Other characteristics of emerging markets that may affect investment include certain national policies that may restrict\ninvestment by foreigners in issuers or industries deemed sensitive to relevant national interests and the absence of developed structures\ngoverning private and foreign investments and private property. The typically small size of the markets of securities of issuers located\nin emerging markets and the possibility of a low or nonexistent volume of trading in those securities may also result in a lack of liquidity\nand in price volatility of those securities.

Securities Lending. The\nFund is authorized to lend securities from its investment portfolios, with a value not exceeding 33.33% of its total assets, to banks,\nbrokers and other financial institutions if it receives collateral in cash, U.S. Government Securities or other liquid investments which\nwill be

maintained at all times in an amount equal to at least\n102% of the current market value of the loaned domestic securities (including ADRs) and 105% of loaned foreign securities. The loans will\nbe terminable at any time by the Fund, the Fund will then receive the loaned securities within five days. During the period of such a\nloan, the Fund receives the income on the loaned securities and a loan fee and may thereby increase its total return. The Fund continues\nto receive interest or dividends on the securities loaned and simultaneously earns either interest on the investment of the cash collateral\nor fee income if the loan is otherwise collateralized. However, the Fund normally pays lending fees and related expenses from the interest\nor dividends earned on invested collateral. Should the borrower of the securities fail financially, there is a risk of delay in recovery\nof the securities or loss of rights in the collateral. However, loans are made only to borrowers that are deemed by the Adviser to be\nof good financial standing. The Fund may invest cash collateral it receives in connection with a loan of securities in securities issued\nor guaranteed by the U.S. Government or irrevocable letters of credit that are marked to market daily, other high quality short-term debt\ninstruments and money market instruments. For purposes of complying with the Fund’s investment policies and restrictions, collateral\nreceived in connection with securities loans will not be deemed an asset of the Fund unless otherwise required by law.

If the Fund lends portfolio securities,\nthere is a risk that the borrower may fail to return the securities. As a result, the Fund may incur a loss or, in the event of a borrower’s\nbankruptcy, may be delayed in, or prevented from, liquidating the collateral.

Special Situations. The\nFund may invest in special situations from time to time. A special situation arises when, in the opinion of Fund management, the securities\nof a company will, within a reasonably estimated time period, be accorded market recognition at an appreciated value solely by reason\nof a development particularly or uniquely applicable to that company and regardless of general business conditions or movements of the\nmarket as a whole. Such developments and situations include, but are not limited to: liquidations, reorganizations, recapitalizations\nor mergers, material litigation, technological breakthroughs, new management or management policies, spin-offs, break-ups or divestitures.\nAlthough large and well-known companies may be involved, special situations may involve much greater risk than is found in the normal\ncourse of investing. Special situation investments may also include temporary defensive positions.

\tReverse Repurchase Agreements.\nThe Fund may borrow by entering into reverse repurchase agreements with the same parties with whom it may enter into repurchase\nagreements. Under a reverse repurchase agreement, the Fund sells securities and agrees to repurchase them at a mutually agreed to price.\nAt the time the Fund enters into a reverse repurchase agreement, it will establish and maintain a segregated account with an approved\ncustodian containing liquid high-grade securities, marked-to-market daily, having a value not less than the repurchase price (including\naccrued interest). Reverse repurchase agreements involve the risk that the market value of securities retained in lieu of sale by the\nFund may decline below the price of the securities the Fund has sold but is obliged to repurchase. Reverse repurchase agreements involve\na risk that the other party to a reverse repurchase agreement will be unable or unwilling to complete the transaction as scheduled, which\nmay result in a loss to the Fund. If the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent,\nsuch buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the Fund’s obligation to\nrepurchase the securities. During that time, the Fund’s use of the proceeds of the reverse repurchase agreement effectively may\nbe restricted. Reverse repurchase agreements create leverage, a speculative factor, and are considered borrowings for the purpose of the\nFund’s limitation on borrowing.

Exchange-Traded Funds. The\nFund may take long and short positions in exchange-traded funds (“ETFs”) to hedge a particular or general risk identified\nby the Portfolio Manager that, in the opinion of the Portfolio Manager, can be hedged through that ETF. In addition, the Fund may invest\nin ETFs as an arbitrage strategy.

The Fund may also invest in options\non ETFs as a substitute for investing in or short selling the underlying ETF.

The Fund may invest in equity\nand bond ETFs, which include various index tracking products such as iShares, streetTracks and HOLDRs. iShares, streetTracks and HOLDRs\nare a fixed basket of approximately twenty stocks of companies in a particular industry, sector or other group. \nThese groups include biotech, business-to-business, internet, pharmaceutical, retail and telecommunications HOLDRs, among others.

The Fund may also invest in various\nsector exchange-traded funds such as the Basic Industries Select Sector Index, Consumer Services Select Sector Index, Consumer Staples\nSelect Sector Index, Cyclical/Transportation Select Sector Index, Energy Select Sector Index, Financial Select Sector Index, Industrial\nSelect Sector Index, Technology Select Sector Index, Utilities Select Sector Index. Additionally, the Fund may invest in new exchange-traded\nshares as they become available.

The principal risks associated\nwith ETFs include the risk that the equity securities in an ETF will decline in value if the Fund holds a long position, or rise in value\nin the case of a short position, due to factors affecting the issuing companies, their industries, or the equity markets generally. They\nare also subject to special risks associated with the particular sector, currency, commodity or countries in which the ETF invests. Additionally,\nif the Fund’s portfolio is overweighted in a certain industry sector, any negative development affecting that sector will have a\ngreater impact on the Fund than a fund that is not overweighted in that sector.

Corporate Debt Securities.\nCorporate debt securities are long and short-term debt obligations issued by companies (such as publicly issued and privately placed\nbonds, notes and commercial paper). The Adviser considers corporate debt securities to be of investment grade quality if they are rated\nBBB or higher by Standard & Poor’s Ratings Services or Baa or higher by Moody’s Investors Service, or if unrated, determined\nby the Adviser to be of comparable quality. Investment grade debt securities generally have adequate to strong protection of principal\nand interest payments. In the lower end of this category, adverse economic conditions or changing circumstances are more likely to lead\nto a weakened capacity to pay interest and repay principal than in higher rated categories.

Zero Coupon Securities. The\nFund may invest in zero coupon securities, which are debt securities issued or sold at a discount from their face value that do not entitle\nthe holder to any periodic payment of interest prior to maturity or a specified redemption date (or cash payment date). Zero coupon securities\ninvolve risks that are similar to those of other debt securities, although the market prices of zero coupon securities generally are more\nvolatile than the market prices of interest-bearing securities and are likely to respond to a greater degree to changes in interest\nrates than interest-bearing securities having similar maturities and credit qualities. The amount of the discount varies depending\non the time remaining until maturity or cash payment date, prevailing interest rates, liquidity of the security and perceived credit quality\nof the issuer. Zero coupon securities also may take the form of debt securities that have been stripped of their unmatured interest coupons,\nthe coupons themselves and receipts or certificates representing interests in such stripped debt obligations and coupons.

Lower Quality Debt Securities.\nThe Fund may purchase lower quality debt securities, or unrated debt securities, that have poor protection of payment of principal\nand interest. These securities, commonly referred to as “junk bonds,” often are considered to be speculative and involve greater\nrisk of default and of price changes due to changes in the issuer’s creditworthiness. Market prices of these securities may fluctuate\nmore than higher quality debt securities and may decline significantly in periods of general economic difficulty that may follow periods\nof rising rates. While the market for junk bonds has been in existence for many years and has weathered previous economic downturns, the\nmarket in recent years has

experienced a dramatic increase in the large-scale\nuse of such securities to fund highly leveraged corporate acquisitions and restructurings. Accordingly, past experience may not provide\nan accurate indication of future performance of the junk bond market, especially during periods of economic recession. The Fund may invest\nin securities which are of lower quality or are unrated if the Adviser determines that the securities provide the opportunity of meeting\nthe Fund’s objective without presenting excessive risk. The Adviser will consider all factors, which it deems appropriate, including\nratings, in making investment decisions for the Fund and will attempt to minimize investment risks through diversification, investment\nanalysis and monitoring of general economic conditions and trends. To the extent that the Fund invests in lower quality securities, achievement\nof its investment objective may be more dependent on the Adviser’s credit analyses than is the case for higher quality bonds. While\nthe Adviser may refer to ratings, it does not rely exclusively on ratings, but makes its own independent and ongoing review of credit\nquality.

The market for lower quality securities\nmay be thinner and less active than that for higher quality securities, which can adversely affect the prices at which these securities\ncan be sold. If there is not an established retail secondary market and market quotations are not available, these securities are valued\nby the Adviser in accordance with procedures approved by the Board, including the use of outside pricing services. Judgment plays a greater\nrole in valuing junk bonds than is the case for securities for which external sources for quotations and last-sale information are available.\nAdverse publicity and changing investor perceptions may affect the ability of outside pricing services used by the Fund to value these\nsecurities, and the Fund’s ability to dispose of these lower quality debt securities.

Since the risk of default is higher\nfor lower quality securities and sometimes increases with the age of these securities, the Adviser’s research and credit analysis\nare an integral part of managing any securities of this type held by the Fund. In considering investments for the Fund, the Adviser attempts\nto identify those issuers of high- yielding securities whose financial condition is adequate to meet future obligations and has improved\nor is expected to improve in the future. The Adviser’s analysis focuses on relative values based on such factors as interest or\ndividend coverage, asset coverage, earning prospects, and the experience and managerial strength of the issuer.

Investment Restrictions

Fundamental. The investment limitations described\nbelow have been adopted by the Trust with respect to the Fund and are fundamental (“Fundamental”), i.e., they may not\nbe changed without the affirmative vote of a majority of the outstanding shares of the Fund. As used in the Prospectus and the SAI, the\nterm “majority” of the outstanding shares of the Fund means the lesser of: (1) 67% or more of the outstanding shares\nof the Fund present at a meeting, if the holders of more than 50% of the outstanding shares of the Fund are present or represented at\nsuch meeting; or (2) more than 50% of the outstanding shares of the Fund. Other investment practices, which may be changed by the Board\nwithout the approval of shareholders, to the extent permitted by applicable law, regulation, or regulatory policy, are considered non-fundamental\n(“Non-Fundamental”).

Fundamental\nInvestment Restrictions. As a matter of fundamental policy, the Fund is not allowed to:

(1) issue senior securities, borrow money, or pledge\nits assets, except that it may borrow from banks as a temporary measure: (a) for extraordinary or emergency purposes, in amounts not exceeding\n5% of its total assets; or (b) in order to meet redemption requests, in amounts not exceeding 15% of its total assets; the Fund will not\nmake any investments if borrowing exceeds 5% of its total assets until such time as total borrowing represents less than 5% of Fund assets;

(2) invest for the purpose of exercising control or\nmanagement of another issuer;

(3) purchase or sell commodities or commodities contracts,\nreal estate (including limited partnership interests, but excluding readily marketable securities secured by real estate or interests\ntherein, readily marketable interests in real estate investment trusts, readily marketable securities issued by companies that invest\nin real estate or interests therein, as described in the Prospectus) or interests in oil, gas, or

other mineral exploration or development programs\nor leases (although it may invest in readily marketable securities of issuers that invest in or sponsor such programs or leases);

(4) underwrite securities issued by others, except\nto the extent that the disposition of portfolio securities, either directly from an issuer or from an underwriter for an issuer, may be\ndeemed to be an underwriting under the federal securities laws;

(5) make short sales of securities or maintain a short\nposition, except for: (a) outright short sales; and (b) short sales “against the box” as defined below:

Outright: an outright short sale\ninvolves the sale of securities not presently owned by the Fund. If the Fund does not purchase that security on the same day as the sale,\nthe security must be borrowed (typically, from a broker/dealer). At the time an outright short sale is effected, the Fund incurs an obligation\nto replace the security borrowed at whatever its price may be at the time the Fund purchases the security for delivery to the lender;\nand an

“Against the Box”: a\nshort sale “against the box” means that securities the Fund already owns are sold, but not delivered. Instead, these securities\nare segregated and pledged against the short position. When the short sale is closed out, the securities owned are released.

(6) participate on a joint or joint and several basis\nin any trading account in securities;

(7) make loans of money or securities, except that\nthe Fund may: (i) invest in repurchase agreements and commercial paper; (ii) purchase a portion of an issue of publicly distributed bonds,\ndebentures or other debt securities; and (iii) acquire private issues of debt securities subject to the limitations on investments in\nilliquid securities;

(8) under normal circumstances invest more than 25%\nof its total assets in the securities of companies engaged in a single industry or group of industries. This restriction does not limit\nthe Fund’s investments in: (i) obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities; (ii)\ntax-exempt obligations issued by governments or political subdivisions of governments; or (iii) repurchase agreements collateralized by\nsuch obligations;

(9) the Fund is a “diversified company”\nas defined in the 1940 Act. This means that the Fund will not, with respect to 75% of its total assets, purchase securities of any issuer\n(other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities), if, as a result: (i)\nmore than 5% of the Fund’s total assets would be\ninvested in the securities of that issuer; or (ii) the Fund would hold more than 10% of the outstanding voting securities of that issuer.

Non-Fundamental Investment Restrictions. The\nfollowing investment limitations are not fundamental, and may be changed without shareholder approval. As a matter of non-fundamental\npolicy, the Fund is not allowed to:

(1) invest more than 15% of its net assets in illiquid\ninvestments. For this purpose, illiquid investments include, among others: (a) securities for which no readily available market exists\nor which have legal or contractual restrictions on resale; (b) fixed time deposits that are subject to withdrawal penalties and have maturities\nof more than seven (7) days; and (c) repurchase agreements not terminable within seven (7) days; or

(2) purchase any securities on margin except in connection\nwith such short-term credits as may be necessary for the clearance of transactions.

Temporary Defensive Positions

MANAGEMENT OF\nTHE FUND

The Board supervises the business\nactivities of the Trust and appoints the officers. Each Trustee serves as a trustee until the termination of the Trust unless the Trustee\ndies, resigns, retires, or is removed. There are two series in the “Fund Complex”: the Fund, and the Frank Value Fund. The\nBoard generally meets four times a year.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\nName, Address¹ and Year of Birth

Position(s) Held with the Fund

Term of Office and Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Director

Other Directorships Held by Director

Jason W. Frey

\n \n

Year of Birth: 1979

Trustee

Indefinite/ June 2004 - present

Software Developer, International Business Machines Corp, a technology company, December 2012 to present.

None

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Andrea Nitta

\n \n

Year of Birth: 1982

Trustee

Indefinite/ December 2009 - present

Accounting Manager, WEI Mortgage Corporation, May 2016 to present.

None

Hemanshu Patel

\n \n

Year of Birth: 1984

Trustee

Indefinite/ December 2009 - present

CFO Curiosity Games (d.b.a. The Escape Game) July 2024 to present. Vice President, North Castle Partners, private equity firm, February 2016 to July 2024.

None

Jeffry Brown

\n \n

Year of Birth: 1955

Trustee

Indefinite / August 2019 – present

CEO, Azimut Alternative Capital Partners; Self-employed, Consultant to Mutual Fund and Private Equity industries 2017 – Present.

Azimut Alternative Capital Partners

¹ The address of each Trustee is c/o Frank Funds, 781 Crandon\nBlvd., Unit 602, Key Biscayne, FL 33149.

The following table provides information regarding\neach Trustee who is an “interested person” of the Trust, as defined in the 1940 Act, and each officer of the Trust.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n \n \n \n

Name, Address¹ and Year of Birth

\n \n \n \n

Position(s) Held with the Fund

\n \n \n

Term of Office and Length of Time Served

\n \n \n \n \n

Principal Occupation(s) During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Director

Other Directorships Held by Director

Brian J. Frank²

\n \n

Year of Birth: 1981

President, Treasurer, Chief Compliance Officer, and Trustee

Indefinite/Treasurer, Secretary and Chief Compliance Officer, June 2004 – present; President and Trustee, September 2009 - present

Managing Partner of Frank Capital Partners LLC since June 2003

None

Monique M. Weiss²

\n \n

Year of Birth: 1969

Secretary

Indefinite/September 2009 – present

Self-employed, Consultant to Mutual Fund Industry, 2006 – present.

N/A

None

¹ The address of each officer and trustee is c/o Frank Funds,\n781 Crandon Blvd., Unit 602, Key Biscayne, FL 33149.

² Brian Frank is considered an “interested” Trustee,\nas defined in the 1940 Act, because he is affiliated with the Adviser. Brian Frank and Monique Weiss are married.

Board Leadership\nStructure. The Trust is led by Mr. Brian Frank, who has served as the President of the Board since 2009. Mr. Frank is\nan interested person by virtue of his position as Managing Partner of the Frank Value Fund’s investment adviser. The Board\nis comprised of Mr. Frank and four Independent Trustees. The Fund does not have a lead Independent Trustee, but governance guidelines\nprovide that Independent Trustees will meet in executive session at each Board meeting. The President of the Board is generally\nresponsible for (a) chairing Board meetings, (b) setting the agendas for these meetings, and (c) providing information to Board members\nin advance of each Board meeting and between Board meetings. Generally, the Fund believes it best to have a single leader who is\nseen by shareholders, business partners, and other stakeholders as providing strong leadership. The Fund believes that its President,\ntogether with the Audit Committee and the full Board, provides effective leadership that is in the best interests of the Fund and each\nshareholder.

Trustee Qualifications.\n Generally, the Board collectively believes that each Trustee is competent to serve because of their individual overall merits including:\n(i) experience, (ii) qualifications, (iii) attributes, and (iv) skills. Mr. Frank has over 20 years of business experience\nin the investment management business and is skilled in portfolio and risk management functions. Mr. Patel has a B.S. degree in\nfinance from Rutgers University and over 20 years of experience in the financial services industry. Mr. Patel is knowledgeable in company\nvaluation, stemming from his experience in investment banking and private equity, and his knowledge of finance contributes to the Board’s\nunderstanding of the strategies implemented by the Trust’s portfolio managers. Ms. Nitta has a B.S. degree in finance from New York\nUniversity’s Stern School of Business and over 20 years of experience in the financial services industry. Ms. Nitta has a background\nin financial accounting, originating from her experience with Ernst & Young and continuing with her current position as assistant\ncontroller at Radiology Affiliates Imaging. Her knowledge of public accounting contributes to the Board’s understanding of the Trust’s\nannual audit. Mr. Frey has over 20 years of experience in the banking and software industries. His knowledge of financial systems and\nregulation is helpful for the Board’s examination of best execution practices. Mr. Brown has an MBA from the University of California,\nLos Angeles, and a JD from University of Wisconsin Law School, and over 20 years’ experience in the financial services industry.\nMr. Brown has a background in fixed income, management, private equity, and also a certificate in Cybersecurity Oversight from Carnegie\nMellon University. His knowledge of the asset management business contributes to the Board’s understanding of the Trust’s\noverall strategy.

As of December 31, 2025, the Trustees owned the following amounts in the\nFund:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name of Trustee	Dollar Range of Securities In The Fund	\n Aggregate Dollar Range of \n Securities In Trust
Brian J. Frank	$50,001 - $100,000	Over $100,000
Jason W. Frey	$0	$10,001 - $50,000
Andrea Nitta	$0	$10,001 - $50,000
Hemanshu Patel	$0	$10,001 - $50,000
Jeffry Brown	$0	$0

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name, Position	Aggregate Compensation from the Fund	Pension or Retirement Benefits Accrued As Part of Fund Expenses	Estimated Annual Benefits Upon Retirement	Total Compensation from Trust
Brian J. Frank, Trustee	$0	$0	$0	$0
Jason W. Frey, Trustee	$600	$0	$0	$1,800
Andrea Nitta, Trustee	$600	$0	$0	$1,800
Hemanshu Patel, Trustee	$600	$0	$0	$1,800
Jeffry Brown, Trustee	$600	$0	$0	$1,800

CODE OF ETHICS

DISCLOSURE CONCERNING\nPROXY VOTING RELATED TO PORTFOLIO SECURITIES

The Board has delegated\nresponsibilities for decisions regarding proxy voting for securities held by the Fund to the Adviser. The Adviser will vote such proxies\nin accordance with its proxy policies and procedures. In some instances, the Adviser may be asked to cast a proxy vote that presents a\nconflict between the interests of the Fund’s shareholders, and those of the Adviser or an affiliated person of the Adviser. In such\na case, the Trust’s policy requires that the Adviser abstain from making a voting decision and to forward all necessary proxy voting\nmaterials to the Trust to enable the Board to make a voting decision. The Adviser shall make a written recommendation of the voting decision\nto the Board, which shall include: (i) an explanation of why it has a conflict of interest; (ii) the reasons for its recommendation; and\n(iii) an explanation of why the recommendation is consistent with the Adviser’s proxy voting policies. The Board shall make the\nproxy voting decision that in its judgment, after reviewing the recommendation of the Adviser, is most consistent with the Adviser’s\nproxy voting policies and in the best interests of Fund shareholders. When the Board is required to make a proxy voting decision, only\nthe Trustees without a conflict of interest with regard to the security in question or the matter to be voted upon shall be permitted\nto participate in the decision of how the Fund’s vote will be cast.

\tThe Adviser’s\npolicies and procedures state that the Adviser generally relies on the individual portfolio manager(s) to make the final decision on how\nto cast proxy votes. When exercising its voting responsibilities, the Adviser’s policies call for an emphasis on (i) accountability\nof management of the company to its board, and of the board to the company’s shareholders, (ii) alignment of management and shareholder\ninterests, and (iii) transparency through timely disclosure of important information about a company’s operations and financial\nperformance. While no set of proxy voting guidelines can anticipate all situations that may arise, the Adviser has adopted guidelines\ndescribing the Adviser’s general philosophy when proposals involve certain matters. The following is a summary of those guidelines:

Electing a Board of Directors – A board should be composed primarily\nof independent directors, and key board committees should be entirely independent. The Adviser generally supports efforts to declassify\nboards or other measures that permit shareholders to remove a majority of directors at any time;

Approving Independent Auditors – The relationship between a company\nand its auditors should be limited primarily to the audit engagement;
Providing Equity-Based Compensation Plans – Appropriately designed\nequity-based compensation plans, approved by shareholders, can be an effective way to align the interests of shareholders and the interests\nof directors, management, and employees by providing incentives to increase shareholder value. Conversely, the Adviser is opposed to plans\nthat substantially dilute ownership interests in the company, provide participants with excessive awards, or have inherently objectionable\nstructural features;
Corporate Voting Structure - Shareholders should have voting power\nequal to their equity interest in the company and should be able to approve or reject changes to a company’s by-laws by a simple\nmajority vote. The Adviser opposes super-majority requirements and generally supports the ability of shareholders to cumulate their votes\nfor the election of directors;
Shareholder Rights Plans - Shareholder rights plans, also known as\npoison pills, may tend to entrench current management, which the Adviser generally considers to have a negative impact on shareholder\nvalue; and
Other Investment Companies - When the Fund exercises voting rights,\nby proxy or otherwise, with respect to investment companies owned by the Fund, the Fund will either seek instruction from the Fund’s\nshareholders with regard to the voting of all proxies and vote in accordance with such instructions, or vote the shares held by the Fund\nin the same proportion as the vote of all other holders of such security.

Information regarding\nthe Fund’s proxy voting record during the most recent 12-month period ended June 30 is available at no charge, upon request, by\ncalling 1-855-318-2804. The information also is available on the SEC’s website at www.sec.gov. In addition, a copy of the Fund’s\nproxy voting policies and procedures are also available on the Fund’s website at https://frankfunds.com or by calling 1-855-318-2804\nand will be sent within 3 business days of receipt of a request.

CONTROL PERSONS\nAND PRINCIPAL HOLDERS OF SECURITIES

Control\nPersons and Principal Holders

Shareholders owning more than\n25% of the shares of the Fund who have the power to vote those shares are considered to “control” the Fund as that term is\ndefined under the 1940 Act. Persons controlling the Fund can determine the outcome of any proposal submitted to the shareholders\nfor approval, including changes to the Fund’s fundamental policies or the terms of the management agreement with the Adviser.

A principal shareholder is any\nperson who owns (either of record or beneficially) 5% or more of the outstanding shares of the Fund.

As of October 1, 2026, the following\npersons were the owners of 5% or more of the outstanding Institutional Class shares of the Fund.

Institutional Shares

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


\n Record (R) or Beneficial (B) Owner \n Name and Address	\n \n Status	Number of Shares	\n Percentage \n Ownership \n of Class
\n CHARLES SCHWAB & CO INC \n SPECIAL CUSTODY A/C FBO CUSTOM \n ATTN MUTUAL FUNDS \n 211 MAIN STREET \n SAN FRANCISCO, CA, 94105-1905	R	1,881,727	36.8%
\n LPL FINANCIAL \n OMNIBUS CUSTOMER ACCOUNT \n 4707 EXECUTIVE DRIVE \n SAN DIEGO, CA 92121-3091	R	800,256	15.7%

As of October 1, 2026, the following persons were the\nowners of 5% or more of the outstanding Class A shares of the Fund.

Class A Shares

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


\n Record (R) or Beneficial (B) Owner \n Name and Address	\n \n Status	Number of Shares	\n Percentage \n Ownership \n of Class
\n LPL FINANCIAL \n OMNIBUS CUSTOMER ACCOUNT \n 4707 EXECUTIVE DRIVE \n SAN DIEGO, CA 92121-3091	R	57,916	14.5%
\n CHARLES SCHWAB & CO INC \n SPECIAL CUSTODY A/C FBO CUSTOM \n ATTN MUTUAL FUNDS \n 211 MAIN STREET \n SAN FRANCISCO, CA, 94105-1905	R	53,341	13.3%
\n CHARLES SCHWAB & CO INC \n SPECIAL CUSTODY A/C FBO CUSTOM \n ATTN MUTUAL FUNDS \n 211 MAIN STREET \n SAN FRANCISCO, CA, 94105-1905	R	47,061	11.8%

Management\nOwnership

As of October 1, 2026,\nthe officers and Trustees, as a group, directly owned 0.1% of the shares of the Fund.

INVESTMENT ADVISORY\nAND OTHER SERVICES

Investment\nAdviser

The Trustees selected Camelot\nEvent-Driven Advisors, LLC as the adviser to the Fund. The Adviser is located at 1700 Woodlands Drive, Suite 100, Maumee, OH 43537. The\nAdviser is a limited liability company organized under the laws of Delaware, and it is registered with the SEC under the Investment Advisers\nAct of 1940, as amended (the “Advisers Act”). Under the terms of the management agreement (the “Agreement”), and\nsubject to the oversight of the Board, the Adviser is responsible for formulating the Fund’s investment policies, making ongoing\ninvestment decisions and engaging in portfolio transactions.

Under the terms of the Agreement,\nthe Adviser manages the Fund’s investments subject to approval of the Board; furnishes investment advice to the Fund on the basis\nof a continuous review of the portfolio; and recommends to the Fund when and to what extent securities should be purchased or sold. As\ncompensation for its management services, the Fund is obligated to pay the Adviser a fee computed and accrued daily and paid monthly at\nan annual rate of 1.30% of the average daily net assets of the Fund. For the fiscal years ended June 30, 2026, 2025, and 2024 the Adviser\naccrued $1,375,424, $1,209,217, and $1,403,600, in advisory fees, respectively, of which $68,893, $84,946, and $81,782, was waived/reimbursed\nby the Adviser, respectively.

The Agreement was approved for\nan initial term of two years, and will continue on a year to year basis, provided that continuance is approved at least annually by specific\napproval of the Board or by vote of the holders of a majority of the outstanding voting securities of the Fund. The Agreement was last\nrenewed on June 29, 2026. The Agreement may be terminated at any time without the payment of any penalty by the Board or by vote of a\nmajority of the outstanding voting securities of the Fund on not more than 60 days written notice to the Adviser. In the event of its\nassignment, the Agreement will terminate automatically. A discussion of the Board’s considerations in renewing the Agreement is\navailable in the Fund’s annual Form N-CSR dated June 30, 2026.

The Portfolio Managers

Thomas F. Kirchner, CFA, and Paul\nHoffmeister (the “Portfolio Managers”) are the portfolio managers responsible for the day-to-day management of the Fund. As\nof June 30, 2026, the Portfolio Managers were responsible for the management of the following types of accounts, in addition to the Fund:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\tAccount Type	Number of Accounts by Account Type	Total Assets By Account Type	Number of Accounts by Type Subject to a Performance Fee	Total Assets By Account Type Subject to a Performance Fee
Thomas F. Kirchner
Registered Investment Companies	0	$0	0	$0
Other Pooled Investment Vehicles	2	$3.8 million	2	$3.8 million
Other Accounts	0	$0	0	$0

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\nAccount Type	Number of Accounts by Account Type	Total Assets By Account Type	Number of Accounts by Type Subject to a Performance Fee	Total Assets By Account Type Subject to a Performance Fee
Paul Hoffmeister
Registered Investment Companies	0	$0	0	$0
Other Pooled Investment Vehicles	2	$3.8 million	2	$3.8 million
Other Accounts	84	$13.1 million	0	$0

The Adviser has not\nidentified any material conflicts between the Fund and other accounts managed by the Portfolio Managers. However, actual or apparent conflicts\nof interest may arise in connection with the day-to-day management of the Fund and the other accounts. The management of the Fund and\nthe other accounts may result in unequal time and attention being devoted to the Fund and the other accounts. Another potential conflict\nof interest may arise where another account has the same investment objective as the Fund, whereby the Portfolio Managers could favor\none account over another. Further, a potential conflict could include the Portfolio Managers’ knowledge about the size, timing and\npossible market impact of Fund trades, whereby the Portfolio Managers could use this information to the advantage of the other accounts\nand to the disadvantage of the Fund. These potential conflicts of interest could create the appearance that the Portfolio Managers are\nfavoring one investment vehicle over another. The Adviser has adopted a trade allocation policy requiring combined (“blocked”)\nexecution of trades when more than one account managed by the Adviser is purchasing the same security. Where the Fund and other accounts\nmanaged by the Portfolio Managers are purchasing the same security, the Adviser will execute the transaction on a blocked basis.

The Portfolio Managers\nare compensated by the Adviser through a base salary. Portfolio Managers also receive distributions of profits resulting from their ownership\nstakes in the Adviser.

The following table shows\nthe dollar range of equity securities beneficially owned by the Portfolio Managers in the Fund as of June 30, 2026.

\n \n \n \n \n \n \n \n \n \n

Name of Portfolio Manager	Dollar Range of Equity Securities in the Fund
Thomas F. Kirchner	$100,001 - $500,000
Paul Hoffmeister	$100,001 - $500,000

Custodian

Fund Services

Mutual Shareholder Services,\nLLC (“MSS”), 8000 Town Centre Drive, Suite 400, Broadview Heights, OH 44147, acts as the Fund’s transfer agent. MSS\nmaintains the records of the shareholder’s account, answers shareholders’ inquiries concerning their accounts, processes purchases\nand redemptions of the Fund’s shares, acts as dividend and distribution disbursing agent, and performs other transfer agent and\nshareholder service functions. MSS receives an annual fee from the Adviser of $11.50 per shareholder (subject to a minimum monthly fee\nof $775.00 per fund in the Fund Complex) for these transfer agency services.

In addition, MSS provides the\nFund with fund accounting services, which includes certain monthly reports, record-keeping and other management-related services. For\nits services as fund accountant, MSS receives an annual fee from the Fund based on the average value of the Fund. These fees are: from\n$0 to $25 million in assets the annual fee is $21,000, from $25 million to $50 million in assets the annual fee is $30,500, from $50 million\nto $75 million in assets the annual fee is $36,250, from $75 million to $100 million in assets the annual fee is $42,000, from $100 million\nto $125 million in assets the annual fee is $47,750, from $125 million to $150 million in assets the annual fee is $53,500, and for asset\nabove $150 million the annual fee is $59,250. The Fund will receive a discount ranging from 10-60% depending on the net assets of the\nFund until the Fund reaches $11 million in assets. For the fiscal years ended June 30, 2026, 2025, and 2024, the Fund paid $52,362, $48,398,\nand $52,644, for fund accounting services, respectively. For the fiscal years ended June 30, 2026, 2025, and 2024, the Fund paid $24,218,\n$24,050, and $23,691, for transfer agent fees, respectively.

Independent Registered Public Accounting Firm

The firm of Sanville\n& Company, 1011 Surrey Ln, Bldg 200, Flower Mound, TX 75022, has been selected as\nindependent public accountants for the Fund for the fiscal year ending June 30, 2027. Sanville & Company performs an annual\naudit of the Fund’s financial statements and provides financial, tax, and accounting services as requested.

Fund Administrator

Frank Capital Partners LLC\n(the “Administrator”) provides the Fund with certain compliance and administrative services including paying all of the operating\nexpenses of the Fund, except investment management fees;

expenses of shareholders’\nmeetings and proxy solicitations; advertising, promotion, and other expenses incurred directly or indirectly in connection with the sale\nor distribution of the Fund’s shares that the Fund is authorized to pay pursuant to Rule 12b-1 under the 1940 Act; all brokerage\nfees and commissions, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), and such extraordinary\nor non-recurring expenses as may arise, including litigation to which the Fund may be a party and indemnification of the Trust’s\nTrustees and officers with respect thereto. The Administrator is located at 781 Crandon Blvd., Unit 602, Key Biscayne, FL 33149.\n For these services, the Fund pays the Administrator a variable fee of 0.21% of the daily net assets of the Fund up to $50 million.\nFor assets in the range of $50 million to $75 million the variable fee will be 0.15%, and assets above $75 million will be charged 0.10%.\nFor the fiscal years ended June 30, 2026, 2025, and 2024, the Fund paid $180,610, $166,045, and $181,942, in administrative fees, respectively.

Distributor

Shares of the Fund are offered\non a continuous basis through Arbor Court Capital, LLC (the “Distributor”), 8000 Town Centre Drive, Suite 400, Broadview Heights,\nOH 44147.

Rule 12b-1\nPlan

The Trust has adopted a Plan of\nDistribution Pursuant to Rule 12b-1 under the 1940 Act for the Fund’s Class A shares (the “Plan”), pursuant to which\nClass A shares of the Fund are authorized to pay fees to the Distributor for providing distribution and/or shareholder services to the\nFund. Under the Plan, Class A shares of the Fund may pay distribution and/or shareholder service fees at an annual rate of 0.25%\nof Class A’s average net assets. Such fees are to be paid by the Fund monthly, or at such other intervals, as the Board shall\ndetermine. Such fees shall be based upon each share class’s average daily net assets during the preceding month, and shall be calculated\nand accrued daily. The Fund may pay fees to the Distributor at a lesser rate, as agreed upon by the Board and the Distributor. The Plan\nauthorizes payments to the Distributor as compensation for providing account maintenance services to Fund shareholders, including arranging\nfor certain securities dealers or brokers, administrators, and others (“Recipients”) to provide these services and paying\ncompensation for these services. Institutional Class shares do not have a 12b-1 plan.

The Distributor may be compensated by\nthe Adviser for its distribution and marketing efforts.

The Distributor is required to\nprovide a written report, at least quarterly to the Board, specifying in reasonable detail the amounts expended pursuant to the Plan and\nthe purposes for which such expenditures were made. Further, the Distributor will inform the Board of any Rule 12b-1 fees to be\npaid by the Adviser to Recipients.

The Plan became effective on February\n25, 2018. The initial term of the Plan was one year, and it will continue in effect from year to year, provided that such continuance\nis specifically approved at least annually by a majority of the Board and a majority of the Trustees who are not “interested persons”\nof the Trust and do not have a direct or indirect financial interest in the Plan (the “Plan Independent Trustees”) by votes\ncast in person at a meeting called for the purpose of voting on the Plan. The Plan may be terminated at any time by the Trust or the Fund\nby vote of a majority of the Plan Independent Trustees or by vote of a majority of the outstanding voting shares of the Fund.

The Plan may not be amended to\nincrease materially the amount of the Distributor’s compensation to be paid by the Fund, unless such amendment is approved by the\nvote of a majority of the outstanding voting securities of the respective class of the Fund (as defined in the 1940 Act). All material\namendments must be approved by a majority of the Board and a majority of the Plan Independent Trustees by votes cast in person at a meeting\ncalled for the purpose of voting on the Plan.

Any agreement related to the Plan\nwill be in writing and provide that: (a) it may be terminated by the Trust or the Fund at any time upon sixty days’ written notice,\nwithout the payment of any penalty, by vote of a majority of the respective Plan Independent Trustees, or by vote of a majority of the\noutstanding voting securities of the Trust or the Fund; (b) it will automatically terminate in the event of its assignment (as defined\nin the 1940 Act); and (c) it will continue in effect for a period of more than one year from the date of its execution or adoption only\nso long as such continuance is specifically approved at least annually by a majority of the Board and a majority of the Plan Independent\nTrustees by votes cast in person at a meeting called for the purpose of voting on such agreement.

For the fiscal year ended June\n30, 2026, $24,012 was paid by the Fund’s Class A shares under the Plan.

The table below states the principal\ntypes of activities for which the Fund made payments under the Plan for the fiscal year ended June 30, 2026.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Class A
Advertising & Sales Literature	$0
Printing & Mailing of Prospectuses	$0
Compensation to Underwriters	$0
Compensation to Broker Dealers	$24,012
Compensation to Sales Personnel	$0
Compensation to the Adviser for Other Distribution-Related Expenses	$0

BROKERAGE ALLOCATION\nAND OTHER PRACTICES

When the Fund and another of\nthe Adviser’s clients seek to purchase or sell the same security at or about the same time, the Adviser will execute the\ntransaction on a blocked basis. Blocked transactions can produce better execution for the Fund because of the increased volume of\nthe transaction. If the entire blocked order is not filled, the Fund may not be able to acquire as large a position in such security\nas it desires or it may have to pay a higher price for the security. Similarly, the Fund may not be able to obtain as large an\nexecution of an order to sell or as high a price for any particular portfolio security if the other client desires to sell the same\nportfolio security at the same time. In the event that the entire blocked order is not filled, the purchase or sale will normally be\nallocated on a pro rata basis. The Adviser may adjust the allocation when, taking into account such factors as the size of the\nindividual orders and transaction costs, the Adviser believes an adjustment is reasonable. In the fiscal years ended June 30, 2026,\n2025, and 2024 the Fund paid $226,964, $212,208, and $210,773 in brokerage fees.

PORTFOLIO TURNOVER

Portfolio turnover rate is calculated\nby dividing the lesser of the Fund’s sales or purchases of portfolio securities for the fiscal year (exclusive of purchases or sales\nof all securities whose maturities or expiration dates at the time of acquisition were one year or less) by the monthly average value\nof the securities in the Fund’s portfolio during the fiscal year. A 100% turnover rate would occur if all the securities in the\nFund’s portfolio, with the exception of securities whose maturities at the time of acquisition were one year or less, were sold\nand either repurchased or replaced within one year. The portfolio turnover rate for the Fund for the fiscal years ended June 30, 2026\nand June 30, 2025 was 53.18% and 76.80%, respectively.

DISCLOSURE OF\nPORTFOLIO HOLDINGS

The Fund is required to\ninclude a schedule of portfolio holdings in its annual and semi-annual reports, which are filed with the SEC on Form N-CSR within 70 days\nof the end of the second and fourth fiscal quarters. The Fund also is required to file a schedule of portfolio holdings with the SEC on\nForm N-PORT within 60 days of the end of the Fund’s first and third fiscal quarters. The Fund must provide a copy of the complete\nschedule of portfolio holdings as filed with the SEC to any shareholder of the Fund, upon request, free of charge. This policy is applied\nuniformly to all shareholders of the Fund without regard to the type of requesting shareholder (i.e., regardless of whether the shareholder\nis an individual or institutional investor). The Fund has an ongoing arrangement to release portfolio holdings to Morningstar for Morningstar\nto assign a rating or ranking to the Fund. Portfolio holdings will be supplied to Morningstar no more frequently than quarterly and only\nafter the Fund has filed a Form N-CSR or Form N-PORT with the SEC.

Pursuant to policies and\nprocedures adopted by the Board, the Fund has ongoing arrangements to release portfolio holdings information on a daily basis to the Adviser,\nthe Administrator, the transfer agent, the fund accounting agent and the custodian and on an as needed basis to other third parties providing\nservices to the Fund. The Adviser, Administrator, transfer agent, fund accounting agent and custodian receive portfolio holdings information\ndaily to carry out the essential operations of the Fund. The Fund discloses portfolio holdings to its auditors, legal counsel, proxy voting\nservices (if applicable), pricing services, printers, parties to merger and reorganization agreements and their agents, and prospective\nor newly hired investment advisers or sub-advisers as needed to provide services to the Fund. The lag between the date of the information\nand the date on which the information is disclosed to these third parties will vary based on the identity of the party to whom the information\nis disclosed. For instance, the information may be provided to auditors within days of the end of an annual period, while the information\nmay be given to legal counsel at any time.

The Fund, the Adviser,\nthe Administrator, the transfer agent, the fund accounting agent and the custodian are prohibited from entering into any special or ad\nhoc arrangements with any persons to make available information about the Fund’s portfolio holdings without the specific approval\nof the Board. Any party wishing to release portfolio holdings information on an ad hoc or special basis must submit any proposed arrangement\nto the Board, which will review such arrangement to determine whether it is (i) in the best interests of Fund shareholders, (ii) whether\nthe information will be kept confidential (based on the factors discussed below), (iii) whether sufficient protections are in place to\nguard against personal trading based on the information, and (iv) whether the disclosure presents a conflict of interest between the interests\nof Fund shareholders and those of the Adviser, or any affiliated person of the Fund or the Adviser. Additionally, the Adviser, and any\naffiliated persons of the Adviser, are prohibited from receiving compensation or other consideration,\nfor themselves or on behalf of the Fund, as a result of disclosing the Fund’s portfolio holdings.

PURCHASE, REDEMPTION,\nAND PRICING OF SHARES

Purchase\nof Shares

Investors may only purchase\nFund shares after receipt of a current Prospectus and by filling out and submitting an application supplied by the Fund.

Pricing\nof Shares

The price (net asset value) of\nthe shares of the Fund is determined at the close of trading (normally 4:00 p.m., Eastern time) on each day the NYSE is open for business.\nFor a description of the methods used to determine the net asset value, see “Determination of Net Asset Value” in the Prospectus.

TAX CONSEQUENCES

Under provisions of Subchapter\nM of the Internal Revenue Code of 1986 as amended, the Fund, by paying out substantially all of its investment income and realized capital\ngains, intends to be relieved of federal income tax on the amounts distributed to shareholders. To qualify as a “regulated investment\ncompany” under Subchapter M, at least 90% of the Fund’s income must be derived from dividends, interest and gains from securities\ntransactions, and no more than 50% of the Fund’s total assets may be in two or more securities that exceed 5% of the total assets\nof the Fund at the time of each security’s purchase. Not qualifying under Subchapter M of the Internal Revenue Code could cause\nthe Fund to be considered a personal holding company subject to normal corporate income taxes. This would reduce the value of shareholder\nholdings by the amount of taxes paid. Further, any subsequent dividend distribution of the Fund’s earnings after taxes generally\nwould be taxable as received by shareholders.

The Fund's net realized capital\ngains from securities transactions will be distributed only after reducing such gains by the amount of any available capital loss carryforwards.\nCapital losses may be carried forward indefinitely and retain the character of the original loss. Under prior law, capital losses could\nonly be carried forward to offset any capital gains for eight years, and carried forward as short-term capital losses, irrespective of\nthe character of the original loss. Capital loss carryforwards are available to offset future realized capital gains. To the extent that\nthese carryforwards are used to offset future capital gains it is probable that the amount offset will not be distributed to shareholders.\nCurrently available capital loss carry forwards as disclosed in the last annual Form N-CSR were $0.

Tax Distribution. The Fund’s\ndistributions (e.g. capital gains and dividend income), whether received by shareholders in cash or reinvested in additional shares of\nthe Fund, may be subject to federal income tax payable by shareholders. All income realized by the Fund, including short-term capital\ngains, will be taxable to the shareholder as ordinary income. Dividends from net income will be made annually or more frequently at the\ndiscretion of the Board. Dividends received shortly after purchase of Fund shares by an investor will have the effect of reducing the\nper share net asset value of his/her shares by the amount of such dividends or distributions. You should consult a tax advisor regarding\nthe effect of federal, state, local, and foreign taxes on an investment in the Fund.

Backup Withholding.\nThe Fund is required by federal law to withhold 24% of reportable payments (which may include dividends, capital gains, distributions\nand redemptions) paid to shareholders who have not complied with IRS regulations. To avoid this withholding requirement, you must certify\non a W-9 tax form supplied by the Fund that your Social Security or Taxpayer Identification Number provided is correct and that you are\nnot currently subject to back-up withholding, or that you are exempt from back-up withholding.

TAXATION OF\nTHE FUND

Foreign Account Tax\nCompliance Act. Payments to a shareholder that is either a foreign financial institution (“FFI”) or a non-financial foreign\nentity (“NFFE”) within the meaning of the Foreign Account Tax Compliance Act (“FATCA”) may be subject to a generally\nnonrefundable 30% withholding tax on: (a) income dividends paid by a fund and (b) certain capital gain distributions and the proceeds\narising from the sale of Fund shares paid by the Fund. FATCA withholding tax generally can be avoided: (a) by an FFI, subject to any applicable\nintergovernmental agreement or other exemption, if it enters into a valid agreement with the IRS to, among other requirements, report\nrequired information about certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b)\nby an NFFE, if it: (i) certifies that it has no substantial U.S. persons as owners or (ii) if it does have such owners, reports information\nrelating to them. The Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities\nor other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of the\nFund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

FINANCIAL STATEMENTS

PART C

OTHER INFORMATION

Item 28. Exhibits

(a) Articles of Incorporation – Declaration of Trust is incorporated by reference to the Registration Statement filed on March 16, 2004.

(a)(i) Amendment to Declaration of Trust\nis incorporated by reference to Post-Effective Amendment No. 5 to Registrant’s Registration Statement filed on July 31, 2008.

(a)(ii) Amendment to Declaration of Trust is incorporated by reference to Post-Effective Amendment No. 38 to Registrant’s Registration Statement filed on October 5,\n2020.

(a)(iii) Amendment to Declaration of Trust is incorporated by reference to Post-Effective Amendment No. 42 to Registrant’s Registration Statement filed on October 29,\n2021.

(b) By-Laws – By-laws are incorporated by\nreference to the Registration Statement filed on March 16, 2004.

(d)(i) Investment Advisory Contract – Management\nAgreement for the Frank Value Fund is filed herewith.

(d)(ii) Investment Advisory Contract – Management\nAgreement for the Camelot Event Driven Fund was previously filed as an exhibit to the Registrant’s Registration Statement (File\nNo. 333-23618) on Form N-14 on March 13, 2018 and is incorporated herein by reference.

(e) Underwriting Contracts – Distribution\nAgreement with Arbor Court Capital, LLC is incorporated by reference to Post-Effective Amendment No. 33 to the Registrant’s Registration\nStatement filed on October 30, 2018.

(f) Bonus or Profit Sharing Contracts –\nNone.

(g)(i) Custodian Agreement – Custody Agreement\nwith UMB Bank, N.A. is incorporated by reference to Post-Effective Amendment No. 43 to Registrant’s Registration statement filed\non October 31, 2022.

(g)(ii) Supplement to Custody Agreement with UMB\nBank, N.A. is incorporated by reference to Post-Effective Amendment No. 43 to Registrant’s Registration statement filed on October\n31, 2022.

(h)(i) Other Material Contracts – Adviser’s\ninvestment allocation policy is incorporated by reference to the Pre-Effective Amendment No. 2 to Registration Statement filed on July\n20, 2004.

(h)(ii) Other Material Contracts – Administration\nAgreement with Frank Capital Partners LLC for the Frank Value Fund and Camelot Event Driven Fund is filed herewith.

(h)(iii) Other Material Contracts – Administration Agreement with Frank Capital Partners LLC for the Camelot Event Driven Fund is incorporated by reference to Post-Effective Amendment No. 43 to Registrant’s Registration statement filed on October\n31, 2022.

(h)(iv) Other Material Contracts – Expense\nLimitation Letter Agreement for the Camelot Event Driven Fund is filed herewith.

(i)(i)(a) A Legal Opinion of Counsel to the Registrant,\nwith respect to the Frank Value Fund and the Leigh Baldwin Total Return Fund, is incorporated by reference to Post-Effective Amendment\nNo. 5 to Registrant’s Registration Statement filed on July 31, 2008.

(i)(i)(b) A Legal Opinion of Counsel to the Registrant,\nwith respect to the Camelot Event Driven Fund, is incorporated by reference to Post-Effective Amendment No. 32 to Registrant’s Registration\nStatement filed on June 27, 2018.

(i)(ii) Consent of Counsel is filed herewith.

(j) Consent of Auditor is filed herewith.

(k) Omitted Financial Statements – None.

(l) Initial Capital Agreements – Investment\nLetters of Initial Shareholders are incorporated by reference to the Pre-Effective Amendment No. 1 to the Registration Statement filed\non July 13, 2004.

(m)(i) Rule 12b-1 Plan – 12b-1 Plan for the Frank Value Fund’s Investor Class shares is incorporated by reference to Post-Effective Amendment No. 10 to Registrant’s\nRegistration Statement filed on September 15, 2010.

(m)(ii) Rule 12b-1 Plan – 12b-1 Plan for the Frank Value Fund’s Class C is incorporated by reference to Post-Effective Amendment No. 8 to Registrant’s Registration\nStatement filed on July 16, 2010.

(m)(iii) Rule 12b-1 Plan- 12b-1 Plan for Camelot Event-Driven Fund Filed on Form N-14 on March 13, 2018 and is incorporated herein by reference.

(n)(i) Rule 18f-3 Plan – Rule 18f-3 Plan for the Frank Value Fund is incorporated by reference to Post-Effective Amendment No. 10 to Registrant’s Registration Statement\nfiled on September 15, 2010.

(n)(ii) Rule 18f-3 Plan – Rule 18f-3 Plan for the Camelot Event-Driven Fund filed on Form N-14 on March 13, 2018 and is incorporated herein by reference.

(o) Reserved.

(p)(i) Code of Ethics – Code of Ethics of the Registrant and Frank Capital Partners LLC is incorporated by reference to the Post-Effective Amendment No. 1 to the Registration Statement\nfiled on September 1, 2005.

(p)(ii) Code of Ethics for Arbor Court Capital, LLC (distributor to the Frank Value Fund) is incorporated by reference to Post-Effective Amendment No. 33 to the Registrant’s Registration\nStatement filed on October 30, 2018.

(p)(iii) Code of Ethics for Camelot Event-Driven Advisors, LLC is incorporated by reference to Post-Effective Amendment No. 33 to the Registrant’s Registration Statement filed on\nOctober 30, 2018.

(q)(i) Powers of Attorney of the Registrant (and\na Certificate with respect thereto) and certain Trustees of the Registrant are incorporated by reference to the Pre-Effective Amendment\nNo. 1 to the Registration Statement filed on July 13, 2004.

(q)(ii) Powers of Attorney of Andrea Goncalves, Brian J. Frank, and Hemanshu Patel are incorporated by reference to Post-Effective Amendment No. 8 to Registrant’s Registration\nStatement filed on July 16, 2010.

(q)(iii) Power of Attorney of Jeffry Brown is\nincorporated by reference to Post-Effective Amendment No. 42 to Registrant’s Registration Statement filed on October 29, 2021.

Item 29. Persons Controlled by or Under Common Control With the Fund\n– None.

Item 30. Indemnification

(a) Article VI of the Registrant’s Declaration of Trust provides\nfor indemnification of officers and Trustees as follows:

Section 6.4 Indemnification of Trustees, Officers,\netc. Subject to and except as otherwise provided in the Securities Act of 1933, as amended, and the 1940 Act, the Trust shall indemnify\neach of its Trustees and officers (including persons who serve at the Trust’s request as directors, officers or trustees of another\norganization in which the Trust has any interest as a shareholder, creditor or otherwise (hereinafter referred to as a “Covered\nPerson”) against all liabilities, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines\nand penalties, and expenses, including reasonable accountants’ and counsel fees, incurred by any Covered Person in connection with\nthe defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or legislative\nbody, in which such Covered Person may be or may have been involved as a party or otherwise or with which such person may be or may have\nbeen threatened, while in office or thereafter, by reason of being or having been such a Trustee or officer, director or trustee, and\nexcept that no Covered Person shall be indemnified against any liability to the Trust or its Shareholders to which such Covered Person\nwould otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved\nin the conduct of such Covered Person’s office.

Section 6.5 Advances of Expenses. The Trust\nshall advance attorneys’ fees or other expenses incurred by a Covered Person in defending a proceeding to the full extent permitted\nby the Securities Act of 1933, as amended, the 1940 Act, and Ohio Revised Code Chapter 1707, as amended. In the event any of these laws\nconflict with Ohio Revised Code Section 1701.13(E), as amended, these laws, and not Ohio Revised Code Section 1701.13(E), shall govern.

Section 6.6 Indemnification Not Exclusive,\netc. The right of indemnification provided by this Article VI shall not be exclusive of or affect any other rights to which any such\nCovered Person may be entitled. As used in this Article VI, “Covered Person” shall include such person’s heirs, executors\nand administrators. Nothing contained in this article shall affect any rights to indemnification to which personnel of the Trust, other\nthan Trustees and officers, and other persons may be entitled by contract or otherwise under law, nor the power of the Trust to purchase\nand maintain liability insurance on behalf of any such person.

The Registrant may not pay for insurance which\nprotects the Trustees and officers against liabilities rising from action involving willful misfeasance, bad faith, gross negligence or\nreckless disregard of the duties involved in the conduct of their offices.

(b) The Registrant may maintain a standard mutual\nfund and investment advisory professional and directors and officers liability policy. The policy, if maintained, would provide coverage\nto the Registrant, its Trustees and officers, and could cover its advisers, among others. Coverage under the policy would include losses\nby reason of any act, error, omission, misstatement, misleading statement, neglect or breach of duty.

(c) Insofar as indemnification for liabilities\narising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to\nthe provisions of Ohio law and the Agreement and Declaration of the Registrant or the By-Laws of the Registrant, or otherwise, the Registrant\nhas been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed\nin the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment\nby the Registrant of expenses incurred or paid by a Trustee, officer or controlling person of the Trust in the successful defense of any\naction, suit or proceeding) is asserted by such Trustee, officer or controlling person in connection with the securities being registered,\nthe Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate\njurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by\nthe final adjudication of such issue.

(d) The Trust has agreed to indemnify, defend\nand hold its underwriter Arbor Court Capital, LLC (“Arbor”), its several officers and directors, and any person who controls\nArbor within the meaning of Section 15 of the Securities Act free and harmless from and against any claims, demands, liabilities and expenses\nwhich Arbor, its officers and directors, or any such controlling persons, may incur under the Securities Act, the 1940 Act, or common\nlaw or otherwise, arising out of or based upon its position as underwriter for the Trust. The Trust’s agreement to indemnify Arbor,\nits offers and directors, and any such controlling persons does not cover any such claim, demand liability or expense to the extent it\narises out of or is based upon (ii) any untrue statement made by the Trust in reliance on information furnished by Arbor, its officers,\ndirectors or controlling persons, or (ii) the willful misfeasance, bad faith or gross negligence in the performance of Arbor’s duties,\nor by reason of Arbor’s reckless disregard of its obligations and duties under the Underwriting Agreement between Arbor and the\nTrust.

Item 31. Business and Other Connections of the Investment Advisers

(a) Certain information pertaining to the business\nand other connections of Frank Capital Partners, LLC, the Adviser to the Frank Value Fund, is incorporated herein by reference to the\nsection of the Prospectus captioned “Management of the Fund” and to the section of the Statement of Additional Information\ncaptioned “Investment Advisor”. The information required by this Item 31 with respect to each director, officer or partner\nof Frank Capital Partners is incorporated by reference to Form ADV filed by Frank Capital Partners, LLC with the Securities and Exchange\nCommission pursuant to the Investment Advisers Act of 1940, as amended (File No. 801-62245).

(b) Certain information pertaining to the business\nand other connections of Camelot Event Driven Advisors, LLC, the Adviser to the Camelot Event-Driven Fund, is incorporated herein by reference\nto the section of the Prospectus captioned “Management of the Fund” and to the section of the Statement of Additional Information\ncaptioned “Investment Advisor.” The information required by this Item 31 with respect to each director, officer or partner\nof Camelot Event Driven Advisors, LLC is incorporated by reference to Form ADV filed by Camelot Event Driven Advisors, LLC with the Securities\nand Exchange Commission pursuant to the Investment Advisers Act of 1940, as amended (IARD No. 291798).

Item 32. Principal Underwriters

(a) Arbor Court Capital, LLC, the principal underwriter\nto the Frank Value Fund and the Camelot Event-Driven Fund, also acts as the principal underwriter to Ancora Trust, Archer Investment Series\nTrust, Clark Fork Trust, Collaborative Investment Series Trust, GL Beyond Income Fund, MSS Series Trust, Neiman Funds, PSG Capital Management\nTrust, Second Nature Series Trust, The Monteagle Funds, and The MP63 Fund.

(b) Frank Family of Funds - Arbor Court Capital,\nLLC (“ACC”), 8000 Town Centre Drive, Suite 400, Broadview Heights, Ohio 44147, serves as the Trust’s principal underwriter.\nACC also serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as\namended: DSS AmericaFirst Funds, Ancora Trust, Archer Investment Series Trust, Berkshire Focus Fund, Clark Fork Trust, Collaborative Investment\nSeries Trust, Footprints Discover Value Fund, Monteagle Funds, MP63 Fund, Inc., Neiman Funds, Parvin Hedged Equity Solari World Fund,\nPFS Fund Trust, Ranger Funds Investment Trust, and WP Trust.

ACC is registered with Securities\nand Exchange Commission as a broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. The principal business\naddress of ACC is 8000 Town Centre Drive, Suite 400, Broadview Heights, Ohio 44147. To the best of Registrant’s knowledge, the following\nare the officers of ACC:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name and Principal Business Address	Positions and Offices with Underwriter	Positions and Offices with Fund
\n Gregory B. Getts \n 8000 Town Centre Dr. Suite 400 Broadview Heights, OH 44147	President, Member, and CFO	None
\n Steven Milcinovic \n 8000 Town Centre Dr. Suite 400 Broadview Heights, OH 44147	COO and Financial Principal	None
\n David W. Kuhr \n 2000 Auburn Drive Suite 120 \n Beachwood, OH 44122	Chief Compliance Officer	None

(c) To the best of Registrant’s knowledge,\nthe following are the commissions and other compensation received, directly, or indirectly, from the Funds during the last fiscal year\nby each principal underwriter who is not an affiliated person of the Funds or any affiliated person of an affiliated person:

\n \n \n \n \n \n \n \n \n \n \n \n \n

Name of Principal Underwriter	Net Underwriting Discounts and Commissions	Compensation on Redemption and Repurchases	Brokerage Commissions	Other Compensation
Arbor Court Capital, LLC	$0	$0	$0	$14,000

Item 33. Location of Accounts and Records

All accounts, books and documents required to\nbe maintained by the Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 thereunder\nare maintained at the office of the Registrant and the Transfer Agent at 8000 Town Centre Road, Suite 400, Broadview Heights, Ohio 44147,\nexcept that all records relating to the activities of the Fund’s Custodian are maintained at the office of the Custodian, 928 Grand\nBoulevard, Kansas City, Missouri 64106.

Item 34. Management Services

None.

Item 35. Undertakings

None.

SIGNATURES

Pursuant to the requirements of\nthe Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for\neffectiveness of this registration statement under Rule 485(b) under the Securities Act and has duly caused this Registration Statement\nto be signed on its behalf by the undersigned, duly authorized, in the City of New York, State of New York, on the 28th day of October\n2026.

Frank Funds

By: Brian J. Frank*

President

Pursuant to the requirements of\nthe Securities Act this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Signature	Title	Date
Brian J. Frank*	Trustee/President/Treasurer/ Principal Executive Officer/Principal Financial Officer	10/28/2026
Jason W. Frey*	Trustee	10/28/2026
Andrea Nitta*	Trustee	10/28/2026
Hemanshu Patel*	Trustee	10/28/2026
\n Jeffry Brown* \n	Trustee	10/28/2026
		\n *By: /s/ JoAnn M. Strasser \n JoAnn M. Strasser \n Attorney-in-Fact \n October 28, 2026

Exhibits

(d)(i)\t      Management Agreement for the Frank Value Fund

(h)(ii)

Administration Agreement with Frank Capital Partners LLC for the Frank Value Fund

(h)(iv)\t    Expense Limitation Letter Agreement for the Camelot Event\nDriven Fund

(i)(ii)\t       Consent of Counsel

(j)    Consent of Auditor

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