This is a Vintage Lisa Frank TRENDS,  2 Pocket Folder with 3-Ring punched holes for use in a binder.  

This original 90's folder displays a vibrant image of a Marti Gras clown / masquerader with a rainbow of festive colors!
Pre-owned with signs of use and wear, such as a former students' name written on the inside pocket.  I took many detailed photos for your reference. 

Size: 9 1/2" x 12"

Thank you!