a b s t r a c tA triple of vertices in a graph is a frustrated triangle if it induces an odd number of edges.We study the set F n ⊂ [0, n 3 ] of possible number of frustrated triangles f (G) in a graph G on n vertices. We prove that about two thirds of the numbers in [0, n 3/2 ] cannot appear in F n , and we characterise the graphs G with f (G) ∈ [0, n 3/2]. More precisely, our main result is that, for each n ≥ 3, F n contains two interlacing sequences 0and only if G can be obtained from a complete bipartite graph by flipping exactly t edges/nonedges. On the other hand, we show, for all n sufficiently large, that if m, then m ∈ F n where f (n) is asymptotically best possible with f (n) ∼ n 3/2 for n even and f (n) ∼ √ 2n 3/2 for n odd. Furthermore, we determine the graphs with the minimum number of frustrated triangles amongst those with n vertices and e ≤ n 2 /4 edges.