Schedule of Investments | |||||||
March 31, 2020 (unaudited) | |||||||
Frank Value Fund | |||||||
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| Shares or Principal |
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Security Description |
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| Amount ($) |
| Fair Value ($)(1) | ||
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Common Stocks - 24.51% | |||||||
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Apparel & Other Finished Products - 1.67% |
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Under Armour, Inc. (2) | 22,286 |
| 179,625 | ||||
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Cable & Other Pay Television Services - 2.54% |
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Liberty Latin America Ltd. Class-A (2) | 10,017 |
| 105,379 | ||||
Liberty Latin America Ltd. Class-C (2) | 16,390 |
| 168,161 | ||||
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| 273,540 | ||||
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Fire, Marine Casulaty Insurance - 4.33% |
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Berkshire Hathaway, Inc. Class-B | 2,553 |
| 466,765 | ||||
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Gold & Silver Ores - 7.27% |
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Barrick Gold Corp. | 22,654 |
| 415,021 | ||||
Newmont Corp. | 8,148 |
| 368,942 | ||||
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| 783,963 | ||||
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Services-Computer Programming, Data Processing, Etc. - 2.35% |
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Twitter, Inc. (2) | 10,300 |
| 252,968 | ||||
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Wholesale-Drugs, Proprietary - 6.36% |
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AmerisourceBergen Corp. | 4,009 |
| 354,797 | ||||
McKesson Corp. | 2,450 |
| 331,387 | ||||
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| 686,184 | ||||
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Total Common Stocks | (Cost $ 2,220,858) |
| 2,643,045 | ||||
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Corporate Bonds - 2.96% (4) | |||||||
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GameStop Corp., 6.75%, 03/15/2021 | 450,000 |
| 319,500 | ||||
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Total Corporate Bonds | (Cost $ 450,296) |
| 319,500 | ||||
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Exchange Traded Funds - 9.66% (3) | |||||||
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Sprott Physical Gold Trust (2) | 79,419 |
| 1,041,977 | ||||
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Total Exchange Traded Funds | (Cost $ 904,394) |
| 1,041,977 | ||||
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U.S. Government Obligations - 28.06% (4) | |||||||
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U.S. Treasury Note Bond, 1.125%, 04/30/2020 | 1,000,000 |
| 1,000,832 | ||||
U.S. Treasury Note Bond, 1.375%, 01/31/2021 | 1,000,000 |
| 1,010,938 | ||||
U.S. Treasury Note Bond, 1.125%, 09/30/2021 | 1,000,000 |
| 1,013,750 | ||||
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Total U.S. Treasury Government Obligations | (Cost $ 2,985,004) |
| 3,025,520 | ||||
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Money Market Registered Investment Companies - 34.01% | |||||||
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Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio, 0.34% (5) | 3,666,470 |
| 3,666,470 | ||||
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Total Money Market Registered Investment Companies | (Cost $ 3,666,470) |
| 3,666,470 | ||||
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Total Investments - 99.21% | (Cost $ 10,227,022) |
| 10,696,512 | ||||
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Other Assets less Liabilities - 0.79% |
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| 85,271 | ||||
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Total Net Assets - 100.00% |
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| 10,781,783 | ||||
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(1) Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments. | |||||||
These inputs are summarized in the three broad levels listed below. | |||||||
• Level 1 - quoted prices in active markets for identical securities | |||||||
• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | |||||||
• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | |||||||
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The following is a summary of the inputs used as of March 31, 2020 in valuing the Fund's assets carried at fair value: | |||||||
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| Investments in |
| Other Financial |
Valuation Inputs |
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| Securities |
| Instruments (9) | |
Level 1 - Quoted Prices |
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| $ | 7,351,492 | $ | - | |
Level 2 - Other Significant Observable Inputs |
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| 3,345,020 |
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Level 3 - Significant Unobservable Inputs |
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Total |
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| $ | 10,696,512 | $ | - |
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The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term | |||||||
debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment | |||||||
Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active | |||||||
market, such securities are reflected as Level 2. | |||||||
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(2) Represents non-income producing securities. | |||||||
(3) Exchange Traded Funds. | |||||||
(4) Level 2 Security. | |||||||
(5) Investment in affiliate. The yield shown represents the 7-day yield in effect at March 31, 2020. | |||||||
