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Schedule of Investments |
March 31, 2021 (unaudited) |
Frank Value Fund |
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| | | | | Shares or Principal | | |
Security Description | | | Amount ($) | | Fair Value ($)(1) |
| | | | | |
Common Stocks - 48.85% |
| | | | | | | |
Apparel & Other Finished Prods of Fabrics & Similar Material - 3.45% | | | | |
Under Armour, Inc. Class C (2) | | | 30,254 | | 558,489 |
| | | | | | | |
Cable & Other Pay Television Subscriptions - 1.98% | | | | | |
Liberty Latin America Ltd. Class C (2) | | | 24,758 | | 321,359 |
| | | | | | | |
Cigarettes - 6.88% | | | | | | |
Altria Group, Inc. | | | | 11,715 | | 599,340 |
Philip Morris International, Inc. | | | 5,807 | | 515,313 |
| | | | | | | |
| | | | | | | 1,114,653 |
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Gold and Silver Ores - 7.51% | | | | | |
Barrick Gold Corp. | | | | 29,365 | | 581,427 |
Newmont Goldcorp Corp. | | | 10,562 | | 636,572 |
| | | | | | | |
| | | | | | | 1,217,999 |
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Hotels, Rooming Houses, Camps - 2.52% | | | | | |
Civeo Corp. (2) | | | | 26,650 | | 408,012 |
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Oil & Gas Field Machinery & Equipment - 8.28% | | | | | |
Dril-Quip, Inc. (2) | | | | 10,782 | | 358,286 |
Now, Inc. (2) | | | | 97,539 | | 984,168 |
| | | | | | | |
| | | | | | | 1,342,454 |
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Petroleum Refining - 1.98% | | | | | |
CVR Energy, Inc. (2) | | | | 16,767 | | 321,591 |
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Services-Computer Programming, Data Processing, Etc. - 5.24% | | | | | |
Twitter, Inc. (2) | | | | 13,350 | | 849,460 |
| | | | | | | |
Services-Advertising Agencies - 3.39% | | | | | |
Omnicom Group, Inc. | | | | 7,406 | | 549,155 |
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Services-Business Services, NE - 3.59% | | | | | |
EBay, Inc. | | | | | 9,493 | | 581,351 |
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Services - Personal Services - 4.04% | | | | | |
H&R Block, Inc. | | | | 30,035 | | 654,763 |
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Total Common Stock | | | | (Cost $ 5,569,390) | | 7,919,286 |
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Corporate Bonds (7) - 2.90% |
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GameStop Corp. 10.000%, 03/15/2023 (2) | 450,000 | | 470,250 |
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Total Corporate Bonds | (Cost $ 450,296) | | 470,250 |
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Exchange-Traded Funds (8) - 11.59% |
| | | |
PIMCO 25+ Year Zero Coupon US Treasury Index ETF | 300 | | 39,579 |
Sprott Physical Gold Trust ETF (2) | 102,944 | | 1,380,479 |
Vanguard Extended Duration Treasury ETF (2) | | | 3,657 | | 458,990 |
| | | |
Total Registered Investment Companies | (Cost $ 1,807,857) | | 1,879,048 |
| | | |
U.S. Government Obligations (7) - 16.15% |
| | | |
U.S. Treasury Note Bond, 1.125%, 09/30/2021 | 1,000,000 | | 1,005,391 |
U.S. Treasury Strips Principal 0.000%, 02/15/2050 | 2,083,186 | | 1,613,382 |
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Total U.S. Government Obligations | (Cost $ 3,110,672) | | 2,618,773 |
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Money Market Registered Investment Companies - 19.90% |
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Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - 0.01% (5) | 3,225,896 | | 3,225,896 |
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Total Money Market Registered Investment Companies | (Cost $ 3,225,896) | | 3,225,896 |
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Total Investments - 99.40% | (Cost $ 10,995,243) | | 16,113,253 |
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Other Assets less Liabilities - .60% | | | 97,287 |
| | | |
Total Net Assets - 100.00% | | | 16,210,540 |
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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) |
|
The following is a summary of the inputs used as of March 31, 2021 in valuing the Fund's assets carried at fair value: |
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| | | | | Investments in | | Other Financial |
Valuation Inputs | | | | Securities | | Instruments (9) |
Level 1 - Quoted Prices | | | $ | 13,024,230 | $ | - |
Level 2 - Other Significant Observable Inputs | | | 3,089,023 | | - |
Level 3 - Significant Unobservable Inputs | | | - | | - |
Total | | | | $ | 16,113,253 | $ | 0 |
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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) All or a portion of this security is on loan. |
(4) Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at March 31, 2021. |
(5) Variable rate security; the coupon rate shown represents the yield at March 31, 2021. |
(6) Assets of affiliates to the Conservative Allocation Fund held for the benefit of the Fund's Trustees in connection with the Trustees Deferred Compensation Plan. |
(7) Fair valued security deemed as Level 2 security. |
(8) Exchange-traded fund. |
(9) Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized |
appreciation/depreciation on the instrument. |
