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Schedule of Investments |
March 31, 2022 (unaudited) |
Frank Value Fund |
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| | | | | Shares or Principal | | |
Security Description | | | Amount ($) | | Fair Value ($)(1) |
| | | | | |
Common Stocks - 83.91% |
| | | | | | | |
Apparel & Other Finished Prods of Fabrics & Similar Material - 5.20% | | | | |
Under Armour, Inc. Class C (2) | | | 58,647 | | 912,548 |
| | | | | | | |
Bottled & Canned Soft Drinks & Carbonated Waters - 6.54% | | | | | |
Coca-Cola FEMSA, S.A.B. de C.V. Series L ADR (2) | | | 15,934 | | 845,900 |
Zevia PBC-A (2) | | | | 65,812 | | 300,761 |
| | | | | | | |
| | | | | | | 1,146,661 |
| | | | | | | |
Cable & Other Pay Television Subscriptions - 1.35% | | | | | |
Liberty Latin America Ltd. Class C (2) | | | 24,683 | | 236,710 |
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Cigarettes - 4.44% | | | | | | |
Philip Morris International, Inc. | | | 8,285 | | 778,293 |
| | | | | | | |
Hotels, Rooming Houses, Camps - 4.24% | | | | | |
Civeo Corp. (2) | | | | 31,505 | | 743,676 |
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Oil & Gas Field Machinery & Equipment - 7.42% | | | | | |
Dril-Quip, Inc. (2) | | | | 14,978 | | 559,428 |
Now, Inc. (2) | | | | | 67,226 | | 741,503 |
| | | | | | | |
| | | | | | | 1,300,931 |
| | | | | | | |
Oil & Gas Field Services, NEC - 3.98% | | | | | |
Nextier Oilfield Solutions, Inc. (2) | | | 75,480 | | 697,435 |
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Petroleum Refining- 7.26% | | | | | |
Calumet Specialty Products Partners, L.P. (2) | | | 49,665 | | 675,940 |
CVR Energy, Inc. (2) | | | | 21,502 | | 549,161 |
Delek US Holdings, Inc. (2) | | | 2,255 | | 47,851 |
| | | | | | | |
| | | | | | | 1,272,952 |
| | | | | | | |
Pharma & Specialty Distribution - 3.19% | | | | | |
Cardinal Health, Inc. | | | | 9,867 | | 559,459 |
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Services Advertising Agencies - 2.90% | | | | | |
Omnicom Group, Inc. | | | | 6,000 | | 509,280 |
| | | | | | | |
Services-Business Services, NE - 16.24% | | | | | |
Ebay, Inc. | | | | | 16,753 | | 959,277 |
Paypal Holdings, Inc. (2) | | | | 16,333 | | 1,888,912 |
| | | | | | | |
| | | | | | | 2,848,189 |
| | | | | | | |
Services-Computer Intergrated S - 0.55% | | | | | |
Lastminute.com NV (2) | | | | 2,499 | | 96,461 |
| | | | | | | |
Services-Computer Programming, Data Processing, Etc. - 7.95% | | | | | |
Twitter, Inc. (2) | | | | 36,014 | | 1,393,382 |
| | | | | | | |
Services - Personal Services - 5.04% | | | | | |
H&R Block, Inc. | | | | 33,932 | | 883,589 |
| | | | | | | |
Steel Works & Blast Furnaces - 3.11% | | | | | |
Algoma Steel Group, Inc. | | | 48,500 | | 545,625 |
| | | | | | | |
Wholesale-Drugs Proprietaries - 4.50% | | | | | |
McKesson Corp. | | | | 2,578 | | 789,203 |
| | | | | | | |
Total Common Stock | | | | (Cost $ 12,334,221) | | 14,714,394 |
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U.S. Government Obligations (4) - 6.80% |
| | | |
U.S. Treasury Strips Principal 0.000%, 02/15/2051 | 2,414,000 | | 1,193,906 |
| | | |
Total U.S. Government Obligations | (Cost $ 1,243,718) | | 1,193,906 |
| | | |
Money Market Registered Investment Companies - 3.06% |
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - 0.01% (3) | 535,846 | | 535,846 |
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Total Money Market Registered Investment Companies | (Cost $ 535,846) | | 535,846 |
| | | |
Total Investments - 93.77% | (Cost $ 14,113,785) | | 16,444,146 |
| | | |
Other Assets less Liabilities - 6.23% | | | 1,092,434 |
| | | |
Total Net Assets - 100.00% | | | 17,536,580 |
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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, 2022 in valuing the Fund's assets carried at fair value: |
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| | | | | | | |
| | | | | Investments in | | Other Financial |
Valuation Inputs | | | | Securities | | Instruments |
Level 1 - Quoted Prices | | | $ | 15,250,240 | $ | - |
Level 2 - Other Significant Observable Inputs | | | 1,193,906 | | - |
Level 3 - Significant Unobservable Inputs | | | - | | - |
Total | | | | $ | 16,444,146 | $ | 0 |
| | | | | | | |
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) Variable rate security; the coupon rate shown represents the yield at March 31, 2022. |
(4) Fair valued security deemed as Level 2 security. |
