Schedule of Investments | |||||||
March 31, 2023 (unaudited) | |||||||
Frank Value Fund | |||||||
Shares or Principal | |||||||
Security Description |
|
| Amount ($) |
| Fair Value ($)(1) | ||
| |||||||
Common Stocks - 76.70% | |||||||
Air Transportation, Scheduled - 1.14% | |||||||
Harbor Diversified, Inc. (2) | 132,250 | 261,855 | |||||
Bottled & Canned Soft Drinks & Carbonated Waters - 6.76% | |||||||
Coca-Cola FEMSA S.A.B. de C.V. Series L ADR (2) | 19,255 | 1,549,450 | |||||
Cigarettes - 5.67% | |||||||
Altria Group, Inc. | 14,493 | 646,677 | |||||
British American Tobacco ADR | 18,547 | 651,371 | |||||
1,298,048 | |||||||
Communications Services, NEC- 4.01% | |||||||
Cogent Communications Holdings, Inc. | 14,418 | 918,715 | |||||
Electric & Other Services Combined - 5.03% | |||||||
PG&E Corp. (2) | 71,219 | 1,151,611 | |||||
Natural Gas Transmission - 4.73% | |||||||
Energy Transfer L.P. | 86,837 | 1,082,857 | |||||
Oil & Gas Field Services - 2.45% | |||||||
Nextier Oilfield Solutions, Inc. (2) | 70,538 | 560,777 | |||||
Petroleum Refining- 15.55% | |||||||
Calumet Specialty Products Partners, L.P. (2) | 114,074 | 1,982,606 | |||||
CVR Energy, Inc. | 26,896 | 881,651 | |||||
PBF Energy | 16,117 | 698,833 | |||||
3,563,090 | |||||||
Poultry Slaughtering and Processing - 3.05% | |||||||
Tyson Foods (2) | 11,766 | 697,959 | |||||
Retail-Eating Places - 3.60% | |||||||
Jack In The Box, Inc. | 9,429 | 825,886 | |||||
Services-Business Services - 10.60% | |||||||
International Money Express, Inc. (2) | 29,126 | 750,868 | |||||
PayPal Holdings, Inc. (2) | 22,088 | 1,677,363 | |||||
2,428,231 | |||||||
Services - Computer Processing & Data Preparation - 2.60% | |||||||
Trivago N.V. ADR (2) | 395,169 | 596,705 | |||||
Services-Prepackaged Software - 3.51% | |||||||
Opera Ltd. ADR (2) | 79,142 | 804,874 | |||||
Travel Services - 3.93% | |||||||
lastminute.com N.V. (Switzerland) (2) | 36,685 | 899,767 | |||||
Wholesale-Drugs, Proprietaries & Druggists' Sundries - 4.07% | |||||||
Cardinal Health, Inc. | 12,346 | 932,123 | |||||
Total Common Stock | (Cost $ 15,774,821) | 17,571,948 | |||||
Corporate Bonds (4) - 3.31% | |||||||
Pacific Gas & Electric Co., 1.70% 11/15/2023 | 780,000 | 760,896 | |||||
Total U.S. Government Obligations | (Cost $ 766,930) | 760,896 | |||||
Real Estate Investment Trusts - 2.60% | |||||||
Postal Realty Trust, Inc. Class A | 39,325 | 598,527 | |||||
Total U.S. Government Obligations | (Cost $ 579,619) | 598,527 | |||||
U.S. Government Obligations (4) - 11.85% | |||||||
United States Treasury Note, 2.125%, 7/31/2024 | 780,000 | 756,813 | |||||
US Treasury Bill, 0.000%, 5/04/2023 | 1,000,000 | 996,022 | |||||
US Treasury Bill, 0.000%, 1/25/2024 | 1,000,000 | 963,782 | |||||
Total U.S. Government Obligations | (Cost $ 2,729,101) | 2,716,617 | |||||
Money Market Registered Investment Companies - 2.46% | |||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - 4.667% (3) | 563,584 | 563,584 | |||||
Total Money Market Registered Investment Companies | (Cost $ 563,584) | 563,584 | |||||
Total Investments - 96.95% | (Cost $ 20,414,056) | 22,211,572 | |||||
Other Assets less Liabilities - 3.05% | 698,469 | ||||||
Total Net Assets - 100.00% | 22,910,041 | ||||||
(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, 2023 in valuing the Fund's assets carried at fair value: | |||||||
|
|
|
|
| Investments in |
| Other Financial |
Valuation Inputs |
|
|
| Securities |
| Instruments | |
Level 1 - Quoted Prices |
|
| $ | 18,734,059 | $ | - | |
Level 2 - Other Significant Observable Inputs |
|
| 3,477,513 |
| - | ||
Level 3 - Significant Unobservable Inputs |
|
| - |
| - | ||
Total |
|
|
| $ | 22,211,572 | $ | 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. | |||||||
(2) Represents non-income producing securities. | |||||||
(3) Variable rate security; the coupon rate shown represents the yield at March 31, 2023. | |||||||
(4) Fair valued security deemed as Level 2 security. |
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NPORT-P Filing
Frank Value Fund (FRNKX) NPORT-PFrank Value Fund (Mar 2023 report)
Filed: 26 May 23, 11:31am