Schedule of Investments | |||||||
September 29, 2023 (unaudited) | |||||||
Frank Value Fund | |||||||
Shares or Principal | |||||||
Security Description |
|
| Amount ($) |
| Fair Value ($)(1) | ||
| |||||||
Common Stocks - 80.38% | |||||||
Bottled & Canned Soft Drinks & Carbonated Waters - 6.72% | |||||||
Coca-Cola FEMSA S.A.B. de C.V. Series L ADR (2) | 15,717 | 1,232,841 | |||||
Cigarettes - 11.44% | |||||||
Altria Group, Inc. | 11,827 | 497,326 | |||||
British American Tobacco PLC ADR | 15,135 | 475,390 | |||||
Philip Morris International, Inc. | 6,110 | 565,664 | |||||
Vector Group, Ltd. | 52,600 | 559,664 | |||||
2,098,044 | |||||||
Communications Services, NEC- 3.97% | |||||||
Cogent Communications Holdings, Inc. | 11,771 | 728,625 | |||||
Electric & Other Services Combined - 5.11% | |||||||
PG&E Corp. (2) | 58,115 | 937,395 | |||||
Electric Services - 6.93% | |||||||
Algonquin Power & Utilities Corp. | 50,275 | 297,628 | |||||
NRG Energy, Inc. | 25,300 | 974,556 | |||||
1,272,184 | |||||||
Natural Gas Transmission - 5.42% | |||||||
Energy Transfer L.P. | 70,863 | 994,208 | |||||
Petroleum Refining- 13.75% | |||||||
Calumet Specialty Products Partners, L.P. (2) | 132,074 | 2,522,613 | |||||
Poultry Slaughtering and Processing - 2.64% | |||||||
Tyson Foods, Inc. Class A | 9,603 | 484,856 | |||||
Radio & TV Broadcasting & Communications - 2.98% | |||||||
Ericsson LM Telephone Co. | 112,500 | 546,750 | |||||
Retail - Auto & Home Supply Stores - 1.51% | |||||||
Advance Auto Parts, Inc. (2) | 4,960 | 277,413 | |||||
Retail - Eating Places - 6.36% | |||||||
Arcos Dorados Holdings, Inc. Class A | 65,364 | 618,343 | |||||
Jack In the Box, Inc. | 7,934 | 547,922 | |||||
1,166,265 | |||||||
Retail - Variety Stores - 0.96% | |||||||
Dollar General Corp. (2) | 1,665 | 176,157 | |||||
Services-Business Services - 9.42% | |||||||
International Money Express, Inc. (2) | 23,770 | 402,426 | |||||
Nuvei Corporation | 32,300 | 484,500 | |||||
PayPal Holdings, Inc. (2) | 14,382 | 840,772 | |||||
1,727,698 | |||||||
Toys & Games - 3.17% | |||||||
Nintendo Co. Ltd. ADR | 56,175 | 581,411 | |||||
Total Common Stock | (Cost $ 14,244,739) | 14,746,460 | |||||
Corporate Bonds (4) - 4.22% | |||||||
Pacific Gas & Electric Co., 1.70% 11/15/2023 | 780,000 | 775,645 | |||||
Total U.S. Government Obligations | (Cost $ 777,318) | 775,645 | |||||
Real Estate Investment Trusts - 4.52% | |||||||
Easterly Governement Properties, Inc. | 34,478 | 394,084 | |||||
Postal Realty Trust, Inc. Class A | 32,190 | 434,565 | |||||
Total Real Estate Investment Trusts | (Cost $ 941,711) | 828,649 | |||||
U.S. Government Obligations (4) - 4.14% | |||||||
United States Treasury Note, 2.125%, 7/31/2024 | 780,000 | 758,763 | |||||
Total U.S. Government Obligations | (Cost $ 773,921) | 758,763 | |||||
Money Market Registered Investment Companies - 2.90% | |||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - 5.20% (3) | 532,515 | 532,515 | |||||
Total Money Market Registered Investment Companies | (Cost $ 532,515) | 532,515 | |||||
Total Investments - 96.16% | (Cost $ 17,270,204) | 17,642,032 | |||||
Other Assets less Liabilities - 3.84% | 704,390 | ||||||
Total Net Assets - 100.00% | 18,346,422 | ||||||
(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 September 29, 2023 in valuing the Fund's assets carried at fair value: | |||||||
|
|
|
|
| Investments in |
| Other Financial |
Valuation Inputs |
|
|
| Securities |
| Instruments | |
Level 1 - Quoted Prices |
|
| $ | 16,107,624 | $ | - | |
Level 2 - Other Significant Observable Inputs |
|
| 1,534,408 |
| - | ||
Level 3 - Significant Unobservable Inputs |
|
| - |
| - | ||
Total |
|
|
| $ | 17,642,032 | $ | 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 September 29, 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 (Sep 2023 report)
Filed: 24 Nov 23, 10:57am