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