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Schedule of Investments |
March 31, 2024 (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 - 95.23% |
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Bottled & Canned Soft Drinks & Carbonated Waters - 3.08% |
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Coca-Cola FEMSA S.A.B. de C.V. Series L ADR (2) |
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| 6,543 |
| 635,980 |
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Cement, Hydraulic - 8.12% |
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CRH plc (2) |
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| 19,451 |
| 1,677,843 |
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Cigarettes - 4.78% |
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Altria Group, Inc. (2) |
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| 14,493 |
| 988,953 |
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Communications Services, NEC- 3.56% |
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Cogent Communications Holdings, Inc. |
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| 11,254 |
| 735,224 |
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Electric Service - 7.92% |
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NRG Energy, Inc. |
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| 24,190 |
| 1,637,421 |
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Finance Services - 6.81% |
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Euronet Worldwide, Inc. |
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| 6,469 |
| 711,137 |
EML Payments Ltd. |
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| 870,000 |
| 697,063 |
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| 1,408,200 |
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Motor Vehicle Parts & Accessor - 3.35% |
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Garrett Motion, Inc. |
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| 69,591 |
| 691,735 |
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Natural Gas Transmission - 5.16% |
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Energy Transfer L.P. |
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| 67,753 |
| 1,065,755 |
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Petroleum Refining- 4.95% |
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Calumet Specialty Products Partners, L.P. (2) |
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| 68,830 |
| 1,022,814 |
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Pharmaceutical Preparations - 6.94% |
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Viatris, Inc. (2) |
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| 120,187 |
| 1,435,033 |
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Real Estate Investment Trusts - 7.49% |
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Postal Realty Trust, Inc. Class A (2) |
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| 30,778 |
| 440,741 |
Net Lease Office Properties |
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| 24,882 |
| 592,192 |
Easterly Government Properties, Inc. (2) |
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| 44,705 |
| 514,555 |
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| 1,547,487 |
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Retail-Auto & Home Supply Stores - 1.95% |
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Advance Auto Parts, Inc. (2) |
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| 4,742 |
| 403,497 |
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Retail-Eating Places - 5.51% |
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Arcos Dorados Holdings, Inc. (2) |
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| 62,495 |
| 694,944 |
Jack In the Box, Inc. (2) |
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| 6,500 |
| 445,120 |
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| 1,140,064 |
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Retail- Variety Stores - 2.56% |
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Dollar General Corp. (2) |
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| 3,392 | | 529,356 |
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Services-Business Services - 8.30% |
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International Money Express, Inc. |
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| 22,729 |
| 518,903 |
eBay, Inc. (2) |
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| 14,977 |
| 790,486 |
Nuvei Corp. (2) |
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| 12,836 |
| 405,874 |
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| 1,715,263 |
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Services-Computer Rental & Lease - 2.03% |
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Bragg Gaming Group, Inc. |
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| 67,950 |
| 419,252 |
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Services-Miscellaneous Amuseme - 1.95% |
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Codere Online Luxembourg SA |
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| 57,859 |
| 402,988 |
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Services-Prepackaged Software - 4.08% |
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Opera Ltd. (Norway) |
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| 53,401 |
| 844,270 |
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Television Broadcasting Stations - 3.18% |
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Tegna, Inc. (2) |
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| 43,960 |
| 656,762 |
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Toys & Games - 3.53% |
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Nintendo Co., Ltd. (2) |
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| 53,713 |
| 729,960 |
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Total Common Stock |
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| (Cost $ 15,774,821) |
| 19,687,856 |
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Cash Equivalants - 6.56% |
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Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - 5.16% (3) | 1,356,613 |
| 1,356,613 |
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Total Money Market Registered Investment Companies | (Cost $ 1,356,613) |
| 1,356,613 |
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Total Investments - 101.79% | (Cost $ 17,656,156) |
| 21,044,469 |
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Other Assets Less Liabilities (0.04%) |
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| 7,778 |
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Total Net Assets - 100.00% |
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| 20,673,626 |
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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 March 28, 2024 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 | | | $ | 21,044,469 | $ | - |
Level 2 - Other Significant Observable Inputs | | | | | - |
Level 3 - Significant Unobservable Inputs | | | - | | - |
Total | | | | $ | 21,044,469 | $ | 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 March 28, 2024 |
