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.