Schedule of Investments
March 31, 2022 (unaudited)
Frank Value Fund
		Shares or Principal
Security Description		Amount ($)		Fair Value ($)(1)
Common Stocks - 83.91%
Apparel & Other Finished Prods of Fabrics & Similar Material - 5.20%
Under Armour, Inc. Class C (2)		58,647		912,548
Bottled & Canned Soft Drinks & Carbonated Waters - 6.54%
Coca-Cola FEMSA, S.A.B. de C.V. Series L ADR (2)		15,934		845,900
Zevia PBC-A (2)		65,812		300,761
				1,146,661
Cable & Other Pay Television Subscriptions - 1.35%
Liberty Latin America Ltd. Class C (2)		24,683		236,710
Cigarettes - 4.44%
Philip Morris International, Inc.		8,285		778,293
Hotels, Rooming Houses, Camps - 4.24%
Civeo Corp. (2)		31,505		743,676
Oil & Gas Field Machinery & Equipment - 7.42%
Dril-Quip, Inc. (2)		14,978		559,428
Now, Inc. (2)		67,226		741,503
				1,300,931
Oil & Gas Field Services, NEC - 3.98%
Nextier Oilfield Solutions, Inc. (2)		75,480		697,435
Petroleum Refining- 7.26%
Calumet Specialty Products Partners, L.P. (2)		49,665		675,940
CVR Energy, Inc. (2)		21,502		549,161
Delek US Holdings, Inc. (2)		2,255		47,851
				1,272,952
Pharma & Specialty Distribution - 3.19%
Cardinal Health, Inc.		9,867		559,459
Services Advertising Agencies - 2.90%
Omnicom Group, Inc.		6,000		509,280
Services-Business Services, NE - 16.24%
Ebay, Inc.		16,753		959,277
Paypal Holdings, Inc. (2)		16,333		1,888,912
				2,848,189
Services-Computer Intergrated S - 0.55%
Lastminute.com NV (2)		2,499		96,461
Services-Computer Programming, Data Processing, Etc.  - 7.95%
Twitter, Inc. (2)		36,014		1,393,382
Services - Personal Services - 5.04%
H&R Block, Inc.		33,932		883,589
Steel Works & Blast Furnaces - 3.11%
Algoma Steel Group, Inc.		48,500		545,625
Wholesale-Drugs Proprietaries - 4.50%
McKesson Corp.		2,578		789,203
Total Common Stock		(Cost $          12,334,221)		14,714,394
U.S. Government Obligations (4) - 6.80%
U.S. Treasury Strips Principal 0.000%, 02/15/2051		2,414,000		1,193,906
Total U.S. Government Obligations		(Cost $            1,243,718)		1,193,906
Money Market Registered Investment Companies - 3.06%
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - 0.01% (3)		535,846		535,846
Total Money Market Registered Investment Companies		(Cost $              535,846)		535,846
Total Investments - 93.77%		(Cost $          14,113,785)		16,444,146
Other Assets less Liabilities - 6.23%				1,092,434
Total Net Assets - 100.00%				17,536,580
(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, 2022 in valuing the Fund's assets carried at fair value:
		Investments in		Other Financial
Valuation Inputs		Securities		Instruments
Level 1 - Quoted Prices	$	15,250,240	$	-
Level 2 - Other Significant Observable Inputs		1,193,906		-
Level 3 - Significant Unobservable Inputs		-		-
Total	$	16,444,146	$	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, 2022.
(4)  Fair valued security deemed as Level 2 security.