Schedule of Investments
September 30, 2022 (unaudited)
Frank Value Fund
		Shares or Principal
Security Description		Amount ($)		Fair Value ($)(1)
Common Stocks - 80.66%
Air Transportation, Scheduled - 1.97%
Harbor Diversified, Inc. (2)		120,250		293,410
Apparel & Other Finished Prods of Fabrics & Similar Material - 1.81%
Under Armour, Inc. Class C  (2)		45,138		269,022
Bottled & Canned Soft Drinks & Carbonated Waters - 5.83%
Coca-Cola FEMSA, S.A.B. de C.V. Series L ADR  (2)		14,873		868,434
Cigarettes - 7.49%
Altria Group, Inc.		11,193		451,973
Philip Morris International, Inc.		8,005		664,495
				1,116,468
Electric & Other Services Combined - 5.67%
PG&E Corp. (2)		67,643		845,538
Hotels, Rooming Houses, Camps & Other Lodging Places- 2.81%
Civeo Corp.  (2)		16,642		418,213
Natural Gas Transmission - 4.96%
Energy Transfer LP (2)		67,039		739,440
Oil & Gas Field Machinery & Equipment - 4.38%
Now, Inc.  (2)		64,949		652,737
Oil & Gas Field Services - 2.71%
Nextier Oilfield Solutions, Inc.  (2)		54,479		403,145
Petroleum Refining- 11.65%
Calumet Specialty Products Partners, L.P.  (2)		83,865		1,074,311
CVR Energy, Inc.		20,774		602,030
Delek US Holdings, Inc.		2,178		59,111
				1,735,452
Pharma & Specialty Distribution - 4.27%
Cardinal Health, Inc.		9,533		635,661
Retail-Apparel & Accessory Stores - 1.30%
Hanesbrands, Inc.		27,735		193,036
Retail-Drug Stores and Proprietaries  - 1.75%
Walgreens Boots Alliance, Inc.		8,320		261,248
Services-Business Services - 15.22%
Ebay, Inc.		11,420		420,370
International Money Express (2)		13,867		316,029
Paypal Holdings, Inc.  (2)		10,981		945,135
Rimini Street, Inc. (2)		68,094		317,318
Western Union Co.		19,910		268,785
				2,267,637
Services - Computer Processing & Data - 1.65%
Trivago N.V. ADR (2)		212,549		246,557
Services-Prepackaged Software - 2.73%
Opera Ltd. (Norway) (2)		93,846		407,292
Travel Services - 4.46%
Lastminute.com N.V. (Switzerland) (2)		36,685		665,113
Total Common Stock		(Cost $          12,480,217)		12,018,403
Corporate Bonds (4) - 5.01%
Pacific Gas & Electric Co., 1.70% 11/15/2023		780,000		748,058
Total U.S. Government Obligations		(Cost $               756,543)		748,058
U.S. Government Obligations (4) - 5.03%
U.S. Treasury Note 2.125%, 07/31/2024		780,000		750,598
Total U.S. Government Obligations		(Cost $               766,689)		750,598
Money Market Registered Investment Companies - 7.41%
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - 2.77% (3)		1,103,622		1,103,622
Total Money Market Registered Investment Companies		(Cost $            1,103,622)		1,103,622
Total Investments - 98.12%		(Cost $          15,107,071)		14,620,681
Other Assets less Liabilities - 1.88%				279,880
Total Net Assets - 100.00%				14,900,561
(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 30, 2022 in valuing the Fund's assets carried at fair value:
		Investments in		Other Financial
Valuation Inputs		Securities		Instruments
Level 1 - Quoted Prices	$	13,122,025	$	-
Level 2 - Other Significant Observable Inputs		1,498,656		-
Level 3 - Significant Unobservable Inputs		-		-
Total	$	14,620,681	$	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 30, 2022.
(4)  Fair valued security deemed as Level 2 security.