Schedule of Investments
March 31, 2026 (unaudited)
Frank Value Fund
		Shares or Principal
Security Description		Amount ($)		Fair Value ($)(1)
Common Stocks - 89.82%
Air Transportation, Scheduled - 2.87%
Grupo Aeroportuario Cen ADR (2)		8,080		927,018
Bottled & Canned Soft Drinks & Carbonated Waters - 4.02%
Celsius Holdings, Inc. (2)		36,542		1,296,510
Canned, Fruits, Veg, Preserves, Jams & Jellies - 4.39%
The J.M. Smucker Co.		14,715		1,419,115
Electric Service - 9.60%
NRG Energy, Inc.		7,506		1,096,927
Talen Energy (2)		3,100		989,613
Vistra Corp.		6,747		1,014,277
				3,100,816
Grain Mill Products - 4.95%
Post Holdings, Inc. (2)		16,157		1,597,281
Hotels, Rooming Houses, Camps & Other Lodging Places - 5.04%
Civeo Corp. (2)		61,523		1,627,899
Miscellaneous Electrical Machinery, Equipment & Supplies - 6.58%
Spectrum Brands Holdings, Inc.		28,823		2,124,255
Motor Vehicle Parts & Accessor - 3.58%
Garrett Motion, Inc.		63,544		1,154,594
Office Machines, NEC - 2.91%
Pitney Bowes, Inc.		85,000		939,250
Perfumes, Cosmetics & Other - 4.63%
Edgewell Personal Care Co.		70,040		1,494,654
Pipe Lines (No Natural Gas)  - 5.85%
MPLX LP		33,072		1,887,419
Services-Business Services, NEC - 3.02%
Mastercard, Inc. (2)		1,950		974,337
Services - Commercial Physical & Biological Research - 3.08%
Icon plc (2)		9,000		995,940
Services-Computer Integrated Services - 5.19%
Science Applications International Corp. (2)		17,665		1,676,762
Services-Personal Services - 3.20%
H&R Block, Inc.		32,517		1,032,090
Services-Prepackaged Software - 3.14%
Opera Ltd. (Norway)		71,093		1,013,786
Sugar & Confectionery Products - 3.31%
Hershey Co.		5,142		1,068,970
Transportation Services - 3.17%
Expedia Group, Inc.		4,438		1,024,690
Video Game Equipment  - 4.09%
Nintendo Co., Ltd.		92,423		1,320,725
Wholesale-Groceries, General Line - 7.21%
United Natural Foods, Inc. (2)		51,652		2,327,439
Total Common Stock		(Cost $         24,425,385)		29,003,550
Real Estate Investment Trusts - 4.33%
Apartment Investment & Management Co.		256,297		1,043,129
Net Lease Office Properties		30,719		353,883
Total Real Estate Investment Trusts		(Cost $         2,309,193)		1,397,012
Cash Equivalants - 5.40%
Fidelity Treasury Fund Class III Treasury Portfolio - 3.30% (3)		1,742,340		1,742,340
Total Money Market Registered Investment Companies		(Cost $           1,152,928)		1,742,340
Total Investments - 99.55%		(Cost $         28,548,149)		32,142,902
Other Assets Less Liabilities -  0.08%				24,983
Total Net Assets - 100.00%				32,290,097
(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, 2026 in valuing the Fund's assets carried at fair value:
		Investments in		Other Financial
Valuation Inputs		Securities		Instruments
Level 1 - Quoted Prices	$	32,142,902	$	-
Level 2 - Other Significant Observable Inputs				-
Level 3 - Significant Unobservable Inputs		-		-
Total	$	32,142,902	$
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, 2026
ADR - American Depositary Receipt.