Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number: 811-21532

Frank Funds

(Exact Name of Registrant as Specified in Charter)

781 Crandon Blvd. Unit 602

Key Biscayne, FL 33149

(Address of Principal Executive Offices) (Zip Code)

Brian J. Frank, Frank Capital Partners LLC

781 Crandon Blvd. Unit 602

Key Biscayne, FL 33149

(Name and Address of Agent for Service)

With copy to:

JoAnn M. Strasser, Thompson Hine LLP

312 Walnut Street, 14th Floor, Cincinnati, Ohio 45202

Registrant's Telephone Number, including Area Code: (973) 887-7698

Date of fiscal year end: June 30

Date of reporting period: December 31, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ? 3507.

Item 1. Reports to Stockholders.

SEMI-ANNUAL SHAREHOLDER REPORT

December 31, 2025 (Unaudited)

FRANK VALUE FUND-INVESTOR CLASS

FRNKX

Cumulative Performance Comparison of $10,000 Investment

Past performance is not a good predictor of future performance. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-888-217-5426.

PORTFOLIO ILLUSTRATION

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

Sectors are based on Morningstar classifications.

Portfolio composition subject to change.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://frankfunds.comor contact us at 1-888-217-5426.

SEMI-ANNUAL SHAREHOLDER REPORT

December 31, 2025 (Unaudited)

FRANK VALUE FUND- CLASS C

FNKCX

Cumulative Performance Comparison of $10,000 Investment

Past performance is not a good predictor of future performance. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-888-217-5426.

PORTFOLIO ILLUSTRATION

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

Sectors are based on Morningstar classifications.

Portfolio composition subject to change.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://frankfunds.comor contact us at 1-888-217-5426.

SEMI-ANNUAL SHAREHOLDER REPORT

December 31, 2025 (Unaudited)

FRANK VALUE FUND-INSTITUTIONAL CLASS

FNKIX

Cumulative Performance Comparison of $10,000 Investment

Past performance is not a good predictor of future performance. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-888-217-5426.

PORTFOLIO ILLUSTRATION

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

Sectors are based on Morningstar? classifications.

Portfolio composition subject to change.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://frankfunds.comor contact us at 1-888-217-5426.

SEMI-ANNUAL SHAREHOLDER REPORT

December 31, 2025 (Unaudited)

CAMELOT EVENT-DRIVEN FUND-CLASS A

EVDAX

Cumulative Performance Comparison of $1,000,000 Investment

Past performance is not a good predictor of future performance. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-866-706-9790.

PORTFOLIO ILLUSTRATION

The following chart gives a visual breakdown of the Fund by the sectors or investment type, while the underlying securities represent as a percentage of the portfolio of investments.

^ Less than 0.005%

Categorizations above are made using Morningstar classifications.

Portfolio composition is subject to change.

Excludes written options.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit http://cameloteventdrivenfund.com or contact us at 1-866-706-9790.

SEMI-ANNUAL SHAREHOLDER REPORT

December 31, 2025 (Unaudited)

CAMELOT EVENT-DRIVEN FUND - INSTITUTIONAL CLASS

EVDIX

Cumulative Performance Comparison of $10,000 Investment

Past performance is not a good predictor of future performance. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-866-706-9790.

PORTFOLIO ILLUSTRATION

The following chart gives a visual breakdown of the Fund by the sectors or investment type, while the underlying securities represent as a percentage of the portfolio of investments.

^ Less than 0.005%

Categorizations above are made using Morningstar classifications.

Portfolio composition is subject to change.

Excludes written options.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit http://cameloteventdrivenfund.com or contact us at 1-866-706-9790.

Item 2. Code of Ethics. Not applicable.

Item 3. Audit Committee Financial Expert. Not applicable.

Item 4. Principal Accountant Fees and Services. Not applicable.

Item 5. Audit Committee of Listed Companies. Not applicable.

Item 6. Schedule of Investments. Not applicable - schedule filed with Item 7.

Item 7. Financial Statements and Financial Highlights for Open-End Management Companies.

FRANK FUNDS

FRANK VALUE FUND

Investor Class - FRNKX

Class C - FNKCX

Institutional Class - FNKIX

CAMELOT EVENT DRIVEN FUND

Class A - EVDAX

Institutional Class - EVDIX

SEMI-ANNUAL FINANCIAL STATEMENTS

December 31, 2025

(Unaudited)

		Value Fund
Schedule of Investments
December 31, 2025 (Unaudited)
Shares			Fair Value
COMMON STOCKS - 90.92%
Bottled & Canned Soft Drinks & Carbonated Waters - 5.43%
35,918		Celsius Holdings, Inc. *	$ 1,642,889
Calculating & Accounting Machines (No Electronic Computers) - 5.63%
44,735		NCR Atleos Corp. *	1,704,851
Canned, Fruits, Veg, Preserves, Jams & Jellies - 4.65%
14,385		J.M. Smucker Co.	1,406,997
Electric Services - 9.66%
9,470		NRG Energy, Inc.	1,508,003
8,782		Vistra Corp.	1,416,800
			2,924,803
Functions Related To Depository Banking - 2.27%
9,020		Euronet Worldwide, Inc. *	686,512
Hotels, Rooming Houses, Camps & Other Lodging Places - 4.55%
60,253		Civeo Corp. *	1,377,986
Malt Beverages - 4.40%
6,820		Boston Beer Co., Inc. *	1,330,786
Miscellaneous Electrical Machinery, Equipment & Supplies - 5.53%
28,335		Spectrum Brands Holdings, Inc.	1,674,032
Motor Vehicle Parts& Accessories - 6.89%
119,712		Garrett Motion, Inc. (Switzerland)	2,086,580
Perfumes, Cosmetics & Other Toilet Preparations - 5.68%
100,795		Edgewell Personal Care Co.	1,718,555
Pipe Lines (No Natural Gas) - 5.69%
32,300		MPLX LP	1,723,851
Services-Personal Services - 7.19%
49,984		H&R Block, Inc.	2,178,303

Services-Prepackaged Software - 3.26%
69,648		Opera Ltd. ADR	986,216
Sugar & Confectionery Products - 5.40%
8,976		Hershey Co.	$ 1,633,452
Transportation Services - 4.06%
4,337		Expedia Group, Inc.	1,228,715
Video Game Equipment - 5.04%
90,538		Nintendo Co. Ltd. ADR	1,526,471
Wholesale-Groceries, General Line - 5.59%
50,300		United Natural Foods, Inc. *	1,693,601
TOTAL FOR COMMON STOCKS (Cost $23,160,774) - 90.92%			27,524,600
REAL ESTATE INVESTMENT TRUSTS - 7.49%
250,000		Apartment Investment & Management Co.	1,485,000
30,382		Net Lease Office Properties	783,552
TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $2,265,454) - 7.49%			2,268,552
MONEY MARKET FUND - 1.38%
416,766		Fidelity Investments Money Market Treasury Portfolio - Class III 3.39% **	416,766
TOTAL FOR MONEY MARKET FUND (Cost $416,766) - 1.38%			416,766
TOTAL INVESTMENTS (Cost $25,842,994) *** - 99.79%			30,209,918
ASSETS IN EXCESS OF LIABILITIES, NET - 0.21%			63,780
NET ASSETS - 100.00%			$ 30,273,698
* Non-income producing securities during the period.
** Variable rate security; the coupon rate shown represents the yield at December 31, 2025
*** Refer to Note 12 for tax cost.
ADR - American Depositary Receipt.
The accompanying notes are an integral part of these financial statements.

		Camelot Fund
Schedule of Investments
December 31, 2025 (Unaudited)
Shares			Fair Value
COMMON STOCKS - 76.84%
Air Transportation, Scheduled - 0.59%
15,200		Southwest Airlines Co. (a)	$ 628,216
Aircraft Engines & Engine Parts - 0.54%
3,000		Honeywell International, Inc. (a)	585,270
Arrangement of Transportation of Freight & Cargo - 0.00%
63		PS International Group Ltd. (Hong Kong) *	307
Beverages - 0.39%
15,000		Keurig Dr. Pepper, Inc. (a)	420,150
Blank Checks - 0.16%
15,000		A SPAC II Acquisition Corp. (Hong Kong) ● *	173,850
Bridge, Tunnel, and Elevated Highway Construction - 0.14%
1,022,580		Astaldi SpA SPF (Italy) † ● *	40,903
25,935		WeBuild SpA ADR *	104,121
			145,024
Cable & Other Pay Television Services - 1.17%
20,000		Comcast Corp. Class A (a)	597,800
5,000		Liberty Broadband Corp. Class C *	243,000
150,000		Vivendi SE (France) *	416,369
			1,257,169
Canned, Frozen & Preserved Fruit, Veg & Food Specialties - 5.70%
55,000		Lamb Weston Holdings, Inc. (a)	2,303,950
162,000		TreeHouse Foods, Inc. *	3,821,580
			6,125,530
Canned, Fruits, Veg, Preserves, Jams & Jellies - 0.36%
4,000		J.M. Smucker Co. (a)	391,240
Chemicals & Allied Products - 0.03%
750		Solstice Advanced Materials, Inc. *	36,435
Commercial Banks - 0.22%

12,000		Hang Seng Bank Ltd. (Hong Kong) *	236,642
Converted Paper & Paperboard Prods (No Containers/Boxes) - 4.41%
47,000		Kimberly Clark Corp. (a) (b)	4,741,830
Crude Petroleum & Natural Gas - 7.95%
90,000		Crescent Energy Co. Class A	755,100
33,000		Devon Energy Corp. (b)	1,208,790
20,500		Diamondback Energy, Inc. (a)	3,081,765
85,000		Occidental Petroleum Corp. (a) (b)	3,495,200
			8,540,855
Department Stores - 0.15%
15,000		Takashimaya Co., Ltd. (Japan)	156,845
Drilling Oil & Gas Wells - 0.00%
2		Seadrill Ltd. (Bermuda) *	69
Electric & Other Services Combined - 0.15%
10,000		Kansai Electric Power Co., Inc. (Japan)	156,383
Electric Housewares & Fans - 0.10%
5,000		Helen of Troy Ltd. (Bermuda) (a) *	106,250
Farm Machinery & Equipment - 0.00%
184		Nature's Miracle Holding, Inc. *	$ 20
Gold and Silver Ores - 15.79%
695,200		B2Gold Corp. (Canada) (a)	3,135,352
26,100		Barrick Mining Corp. (Canada) (a)	1,136,655
69,500		Newmont Corp. (a) (b)	6,939,575
109,444		Sacre-Coeur Minerals Ltd. (Canada) ^ † *	0
194,200		Seabridge Gold, Inc. (Canada) (a) *	5,746,378
			16,957,960
Guided Missiles & Space Vehicles & Parts - 1.13%
2,500		Lockheed Martin Corp. (a)	1,209,175
Hazardous Waste Management - 0.00%
43,000		Strategic Environmental & Energy Resources, Inc. ^ † # *	1,170
Hospital & Medical Service Plans - 5.80%
10,000		Centene Corp. (a) *	411,500
9,000		Humana, Inc. (a)	2,305,170
5,000		Molina Healthcare, Inc. (a) (b) *	867,700
8,000		UnitedHealth Group, Inc. (a)	2,640,880
			6,225,250
Hotels & Motels - 0.08%
10,000		Guoco Group Ltd. (Bermuda)	90,828

Industrial Inorganic Chemicals - 0.57%
2,500		Air Products & Chemicals, Inc. (a)	617,550
Industrial Organic Chemicals - 0.66%
10,000		Covestro AG (Germany) *	707,476
Investment Advice - 0.44%
10,000		Janus Henderson Group PLC (United Kingdom)	475,700
Land Subdividers & Developers (No Cemeteries) - 0.16%
20,000		Greentown China Holdings Ltd. (China) *	21,763
150,000		Ronshine China Holdings Ltd. (China) *	2,505
2,375,656		Shimao Group Holdings Ltd. ADR *	58,293
2,000,000		Sino-Ocean Group Holdings Ltd. (China) *	25,951
300,000		Sunac China Holdings Ltd. (China) *	50,489
500,000		Times China Holdings Ltd. (China) *	6,552
85,189		Yuzhou Group Holdings Co. Ltd. (China) *	2,627
			168,180
Mineral Royalty Traders - 2.07%
10,000		Royal Gold, Inc. (a)	2,222,900
Miscellaneous Electrical Machinery, Equipment & Supplies - 0.00%
5,926		Exide Technologies ^ † *	0
Perfumes, Cosmetics & Other Toilet Preparations - 0.52%
7,000		Colgate-Palmolive Co. (a)	553,140
Petroleum Refining - 12.69%
95,000		BP PLC ADR (a)	3,299,350
39,000		Chevron Corp. (a) (b)	5,943,990
34,000		Phillips 66 (a) (b)	4,387,360
			13,630,700
Pharmaceutical Preparations - 5.33%
92,456		BioMarin Pharmaceutical, Inc. (a) (b) *	$ 5,494,660
30,000		Emisphere Technologies, Inc. Δ ● *	234,300
167,850		Inyx, Inc. ● *	0
			5,728,960
Radio & TV Broadcasting & Communications Equipment - 0.26%
15,000		BlackSky Technology, Inc. Class A (a) *	281,250
Radio Broadcasting Stations - 0.02%
4,610		iHeartMedia, Inc. Class A *	19,178
Radiotelephone Communications - 0.02%
44,529		NII Holdings, Inc. ^ Δ *	22,264

Retail - Department Stores - 0.00%
791		NWA SEN † *	0
Retail - Eating & Drinking Places - 3.14%
40,000		Starbucks Corp. (a) (b)	3,368,400
Retail - Eating Places - 0.44%
479,411		Bab, Inc.	475,096
Retail - Variety Stores - 1.15%
10,000		Dollar Tree, Inc. (a) *	1,230,100
Security Brokers, Dealers & Flotation Companies - 0.40%
20,000		SBI Holdings, Inc. (Japan)	429,975
Services-Advertising - 0.02%
11,249		Clear Channel Outdoor Holdings, Inc. *	24,860
Services-Business Services - 1.09%
7,000		Akamai Technologies, Inc. (a) *	610,750
33,388		Prosus N.V. ADR *	412,676
1,500		Scout24 SE ADR *	150,991
			1,174,417
Services-Computer Integrated Systems Design - 0.03%
3,100		Kodiak AI, Inc. *	33,852
Services-Computer Processing & Data Preparation - 0.42%
29,000		Sohu.com Ltd. ADR *	453,560
Services-Computer Programming, Data Processing, Etc. - 0.93%
31,000		Match Group, Inc. (a)	1,000,990
Services-Employment Agencies - 0.00%
15,400		51job, Inc. ADR ● Δ *	0
Services-General Medical & Surgical Hospitals - 0.32%
22,000		Surgery Partners, Inc. *	339,900
Services-Medical Laboratories - 0.24%
2,500		Exact Sciences Corp. *	253,900
Services-Prepackaged Software - 0.33%
10,000		Confluent, Inc. Class A *	302,400
5,000		USU Software AG (Germany)	50,448
			352,848
Surgical & Medical Instruments & Apparatus - 0.00%
120		DIH Holding US, Inc. Class A *	$ 1

Wholesale-Medical, Dental & Hospital Equipment & Supplies - 0.56%
8,000		Henry Schein, Inc. (a) *	604,640
Women's, Misses', Children's & Infants' Undergarments - 0.17%
10,884		Guess, Inc.	182,307
TOTAL FOR COMMON STOCKS (Cost $75,703,606) - 76.84%			82,538,612
REAL ESTATE INVESTMENT TRUSTS - 7.13%
62,000		Crown Castle, Inc. (a) (b)	5,509,940
2,800		Equinix, Inc. (a)	2,145,248
TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $7,746,021) - 7.13%			7,655,188
ESCROW SHARES - 0.00%
1,777		Exide Technologies ^ † *	0
33,000		Pershing Square Tontine Holdings Ltd. *	0
TOTAL FOR ESCROW SHARES (Cost $1,687) - 0.00%			0
ASSET-BACKED SECURITIES - 0.05%
2,381		AFC Home Equity Loan Trust Series 2000-02 Class 1A, 4.64% (1 Month SOFR USD + 0.90448%), 06/25/2030 ** ●	2,292
36,380		Citigroup Mortgage Loan Trust, Inc. Series 2005-OPT1 Class M3, 3.63% (1 Month SOFR USD + 0.81948%), 02/25/2035 ** ●	33,578
426,996		Countrywide Asset-Backed Certificates Series 2007-11 Class 2M2, 3.65% (1 Month SOFR USD + 0.43448%), 06/25/2047 ** ●	15,602
TOTAL FOR ASSET-BACKED SECURITIES (Cost $79,039) - 0.05%			51,472
CONTINGENT VALUE RIGHTS - 0.01%
Communications Services - 0.00%
145,009		KVH Industries, Inc. *	0
Miscellaneous Manufacturing Industries - 0.01%
1,000		TOYO Co., Ltd. (Japan) *	5,860
Pharmaceutical Preparations - 0.00%
4,000		Blueprint Medicines Corp. *	0
60,000		OptiNose, Inc. *	0
60,000		Regulus Therapeutics, Inc. *	0
			0
TOTAL FOR CONTINGENT VALUE RIGHTS (Cost $0) - 0.01%			5,860
CONVERTIBLE BONDS - 0.04%
Financial Services - 0.01%
75,190		Kaisa Group Holdings Ltd. Series AI (China) 0.00%, due 12/31/2025 ●	1,504
100,246		Kaisa Group Holdings Ltd. Series AI (China) 0.00%, due 12/31/2026 ●	1,253
125,314		Kaisa Group Holdings Ltd. Series AI (China) 0.00%, due 12/31/2027 ●	940

200,493		Kaisa Group Holdings Ltd. Series AI (China) 0.00%, due 12/31/2028 ●	1,253
250,617		Kaisa Group Holdings Ltd. Series AI (China) 0.00%, due 12/31/2031 ●	940
472,803		Kaisa Group Holdings Ltd. Series AI (China) 0.00%, due 12/31/2032 ●	4,728
200,493		Kaisa Group Holdings Ltd. Series IAI (China) 0.00%, due 12/31/2029 ●	1,253
250,617		Kaisa Group Holdings Ltd. Series IAI (China) 0.00%, due 12/31/2030 ●	933
			12,804
Land Subdividers & Developers (No Cemeteries) - 0.03%
2,001,128		Sino-Ocean Group Holdings Ltd. Series A144 (China) 0.00%, due 03/27/2027 ●	13,108
1,100,000		Times China Holdings Ltd. Series 144A (China) 0.00%, 03/30/2027 ●	13,475
166,175		Times China Holdings Ltd. Series 144A (China) 0.00%, 03/30/2027 ●	3,091
			29,674
Radiotelephone Communications - 0.00%
88,196		Digicel Group 0.5 Ltd. Private Placement Series 144A Conv. (Bermuda) 7.00% Perpetual # ●	$ 4,674
TOTAL FOR CONVERTIBLE BONDS (Cost $50,010) - 0.04%			47,152
CORPORATE BONDS - 1.27%
Business Services - 0.00%
25,000		Infinity Capital Group 7.00%, 12/31/2049 + ^ † # *	0
Communications Services - 0.00%
4,675		Ses SA 0.00%, 01/15/2033 ●	0
Drilling Oil & Gas Wells - 0.04%
46,097		Paratus Energy Services Ltd. Series 144A (United Kingdom) 9.000%, 07/15/2026 ●	46,155
Financial Services - 0.03%
115,322		Kaisa Group Holdings Ltd. Series AI (China) 7.721%, 12/28/2027 ●	2,595
168,588		Kaisa Group Holdings Ltd. Series IAI (China) 6.25%, 12/28/2028 ●	3,287
282,230		Kaisa Group Holdings Ltd. Series IAI (China) 6.50%, 12/28/2029 ●	5,139
340,175		Kaisa Group Holdings Ltd. Series IAI (China) 6.75%, 12/28/2030 ●	5,103
512,512		Kaisa Group Holdings Ltd. Series IAI (China) 7.00%, 12/28/2031 ●	7,688
422,680		Kaisa Group Holdings Ltd. Series IAI (China) 7.25%, 12/28/2032 ●	6,058
			29,870
Land Subdividers & Developers (No Cemeteries) - 0.96%
239,850		CFLD Cayman Investment Series REgS (China) 2.50%, 01/31/2031 ●	4,797
356,680		CIFI Holdings Group Co. Ltd. Series IAI (China) 0.00%, 06/30/2027 ●	21,401
5,000,000		Hejun Shunzie Investment, 11.00%, 06/4/2022 + ● *	50
2,000,000		KWG Group Holdings Ltd. (China) 7.40%, 01/13/2027 + ● *	100,000
4,400,000		Red Sun Properties Group 7.30%, 01/13/2025 + ● *	33,000
3,000,000		Redco Properties Group Ltd. (China) 11.00%, 08/06/2023 + ● *	22,500
249,999		RongChangDa Development (Bvi) Ltd. (China) 4.00%, 03/29/2028 + ● *	4,375
1,200,001		RongChangDa Development (Bvi) Ltd. (China) 4.00%, 03/29/2028 ●	19,617
1,000,000		Ronshine China Holdings Ltd. (China) 7.35%, 12/15/2023 + ● *	7,300
3,000,000		Ronshine China Holdings Ltd. (China) 8.75%, 10/25/2022 + ● *	22,500
683,532		Shimao Group Holdings Ltd. Series 144A ADR 2.00%, 01/21/2034 ●	16,470

455,688		Shimao Group Holdings Ltd. Series 144A ADR 2.00%, 07/21/2032 ●	14,810
683,532		Shimao Group Holdings Ltd. Series REgS ADR 2.00%, 07/21/2033 ●	17,088
33,080		Shimao Group Holdings Ltd. Series REgS ADR 5.00%, 07/21/2031 ●	1,092
585,000		Sino-Ocean Group Holdings Ltd. Series 144A (China) 3.00%, 03/27/2033 ●	60,840
4,295,256		Sunac China Holdings Ltd. (China) 0.00%, 12/31/2049 ●	655,843
900,000		Times China Holdings Ltd. (China) 4.20%, 09/30/2032 ●	14,877
49,974		Yuzhou Group Holdings Co. Ltd. (China) 1.00%, 06/30/2034 ●	300
16,483		Yuzhou Group Holdings Co. Ltd. (China) 4.00%, 06/30/2028 ●	474
28,704		Yuzhou Group Holdings Co. Ltd. (China) 4.50%, 06/30/2029 ●	718
38,313		Yuzhou Group Holdings Co. Ltd. (China) 5.00%, 06/30/2030 ●	958
53,745		Yuzhou Group Holdings Co. Ltd. (China) 5.50%, 06/30/2031 ●	798
14,130		Yuzhou Group Holdings Co. Ltd. (China) 7.00%, 06/30/2027 ●	1,428
6,000,000		Zhenro Properties Group 17.254% (H15T3Y + 13.414%), Perpetual + ● *	7,500
500,000		Zhenro Properties Group 6.63%, 01/07/2026 + ● *	1,250
			1,029,986
Miscellaneous Electrical Machinery, Equipment & Supplies - 0.00%
546,810		Exide Technologies 11.00%, 04/30/2022 + † ^ # *	0
Radiotelephone Communications - 0.00%
28,351		Digicel Group 0.5 Ltd. Private Placement Series 144A (Bermuda) 8.0%, 04/01/2025 + # ● *	5,212
Retail-Grocery Stores - 0.00%
50,000		Winn Dixie Stores, Inc. 8.875%, 04/01/2008 ●	0
Security Brokers, Dealers & Flotation Companies - 0.22%
1,000,000		Lebanese Republic Series GMTN (Lebanon) 6.15%, 06/19/2020 + ● *	$ 235,095
100,000		Lehman Brothers Holdings, Inc. Series LEHN 5.50%, 02/27/2020 + ● *	10
110,000		Lehman Brothers Holdings, Inc. Series MTN1 0.00%, (1 Month CPI YOY + 2.25%) 02/17/2015 + ** ● *	11
			235,116
Telephone Communications (No Radiotelephone) -0.01%
5,000,000		Hellas Telecommunication Luxembourg II SCA Series 144a (United Kingdom) 6.054%,
		(3 Month LIBOR USD + 5.75%) 01/15/2015 + ^ # † *	6,250
Wholesale-Electrical Appliances, Tv & Radio Sets - 0.01%
5,000,000		Jingrui Holdings Ltd. (China) 12.75%, 09/09/2023 + ● *	6,250
TOTAL FOR CORPORATE BONDS (Cost $2,437,495) - 1.27%			1,358,839
MORTGAGE-BACKED SECURITIES - 0.01%
62,455		GNR Government National Mortgage Series 2019-108 Class NI, 4.00%, 08/20/2049 ~ ●	10,248
1,338		GSR Mortgage Loan Trust Series 2005-5F Class B2, 5.75%, 06/25/2035 ~ ●	0
TOTAL FOR MORTGAGE-BACKED SECURITIES (Cost $6,314) - 0.01%			10,248
MUNICIPAL BONDS - 0.16%
Puerto Rico - 0.16%
17,074		Puerto Rico Commonwealth Restructured Series A1 4.00%, 07/01/2037 ●	16,552

24,036		Puerto Rico Commonwealth Restructured Series A1 5.625%, 07/01/2029 ●	25,468
10,000		Puerto Rico Electric Power Authority Series CCC 4.25%, 07/01/2021 + ● *	6,675
10,000		Puerto Rico Electric Power Authority Series CCC 4.25%, 07/01/2023 + ● *	6,675
75,000		Puerto Rico Electric Power Authority Series DDD 3.50%, 07/01/2020 + ● *	50,062
30,000		Puerto Rico Electric Power Authority Series DDD 3.625%, 07/01/2021 + ● *	20,025
55,000		Puerto Rico Electric Power Authority Series TT 5.00%, 07/01/2020 + ● *	36,713
15,000		Puerto Rico Electric Power Authority Series WW 5.50%, 07/01/2019 + ● *	10,012
			172,182
TOTAL FOR MUNICIPAL BONDS (Cost $188,440) - 0.16%			172,182
PREFERRED STOCKS - 3.37%
Federal & Federally-Sponsored Credit Agencies - 3.36%
19,000		Federal Home Loan Mortgage Corp. Series B, 0.00%, (3 Month LIBOR USD + 0.1377%), Perpetual ∞ ● *	349,600
4,500		Federal Home Loan Mortgage Corp. Series F 5.00%, Perpetual ∞ ● *	89,550
55,000		Federal Home Loan Mortgage Corp. Series H 5.10%, Perpetual ∞ ● *	1,157,750
10,600		Federal Home Loan Mortgage Corp. Series M 0.00%, (2 Year CMT + 0.10%) Perpetual ** ∞ ● *	190,800
42,879		Federal Home Loan Mortgage Corp. Series Q 0.00%, (2 Year CMT + 0.20%) Perpetual ** ∞ ● *	803,981
25,000		Federal Home Loan Mortgage Corp. Series S 0.00%, (3 Month LIBOR USD + 0.50%) Perpetual ** ∞ ● *	492,750
5,500		Federal National Mortgage Corp. Series H 5.81%, Perpetual ∞ ● *	132,000
700		Federal National Mortgage Corp. Series I 5.375%, Perpetual ∞ ● *	16,730
4,440		Federal National Mortgage Corp. Series M 4.75%, Perpetual ∞ ● *	96,259
360		Federal National Mortgage Corp. Series N 5.50%, Perpetual ∞ ● *	8,658
20,000		Federal National Mortgage Corp. Series T 8.25%, Perpetual ∞ ● *	274,000
			3,612,078
Real Estate - 0.01%
722		Brookfield Property Partners LP, 6.25%, 07/26/2081 (Bermuda)	11,191
TOTAL FOR PREFERRED STOCKS (Cost $1,291,235) - 3.37%			3,623,269
STRUCTURED NOTES - 0.05%
Land Subdividers & Developers (No Cemeteries) - 0.05%
857,626		Sino-Ocean Group Holdings Ltd. Series 144A (China) 1.00%, Perpetual ●	$ 56,149
Security Brokers, Dealers & Flotation Companies - 0.00%
200,000		Lehman Brothers Holdings, Inc. Series MTN 8.75%, 02/14/2023 + ** ● *	20
130,000		Lehman Brothers Holdings, Inc. Series MTNG 0.00% (1 Month CPI YOY + 2.25%), 07/08/2014 ** + ● *	13
100,000		Lehman Brothers Holdings, Inc. Series MTNG 7.00%, 01/28/2020 + ** ● *	10
100,000		Lehman Brothers Holdings, Inc. Series MTNH, 8.25%, 09/23/2020 + ** ● *	10
			53
TOTAL FOR STRUCTURED NOTES (Cost $27,300) - 0.05%			56,202
UNITED STATES TREASURY NOTE BONDS - 7.38%
2,000,000		U.S. Treasury Note, 2.75%, 08/15/2032 ●	1,867,109

2,000,000		U.S. Treasury Note, 3.375%, 05/15/2033 ●	1,925,938
4,000,000		U.S. Treasury Note, 4.50%, 11/15/2033 ●	4,137,344
TOTAL FOR UNITED STATES TREASURY NOTE BONDS (Cost $7,841,318) - 7.38%			7,930,391
WARRANTS - 0.01% (c)
Blank Checks - 0.00%
3,500		Investcorp Europe Acquisition Corp. I Class A, 11/23/2028 @ $11.50 (Notional Value $21,000) (Cayman Islands) *	0
Farm Machinery & Equipment - 0.00%
2,500		Nature's Miracle Holding, Inc., 03/12/2029 @ $345.00 (Notional Value $275) *	38
Miscellaneous Electrical Machinery, Equipment & Supplies - 0.00%
2,000		Captivision, Inc., 11/16/2028 @ $11.50 (Notional Value $686) (Korea) *	26
Miscellaneous Manufacturing Industries - 0.00%
5,000		TOYO Co. Ltd., 01/10/2029 @ $11.50 (Notional Value $29,300) (Japan) *	5,000
Services-Automotive Repair, Services & Parking - 0.00%
300		SunCar Technology Group, Inc. Class A, 05/18/2028 @ $11.50 (Notional Value $606) (China) *	12
Services-Prepackaged Software - 0.01%
6,500		Airship AI Holdings, Inc. 12/31/2028 @ $4.50 (Notional Value $18,785) *	5,200
Services-Computer Integrated Systems Design - 0.00%
2,066		Brand Engagement Network, Inc., 03/14/2029 @ $115.00 (Notional Value $4,793) *	91
1,550		Kodiak AI, Inc., 09/25/2030 @ $9.28 (Notional Value $16,926) *	2,371
			2,462
Services-Computer Programming Services - 0.00%
375		Semantix, Inc. Class A, 08/04/2027 @ $11.50 (Notional Value $0) (Brazil) *	0
Surgical & Medical Instruments & Apparatus - 0.00%
30,000		DIH Holding US, Inc., 02/07/2028 @ $287.50 (Notional Value $132) *	12
TOTAL FOR WARRANTS (Cost $0) - 0.01%			12,750
INVESTMENTS IN PURCHASED OPTIONS, AT VALUE (Premiums Paid $7,085,054) - 5.17%			5,548,835
MONEY MARKET FUND - 9.50%
10,209,458		Fidelity Investments Money Market Treasury Portfolio - Class III 3.39% **	$ 10,209,458
TOTAL FOR MONEY MARKET FUND (Cost $10,209,458) - 9.50%			10,209,458
TOTAL INVESTMENTS (Cost $112,666,977) *** - 110.99%			119,220,458
INVESTMENTS IN WRITTEN OPTIONS, AT VALUE (Premiums Received $12,220,382) - (13.33)%			(14,317,198)
ASSETS IN EXCESS OF LIABILITIES, NET - 2.34%			2,518,120

NET ASSETS - 100.00%			$ 107,421,380
* Non-income producing securities during the period.
** Variable rate security; the coupon rate shown represents the yield at December 31, 2025.
*** Refer to Note 12 for tax cost.
ADR - American Depositary Receipt.
SpA - "Società per Azioni," which is an Italian term for a public limited company
(a) Subject to written option contracts.
(b) All or a portion of this security is held as collateral for written options. Total value of collateral for written options is $41,957,445 representing 39.02% of net assets.
(c) The notional amount is calculated by multiplying outstanding shares by the spot price at December 31, 2025.
+ Default Bonds
∞ Distressed Securities
● Level 2 Security
~ Variable Rate Security. The coupon is based on an underlying pool of loans.
^ Indicates a fair valued security. Total market value for fair valued securities is $29,684 representing 0.03% of net assets and Level 3 securities.
Level 3 investments value was determined using significant unobservable inputs.
# Denotes a restricted security that may be sold without restriction to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933, as amended, is $17,306 representing 0.02% of net assets.
† Indicates an illiquid security. Total market value for illiquid securities is $48,323 representing 0.04% of net assets.
Δ Indicates a delisted security. Total market value for delisted securities is $256,564 representing 0.24% of net assets.
The accompanying notes are an integral part of these financial statements.

Camelot Fund
Schedule of Purchased Options
December 31, 2025 (Unaudited)
CALL OPTIONS - 0.30% *
	Underlying Security	Counterparty	Contracts +	Notional Amount**	Exercise Price	Expiration	Fair Value
	BP PLC ADR	Susquehanna	250	$ 875,000	$ 35	1/15/2027	$ 82,500
	BP PLC ADR	Susquehanna	250	875,000	35	1/21/2028	110,000
	Centene Corp.	Susquehanna	100	300,000	30	6/18/2026	129,000
	Total Call Options (Premiums Paid $189,050) - 0.30%						$ 321,500
PUT OPTIONS - 4.87% *
	Underlying Security	Counterparty	Contracts +	Notional Amount**	Exercise Price	Expiration	Fair Value
	Air Products & Chemicals, Inc. ●	Susquehanna	25	$ 825,000	$ 330	1/16/2026	$ 211,250
	Akamai Technologies, Inc.	Susquehanna	70	525,000	75	1/15/2027	48,650
	Barrick Mining Corp. (Canada) ●	Susquehanna	400	680,000	17	1/16/2026	800
	Barrick Mining Corp. (Canada) ●	Susquehanna	150	255,000	17	12/18/2026	1,800
	Biomarin Pharmaceutical, Inc. ●	Susquehanna	190	1,330,000	70	1/16/2026	198,550
	Biomarin Pharmaceutical, Inc. ●	Susquehanna	320	1,920,000	60	1/15/2027	256,000
	BP PLC ADR	Susquehanna	250	800,000	32	1/15/2027	66,750
	BP PLC ADR ●	Susquehanna	700	2,450,000	35	1/21/2028	439,250
	Centene Corp.	Susquehanna	100	300,000	30	6/18/2026	10,000
	Chevron Corp.	Susquehanna	50	675,000	135	6/18/2026	16,250
	Chevron Corp. ●	Susquehanna	40	600,000	150	9/18/2026	42,300
	Chevron Corp. ●	Susquehanna	40	620,000	155	12/18/2026	60,900
	Chevron Corp.	Susquehanna	190	2,470,000	130	1/15/2027	112,100
	Colgate-Palmolive Co.	Susquehanna	70	665,000	95	1/16/2026	109,970
	Crown Castle, Inc. ●	Susquehanna	40	360,000	90	9/18/2026	30,400
	Crown Castle, Inc.	Susquehanna	110	935,000	85	1/15/2027	85,800
	Crown Castle, Inc.	Susquehanna	110	962,500	88	1/15/2027	99,000

	Crown Castle, Inc. ●	Susquehanna	180	1,755,000	98	1/15/2027	247,500
	Devon Energy Corp.	Susquehanna	150	525,000	35	1/15/2027	60,000
	Devon Energy Corp. ●	Susquehanna	180	630,000	35	1/21/2028	108,000
	Diamondback Energy, Inc. ●	Susquehanna	75	1,050,000	140	6/18/2026	60,750
	Diamondback Energy, Inc. ●	Susquehanna	130	1,950,000	150	9/18/2026	206,700
	Dollar Tree, Inc. ●	Susquehanna	100	1,050,000	105	1/16/2026	3,000
	Equinix, Inc. ●	Susquehanna	8	576,000	720	9/18/2026	35,480
	Equinix, Inc. ●	Susquehanna	10	700,000	700	12/18/2026	48,000
	Equinix, Inc. ●	Susquehanna	10	740,000	740	12/18/2026	64,000
	Helen of Troy Ltd. (Bermuda) ●	Susquehanna	50	275,000	55	1/16/2026	168,250
	Honeywell International, Inc. ●	Susquehanna	30	630,000	210	1/16/2026	12,000
	Underlying Security	Counterparty	Contracts +	Notional Amount**	Exercise Price	Expiration	Fair Value
	Humana, Inc.	Susquehanna	40	$ 960,000	$ 240	1/16/2026	$ 8,800
	Humana, Inc.	Susquehanna	50	1,300,000	260	1/16/2026	45,000
	J.M. Smucker Co.	Susquehanna	40	380,000	95	1/16/2026	2,200
	Kenvue, Inc. ●	Susquehanna	250	375,000	15	9/18/2026	20,750
	Kimberly Clark Corp.	Susquehanna	200	2,000,000	100	1/21/2028	290,000
	Lamb Weston Holdings, Inc.	Susquehanna	450	2,250,000	50	1/16/2026	351,000
	Lockheed Martin Corp.	Susquehanna	25	1,050,000	420	12/18/2026	49,250
	Match Group, Inc. ●	Susquehanna	310	930,000	30	1/16/2026	3,875
	Molina Healthcare, Inc.	Susquehanna	20	280,000	140	3/20/2026	7,700
	Newmont Corp. ●	Susquehanna	300	900,000	30	1/16/2026	15,000
	Newmont Corp. ●	Susquehanna	420	1,680,000	40	12/18/2026	18,480
	Occidental Petroleum Corp.	Susquehanna	310	1,395,000	45	1/15/2027	217,930
	Occidental Petroleum Corp.	Susquehanna	100	475,000	48	1/15/2027	86,000
	Phillips 66 ●	Susquehanna	120	1,320,000	110	1/15/2027	91,200
	Phillips 66 ●	Susquehanna	50	600,000	120	1/15/2027	55,750
	Phillips 66	Susquehanna	90	1,125,000	125	1/15/2027	123,300
	Phillips 66	Susquehanna	80	1,040,000	130	1/15/2027	130,400
	Royal Gold, Inc. ●	Susquehanna	80	1,280,000	160	12/18/2026	47,600
	Royal Gold, Inc. ●	Susquehanna	20	360,000	180	12/18/2026	21,100

	Southwest Airlines Co.	Susquehanna	200	500,000	25	1/16/2026	400
	Southwest Airlines Co.	Susquehanna	150	450,000	30	1/15/2027	25,500
	Starbucks Corp.	Susquehanna	200	1,800,000	90	6/18/2026	211,600
	Starbucks Corp. ●	Susquehanna	100	1,050,000	105	12/18/2026	237,250
	Starbucks Corp. ●	Susquehanna	100	950,000	95	1/15/2027	168,500
	UnitedHealth Group, Inc. ●	Susquehanna	20	560,000	280	9/18/2026	32,400
	UnitedHealth Group, Inc.	Susquehanna	20	560,000	280	1/15/2027	48,900
	UnitedHealth Group, Inc.	Susquehanna	20	540,000	270	6/17/2027	49,200
	UnitedHealth Group, Inc. ●	Susquehanna	20	580,000	290	6/17/2027	64,800
	Total Put Options (Premiums Paid $6,896,004) - 4.87%						$ 5,227,335
TOTAL PURCHASED OPTIONS (Premiums Paid $7,085,054) - 5.17%							$ 5,548,835
* Non-income producing securities during the period.
**The notional amount is calculated by multiplying outstanding contracts by the exercise price at December 31, 2025.
+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.
● Level 2 Security
The accompanying notes are an integral part of these financial statements.

Camelot Fund
Schedule of Written Options
December 31, 2025 (Unaudited)
CALL OPTIONS - (13.24)% *
	Underlying Security	Counterparty	Contracts +	Notional Amount**	Exercise Price	Expiration	Fair Value
	Air Products & Chemicals, Inc.	Susquehanna	(25)	$ (825,000)	$ 330	1/16/2026	$ (5,375)
	Akamai Technologies, Inc.	Susquehanna	(70)	(525,000)	75	1/15/2027	(151,900)
	B2Gold Corp. (Canada)	Susquehanna	(1,000)	(450,000)	5	4/17/2026	(63,000)
	B2Gold Corp. (Canada)	Susquehanna	(3,000)	(1,200,000)	4	1/16/2026	(162,000)
	B2Gold Corp. (Canada)	Susquehanna	(900)	(315,000)	4	1/15/2027	(136,800)
	B2Gold Corp. (Canada)	Susquehanna	(750)	(300,000)	4	1/15/2027	(101,250)
	Barrick Mining Corp. (Canada) ●	Susquehanna	(111)	(188,700)	17	1/16/2026	(301,088)
	Barrick Mining Corp. (Canada) ●	Susquehanna	(150)	(255,000)	17	12/18/2026	(399,000)
	BlackSky Technology, Inc. ●	Susquehanna	(150)	(225,000)	15	5/15/2026	(102,000)
	Biomarin Pharmaceutical, Inc.	Susquehanna	(190)	(1,330,000)	70	1/16/2026	(1,330)
	Biomarin Pharmaceutical, Inc.	Susquehanna	(210)	(1,312,500)	63	5/16/2026	(97,650)
	Biomarin Pharmaceutical, Inc. ●	Susquehanna	(524)	(3,144,000)	60	1/15/2027	(495,180)
	BP PLC ADR	Susquehanna	(500)	(2,000,000)	40	1/15/2027	(86,000)
	Centene Corp.	Susquehanna	(200)	(800,000)	40	6/18/2026	(127,200)
	Chevron Corp.	Susquehanna	(50)	(675,000)	135	6/18/2026	(101,050)
	Chevron Corp. ●	Susquehanna	(40)	(600,000)	150	9/18/2026	(48,700)
	Chevron Corp. ●	Susquehanna	(190)	(2,470,000)	130	1/15/2027	(514,425)
	Comcast Corp. Class A	Susquehanna	(200)	(600,000)	30	1/16/2026	(12,000)
	Colgate-Palmolive Co. ●	Susquehanna	(70)	(665,000)	95	1/16/2026	(350)
	Crown Castle, Inc. ●	Susquehanna	(100)	(850,000)	85	1/16/2026	(43,000)
	Crown Castle, Inc.	Susquehanna	(40)	(360,000)	90	9/18/2026	(26,480)
	Crown Castle, Inc. ●	Susquehanna	(110)	(935,000)	85	1/15/2027	(112,750)

	Crown Castle, Inc. ●	Susquehanna	(110)	(962,500)	88	1/15/2027	(103,950)
	Crown Castle, Inc. ●	Susquehanna	(180)	(1,755,000)	98	1/15/2027	(99,000)
	Diamondback Energy, Inc. ●	Susquehanna	(75)	(1,050,000)	140	6/18/2026	(145,125)
	Diamondback Energy, Inc. ●	Susquehanna	(130)	(1,950,000)	150	9/18/2026	(217,750)
	Dollar Tree, Inc.	Susquehanna	(100)	(1,050,000)	105	1/16/2026	(185,900)
	Equinix, Inc. ●	Susquehanna	(10)	(700,000)	700	12/18/2026	(122,500)
	Equinix, Inc. ●	Susquehanna	(10)	(740,000)	740	12/18/2026	(99,500)
	Underlying Security	Counterparty	Contracts +	Notional Amount**	Exercise Price	Expiration	Fair Value
	Equinix, Inc. ●	Susquehanna	(8)	$ (576,000)	$ 720	9/18/2026	$ (77,760)
	Helen of Troy Ltd. (Bermuda) ●	Susquehanna	(50)	(275,000)	55	1/16/2026	(5,750)
	Henry Schein, Inc. ●	Susquehanna	(80)	(560,000)	70	1/16/2026	(48,800)
	Honeywell International, Inc.	Susquehanna	(30)	(630,000)	210	1/16/2026	(6,000)
	Humana, Inc. ●	Susquehanna	(40)	(960,000)	240	1/16/2026	(79,200)
	Humana, Inc.	Susquehanna	(50)	(1,300,000)	260	1/16/2026	(35,500)
	J.M. Smucker Co.	Susquehanna	(40)	(380,000)	95	1/16/2026	(15,800)
	Keurig Dr. Pepper, Inc.	Susquehanna	(150)	(420,000)	28	3/20/2023	(21,750)
	Kimberly Clark Corp.	Susquehanna	(140)	(1,470,000)	105	3/20/2026	(49,000)
	Kimberly Clark Corp. ●	Susquehanna	(50)	(525,000)	105	6/18/2026	(29,250)
	Kimberly Clark Corp. ●	Susquehanna	(40)	(400,000)	100	12/18/2026	(40,600)
	Kimberly Clark Corp. ●	Susquehanna	(40)	(420,000)	105	12/18/2026	(34,000)
	Kimberly Clark Corp. ●	Susquehanna	(100)	(1,100,000)	110	1/21/2028	(104,000)
	Lamb Weston Holdings, Inc.	Susquehanna	(100)	(450,000)	45	1/16/2026	(1,900)
	Lamb Weston Holdings, Inc.	Susquehanna	(450)	(2,250,000)	50	1/16/2026	(2,250)
	Lockheed Martin Corp. ●	Susquehanna	(25)	(1,050,000)	420	12/18/2026	(218,875)
	Match Group, Inc.	Susquehanna	(310)	(930,000)	30	1/16/2026	(66,650)
	Molina Healthcare, Inc.	Susquehanna	(50)	(750,000)	150	3/20/2026	(157,500)
	Newmont Corp.	Susquehanna	(275)	(1,375,000)	50	1/16/2026	(1,387,375)
	Newmont Corp. ●	Susquehanna	(420)	(1,680,000)	40	12/18/2026	(2,562,000)
	Occidental Petroleum Corp.	Susquehanna	(80)	(420,000)	53	1/16/2026	(80)
	Phillips 66 ●	Susquehanna	(120)	(1,320,000)	110	1/15/2027	(322,200)

	Phillips 66 ●	Susquehanna	(50)	(600,000)	120	1/15/2027	(104,500)
	Phillips 66	Susquehanna	(90)	(1,125,000)	125	1/15/2027	(152,100)
	Phillips 66	Susquehanna	(80)	(1,040,000)	130	1/15/2027	(122,400)
	Royal Gold, Inc.	Susquehanna	(80)	(1,280,000)	160	12/18/2026	(588,080)
	Royal Gold, Inc. ●	Susquehanna	(20)	(360,000)	180	12/18/2026	(116,000)
	Seabridge Gold, Inc. (Canada) ●	Susquehanna	(942)	(1,789,800)	19	2/20/2026	(1,045,620)
	Seabridge Gold, Inc. (Canada)	Susquehanna	(1,000)	(1,500,000)	15	1/15/2027	(1,688,000)
	Underlying Security	Counterparty	Contracts +	Notional Amount**	Exercise Price	Expiration	Fair Value
	Southwest Airlines Co. ●	Susquehanna	(2)	$ (5,000)	$ 25	1/16/2026	$ (3,305)
	Southwest Airlines Co. ●	Susquehanna	(150)	(450,000)	30	1/15/2027	(200,250)
	Starbucks Corp.	Susquehanna	(200)	(1,800,000)	90	6/18/2026	(109,000)
	Starbucks Corp.	Susquehanna	(100)	(1,050,000)	105	12/18/2026	(45,500)
	Starbucks Corp.	Susquehanna	(100)	(950,000)	95	1/15/2027	(75,000)
	UnitedHealth Group, Inc. ●	Susquehanna	(20)	(560,000)	280	9/18/2026	(141,500)
	UnitedHealth Group, Inc.	Susquehanna	(20)	(560,000)	280	1/15/2027	(154,900)
	UnitedHealth Group, Inc. ●	Susquehanna	(20)	(540,000)	270	6/17/2027	(186,350)
	UnitedHealth Group, Inc. ●	Susquehanna	(20)	(580,000)	290	6/17/2027	(161,550)
	Total Call Options (Premiums Received $11,974,936) - (13.24)%						$ (14,222,548)
PUT OPTIONS - (0.09)% *
	Underlying Security	Counterparty	Contracts +	Notional Amount**	Exercise Price	Expiration	Fair Value
	Centene Corp.	Susquehanna	(100)	$ (250,000)	$ 25	6/18/2026	$ (4,300)
	Honeywell International, Inc. ●	Susquehanna	(30)	(540,000)	180	1/16/2026	(3,600)
	Kenvue, Inc. ●	Susquehanna	(250)	(250,000)	10	9/18/2026	(18,500)
	Match Group, Inc. ●	Susquehanna	(110)	(275,000)	25	1/16/2026	(2,750)
	Occidental Petroleum Corp.	Susquehanna	(100)	(350,000)	35	1/15/2027	(23,900)
	Phillips 66	Susquehanna	(80)	(800,000)	100	1/15/2027	(41,600)
	Total Put Options (Premiums Recieved $245,446) - (0.09)%						$ (94,650)

TOTAL WRITTEN OPTIONS (Premiums Received $12,220,382) - (13.33)%							$ (14,317,198)
* Non-income producing securities during the period.
**The notional amount is calculated by multiplying outstanding contracts by the exercise price at December 31, 2025.
+ Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.
● Level 2 Security
The accompanying notes are an integral part of these financial statements.

Frank Funds
Statements of Assets and Liabilities
December 31, 2025 (Unaudited)
		Value Fund		Camelot Fund
Assets:
Investments in Securities, at Fair Value (Cost $25,842,994 and $112,666,977, respectively)		$ 30,209,918		$ 119,220,458
Cash		48,198		192,636
Due from Broker		585		2,676,853
Receivables:
Dividends and Interest		28,702		213,001
Shareholder Subscriptions		29,615		124,323
Prepaid Expenses		1		20,671
Total Assets		30,317,019		122,447,942
Liabilities:
Options Written at Fair Value (Premiums received $0 and $12,220,382, respectively)		-		14,317,198
Payables:
Advisory Fees		23,512		109,073
Administrative Fees		5,460		8,579
Shareholder Redemptions		-		43,014
Chief Compliance Officer Fees		-		6,132
Distribution Fees		14,349		1,968
Trustee Fees		-		217
Interest		-		39
Accrued Expenses		-		540,342
Total Liabilities		43,321		15,026,562
Net Assets		$ 30,273,698		$ 107,421,380
Net Assets Consist of:
Paid In Capital		$ 25,781,733		$ 105,901,671
Distributable Earnings		4,491,965		1,519,709
Net Assets		$ 30,273,698		$ 107,421,380
Investor Class:
Net Assets		$ 5,886,248
Shares outstanding (unlimited number of shares authorized with no par value)		368,609
Net Asset Value		$ 15.97
Redemption Price Per Share ($15.97 x 0.98) *		$ 15.65
Class A:
Net Assets				$ 9,261,118
Shares outstanding (unlimited number of shares authorized with no par value)				430,977
Net Asset Value				$ 21.49

Offering Price Per Share ($21.49 / 94.50%) (Note 2)				$ 22.74
Redemption Price Per Share ($21.49 x 0.98) *				$ 21.06
Class C:
Net Assets		$ 1,262,258
Shares outstanding (unlimited number of shares authorized with no par value)		88,121
Net Asset Value		$ 14.32
Redemption Price Per Share ($14.32 x 0.98) *		$ 14.03
Institutional Class:
Net Assets		$ 23,125,192		$ 98,160,262
Shares outstanding (unlimited number of shares authorized with no par value)		1,403,889		4,456,830
Net Asset Value		$ 16.47		$ 22.02
Redemption Price Per Share ($16.47 x 0.98 & $22.02 x 0.98) *		$ 16.14		$ 21.58
* The Funds will impose a 2% redemption fee on shares redeemed within 5 business days of purchase for the Value and Camelot Funds.
The accompanying notes are an integral part of these financial statements.

Frank Funds
Statements of Operations
For the six months ended December 31, 2025 (Unaudited)
		Value		Camelot
		Fund		Fund
Investment Income:
Dividends (a)		$ 467,071		$ 920,973
Dividends - Money Market Fund		21,710		103,546
Interest		-		319,210
Total Investment Income		488,781		1,343,729
Expenses:
Advisory Fees		136,832		650,176
Administration Fees		31,576		87,433
Accounting Fees		-		24,373
Servicing Account Fees		-		43,011
Transfer Agent Fees		-		11,489
Chief Compliance Officer Fees		-		16,131
Audit Fees		-		11,191
Distribution Fees		13,856		12,384
Interest Expense				39
Legal Fees		-		9,450
Custody Fees		-		14,388
Trustee Fees		-		1,209
Printing and Mailing Expense		-		4,883
Miscellaneous Fees		-		529,359
Registration Fees		-		21,648
Total Expenses		182,264		1,437,164
Fees Waived and/or Reimbursed by the Adviser		-		(37,657)
Net Expenses		182,264		1,399,507
Net Investment Income (Loss)		306,517		(55,778)
Realized Gain (Loss) on:
Investments and Foreign Currency Transactions		2,017,850		422,800
Proceeds from Securities Litigation		2,344		74,972
Written Options		-		(1,747,918)
Securities Sold Short		-		(557)
Net Realized Gain (Loss) on Investments, Proceeds from Litigation, and Written Options		2,020,194		(1,250,703)
Net Change in Unrealized Appreciation (Depreciation) on:

Investments and Foreign Currency Transactions		(1,464,730)		7,032,251
Written Options		-		(2,162,640)
Net Change in Unrealized Appreciation (Depreciation) on Investments, and Options		(1,464,730)		4,869,611
Realized and Unrealized Gain on Investments, Proceeds from Litigation, and Options		555,464		3,618,908
Net Increase in Net Assets Resulting from Operations		$ 861,981		$ 3,563,130
(a) Foreign withholding taxes on dividends.		$ -		$ -
The accompanying notes are an integral part of these financial statements.

Value Fund
Statements of Changes in Net Assets
		(Unaudited)
		Six Months
		Ended	Year Ended
		12/31/2025	6/30/2025
Increase in Net Assets From Operations:
Net Investment Income		$ 306,517	$ 233,448
Net Realized Gain on:
Investments and Foreign Currency Transactions		2,020,194	1,352,755
Unrealized Appreciation (Depreciation) on:
Investments and Foreign Currency Transactions		(1,464,730)	3,254,853
Net Increase in Net Assets Resulting from Operations		861,981	4,841,056
Distributions to Shareholders:
Distributions
Investor Class		(648,056)	(200,043)
Class C		(140,148)	(43,139)
Institutional Class		(2,510,408)	(757,677)
Total Distributions Paid to Shareholders		(3,298,612)	(1,000,859)
Capital Share Transactions		6,935,619	2,366,783
Total Increase in Net Assets		4,498,988	6,206,980
Net Assets:
Beginning of Period/Year		25,774,710	19,567,730
End of Period/Year		$ 30,273,698	$ 25,774,710
The accompanying notes are an integral part of these financial statements.

Camelot Fund
Statements of Changes in Net Assets
		(Unaudited)
		Six Months
		Ended	Year Ended
		12/31/2025	6/30/2025
Increase (Decrease) in Net Assets From Operations:
Net Investment Income (Loss)		$ (55,778)	$ 788,990
Net Realized Gain (Loss) on:
Investments		422,800	(1,839,286)
Proceeds from Securities Litigation		74,972	51,000
Written Options		(1,747,918)	2,330,913
Securities Sold Short		(557)	(18,202)
Unrealized Appreciation (Depreciation) on:
Investments		7,032,251	6,800,670
Written Options		(2,162,640)	1,060,528
Securities Sold Short		-	-
Net Increase in Net Assets Resulting from Operations		3,563,130	9,174,613
Distributions to Shareholders:
Distributions:
Class A		(70,717)	(226,228)
Institutional Class		(866,558)	(2,160,382)
Total Distributions Paid to Shareholders		(937,275)	(2,386,610)
Capital Share Transactions		9,872,753	(8,731,621)
Total Increase (Decrease) in Net Assets		12,498,608	(1,943,618)
Net Assets:
Beginning of Period/Year		94,922,772	96,866,390
End of Period/Year		$ 107,421,380	$ 94,922,772
The accompanying notes are an integral part of these financial statements.

Value Fund - Investor Class
Financial Highlights
Selected data for a share outstanding throughout each period/year.
		(Unaudited)
		Six Months
		Ended		Years Ended
		12/31/2025		6/30/2025	6/30/2024	6/30/2023	6/30/2022	6/30/2021
Net Asset Value, at Beginning of Period/Year		$ 17.26		$ 14.50	$ 14.48	$ 13.36	$ 14.85	$ 13.13
Income (Loss) From Investment Operations:
Net Investment Income *		0.17		0.14	0.29	0.34	0.08	0.05
Net Gain (Loss) on Securities (Realized and Unrealized)		0.45		3.36	1.15	1.87	(0.88)	1.67
Total from Investment Operations		0.62		3.50	1.44	2.21	(0.80)	1.72
Distributions:
Net Investment Income		(0.22)		(0.18)	(0.54)	(0.09)	(0.16)	-	(a)
Realized Gains		(1.69)		(0.56)	(0.88)	(1.00)	(0.53)	-
Total from Distributions		(1.91)		(0.74)	(1.42)	(1.09)	(0.69)	-
Redemption Fees ***		-		-	-	-	-	-
Net Asset Value, at End of Period/Year		$ 15.97		$ 17.26	$ 14.50	$ 14.48	$ 13.36	$ 14.85
Total Return **		3.54%	(c)	24.56%	10.42%	17.36%	(5.51)%	13.10%
Ratios/Supplemental Data:
Net Assets at End of Period/Year (Thousands)		$ 5,886		$ 5,589	$ 3,942	$ 5,066	$ 4,377	$ 5,011
Ratio of Expenses to Average Net Assets		1.37%	(b)	1.37%	1.37%	1.37%	1.37%	1.46%
Ratio of Net Investment Income to Average Net Assets		1.87%	(b)	0.90%	2.02%	2.39%	0.54%	0.36%
Portfolio Turnover		44.80%	(c)	105.26%	100.08%	109.16%	104.17%	54.94%
* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period.
** Assumes reinvestment of dividends.
*** The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase.
(a) Amount calculated is less than $0.005
(b) Annualized
(c) Not Annualized
The accompanying notes are an integral part of these financial statements.

Value Fund - Class C
Financial Highlights
Selected data for a share outstanding throughout each period/year.
		(Unaudited)
		Six Months
		Ended		Years Ended
		12/31/2025		6/30/2025	6/30/2024	6/30/2023	6/30/2022	6/30/2021
Net Asset Value, at Beginning of Period/Year		$ 15.61		$ 13.16	$ 13.09	$ 12.18	$ 13.62	$ 12.13
Income (Loss) From Investment Operations:
Net Investment Income (Loss) *		0.09		0.02	0.16	0.20	(0.03)	(0.04)
Net Gain (Loss) on Securities (Realized and Unrealized)		0.40		3.04	1.05	1.71	(0.80)	1.53
Total from Investment Operations		0.49		3.06	1.21	1.91	(0.83)	1.49
Distributions:
Net Investment Income		(0.09)		(0.05)	(0.26)	-	(0.08)	-	(a)
Realized Gains		(1.69)		(0.56)	(0.88)	(1.00)	(0.53)	-
Total from Distributions		(1.78)		(0.61)	(1.14)	(1.00)	(0.61)	-
Redemption Fees ***		-		-	-	-	-	-
Net Asset Value, at End of Period/Year		$ 14.32		$ 15.61	$ 13.16	$ 13.09	$ 12.18	$ 13.62
Total Return **		3.06%	(c)	23.65%	9.66%	16.44%	(6.23)%	12.29%
Ratios/Supplemental Data:
Net Assets at End of Period/Year (Thousands)		$ 1,262		$ 1,166	$ 892	$ 848	$ 818	$ 1,061
Ratio of Expenses to Average Net Assets		2.12%	(b)	2.12%	2.12%	2.12%	2.12%	2.20%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.10%	(b)	0.14%	1.26%	1.53%	(0.24)%	(0.28)%
Portfolio Turnover		44.80%	(c)	105.26%	100.08%	109.16%	104.17%	54.94%
* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period.
** Assumes reinvestment of dividends.
*** The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase.
(a) Amount calculated is less than $0.005
(b) Annualized
(c) Not Annualized
The accompanying notes are an integral part of these financial statements.

Value Fund - Institutional Class
Financial Highlights
Selected data for a share outstanding throughout each period/year.
		(Unaudited)
		Six Months
		Ended		Years Ended
		12/31/2025		6/30/2025	6/30/2024	6/30/2023	6/30/2022	6/30/2021
Net Asset Value, at Beginning of Period/Year		$ 17.76		$ 14.90	$ 14.74	$ 13.58	$ 15.08	$ 13.29
Income (Loss) From Investment Operations:
Net Investment Income *		0.20		0.19	0.33	0.37	0.12	0.14
Net Gain (Loss) on Securities (Realized and Unrealized)		0.46		3.45	1.17	1.91	(0.90)	1.65
Total from Investment Operations		0.66		3.64	1.50	2.28	(0.78)	1.79
Distributions:
Net Investment Income		(0.26)		(0.22)	(0.46)	(0.12)	(0.19)	-	(a)
Realized Gains		(1.69)		(0.56)	(0.88)	(1.00)	(0.53)	-
Total from Distributions		(1.95)		(0.78)	(1.34)	(1.12)	(0.72)	-
Redemption Fees ***		-		-	-	-	-	-
Net Asset Value, at End of Period/Year		$ 16.47		$ 17.76	$ 14.90	$ 14.74	$ 13.58	$ 15.08
Total Return **		3.63%	(c)	24.91%	10.64%	17.66%	(5.29)%	13.47%
Ratios/Supplemental Data:
Net Assets at End of Period/Year (Thousands)		$ 23,125		$ 19,019	$ 14,734	$ 12,955	$ 10,299	$ 11,139
Ratio of Expenses to Average Net Assets		1.12%	(b)	1.12%	1.12%	1.12%	1.12%	1.18%
Ratio of Net Investment Income to Average Net Assets		2.13%	(b)	1.15%	2.24%	2.62%	0.79%	0.99%
Portfolio Turnover		44.80%	(c)	105.26%	100.08%	109.16%	104.17%	54.94%
* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period.
** Assumes reinvestment of dividends.
*** The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase.
(a) Amount calculated is less than $0.005
(b) Annualized
(c) Not Annualized
The accompanying notes are an integral part of these financial statements.

Camelot Fund - Class A
Financial Highlights
Selected data for a share outstanding throughout each period/year.
		(Unaudited)
		Six Months
		Ended		Years Ended
		12/31/2025		6/30/2025		6/30/2024		6/30/2023	6/30/2022		6/30/2021
Net Asset Value, at Beginning of Period/Year		$ 20.90		$ 19.48		$ 20.11		$ 21.02	$ 20.92		$ 13.39
Income (Loss) From Investment Operations:
Net Investment Income (Loss) *		(0.03)		0.13		0.21		0.09	(0.13)		(0.15)
Net Gain on Securities (Realized and Unrealized)		0.78		1.78		0.39		0.88	0.23	(f)	7.85
Total from Investment Operations		0.75		1.91		0.60		0.97	0.10		7.70
Distributions:
Net Investment Income		(0.04)		(0.18)		(0.22)		-	-		(0.17)
Realized Gains		(0.12)		(0.31)		(1.01)		(1.88)	-		-
Total from Distributions		(0.16)		(0.49)		(1.23)		(1.88)	-		(0.17)
Redemption Fees ***		-		-	(e)	-	(e)	-	-	(e)	-	(e)
Net Asset Value, at End of Period/Year		$ 21.49		$ 20.90		$ 19.48		$ 20.11	$ 21.02		$ 20.92
Total Return **		3.62%	(h)	9.93%		3.07%		4.65%	0.48%		57.83%
Ratios/Supplemental Data:
Net Assets at End of Period/Year (Thousands)		$ 9,261		$ 9,424		$ 9,680		$ 11,314	$ 10,007		$ 7,159
Before Reimbursement:
Ratio of Expenses to Average Net Assets (a) (b)		3.04%	(g)	2.10%		2.11%		2.15%	2.22%		2.65%
Ratio of Net Investment Income (Loss) to Average Net Assets (a) (d)		(0.37)%	(g)	0.53%		0.98%		0.27%	(0.81)%		(1.47)%
After Reimbursement:
Ratio of Expenses to Average Net Assets (a) (c)		2.94%	(g)	2.00%		2.02%		2.00%	2.00%		2.04%
Ratio of Net Investment Income (Loss) to Average Net Assets (a) (d)		(0.27)%	(g)	0.63%		1.07%		0.42%	(0.59)%		(0.86)%
Portfolio Turnover		17.45%	(h)	76.80%		48.03%		102.27%	121.62%		286.70%
* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period.
** Assumes reinvestment of dividends. Sales charge is not reflected in total return
*** The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase.
(a) Expense waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements.

These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred.
(b) Expenses before reimbursements (excluding dividend and interest expense for securities sold short) were 3.04%. 2.10%, 2.11%, 2.15%, 2.21%, and 2.61%
for the six months ended December 31, 2025 and years ended June 30, 2025, 2024, 2023, 2022, and 2021, respectively.
(c) Expenses after reimbursements (excluding dividend and interest expense for securities sold short) were 2.94%, 2.00%, 2.02%, 2.00%, 1.99%, and 2.00%,
for the six months ended December 31, 2025 and years ended June 30, 2025, 2024, 2023, 2022, and 2021, respectively.
(d) The net investment income (loss) ratios include dividends on short positions, if applicable.
(e) Amount calculated is less than $0.005
(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value
for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.
(g) Annualized
(h) Not Annualized
The accompanying notes are an integral part of these financial statements.

Camelot Fund - Institutional Class
Financial Highlights
Selected data for a share outstanding throughout each period/year.
		(Unaudited)
		Six Months
		Ended		Years Ended
		12/31/2025		6/30/2025		6/30/2024		6/30/2023		6/30/2022		6/30/2021
Net Asset Value, at Beginning of Period/Year		$ 21.42		$ 19.97		$ 20.58		$ 21.41		$ 21.25		$ 13.55
Income (Loss) From Investment Operations:
Net Investment Income (Loss) *		(0.01)		0.18		0.27		0.17		(0.07)		(0.09)
Net Gain on Securities (Realized and Unrealized)		0.81		1.82		0.39		0.88		0.23	(f)	7.97
Total from Investment Operations		0.80		2.00		0.66		1.05		0.16		7.88
Distributions:
Net Investment Income		(0.08)		(0.30)		(0.26)		-		-		(0.18)
Realized Gains		(0.12)		(0.25)		(1.01)		(1.88)		-		-
Total from Distributions		(0.20)		(0.55)		(1.27)		(1.88)		-		(0.18)
Redemption Fees ***		-	(e)	-	(e)	-	(e)	-	(e)	-	(e)	-	(e)
Net Asset Value, at End of Period/Year		$ 22.02		$ 21.42		$ 19.97		$ 20.58		$ 21.41		$ 21.25
Total Return **		3.73%	(h)	10.18%		3.34%		4.95%		0.75%		58.44%
Ratios/Supplemental Data:
Net Assets at End of Period/Year (Thousands)		$ 98,160		$ 85,499		$ 87,187		$ 103,660		$ 59,802		$ 29,971
Before Reimbursement:
Ratio of Expenses to Average Net Assets (a) (b)		2.85%	(g)	1.84%		1.84%		1.89%		2.07%		2.39%
Ratio of Net Investment Income (Loss) to Average Net Assets (a) (d)		(0.17)%	(g)	0.78%		1.26%		0.65%		(0.65)%		(1.14)%
After Reimbursement:
Ratio of Expenses to Average Net Assets (a) (c)		2.78%	(g)	1.75%		1.77%		1.75%		1.75%		1.79%
Ratio of Net Investment Income (Loss) to Average Net Assets (a) (d)		(0.09)%	(g)	0.87%		1.33%		0.79%		(0.33)%		(0.54)%
Portfolio Turnover		17.45%	(h)	76.80%		48.03%		102.27%		121.62%		286.70%
* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period.
** Assumes reinvestment of dividends.
*** The Fund will impose a 2% redemption fee on shares redeemed within 5 business days of purchase.
(a) Expense waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements.

These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred.

(b) Expenses before reimbursements (excluding dividend and interest expense for securities sold short) were 2.85%, 1.84%, 1.84%, 1.89%, 2.05%, and 2.35%

for the six months ended December 31, 2025 and years ended June 30, 2025, 2024, 2023, 2022, and 2021, respectively.

(c) Expenses after reimbursements (excluding dividend and interest expense for securities sold short) were 2.78%, 1.75%, 1.77%, 1.75%, 1.74%, and 1.75%

for the six months ended December 31, 2025 and years ended June 30, 2025, 2024, 2023, 2022, and 2021, respectively.

(d) The net investment income (loss) ratios include dividends on short positions, if applicable.

(e) Amount calculated is less than $0.005

(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value

for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

(g) Annualized

(h) Not Annualized

The accompanying notes are an integral part of these financial statements.

Frank Funds

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2025 (UNAUDITED)

Note 1. Organization

Frank Funds (the "Trust"), is an open-end regulated investment company that was organized as an Ohio business trust on February 12, 2004. The Trust is permitted to issue an unlimited number of shares of beneficial interest of separate series, each series representing a distinct fund with its own investment objective and policies. At present, there are two series authorized by the Trust, the Frank Value Fund (the "Value Fund"), and the Camelot Event Driven Fund (the "Camelot Fund") (each a "Fund" and collectively the "Funds"). Frank Capital Partners LLC ("FCP") is the adviser to the Value Fund and Camelot Event Driven Advisors, LLC ("Camelot Advisors") is the adviser to the Camelot Fund.

The Value Fund's investment objective is to provide long-term capital appreciation. The Value Fund's principal investment strategy is value investing. The Value Fund commenced operations on July 21, 2004. The Value Fund currently has 3 classes of shares; Investor Class shares, Class C shares, and Institutional Class shares. The share classes vary in distribution (12b-1) fee accruals and minimum initial investment required.

The Camelot Fund's investment objective is to provide long-term growth of capital. The Camelot Fund seeks to achieve its investment objective by investing in the securities of publicly traded companies involved in mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations, or similar events ("corporate reorganizations"). The Camelot Fund currently has 2 classes of shares; Class A shares and Institutional shares. Class A shares are charged a front-end sales charge and a distribution and servicing fee; and Institutional Class shares bear no front-end sales charge or CDSC, but have higher minimum investment thresholds.

Note 2. Summary of Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are each a series of an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 and Accounting Standards Update 2013-08 applicable to investment companies.

Securities Valuations - All investments in securities are recorded at their estimated fair value, as described in Note 3.

Share Valuation - The price (net asset value) of the shares of each Fund is normally determined as of 4:00 p.m., Eastern time on each day the Funds are open for business and on any other day on which there is sufficient trading in the Funds' securities to materially affect the net asset value. The Funds are normally open for business on every day except Saturdays, Sundays and the following holidays: New Year's Day, Martin Luther King Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving and Christmas.

Short Sales of Investments - Certain Funds may make short sales of investments, which are transactions in which a Fund sells a security it does not own in anticipation of a decline in the fair value of that security. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing it at the market price at the time of replacement. The broker retains the proceeds of short sales to the extent necessary to meet margin requirements until the short position is closed out.

If a security pays a dividend while the Fund holds it short, the Fund will need to pay the dividend to the original owner of the security. Since the Fund borrowed the shares and sold them to a third party, the third party will receive the dividend from the security and the Fund will pay the original owner the dividend directly. The Fund is not entitled to the dividend because it does not own the shares. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale.

Futures Contracts - Certain Funds may enter into financial futures contracts, to the extent permitted by their investment policies and objectives, for bona fide hedging and other permissible risk management purposes including protecting against anticipated changes in the value of securities a Fund intends to purchase. Upon entering into a financial futures contract, a Fund is required to deposit cash or securities as initial margin.

Additional securities are also segregated as collateral up to the current market value of the financial futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund, depending on the fluctuation in the value of the underlying financial instruments. The Fund recognizes an unrealized gain or loss equal to the variation margin. When the financial futures contracts are closed, a realized gain or loss is recognized equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund's basis in the contracts. The risks associated with entering into financial futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, investing in financial futures contracts involves the risk that the Fund could lose more than the original margin deposit and subsequent payments required for a futures transaction. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

Foreign Currency Transactions - Securities and other assets and liabilities denominated in foreign currencies are converted each business day into U.S. dollars based on the prevailing rates of exchange. Purchases and sales of portfolio securities and income and expenses are converted into U.S. dollars on the respective dates of such transactions.

Gains and losses resulting from changes in exchange rates applicable to foreign securities are not reported separately from gains and losses arising from movements in securities prices.

Net realized foreign exchange gains and losses include gains and losses from sales and maturities of foreign currency exchange contracts, gains and losses realized between the trade and settlement dates of foreign securities transactions, and the difference between the amount of dividends, interest and foreign withholding taxes on the Funds' books and the U.S. dollar equivalent of the amounts actually received. Net unrealized foreign exchange gains and losses include gains and losses from changes in the fair value of assets and liabilities denominated in foreign currencies other than portfolio securities, resulting from changes in exchange rates.

Forward Foreign Currency Contracts - Certain Funds may enter into forward foreign currency contracts to hedge against foreign currency exchange rate risk on their non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated portfolio transactions. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through either delivery or offset by entering into another forward foreign currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

Redemption Fee - To discourage short-term trades by investors, the Value and Camelot Funds will impose a redemption fee of 2.00% of the total redemption amount (calculated at market value) if shares are redeemed within five business days of purchase. See Note 7 for additional disclosure on redemption fees for each Fund.

Security Transactions Timing - Security transactions are recorded on the dates transactions are entered into (the trade dates). Dividend income and distributions to shareholders are recognized on the ex-dividend date. Interest income is recognized on an accrual basis. The Funds use the identified cost basis in computing gain or loss on sale of investment securities. Discounts and premiums on securities purchased are amortized over the life of the respective securities. Withholding taxes on foreign dividends are provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

Federal Income Taxes - The Funds make no provision for federal income or excise tax. The Funds intend to qualify each year as "regulated investment companies" ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of their taxable income. The Funds also intend to distribute sufficient net investment income and net capital gains, if any, so that they will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Funds could incur a tax expense. Therefore, no federal income tax or excise provision is required.

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed the Funds' tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2022-2024) or expected to be taken in the Funds' 2025 tax returns. The Funds identify their major tax jurisdiction as U.S. Federal, however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the six months ended December 31, 2025, the Funds did not incur any interest or penalties.

Distributions to Shareholders - The Funds intend to distribute to their shareholders substantially all of their net realized capital gains and net investment income, if any, at year-end. Distributions will be recorded on ex-dividend date.

Derivative Transactions - The Funds may invest in put and call options. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gains. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining if the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund(s) as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

The Camelot Fund may invest in structured notes. A structured note is a type of derivative security for which the amount of principal repayments and/or interest payments is based upon the movement of one or more "factors." The impact of the movements of these factors may increase or decrease through the use of multipliers or deflators. Structured notes may be designed to have particular quality and maturity characteristics and may vary from money market quality to below investment grade.

The Camelot Fund may also invest in warrants. Warrants provide the Camelot Fund with exposure and potential gains upon equity appreciation of the underlying company's share price. The value of a warrant has two components: time value and intrinsic value. A warrant has a limited life and expires on a certain date. As the expiration date of a warrant approaches, the time value of a warrant will decline. In addition, if the stock underlying the warrant declines in price, the intrinsic value of an in-the-money warrant will decline. Further, if the price of the stock underlying the warrant does not exceed the strike price of the warrant on the expiration date, the warrant will expire worthless. As a result, the Camelot Fund could potentially lose its entire investment in a warrant. See Note 9 for additional information on derivative transactions in the Funds.

Share class accounting - Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to the three classes of shares of the Value Fund on the basis of the daily net assets of each class. Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to the two classes of shares of the Camelot Fund on the basis of the daily net assets of each class. Fees relating to a specific class are charged directly to that share class.

Use of Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets during the reporting period. Actual results could differ from those estimates.

Note 3. Securities Valuations

Processes and Structure

The Trust's Board of Trustees has adopted guidelines for valuing securities including in circumstances in which market quotes are not readily available and has delegated to the respective adviser the responsibility for determining fair value prices, subject to review by the Board of Trustees.

In accordance with the Trust's good faith pricing guidelines, the respective adviser is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single standard for determining fair value exists since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the adviser would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accord with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods.

Hierarchy of Fair Value Inputs

The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

·

Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the company has the ability to access.

·

Level 2. Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

·

Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the company's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

A Fund may hold securities, some of which are classified as Level 3 investments (as defined below). Level 3 investments have significant unobservable inputs, as they trade infrequently. In determining the fair value of these investments, management uses the profitability expected return, vendor pricing and market approaches, which includes as the primary input the capital balance reported; however, adjustments to the reported capital balance may be made based on various factors, including, but not limited to, the attributes of the interest held, including the rights and obligations, and any restrictions or illiquidity of such interests, and the fair value of these securities.

Fair Value Measurements

A description of the valuation techniques applied to the company's major categories of assets and liabilities measured at fair value on a recurring basis follows.

Equity securities (common and preferred stocks, real estate investment trusts, and exchange traded funds). Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as american depositary receipts, financial futures, exchange traded funds, and the movement of the certain indexes of securities based on a statistical analysis of the historical relationship and that are categorized in Level 2. Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are also categorized in Level 2.

Debt and other fixed income investments - Fixed income securities are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board.

U.S. government obligations - U.S. government securities are normally valued using a model that incorporates market observable data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. U.S. government securities are categorized in Level 1 or Level 2 of the fair value hierarchy, depending on the inputs used and market activity levels for specific securities.

Short term investments - Short term investments are valued using amortized cost, which approximates fair value. These securities will be categorized in Level 1 of the fair value hierarchy.

Derivative instruments (structured notes, warrants and options) - Derivative transactions which are actively traded and to which valuation adjustments are not applied are categorized in Level 1 of the fair value hierarchy. Derivative transactions traded on inactive markets or valued by reference to similar instruments are categorized in Level 2 of the fair value hierarchy. Options are valued at the last sales prices on the valuation date if the last sales price is between the closing bid and asked prices. Otherwise, options are valued at the closing bid price. These securities will be categorized in Level 2 of the fair value hierarchy if valued at other than closing price.

The following tables summarize the inputs used to value each Fund's assets and liabilities measured at fair value as of December 31, 2025:

Value Fund	Financial Instruments - Assets
	Level 1	Level 2	Level 3	Total
Common Stocks *	$ 27,524,600	$ -	$ -	$ 27,524,600
Real Estate Investment Trust	2,268,552	-	-	2,268,552
Money Market Fund	416,766	-	-	416,766
Total	$ 30,209,918	$ -	$ -	$ 30,209,918

Camelot Fund	Financial Instruments - Assets
	Level 1	Level 2	Level 3	Total
Common Stocks *	$ 82,066,125	$ 449,053	$ 23,434	$ 82,538,612
Real Estate Investment Trust	7,655,188	-	-	7,655,188
Escrow Shares	-	-	-	-
Asset-Backed Securities	-	51,472	-	51,472
Contingent Value Rights	5,860	-	-	5,860
Convertible Bonds *	-	47,152	-	47,152
Corporate Bonds *	-	1,352,589	6,250	1,358,839
Mortgage-Backed Securities *	-	10,248	-	10,248
Municipal Bonds	-	172,182	-	172,182
Preferred Stocks *	11,191	3,612,078	-	3,623,269
Structured Notes	-	56,202	-	56,202
United States Treasury Note Bonds	-	7,930,391	-	7,930,391
Warrants *	12,750	-	-	12,750
Purchased Options
Call Options	321,500	-	-	321,500
Put Options	2,255,700	2,971,635	-	5,227,335
Money Market Fund	10,209,458	-	-	10,209,458
Total	$102,537,772	$ 16,653,002	$ 29,684	$119,220,458

	Financial Instruments - Liabilities
	Level 1	Level 2	Level 3	Total
Written Options:
Call Options	$ (6,035,720)	$ (8,186,828)	$ -	$ (14,222,548)
Put Options	(69,800)	(24,850)	-	(94,650)
Total	$ (6,105,520)	$ (8,211,678)	$ -	$ (14,317,198)

*Industry classifications for these categories are detailed on the Schedule of Investments of each Fund.

The Value Fund did not hold any Level 3 assets during the six months ended December 31, 2025. It is each of the Fund's policy to recognize transfers into and out of Level 1, Level 2 and Level 3 at the end of the reporting period. There have been no transfers in and out of Level 1 and Level 2 fair value measurements as of December 31, 2025 for the Value Fund. There were no transfers between Level 1, Level 2 and Level 3 for the Camelot Fund. The Fund's policy is to recognize transfers in and transfers out as of the end of the reporting period.

The following is a reconciliation of Camelot Fund's Level 3 investments for which significant unobservable inputs were used in determining value. See Schedules of Investments for industry breakouts:

	Balance as of June 30, 2025	Purchases	Sales	Realized Gain/(Loss)	Net Unrealized Appreciation/ (Depreciation)	Transfers in to Level 3	Balance as of December 31, 2025
Common Stocks	$ 23,154	$ -	$ -	$ (185,359)	$ 185,639	$ -	$ 23,434
Corporate Bonds	6,250	-	-	-	-	-	6,250
	$ 29,404	$ -	$ -	$ (185,359)	$ 185,639	$ -	$ 29,684

The following presents information about significant unobservable inputs related to Level 3 investments at December 31, 2025:

Camelot Fund

Asset		Fair Value at			Valuation	Unobservable		Input
Categories		June 30, 2025			Technique	Input		Values
Common Stocks
Gold and Silver Ores		$	0		Profitability expected	Uncertainty of any		$	0.00
					return method	additional future payout
Miscellaneous Electrical			0		Market approach	Last traded price of		$	0.00
Machinery, Equip. & Suppl.						pre-conversion bonds
Hazardous Waste			1,170		Market approach	Last traded price of non-			9.30	%
Management						restricted shares less a % discount
Radiotelephone			22,264		Profitability expected	Uncertainty of any		$	0.50
Communications					return method	additional future payout
Escrow Shares			0		Profitability expected	Uncertainty of any		$	0.00
					return method	additional future payout
Corporate Bonds					Vendor pricing	Single broker quote
Business Services			0		Profitability expected	Uncertainty of any		$	0.00
					return method	additional future payout
Miscellaneous Electrical			0		Profitability expected	Liquidation value		$	0.00
Machinery, Equip. & Suppl.					return method	of asset
Telephone Communications			6,250		Vendor pricing	Single broker quote		$	0.13

Note 4. Investment Management and Administrative Agreements

Value Fund

The Trust has a "Management Agreement" with FCP, with respect to the Value Fund. Under the terms of the Management Agreement, FCP manages the investment portfolio of the Value Fund, subject to policies adopted by the Trust's Board of Trustees. Under the Management Agreement, FCP, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, and pays fees and expenses incurred by the Value Fund, including but not limited to, legal, auditing, accounting, and expenses of the custodian, along with equipment and executive personnel necessary for managing the assets of the Value Fund. FCP also pays the salaries and fees of all its officers and employees that serve as officers and trustees of the Trust. FCP pays all ordinary operating expenses of the Value Fund except brokerage fees and commissions, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), Rule 12b-1 fees, acquired fund fees and expenses, and extraordinary expenses. For its services and the payment of Value Fund ordinary operating expenses, FCP receives an annual investment management fee of 0.91% of the average daily net assets of the Value Fund. For the six months ended December 31, 2025, FCP earned management fees of $136,832 from the Value Fund. As of December 31, 2025, the Value Fund owed FCP $23,512 for management fees.

FCP also provides administrative services to the Value Fund under an Administration Agreement and receives a fee of 0.21% of the Value Fund's average daily net assets for those services. This fee was permanently reduced from 0.25% when the Value Fund's net assets exceeded $15 million in April 2021. Under the Administration Agreement, FCP pays all of the operating expenses of the Value Fund except management fees, Rule 12b-1 fees, brokerage, taxes, borrowing costs (such as interest and dividend expense of securities sold short), and extraordinary expenses. For the six months ended December 31, 2025, the Value Fund accrued $31,576 in administrative fees. At December 31, 2025, the Value Fund owed $5,460 in administrative fees.

Camelot Fund

Camelot Advisors ("Adviser") serves as the investment adviser to the Camelot Fund. Under the terms of the "Management Agreement" the Adviser manages the Fund's investments subject to approval of the Board of Trustees; furnishes investment advice to the Fund on the basis of a continuous review of the portfolio; and recommends to the Fund when and to what extent securities should be purchased or sold. As compensation for its management services, the Fund is obligated to pay the Adviser a fee computed and accrued daily and paid monthly at an annual rate of 1.30% of the average daily net assets of the Fund. For the six months ended December 31, 2025, Camelot Advisors earned management fees of $650,176 from the Camelot Fund. As of December 31, 2025, the Camelot Fund owed Camelot Advisors $109,073 for management fees.

Camelot Advisors has contractually agreed to waive their management fees and/or assume expenses to the extent necessary to reduce the Total Annual Fund Operating Expenses (exclusive of any front-end or contingent deferred loads, taxes, all interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees, 12b-1 fees and expenses, and extraordinary expenses such as litigation) when they exceed 1.74% of the Fund's average daily net assets. This agreement will continue in effect until October 31, 2026. Any waivers and reimbursements made by the Adviser to the Fund are subject to recoupment by the Adviser within three (3) fiscal years following the date of such waiver or reimbursement, provided that such recoupment does not cause the Total Annual Fund Operating Expenses to exceed the Annualized Expense Ratio in effect at the time of the (i) fee waiver and/or expense assumption, or (ii) the fee recoupment. Camelot Advisors waived $4,771 for Class A and $32,886 for Institutional Class, respectively, in total of $37,657 of advisory fees for the six months ended December 31, 2025. At June 30, 2025, the amounts subject to future recoupment total $277,801 and are as follows:

Fiscal Year Ended	Recoverable Through	Amount
June 30, 2023	June 30, 2026	$ 111,073
June 30, 2024	June 30, 2027	$ 81,782
June 30, 2025	June 30, 2028	$ 84,946

FCP also provides administrative services to the Camelot Fund under an Administration Agreement. The fees are based on the average daily net assets of the Fund as follows:

Assets	Fee
Up to $50 million	0.21%
$50 million to $75 million	0.15%
Above $75 million	0.10%

For the six months ended December 31, 2025, the Camelot Fund accrued $87,433 in administrative fees. At December 31, 2025, the Camelot Fund owed $8,579 in administrative fees.

FCP also provides compliance services to the Camelot Fund for which it is paid $32,000 per year. At December 31, 2025, the Camelot Fund owed $6,132 in compliance fees.

Note 5. Segment Reporting

Each Fund included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the portfolio manager of the Fund to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to a Fund based on performance measurements. Due to the significance of oversight and their role, the Portfolio Manager(s) of each of the Funds is deemed to be the Chief Operating Decision Maker.

Note 6. Distribution and Service Fees

The Trust, with respect to the Value Fund has adopted plans under Rule 12b-1 that allow the Fund to pay distribution fees for the sale and distribution of its Investor Class and Class C shares as well as shareholder services. Investor Class and Class C shareholders of the Fund may pay annual 12b-1 expenses of up to 0.25% and 1.00%, respectively, of each class's average daily net assets. For the six months ended December 31, 2025, the Investor Class accrued $7,541 in distribution fees and Class C accrued $6,315 in distribution fees. At December 31, 2025, the Value Fund owed $14,349 in distribution fees.

The Trust, with respect to the Camelot Fund Class A has adopted plans under Rule 12b-1 of the 1940 Act that allow the Camelot Fund to pay distribution and service fees annually for the sale and distribution of shares and servicing of shareholders ("12b-1 fees"). The Fund pays distribution fees of 0.25% of the Fund's average daily net assets to Arbor Court Capital LLC, as the Fund's distributor, and other brokers. For the six months ended December 31, 2025, the Camelot Fund accrued $12,384 in 12b-1 fees. At December 31, 2025, the Camelot Fund owed $1,968 in distribution fees.

Note 7. Related Party Transactions

Brian J. Frank and Monique Weiss are the control persons of FCP. Brian Frank also serves as a trustee of the Trust, and both Mr. Frank and Ms. Weiss serve as officers of the Trust. Mr. Frank and Ms. Weiss receive benefits from FCP resulting from management fees paid to FCP by the Value Fund.

Note 8. Capital Share Transactions

The Trust is authorized to issue an unlimited number of shares of separate series. Transactions in capital were as follows:

Value Fund - Investor Class	July 1, 2025 through December 31, 2025		July 1, 2024 through June 30, 2025
	Shares	Amount	Shares	Amount
Shares sold	40,381	$ 719,245	123,316	$ 2,043,613
Shares reinvested	38,997	626,671	12,083	192,239
Shares redeemed	(34,532)	(611,861)	(83,446)	(1,386,577)
Net Increase	44,846	$ 734,055	51,953	$ 849,275
Value Fund - Class C	July 1, 2025 through December 31, 2025		July 1, 2024 through June 30, 2025
	Shares	Amount	Shares	Amount
Shares sold	7,502	$ 122,394	55,227	$ 843,436
Shares reinvested	9,225	133,029	2,797	40,390
Shares redeemed	(3,325)	(54,086)	(51,086)	(776,970)
Net Increase	13,402	$ 201,337	6,938	$ 106,856
Value Fund - Institutional Class	July 1, 2025 through December 31, 2025		July 1, 2024 through June 30, 2025
	Shares	Amount	Shares	Amount
Shares sold	268,029	$ 5,009,915	158,429	$ 2,614,840
Shares reinvested	145,946	2,419,800	45,299	740,636
Shares redeemed	(80,922)	(1,429,488)	(121,426)	(1,944,824)
Net Increase	333,053	$ 6,000,227	82,302	$ 1,410,652

Camelot Fund - Class A	July 1, 2025 through December 31, 2025		July 1, 2024 through June 30, 2025
	Shares	Amount	Shares	Amount
Shares sold	57,945	$ 1,252,526	88,329	$ 1,802,311
Shares reinvested	2,802	59,823	10,099	200,266
Redemption fees	-	-	-	58
Shares redeemed	(80,651)	(1,737,890)	(144,360)	(2,955,262)
Net Decrease	(19,904)	$ (425,541)	(45,932)	$ (952,627)

Camelot Fund - Institutional Class	July 1, 2025 through December 31, 2025		July 1, 2024 through June 30, 2025
	Shares	Amount	Shares	Amount
Shares sold	938,303	$ 20,708,482	1,154,365	$ 24,039,219
Shares reinvested	36,933	808,086	99,328	2,016,353
Redemption fees	-	235	-	718
Shares redeemed	(509,861)	(11,218,509)	(1,628,067)	(33,835,284)
Net Increase (Decrease)	465,375	$ 10,298,294	(374,374)	$ (7,778,994)

Shareholders of the Funds are subject to a Redemption Fee on redemptions and exchanges equal to 2.00% of the net asset value of Fund shares redeemed within 5 days after their purchase. The tables above reflect the redemption fees collected from shareholders of the Funds and reclassified to paid-in-capital.

Note 9. Derivative Transactions

The Funds consider the average quarter-end notional amounts during the period, categorized by primary underlying risk, to be representative of it's derivative activities during the six months ended December 31, 2025.

Camelot Fund

Average notional value of:

Warrants	$ 167,914
Call Options Purchased	$ 1,867,500
Put Options Purchased	$ 51,138,000
Written Call Options	$ (65,196,900)
Written Put Options	$ (3,265,000)

The Funds have adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that the Funds disclose: a) how and why an entity uses derivative instruments; and b) how derivative instruments and related hedged items affect an entity's financial position, financial performance and cash flows.

The Funds may trade financial instruments where they are considered to be a seller of credit derivatives in accordance with authoritative guidance under GAAP on derivatives and hedging.

Camelot Fund

As of December 31, 2025, the Statement of Assets and Liabilities included the following financial derivative instrument fair values:

Assets		Derivatives
Purchased Options - equity contracts		$ 5,548,835
Warrants - equity contracts		12,750
Structured Notes		56,202
Total Assets		$ 5,617,787
Liabilities		Equity Contracts
Written Options		$(14,317,198)
Total Liabilities		$(14,317,198)

For the six months ended December 31, 2025, financial derivative instruments had the following effect on the Statement of Operations:

Net change in unrealized appreciation (depreciation) on:		Equity Contracts		Total
Purchased Options		$ (867,946)		$ (867,946)
Written Options		(2,162,640)		(2,162,640)
Structured Notes		(21,368)		(21,368)
Warrants		(1,395)		(1,395)
		$ (3,053,349)		$ (3,053,349)

Net realized gain (loss) on:		Equity Contracts		Total
Purchased Options		$ (333,909)		$ (333,909)
Written Options		(1,747,918)		(1,747,918)
Structured Notes		-		-
Warrants		-		-
		$ (2,081,827)		$ (2,081,827)

The selling of written call options may tend to reduce the volatility of the Funds because the premiums received from selling the options will reduce any losses on the underlying securities, but only by the amount of the premiums. However, selling the options may also limit the Funds' gain on the underlying securities. Written call options expose the Funds to minimal counterparty risk since they are exchange-traded and the exchange's clearing house guarantees the options against default.

The Funds engage in option transactions involving individual securities and stock indexes. An option involves either: (a) the right or the obligation to buy or sell a specific instrument at a specific price until the expiration date of the option; or (b) the right to receive payments or the obligation to make payments representing the difference between the closing price of a stock index and the exercise price of the option expressed in dollars times a specified multiple until the expiration date of the option. The Funds may purchase and write options. Options are sold (written) on securities and stock indexes. The purchaser of an option on a security pays the seller (the writer) a premium for the right granted but is not obligated to buy or sell the underlying security. The purchaser of an option on a stock index pays the seller a premium for the right granted, and in return the seller of such an option is obligated to make the payment. A writer of an option may terminate the obligation prior to expiration of the option by making an offsetting purchase of an identical option. Options are traded on organized exchanges and in the over-the-counter market. To cover the potential obligations involved in writing options, a Fund will either: (a) own the underlying security, or in the case of an option on a market index, will hold a portfolio of stocks substantially replicating the movement of the index; or (b) the Fund will segregate with the custodian high grade liquid assets sufficient to purchase the underlying security or equal to the market value of the stock index option, marked to market daily.

The purchase of options limits a Fund's potential loss to the amount of the premium paid and can afford the Fund the opportunity to profit from favorable movements in the price of an underlying security to a greater extent than if transactions were effected in the security directly. However, the purchase of an option could result in the Fund losing a greater percentage of its investment than if the transaction were effected directly. When a Fund writes a call option, it will receive a premium, but it will give up the opportunity to profit from a price increase in the underlying security above the exercise price as long as its obligation as a writer continues, and it will retain the risk of loss should the price of the security decline. When a Fund writes a put option, it will assume the risk that the price of the underlying security or instrument will fall below the exercise price, in which case a Fund may be required to purchase the security or instrument at a higher price than the market price of the security or instrument. In addition, there can be no assurance that the Fund can affect a closing transaction on a particular option it has written. Further, the total premium paid for any option may be lost if a Fund does not exercise the option.

The Funds engage in option transactions involving securities and stock indices in order to gain exposure to particular securities or markets, in connection with hedging transactions, or to try to enhance returns. Options require additional skills and techniques beyond normal portfolio management. The Funds' use of options involves risk that such instruments may not work as intended due to unanticipated developments, especially in abnormal market conditions, or if the adviser makes an error in judgment, or other causes. The use of options may magnify the increase or decrease in the performance of the Funds, and may also subject the Funds to higher price volatility.

The premiums paid for the options represent the cost of the investment and the options are valued daily at their closing price. The Funds recognize a realized gain or loss when the option is sold or expired. Option holdings within the Funds, which may include put options and call options, are subject to loss of value with the passage of time, and may experience a total loss of value upon expiration. With options, there is minimal counterparty risk to the Funds since they are exchange traded.

Note 10. Offsetting Assets and Liabilities

The Camelot Fund are subject to various Master Netting Arrangements ("MNA"), which govern the terms of certain transactions with select counterparties. The MNA allows the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The MNA also specifies collateral posting arrangements at pre-arranged exposure levels. Under the MNA, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant MNA with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of MNA.

The following is a summary of the Assets and Liabilities for the Camelot Fund subject to offsets as of December 31, 2025:

Gross

Net

Gross

Amounts

Amounts

Gross Amounts Not

Amounts

Offset

Presented

Offset in the Statements

Recognized in

in the

in the

of Assets and Liabilities

the Statement

Statements

Statements

Collateral

of Assets and

of Assets

of Assets

Financial

Pledged

Net

Description

Counterparty

Liabilities

and Liabilities

and Liabilities

Instruments

(Received)

Amount

Camelot Fund

Assets:

Purchased Options

Susquehanna

$

5,548,835

$

-

$

5,548,835

$

-

$

5,548,835

$

-

Liabilities:

Written Options

Susquehanna

$

(14,317,198)

$

-

$

(14,317,198)

$

-

$

(14,317,198)

$

-

Note 11. Investment Transactions

For the six months ended December 31, 2025, purchases and sales of investment securities other than U.S. Government obligations, and short-term investments for the Value Fund aggregated $16,608,369 and $12,832,372, respectively.

For the six months ended December 31, 2025, purchases and sales of investment securities other than U.S. Government obligations, and short-term investments for the Camelot Fund aggregated $24,048,945 and $16,870,071, respectively.

Note 12. Tax Matters

As of June 30, 2025, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investment securities were as follows:

	Value Fund	Camelot Fund
Gross unrealized appreciation on investment securities	$ 6,244,621	$ 12,578,916
Gross unrealized depreciation on investment securities	(470,552)	(14,536,733)
Net unrealized appreciation (depreciation) on investment securities	$ 5,774,069	$ (1,957,817)
Cost of investment securities, including short-term investments *	$ 19,829,559	$ 90,973,440

Income and long-term capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from accounting principles generally accepted in the United States. The Funds' tax basis capital gains and losses and undistributed ordinary income are determined at the end of each fiscal year. As of June 30, 2025 the Funds' most recent fiscal year-end, components of distributable earnings on a tax basis were as follows:

	Value Fund	Camelot Fund
Unrealized appreciation (depreciation)	$ 5,774,069	$ (1,957,817)
Post December net-investment loss deferral	-	-
Undistributed ordinary income (loss)	120,643	851,671
Accumulated undistributed long-term capital gain	1,033,884	-
Total Distributable earnings/(deficit)	$ 6,928,596	$ (1,106,146)

* The difference between book and tax cost represents disallowed wash sales and straddles for tax purposes for the Camelot Funds and disallowed wash sales for the Value Fund.

The capital gains (losses) shown may differ from corresponding accumulated net realized gain (loss) reported on the statement of assets and liabilities due to certain temporary book/tax differences due to temporary book/tax differences due to the deferral of losses on wash sales and straddles. Under current tax law, net capital losses realized after October 31^st and net ordinary losses incurred after December 31st may be deferred and treated as occurring on the first day of the following fiscal year and net capital losses may be carried forward indefinitely, and their character is retained as short-term and/or long-term.

Permanent book and tax differences relating to shareholder distributions may result in reclassifications to paid in capital and may affect the per-share allocation between net investment income and realized and unrealized gain/loss. Undistributed net investment income and accumulated undistributed net realized gain/loss on investment transactions may include temporary book and tax differences which reverse in subsequent periods. Any taxable income or gain remaining at fiscal year end is distributed in the following year.

The Funds paid the following distributions for the six months ended December 31, 2025 and year ended June 30, 2025:

Value Fund
Period/Year Ended		$ Amount		Tax Character
		Investor Class
12/31/2025		$ 76,673		Ordinary income
12/31/2025		$ 571,383		Long-term capital gain
6/30/2025		$ 112,839		Ordinary income
6/30/2025		$ 87,204		Long-term capital gain
		Class C
12/31/2025		$ 7,403		Ordinary income
12/31/2025		$ 132,745		Long-term capital gain
6/30/2025		$ 20,459		Ordinary income
6/30/2025		$ 22,680		Long-term capital gain
		Institutional Class
12/31/2025		$ 336,473		Ordinary income
12/31/2025		$ 2,173,935		Long-term capital gain
6/30/2025		$ 446,621		Ordinary income
6/30/2025		$ 311,056		Long-term capital gain

Camelot Fund
Period/Year Ended		$ Amount		Tax Character
		Class A
12/31/2025		$ 70,718		Ordinary income
6/30/2025		$ 226,228		Ordinary income
		Institutional Class
12/31/2025		$ 866,557		Ordinary income
6/30/2025		$ 2,160,382		Ordinary income

Note 13. Control and Ownership

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940, as amended. As of December 31, 2025, NFS, LLC owned approximately 43% of the Value Fund, for the benefit of others, and may be deemed to control the Value Fund. As of December 31, 2025, Charles Schwab & Co., Inc. owned approximately 39% of the Camelot Fund, for the benefit of others, and may be deemed to control the Camelot Fund.

Note 14. Indemnifications

In the normal course of business, the Funds enter into contracts that contain general indemnification to other parties. The Funds' maximum exposure under these contracts is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. The Funds expect the risk of loss to be remote.

Note 15. Market Risk and Geopolitical Risk

Overall market risks may also affect the value of the Funds. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions and depressions, or other events could have a significant impact on the Funds and its investments and could result in increased premiums or discounts to the Funds' net asset value, and may impair market liquidity, thereby increasing liquidity risk. The Funds could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments.

Note 16. New Accounting Pronouncements

In September 2023, the SEC adopted a final rule relating to "Names Rule" under the 1940 Act. The amendments expanded the rule to require more funds to adopt an 80 percent investment policy, including funds with names suggesting a focus in investments with particular characteristics (e.g., growth or value) or with terms that reference a thematic investment focus (e.g., environmental, social, or governance factors). The amendments will require that a fund review its name for compliance with the rule. If needed, a fund may need to adopt an 80 percent investment policy and review its portfolio assets' treatment under such policy at least quarterly. The rule also requires additional prospectus disclosure and reporting and record keeping requirements. The amendments became effective on April 9, 2024. The compliance date is June 11, 2026 for Funds with more than $1 billion in assets and December 11, 2026 for Funds with less than $1 billion in assets. The Funds are in compliance with this new rule.

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

Note 17. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the issuance date of these financial statements and has noted no such events requiring disclosure.

Each Fund's Statement of Additional Information ("SAI") includes additional information about the trustees and is available, without charge, upon request. You may call toll-free (888) 217-5426 to request a copy of the SAI or to make shareholder inquiries.

A description of the policies and procedures that each Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how each Fund voted proxies during the most recent 12-month period ended June 30 are available without charge upon request by (1) calling (888) 217-5426 and (2) from the documents filed with the Securities and Exchange Commission ("SEC") on the SEC's website at www.sec.gov.

Each Fund files a complete schedule of investments with the SEC for the first and third quarter of each fiscal year on Form N-PORT. The Funds' first and third fiscal quarters end on September 30 and March 31. The Form N-PORT filing must be made within 60 days of the end of the quarter. The Funds' Forms N-PORT are available on the SEC's website at http://sec.gov, or they may be reviewed and copied at the SEC's Public Reference Room in Washington, DC (call 1-800-732-0330 for information on the operation of the Public Reference Room). You may also obtain copies by calling (888) 217-5426.

Board of Trustees

Brian J. Frank

Jason W. Frey

Andrea Nitta

Hemanshu Patel

Jeffry Brown

Investment Advisers

Frank Capital Partners, LLC

781 Crandon Blvd., Unit 602

Key Biscayne, FL 33149

Camelot Event-Driven Advisors, LLC

1700 Woodlands Dr., Suite 100

Maumee, OH 43537

Dividend Paying Agent,

Shareholders' Servicing Agent,

Transfer Agent

Mutual Shareholder Services, LLC

Custodian

UMB Financial Corporation

Independent Registered Public Accounting Firm

Sanville & Company

Legal Counsel

Thompson Hine LLP

This report is provided for the general information of the shareholders of the Value Fund and the Camelot Fund. This report is not intended for distribution to prospective investors in the Funds, unless preceded or accompanied by an effective prospectus.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies. Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.The information is included as part of the material filed under Item 7 of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. The information is included as part of the material filed under Item 7 of this Form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.Not applicable.

Item 13. Portfolio Managers of Closed-End Funds. Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Funds.Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.

Item 16. Controls and Procedures.

(a) Disclosure Controls & Procedures. Principal executive and financial officers have concluded that Registrant's disclosure controls & procedures are effective based on their evaluation as of a date within 90 days of the filing date of this report.

(b) There were no significant changes in the registrant's internal control over financial reporting that occurred during the registrant's second fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) EX-99.CODE ETH. Not applicable.

(a)(2) EX-99.CERT. Filed herewith.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(b) EX-99.906CERT. Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Frank Funds

By /s/Brian J. Frank

Brian J. Frank

President & Treasurer

Date: February 23, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By /s/Brian J. Frank

Brian J. Frank

President & Treasurer

Date February 23, 2026